Document:

EX-4.7

 Exhibit 4.7 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 
 by
and among 
 PC TOPCO HOLDINGS, INC., 

THL PC TOPCO, L.P. 
 ADVENT-PARTY
CITY ACQUISITION LIMITED PARTNERSHIP, 
 AMERICAN GREETINGS CORPORATION 

and 
 THE OTHER STOCKHOLDERS THAT
ARE SIGNATORIES HERETO 
 Dated as of July 27, 2012 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	Section 1.	 	 Certain Definitions.
	  	 	1	  
			
	Section 2.	 	 Registration Rights.
	  	 	6	  
				
		 	2.1.	  	 Demand Registrations.
	  	 	6	  
		 	2.2.	  	 Piggyback Registrations.
	  	 	10	  
		 	2.3.	  	 Allocation of Securities Included in Registration Statement.
	  	 	11	  
		 	2.4.	  	 Registration Procedures.
	  	 	14	  
		 	2.5.	  	 Registration Expenses.
	  	 	20	  
		 	2.6.	  	 Certain Limitations on Registration Rights.
	  	 	21	  
		 	2.7.	  	 Limitations on Sale or Distribution of Other Securities.
	  	 	21	  
		 	2.8.	  	 No Required Sale.
	  	 	22	  
		 	2.9.	  	 Indemnification.
	  	 	22	  
		 	2.10.	  	 Limitations on Registration of Other Securities; Representation.
	  	 	26	  
		 	2.11.	  	 No Inconsistent Agreements.
	  	 	26	  
			
	Section 3.	 	 Underwritten Offerings.
	  	 	26	  
				
		 	3.1.	  	 Requested Underwritten Offerings.
	  	 	26	  
		 	3.2.	  	 Piggyback Underwritten Offerings.
	  	 	27	  
			
	Section 4.	 	 General.
	  	 	28	  
				
		 	4.1.	  	 Adjustments Affecting Registrable Securities.
	  	 	28	  
		 	4.2.	  	 Rule 144 and Rule 144A.
	  	 	28	  
		 	4.3.	  	 Nominees for Beneficial Owners.
	  	 	29	  
		 	4.4.	  	 Amendments and Waivers.
	  	 	29	  
		 	4.5.	  	 Notices.
	  	 	29	  
		 	4.6.	  	 Successors and Assigns.
	  	 	31	  
		 	4.7.	  	 Entire Agreement.
	  	 	31	  
		 	4.8.	  	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.
	  	 	31	  
		 	4.9.	  	 Interpretation: Construction.
	  	 	32	  
		 	4.10.	  	 Counterparts.
	  	 	32	  
		 	4.11.	  	 Severability.
	  	 	32	  
		 	4.12.	  	 Remedies.
	  	 	32	  
		 	4.13.	  	 Further Assurances.
	  	 	33	  
		 	4.14.	  	 Confidentiality.
	  	 	33	  
			
	Schedule 4.5	 	 Notices
	  			

  
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 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of
July 27, 2012 by and among PC Topco Holdings Inc., a Delaware corporation (the “Company”), THL PC Topco, L.P., a Delaware limited partnership, and collectively with any Affiliates of the foregoing which own stock of the Company
from time to time (the “THL Party”), Advent-Party City Acquisition Limited Partnership, a Delaware limited partnership, and collectively with any Affiliates of the foregoing which own stock of the Company from time to time (the
“Advent Party”), American Greetings Corporation, an Ohio corporation, and collectively with any Affiliates of the foregoing which own stock of the Company from time to time (the “American Greetings Party”) and the
Persons listed on the signature pages hereto (each a “Management Stockholder” and collectively the “Management Stockholders”), and is effective as of the Effective Time. 

W I T N E S S E T H : 
 WHEREAS,
pursuant to that certain Agreement and Plan of Merger, dated as of June 4, 2012 (as such agreement may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among the Company, PC
Merger Sub, Inc., a Delaware corporation (“Merger Sub”), Party City Holdings Inc., a Delaware corporation (“Party City”), Jefferson M. Case, BSR LLC, a Delaware limited liability company and Weston Presidio Capital
Partners IV, L.P., a Delaware limited partnership, Merger Sub will merge with and into Party City, with Party City continuing as the surviving corporation (the “Merger”): 

WHEREAS, the Company, the THL Party, the Advent Party, the American Greetings Party and the Management Stockholders are parties to that
certain Stockholders Agreement, dated as of the date hereof, as amended from time to time (the “Stockholders Agreement”), establishing and setting forth their agreement with respect to certain rights and obligations associated with
the ownership of shares of capital stock of the Company and certain arrangements relating to the management of the Company; and 
 WHEREAS,
in connection with entering into the Merger Agreement and the Stockholders Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations hereinafter set forth, the parties hereto hereby
agree as follows: 
 Section 1. Certain Definitions. As used herein, the following terms shall have the following meanings: 

“Additional Piggyback Rights” has the meaning ascribed to such term in Section 2.2(b). 

“Advent Party” has the meaning ascribed to such term in the Preamble. 

“Affiliate” means with respect to any Person, any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities,
contract or otherwise. For the avoidance of doubt, neither the Company nor any Person controlled by the Company shall be deemed to be an Affiliate of any Holder. 

 “Agreement” means this Registration Rights Agreement, as this agreement may be
amended, modified, supplemented or restated from time to time after the date hereof. 
 “American Greetings Party” has the
meaning ascribed to such term in the Preamble. 
 “automatic shelf registration statement” has the meaning ascribed to such
term in Section 2.4. 
 “Board” means the board of directors of the Company. 

“Business Day” shall mean a day other than a Saturday, Sunday, federal or New York State holiday or other day on which
commercial banks in the City of New York are authorized or required by law or other governmental action to close. 

“Claims” has the meaning ascribed to such term in Section 2.9(a). 

“Common Stock” means the common stock, par value $0.01 per share, of the Company and any and all securities of any kind
whatsoever which may be issued after the date hereof in respect of, or in exchange for, such shares of common stock of the Company pursuant to a merger, consolidation, stock split, stock dividend or recapitalization of the Company or otherwise. 

“Common Stock Equivalents” means, with respect to any Person, all options, warrants and other securities convertible into, or
exchangeable or exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which such securities may be subject), shares of capital stock or other equity securities of
such Person (including, without limitation, any note or debt security convertible into or exchangeable for shares of capital stock or other equity securities of such Person). 

“Company” means PC Topco Holdings, Inc., any Subsidiary or parent company of PC Topco Holdings, Inc. and any successor to PC
Topco Holdings, Inc. 
 “Demand Exercise Notice” has the meaning ascribed to such term in Section 2.1(a)(i).

 “Demand Registration” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Demand Registration Request” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Effective Time” has the meaning ascribed to such term in the Merger Agreement. 

“Eligible Block Participants” means (i) institutional Holders, and (ii) the Senior Management Holders. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC issued under such Act, as they may from time to time be in effect. 
 “Expenses” means any
and all fees and expenses incident to the Company’s performance of or compliance with Section 2, including, without limitation: (i) SEC, stock exchange or FINRA registration and filing fees and all listing fees and fees with
respect to the inclusion of securities on the New York Stock Exchange or on any other securities market on which the Common Stock is listed or quoted, (ii) fees and expenses of compliance with state securities or “blue sky” laws of
any state or jurisdiction of the United States or compliance with the securities laws of foreign jurisdictions and in connection with the preparation of a “blue sky” survey, including, without limitation, reasonable fees and expenses of
outside “blue sky” counsel and securities counsel in foreign jurisdictions, (iii) printing and copying expenses, (iv) messenger and delivery expenses, (v) expenses incurred in connection with any road show, (vi) fees
and disbursements of counsel for the Company, (vii) with respect to each registration or underwritten offering, the fees and disbursements of (a) one counsel for the THL Party, (b) one counsel for the Advent Party, (c) one
counsel for the American Greetings Party (such fees and expenses not to exceed $25,000) and (d) one counsel for all other Participating Holder(s) collectively (selected by the holders of a majority of the shares held by such other Participating
Holder(s)), together in each case with any local counsel, (viii) fees and disbursements of all independent public accountants (including the expenses of any audit and/or “cold comfort” letter and updates thereof) and fees and expenses
of other Persons, including special experts, retained by the Company, (ix) fees and expenses payable to a Qualified Independent Underwriter, (x) fees and expenses of any transfer agent or custodian, (xi) any other fees and
disbursements of underwriters, if any, customarily paid by issuers or sellers of securities and (xii) expenses for securities law liability insurance and, if any, rating agency fees. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Holder” or “Holders” means (1) any Person who is a signatory to this Agreement or (2) any
Permitted Transferee to whom any Person who is a signatory to this Agreement shall assign or transfer any rights hereunder, provided that such transferee has agreed in writing to be bound by this Agreement in respect of such Registrable
Securities. 
 “Initiating Holders” has the meaning ascribed to such term in Section 2.1(a)(i). 

“IPO” means the initial bona fide underwritten public offering and sale of Common Stock (or other equity securities of the
Company) to the general public pursuant to an effective registration statement filed under the Securities Act. 

“Litigation” means any action, proceeding or investigation in any court or before any governmental authority. 

“Majority Participating Holders” means Participating Holders holding more than 50% of the Registrable Securities proposed to
be included in any offering of Registrable Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2. 

“Management Stockholders” has the meaning ascribed to such term in the Preamble to this Agreement. 

  
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 “Manager” has the meaning ascribed to such term in Section 2.1(c).

 “Merger” has the meaning ascribed to such term in the Recitals to this Agreement. 

“Merger Agreement” has the meaning ascribed to such term in the Recitals to this Agreement. 

“Merger Sub” has the meaning ascribed to such term in the Recitals to this Agreement. 

“NASD” means the National Association of Securities Dealers, Inc. 

“Participating Holders” means all Holders of Registrable Securities which are proposed to be included in any offering of
Registrable Securities pursuant to Section 2.1 or Section 2.2. 
 “Partner Distribution” has the
meaning ascribed to such term in Section 2.1(a)(iii). 
 “Permitted Transferee” means, in relation to any
Person who is a signatory to this Agreement, any Person to whom such Person is permitted to transfer Registrable Securities under the Stockholders Agreement. 

“Person” means any individual, corporation (including not for profit), general or limited partnership, limited liability
company, joint venture, estate, trust, association, joint-stock company, unincorporated organization, governmental entity or agency or other entity of any kind or nature. 

“Piggyback Shares” has the meaning ascribed to such term in Section 2.1(a)(iii). 

“Postponement Period” has the meaning ascribed to such term in Section 2.1(b). 

“Qualified Independent Underwriter” means a “qualified independent underwriter” within the meaning of NASD Conduct
Rule 2720. 
 “Registrable Securities” means (a) any shares of Common Stock held by the Holders at any time (including
those held as a result of, or issuable upon, the conversion or exercise of Common Stock Equivalents), whether now owned or acquired by the Holders at a later time, (b) any shares of Common Stock issued or issuable, directly or indirectly, in
exchange for or with respect to the Common Stock referenced in clause (a) above by way of stock dividend, stock split or combination of shares or in connection with a reclassification, recapitalization, merger, share exchange, consolidation or
other reorganization and (c) any securities issued in replacement of or exchange for any securities described in clause (a) or (b) above. As to any particular Registrable Securities, such securities shall cease to be Registrable
Securities when (A) a registration statement with respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement,
or (B) such securities shall have been sold (other than in a privately negotiated sale) in compliance with the requirements of Rule 144 under the Securities Act, as such Rule 144 may be amended (or any successor provision thereto). 

“Rule 144” and “Rule 144A” have the meaning ascribed to such term in Section 4.2. 

  
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 “SEC” means the Securities and Exchange Commission or such other federal agency
which at such time administers the Securities Act. 
 “Section 2.3(a) Sale Number” has the meaning ascribed to such term in
Section 2.3(a). 
 “Section 2.3(b) Sale Number” has the meaning ascribed to such term in
Section 2.3(b). 
 “Section 2.3(c) Sale Number” has the meaning ascribed to such term in
Section 2.3(c). 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC issued under such Act, as they may from time to time be in effect. 
 “Senior Management Holders” means the
Management Holders who, as of the date hereof, each hold at least 20 shares of Common Stock and each of whom is an “accredited investor” (as defined in Rule 501(a) under the Securities Act) or, if not an accredited investor, has retained a
“purchaser representative” (as defined in Rule 501(h) under the Securities Act) or has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the action(s)
contemplated. 
 “Significant Management Holders” means Jim Harrison, Gerald Rittenberg, Michael Correale and Gregg
Melnick. 
 “Shelf Registrable Securities” has the meaning ascribed to such term in Section 2.1(e). 

“Shelf Registration Statement” has the meaning ascribed to such term in Section 2.1(e). 

“Shelf Underwriting” has the meaning ascribed to such term in Section 2.1(e). 

“Shelf Underwriting Notice” has the meaning ascribed to such term in Section 2.1(e). 

“Shelf Underwriting Request” has the meaning ascribed to such term in Section 2.1(e). 

“Stockholders Agreement” has the meaning ascribed to such term in the Recitals to this Agreement. 

“Subsidiary” means any direct or indirect subsidiary of the Company on the date hereof and any direct or indirect subsidiary
of the Company organized or acquired after the date hereof. 
 “THL Party” has the meaning ascribed to such term in the
Preamble. 
 “Valid Business Reason” has the meaning ascribed to such term in Section 2.1(b). 

“WKSI” has the meaning ascribed to such term in Section 2.4. 

  
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 Section 2. Registration Rights. 

2.1. Demand Registrations. 

(a) (i) Subject to Sections 2.1(b) and 2.3, (x) at any time and from time to time, for so long as the THL Party owns at
least 5% of the outstanding Registrable Securities of the Company, the THL Party shall have the right to require the Company to file one or more registration statements under the Securities Act covering all or any part of its and its
Affiliates’ Registrable Securities by delivering a written request therefor to the Company specifying the number of Registrable Securities to be included in such registration and the intended method of distribution therefor (a “Demand
Registration Request”), and (y) from time to time after the closing of an IPO, the Holders of at least 5% of the outstanding Registrable Securities of the Company (other than individuals) shall have the right to require the Company to
file one or more registration statements under the Securities Act covering all or any part of its and its Affiliates’ Registrable Securities by delivering a Demand Registration Request. The registration so requested is referred to herein as a
“Demand Registration” (with respect to any Demand Registration, the Holder(s) making such demand for registration being referred to as the “Initiating Holders”). Any Demand Registration Request may request that the
Company register Registrable Securities on an appropriate form, including a shelf registration statement, and, if the Company is a WKSI, an automatic shelf registration statement. The Company shall give written notice (the “Demand Exercise
Notice”) of such Demand Registration Request (A) to each of the THL Party, the Advent Party, the American Greetings Party and the Significant Management Holders no later than five (5) Business Days after receipt of a Demand
Registration Request and (B) to all other Holders of record of Registrable Securities no later than five (5) Business Days after the filing of a registration statement pursuant to the Demand Registration Request (or, in the case of a
request for the filing of an automatic shelf registration statement, five (5) Business Days after receipt of the Demand Registration Request). 

(ii) The Company, subject to Sections 2.3 and 2.6, shall include in a Demand Registration (x) the Registrable Securities of
the Initiating Holders and (y) the Registrable Securities of any other Holder of Registrable Securities which shall have made a written request to the Company for inclusion in such registration pursuant to Section 2.2 (which request
shall specify the maximum number of Registrable Securities intended to be disposed of by such Participating Holder) within ten (10) days after the receipt of the Demand Exercise Notice. 

(iii) The Company shall, subject to Section 2.1(b), use its reasonable best efforts to (x) no later than 30 days following
receipt of a Demand Registration Request, file with the SEC and, within 60 days of such filing, cause to be declared effective such registration under the Securities Act (including, without limitation, by means of a shelf registration pursuant to
Rule 415 under the Securities Act if so requested and if the Company is then eligible to use such a registration) of the Registrable Securities which the Company has been so requested to register, for distribution in accordance with such intended
method of distribution, including a distribution to, and resale by, the members or partners of a Holder (a “Partner Distribution”) and (y) if requested by the Initiating Holders, obtain acceleration of the effective date of the
registration statement relating to such registration. 
 (iv) Notwithstanding anything contained herein to the contrary, the Company shall,
at the request of any Holder seeking to effect or considering a Partner Distribution, file any prospectus supplement or post-effective amendments, or include in the initial registration statement any disclosure or language, or include in any
prospectus supplement or post-effective amendment any disclosure or language, and otherwise take any action, deemed necessary or advisable by such Holder to effect such Partner Distribution. 

  
 6 

 (b) Notwithstanding anything to the contrary in Section 2.1(a), the Demand
Registration rights granted in Section 2.1(a) are subject to the following limitations: (i) (x) the Company shall not be required to effect more than one (1) Demand Registration delivered pursuant to
Section 2.1(a)(i)(y) in any nine month period from the THL Party (it being understood that a registration pursuant to a Piggyback Request (as defined below) by the THL Party shall not constitute a Demand Registration for the purposes of
this Section 2.1(b)(i)) and (y) the Company shall not be required to effect more than one (1) Demand Registration delivered pursuant to Section 2.1(a)(i)(y) in any nine month period from the Advent Party (it being
understood that a registration pursuant to a Piggyback Request by the Advent Party shall not constitute a Demand Registration for the purposes of this Section 2.1(b)(i)); (ii) each registration in respect of a Demand Registration
Request made by any Holder must include, in the aggregate (based on the Common Stock included in such registration by all Holders participating in such registration), shares of Common Stock having an aggregate market value of at least $25 million;
and (iii) if the Board, in its good faith judgment, determines that any registration of Registrable Securities should not be made or continued because it would materially interfere with any material financing, acquisition, corporate
reorganization, merger, share exchange or other transaction or event involving the Company or any of its subsidiaries or because the Company does not yet have appropriate financial statements of acquired or to be acquired entities available for
filing (in each case, a “Valid Business Reason”), then (x) the Company may postpone filing a registration statement relating to a Demand Registration Request until five (5) Business Days after such Valid Business Reason no
longer exists, but in no event for more than 45 days after the date the Board determines a Valid Business Reason exists and (y) in case a registration statement has been filed relating to a Demand Registration Request, if the Valid Business
Reason has not resulted from actions taken by the Company, the Company may, to the extent determined in the good faith judgment of the Board to be reasonably necessary to avoid interference with any of the transactions described above, cause such
registration statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such registration statement until five (5) Business Days after such Valid Business Reason no longer exists, but in no event for
more than 45 days after the date the Board determines a Valid Business Reason exists (such period of postponement or withdrawal under this clause (iv), the “Postponement Period”). The Company shall give written notice of its
determination to postpone or withdraw a registration statement and of the fact that the Valid Business Reason for such postponement or withdrawal no longer exists, together with a certificate of such determination signed by the Chief Executive
Officer or Chief Financial Officer of the Company, in each case, promptly after the occurrence thereof; provided, however, the Company shall not be permitted to postpone or withdraw a registration statement after the expiration of any
Postponement Period until twelve (12) months after the expiration of such Postponement Period. 
 If the Company shall give any notice
of postponement or withdrawal of any registration statement pursuant to clause (x) above, the Company shall not, during the Postponement Period, 

  
 7 

 
register any Common Stock, other than pursuant to a registration statement on Form S-4 or S-8 (or an equivalent registration form then in effect). Each Holder of Registrable Securities agrees
that, upon receipt of any notice from the Company that the Company has determined to withdraw, terminate or postpone amending or supplementing any registration statement pursuant to clause (x) above, such Holder will discontinue its disposition
of Registrable Securities pursuant to such registration statement. If the Company shall have withdrawn or prematurely terminated a registration statement filed under Section 2.1(a)(i) (whether pursuant to clause (iii) above or as a
result of any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have effected an effective registration for the purposes of this Agreement until the
Company shall have filed a new registration statement covering the Registrable Securities covered by the withdrawn or terminated registration statement and such registration statement shall have been declared effective and shall not have been
withdrawn. If the Company shall give any notice of withdrawal or postponement of a registration statement, the Company shall, not later than five (5) Business Days after the Valid Business Reason that caused such withdrawal or postponement no
longer exists (but in no event later than 45 days after the date of the postponement or withdrawal), use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities covered by the withdrawn or
postponed registration statement in accordance with this Section 2.1 (unless the Initiating Holders shall have withdrawn such request, in which case the Company shall not be considered to have effected an effective registration for the
purposes of this Agreement), and such registration shall not be withdrawn or postponed pursuant to clause (x) of this Section 2.1(b). 

(c) In connection with any Demand Registration, the Company shall have the right to designate the lead managing underwriter (any lead managing
underwriter for the purposes of this Agreement, the “Manager”) in connection with any underwritten offering pursuant to such registration and each other managing underwriter for any such underwritten offering; provided that
in each case, each such underwriter is reasonably satisfactory to the Initiating Holders, which approval shall not be unreasonably withheld or delayed. 

(d) The obligation to effect a Demand Registration as described in this Section 2.1 shall be deemed satisfied only when a
registration statement covering the applicable Registrable Securities shall have become effective (unless, after effectiveness, the registration statement becomes subject to any stop order, injunction or other order of the SEC or other governmental
agency, in which case the obligation shall not be deemed satisfied) and, if the method of disposition is a firm commitment underwritten public offering, all such Registrable Securities have been sold pursuant thereto. 

(e) In the event that the Company files a shelf registration statement under Rule 415 of the Securities Act pursuant to a Demand Registration
Request and such registration becomes effective (such registration statement, a “Shelf Registration Statement”), the Initiating Holders with respect to such Demand Registration Request and the Holders of other Registrable Securities
registered on such Shelf Registration Statement shall have the right at any time or from time to time to elect to sell pursuant to an underwritten offering Registrable Securities available for sale pursuant to such registration statement
(“Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in effect and only if the method of distribution set forth in the shelf registration allows for sales pursuant to an underwritten offering. The
Initiating 

  
 8 

 
Holders and such other Holders shall make such election by delivering to the Company a written request (a “Shelf Underwriting Request”) for such underwritten offering to the
Company specifying the number of Shelf Registrable Securities that the Holders desire to sell pursuant to such underwritten offering (the “Shelf Underwriting”). As promptly as practicable, but no later than two (2) Business
Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the “Shelf Underwriting Notice”) of such Shelf Underwriting Request to all other Holders of record of Shelf Registrable Securities. The
Company, subject to Sections 2.3 and 2.6, shall include in such Shelf Underwriting (x) the Registrable Securities of the Initiating Holders and (y) the Shelf Registrable Securities of any other Holder of Shelf Registrable
Securities which shall have made a written request to the Company for inclusion in such Shelf Underwriting (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder) within seven
(7) days after the receipt of the Shelf Underwriting Notice. The Company shall, as expeditiously as possible (and in any event within twenty (20) days after the receipt of a Shelf Underwriting Request), but subject to
Section 2.1(b), use its reasonable best efforts to facilitate such Shelf Underwriting. Notwithstanding the foregoing, if an institutional Holder wishes to engage in an underwritten block trade off of a Shelf Registration Statement
(either through filing an automatic shelf registration statement or through a take-down from an already existing Shelf Registration Statement), then notwithstanding the foregoing time periods, the Holder only needs to notify the Company of the block
trade Shelf Underwriting on the day such offering is to commence and the Company shall notify other Holders and other Holders must elect whether or not to participate on the day such offering is to commence, and the Company shall as expeditiously as
possible use its reasonable best efforts (including co-operating with such Holder with respect to the provision of necessary information) to facilitate such shelf offering (which may close as early as three (3) business days after the date it
commences), provided that in the case of such underwritten block trade, only Eligible Block Participants shall have a right to notice and to participate, and provided, further, that the Holder requesting such underwritten block trade shall
use commercially reasonable efforts to work with the Company and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the underwritten
block trade. The Company shall, at the request of any Initiating Holder or any other Holder of Registrable Securities registered on such Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement
is an automatic shelf registration statement (as defined in Section 2.4), any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the
Initiating Holders or any other Holder of Registrable Securities registered on such Shelf Registration Statement to effect such Shelf Underwriting. Once a Shelf Registration Statement has been declared effective, the Holders of Registrable
Securities may request, and the Company shall be required to facilitate, an unlimited number of Shelf Underwritings with respect to such Shelf Registration Statement. Notwithstanding anything to the contrary in this Section 2.1(e), each
Shelf Underwriting must include, in the aggregate (based on the Common Stock included in such Shelf Underwriting by all Holders participating in such Shelf Underwriting), shares of Common Stock having an aggregate market value of at least $25
million. 

  
 9 

 2.2. Piggyback Registrations. 

(a) If the Company proposes or is required (pursuant to Section 2.1 or otherwise) to register any of its equity securities for its
own account or for the account of any other shareholder under the Securities Act (other than pursuant to registrations on Form S-4 or Form S-8 or any similar successor forms thereto), the Company shall give prompt written notice of its intention to
do so to each of the Holders of record of Registrable Securities, at least ten (10) business days prior to the filing of any registration statement under the Securities Act. Upon the written request of any such Holder (a “Piggyback
Request”), made within ten (10) days following the receipt of any such written notice (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and the intended method of
distribution thereof), the Company shall, subject to Sections 2.2(c), 2.3 and 2.6 hereof, use its reasonable best efforts to cause all such Registrable Securities, the Holders of which have so requested the registration thereof,
to be registered under the Securities Act with the securities which the Company at the time proposes to register to permit the sale or other disposition by the Holders (in accordance with the intended method of distribution thereof) of the
Registrable Securities to be so registered, including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the registration statement filed by the Company or the prospectus related thereto. There is no limitation on
the number of such piggyback registrations pursuant to the preceding sentence which the Company is obligated to effect. No registration of Registrable Securities effected under this Section 2.2(a) shall relieve the Company of its
obligations to effect Demand Registrations under Section 2.1 hereof. Notwithstanding the foregoing, if an institutional Holder wishes to engage in an underwritten block trade off of a Shelf Registration Statement (either through filing
an automatic shelf registration statement or through a take-down from an already existing Shelf Registration Statement), then notwithstanding the foregoing time periods, the Holder only needs to notify the Company of the block trade Shelf
Underwriting on the day such offering is to commence and the Company shall notify other Holders and other Holders must elect whether or not to participate on the day such offering is to commence, and the Company shall as expeditiously as possible
use its reasonable best efforts (including co-operating with such Holder with respect to the provision of necessary information) to facilitate such shelf offering (which may close as early as three (3) business days after the date it
commences), provided that in the case of such underwritten block trade, only Block Eligible Participants shall have a right to notice and to participate, and provided, further, that the Holder requesting such underwritten block trade shall
use commercially reasonable efforts to work with the Company and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the underwritten
block trade. 
 (b) The Company, subject to Sections 2.3 and 2.6, may elect to include in any registration statement and
offering pursuant to demand registration rights by any Person, (i) authorized but unissued shares of Common Stock or shares of Common Stock held by the Company as treasury shares and (ii) any other shares of Common Stock which are
requested to be included in such registration pursuant to the exercise of piggyback registration rights granted by the Company after the date hereof and which are not inconsistent with the rights granted in, or otherwise conflict with the terms of,
this Agreement (“Additional Piggyback Rights”); provided, however, that, with respect to any underwritten offering, such inclusion shall be permitted only 

  
 10 

 
to the extent that it is pursuant to, and subject to, the terms of the underwriting agreement or arrangements, if any, entered into by the Majority Participating Holders in such underwritten
offering. 
 (c) If, at any time after giving written notice of its intention to register any equity securities and prior to the effective
date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of such equity securities, the Company may, at its election, give written notice of
such determination to all Holders of record of Registrable Securities and (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such abandoned
registration, without prejudice, however, to the rights of Holders under Section 2.1, and (ii) in the case of a determination to delay such registration of its equity securities, shall be permitted to delay the registration of such
Registrable Securities for the same period as the delay in registering such other equity securities. 
 (d) Any Holder shall have the right
to withdraw its request for inclusion of its Registrable Securities in any registration statement pursuant to this Section 2.2 by giving written notice to the Company of its request to withdraw; provided, however, that such
request must be made in writing prior to the earlier of the execution of the under-writing agreement or the execution of the custody agreement with respect to such registration. 

(e) Notwithstanding anything contained herein to the contrary, the Company shall, at the request of any Holder (including to effect a Partner
Distribution), file any prospectus supplement or post-effective amendments, or include in the initial registration statement any disclosure or language, or include in any prospectus supplement or post-effective amendment any disclosure or language,
and otherwise take any action, deemed necessary or advisable by such Holder (including to effect such Partner Distribution). 
 2.3.
Allocation of Securities Included in Registration Statement. 
 (a) If any requested registration made pursuant to
Section 2.1 (including a Shelf Underwriting) involves an underwritten offering and the Manager of such offering shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering
by the Holders of Registrable Securities, the Company or any other Persons exercising Additional Piggyback Rights exceeds the largest number (the “Section 2.3(a) Sale Number”) that can be sold in an orderly manner in such
underwritten offering within a price range acceptable to the Majority Participating Holders, the Company shall use its reasonable best efforts to include in such underwritten offering: 

(i) first, all Registrable Securities requested to be included in such underwritten offering by the Holders thereof (including pursuant to the
exercise of piggyback rights pursuant to Section 2.2); provided, however, that if the number of such Registrable Securities exceeds the Section 2.3(a) Sale Number, the number of such Registrable Securities (not to
exceed the Section 2.3(a) Sale Number) to be included in such underwritten offering shall be allocated on a pro rata basis among all Holders requesting that Registrable Securities be 

  
 11 

 
included in such underwritten offering, based on the number of Registrable Securities then owned by each such Holder requesting inclusion in relation to the aggregate number of Registrable
Securities owned by all Holders requesting inclusion; 
 (ii) second, to the extent that the number of Registrable Securities to be included
pursuant to clause (i) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, any securities that the Company proposes to register; provided that the number of such securities when aggregated with
that number of Registrable Securities to be included pursuant to clause (i), totals no more than the Section 2.3(a) Sale Number; and 

(iii) third, to the extent that the number of Registrable Securities to be included pursuant to clauses (i) and (ii) of this
Section 2.3(a) is less than the Section 2.3(a) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting that securities
be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights (“Piggyback Shares”), based on the number of Piggyback Shares then owned by each Person requesting inclusion in relation to the
aggregate number of Piggyback Shares owned by all Persons requesting inclusion; provided that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clauses (i) and
(ii) totals no more than the Section 2.3(a) Sale Number. 
 Notwithstanding anything in this Section 2.3(a) to
the contrary, no employee stockholder of the Company will be entitled to include Registrable Securities in an underwritten offering requested by the Initiating Holders pursuant to Section 2.1 to the extent that the Manager of such
underwritten offering shall determine in good faith that the participation of such employee stockholder would adversely affect in any material respect the marketability of the securities being sold by the Initiating Holders in such underwritten
offering. 
 (b) If any registration or offering made pursuant to Section 2.2 involves an underwritten primary offering on
behalf of the Company after the date hereof and the Manager shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering by the Holders of Registrable Securities, the Company or any
other Persons exercising Additional Piggyback Rights exceeds the largest number (the “Section 2.3(b) Sale Number”) that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the Company,
the Company shall include in such underwritten offering: 
 (i) first, all equity securities that the Company proposes to register for its
own account; 
 (ii) second, to the extent that the number of Registrable Securities to be included pursuant to clause (1) of this
Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Holders requesting that
Registrable Securities be included in such underwritten offering pursuant to the exercise of piggyback rights pursuant to Section 2.2, based on the number of Registrable Securities then owned by each such Holder requesting inclusion in
relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion; provided that the number of such remaining Registrable Securities when aggregated with that number of equity securities to be included
pursuant to clause (i), totals no more than the Section 2.3(b) Sale Number: and 
 (iii) third, to the extent that the number of
Registrable Securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten
offering shall be allocated on a pro rata basis among all Persons requesting that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights, based on the number of Piggyback Shares then owned by
each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion; provided that the number of such securities when aggregated with that number of Registrable Securities to be
included pursuant to clauses (i) and (ii) totals no more than the Section 2.3(b) Sale Number. 

  
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 (c) If any registration pursuant to Section 2.2 involves an underwritten offering
that was initially requested by any Person(s) other than a Holder to whom the Company has granted registration rights which are not inconsistent with the rights granted in, or otherwise conflict with the terms of, this Agreement and the Manager
shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering exceeds the number (the “Section 2.3(c) Sale Number”) that can be sold in an orderly manner in such
underwritten offering within a price range acceptable to the Company, the Company shall include in such underwritten offering: 
 (i) first,
the shares requested to be included in such underwritten offering shall be allocated on a pro rata basis among such Person(s) requesting the registration and all Holders requesting that Registrable Securities be included in such under-written
offering pursuant to the exercise of piggyback rights pursuant to Section 2.2, based on the aggregate number of securities or Registrable Securities, as applicable, then owned by each of the foregoing requesting inclusion in relation to
the aggregate number of securities or Registrable Securities, as applicable, owned by all such Holders and Persons requesting inclusion, up to the Section 2.3(c) Sale Number: 

(ii) second, to the extent that the number of Registrable Securities to be included pursuant to clause (i) of this
Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting that securities
be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights, based on the number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned
by all Persons requesting inclusion; provided that the number of such remaining Registrable Securities when aggregated with that number of shares requested to be included pursuant to clause (i), totals no more than the Section 2.3(c)
Sale Number; and 
 (iii) third, to the extent that the number of Registrable Securities to be included pursuant to clauses (i) and
(ii) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated to shares the Company proposes to register for
its own account; provided that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clauses (i) and (ii) totals no more than the Section 2.3(c) Sale Number.

  
 13 

 (d) If, as a result of the proration provisions set forth in clauses (a), (b) or (c) of
this Section 2.3, any Holder shall not be entitled to include all Registrable Securities in an underwritten offering that such Holder has requested be included, such Holder may elect to withdraw such Holder’s request to include
Registrable Securities in the registration to which such underwritten offering relates or may reduce the number requested to be included; provided, however, that (x) such request must be made in writing prior to the earlier of the
execution of the underwriting agreement or the execution of the custody agreement with respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or reduction, such Holder shall no
longer have any right to include Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduced. 

2.4. Registration Procedures. If and whenever the Company is required by the provisions of this Agreement to effect or cause the
registration of any Registrable Securities under the Securities Act as provided in this Agreement (or use best efforts or reasonable best efforts to accomplish the same), the Company shall, as expeditiously as possible: 

(a) prepare and file with the SEC a registration statement on an appropriate registration form of the SEC for the disposition of such
Registrable Securities in accordance with the intended method of disposition thereof (including, without limitation, a Partner Distribution), which registration form (i) shall be selected by the Company and (ii) shall, in the case of a
shelf registration, be available for the sale of the Registrable Securities by the selling Holders thereof and such registration statement shall comply as to form in all material respects with the requirements of the applicable registration form and
include all financial statements required by the SEC to be filed therewith, and the Company shall use its reasonable best efforts to cause such registration statement to become effective and remain continuously effective for such period as any
Participating Holder pursuant to such registration statement shall request, and no less than 180 days, (provided, however, that as far in advance as reasonably practicable before filing a registration statement or prospectus or any amendments or
supplements thereto, or comparable statements under securities or state “blue sky” laws of any jurisdiction, or any free writing prospectus related thereto, or before sending a response to an SEC comment letter prior to any such filing,
the Company will furnish to one counsel for the Holders participating in the planned offering (selected by the Majority Participating Holders) and to one counsel for the Manager, if any, copies of reasonably complete drafts of all such documents
proposed to be filed (including all exhibits thereto and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC), which documents will be subject to the reasonable review and reasonable
comment of such counsel (including any objections to any information pertaining to any Participating Holder and its plan of distribution and otherwise to the extent necessary, if at all, to complete the filing or maintain the effectiveness thereof),
and the Company shall make the changes reasonably requested by such counsel and shall not file any registration statement or amendment thereto, any prospectus or supplement thereto or any free writing prospectus related thereto to which the Majority
Participating Holders or the underwriters, if any, shall reasonably object), provided that, notwithstanding the foregoing, in no 

  
 14 

 
event shall the Company be required to file any document with the SEC which in the view of the Company or its counsel contains an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make any statement therein not misleading; 
 (b) (i) prepare and file with the SEC such
amendments and supplements (including, without limitation, any reports required to be filed pursuant to the Securities Exchange Act of 1934, as amended) to such registration statement and the prospectus used in connection therewith as may be
necessary to keep such registration statement continuously effective for such period as any Participating Holder pursuant to such registration statement shall request and to comply with the provisions of the Securities Act with respect to the sale
or other disposition of all Registrable Securities covered by such registration statement in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement and (ii) provide notice
to such sellers of Registrable Securities and the Manager, if any, of the Company’s reasonable determination that a post-effective amendment to a registration statement would be appropriate; 

(c) furnish, without charge, to each Participating Holder and each underwriter, if any, of the securities covered by such registration
statement such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits), the prospectus included in such registration statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, each free writing prospectus utilized in connection therewith, in each case, in all material respects in conformity with the requirements of the Securities
Act, and other documents, as such seller and underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance
with all applicable laws of each such registration statement (or amendment or post-effective amendment thereto) and each such prospectus (or preliminary prospectus or supplement thereto) or free writing prospectus by each such Participating Holder
and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

(d) use its reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such other
securities or state “blue sky” laws of such jurisdictions as any sellers of Registrable Securities or any managing underwriter, if any, shall reasonably request in writing, and do any and all other acts and things which may be reasonably
necessary or advisable to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions (including keeping such registration or qualification in effect for so long as such registration
statement remains in effect), except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this paragraph (d), be required to be so
qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 

(e) promptly notify each Participating Holder and each managing underwriter, if any: (i) when the registration statement, any
pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective amendment to the registration 

  
 15 

 
statement or any free writing prospectus has been filed with the SEC and, with respect to the registration statement or any post-effective amendment, when the same has become effective;
(ii) of any comment letter or request by the SEC or state securities authority for amendments or supplements to the registration statement or the prospectus related thereto or for additional information; (iii) of the issuance by the SEC of
any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any
Registrable Securities for sale under the securities or state “blue sky” laws of any jurisdiction or the initiation of any proceeding for such purpose; (v) of the existence of any fact of which the Company becomes aware which results
in the registration statement or any amendment thereto, the prospectus related thereto or any supplement thereto, any document incorporated therein by reference, any free writing prospectus or the information conveyed to any purchaser at the time of
sale to such purchaser containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading; and (vi) if at any time the representations
and warranties contemplated by any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct in all material respects; and, if the notification relates to an event
described in clause (v), unless the Company has declared that a Postponement Period exists, the Company shall promptly prepare and furnish to each such seller and each underwriter, if any, a reasonable number of copies of a prospectus supplemented
or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein in the light of the circumstances under which they were made not misleading; 
 (f) comply (and continue to
comply) with all applicable rules and regulations of the SEC (including, without limitation, maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rule 13a-15(f)) in accordance with the Exchange Act), and make generally available to its security holders, as soon as reasonably practicable after the effective date of the registration statement (and in any event within forty-five
(45) days, or ninety (90) days if it is a fiscal year, after the end of such twelve month period described hereafter), an earnings statement (which need not be audited) covering the period of at least twelve (12) consecutive months
beginning with the first day of the Company’s first calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; 
 (g) (i) (A) cause all such Registrable Securities covered by such registration statement to be listed on the principal
securities exchange on which similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (B) if no similar securities are then so
listed, to either cause all such Registrable Securities to be listed on a national securities exchange or to secure designation of all such Registrable Securities as a Nasdaq National Market “national market system security” within the
meaning of Rule 1 lAa2-l of the Exchange Act or, failing that, secure Nasdaq National Market authorization for such shares and, without limiting the generality of the foregoing, take all actions that may be required by the Company as the issuer of
such Registrable Securities in order to facilitate the managing underwriter’s arranging for the registration of at 

  
 16 

 
least two market makers as such with respect to such shares with FINRA, and (ii) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the
Company, including without limitation all corporate governance requirements; 
 (h) provide and cause to be maintained a transfer agent and
registrar for all such Registrable Securities covered by such registration statement not later than the effective date of such registration statement and, in the case of any secondary equity offering, provide and enter into any reasonable agreements
with a custodian for the Registrable Securities; 
 (i) enter into such customary agreements (including, if applicable, an underwriting
agreement) and take such other actions as the Majority Participating Holders or the underwriters shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (it being understood that the Holders of the
Registrable Securities which are to be distributed by any underwriters shall be parties to any such underwriting agreement and may, at their option, require that the Company make to and for the benefit of such Holders the representations, warranties
and covenants of the Company which are being made to and for the benefit of such underwriters); 
 (j) use its reasonable best efforts
(i) to obtain an opinion from the Company’s counsel and a “cold comfort” letter and updates thereof from the independent public accountants who have certified the Company’s financial statements (and/or any other financial
statements) included or incorporated by reference in such registration statement, in each case, in customary form and covering such matters as are customarily covered by such opinions and “cold comfort” letters (including, in the case of
such “cold comfort” letter, events subsequent to the date of such financial statements) delivered to underwriters in underwritten public offerings, which opinion and letter shall be dated the dates such opinions and “cold
comfort” letters are customarily dated and otherwise reasonably satisfactory to the underwriters, if any, and to the Majority Participating Holders, and (ii) furnish to each Participating Holder upon its request and to each underwriter, if
any, a copy of such opinion and letter addressed to such underwriter; 
 (k) deliver promptly to counsel for each Participating Holder and
to each managing underwriter, if any, copies of all correspondence between the SEC and the Company, its counsel or auditors and all memoranda relating to discussions with the SEC or its staff with respect to the registration statement, and, upon
receipt of such confidentiality agreements as the Company may reasonably request, make reasonably available for inspection by counsel for each Participating Holder, by counsel for any underwriter participating in any disposition to be effected
pursuant to such registration statement and by any attorney, accountant or other agent retained by any Participating Holder or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the
Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested by any such counsel for a Participating Holder, counsel for an underwriter, attorney, accountant or agent in connection
with such registration statement; 
 (l) use its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order
suspending the effectiveness of the registration statement, or the lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction, in each case, as promptly as reasonably practicable; 

  
 17 

 (m) provide a CUSIP number for all Registrable Securities, not later than the effective date of
the registration statement; 
 (n) use its reasonable best efforts to make available its employees and personnel for participation in
“road shows” and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s businesses and the requirements of the marketing process) in the marketing of
Registrable Securities in any underwritten offering; 
 (o) promptly prior to the filing of any document which is to be incorporated by
reference into the registration statement or the prospectus (after the initial filing of such registration statement), and prior to the filing or use of any free writing prospectus, provide copies of such document to counsel for each Participating
Holder and to each managing underwriter, if any, and make the Company’s representatives reasonably available for discussion of such document and make such changes in such document concerning the Participating Holders prior to the filing thereof
as counsel for such Participating Holders or underwriters may reasonably request (provided that, notwithstanding the foregoing, in no event shall the Company be required to file any document with the SEC which in the view of the Company or its
counsel contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make any statement therein not misleading); 

(p) furnish to counsel for each Participating Holder upon its request and to each managing underwriter, without charge, upon request, at least
one conformed copy of the registration statement and any post-effective amendments or supplements thereto, including financial statements and schedules, all documents incorporated therein by reference, the prospectus contained in such registration
statement (including each preliminary prospectus and any summary prospectus), any other prospectus filed under Rule 424 under the Securities Act and all exhibits (including those incorporated by reference) and any free writing prospectus utilized in
connection therewith; 
 (q) cooperate with the Participating Holders and the managing underwriter, if any, to facilitate the timely
preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such denominations and registered in such names in accordance with
the underwriting agreement at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with the instructions of the Participating Holders at least two
(2) Business Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof (and, in the case of Registrable Securities registered
on a Shelf Registration Statement, at the request of any Holder, prepare and deliver certificates representing such Registrable Securities not bearing any restrictive legends and deliver or cause to be delivered an opinion or instructions to the
transfer agent in order to allow such Registrable Securities to be sold from time to time); 
 (r) take no direct or indirect action
prohibited by Regulation M under the Exchange Act; provided, however, that to the extent that any prohibition is applicable to the Company, the Company will use its reasonable best efforts to make any such prohibition inapplicable; 

  
 18 

 (s) use its reasonable best efforts to cause the Registrable Securities covered by the applicable
registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Participating Holders or the underwriters, if any, to consummate the disposition of such Registrable
Securities; 
 (t) take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the
disposition of such Registrable Securities; 
 (u) take all reasonable action to ensure that any free writing prospectus utilized in
connection with any registration covered by Section 2.1 or 2.2 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance
with the Securities Act to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and 
 (v) in connection
with any underwritten offering, if at any time the information conveyed to a purchaser at the time of sale includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading, promptly file with the SEC such amendments or supplements to such information as may be necessary so that the statements as so amended or supplemented will not, in light of the
circumstances, be misleading. 
 To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act)
(a “WKSI”) at the time any Demand Registration Request is submitted to the Company, and such Demand Registration Request requests that the Company file an automatic shelf registration statement (as defined in Rule 405 under the
Securities Act) (an “automatic shelf registration statement”) on Form S-3, the Company shall file an automatic shelf registration statement which covers those Registrable Securities which are requested to be registered. The Company
shall use its commercially reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such automatic shelf registration statement is required to
remain effective. 
 If the Company does not pay the filing fee covering the Registrable Securities at the time the automatic shelf
registration statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold. If the automatic shelf registration statement has been outstanding for at least three (3) years, at the end
of the third year the Company shall refile a new automatic shelf registration statement covering the Registrable Securities. If at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, the
Company shall use its commercially reasonable best efforts to refile the shelf registration statement on Form S-3 and, if such form is not available, Form S-l and keep such registration statement effective during the period during which such
registration statement is required to be kept effective. 
 If the Company files any shelf registration statement for the benefit of the
holders of any of its securities other than the Holders, and the Holders do not request that their 

  
 19 

 
Registrable Securities be included in such Shelf Registration Statement, the Company agrees that it shall include in such registration statement such disclosures as may be required by Rule 430B
under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such shelf registration
statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. 
 The Company may require
as a condition precedent to the Company’s obligations under this Section 2.4 that each Participating Holder as to which any registration is being effected furnish the Company such information regarding such seller and the
distribution of such securities as the Company may from time to time reasonably request provided that such information is necessary for the Company to consummate such registration and shall be used only in connection with such registration. 

Each Holder of Registrable Securities agrees that upon receipt of any notice from the Company of the happening of any event of the land
described in clause (v) of paragraph (e) of this Section 2.4, such Holder will discontinue such Holder’s disposition of Registrable Securities pursuant to the registration statement covering such Registrable
Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by paragraph (e) of this Section 2.4 and, if so directed by the Company, will deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice. In the event the Company
shall give any such notice, the applicable period mentioned in paragraph (a) of this Section 2.4 shall be extended by the number of days during such period from and including the date of the giving of such notice to and
including the date when each Participating Holder covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by paragraph (e) of this Section 2.4. 

If any such registration statement or comparable statement under state “blue sky” laws refers to any Holder by name or otherwise as
the Holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such Holder and the Company, to the effect that the holding by such
Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required by the Securities Act or any similar federal statute or
any state “blue sky” or securities law then in force, the deletion of the reference to such Holder. 
 2.5. Registration
Expenses. 
 (a) The Company shall pay all Expenses with respect to any registration or offering of Registrable Securities pursuant to
Section 2, whether or not a registration statement becomes effective or the offering is consummated. 
 (b) Notwithstanding the
foregoing, (x) the provisions of this Section 2.5 shall be deemed amended to the extent necessary to cause these expense provisions to comply with state “blue sky” laws of each state in which the offering is made and
(y) in connection with any underwritten offering hereunder, each Participating Holder shall pay all underwriting discounts and commissions and any transfer taxes, if any, attributable to the sale of such Registrable Securities, pro rata with
respect to payments of discounts and commissions in accordance with the number of shares sold in the offering by such Holder. 

  
 20 

 2.6. Certain Limitations on Registration Rights. In the case of any registration under
Section 2.1 involving an underwritten offering, or, in the case of a registration under Section 2.2, if the Company has determined to enter into an underwriting agreement in connection therewith, all securities to be included
in such underwritten offering shall be subject to such underwriting agreement and no Person may participate in such underwritten offering unless such Person (i) agrees to sell such Person’s securities on the basis provided therein and
completes and executes all reasonable questionnaires, and other customary documents (including custody agreements and powers of attorney) which must be executed in connection therewith; provided, however, that all such documents shall be
consistent with the provisions hereof and (ii) provides such other information to the Company or the underwriter as may be necessary to register such Person’s securities. 

2.7. Limitations on Sale or Distribution of Other Securities. 

(a) Each Holder agrees, (i) to the extent requested in writing by a managing underwriter, if any, of any underwritten public offering
pursuant to a registration or offering effected pursuant to Section 2.1, not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any Common Stock, or any other equity security of
the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering) during the time period reasonably requested by the managing underwriter, not
to exceed ninety (90) days (plus customary seventeen (17) day lockup extension periods) or such shorter period as the managing underwriter shall agree to (other than in the case of the IPO, which time period shall be 180 days (plus
customary seventeen (17) day lockup extension periods), provided that (x) such shorter period shall apply to all Holders who are subject to such period and (y) if a managing underwriter of an offering releases any Holder of its
obligations under this Section 2.7(a)(i), all other Holders shall be released from their obligations under this Section 2.7(a) (i), on a pro rata basis, in accordance with the number of Registrable Securities held by them at
such time (and the Company hereby also so agrees (except that the Company may effect any sale or distribution of any such securities pursuant to a registration on Form S-4 (if reasonably acceptable to such managing underwriter) or Form S-8, or any
successor or similar form which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Common Stock Equivalent), to use its reasonable best efforts to cause each holder of any
equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from the Company at any time other than in a public offering so to agree); and (ii) to the extent requested in
writing by a managing underwriter of any underwritten public offering effected by the Company for its own account (including without limitation any 

  
 21 

 
offering in which one or more Holders is selling Common Stock pursuant to the exercise of piggyback rights under Section 2.2 hereof), it will not sell any Common Stock (other than as
part of such underwritten public offering) during the time period reasonably requested by the managing underwriter, which period shall not exceed ninety (90) days (plus customary seventeen (17) day lockup extension periods) or such shorter
period as the managing underwriter shall agree to (other than in the case of the IPO, which time period shall be 180 days (plus customary seventeen (17) day lockup extension periods)), provided that (x) such shorter period shall
apply to all Holders who are subject to such period and (y) if a managing underwriter of an offering releases any Holder of its obligations under this Section 2.7(a)(ii), all other Holders shall be released from their obligations
under this Section 2.7(a)(ii), on a pro rata basis, in accordance with the number of Registrable Securities held by them at such time. 

(b) The Company hereby agrees that, in connection with an offering pursuant to Section 2.1 or 2.2, the Company shall not
sell, transfer, or otherwise dispose of, any Common Stock, or any other equity security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten
public offering, a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Common Stock Equivalent),
until a period of ninety (90) days (or such shorter period to which the Majority Participating Holders shall agree, but 180 days in the case of the IPO) shall have elapsed from the pricing date of such offering (in each case plus customary
seventeen (17) day lockup extension periods); and the Company shall (i) so provide in any registration rights agreements hereafter entered into with respect to any of its securities and (ii) use its reasonable best efforts to cause
each holder of any equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from the Company at any time other than in a public offering to so agree. 

2.8. No Required Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder to sell
any Registrable Securities pursuant to any effective registration statement. 
 2.9. Indemnification. 

(a) In the event of any registration or offer and sale of any securities of the Company under the Securities Act pursuant to this
Section 2, the Company will, and hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest extent permitted by law, each Participating Holder, its directors, officers, fiduciaries, employees, stockholders, members or
general and limited partners (and the directors, officers, fiduciaries, employees, stockholders, members or general and limited partners thereof), each other Person who participates as a seller (and its directors, officers, fiduciaries, employees,
stockholders, members or general and limited partners), underwriter or Qualified Independent Underwriter, if any, in the offering or sale of such securities, each officer, director, employee, stockholder, fiduciary, managing director, agent,
affiliate, consultant, representative, successor, assign or partner of such underwriter or Qualified Independent Underwriter, and each other Person, if any, who controls such seller or any such underwriter or Qualified Independent Underwriter within
the meaning of the Securities 

  
 22 

 
Act, from and against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) and expenses (including reasonable fees of
counsel and any amounts paid in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld or delayed) to which each such indemnified party may become subject under the Securities Act or otherwise in
respect thereof (collectively, “Claims”), insofar as such Claims arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement under which such
securities were registered under the Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or
alleged untrue statement of a material fact contained in any preliminary, final or summary prospectus or any amendment or supplement thereto, together with the documents incorporated by reference therein, or any free writing prospectus utilized in
connection therewith, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading, or (iii) any untrue statement or alleged untrue statement of a material fact in the information conveyed by the Company to any purchaser at the time of the sale to such purchaser, or the omission or alleged omission to state therein
a material fact required to be stated therein, or (iv) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating to action required of or inaction by the Company in connection
with any such registration, and the Company will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim as such expenses are
incurred; provided, however, that the Company shall not be liable to any such indemnified party in any such case to the extent such Claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact or
omission or alleged omission of a material fact made in such registration statement or amendment thereof or supplement thereto or in any such prospectus or any preliminary, final or summary prospectus or free writing prospectus in reliance upon and
in strict conformity with written information furnished to the Company by or on behalf of such indemnified party specifically for use therein. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any
investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such seller. 
 (b) Each
Participating Holder (and, if the Company requires as a condition to including any Registrable Securities in any registration statement filed in accordance with Section 2.1 or 2.2, any underwriter and Qualified Independent
Underwriter, if any) shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this Section 2.9) to the extent permitted by law the Company, its
officers and directors, each Person controlling the Company within the meaning of the Securities Act and all other prospective sellers and their directors, officers, stockholders, fiduciaries, managing directors, agents, affiliates, consultants,
representatives, successors, assigns or general and limited partners and respective controlling Persons with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact
from, such registration statement, any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, or any free writing prospectus utilized in connection therewith, if such statement or alleged statement or
omission or alleged omission was made in reliance upon and in strict conformity with written 

  
 23 

 
information furnished to the Company or its representatives by or on behalf of such Participating Holder or underwriter or Qualified Independent Underwriter, if any, specifically for use therein,
and each such Participating Holder, underwriter or Qualified Independent Underwriter, if any, shall reimburse such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such Claim as such expenses are incurred; provided, however, that the aggregate amount which any such Participating Holder shall be required to pay pursuant to this Section 2.9 (including pursuant to indemnity,
contribution or otherwise) shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of the Registrable Securities pursuant to the registration statement giving rise to such Claim;
provided further that such Participating Holder shall not be liable in any such case to the extent that prior to the filing of any such registration statement or prospectus or amendment thereof or supplement thereto, or any free writing
prospectus utilized in connection therewith, such Participating Holder has furnished in writing to the Company information expressly for use in such registration statement or prospectus or any amendment thereof or supplement thereto or free writing
prospectus which corrected or made not misleading information previously furnished to the Company. The Company and each Participating Holder hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by such Participating
Holders to the contrary, for all purposes of this Agreement, the only information furnished or to be furnished to the Company for use in any such registration statement, preliminary, final or summary prospectus or amendment or supplement thereto, or
any free writing prospectus, are statements specifically relating to (i) the beneficial ownership of shares of Common Stock by such Participating Holder and its Affiliates as disclosed in the section of such document entitled “Selling
Stockholders” or “Principal and Selling Stockholders” or other documents thereof and (ii) the name and address of such Participating Holder. If any additional information about such Holder or the plan of distribution (other than
for an underwritten offering) is required by law to be disclosed in any such document, then such Holder shall not unreasonably withhold its agreement referred to in the immediately preceding sentence. Such indemnity and reimbursement of expenses
shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such Holder. 

(c) Indemnification similar to that specified in the preceding paragraphs (a) and (b) of this Section 2.9
(with appropriate modifications) shall be given by the Company and each Participating Holder with respect to any required registration or other qualification of securities under any applicable securities and state “blue sky” laws. 

(d) Any Person entitled to indemnification under this Agreement shall notify promptly the indemnifying party in writing of the commencement of
any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2.9, but the failure of any indemnified party to provide such notice shall not relieve the indemnifying party of its
obligations under the preceding paragraphs of this Section 2.9, except to the extent the indemnifying party is materially and actually prejudiced thereby and shall not relieve the indemnifying party from any liability which it may have
to any indemnified party otherwise than under this Section 2. In case any action or proceeding is brought against an indemnified party and such indemnified party shall have notified the indemnifying party of the commencement thereof (as
required above), the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest 

  
 24 

 
between such indemnified and indemnifying parties may exist in respect of such Claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent
that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any
legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that (i) if the indemnifying party fails to take reasonable
steps necessary to defend diligently the action or proceeding within twenty (20) days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so; or (ii) if such indemnified party who is a
defendant in any action or proceeding which is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal or equitable defenses available to such indemnified party which are not available to the
indemnifying party or which may conflict with those available to another indemnified party with respect to such Claim; or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of
professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to
the extent any indemnified party or parties reasonably shall have made a conclusion described in clause (ii) or (iii) above) and the indemnifying party shall be liable for any expenses therefor. No indemnifying party shall, without the
written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising
out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. 

(e) If for any reason the foregoing indemnity is unavailable, unenforceable or is insufficient to hold harmless an indemnified party under
Sections 2.9(a), (b) or (c), then each applicable indemnifying party shall contribute to the amount paid or payable to such indemnified party as a result of any Claim in such proportion as is appropriate to reflect the
relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such Claim. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable
considerations. The parties hereto agree that it would not be just and equitable if any contribution pursuant to this Section 2.9(e) were to be determined by pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the preceding sentences of this Section 2.9(e). The amount paid or payable in respect of any Claim shall be deemed to include any legal or other expenses reasonably incurred

  
 25 

 
by such indemnified party in connection with investigating or defending any such Claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this Section 2.9(e) to the contrary, no indemnifying party (other than the Company)
shall be required pursuant to this Section 2.9(e) to contribute any amount greater than the amount of the net proceeds received by such indemnifying party from the sale of Registrable Securities pursuant to the registration statement
giving rise to such Claim, less the amount of any indemnification payment made by such indemnifying party pursuant to Sections 2.9(b) and (c). In addition, no Holder of Registrable Securities or any Affiliate thereof shall be required
to pay any amount under this Section 2.9(e) unless such Person or entity would have been required to pay an amount pursuant to Section 2.9(b) if it had been applicable in accordance with its terms. 

(f) The indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution
which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of the
Registrable Securities by any such party. 
 (g) The indemnification and contribution required by this Section 2.9 shall be made
by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred; provided, however, that the recipient thereof hereby undertakes to
repay such payments if and to the extent it shall be determined by a court of competent jurisdiction that such recipient is not entitled to such payment hereunder. 

2.10. Limitations on Registration of Other Securities; Representation. From and after the date of this Agreement, the Company shall
not, without the prior written consent of Holders holding more than 50% of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any
registration rights the terms of which are more favorable taken as a whole than the registration rights granted to the Holders hereunder unless the Company shall also give such rights to such Holders. 

2.11. No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities that is
inconsistent in any material respects with the rights granted to the Holders in this Agreement. 
 Section 3. Underwritten
Offerings. 
 3.1. Requested Underwritten Offerings. If requested by the underwriters for any underwritten offering pursuant to a
registration requested under Section 2.1, the Company shall enter into a customary underwriting agreement with the underwriters. Such 

  
 26 

 
underwriting agreement shall (i) be satisfactory in form and substance to the Majority Participating Holders, (ii) contain terms not inconsistent with the provisions of this Agreement
and (iii) contain such representations and warranties by, and such other agreements on the part of, the Company and such other terms as are generally prevailing in agreements of that type, including, without limitation, indemnities and
contribution agreements on substantially the same terms as those contained herein. Any Participating Holder shall be a party to such underwriting agreement and may, at its option, require that any or all of the representations and warranties by, and
the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Participating Holder and that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement be conditions precedent to the obligations of such Participating Holder; provided, however, that the Company shall not be required to make any representations or warranties with respect to
written information specifically provided by a Participating Holder for inclusion in the registration statement. Unless otherwise agreed by the respective Participating Holders and the underwriters, each such Participating Holder shall not be
required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Participating Holder, its ownership of and title to the Registrable
Securities, any written information specifically provided by such Participating Holder for inclusion in the registration statement and its intended method of distribution; and any liability of such Participating Holder to any underwriter or other
Person under such underwriting agreement for indemnity, contribution or otherwise shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of Registrable Securities pursuant to such
registration statement and in no event shall relate to anything other than information about such Holder specifically provided by such Holder for use in the registration statement and prospectus. 

3.2. Piggyback Underwritten Offerings. In the case of a registration pursuant to Section 2.2, if the Company shall have
determined to enter into an underwriting agreement in connection therewith, all of the Participating Holders’ Registrable Securities to be included in such registration shall be subject to such underwriting agreement. Any Participating Holder
may, at its option, require that any or all of the representations and warranties lay, and the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Participating
Holder and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the obligations of such Participating Holder; provided that the Company shall not be
required to make any representations or warranties with respect to written information specifically provided by a Participating Holder for inclusion in the registration statement. Unless otherwise agreed by the respective Participating Holders and
the underwriters, each such Participating Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Participating
Holder, its ownership of and title to the Registrable Securities, any written information specifically provided by such Participating Holder for inclusion in the registration statement and its intended method of distribution; and any liability of
such Participating Holder to any underwriter or other Person under such underwriting agreement shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of Registrable Securities pursuant to
such registration statement and in no event shall relate to anything other than information about such Holder specifically provided by such Holder for use in the registration statement and prospectus. 

  
 27 

 Section 4. General. 

4.1. Adjustments Affecting Registrable Securities. The Company agrees that it shall not effect or permit to occur any combination or
subdivision of shares of Common Stock which would adversely affect the ability of any Holder of any Registrable Securities to include such Registrable Securities in any registration contemplated by this Agreement or the marketability of such
Registrable Securities in any such registration. The Company agrees that it will take all reasonable steps necessary to effect a subdivision of shares of Common Stock if in the reasonable judgment of (a) the Majority Participating Holders or
(b) the Manager for the offering in respect of such Demand Registration Request, such subdivision would enhance the marketability of the Registrable Securities. Subject to the Stockholders Agreement (if in effect at the time), each Holder
agrees to vote all of its shares of capital stock in a manner, and to take all other actions necessary, to permit the Company to carry out the intent of the preceding sentence including, without limitation, voting in favor of an amendment to the
Company’s organizational documents in order to increase the number of authorized shares of capital stock of the Company. In any event, the provisions of this Agreement shall apply, to the full extent set forth herein with respect to the
Registrable Securities, to any and all shares of capital stock of the Company, any successor or assign of the Company (whether by merger, share exchange, consolidation, sale of assets or otherwise) or any Subsidiary of the Company which may be
issued in respect of, in exchange for or in substitution of, Registrable Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof.

 4.2. Rule 144 and Rule 144A. If the Company shall have filed a registration statement pursuant to the requirements of
Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the Common Stock or Common Stock Equivalents, the Company covenants that (i) so long as it remains subject to the
reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to
in subparagraph (c)(l)(i) of Rule 144 under the Securities Act, as such Rule may be amended (“Rule 144”) ) or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available
other information so long as necessary to permit sales by such Holder under Rule 144, Rule 144A under the Securities Act, as such Rule may be amended (“Rule 144A”), or any similar rules or regulations hereafter adopted by the SEC,
and (ii) it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (A) Rule 144, (B) Rule 144A or (C) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver to such Holder
a written statement as to whether it has complied with such requirements. 

  
 28 

 4.3. Nominees for Beneficial Owners. If Registrable Securities are held by a nominee for
the beneficial owner thereof the beneficial owner thereof may, at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder or Holders of Registrable Securities pursuant to this
Agreement (or any determination of any number or percentage of shares constituting Registrable Securities held by any Holder or Holders of Registrable Securities contemplated by this Agreement), provided that the Company shall have received
assurances reasonably satisfactory to it of such beneficial ownership. 
 4.4. Amendments and Waivers. Except as otherwise provided
herein, no modification, amendment or waiver of any provision of this Agreement shall be effective against the Company or any Holder unless such modification, amendment or waiver is approved in writing by the Company and the Holders holding a
majority of the Registrable Securities then held by all Holders; provided that any amendment, modification, supplement or waiver of any of the provisions of this Agreement which disproportionately materially adversely affects any Holder shall
not be effective without the written approval of such Holder. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar). No failure or delay on the
part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof or of any other or future exercise of any such right, power or privilege. 

4.5. Notices. Except as otherwise provided in this Agreement, all notices, requests, consents and other communications hereunder to any
party shall be deemed to be sufficient if contained in a written instrument addressed to such party delivered in person, by nationally recognized overnight courier or first class registered or certified mail, return receipt requested, postage
prepaid, or by facsimile or electronic mail at the address set forth below and to any other recipient at the address indicated on Schedule 4.5 hereto or at such other address as may hereafter be designated in writing by such party to the other
parties: 
 (i) if to the Company, to: 

(ii) if to the THL Party, to: 

c/o Thomas H. Lee Partners, L.P. 

100 Federal Street, 35th Floor 

Boston, MA 02110 
 Facsimile:
(617)227-3514 
 Attention: Joshua M. Nelson and Uttam Jain 

  
 29 

 with a copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, New
York 10153 
 Attention: Michael J. Aiello 

Facsimile: (212)310-8007 
 (iii)
if to the Advent Party, to: 
 c/o Advent International Corporation 

75 State Street 
 Boston, MA 02109

 Facsimile: (617) 951-9353 

Attention: Jefferson M. Case and James Westra 

with a copy (which shall not constitute notice) to: 

Ropes & Gray LLP 

Prudential Tower, 800 Boylston Street 

Boston, MA 02199-3600 
 Facsimile:
(617) 235-0376 
 Attention: Jane D. Goldstein 

(iv) if to the American Greetings Party, to: 

American Greetings Corporation 

One American Road 
 Cleveland, OH
44144 
 Facsimile: (216) 252-6778 

Attention: Catherine M. Kilbane 

with a copy (which shall not constitute notice) to: 

Calfee, Halter & Griswold LLP 

The Calfee Building 
 1405 East
Sixth Street 
 Cleveland, Ohio 44114 

Facsimile: (216)241-0816 

Attention: Douglas A. Neary 
 (v)
if to the Management Stockholders, to the address indicated in the records of the Company: 
 All such notices, requests, consents and other
communications shall be deemed to have been given to the receiving party upon actual receipt, if delivered in person; three (3) business 

  
 30 

 
days after deposit in the mail, if sent by registered or certified mail; upon confirmation of successful transmission if sent by facsimile; or on the next business day after deposit with an
overnight courier, if sent by overnight courier. 
 4.6. Successors and Assigns. Except as otherwise provided herein, this Agreement
shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and the respective successors, permitted assigns, heirs and personal representatives of the parties hereto, whether so expressed or not. This Agreement may
not be assigned by the Company without the prior written consent of the THL Party. Each Holder shall have the right to assign all or part of its or his rights and obligations under this Agreement only in accordance with transfers of Registrable
Securities to such Holder’s Permitted Transferees. For the avoidance of doubt, the THL Party shall have the right to assign all or part of its rights and obligations under this Agreement to any of its Affiliates in connection with any transfer
of Registrable Securities to such Affiliate. Upon any such assignment, such assignee shall have and be able to exercise and enforce all rights of the assigning Holder which are assigned to it and, to the extent such rights are assigned, any
reference to the assigning Holder shall be treated as a reference to the assignee. If any Holder shall acquire additional Registrable Securities, such Registrable Securities shall be subject to all of tire terms, and entitled to all the benefits, of
this Agreement. The parties hereto and their respective successors may assign their rights under this Agreement, in whole or in part, to any purchaser of shares of Registrable Securities held by them. 

4.7. Entire Agreement. This Agreement, the Stockholders Agreement and the other documents referred to herein or delivered pursuant
hereto which form part hereof constitute the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. 

4.8. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) This Agreement, including the validity hereof and the rights and obligations of the parties hereunder, all amendments and supplements
hereto, and all actions or proceedings arising out of or relating to this Agreement, of any nature whatsoever, shall be construed in accordance with and governed by the domestic substantive laws of the State of Delaware without giving effect to any
choice of law or conflicts of law provision or rule that might otherwise cause the application of the domestic substantive laws of any other jurisdiction. The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the state and
federal courts located in the Borough of Manhattan within the State of New York in connection with any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby and each party hereby irrevocably waives, to
the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum or lack of personal jurisdiction in respect of
such dispute. Each of the parties hereto agrees that a judgment rendered in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b) Each party hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury in respect of
any legal proceeding directly or indirectly arising out of, under or in connection with this Agreement or any transaction contemplated hereby. Each party hereto (i) certifies that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by,
among other things, the mutual waivers and certifications in this Section 4.8. 

  
 31 

 4.9. Interpretation: Construction. 

(a) The table of contents and headings in this Agreement are for convenience of reference only, do not constitute part of this Agreement and
shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

(b) The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 4.10. Counterparts. This Agreement may be executed and delivered in any number of separate counterparts (including by facsimile or
electronic mail), each of which shall be an original, but all of which together shall constitute one and the same agreement. 
 4.11.
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this
Agreement, or the application thereof to any person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent
and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such
invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

4.12. Remedies. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce

  
 32 

 
specifically the terms and provisions of this Agreement, without the posting of any bond, and, if any action should be brought in equity to enforce any of the provisions of this Agreement, none
of the parties hereto shall raise the defense that there is an adequate remedy at law. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

4.13. Further Assurances. Each party hereto shall do and perform or cause to be done and performed all such further acts and things and
shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby. 
 4.14. Confidentiality. Each Management Stockholder agrees that all material non-public
information provided pursuant to or in accordance with the terms of this Agreement shall be kept confidential by the person to whom such information is provided, until such time as such information becomes public other than through violation of this
provision. Notwithstanding the foregoing, any party may disclose the information if required to do so by any law, rule, regulation, order, decree or subpoena of any governmental agency or authority or court. 

[Remainder of Page Intentionally Left Blank]  

  
 33 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Registration Rights Agreement as
of the date first above written. 
  

					
		 	PC TOPCO HOLDINGS, INC.
		
	By:	 	 /s/ Todd M. Abbrecht

		 	Name:	 	Todd M. Abbrecht
		 	Title:	 	President

 
					
	 THE THL PARTY:

	
	 THL PC TOPCO, L.P.

		
	By:	 	 THL Equity Advisors VI, LLC,
 its
general partner

		
	By:	 	 Thomas H. Lee Partners, L.P.,

its sole member

		
	By:	 	 Thomas H. Lee Advisors, LLC,
 its
general partner

		
	By:	 	 THL Holdco, LLC,
 its managing
member

		
	By:	 	 /s/ Todd M. Abbrecht

		 	Name:	 	Todd M. Abbrecht
		 	Title:	 	Managing Director

 
					
	 THE ADVENT PARTY:

	
	ADVENT-PARTY CITY ACQUISITION LIMITED PARTNERSHIP
		
	By:	 	Advent-Party City GP, LLC, its general partner
		
	By:	 	 /s/ Andrew D. Dodge

		 	Name:	 	Andrew D. Dodge
		 	Title:	 	Authorized Signatory

 
					
	 THE AMERICAN GREETINGS PARTY:

		
		 	 AMERICAN GREETINGS CORPORATION

			
		 	By:	 	 /s/ Catherine M. Kilbane

		 	Name:	 	Catherine M. Kilbane
		 	Title:	 	Secretary

 
					
	 MANAGEMENT HOLDER:

	
	 RITTENBERG 2008 TRUST

		
	By:	 	 /s/ Joel S. Lee

		 	Name:	 	Joel S. Lee
		 	Title:	 	Trustee

 
	
	MANAGEMENT HOLDER:
	
	 /s/ Jim Harrison

	Jim Harrison

 
			
	MANAGEMENT HOLDER:
	
	RITTS ENTERPRISES LLC
		
	By:	 	 /s/ Gerald C. Rittenberg

		 	Name:
		 	Title:

 
					
	 MANAGEMENT HOLDER:

	
	 HARRISON FAMILY 2010 TRUST

		
	By:	 	 /s/ Bernadette A. Harrison

		 	Name:	 	Bernadette A. Harrison
		 	Title:	 	Trustee

 
	
	 MANAGEMENT HOLDER:

	
	 /s/ Gregg Melnick

	Gregg Melnick

 
	
	MANAGEMENT HOLDER:
	
	 /s/ Diane Spaar

	Diane Spaar

 
	
	MANAGEMENT HOLDER:
	
	 /s/ Alice Tang

	Alice Tang

 
	
	MANAGEMENT HOLDER:
	
	 /s/ Michael Correale

	Michael Correale

 
					
	MANAGEMENT HOLDER:
	
	MELNICK 2008 FAMILY TRUST
		
	By:	 	 /s/ Gregg Melnick

		 	Name:	 	Gregg Melnick
		 	Title:	 	Trustee

 
	
	MANAGEMENT HOLDER:
	
	 /s/ Steven Skiba

	Steven SkibaEX-4.8

 Exhibit 4.8 

PC NEXTCO HOLDINGS, LLC 
 as
Issuer 
 PC NEXTCO FINANCE, INC. 

as Co-Issuer 
 8.750%/9.500%
Senior PIK Toggle Notes due 2019 
  
  

INDENTURE 
 Dated as of
August 1, 2013 
  
  

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE 1	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	SECTION 1.01.	 	Definitions	  	 	1	  
	SECTION 1.02.	 	Other Definitions	  	 	29	  
	SECTION 1.03.	 	Incorporation by Reference of Trust Indenture Act	  	 	31	  
	SECTION 1.04.	 	Rules of Construction	  	 	31	  
	SECTION 1.05.	 	Acts of Holders	  	 	32	  
	
	ARTICLE 2	  
	
	THE SECURITIES	  
			
	SECTION 2.01.	 	Amount of Securities	  	 	33	  
	SECTION 2.02.	 	Form and Dating	  	 	34	  
	SECTION 2.03.	 	Execution and Authentication	  	 	34	  
	SECTION 2.04.	 	Registrar and Paying Agent	  	 	35	  
	SECTION 2.05.	 	Paying Agent to Hold Money in Trust	  	 	35	  
	SECTION 2.06.	 	Holder Lists	  	 	35	  
	SECTION 2.07.	 	Transfer and Exchange	  	 	35	  
	SECTION 2.08.	 	Replacement Securities	  	 	36	  
	SECTION 2.09.	 	Outstanding Securities	  	 	36	  
	SECTION 2.10.	 	Temporary Securities	  	 	37	  
	SECTION 2.11.	 	Cancellation	  	 	37	  
	SECTION 2.12.	 	Defaulted Interest	  	 	37	  
	SECTION 2.13.	 	CUSIP Numbers, ISINs, etc.	  	 	37	  
	SECTION 2.14.	 	Calculation of Principal Amount of Securities	  	 	37	  
	
	ARTICLE 3	  
	
	REDEMPTION	  
			
	SECTION 3.01.	 	Redemption	  	 	37	  
	SECTION 3.02.	 	Applicability of Article	  	 	38	  
	SECTION 3.03.	 	Notices to Trustee	  	 	38	  
	SECTION 3.04.	 	Selection of Securities to Be Redeemed	  	 	38	  
	SECTION 3.05.	 	Notice of Optional Redemption	  	 	38	  
	SECTION 3.06.	 	Effect of Notice of Redemption	  	 	39	  
	SECTION 3.07.	 	Deposit of Redemption Price	  	 	40	  
	SECTION 3.08.	 	Securities Redeemed in Part	  	 	40	  
	
	ARTICLE 4	  
	
	COVENANTS	  
			
	SECTION 4.01.	 	Payment of Securities	  	 	40	  
	SECTION 4.02.	 	Reports	  	 	40	  
	SECTION 4.03.	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	42	  
	SECTION 4.04.	 	Limitation on Restricted Payments	  	 	47	  

  
 i 

							
	SECTION 4.05.	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	54	  
	SECTION 4.06.	 	Asset Sales	  	 	56	  
	SECTION 4.07.	 	Transactions with Affiliates	  	 	58	  
	SECTION 4.08.	 	Change of Control	  	 	61	  
	SECTION 4.09.	 	Compliance Certificate	  	 	63	  
	SECTION 4.10.	 	Further Instruments and Acts	  	 	63	  
	SECTION 4.11.	 	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	  	 	63	  
	SECTION 4.12.	 	Liens	  	 	64	  
	SECTION 4.13.	 	Maintenance of Office or Agency	  	 	64	  
	SECTION 4.14.	 	Termination and Suspension of Certain Covenants	  	 	65	  
	
	ARTICLE 5	  
	
	SUCCESSOR COMPANY	  
			
	SECTION 5.01.	 	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	65	  
	SECTION 5.02.	 	Successor Corporation Substituted	  	 	67	  
	
	ARTICLE 6	  
	
	DEFAULTS AND REMEDIES	  
			
	SECTION 6.01.	 	Events of Default	  	 	67	  
	SECTION 6.02.	 	Acceleration	  	 	69	  
	SECTION 6.03.	 	Other Remedies	  	 	70	  
	SECTION 6.04.	 	Waiver of Past Defaults	  	 	70	  
	SECTION 6.05.	 	Control by Majority	  	 	70	  
	SECTION 6.06.	 	Limitation on Suits	  	 	70	  
	SECTION 6.07.	 	Rights of the Holders to Receive Payment	  	 	71	  
	SECTION 6.08.	 	Collection Suit by Trustee	  	 	71	  
	SECTION 6.09.	 	Trustee May File Proofs of Claim	  	 	71	  
	SECTION 6.10.	 	Priorities	  	 	71	  
	SECTION 6.11.	 	Undertaking for Costs	  	 	71	  
	SECTION 6.12.	 	Waiver of Stay or Extension Laws	  	 	71	  
	
	ARTICLE 7	  
	
	TRUSTEE	  
			
	SECTION 7.01.	 	Duties of Trustee	  	 	72	  
	SECTION 7.02.	 	Rights of Trustee	  	 	73	  
	SECTION 7.03.	 	Individual Rights of Trustee	  	 	74	  
	SECTION 7.04.	 	Trustee’s Disclaimer	  	 	74	  
	SECTION 7.05.	 	Notice of Defaults	  	 	74	  
	SECTION 7.06.	 	Reports by Trustee to the Holders	  	 	74	  
	SECTION 7.07.	 	Compensation and Indemnity	  	 	74	  
	SECTION 7.08.	 	Replacement of Trustee	  	 	75	  
	SECTION 7.09.	 	Successor Trustee by Merger	  	 	76	  
	SECTION 7.10.	 	Eligibility; Disqualification	  	 	76	  
	SECTION 7.11.	 	Preferential Collection of Claims Against the Issuers	  	 	76	  
	
	ARTICLE 8	  
	
	DISCHARGE OF INDENTURE; DEFEASANCE	  
			
	 SECTION 8.01.
	 	Discharge of Liability on Securities; Defeasance	  	 	76	  

  
 ii 

							
	SECTION 8.02.	 	Conditions to Defeasance	  	 	77	  
	SECTION 8.03.	 	Application of Trust Money	  	 	78	  
	SECTION 8.04.	 	Repayment to Issuer	  	 	79	  
	SECTION 8.05.	 	Indemnity for Government Securities	  	 	79	  
	SECTION 8.06.	 	Reinstatement	  	 	79	  
	
	ARTICLE 9	  
	
	AMENDMENTS AND WAIVERS	  
			
	 SECTION 9.01.
	 	Without Consent of the Holders	  	 	79	  
	 SECTION 9.02.
	 	With Consent of the Holders	  	 	80	  
	 SECTION 9.03.
	 	Compliance with Trust Indenture Act	  	 	81	  
	 SECTION 9.04.
	 	Revocation and Effect of Consents and Waivers	  	 	81	  
	 SECTION 9.05.
	 	Notation on or Exchange of Securities	  	 	82	  
	 SECTION 9.06.
	 	Trustee to Sign Amendments	  	 	82	  
	 SECTION 9.07.
	 	Payment for Consent	  	 	82	  
	 SECTION 9.08.
	 	Additional Voting Terms; Calculation of Principal Amount	  	 	82	  
	
	ARTICLE 10	  
	
	GUARANTEES	  
			
	 SECTION 10.01.
	 	Guarantees	  	 	82	  
	 SECTION 10.02.
	 	Limitation on Liability	  	 	83	  
	 SECTION 10.03.
	 	Successors and Assigns	  	 	84	  
	 SECTION 10.04.
	 	No Waiver	  	 	84	  
	 SECTION 10.05.
	 	Modification	  	 	84	  
	 SECTION 10.06.
	 	Execution of Supplemental Indenture for Future Guarantors	  	 	84	  
	 SECTION 10.07.
	 	Non-Impairment	  	 	85	  
	 SECTION 10.08.
	 	Benefits Acknowledged	  	 	85	  
	
	ARTICLE 11	  
	
	MISCELLANEOUS	  
			
	 SECTION 11.01.
	 	Trust Indenture Act Controls	  	 	85	  
	 SECTION 11.02.
	 	Notices	  	 	85	  
	 SECTION 11.03.
	 	Communication by the Holders with Other Holders	  	 	86	  
	 SECTION 11.04.
	 	Certificate and Opinion as to Conditions Precedent	  	 	86	  
	 SECTION 11.05.
	 	Statements Required in Certificate or Opinion	  	 	86	  
	 SECTION 11.06.
	 	When Securities Disregarded	  	 	87	  
	 SECTION 11.07.
	 	Rules by Trustee, Paying Agent and Registrar	  	 	87	  
	 SECTION 11.08.
	 	Legal Holidays	  	 	87	  
	 SECTION 11.09.
	 	GOVERNING LAW; WAIVER OF JURY TRIAL	  	 	87	  
	 SECTION 11.10.
	 	No Recourse Against Others	  	 	87	  
	 SECTION 11.11.
	 	Successors	  	 	87	  
	 SECTION 11.12.
	 	Multiple Originals	  	 	87	  
	 SECTION 11.13.
	 	Table of Contents; Headings	  	 	87	  
	 SECTION 11.14.
	 	Indenture Controls	  	 	88	  
	 SECTION 11.15.
	 	Severability	  	 	88	  
	 SECTION 11.16.
	 	Force Majeure	  	 	88	  
	 SECTION 11.17.
	 	U.S.A. Patriot Act	  	 	88	  
	 SECTION 11.18.
	 	No Adverse Interpretation of Other Agreements	  	 	88	  

  

							
	 Appendix A
	 	–	 	Provisions Relating to Original Securities and Additional Securities	  	

  
 iii 

 EXHIBIT INDEX 
  

					
	Exhibit A	 	–	  	Form of Security
	Exhibit B	 	–	  	Form of Transferee Letter of Representation
	Exhibit C	 	–	  	Form of Supplemental Indenture

  
 iv 

 CROSS-REFERENCE TABLE 
  

			
	 TIA Section
	  	 Indenture
Section

		
	 310 (a)
	  	7.10
	        (b)
	  	7.08; 7.10
	 311 (a)
	  	7.11
	        (b)
	  	7.11
	 312 (a)
	  	2.06
	        (b)
	  	11.03
	        (c)
	  	11.03
	 313 (a)
	  	7.06
	        (b)
	  	7.06
	        (c)
	  	7.06
	        (d)
	  	7.06
	 314 (a)
	  	4.02; 4.09
	        (b)
	  	N.A.
	        (c)(1)
	  	11.04
	        (c)(2)
	  	11.04
	        (c)(3)
	  	N.A.
	        (d)
	  	N.A.
	        (e)
	  	11.05
	        (f)
	  	4.10
	 315 (a)
	  	7.01
	        (b)
	  	7.05
	        (c)
	  	7.01
	        (d)
	  	7.01
	        (e)
	  	6.11
	 316 (a)(last sentence)
	  	11.06
	        (a)(1)(A)
	  	6.05
	        (a)(1)(B)
	  	6.04
	        (a)(2)
	  	N.A.
	        (b)
	  	6.07
	        (c)
	  	1.05
	 317 (a)(1)
	  	6.08
	        (a)(2)
	  	6.09
	        (b)
	  	2.05
	 318 (a)
	  	11.01
	        (b)
	  	N.A.
	        (c)
	  	N.A.

 N.A. Means Not Applicable. 

Note: This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 

  
 v 

 INDENTURE dated as of August 1, 2013 among PC NEXTCO HOLDINGS, LLC, a Delaware limited
liability company (the “Issuer”), PC NEXTCO FINANCE, INC., a Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking
association, as trustee (the “Trustee”). 
 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) $350,000,000 aggregate principal amount of the Issuers’ 8.750%/9.500% Senior PIK Toggle Notes due 2019 issued on the date hereof (the “Original Securities”),
(b) any Additional Securities (as defined herein) 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 “Initial Securities”),
(c) the PIK Notes (as defined below), if any, and (d) if and when issued as provided in the Registration Rights Agreement or otherwise registered under the Securities Act and issued, the Issuers’ 8.750%/9.500% Senior PIK Toggle Notes
due 2019 (the “Exchange Securities” and together with the Initial Securities and the PIK Notes, the “Securities”). The Original Securities, the PIK Notes and any Additional Securities (as defined herein) shall constitute a single
series hereunder. Subject to the conditions and compliance with the covenants set forth herein, the Issuers may issue an unlimited aggregate principal amount of Additional Securities. 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions. 

“ABL Facility” means (1) the credit facility provided under the ABL credit agreement, dated July 27, 2012, among Opco, the
other borrowers party thereto, the subsidiaries of Opco party thereto from time to time, the lenders party thereto from time to time in their capacities as lenders thereunder, Deutsche Bank Trust Company Americas, as administrative agent, Deutsche
Bank Trust Company Americas and Bank of America, N.A., as co-collateral agents and the other agents party thereto, including one or more debt facilities or other financing arrangements (including, without limitation indentures) providing for term
loans or other long-term indebtedness that replace or refinance such credit facility, including any such replacement or refinancing facility or indenture that increases or decreases the amount permitted to be borrowed thereunder or alters the
maturity thereof and whether by the same or any other agent, lender or group of lenders, and any amendments, supplements, modifications, extensions, renewals, restatements, amendments and restatements or refundings thereof or any such indentures or
credit facilities that replace or refinance such credit facility and (2) whether or not the ABL credit agreement referred to in clause (1) remains outstanding, if designated by the Issuer to be included in the definition of “ABL
Facility,” one or more (i) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed
to borrower from lenders against such receivables) or letters of credit, (ii) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances)
or (iii) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different arrangements, agents, lenders, borrowers or issuer and, in each case, as amended, restated, amended and restated, supplemented,
waived, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified in whole or in part from time to time. 

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

(1) Indebtedness of any other Person existing at the time such other Person is consolidated, merged or amalgamated with or into
or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging or amalgamating 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. 

“Acquisition” means the transactions contemplated by the Transaction Agreement. 

  
 1 

 “Additional Interest” means all additional interest then owing pursuant to the
Registration Rights Agreement. 
 “Additional Securities” means additional Securities (other than (i) the Original
Securities, (ii) Exchange Securities issued in exchange for such Original Securities and (iii) PIK Notes) issued from time to time under the terms of 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, means 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. 
 “Applicable Premium” means, with respect to any Security on any Redemption Date, the
greater of: 
 (1) 1.0% of the principal amount of such Security; and 

(2) the excess, if any, of: 

(a) (a) the present value at such Redemption Date of (i) the redemption price of such Security at February 15, 2015,
plus (ii) all required interest payments due on such Security through February 15, 2015 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption
Date plus 50 basis points; over 
 (b) the then outstanding principal amount of such Security. 

as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation shall not be a duty
or an obligation of the Trustee. 
 “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 and Lease-Back Transaction) of the Issuer or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”); or 

(2) the issuance or sale of Equity Interests of any Restricted Subsidiary, whether in a single transaction or a series of
related transactions (other than directors’ qualifying shares and shares issued to foreign nationals as required under applicable law); 
 in each
case, other than: 
 (a) any disposition of (i) Cash Equivalents or Investment Grade Securities, (ii) surplus,
obsolete, damaged or worn out property or equipment in the ordinary course of business or any disposition of inventory or goods (or other assets) held for sale in the ordinary course of business (it being understood that the sale of inventory or
goods (or other assets) in bulk in connection with the closing of any number of retail locations in the ordinary course of business shall be considered a sale in the ordinary course of business), or (iii) property no longer used or useful in
the conduct of business of the Issuer and its Restricted Subsidiaries; 
 (b) the disposition of all or substantially all of
the assets of the Issuer in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 

  
 2 

 (c) the making of any Restricted Payment that is permitted to be made, and is
made, under Section 4.04; 
 (d) any disposition of assets of the Issuer or any Restricted Subsidiary or issuance or
sale of Equity Interests of any Restricted Subsidiary in any transaction or series of transactions with an aggregate fair market value of less than $15.0 million; 

(e) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Issuer or by the Issuer
or a Restricted Subsidiary to another Restricted Subsidiary; 
 (f) to the extent allowable under Section 1031 of the
Internal Revenue Code of 1986, as amended, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

(g) (i) the lease, assignment, sublease, license or sublicense of any real or personal property in the ordinary course of
business and (ii) the termination of leases in the ordinary course of business; 
 (h) any issuance or sale of Equity
Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary or any other disposition of such Unrestricted Subsidiary or any disposition of assets of such Unrestricted Subsidiary; 

(i) any disposition arising from foreclosure, casualty, condemnation or any similar action or transfers by reason of eminent
domain with respect to any property or other asset of the Issuer or any of the Restricted Subsidiaries or exercise of termination rights under any lease, sublease, license, sublicense, concession or other agreement; 

(j) a transfer of accounts receivable and related assets of the type specified in the definition of “Receivables
Facility” (or a fractional undivided interest therein or pursuant to any factoring or similar arrangement); 
 (k)
dispositions in connection with the granting of a Lien that is permitted under Section 4.12; 
 (l) the issuance by a
Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted under Section 4.03; 
 (m) any
financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after July 27, 2012, including Sale and Lease-Back Transactions and asset securitizations, permitted by this Indenture; 

(n) any grant in the ordinary course of business of any license of patents, trademarks, know-how or any other intellectual
property, including, but not limited to, grants of franchises or licenses, franchise or license master agreements and/or area development agreements; 

(o) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of
business or in bankruptcy or similar proceedings; 
 (p) the discount of inventory, accounts receivable or notes receivable
in the ordinary course of business or the conversion of accounts receivable to notes receivable 
 (q) the abandonment of
intellectual property rights in the ordinary course of business which in the reasonable good faith determination of the Issuer are not material to the conduct of the business of the Issuer and the Restricted Subsidiaries taken as a whole; 

(r) licenses for the conduct of licensed departments within the Issuer or any Restricted Subsidiary’s stores in the
ordinary course of business; 

  
 3 

 (s) termination of Hedging Obligations; 

(t) any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other
claims of any kind in the ordinary course of business; and 
 (u) 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. 

“Bank Products” means any services or facilities on account of credit or debit cards, purchase cards or merchant services
constituting a line of credit (including, for the avoidance of doubt, all “Bank Products” as defined in the ABL Facility in effect on the Issue Date). 

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

“Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for relief of debtors. 

“Borrowing Base” means (a) 90% of the book value of the eligible accounts receivable of Opco and its Restricted Subsidiaries
that are guarantors of the Senior Credit Facilities, (b) 90% of the book value of the eligible credit card receivables of Opco and its Restricted Subsidiaries that are guarantors of the Senior Credit Facilities, and (c) 90% of the net
orderly liquidation value of the eligible inventory of Opco and its Restricted Subsidiaries that are guarantors of the Senior Credit Facilities. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Stock” means: 

(1) in the case of a corporation, shares in the capital of such corporation; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of capital 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) prepared in accordance with GAAP. 

“Capitalized Software Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued
as liabilities) by a Person and its Subsidiaries during such period in respect of licensed or purchased software or internally developed software and enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized
costs on the consolidated balance sheet of such Person and such Subsidiaries. 
 “Cash Equivalents” means: 

(1) United States dollars and Canadian dollars; 

(2) (a) pounds sterling, euro, or any national currency of any participating member state of the EMU; or (b) in the case
of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by them from time to time in the ordinary course of business; 

  
 4 

 (3) securities issued or directly and fully and unconditionally guaranteed or
insured by the U.S. government or any country that is a member of the European Union or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with
maturities of 24 months or less from the date of acquisition; 
 (4) certificates of deposit, time deposits and eurodollar
time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not
less than $250.0 million in the case of U.S. banks and, in the case of any Foreign Subsidiary that is a Restricted. Subsidiary, $100.0 million (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks, and in each
case in a currency permitted under clause (1) or (2) above; 
 (5) repurchase obligations for underlying securities
of the types described in clauses (3) and (4) entered into with any financial institution meeting the qualifications specified in clause (4) above, and in each case in a currency permitted under clause (1) or (2) above 

(6) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency) and in each case maturing within 24 months after the date of creation thereof, and in each case in a currency permitted under clause (1) or (2) above; 

(7) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s
or S&P, respectively (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within 24 months after the date of creation thereof and in a currency permitted under clause (1) or
(2) above; 
 (8) readily marketable direct obligations issued by any state, commonwealth or territory of the United
States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized rating agency) with maturities of 24 months
or less from the date of acquisition; 
 (9) Indebtedness or Preferred Stock issued by Persons with a rating of “A”
or higher from S&P or “A2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) with maturities of 24 months or less from the date of acquisition and in each case in a
currency permitted under clause (1) or (2) above; 
 (10) Investments with average maturities of 12 months or less
from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s and in each case in a currency permitted under clause (1) or
(2) above; 
 (11) investment funds investing substantially all of their assets in securities of the types described in
clauses (1) through (10) above; and 
 (12) credit card receivables and debit card receivables constituting cash
equivalents pursuant to FASB Codification Topic 305 Cash and Cash Equivalents (or any successor provision as in effect from time to time). 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses
(1) and (2) above, provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts. 

“Cash Management Services” means any of the following to the extent not constituting a line of credit: treasury and/or cash
management services, including, without limitation, controlled disbursement services, foreign exchange facilities, deposit and other accounts and merchant services (including, for the avoidance of doubt, all “Cash Management Services” as
defined in the ABL Facility in effect on the Issue Date). 

  
 5 

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

 (1) the sale, lease or transfer, in one or a series of related transactions (other than by way of merger or
consolidation), of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a whole, to any Person other than one or more Permitted Holders; 

(2) the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) the acquisition by (A) any Person (other than one or more Permitted Holders) or (B) Persons (other than one or more Permitted Holders) that are together (1) a group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), or (2) are acting, for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange
Act), as a group, in a single transaction or in a related series of transactions, by way of merger, consolidation or outer 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 the Issuer or any of its direct or indirect parent companies holding directly or indirectly 100% of the total voting power of the Voting Stock of the Issuer,
other than in connection with any transaction or transactions in which the Issuer shall become a wholly-owned Subsidiary of a Parent Company; or 

(3) the Issuer ceases to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision) directly or indirectly 100% of the issued and outstanding Capital Stock of Opco (or any successor thereto to the extent Opco is consolidated into or merged with or into such Person in accordance with the terms of this Indenture) other
than in a transaction (A) in which Opco is merged with or into the Issuer in accordance with the terms of this Indenture or (B) that complies with the provisions of Section 5.01. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense, including without limitation the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures, of such Person and its Restricted Subsidiaries for such period on a
consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated Interest Expense” means, with respect to any
Person for any period, without duplication, the sum 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), (d) the interest component of Capitalized Lease Obligations, and (e) net payments, if any, made (less net payments, if any,
received) pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (i) penalties and interest related to taxes, (ii) any Additional Interest (as defined in the Opco Notes Indenture) on the Opco Notes,
(iii) any Additional Interest on the Securities, (iv) amortization of deferred financing fees, debt issuance costs, discounted liabilities, commissions, fees and expenses, (v) any expensing of bridge, commitment and other financing
fees, (vi) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Receivables Facility) and (vii) any expense resulting from the discounting of Indebtedness in connection with the
application of recapitalization accounting or, if applicable, acquisition accounting; plus 
 (2) consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less 

(3) interest income of such Person and its Restricted Subsidiaries for such period. 

  
 6 

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

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

(1) any after-tax effect of extraordinary, non-recurring or unusual gains or losses, including costs of and payments of legal
settlements, fines, judgments or orders (less all fees and expenses relating thereto) or expenses, Transaction Expenses, severance, relocation costs, Public Company Costs, integration costs, pre-opening, opening, consolidation and closing costs for
facilities (including stores and distribution centers), expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, signing, retention or completion bonuses, executive recruiting
costs, transition costs, costs incurred in connection with acquisitions after the Issue Date (including integration costs), consulting fees and curtailments or modifications to pension and postretirement employee benefit plans shall be excluded;

 (2) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during
such period; 
 (3) any net after-tax gains, charges or losses with respect to disposed, abandoned, closed or discontinued
operations (other than assets held for sale) and any accretion or accrual of discounted liabilities and with respect to facilities, stores or distribution centers that have been closed during such period, shall be excluded; 

(4) any after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions
(including asset retirement costs) or returned surplus assets of any employee pension benefit plan other than in the ordinary course of business shall be excluded; 

(5) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, (and excluding
Amscan de Mexico, S.A. de C.V. for so long as it is treated as a consolidated subsidiary of the Issuer in accordance with GAAP) or that is accounted for by the equity method of accounting, shall be excluded; provided that Consolidated Net
Income of the Issuer shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such
period by such Person; 
 (6) solely for the purpose of determining the amount available for Restricted Payments under clause
(1) of Section 4.04(a)(3)(A), the Net Income for such period of any Restricted Subsidiary (other than any Guarantor, Opco or any guarantor of Opco’s indebtedness) shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by that 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 (x) such restriction with respect to the payment of
dividends or similar distributions has been legally waived or (y) such restriction is permitted by Section 4.05, provided that Consolidated Net Income of the Issuer shall be increased by the amount of dividends or other
distributions or other payments actually paid in cash (or to the extent converted into cash) to the Issuer or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein; 

(7) effects of fair value adjustments (including the effects of such adjustments pushed down to the Issuer and its Restricted
Subsidiaries) in the merchandise inventory, property and equipment, 

  
 7 

 
goodwill, intangible assets, deferred revenue, deferred rent, deferred franchise fees and debt line items in such Person’s consolidated financial statements pursuant to GAAP resulting from
the application of acquisition accounting in relation to the Transactions or any consummated acquisition and the amortization or write-off or removal of revenue otherwise recognizable of any amounts thereof, net of taxes, shall be excluded or added
back in the case of lost revenue; 
 (8) any after-tax effect of income (loss) from the early extinguishment or conversion of
Indebtedness or Hedging Obligations or other derivative instruments shall be excluded; 
 (9) any impairment charge or asset
write-up, write-off or write-down, 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 or expense arising from the grant of stock
appreciation or similar rights, stock options, restricted stock or other equity incentive programs, and any cash charges associated with the rollover, acceleration or payment of management equity in connection with the Transactions or Issue Date
Transactions shall be excluded; 
 (11) any fees and expenses incurred during such period, or any amortization or write-off
thereof for such period in connection with any acquisition, Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case,
including any such transaction consummated prior to July 27, 2012 and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction shall be
excluded; 
 (12) accruals and reserves that are established or adjusted within twelve months after July 27, 2012 that
are so required to be established or adjusted as a result of the Transactions in accordance with GAAP shall be excluded; 

(13) any net gain or loss resulting from currency translation gains or losses related to currency remeasurements of
Indebtedness (including any net loss or gain resulting from hedge agreements for currency exchange risk) and any foreign currency translation gains or losses shall be excluded; 

(14) the excess of (i) GAAP rent expense over (ii) actual cash rent paid, including the benefit of lease incentives
shall be excluded and the excess of (i) actual cash rent paid, including the benefit of lease incentives, over (ii) GAAP rent expense shall be included (in each case during such period due to the use of straight line rent for GAAP
purposes); and 
 (15) any unrealized net gains and losses resulting from Hedging Obligations and the application of
Statement of Financial Accounting Standards No. 133 shall be excluded. 
 In addition, to the extent not already included in the Net
Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any
expenses and charges that are covered by indemnification or other reimbursement provisions in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture. 

Notwithstanding the foregoing, for the purpose of Section 4.04 hereof only (other than clause 3(D) of Section 4.04(a) hereof) there
shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by the Issuer and its Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the
Issuer and its Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by the Issuer 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 clause 3(D) of Section 4.04(a). 

  
 8 

 “Consolidated Secured Debt Ratio” means, as of any date of determination, the ratio of
(1) Consolidated Total Indebtedness of the Issuer and its Restricted Subsidiaries that is secured by Liens as of the end of the most recent fiscal quarter 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) the Issuer’s EBITDA 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, in each case with such pro forma adjustments to Consolidated Total Indebtedness and EBITDA as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of Fixed Charge Coverage Ratio. 
 “Consolidated Total Assets” means, at any date, all
amounts that would, in conformity with GAAP, be set forth opposite the caption “total assets” (or like caption) on a consolidated balance sheet of the Issuer and its Subsidiaries at such date. 

“Consolidated Total Indebtedness” means, as at any date of determination, an amount equal to (x) the sum of (1) the
aggregate amount of all outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of Capitalized Lease Obligations and debt obligations
evidenced by promissory notes and similar instruments (and excluding, for the avoidance of doubt, all obligations relating to Receivables Facilities) and (2) the aggregate amount of all outstanding Disqualified Stock of the Issuer and all
Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and maximum fixed
repurchase prices, in each case determined on a consolidated basis in accordance with GAAP, less unrestricted cash and Cash Equivalents included on the consolidated balance sheet of the Issuer and any Restricted Subsidiaries as of such date in an
amount not to exceed $150.0 million; provided that Indebtedness of the Issuer and its Restricted Subsidiaries under any revolving credit facility as at any date of determination shall be determined using the Average Monthly Balance of such
Indebtedness for the most recently ended four fiscal quarters for which internal financial statements are available as of such date of determination (the “Reference Period”). For purposes hereof, (a) 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 the Issuer, (b) “Average Monthly Balance” means, with respect to any Indebtedness incurred by the Issuer or its Restricted Subsidiaries
under a revolving facility, the quotient of (x) the sum of each Individual Monthly Balance for each fiscal month ended on or prior to such date of determination and included in the Reference Period divided by (y) 12, and
(c) “Individual Monthly Balance” means, with respect to any Indebtedness incurred by the Issuer or its Restricted Subsidiaries under a revolving credit facility during any fiscal month of the Issuer, the quotient of
(x) the sum of the aggregate outstanding principal amount of all such Indebtedness at the end of each day of such fiscal month divided by (y) the number of days in such fiscal month. 

“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, without limitation, 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 
 (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. 

  
 9 

 “Default” means any event that is, or with the passage of time or the giving of notice
or both would be, an Event of Default. 
 “Depositary” means, with respect to the Securities issuable or issued in whole or in
part in global form, the Person specified in Section 2.04 hereof as the Depositary with respect to the Securities, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision
of this Indenture. 
 “Designated Non-cash Consideration” means the fair market value of non-cash consideration received by the
Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents
received in connection with a subsequent sale, redemption, repurchase of, or collection or payment on, such Designated Non-cash Consideration. 

“Designated Preferred Stock” means Preferred Stock of the Issuer, any Restricted Subsidiary or any direct or indirect Parent Company
thereof (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer or any of its 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 clause (3) of Section 4.04(a). 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any
security into which it is convertible or for which it is redeemable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant to a sinking
fund obligation or otherwise or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date 91 days after the earlier of the maturity
date of the Securities or the date the Securities are no longer outstanding; provided, however, that if such Capital Stock is issued to any current or former employee or to any plan for the benefit of employees, directors, officers,
members of management or consultants of the Issuer or its Subsidiaries or by any such plan to such employees, directors, officers, members or management or consultants, such Capital Stock shall not constitute Disqualified Stock solely because it may
be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s, director’s, officer’s, management member’s or consultant’s
termination, death or disability. 
 “Domestic Subsidiary” means a Subsidiary incorporated or organized under the laws of the
United States of America, any State thereof or the District of Columbia other than a Subsidiary (i) that has no material assets other than debt and/or equity interests in a Foreign Subsidiary or (ii) that is treated as a disregarded entity
for federal income tax purposes that owns debt and/or equity in a Foreign Subsidiary. 
 “EBITDA” means, with respect to any
Person for any period, the Consolidated Net Income of such Person for such period: 
 (1) increased (without duplication) by:

 (a) provision for taxes based on income or profits or capital, including, without limitation, state, franchise, property
and similar taxes and foreign withholding taxes and foreign unreimbursed value added taxes (including, in each case, penalties and interest related to such taxes or arising from tax examinations) of or with respect to such Person paid or accrued
during such period deducted (and not added back) in computing Consolidated Net Income (including the amount treated as having been paid by such Persons pursuant to Section 4.04(b)(xv)(B); plus 

  
 10 

 (b) Fixed Charges of such Person for such period plus bank fees and costs of
surety bonds in connection with financing activities, plus amounts excluded from Consolidated Interest Expense as set forth in clauses (i), (ii), (iii), (iv) and (v) in the definition thereof, to the extent the same were deducted (and not
added back) in calculating such Consolidated Net Income; plus 
 (c) Consolidated Depreciation and Amortization
Expense of such Person for such period to the extent the same was deducted (and not added back) in computing Consolidated Net Income; plus 

(d) any expenses or charges (other than depreciation or amortization expense) related to any Equity Offering, Permitted
Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such fees, expenses or charges
related to the offering of the Securities, the Opco Notes and the Senior Credit Facilities and (ii) any amendment or other modification of the Securities, the Opco Notes or any Senior Credit Facility and (iii) commissions, discounts, yield
and other fees and charges (including any interest expense related to any Receivables Financing), in each case, deducted (and not added back) in computing Consolidated Net Income; plus 

(e) the amount of any restructuring costs, charges, accruals, reserves or expenses attributable to the undertaking and/or
implementation of cost savings initiatives, operating expense reductions, business optimization and other restructuring costs, charges, accruals, reserves and expenses (including, without limitation, inventory optimization programs, software
development costs, costs related to entry into new markets and consulting fees); plus 
 (f) any other non-cash
charges, including (i) any write offs or write downs, (ii) equity based awards compensation expense, (iii) losses on sales, disposals or abandonment of, or any impairment charges or asset write off related to, intangible assets,
long-lived assets and investments in debt and equity securities, (iv) all losses from investments recorded using the equity method and (v) other non-cash charges, non-cash expenses or non-cash losses 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 deducted (and not added back) in such period in calculating Consolidated Net Income; plus

 (h) the amount of management, monitoring, consulting and advisory fees (including termination fees) and related
indemnities and expenses paid or accrued in such period to the Permitted Holders or other persons with a similar interest in the Issuer or its direct or indirect parent companies to the extent otherwise permitted under Section 4.07 and deducted
(and not added back) in such period in computing Consolidated Net Income; plus  
 (i) the amount of net cost savings
and operating expense reductions projected by the Issuer in good faith to be realized as a result of specified actions taken within 12 months after the Issue Date, or committed or expected to be taken (in either case, whether or not actually taken
within such period) within 12 months after the Issue Date (calculated on a pro forma basis as though such cost savings and operating expense reductions had been realized on the first day of such period and as if such cost savings and
operating expense reductions were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that such cost savings are reasonably identifiable and factually
supportable (which adjustments may be incremental to pro forma adjustments made pursuant to the definition of “Fixed Charge Coverage Ratio”); plus 

  
 11 

 (j) the amount of loss on sale of receivables and related assets to the
Receivables Subsidiary in connection with a Receivables Facility; plus 
 (k) any costs or expense incurred by the
Issuer or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses
are funded with cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Equity Interest of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the
calculation set forth in Section 4.04(a)(3); plus 
 (l) any net loss from disposed or discontinued operations;
plus 
 (m) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing
EBITDA or Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to clause (2) below for any previous period and not added back, 

(2) decreased (without duplication) by: 

(a) non-cash gains increasing Consolidated Net Income of such Person 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 any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase
EBITDA in such prior period, plus 
 (b) any net income from disposed or discontinued operations; and 

(3) increased or decreased by (without duplication), as applicable, any adjustments resulting from the application of ASC Topic
Number 460 (Guarantees). 
 “EMU” means economic and monetary union as contemplated in the Treaty on European Union. 

“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 of
common stock or Preferred Stock of the Issuer or any of its direct or indirect parent companies (excluding Disqualified Stock), other than: 

(1) public offerings with respect to the Issuer’s or any direct or indirect Parent Company’s common stock registered
on Form S-8; 
 (2) issuances to any Subsidiary of the Issuer; and 

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

“euro” means the single currency of participating member states of the EMU. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Exchange Securities” has the meaning given to such term in the Preamble to this Indenture. 

  
 12 

 “Excluded Contribution” means net cash proceeds, marketable securities or Qualified
Proceeds received by the Issuer after the Issue Date from: 
 (1) contributions to its common equity capital, and 

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

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate on or promptly after the date such capital contributions are made
or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation set forth in Section 4.04(a)(3). 

“Excluded Subsidiary” means (a) any Domestic Subsidiary that is not a Wholly-Owned Subsidiary, (b) any Immaterial
Subsidiary, (c) any Domestic Subsidiary that is prohibited by law, regulation or contractual obligations from providing a guarantee under the Senior Credit Facilities or that would require a governmental (including regulatory) consent,
approval, license or authorization to provide such guarantee; (d) any not-for-profit Subsidiary, (e) any captive insurance Subsidiaries, (f) any special purpose entities used for securitization facilities, (g) any Domestic
Subsidiary substantially all of the assets of which consist of Capital Stock of Foreign Subsidiaries or that is treated as a disregarded entity for U.S. federal income tax purposes that holds the equity of one or more Foreign Subsidiaries,
(h) any direct or indirect Domestic Subsidiary of a Foreign Subsidiary or Domestic Subsidiary substantially all of the assets of which consist of Capital Stock of Foreign Subsidiaries or that is treated as a disregarded entity for U.S. federal
income tax purposes that holds the equity of one or more Foreign Subsidiaries and (i) any other Domestic Subsidiary with respect to which the burden or cost or of making it a Guarantor shall outweigh the benefits to be afforded thereby (as
reasonably determined by the Issuer), provided, that in no event shall the Co-Issuer be or become an Excluded Subsidiary. 

“Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period
to the Fixed Charges of such Person for such period. In the event that the Issuer or any Restricted Subsidiary incurs, assumes, guarantees, repurchases, redeems, retires or extinguishes any Indebtedness (other than Indebtedness under any revolving
credit facility or revolving advances under any Receivables Financing, in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during such applicable period) or issues, repurchases 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 (the “Fixed Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, repurchase, redemption,
retirement or extinguishment of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period. 

For purposes of making the computation referred to above, Investments, acquisitions, dispositions, amalgamations, mergers, consolidations
(including the Transactions) and discontinued operations (as determined in accordance with GAAP) and any operational changes that the Issuer or any of its Restricted Subsidiaries has determined to make/or has made during the four-quarter reference
period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions,
amalgamations, mergers, consolidations, discontinued operations and operational changes (and the change in any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter
reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such
period shall have made any Investment, acquisition, disposition, amalgamation, merger, consolidation, discontinued operation or operational change that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio
shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the
applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to an Investment,
acquisition, disposition, amalgamation, merger, consolidation (including the Transactions), discontinued operation 

  
 13 

 
or operational change, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer or Opco, as applicable (and may include, for
the avoidance of doubt, (a) cost savings, product margin synergies (including increased share of shelf), operating expense reductions and other operating improvements and product cost reductions, synergies or cost savings resulting from such
Investment, acquisition, disposition, amalgamation, merger, consolidation (including the Transactions) or discontinued operation, which is being given pro forma effect that have been or are expected to be realized and for which the actions
necessary to realize such cost savings, product margin synergies (including increased share of shelf), operating expense reductions and other operating improvements and product cost reductions, synergies or cost savings are taken or expected to be
taken no later than 18 months after the date of any such Investment, acquisition, disposition, amalgamation, merger, consolidation, discontinued operation or operational change and (b) adjustments of the nature used in connection with the
calculation of “Adjusted EBITDA” as set forth in note (8) to “Selected Historical and Consolidated Financial Data” of the Offering Memorandum). 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 Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations
applicable to such Indebtedness). 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 the Issuer or Opco, as applicable, to be the rate of
interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 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 the Issuer may designate. Interest on any Indebtedness under a revolving credit facility computed on a pro forma
basis shall be computed based upon the average daily balance of such indebtedness during the applicable period. 
 For purposes of this
definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner
consistent with that used in calculating EBITDA for the applicable period. 
 “Fixed Charges” means, with respect to any Person
for any period, the sum, without duplication, of: 
 (1) Consolidated Interest Expense of such Person for such period; 

(2) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred
Stock during such period; and 
 (3) all cash dividends or other distributions paid (excluding items eliminated in
consolidation) on any series of Disqualified Stock during such period. 
 “Foreign Subsidiary” means any subsidiary that is not a
Domestic Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States which are in effect on the
Issue Date, except for any reports required to be delivered under Section 4.02 which shall be prepared in accordance with GAAP in effect on the date thereof. For purposes of this Indenture, the term “consolidated” with respect to any
Person means such Person consolidated with its Restricted Subsidiaries and does not include any Unrestricted Subsidiary. 
 “Government
Securities” 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, 

  
 14 

 
which, in either case, are not callable or redeemable at the option of the issuers 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 Government Securities or a specific payment of principal of or interest on any such Government Securities 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 Government
Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 

“guarantee” means 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 or other obligations. 

“Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under this Indenture and the Securities. 

“Guarantor” means each Restricted Subsidiary that Guarantees the Securities in accordance with the terms of this Indenture. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under any interest rate swap agreement,
interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for the transfer or
mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies (including, for the avoidance of doubt, under all “Swap Contracts” as defined in the ABL Facility and the Term Loan Facility).

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

“Holdings” means PC Intermediate Holdings, Inc., a Delaware corporation, and its successors and assigns. 

“Immaterial Subsidiaries” means, as of any date, any Subsidiary of the Issuer (a) having Total Consolidated Assets in an amount
of less than 2.5% of Consolidated Total Assets of the Issuer and its Subsidiaries and (b) contributing less than 2.5% to consolidated revenues of the Issuer and its Subsidiaries, in each case, for the most recently ended four full fiscal
quarters for which internal financial statements are available; provided, however, that the Consolidated Total Assets (as so determined) and revenue (as so determined) of all Immaterial Subsidiaries shall not exceed 2.5% of Consolidated Total
Assets of the Issuer and its Subsidiaries or 2.5% of the consolidated revenues of the Issuer and its Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available, as the case may be. 

“Indebtedness” means, with respect to any Person, without duplication: 

(1) any indebtedness (including principal and premium) 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 balance deferred and unpaid of
the purchase price of any property (including Capitalized Lease Obligations), except (i) any such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation, in each case accrued in
the ordinary course of business, (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and is not paid after becoming due and payable and (iii) any such
obligations under ERISA or liabilities associated with customer prepayments; or 
 (d) representing any Hedging Obligations;

  
 15 

 if and to the extent that any of the foregoing Indebtedness (other than letters
of credit (other than commercial letters of credit) and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(2) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on
the obligations of the type referred to in clause (1) of a third Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the
ordinary course of business; and 
 (3) to the extent not otherwise included, the obligations of the type referred to in clause (1) of
a third Person secured by a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person; provided, however, that the amount of such Indebtedness will be the lesser of: (i) the fair
market value of such asset at such date of determination, and (ii) the amount of such Indebtedness of such other Person; 
 provided,
however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and (2) deferred or prepaid revenues. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of Accounting Standards Codification Topic 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any
embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an incurrence of Indebtedness under this
Indenture. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 

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

“Initial Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., Barclays
Capital Inc., Goldman, Sachs & Co., Morgan Stanley & Co. LLC and Moelis & Company LLC. 
 “Initial
Securities” has the meaning given to such term in the Preamble to this Indenture. 
 “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, in either case, an equivalent rating by any other Rating Agency. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (other than Cash Equivalents); 
 (2) securities or instruments with an Investment Grade Rating, but
excluding any debt securities or instruments constituting loans or advances among the Issuer and its Subsidiaries; 
 (3)
investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment or distribution; and 

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

  
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 “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, credit card and debit card receivables, trade credit, advances to customers, commission, travel and
similar advances to officers, directors, distributors, consultants and employees, in each case 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 (excluding the footnotes thereto) of the Issuer 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. The amount of any Investment shall be deemed to be the amount actually invested, without adjustment for subsequent increases or decreases in value or any write-downs or write-offs, but
giving effect to any repayments thereof in the form of loans and any return on capital or return on Investment in the case of equity Investments (whether as a distribution, dividend, redemption or sale but not in excess of the amount of such
Investment). For purposes of the definition of “Unrestricted Subsidiary” and Section 4.04: 
 (1) “Investments”
shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the fair market value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to: 
 (a) the Issuer’s “Investment” in such Subsidiary at the time of such redesignation; less

 (b) the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the fair market value of the
net assets of such Subsidiary at the time of such redesignation; and 
 (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 the Issuer. 

“Investors” means Thomas H. Lee Partners L.P., each of its Affiliates and any investment funds advised or managed by any of the
foregoing, but not including, however, any portfolio companies of any of the foregoing. 
 “Issue Date” means August 1, 2013.

 “Issue Date Transactions” means the entry by the Issuer into the Indenture and the issuance of the Securities thereunder, the
payment of cash dividends, distributions and other payments from the proceeds of the Securities and other transactions, including the payment of fees related to the foregoing. 

“Issuer” means the party named as such in the Preamble to this Indenture and successors thereto. 

“Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in the
State of New York or in the State at the place of payment. If a payment date at a place of payment is on a Legal Holiday, payment shall be made at that place on the next succeeding Business Day, and no interest shall accrue on such payment for the
intervening period. 
 “Lien” means, with respect to any asset, any mortgage, lien, deed of trust, hypothecation, pledge, charge,
security interest 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;
provided that in no event shall an operating lease be deemed to constitute a Lien. 

  
 17 

 “Moody’s” means Moody’s Investors Service, Inc. and any successor to its
rating agency business. 
 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in
accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 
 “Net Proceeds” means the aggregate cash
proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale, including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration
received in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions, any
relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements directly relating to such Asset Sale), amounts required
to be applied to the repayment of principal, premium, if any, and interest on Indebtedness (other than Subordinated Indebtedness) secured by a Lien on the assets disposed of required (other than required by Section 4.06(a)(i)) to be paid as a
result of such transaction and any deduction of appropriate amounts to be provided by the Issuer 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 the Issuer or any of its Restricted Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against
any indemnification obligations associated with such transaction. 
 “New York UCC” means the Uniform Commercial Code as from time
to time in effect in the State of New York. 
 “Obligations” means any principal, interest (including any interest accruing
subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or
foreign law), penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal,
interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the offering memorandum relating to the offering of the Original Securities dated July 29, 2013.

 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any
Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Issuer. 
 “Officer’s
Certificate” means a certificate signed on behalf of both of the Issuers by an Officer of each of the Issuers, who must be the principal executive officer, the principal financial officer or the principal accounting officer of the Issuer which
meets the requirements set forth in this Indenture. 
 “Opco” means Party City Holdings Inc., a Delaware corporation, and its
permitted successors and assigns. 
 “Opco Notes” means the 8.875% senior notes due 2020 issued by Party City Holdings Inc. 

“Opco Notes Indenture” means the indenture dated July 27, 2012 by and among Opco, the other parties thereto and Wilmington
Trust, National Association, as trustee, relating to the Opco Notes. 
 “Opinion of Counsel” means a written opinion from legal
counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or the Trustee. 

“Parent” means PC Topco Holdings, Inc., a Delaware corporation, and its successors and assigns. 

  
 18 

 “Parent Company” means any Person so long as such Person directly or indirectly holds
100.0% of the total voting power of the Capital Stock of the Issuer, and at the time such Person acquired such voting power, no Person and no group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any
successor provision), including any such 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 Permitted Holders), shall have beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provisions), directly or indirectly, of 50.0% or more of the total voting power of the Voting Stock of such Person. 

“Paying Agent” means an office or agency maintained by the Issuer 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 Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person; provided that any Cash Equivalents received must be applied in accordance with
Section 4.06. 
 “Permitted Holders” means (i) each of the Investors, (ii) each Roll-Over Investor,
(iii) members of management of the Issuer (or its direct parent) who are holders of Equity Interests of the Issuer (or any of its direct or indirect parent companies) on the Issue Date and (iv) any group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group and without giving effect to the existence of such group or any
other group, such Investors and members of management, collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Issuer or any of its direct or indirect parent companies. Any person or group whose
acquisition of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of
Section 4.08 (or would result in a Change of Control Offer in the absence of the waiver of such requirement by Holders in accordance with Section 4.08) shall thereafter, together with its Affiliates, constitute an additional Permitted
Holder. 
 “Permitted Investments” means: 

(1) any Investment in the Issuer or any of its Restricted Subsidiaries; 

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

(3) any Investment by the Issuer or any of its Restricted Subsidiaries in a Person (including in the Equity Interests of such
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, amalgamated or consolidated with or into, or transfers or
conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary, and, in each case, 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 not constituting
cash, Cash Equivalents or Investment Grade Securities and received in connection with an Asset Sale made pursuant to Section 4.06(a) or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date and any extension,
modification, replacement, renewal or reinvestments of any such Investments existing or committed on the Issue Date, (other than reimbursements of Investments in the Issuer or any Subsidiary); provided that the amount of any such Investment
may be increased (x) as required by the terms of such Investment or commitment as in existence on the Issuer Date or (y) as otherwise permitted under this Indenture; 

  
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 (6) any Investment acquired by the Issuer or any of its Restricted Subsidiaries:

 (a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in
connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of, or settlement of delinquent accounts and disputes with or judgments against, the issuer of such other Investment or accounts receivable; 

(b) as a result of a foreclosure by the Issuer 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; 
 (c) as a result of the settlement, compromise
or resolution of litigation, arbitration or other disputes with Persons who are not Affiliates; or 
 (d) in settlement of
debts created in the ordinary course of business; 
 (7) Hedging Obligations permitted under clause (x) of
Section 4.03(b); 
 (8) any Investment in a Similar Business having an aggregate fair market value, taken together with
all other Investments made pursuant to this clause (8) that are at that time outstanding, not to exceed the greater of (x) $90.0 million and (y) 2.9% of Consolidated Total Assets (with the fair market value of each Investment being
measured at the time made and without giving effect to subsequent changes in value); 
 (9) Investments the payment for which
consists of Equity Interests (exclusive of Disqualified Stock) of the Issuer, or any of its direct or indirect parent companies; provided, however, that such Equity Interests will not increase the amount available for Restricted
Payments under Section 4.04(a)(iii); 
 (10) guarantees (including Guarantees) of Indebtedness of the Issuer or any
Restricted Subsidiary permitted under Section 4.03, performance guarantees and Contingent Obligations in the ordinary course of business and the creation of liens on the assets of the Issuer or any of its Restricted Subsidiaries in compliance
with Section 4.12, including, without limitation, any guarantee or other obligation issued or incurred under the Senior Credit Facilities in connection with any letter of credit issued for the account of the Issuer or any of its Subsidiaries
(including with respect to the issuance of, or payments in respect of drawings under, such letters of credit); 
 (11) any
transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (v) and (viii) thereof); 

(12) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or
equipment or purchases of contract rights or licenses or leases of intellectual property; 
 (13) Investments having an
aggregate fair market value, taken together with all other 
 Investments made pursuant to this clause (13) that are at
that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of, or have not been subsequently sold or transferred for, cash or marketable securities), not to exceed
the greater of (x) $90.0 million and (y) 2.9% of Consolidated Total Assets (with the fair market value of each investment being measured at the time made and without giving effect to subsequent changes in value); 

(14) Investments relating to a Receivables Subsidiary that, in the good faith determination of the Issuer, are necessary or
advisable to effect any Receivables Facility; 
 (15) loans and advances to, or guarantees of Indebtedness of, officers,
directors, employees, consultants and members of management of the Issuer, any of its Subsidiaries or any direct or indirect parent of the Issuer not in excess of $10.0 million outstanding at any one time, in the aggregate (calculated without regard
to write-downs or write-offs thereof); 

  
 20 

 (16) loans and advances to officers, directors, employees, consultants and
members of management for business-related travel expenses, moving expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person’s purchase of Equity
Interests of the Issuer or any direct or indirect parent company thereof; 
 (17) Investments consisting of licensing or
contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 
 (18) Investments in
prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course; 

(19) Investments in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related
activities arising in the ordinary course of business; 
 (20) Investments in the ordinary course of business consisting of
Uniform Commercial Code Article 3 endorsements for collection or deposit and Article 4 customary trade arrangements with customers consistent with past practices; 

(21) Investments in joint ventures in an aggregate amount not to exceed $25 million outstanding at any one time; 

(22) the Securities and the related Guarantees; 

(23) any loan or loans made by the Issuer or any of its Restricted Subsidiaries to a franchisee; provided, that the aggregate
principal amount of all loans made pursuant to this clause (23) shall not exceed $10.0 million outstanding at any time; and 

(24) guarantees of leases (other than capital leases) or of other obligations not constituting Indebtedness, in each case in
the ordinary course of business. 
 “Permitted Liens” means, with respect to any Person: 

(1) (a) (i) pledges, deposits or security by such Person under workmen’s compensation laws, unemployment insurance,
employers’ health tax and other social security laws or similar legislation or regulations, health, disability or other employee benefits or property and deposits securing liability to insurance carriers under insurance or self-insurance
arrangements in respect of such obligations and (ii) pledges and deposits and other Liens 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 the Issuer or any Subsidiary; or (b) Liens, pledges and deposits in connection with bids, tenders, contracts (other than for Indebtedness for borrowed money)
or leases, statutory obligations, surety, customs, bid and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, performance and completion guarantees and other
obligations of a like nature (including letters of credit in lieu of any such items or to support the issuance thereof) incurred in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in
the ordinary course of business and obligations in respect of letters of credit or bank guarantees that have been posted to support payment of the items described in this clause (1); 

(2) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s, materialmen’s, repairmen’s,
construction and mechanics’ Liens, (i) for sums not yet overdue for a period of more than 30 days, (ii) being contested in good faith by appropriate actions 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 maintained on the books of such Person in accordance with GAAP or (iii) with respect to which the
failure to make payment could not reasonably be expected to have a material adverse effect; 

  
 21 

 (3) Liens for taxes, assessments or other governmental charges (i) not yet
overdue for a period of more than 30 days, (ii) which are being contested in good faith by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP,
(iii) for property taxes on property that the Issuer or one of its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy or claim is to such property or (iv) with respect to which the failure to
make payment could not reasonably be expected to have a material adverse effect; 
 (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 or consistent with past practice prior to the Issue Date; 

(5) minor survey exceptions, minor encumbrances, ground leases, easements or reservations of, or rights of others for,
licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar purposes, or zoning, building codes or other restrictions (including, without
limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not incurred in
connection with Indebtedness and which do not in the aggregate materially impair their use in the operation of the business of such Person; 

(6) Liens securing Indebtedness permitted to be incurred pursuant to clause (iv), (xii)(b), or (xviii) of
Section 4.03(b); provided that Liens securing Indebtedness permitted to be incurred pursuant to clause (xviii) extend only to assets of subsidiaries that are not Guarantors; 

(7) Liens existing on the Issue Date; 

(8) Liens existing on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided,
however, such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens may not extend to any other property
owned by the Issuer or any of its Restricted Subsidiaries; 
 (9) Liens existing on property at the time the Issuer or a
Restricted Subsidiary acquired the property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any of its Restricted Subsidiaries; provided, however, that such Liens are not
created or incurred in connection with, or in contemplation of, such acquisition, merger, amalgamation or consolidation; provided, further, however, that the Liens may not extend to any other property owned by the Issuer or any
of its Restricted Subsidiaries; 
 (10) Liens securing Indebtedness or other obligations of the Issuer or a Restricted
Subsidiary owing to the Issuer or another Restricted Subsidiary permitted to be incurred in accordance with Section 4.03; 

(11) Liens securing Hedging Obligations and in respect of Cash Management Services so long as the related Indebtedness is
permitted to be incurred under this Indenture; 
 (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, a bank guarantee 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; 
 (13) leases, subleases, licenses or sublicenses, grants or permits (including with respect to intellectual
property and software) granted to others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries and the customary rights reserved or vested
in any Person by the terms of any lease, sublease, license, sublicense, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

  
 22 

 (14) Liens arising from Uniform Commercial Code (or equivalent statutes)
financing statement filings regarding operating leases, consignments or accounts in connection with any transaction otherwise permitted under this Indenture; 

(15) Liens in favor of the Issuer or any Guarantor; 

(16) Liens on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business to the
Issuer’s clients; 
 (17) Liens on accounts receivable and related assets incurred in connection with a Receivables
Facility; 
 (18) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing,
refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8) and (9); provided, however, that (a) such new Lien shall be
limited to all or part of the same property that secured the original Lien (plus improvements on such property), and (b) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the
outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8) and (9) at the time the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary
to pay any fees (including original issue discount, upfront fees or similar fees) and expenses, including premiums (including tender premiums), related to such refinancing, refunding, extension, renewal or replacement; 

(19) deposits made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance
arrangements in the ordinary course of business; 
 (20) Liens securing judgments for the payment of money not constituting
an Event of Default under Section 6.01(e) so long as such Liens are, adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within
which such proceedings may be initiated has not expired; 
 (21) Liens in favor of customs and revenue authorities arising as
a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 

(22) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course
of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (iii) in favor of banking institutions arising as a matter of law encumbering deposits
(including the right of set-off) and which are within the general parameters customary in the banking industry; 
 (23) Liens
deemed to exist in connection with Investments in repurchase agreements or other Cash Equivalents permitted under Section 4.03; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase
agreement or other Cash Equivalent; 
 (24) 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; 

(25) 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 the Issuer or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary
course of business of the Issuer and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 

  
 23 

 (26) Liens solely on any cash earnest money deposits made by the Issuer or any of
its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Indenture; 

(27) the rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the
Issuer or any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

(28) restrictive covenants affecting the use to which real property may be put; provided, however, that the
covenants are complied with; 
 (29) security given to a public utility or any municipality or governmental authority when
required by such utility or authority in connection with the operations of that Person in the ordinary course of business; 

(30) zoning by-laws and other land use restrictions, including, without limitation, site plan agreements, development
agreements and contract zoning agreements; 
 (31) Liens arising out of conditional sale, title retention, consignment or
similar arrangements for sale of goods entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; 

(32) Liens arising from Personal Property Security Act financing statement filings regarding leases entered into by the Issuer
or any of its Restricted Subsidiaries in the ordinary course of business; 
 (33) the reservations, limitations, provisos and
conditions, if any, expressed in any original grants from the crown under Canadian law and any statutory exceptions to title under Canadian law; 

(34) (i) customary transfer restrictions and purchase options in joint venture and similar agreements, (ii) Liens on
Equity Interests in joint ventures securing obligations of such joint ventures and (iii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements entered into in the ordinary course of business; 

(35) (i) the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary
course of business, (ii) Liens arising out of conditional sale, title retention or similar arrangements for the sale of goods in the ordinary course of business and (iii) Liens arising by operation of law under Article 2 of the Uniform
Commercial Code; 
 (36) Liens securing the Securities issued on the Issue Date and Guarantees, if any, of such Securities;

 (37) Liens on the assets of Foreign Subsidiaries securing Indebtedness permitted to be incurred by Foreign Subsidiaries
under this Indenture; and 
 (38) other Liens securing obligations not to exceed the greater of (x) $40.0 million and
(y) 1.25% of Consolidated Total Assets 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 individual, corporation,
limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

  
 24 

 “Preferred Stock” means any Equity Interest with preferential rights of payment of
dividends or upon liquidation, dissolution, or winding up. 
 “Public Company Costs” shall mean costs relating to compliance with
the Sarbanes-Oxley Act of 2002, as amended, and other expenses arising out of or incidental to the Issuer’s or its Subsidiaries status as a reporting company or in connection with the Issuer’s potential initial public offering, including
costs, fees and expenses (including legal, accounting and other professional fees) relating to compliance with provisions of the Securities Act and the Exchange Act, directors’ compensation, fees and expense reimbursement, shareholder meetings
and reports to shareholders, directors’ and officers’ insurance and other executive costs, legal and other professional fees, and listing fees in each case incurred or accrued prior to the Issue Date. 

“Qualified Proceeds” means assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business;
provided that the fair market value of any such assets or Capital Stock shall be determined by the Issuer in good faith. 

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

“Receivables Facility” means any of one or more receivables financing facilities as amended, supplemented, modified, extended,
renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Issuer or any of its Restricted
Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary
that in turn sells its accounts receivable to a Person that is not a Restricted Subsidiary. 
 “Receivables Fees” means
distributions or payments made directly or by means of discounts with respect to any accounts receivable or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in
connection with, any Receivables Facility. 
 “Receivables Subsidiary” means any Subsidiary formed for the purpose of, and that
solely engages only in one or more Receivables Facilities and other activities reasonably related thereto. 
 “Registration Rights
Agreement” means (1) with respect to the Securities issued on the Issue Date, the Registration Rights Agreement to be dated the Issue Date, among the Issuers and the Initial Purchasers and (2) with respect to any Additional
Securities, any registration rights agreement among the Issuers and the other parties thereto relating to the registration by the Issuers of such Additional Securities under the Securities Act. 

“Related Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business, provided
that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall 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. 
 “Restricted Investment” means
an Investment other than a Permitted Investment. 
 “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary
of the Issuer (including any Foreign Subsidiary) that is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be
included in the definition of “Restricted Subsidiary.” 
 “Roll-Over Investors” means, collectively, Advent
International and each of its respective Affiliates (but not portfolio companies), in each case to the extent that such Persons or their Affiliates own Equity Interests in the Issuer or any direct or indirect parent on the Issue Date. 

  
 25 

 “S&P” means Standard & Poor’s, a division of The McGraw-Hill
Companies, Inc., and any successor to its rating agency business. 
 “Sale and Lease-Back Transaction” means any arrangement
providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to a third Person in
contemplation of such leasing. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries, as applicable, secured by a Lien.

 “Securities” has the meaning given to such term in the Preamble to this Indenture. 

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

“Security Register” means the register of Securities, maintained by the Registrar, pursuant to Section 2.04 hereof. 

“Senior Credit Facilities” means the ABL Facility and the Term Loan Facility. 

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

“Similar Business” means any business conducted or proposed to be conducted by the Issuer and its Restricted Subsidiaries on the
Issue Date or any business that is a reasonable extension, development or expansion of any of the foregoing or is similar, reasonably related, incidental or ancillary thereto (including, for the avoidance of doubt, any sourcing companies created in
connection with any of the foregoing). 
 “Sponsor Management Agreement” means that certain Management Agreement, entered into as
of July 27, 2012, by and among, inter alios, Opco and Thomas H. Lee Partners L.P. and/or one or more of its affiliates and certain other equity investors who may become a party thereto. 

“Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance
entered into by the Issuer or any Subsidiary of the Issuer which the Issuer has determined in good faith to be customary in a Receivables Facility including, without limitation, those relating to the servicing of the assets of a Receivables
Subsidiary. 
 “Subordinated Indebtedness” means, with respect to the Securities, 

(1) any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Securities, and 

(2) any Indebtedness of any Guarantor which is by its terms subordinated in right of payment to the Guarantee of such entity of
the Securities. 
 “Subsidiary” means, with respect to any Person: 

(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company
or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of
determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof or is consolidated under GAAP with such Person at such time; and 

  
 26 

 (2) any partnership, joint venture, limited liability company or similar entity
of which 
 (x) more than 50% of the capital accounts, distribution tights, total equity and voting interests or general or
limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or
limited partnership or otherwise, and 
 (y) such Person or any Restricted Subsidiary of such Person is a controlling
general partner or otherwise controls such entity. 
 “Term Loan Facility” means (1) the credit facility provided under the
term loan credit agreement, dated July 27, 2012, among Opco, the other borrowers party thereto, the subsidiaries of Opco party thereto from time to time, the lenders party thereto from time to time in their capacities as lenders thereunder and
Deutsche Bank Trust Company Americas, as administrative agent and collateral agent for the lenders, including and one or more debt facilities or other financing arrangements (including, without limitation indentures) providing for term loans or
other long-term indebtedness that replace or refinance such credit facility, including any such replacement or refinancing facility or indenture that increases or decreases the amount permitted to be borrowed thereunder or alters the maturity
thereof and whether by the same or any other agent, lender or group of lenders, and any amendments, supplements, modifications, extensions, renewals, restatements, amendments and restatements or refundings thereof or any such indentures or credit
facilities that replace or refinance such credit facility and (2) whether or not the term loan credit agreement referred to in clause (1) remains outstanding, if designated by the Issuer to be included in the definition of “Term Loan
Facility,” one or more (i) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed
to borrower from lenders against such receivables) or letters of credit, (ii) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances)
or (iii) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different arrangements, agents, lenders, borrowers or issuer and, in each case, as amended, restated, amended and restated, supplemented,
waived, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified in whole or in part from time to time. 

“Transaction Agreement” means the Agreement and Plan of Merger, dated as of June 4, 2012 among Party City Holdings, Inc., PC
Merger Sub, Inc., PC Topco Holdings, Inc. and the stockholders’ representatives party thereto, as the same may be amended from time to time, as the same may be amended from time to time. 

“Transaction Expenses” means any fees, expenses, costs or charges incurred or paid by the Issuer or any Restricted Subsidiary in
connection with the Transactions and the Issue Date Transactions, including payments to officers, employees and directors as change of control payments, severance payments, special or retention bonuses and charges for repurchase or rollover of, or
modifications to, stock options and/or restricted stock. 
 “Transactions” means the transactions contemplated by the Transaction
Agreement, the issuance of the Opco Notes, borrowings under the Senior Credit Facilities and contemplated restructuring transactions in connection with the Acquisition. 

“Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to February 15, 2015; provided, however, that if the period from the Redemption Date
to February 15, 2015 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. 

  
 27 

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

(1) any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president,
trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such
Person’s knowledge of and familiarity with the particular subject, and 
 (2) who shall have direct responsibility for
the administration of this Indenture. 
 “Trustee” means the party named as such in the Preamble of this Indenture until a
successor replaces it and, thereafter, means the successor. 
 “Unrestricted Subsidiary” means: 

(1) any Subsidiary (other than the Co-Issuer) of the Issuer which at the time of determination is an Unrestricted Subsidiary
(as designated by the Issuer, as provided below); and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

The Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary but
excluding the Co-Issuer) 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, the Issuer or any Subsidiary of the Issuer
(other than solely any Subsidiary of the Subsidiary to be so designated); provided that 
 (1) any Unrestricted
Subsidiary must be an entity of which the Equity Interests entitled to cast at least a majority of the votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing a similar function
are owned, directly or indirectly, by the Issuer; 
 (2) such designation complies with Section 4.04; and 

(3) each of: 

(a) the Subsidiary to be so designated; and 

(b) its Subsidiaries 

has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly
liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary. 

The Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to
such designation, no Default shall have occurred and be continuing and either: 
 (i) if such Unrestricted Subsidiary is a
Subsidiary of the Issuer (other than Opco or any of its Subsidiaries), either: 
 (1) the Issuer could incur at least $1.00
of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test in Section 4.03(a)(i); or 

  
 28 

 (2) the Fixed Charge Coverage Ratio for the Issuer and its Restricted
Subsidiaries would be greater than such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation or 

(ii) if such Unrestricted Subsidiary is a Subsidiary of Opco, either: 

(1) Opco could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test described in
Section 4.03(a)(ii); or 
 (2) the Fixed Charge Coverage Ratio for Opco and its Restricted Subsidiaries would be
greater than such ratio for Opco and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 

Any such designation by the Issuer shall be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the resolution
of the board of directors of the Issuer or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“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,
Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 
 (1) the sum of
the products of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied
by the amount of such payment; by 
 (2) the sum of all such payments. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which (other
than directors’ qualifying shares and shares issued to foreign nationals as required under applicable law) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person or by such Person and one or more
Wholly-Owned Subsidiaries of such Person. 
 SECTION 1.02. Other Definitions. 

 

			
	 Term
	  	 Defined
in Section

		
	“Applicable Amount”	  	Exhibit A
	“Acceptable Commitment”	  	4.06(b)
	“Affiliate Transaction”	  	4.07
	“Appendix”	  	2.01
	“Asset Sale Offer”	  	4.06(b)
	“Broker-Dealer”	  	Appendix A
	“Cash Interest”	  	Exhibit A
	“Change of Control Offer”	  	4.08(a)
	“Change of Control Payment”	  	4.08(a)
	“Change of Control Payment Date”	  	4.08(b)
	“Clearstream”	  	Appendix A
	“covenant defeasance option”	  	8.01
	“Covenant Suspension Event”	  	4.14(a)
	“Definitive Security”	  	Appendix A
	“Depository”	  	Appendix A

  
 29 

			
	 Term
	  	 Defined
in Section

		
	“DTC”	  	1.05(h)
	“Euroclear”	  	Appendix A
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.06(b)
	“Exchange Offer”	  	Appendix A
	“Exchange Offer Registration Statement”	  	Appendix A
	“Global Securities”	  	Appendix A
	“Global Securities Legend”	  	Appendix A
	“Guaranteed Obligations”	  	10.01(a)
	“IAI”	  	Appendix A
	“incorporated provision”	  	11.01
	“inur”	  	4.03(a)
	“Initial Purchasers”	  	Appendix A
	“Initial Securities”	  	Preamble
	“Interest Period”	  	Exhibit A
	“legal defeasance option”	  	8.01
	“Letter of Transmittal”	  	Appendix A
	“Original Securities”	  	Preamble
	“Pari Passu Indebtedness”	  	4.06(b)
	“PIK Interest”	  	Exhibit A
	“PIK Note”	  	2.01
	“PIK Payment”	  	2.01
	“protected purchaser”	  	2.08
	“Purchase Agreement”	  	Appendix A
	“QIB”	  	Appendix A
	“Refinancing Indebtedness”	  	4.03(b)
	“Refunding Capital Stock”	  	4.04(b)
	“Registered Exchange Offer”	  	Appendix A
	“Registrar”	  	2.04(a)
	“Registration Rights Agreement”	  	Appendix A
	“Regulation S”	  	Appendix A
	“Regulation S Global Securities”	  	Appendix A
	“Regulation S Permanent Global Security”	  	Appendix A
	“Regulation S Temporary Global Security”	  	Appendix A
	“Regulation S Securities”	  	Appendix A
	“Restricted Payments”	  	4.04(a)
	“Restricted Period”	  	Appendix A
	“Restricted Securities Legend”	  	Appendix A
	“Reversion Date”	  	4.14(a)
	“Rule 144A”	  	Appendix A
	“Rule 144A Global Securities”	  	Appendix A
	“Rule 144A Securities”	  	Appendix A
	“Rule 501”	  	Appendix A
	“Second Commitment”	  	4.06(b)
	“Securities Custodian”	  	Appendix A
	“Shelf Registration Statement”	  	Appendix A
	“Successor Person”	  	5.01(b)
	“Successor Company”	  	5.01(a)
	“Suspended Covenants”	  	4.14(a)
	“Suspension Period”	  	4.14(a)
	“Tax Group”	  	4.04(b)
	“Transfer Restricted Securities”	  	Appendix A
	“Treasury Capital Stock”	  	4.04(b)
	“Unrestricted Definitive Security”	  	Appendix A
	“Unrestricted Global Security”	  	Appendix A

  
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 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture
expressly refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made part of this Indenture. The following Trust Indenture Act terms have the following meanings: 

“indenture securities” means the Securities and the Guarantees. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“Obligor” on the securities and the Guarantees means the Issuers and the Guarantors, respectively, and any successor
obligor upon the Securities and the Guarantees, respectively. 
 All other Trust Indenture Act terms used in this Indenture that are defined
by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 

SECTION 1.04. Rules of Construction. Unless the context otherwise requires: 

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

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

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

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

(f) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness, and senior Indebtedness shall not be deemed to be subordinate or junior to any other senior Indebtedness merely by virtue of its junior priority with respect to the same collateral; 

(g) “$” 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; 
 (h) “consolidated”
means, with respect to any Person, such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary shall be accounted for as an Investment;

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

  
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 (j) provisions apply to successive events and transactions; 

(k) unless the context otherwise requires, any reference to an “Appendix,” “Article,” “Section,”
“clause,” “Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case may be, of this Indenture; 

(l) the words “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and
not any particular Article, Section, clause or other subdivision; 
 (m) references to sections of, or rules under the
Securities Act, the Exchange Act or the Trust Indenture Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time; and 

(n) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and
other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture. 

SECTION 1.05. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuers. Proof of execution of any such instrument or of a writing appointing any
such agent, or the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuers, if made in the manner provided in this
Section 1.05. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by
the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgements of deeds, certifying that the individual signing such instrument or writing acknowledged to him the
execution thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c) The ownership of Securities shall be proved by the Security Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or any
Issuer in reliance thereon, whether or not notation of such action is made upon such Security. 
 (e) The Issuers may, at
their option in the circumstances permitted by the Trust Indenture Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other
act, or to vote or consent to any action by vote or consent authorized or permitted to be given or taken by Holders, but the Issuers shall have no obligation to do so. 

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

  
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regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph
shall have the same effect as if given or taken by separate Holders of each such different part. 
 (g) Without limiting the
generality of the foregoing, a Holder, including the Depositary, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders, and the Depositary may provide its proxy to the beneficial owners of interests in any such Global Security through such Depositary’s standing instructions and customary practices. 

(h) The Issuers may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any
Global Security held by The Depository Trust Company (“DTC”) entitled under the procedures of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to
make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. 

ARTICLE 2 
 THE
SECURITIES 
 SECTION 2.01. Amount of Securities. The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture on the Issue Date is $350,000,000. 
 The Issuers 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 (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 Section 2.07, 2.08, 2.09, 2.10, 3.06, 3.08, 4.08(c) or Appendix A (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 indentures supplemental hereto, prior to the issuance of such Additional
Securities: 
 (1) the aggregate principal amount of such Additional Securities to be authenticated and delivered under this
Indenture; 
 (2) the issue price and issuance date of such Additional Securities, including the date from which interest on
such Additional Securities shall accrue; and 
 (3) 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 indenture
supplemental hereto setting forth the terms of the Additional Securities. 

  
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 In addition, if the Issuers elect to pay PIK Interest in respect of the Securities in the manner
provided in the Securities, the Issuers may elect, in accordance with the terms of the Securities and this Indenture, either to increase the outstanding principal amount of the Securities or issue additional Securities (the “PIK Notes”)
under this Indenture having the same terms as the Securities offered hereby (in each case, a “PIK Payment”). The Securities, including any Additional Securities and PIK Notes, shall be treated as a single class for all purposes under this
Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. Unless the context requires otherwise, references to “Securities” for all purposes of this Indenture includes any Additional Securities and
any PIK Notes that are actually issued and any references to “principal amount of the Securities” includes any increase in the principal amount of the outstanding Securities as a result of the issuance of Additional Securities and any PIK
Payment. 
 SECTION 2.02. Form and Dating. Provisions relating to the Securities are set forth in the Appendix, which is hereby
incorporated into and expressly made a part of this Indenture. The (i) Original Securities and the Trustee’s certificate of authentication, (ii) the PIK Notes and the Trustee’s certificate of authentication and (iii) any
Additional 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 registered form without interest coupons and in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. PIK
Payments on the Securities will be made in denominations of $1.00 and any integral multiple of $1.00 in excess thereof. 
 SECTION 2.03.
Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of each Issuer signed by one Officer (an “Authentication Order”) (a) Original Securities for original issue on
the date hereof in an aggregate principal amount of $350,000,000, (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, (c) PIK
Notes in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period and (d) the Exchange Securities for issue in a Registered Exchange Offer pursuant to the Registration Rights Agreement for a like
principal amount of Initial Securities exchanged pursuant thereto or otherwise pursuant to an effective registration statement under the Securities Act. 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 and whether the Securities are to be Initial Securities or Exchange Securities. Notwithstanding anything to the contrary in this Indenture or the Appendix, any issuance of
Additional Securities after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess thereof or, in case any PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of
$1.00 in excess thereof. 
 One Officer shall sign the Securities for each Issuer by manual, facsimile or electronic (in “.pdf”
format) signature. 
 If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the
Security, the Security shall be valid nevertheless. 
 A Security shall not be entitled to any benefit under this Indenture or valid until
an authorized signatory of the Trustee 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 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 Issuers shall maintain (i) an office or agency where Securities may be presented for registration of transfer or for exchange
(the “Registrar”) and (ii) a Paying Agent. The Registrar shall keep a register of the Securities and of their transfer and exchange. The registered Holders will be treated as the owner of the Security for all purposes. Only registered
Holders will have rights under this Indenture and the Securities. The Issuers 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 Issuers initially appoints the Trustee as Registrar, Paying Agent and the Securities Custodian with respect to the Global Securities. The Issuers initially appoints DTC to act as
Depositary with respect to the Global Securities. 
 (b) The Issuers shall enter into an appropriate agency agreement with any Registrar or
Paying Agent not a party to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuers 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 7.07. The Issuers or any of its
domestically organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
 (c) The Issuers may remove any Registrar or Paying
Agent upon written notice to such Registrar or Paying Agent and to the Trustee and without prior notice to any Holder; 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 Issuers and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee
shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer and the Trustee; provided,
however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08. 

SECTION 2.05. Paying Agent to Hold Money in Trust. Prior to or on each due date of the principal of and interest on any Security, the
Issuers shall deposit with a Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers 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 or 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 Issuers in making any such payment. If the Issuers
or a Wholly Owned Subsidiary of any Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuers 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. Upon complying with this Section, a Paying Agent shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy or
reorganization proceedings relating to the Issuers, the Trustee shall serve as Paying Agent for the Securities. 
 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 Issuers 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 the Trustee shall authenticate Securities at the Registrar’s request. The Issuer may require payment of a sum
sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section. The Issuers shall not be required to make, and 

  
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the Registrar need not register, transfers or exchanges of any Securities (i) selected for redemption (except, in the case of Securities to be redeemed in part, the portion thereof not to be
redeemed) (ii) for a period of 15 days before the mailing of a notice of redemption of Securities to be redeemed or (iii) between a regular record date and the next succeeding interest payment date. 

Prior to the due presentation for registration of transfer of any Security, the Issuers, any Guarantor, 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 on such Security and for all other purposes whatsoever, whether
or not such Security is overdue, and none of the Issuers, any Guarantor, the Trustee, the 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. 

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 Issuers shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the New York UCC
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 Issuers or the Trustee prior to the Security being acquired by a protected purchaser as defined in Section 8-303 of the New York UCC (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 Issuers 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 Issuers and the Trustee may charge the Holder for their 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 Issuers. 

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 except for those canceled by it, those delivered to it for cancellation, those paid pursuant to Section 2.08 and those described in this Section as not
outstanding. Subject to Section 11.06, a Security does not cease to be outstanding because the Issuers or an Affiliate of the Issuers holds the Security. 

If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee and the Issuers receive proof
satisfactory to them that the replaced Security is held by a protected purchaser. 
 If a Paying Agent segregates and holds in trust, in
accordance with this Indenture, on a redemption date or maturity date or any date of purchase pursuant to an offer to purchase money sufficient to pay all principal and interest payable on that date with respect to the Securities (or portions
thereof) to be redeemed, maturing or purchased, 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. 

  
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 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 Issuers may prepare and the Trustee 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 Issuers shall prepare and 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. 
 SECTION 2.11. Cancellation. The Issuers at any time may deliver Securities to the Trustee for
cancellation. The Registrar and each Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent
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 (subject to the record retention requirement
of the Exchange Act). The Issuers may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee 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 Issuers default in a payment of interest on the
Securities, the Issuers 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 Issuers may pay the defaulted interest to the Persons who are Holders on
a subsequent special record date. The Issuers shall fix or cause to be fixed any such special record date and payment and shall promptly mail or cause to be sent to each affected Holder and the Trustee 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, ISINs, etc.. The Issuers in issuing
the Securities may use CUSIP numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to
Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Securities or as contained in any notice of a redemption 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. The Issuers shall promptly advise the Trustee in writing of any change in the
CUSIP numbers, ISINs and “Common Code” numbers. 
 SECTION 2.14. Calculation of Principal Amount of Securities. The
aggregate principal amount of the Securities, at any date of determination, shall be the principal amount of the Securities outstanding at such date of determination. 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 the preceding sentence,
Section 2.09 and Section 11.06 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. 

ARTICLE 3 
 REDEMPTION

 SECTION 3.01. Redemption. 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 Securities set forth in Exhibit A hereto, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to, but excluding,
the redemption date. 

  
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 SECTION 3.02. Applicability of Article. Redemption of Securities at the election of the
Issuers or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article. 

SECTION 3.03. Notices to Trustee. If the Issuers elect to redeem Securities pursuant to the optional redemption provisions of Paragraph
5 of the Security, it shall notify the Trustee in writing of (i) the paragraph or subparagraph of such Security and the Section of this Indenture 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 Issuers shall give notice to the Trustee provided for in this paragraph at least 2 Business Days (or such shorter period as shall be acceptable to the Trustee)
before notice of redemption is required to be delivered or mailed to Holders pursuant to this Section 3.03 but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of the Security, provided, notice
may be given more than 60 days prior to a redemption date if the notice (i) is issued in connection with Section 8.01 or (ii) is conditioned upon satisfaction (or waiver by the Issuers in their sole discretion) of one or more
conditions precedent and any or all such conditions shall have not been satisfied (or waived by the Issuers in their sole discretion). Such notice shall be accompanied by an Officer’s Certificate from the Issuers to the effect that such
redemption will comply with the conditions herein. 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. 

SECTION 3.04. Selection of Securities to Be Redeemed. In the case of any partial redemption, the Trustee shall select the Securities to
be redeemed (a) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed (so long as such listing is known to
the Trustee) or (b) if the Securities are not so listed, on a pro rata basis to the extent practicable or, to the extent that selection on a pro rata basis is not practicable, by lot or such other method as the Trustee shall deem fair and
appropriate and otherwise in accordance with the customary procedures of the relevant Depositary; provided that no Securities of $2,000 or less shall be redeemed in part (or if a PIK Payment has been made, in minimum denominations of $1.00
and any integral multiple of $1.00 in excess thereof). The Trustee shall make the selection from outstanding Securities not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities that have
denominations larger than $2,000. Securities and portions of them that the Trustee selects shall be in amounts of $2,000 or any integral multiple of $1,000 in excess thereof or, in the case of any PIK Payment has been made, in minimum denominations
of $1.00 and any integral multiple of $1.00 in excess thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Issuers promptly of
the Securities or portions of Securities to be redeemed. 
 After the redemption date, upon surrender of the Security to be redeemed in part
only, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security representing the same Indebtedness to the extent not redeemed shall be issued in the name of the Holder of the Securities upon
cancellation of the original Security (or appropriate book entries shall be made to reflect such partial redemption). 
 SECTION 3.05.
Notice of Optional Redemption. 
 (a) At least 30 days but not more than 60 days before a redemption date pursuant to the optional
redemption provisions of Paragraph 5 of the Security, the Issuers shall deliver electronically, mail or cause to be mailed by first-class mail a notice of redemption to each Holder whose Securities are to be redeemed (except that such notice of
redemption may be delivered or mailed more than 60 days prior to a redemption date if the notice (i) is issued in connection with Section 8.01 or (ii) is conditioned upon satisfaction (or waiver by the Issuers in their sole
discretion) of one or more conditions precedent and any or all such conditions shall have not been satisfied (or waived by the Issuers in their sole discretion)). 

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 and unpaid interest to the redemption date; provided that in
connection with a redemption under the second subparagraph of Paragraph 5(b) of the Security, the initial notice need not set forth the redemption price but only the manner of calculation thereof; 

  
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 (iii) the paragraph or subparagraph of the Securities and/or Section of this
Indenture pursuant to which the Securities called for redemption are being redeemed; 
 (iv) the name and address of the
Paying Agent; 
 (v) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption
price, plus accrued interest; 
 (vi) if fewer than all the outstanding Securities are to be redeemed, the certificate
numbers and principal amounts of the particular Securities to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities to be outstanding after such partial redemption; 

(vii) that, unless the Issuers default in making such redemption payment or the 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; 

(viii) any condition to such redemption; 

(ix) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Securities being redeemed; and 

(x) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code”
number, if any, listed in such notice or printed on the Securities. 
 (b) At the Issuers’ written request, the Trustee
shall give the notice of redemption in the Issuers’ name and at the Issuers’ expense. In such event, the Issuer shall provide the Trustee with the information required by this Section at least 2 Business Days (or such shorter period as
shall be acceptable to the Trustee) prior to the date such notice is to be provided to Holders. 
 (c) Such notice of
redemption, and the related redemption, may, at the Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. In addition, if such redemption is subject to
satisfaction of one or more conditions precedent, such notice of redemption shall describe each such condition, and if applicable, shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all
such conditions shall be satisfied (or waived by the Issuers in their sole discretion) (provided, however, that the redemption price in respect of the Securities redeemed will be determined based on the applicable redemption date specified in the
related notice of redemption, without giving effect to any extension or delay relating to the satisfaction of any condition precedent to such redemption plus accrued and unpaid interest thereon to, but not including, the actual redemption date), or
that 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 Issuers in their sole discretion) by the redemption date as stated in such notice, or by
the redemption date as so delayed. The Issuers may provide in such notice that payment of the redemption price and performance of the Issuers’ obligations with respect to such redemption may be performed by another Person. 

SECTION 3.06. Effect of Notice of Redemption. Once notice of redemption is mailed or sent 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 as provided in the final sentence under the “Optional Redemption” provisions of paragraph 5 of the
Securities. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice, plus accrued interest, to, but not including, the redemption date; provided, however, that if the redemption
date is after a regular record date and on or prior to the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record 

  
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date. The notice, if mailed or delivered in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. 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. With respect to any Securities, prior to 11:00 a.m., New York City time, on the redemption date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or a Wholly Owned Subsidiary is the 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 the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture or applicable law. If a Security is
redeemed on or after a record date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption date shall be paid on the relevant Interest Payment Date to the Person in whose name such Security was
registered at the close of business on such record date. 
 SECTION 3.08. Securities Redeemed in Part. Upon surrender of a Security
that is redeemed in part, the Issuers shall execute and the Trustee 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; provided that
each new Security shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof or, in case any PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. It is
understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Security. 

ARTICLE 4 
 COVENANTS

 SECTION 4.01. Payment of Securities. The Issuers 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 on such date the Trustee or the Paying Agent holds as of 11:00 a.m., New York City time,
money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture; provided that,
if the Issuers elect to pay interest in the form of PIK Interest in the manner provided for herein and in the Securities, then all such interest paid in the form of PIK Interest shall be considered paid or duly provided for, for all purposes of this
Indenture, and shall not be considered overdue. 
 The Issuers 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. 

(a) So long as any Securities are outstanding, the Issuer will furnish to the Trustee within 15 days after each of the periods set forth
below: 
 (i) within 90 days after the end of each fiscal year, annual reports containing substantially all of the
information that would have been required to be contained in an Annual Report on Form 10-K of the Issuer, or any successor or comparable form, containing the information required to be contained therein, or required in such successor or comparable
form; 
 (ii) within 45 days after the end of each of the first three fiscal quarters of each fiscal year, commencing with
the second fiscal quarter of the fiscal year commencing January 1, 2013, quarterly reports containing substantially all of the information that would have been 

  
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required to be contained in a Quarterly Report on Form 10-Q of the Issuer containing all quarterly information that would be required to be contained in Form 10-Q, or any successor or comparable
form; and 
 (iii) promptly from time to time after the occurrence of an event required to be therein reported, such other
reports on Form 8-K, or any successor or comparable form; provided, however, that no such report or information will be required to be so furnished if the Issuer determines in good faith that such event is not material to the Holders of the
Securities or the business, assets, operations or financial condition of the Issuer and its Restricted Subsidiaries, taken as a whole; 
 in each case, in a
manner that complies in all material respects with the requirements specified in such form; provided that the Issuer shall make available such information to prospective purchasers of Securities, in addition to providing such information to
the Trustee and the Holders of Securities, including by posting such information on a password protected online data system requiring user identification or the website of Opco, the Issuer or any of its parent companies (which may be password
protected so long as the password is made promptly available by the Issuer to the Trustee, the Holders of Securities and such prospective purchasers upon request); provided, further, that such reports required pursuant to clauses (1),
(2) and (3) above (a) shall not be required to comply with Section 302, Section 404 or 906 of the Sarbanes-Oxley Act of 2002, as amended, or related Items 307, 308 and 308T 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 comply with Items 402, 403, 406 and 407 of Regulation S-K promulgated by the SEC, (c) shall not be required
to comply with Rule 3-10 or Rule 3-16 of Regulation S-X and (d) shall not be required to include any exhibits that would have been required to be filed pursuant to Item 601 of Regulation S-K promulgated by the SEC. The Trustee shall have
no obligation whatsoever to determine whether or not such information has been posted. In addition, to the extent not satisfied by the foregoing, the Issuer will agree that, for so long as any Securities are outstanding, it will furnish to Holders
and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(b) For so long as the Issuer and its Subsidiaries (other than Opco and its Subsidiaries) do not have any material assets on a consolidated
basis that are not reflected on a consolidated balance sheet of Opco (other than (i) cash and cash equivalents, (ii) Equity Interests and Indebtedness of Holdings and any Subsidiary of Holdings or Opco, and (iii) Equity Interests and
Indebtedness of the Co-Issuer) and do not conduct any material operations that are not conducted through Opco and its Subsidiaries, this Indenture permits the Issuer to satisfy its reporting obligations under this Section 4.02 relating to the
Issuer by furnishing the annual reports on Form 10-K, quarterly reports on Form 10-Q, other reports on Form 8-K and other financial information relating to Opco; provided, however, that the same is accompanied by information that
explains in reasonable detail the differences between the financial information relating to the Issuer and its consolidated Subsidiaries (other than Opco and its Subsidiaries, as the case may be) on the one hand, and the financial information
reflected in such financial information relating to Opco and its consolidated Subsidiaries, on the other hand; provided, further, that any obligation of the Issuer to furnish or deliver any such reports and information to the Trustee,
the Holders of the Securities and such prospective purchasers shall be deemed satisfied if such reports or information shall have been filed by Opco with the SEC pursuant to its Electronic Data Gathering Analysis and Retrieval System (or any
successor system). To the extent financial information, including any financial statements, of Opco are substituted for those of the Issuer in reliance on the foregoing sentence, then references in the Indenture to any financial statement of the
Issuer shall be deemed to refer to the financial information for the Issuer and the Subsidiaries of the Issuer described above. 
 (c) In
the event that any direct or indirect parent company of the Issuer becomes a guarantor of the Securities, the Issuer may satisfy its obligations under this Section 4.02 with respect to financial information relating to the Issuer by furnishing
financial information relating to such parent; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the
information relating to the Issuer and its Restricted Subsidiaries on a standalone basis, on the other hand. 

  
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 (d) Notwithstanding the foregoing, the requirements of this Section 4.02 shall be deemed
satisfied prior to the commencement of the Exchange Offer or the effectiveness of the Shelf Registration Statement by the filing with the SEC of the Exchange Offer Registration Statement or Shelf Registration Statement or any other filing, and any
amendments thereto, with such financial information that satisfies Regulation S-X of the Securities Act. 
 (e) Notwithstanding anything
herein to the contrary, failure by the Issuer to comply with any of its obligations under this Section 4.02 for purposes of Section 6.01(c) will not constitute an Event of Default thereunder until 90 days after the receipt of the written
notice delivered thereunder. To the extent any information is not provided within the time periods specified in this Section 4.02 and such information is subsequently provided, the Issuer will be deemed to have satisfied its obligations with
respect thereto at such time and any Default with respect thereto shall be deemed to have been cured. 
 (f) Delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates with respect thereto). 

SECTION 4.03. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and
the Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided, however, that (i) the Issuer may incur Indebtedness
(including Acquired Indebtedness) or issue shares of Disqualified Stock, and any of its Restricted Subsidiaries (other than Opco and its Restricted Subsidiaries) may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified
Stock and issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis for the Issuer and its Restricted Subsidiaries’ most recently ended four 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, determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of the proceeds therefrom had occurred at the
beginning of such four-quarter period and (ii) Opco may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any of its Restricted Subsidiaries may incur Indebtedness (including Acquired Indebtedness),
issue shares of Disqualified Stock and issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis for Opco and its Restricted Subsidiaries’ most recently ended four 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, determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of the proceeds
therefrom had occurred at the beginning of such four-quarter period. 
 (b) Section 4.03(a) shall not apply to: 

(i) (x) Indebtedness incurred pursuant to the ABL Facility by the Issuer or any Restricted Subsidiary; provided that
immediately after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (x) and then outstanding does not exceed the greater of (A) $400.0 million and (B) the Borrowing
Base, less the aggregate principal amount of Indebtedness incurred and outstanding pursuant to a Receivables Facility and (y) Indebtedness incurred pursuant to the Term Loan Facility by the Issuer or any Restricted Subsidiary; provided
that after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (y) and then outstanding does not exceed $1,375.0 million; 

  
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 (ii) the incurrence by the Issuers and any Guarantor of Indebtedness represented
by (A) the Securities (including any Guarantee) (other than any Additional Securities), and any increase in the principal amount of the Securities and any PIK Notes issued in respect of any PIK Payment in accordance with the terms of this
Indenture and (B) any exchange notes and any related exchange guarantees issued in exchange for the Securities pursuant to the Registration Rights Agreement; 

(iii) Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness
described in clauses (i) and (ii) of this Section 4.03(b)); 
 (iv) (x) Indebtedness (including Capitalized
Lease Obligations) incurred or Disqualified Stock issued by the Issuer or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary, to finance the purchase, lease, replacement or improvement of property (real or personal) or
equipment, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets and (y) any Indebtedness incurred or Disqualified Stock or Preferred Stock issued to refund, refinance or replace any other
Indebtedness incurred or Disqualified Stock or Preferred Stock issued pursuant to this clause (iv); provided that the aggregate amount of Indebtedness incurred and Disqualified Stock and Preferred Stock issued pursuant to clauses (i) and
(ii) of this clause (iv) does not exceed the greater of (x) $65.0 million and (y) 2.25% of Consolidated Total Assets, at any one time outstanding;; 

(v) Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit, bank guarantees, bankers acceptances, warehouse receipts or similar instruments issued in the ordinary course of business, including, without limitation, letters of credit in respect of workers’ compensation
claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance, unemployment insurance or other social security legislation 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 Business Days following such drawing or
incurrence; 
 (vi) Indebtedness arising from agreements of the Issuer or its Restricted Subsidiaries providing for
indemnification, adjustment of purchase price, earnouts or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness
incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided, however, that such Indebtedness either (i) does not exceed at any time
outstanding $10.0 million or (ii) is not reflected on the balance sheet of the Issuer, or any of its Restricted Subsidiaries prepared in accordance with GAAP (contingent obligations referred to in a footnote to financial statements and not
otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (vi); 

(vii) Indebtedness of the Issuer to a Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted
Subsidiary that is not a Guarantor is expressly subordinated in right of payment to the Securities; provided further that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary
ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case,
to be an incurrence of such Indebtedness not permitted by this clause (vii); 
 (viii) Indebtedness of a Restricted
Subsidiary to the Issuer or another Restricted Subsidiary; provided that if a Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is expressly subordinated in right of payment to the
Guarantee of the Securities of such Guarantor; provided further that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any
subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness not
permitted by this clause (viii); 

  
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 (ix) shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or
another Restricted Subsidiary, provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of
any such shares of Preferred Stock (except to the Issuer or another of its Restricted Subsidiaries) shall be deemed in each case to be an issuance of such shares of Preferred Stock not permitted by this clause (ix); 

(x) (x) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes) and (y) Indebtedness in
respect of any Bank Products or Cash Management Services in the ordinary course of business; 
 (xi) obligations (including
reimbursement obligations with respect to letters of credit, bank guarantees or other similar instruments) in respect of performance, bid, appeal and surety bonds and performance and completion guarantees or obligations in respect of letters of
credit related thereto provided by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice or industry practices; 

(xii) (a) Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of the
Issuer or any Restricted Subsidiary equal to 100.0% of the net cash proceeds received by the Issuer since immediately after the Issue Date from the issue or sale of Equity Interests of the Issuer or cash contributed to the capital of the Issuer (in
each case, other than proceeds of Disqualified Stock or sales of Equity Interests to the Issuer or any of its Subsidiaries) as determined in accordance with Sections 4.04(a)(3)(B) and (C) to the extent such net cash proceeds or cash have not
been applied pursuant to such clauses to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 4.04(b) or to make Permitted Investments (other than Permitted Investments specified in clauses
(i) and (iii) of the definition thereof) and (b) Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock any Restricted Subsidiary not otherwise permitted hereunder in an aggregate
principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred or issued, as applicable, pursuant
to this clause (xii)(b), does not at any one time outstanding exceed the greater of (x) $150.0 million and (y) 5.0% of Consolidated Total Assets (it being understood that any Indebtedness incurred or Disqualified Stock or Preferred Stock
issued pursuant to this clause (xii)(b) shall cease to be deemed incurred, issued or outstanding for purposes of this clause (xii)(b) but shall be deemed incurred or issued for the purposes of Section 4.03(a) from and after the first date on
which the Issuer or such Restricted Subsidiary could have incurred such Indebtedness or issued such Disqualified Stock or Preferred Stock under Section 4.03(a) without reliance on this clause (xii)(b)); 

(xiii) the incurrence by the Issuer or any Restricted Subsidiary of Indebtedness or issuance of Disqualified Stock or the
issuance by any Restricted Subsidiary of Preferred Stock which serves to extend, replace, refund, refinance, renew or defease any Indebtedness incurred (including any existing commitments unutilized thereunder) or Disqualified Stock or Preferred
Stock issued as permitted under Section 4.03(a) and clauses (ii), (iii), (ix), (xii)(a), this clause (xiii) and clause (xiv) of this Section 4.03(b) or any Indebtedness incurred or Disqualified Stock or Preferred Stock issued to
so extend, replace, refund, refinance or renew such Indebtedness, Disqualified Stock or Preferred Stock including additional Indebtedness incurred or Disqualified Stock or Preferred Stock issued to pay premiums (including tender premiums),
defeasance costs and fees and expenses (including original issue discount, upfront fees or similar fees) in connection therewith (the “Refinancing Indebtedness”) prior to its respective maturity; provided, however,
that such Refinancing Indebtedness: 
  

	 	(1)	has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred or issued which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or
Preferred Stock being extended, replaced, refunded, refinanced, renewed or defeased (except by virtue of prepayment of such Indebtedness); 

  
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	 	(2)	to the extent such Refinancing Indebtedness extends, replaces, refunds, refinances, renews or defeases (x) Indebtedness subordinated to or pari passu with the Securities or any Guarantee thereof, such
Refinancing Indebtedness is subordinated to or pari passu with the Securities or the Guarantee at least to the same extent as the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased except, with respect to any
indebtedness being extended, replaced, refunded, refinanced, renewed or defeased that is subordinated to the Securities or any Guarantee thereof, to the extent such extension, replacement, refund, refinancing, renewal or defeasance constitutes a
Restricted Payment and such Restricted Payment is permitted to be made under Section 4.04 or (y) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively; and

  

	 	(3)	shall not include (x) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer,
(y) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer 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 the Issuer or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; 

and provided, further, that subclause (1) of this clause (xiii) will not apply to any extension, replacement,
refunding, refinancing, renewal or defeasance of any Indebtedness outstanding under a Senior Credit Facility; 
 (xiv)
Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer or a Restricted Subsidiary incurred or issued to finance an acquisition, merger, consolidation or amalgamation or (y) Persons that are acquired by the Issuer or any
Restricted Subsidiary or merged into or amalgamated or consolidated with or into the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture or that is assumed by the Issuer or any Restricted Subsidiary in connection with
such acquisition; provided that after giving effect to such acquisition, merger, amalgamation or consolidation: 
  

	 	(1)	in the case of Indebtedness, Disqualified Stock or Preferred Stock incurred or assumed by the Issuer or its Restricted Subsidiaries (other than Opco and its Subsidiaries), either: 

(a) the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
forth in Section 4.03(a)(i); or 
 (b) the Fixed Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries is equal to or
greater than immediately prior to such acquisition, merger, amalgamation or consolidation; 
  

	 	(2)	in the case of Indebtedness, Disqualified Stock or Preferred Stock incurred or assumed by Opco or its Restricted Subsidiaries, either: 

(a) Opco would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section 4.03(a)(ii), or 
 (b) the Fixed Charge Coverage Ratio of Opco and its Restricted Subsidiaries is equal to or greater than
immediately prior to such acquisition, merger, amalgamation or consolidation; 
 (xv) Indebtedness (1) arising from the
honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its
incurrence and (2) Indebtedness in respect of any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements entered into in
the ordinary course of business; 

  
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 (xvi) Indebtedness of the Issuer or any of its Restricted Subsidiaries supported
by a letter of credit or bank guarantee issued pursuant to a Senior Credit Facility, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 

(xvii) (1) any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted
Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of the Indenture, or (2) any guarantee by a Restricted Subsidiary of Indebtedness of the Issuer provided that
such guarantee is incurred in accordance with Section 4.15 
 (xviii) Indebtedness of Foreign Subsidiaries of the Issuer
and Subsidiaries of the Issuer that are not Guarantors incurred not to exceed, together with any other Indebtedness incurred under this clause (xviii) at any one time outstanding, the greatest of (x) $75.0 million, (y) 7.5% of the
Consolidated Total Assets of the Foreign Subsidiaries and (z) 2.5% of Consolidated Total Assets (it being understood that any Indebtedness incurred pursuant to this clause (xviii) shall cease to be deemed incurred or outstanding for
purposes of this clause (xviii) but shall be deemed incurred for the purposes of Section 4.03(a) from and after the first date on which the applicable Foreign Subsidiary could have incurred such Indebtedness under Section 4.03(a)
without reliance on this clause (xviii)); 
 (xix) Indebtedness of the Issuer or any of its Restricted Subsidiaries
consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case incurred in the ordinary course of business; 

(xx) Indebtedness consisting of Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to future, present or
former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing), or any direct or indirect parent thereof, in
each case to finance the purchase or redemption of Equity Interests of the Issuer, a Restricted Subsidiary or any of their direct or indirect parent companies to the extent described in Section 4.04(b)(iv); and 

(xxi) Indebtedness incurred by a Receivables Subsidiary in a Receivables Facility that is not recourse to the Issuer or any
Restricted Subsidiary other than the Receivables Subsidiary (except for Standard Securitization Undertakings). 
 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 Indebtedness,
Disqualified Stock or Preferred Stock described in clauses (i) through (xxi) above or is entitled to be incurred pursuant to Section 4.03(a), then the Issuer shall, in its sole discretion, classify or reclassify, or later divide,
classify 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; provided that all Indebtedness outstanding under the Senior Credit
Facilities on July 27, 2012 will at all times be deemed outstanding in reliance on Section 4.03(b)(i). 
 Accrual of interest or
dividends, the accretion of accreted value, the accretion or amortization of original issue discount, and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, of the
same class, accretion or amortization of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an
incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which 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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 For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock, the U.S. dollar-equivalent principal amount or liquidation preference, as applicable, of Indebtedness, Disqualified Stock or Preferred Stock denominated in a foreign
currency 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 or Disqualified Stock or Preferred Stock is issued, to extend, replace, refund, refinance, renew or defease other Indebtedness, Disqualified Stock or Preferred
Stock, as applicable, denominated in a foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance 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 extension, replacement, refunding, refinancing, renewal or defeasance, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount or
liquidation preference, as applicable, of such refinancing Indebtedness, Disqualified Stock or Preferred Stock does not exceed (x) the principal amount or liquidation preference, as applicable, of such Indebtedness, Disqualified Stock or
Preferred Stock, as applicable, being extended, replaced, refunded, refinanced, renewed or defeased plus (y) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses
(including original issue discount, upfront fees or similar fees) incurred in connection with such refinancing. 
 The principal amount of
any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing. The Issuer shall not directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is contractually subordinated or junior in right of payment to
any Indebtedness of the Issuer unless such Indebtedness is expressly subordinated in right of payment to the Securities to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Issuer. 

For purposes of this Indenture, Indebtedness that is unsecured is not deemed to be subordinated or junior to Secured Indebtedness merely
because it is unsecured, and senior indebtedness is not deemed to be subordinated or junior to any other senior indebtedness merely because it has a junior priority with respect to the same collateral. 

SECTION 4.04. Limitation on Restricted Payments. 

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

(i) declare or pay any dividend or make any other payment or any distribution on account of the Issuer’s or any of its
Restricted Subsidiaries’ Equity Interests (in each case, solely in such Person’s capacity as holder of such Equity Interests), including any dividend or distribution payable in connection with any merger or consolidation (other than
(A) dividends or distributions by the Issuer payable solely in Equity Interests (other than Disqualified Stock) of the Issuer; or (B) dividends or distributions 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 Subsidiary, the Issuer 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, redeem,
defease or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or indirect parent of the Issuer, including in connection with any merger or consolidation, in each case held by Persons other than the Issuer or a
Restricted Subsidiary; 
 (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, sinking fund payment or maturity, any Subordinated Indebtedness of the Issuer or a Guarantor, other than (A) Indebtedness permitted under clauses (vii) and (viii) of
Section 4.03(b); or (B) the payment, redemption, repurchase, defeasance, acquisition or retirement for value of Subordinated Indebtedness purchased 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; or 

(iv) make any Restricted Investment; 

  
 47 

 (all such payments and other actions set forth in clauses (i) through (iv) above being collectively
referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 
 (1) no 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, (x) in the case of a Restricted Payment by the Issuer or any of its Restricted Subsidiaries (other than Opco and its Subsidiaries), the Issuer could incur $1.00 of additional Indebtedness under
Section 4.03(a)(i) or (y) in the case of a Restricted Payment by Opco or any of its Restricted Subsidiaries, Opco could incur $1.00 of additional Indebtedness under Section 4.03(a)(ii); and 

(3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its
Restricted Subsidiaries after July 27, 2012 (including Restricted Payments permitted by clauses (i), (vi)(c), (ix) and (xiv) of Section 4.04(b) but excluding all other Restricted Payments permitted by Section 4.04(b)
hereof), is less than the sum of (without duplication): 
 (A) 50% of the Consolidated Net Income of (x) the Issuer for
the period (taken as one accounting period) beginning on July 1, 2012 (with the Consolidated Net Income of Opco substituting for the Consolidated Net Income of the Issuer for the period from July 1, 2012 to the Issue Date) to the end of
the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, in the case of a Restricted Payment by the Issuer or any of its Restricted Subsidiaries (other than
Opco and its Subsidiaries) or (y) Opco for the period (taken as one accounting period) beginning on July 1, 2012 to the end of Opco’s most recently ended fiscal quarter for which internal financial statements are available at the time
of such Restricted Payment, in the case of a Restricted Payment by Opco or any of its Restricted Subsidiaries, or, in each case, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit; plus 

(B) 100% of the aggregate net cash proceeds and the fair market value, as determined in good faith by the Issuer, of
marketable securities or other property received by the Issuer since the Issue Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness, Disqualified Stock or Preferred Stock pursuant to
Section 4.03(b)(xii)(1) from the issue or sale of: (i) (A) Equity Interests of the Issuer, including Treasury Capital Stock (as defined below), but excluding cash proceeds and the fair market value, as determined in good faith by the
Issuer, of marketable securities or other property received from the sale of: (x) Equity Interests to any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse,
former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer, any direct or indirect parent company of the Issuer and the Issuer’s Subsidiaries since the Issue Date to the extent such amounts have been
applied to Restricted Payments made in accordance with clause (iv) of Section 4.04(b) hereof; and (y) Designated Preferred Stock; and (B) to the extent such net cash proceeds are actually contributed to the Issuer, Equity
Interests of the Issuer’s direct or indirect parent companies (excluding contributions of the proceeds from the sale of Designated Preferred Stock of such companies or contributions to the extent such amounts have been applied to Restricted
Payments made in accordance with clause (iv) of Section 4.04(b) hereof); or (ii) debt securities of the Issuer that have been converted into or exchanged for Equity Interests of the Issuer or its direct or indirect parent companies;
provided, however, that this clause (b) shall not include the proceeds from (W) Refunding Capital Stock (as defined below), (X) Equity Interests or convertible debt securities of the Issuer sold to a Restricted
Subsidiary, (Y) Disqualified Stock or debt securities that have been converted into Disqualified Stock or (Z) Excluded Contributions; plus  

  
 48 

 (C) 100% of the aggregate amount of cash and the fair market value, as
determined in good faith by the Issuer, of marketable securities or other property contributed to the capital of the Issuer following the Issue Date other than (X) net cash proceeds to the extent such net cash proceeds have been used to incur
Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to Section 4.03(b)(xii)(a), (Y) by a Restricted Subsidiary and (Z) from any Excluded Contributions; plus 

(D) 100% of the aggregate amount received in cash and the fair market value, as determined in good faith by the Issuer, of
marketable securities or other property received by means of: 
 (A) the sale or other disposition (other than to the Issuer
or a Restricted Subsidiary) of Restricted Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer or its Restricted Subsidiaries and repayments of loans or
advances, and releases of guarantees, which constitute Restricted Investments by the Issuer or its Restricted Subsidiaries, in each case since the Issue Date; or 

(B) the sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a
distribution from an Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (vii) of Section 4.04(b) hereof or to
the extent such Investment constituted a Permitted Investment) or a dividend from an Unrestricted Subsidiary since the Issue Date; plus 

(E) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or
consolidation of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary after the Issue Date, the fair
market value of the Investment of the Issuer or the Restricted Subsidiary in such Unrestricted Subsidiary (or the assets transferred), as determined by the Issuer in good faith or, if such fair market value may exceed $50.0 million, by the board of
directors of the Issuer, a copy of the resolution of which with respect thereto will be delivered to the Trustee at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation,
consolidation or transfer of assets other than to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (vii) of Section 4.04(b) hereof or to the extent such
Investment constituted a Permitted Investment. 
 (b) Section 4.04(a) shall not prohibit: 

 

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

 

	 	(ii)	(A) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Treasury Capital Stock”) or Subordinated Indebtedness of the Issuer, any direct or indirect parent of the Issuer
or any Restricted Subsidiary in exchange for, or out of the proceeds of, the substantially concurrent sale or issuance (other than to a Restricted Subsidiary) of, Equity Interests of the Issuer or any direct or indirect Parent Company of the Issuer
to the extent contributed to the Issuer (in each case, other than any Disqualified Stock) (“Refunding Capital Stock”), 

  
 49 

 (B) the declaration and payment of dividends on Treasury Capital Stock out of the proceeds of the
substantially concurrent sale or issuance (other than to a Subsidiary of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or any of its Subsidiaries) of Refunding Capital Stock, and 

(C) if immediately prior to the retirement of Treasury Capital Stock, the declaration and payment of dividends thereon was permitted under
clause (vi) of this Section 4.04(b), 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, retire or otherwise acquire any Equity
Interests of any direct or indirect Parent Company of the Issuer) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Treasury Capital Stock immediately prior to such
retirement; 
  

	 	(iii)	the principal payment on, redemption, repurchase, defeasance, exchange or other acquisition or retirement of (x) Subordinated Indebtedness of the Issuer or a Guarantor made by exchange for, or out of the proceeds
of, the substantially concurrent sale of, new Indebtedness of the Issuer or a Guarantor, as the case may be, or (y) Disqualified Stock of the Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent
sale of, Disqualified Stock of the Issuer or a Guarantor, that, in each case, is incurred in compliance with Section 4.03 so long as: 

  

	 	(A)	the principal amount (or accreted value, if applicable) of such new Indebtedness or the liquidation preference of such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable),
plus any accrued and unpaid interest on, the Subordinated Indebtedness or the liquidation preference of, plus any accrued and unpaid dividends on, the Disqualified Stock being so repaid, repurchased, redeemed, defeased, exchanged,
acquired or retired for value, plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness or Disqualified Stock being so repaid, repurchased, redeemed, defeased, exchanged,
acquired or retired, any tender premiums, plus any defeasance costs and any fees and expenses (including original issue discount, upfront or similar fees) incurred in connection therewith; 

 

	 	(B)	such new Indebtedness is subordinated to the Securities or the applicable Guarantee at least to the same extent as such Subordinated Indebtedness so repaid, repurchased, redeemed, defeased, exchanged, acquired or
retired for value; 

  

	 	(C)	such new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated Indebtedness or Disqualified Stock being so repaid,
repurchased, redeemed, defeased, exchanged, acquired or retired; and 

  

	 	(D)	such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity at the time incurred equal to or greater than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness or
Disqualified Stock being so repaid, repurchased, redeemed, defeased, exchanged, acquired or retired; 

  

	 	(iv)	 a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests (other than Disqualified Stock) of the
Issuer or any of its direct or indirect parent companies held by any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former
domestic partner of any of the foregoing) of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies, pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other
agreement or arrangement including any Equity Interests rolled over by management of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies in connection with the Transactions (and including,

  
 50 

	 	
for the avoidance of doubt, any principal and interest payable on any notes issued by the Issuer or any direct or indirect parent company in connection with any such repurchase, retirement or
other acquisition); provided, however, that the aggregate Restricted Payments made under this clause (iv) do not exceed $15.0 million in any calendar year (which shall increase to $30.0 million subsequent to the consummation of an
underwritten public Equity Offering by the Issuer or any direct or indirect parent company of the Issuer) with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the
following proviso) of $20.0 million in any calendar year (which shall increase to $40.0 million subsequent to the consummation of an underwritten public Equity Offering by the Issuer or any direct or indirect parent company of the Issuer);
provided further that such amount in any calendar year may be increased by an amount not to exceed: 

  

	 	(A)	the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent contributed to the Issuer, Equity Interests of any of the Issuer’s direct or indirect parent
companies, in each case to any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the
foregoing) of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of
Restricted Payments by virtue of clause (3) of Section 4.04(a) hereof; plus, in respect of any sale of Equity Interests in connection with an exercise of stock options, an amount equal to the amount required to by withheld by the
Issuer or any of its direct or indirect parent companies in connection with such exercise under applicable law to the extent such amount is repaid to the Issuer or its direct or indirect Parent Company, as applicable, constituted a Restricted
Payment and has not otherwise been applied to the payment of Restricted Payments by virtue of clause (3) of Section 4.04(a) hereof; plus 

  

	 	(B)	the cash proceeds of key man life insurance policies received by the Issuer or its Restricted Subsidiaries or any of its direct or indirect parent companies after the Issue Date; less 

(C) the amount of any Restricted Payments previously made with the cash proceeds described in clauses (A) and (B) of this clause
(iv); 
 provided further that cancellation of Indebtedness owing to the Issuer or any of its Restricted Subsidiaries from any future,
present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer, any of the
Issuer’s direct or indirect parent companies or any of the Issuer’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Issuer or any of its direct or indirect parent companies will not be deemed to
constitute a Restricted Payment for purposes of Section 4.04 or any other provision of this Indenture; 
  

	 	(v)	the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or any of its Restricted Subsidiaries or any class or series of Preferred Stock of any
Restricted Subsidiary issued or incurred in accordance with Section 4.03 hereof to the extent such dividends are included in the definition of “Fixed Charges”; 

 

	 	(vi)	 (a) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by
the Issuer or any of its Restricted Subsidiaries after the Issue Date; (b) the declaration and payment of dividends or distributions to a direct or indirect Parent Company of the Issuer, 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 such Parent Company issued after the Issue Date, provided that the amount of dividends paid pursuant to this clause (b) shall
not exceed the aggregate amount. of cash 

  
 51 

	 	
actually contributed to the Issuer from the sale of such Designated Preferred Stock; or (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 clause (ii) of this Section 4.04(b); provided however, in the case of each of (a), (b) and (c) of this clause (vi), that 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 or declaration on a pro forma basis, (x) with respect to such issuance or declaration by the Issuer and its Restricted Subsidiaries (other than Opco and its Subsidiaries), the Issuer and its Restricted
Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00 and (y) with respect to such issuance or declaration by Opco and its Restricted Subsidiaries, Opco and its Restricted Subsidiaries on a
consolidated basis would have a Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 

  

	 	(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 the time outstanding, without giving effect
to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of, or have not been subsequently sold or transferred for, cash or marketable securities, not to exceed $40.0 million (with the fair market value of
each Investment being measured at the time made and without giving effect to subsequent changes in value); 

  

	 	(viii)	redemptions, repurchases, retirements or other acquisitions of Equity Interests deemed to occur (a) upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of
such options or warrants and (b) in connection with the withholding portion of the Equity Interests granted or awarded to any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs,
family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer or any of its Subsidiaries to pay for the taxes payable by such Persons upon such grant or award; 

 

	 	(ix)	declaration and payment of dividends on the Issuer’s common stock (or the payment of dividends to any direct or indirect parent entity to fund a payment of dividends on such entity’s common stock), following
the first public offering of the Issuer’s common stock or the common stock of any of its direct or indirect parent companies after the Issue Date, of up to 6% per annum of the net cash proceeds received by or contributed to the Issuer in
or from any public offering, other than public offerings with respect to the Issuer’s common stock registered on Form S-8 and other than any public sale constituting an Excluded Contribution; 

 

	 	(x)	Restricted Payments that are made with Excluded Contributions; 

  

	 	(xi)	other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (xi) that are at the time outstanding not to exceed the greater of (x) $50.0
million and (y) 1.5% of Consolidated Total Assets; 

  

	 	(xii)	distributions or payments of Receivables Fees; 

  

	 	(xiii)	any Restricted Payment used to fund the Transactions and the fees and expenses related thereto or owed to Affiliates, in each case with respect to any Restricted Payment to or owed to an Affiliate, to the extent
permitted by Section 4.07; 

  

	 	(xiv)	the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions similar to those described under Sections 4.06 and 4.08; provided that all
Securities tendered by Holders in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value; 

  
 52 

	 	(xv)	the declaration and payment of dividends or distributions by the Issuer or a Restricted Subsidiary to, or the making of loans or advances to, any of their respective direct or indirect parent companies in amounts
required for any direct or indirect parent companies to pay, in each case without duplication, 

  

	 	(A)	franchise and similar taxes and other fees and expenses required to maintain their corporate existence; 

  

	 	(B)	for any taxable period in which the Issuer and/or any of its Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Issuer is the common parent (a
“Tax Group”), consolidated tax liabilities of such Tax Group that are attributable to the taxable income of the Issuer and/or its Subsidiaries; provided that, for each taxable period, the amount of such payments made in
respect of such taxable period in the aggregate shall not exceed the amount that the Issuer and the Subsidiaries would have been required to pay in respect of federal, foreign, state and local income taxes in the aggregate if such entities were
corporations paying taxes separately from any Tax Group at the highest combined applicable federal, foreign, state and local tax rate for such fiscal year (it being understood and agreed that if the Issuer or any Subsidiary pays any such federal,
foreign, state or local income taxes directly to such taxing authority, that a Restricted Payment in duplication of such amount shall not be permitted to be made pursuant to this clause (B)); provided further that the permitted payment
pursuant to this clause (B) with respect to any taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Issuer or its Restricted
Subsidiaries for the purposes of paying such consolidated, combined or similar taxes; 

  

	 	(C)	customary salary, bonus, severance and other benefits payable to, and indemnitees provided on behalf of, officers, directors, employees and consultants of any direct or indirect Parent Company of the Issuer and any
payroll, social security or similar taxes thereof to the extent such salaries, bonuses, severance, indemnification, obligations and other benefits are attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries;

  

	 	(D)	interest and/or principal on Indebtedness the proceeds of which have been contributed to the Issuer or any Restricted Subsidiary and that has been guaranteed by, or is otherwise, considered Indebtedness of, the Issuer
incurred in accordance with Section 4.03; 

  

	 	(E)	general corporate operating and overhead costs and expenses of any direct or indirect Parent Company of the Issuer to the extent such costs and expenses are attributable to the ownership or operation of the Issuer and
its Restricted Subsidiaries; 

  

	 	(F)	fees and expenses other than to Affiliates of the Issuer related to any equity or debt offering of such Parent Company (whether or not successful); 

 

	 	(G)	payments permitted under clauses (iii), (iv), (vii) or (xi) under Section 4.07(b); and 

  

	 	(H)	 payments to finance any Investment permitted to be made pursuant to Section 4.04; provided that (i) such Restricted Payment shall be made
substantially concurrently with the closing of such Investment, (ii) such parent shall, promptly following the closing thereof, cause (A) all property acquired (whether assets or Equity Interests) to be contributed to the Issuer or a
Restricted Subsidiary or (B) the merger, consolidation or sale of all or substantially all assets (to the extent permitted pursuant to Section 5.01) of the Person formed or acquired into the Issuer or a Restricted Subsidiary in order to
consummate such acquisition or Investment, (iii) such direct or indirect Parent Company and its Affiliates (other than the Issuer or a Restricted Subsidiary) receives no consideration or other payment in connection with such transaction except
to the extent 

  
 53 

	 	
the Issuer or a Restricted Subsidiary could have given such consideration or made such payment in compliance with this Indenture, (iv) any property received by the Issuer shall not increase
amounts available for Restricted Payments pursuant to clause (3) of Section 4.04(a) hereof and (v) such Investment shall be deemed to be made by the Issuer or such Restricted Subsidiary pursuant to another provisions of
Section 4.04 (other than pursuant to clause (x) of this Section 4.04(b)) or pursuant to the definition of “Permitted Investments”; 

  

	 	(xvi) 	the distribution, by dividend or otherwise, or other transfer or disposition of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than
Unrestricted Subsidiaries, the primary assets of which are Cash Equivalents) or the proceeds thereof; 

  

	 	(xvii) 	cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of the Issuer, any of its Restricted
Subsidiaries or any direct or indirect Parent Company of the Issuer; provided, that any such cash payment shall not be for the purpose of evading the limitation of Section 4.04; 

 

	 	(xviii) 	payment of dividends and other distributions in an amount equal to any reduction in taxes actually realized by the Issuer and its Restricted Subsidiaries in the form of refunds or credits or from deductions when applied
to offset income or gain as a direct result of (i) transaction fees and expenses, (ii) commitment and other financing fees or (iii) severance, change in control and other compensation expense incurred in connection with the exercise,
repurchase, rollover or payout of stock options or bonuses, in each case in connection with the Transactions; and 

  

	 	(xix) 	Restricted Payments made in connection with the Issue Date Transactions whether on or after the Issue Date, including without limitation, any dividends or distributions, payments or loans made to any direct or indirect
parent of the Issuer to enable it to make any such payments; 

 provided, however, that at the time of, and after
giving effect to, any Restricted Payment permitted under clauses (xi), (xvi) and (xviii) of Section 4.04(b) hereof, no Default shall have occurred and be continuing or would occur as a consequence thereof. As of the Issue Date, all of
the Issuer’s Subsidiaries will be Restricted Subsidiaries. The Issuer shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the second to last sentence of the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be
deemed to be 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. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in this Indenture. 

SECTION 4.05. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Issuer shall not, and shall not permit any
of its Restricted Subsidiaries that are not Guarantors to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary
to: 
 (a) (i) pay dividends or make any other distributions to the Issuer or any of its Restricted Subsidiaries on its
Capital Stock or with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; 

(b) make loans or advances to the Issuer or any Guarantor; or 

(c) sell, lease or transfer any of its properties or assets to the Issuer or any Guarantor; except in each case for such
encumbrances or restrictions existing under or by reason of: 
 (1) contractual encumbrances or restrictions in effect on the
Issue Date, including pursuant to the Senior Credit Facilities and the related documentation and the Opco Notes and related documentation; 

  
 54 

 (2) this Indenture, the Securities and the related Guarantees, if any; 

(3) purchase money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business that
impose restrictions of the nature discussed in clause (c) above on the property or assets so acquired; 
 (4) applicable
law or any applicable rule, regulation or order; 
 (5) any agreement or other instrument of a Person acquired by the Issuer
or any of its Restricted Subsidiaries in existence at the time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than
the Person so acquired and its Subsidiaries, or the property or assets of the Person so acquired and its Subsidiaries; 
 (6)
contracts or agreements for the sale of assets, including any restrictions with respect to a Subsidiary of the Issuer pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or
assets of such Subsidiary; 
 (7) Secured Indebtedness otherwise permitted to be incurred pursuant to Sections 4.03 and 4.12
that apply to the assets securing such Indebtedness and/or the Restricted Subsidiaries incurring or guaranteeing such Indebtedness; 

(8) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (9) other Indebtedness, Disqualified Stock or Preferred Stock of Foreign Subsidiaries permitted to be
incurred or issued subsequent to the Issue Date pursuant to the provisions of Section 4.03; 
 (10) customary provisions
in any joint venture agreement and other similar agreements entered into in the ordinary course of business; 
 (11)
customary provisions contained in leases, subleases, licenses or sublicenses, Equity Interests or asset sale agreements and other similar agreements, in each case, entered into in the ordinary course of business; 

(12) any encumbrances or restrictions of the type referred to in Sections 4.05(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 (11) above; provided that such
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, no more restrictive in any material respect with respect to such encumbrances and
other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; 

(13) any other agreement governing Indebtedness entered into after the Issue Date if (a) such encumbrances and other
restrictions are, in the good faith judgment of the Issuer, no more restrictive in any material respect taken as a whole with respect to any Restricted Subsidiary than (i) the restrictions contained in this Indenture as of the Issue Date or
(ii) those encumbrances and other restrictions that are in effect on the Issue Date with respect to that Restricted Subsidiary pursuant to agreements in effect on the Issue Date, or (b) any such encumbrance or restriction contained in such
Indebtedness does not prohibit (except upon a default or an event of default thereunder) the payment of dividends in an amount sufficient, as determined by the board of directors of the Issuer in good faith, to make scheduled payments of cash
interest on the Securities when due; 

  
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 (14) customary provisions restricting assignment of any agreement entered into in
the ordinary course of business; 
 (15) other Indebtedness, Disqualified Stock or Preferred Stock of any Restricted
Subsidiary that is a Guarantor, provided that such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be incurred subsequent to the Issue Date under Section 4.03; 

(16) customary restrictions and conditions contained in any agreement relating to the sale, transfer, lease or other
disposition of any asset permitted under Section 4.06 pending the consummation of such sale, transfer, lease or other disposition; 

(17) customary restrictions and conditions contained in the document relating to any Lien so long as (i) such Lien is a
Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien and (ii) such restrictions and conditions are not created for the purpose of avoiding the restrictions imposed by this clause (17); and

 (18) restrictions created in connection with any Receivables Facility that in the good faith determination of the Issuer
are necessary or advisable to affect such Receivables Facility. 
 For purposes of determining compliance with this Section 4.05,
(1) 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 (2) the subordination of loans or advances made to the Issuer or a Restricted Subsidiary to other Indebtedness incurred by the Issuer 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) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless: 

 

	 	(i)	the Issuer or such Restricted Subsidiary, 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 assets sold
or otherwise disposed of; and 

  

	 	(ii)	except in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that
the amount of: 

  

	 	(a)	any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the footnotes thereto) of the Issuer or such Restricted Subsidiary, other than liabilities that are by
their terms subordinated to the Securities, that are assumed by the transferee of any such assets or that are otherwise cancelled or terminated in connection with the transaction with such transferee and for which the Issuer and all of its
Restricted Subsidiaries have been validly released by all creditors in writing, 

  

	 	(b)	any securities, notes or other obligations or assets received by the Issuer or such Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into Cash Equivalents (to the
extent of the Cash Equivalents received) within 180 days following the closing of such Asset Sale, and 

  

	 	(c)	any Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration
received pursuant to this clause (c) that is at that time outstanding, not to exceed the greater of (x) $40.0 million and (y) 1.25% of Consolidated Total Assets 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, 

  
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 shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a). 

(b) Within 365 days after the receipt of any Net Proceeds of any Asset Sale, the Issuer or such Restricted Subsidiary, at its option, may
apply the Net Proceeds from such Asset Sale, 
  

	 	(i)	to repay (a) Obligations under the Senior Credit Facilities and if the Indebtedness repaid is revolving credit indebtedness, to correspondingly reduce commitments with respect thereto; (b) Obligations under
Indebtedness (other than Subordinated Indebtedness) that is secured by a Lien, which Lien is permitted by this Indenture, and if the Indebtedness repaid is revolving credit indebtedness, to correspondingly reduce commitments with respect thereto;
(c) Obligations under Indebtedness of the Issuer or a Guarantor (other than Subordinated Indebtedness) (and if the Indebtedness repaid is revolving credit indebtedness, to correspondingly reduce commitments with respect thereto), provided
that the Issuer shall equally and ratably reduce Obligations under the Securities as provided under “Optional Redemption,” through open-market purchases (to the extent such purchases are at or above 100% of the principal amount
thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase their Securities at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest and
Additional Interest, if any, on the amount of Securities that would otherwise be prepaid; or (d) Obligations under Indebtedness (including the Opco Notes) of a Restricted Subsidiary that is not a Guarantor (including Opco), other than
Indebtedness owed to the Issuer or another Restricted Subsidiary; provided, that (i) if an offer to purchase any Indebtedness of a Restricted Subsidiary of the Issuer is made in accordance with the terms of such Indebtedness, the
obligation to repay or reduce Indebtedness of a Restricted Subsidiary will be deemed satisfied to the extent of the amount of the offer, whether or not accepted by the holders of such Indebtedness, and no Net Proceeds in the amount of such offer
will be deemed to exist following such offer, and (ii) if the holder of any Indebtedness of a Restricted Subsidiary of the Issuer declines the repayment of such Indebtedness owed to it from such Net Proceeds, the obligation to repay or reduce
Indebtedness of a Restricted Subsidiary will be deemed satisfied to the extent of the declined Net Proceeds; 

  

	 	(ii)	to make (a) an Investment in any one or more businesses, provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the Issuer or any of its Restricted
Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (b) capital expenditures or (c) acquisitions of other properties or assets, in the case of each of
(a), (b) and (c), used or useful in a Similar Business; or 

  

	 	(iii)	to make an Investment in (a) any one or more businesses, provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the Issuer or any of its Restricted
Subsidiaries, as the case may be, owning an amount of the Capital. Stock of such business such that it constitutes a Restricted Subsidiary, (b) properties or (c) other assets that, in the case of each of (a), (b) and (c), replace the
businesses, properties and/or other assets that are the subject of such Asset Sale; 

 provided that, in the case of clauses
(ii) and (iii) above, a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment so long as the Issuer or such other Restricted Subsidiary enters into such commitment with the good
faith expectation that such Net Proceeds will be applied to satisfy such commitment within 180 days of such commitment (an “Acceptable Commitment”) and, in the event any 

  
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Acceptable Commitment is later cancelled or terminated for any reason before the Net Proceeds are applied in connection therewith, the Issuer or such Restricted Subsidiary enters into another
Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination; provided further that if any Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied,
then such Net Proceeds shall constitute Excess Proceeds (as defined below). 
 Any Net Proceeds from any Asset Sale that are not invested or
applied as provided and within the time period set forth in this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Securities, as described in clause (i) of this
Section 4.06(b), 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 $25.0 million, the Issuer shall
make an offer to all Holders of the Securities and, at the option of the Issuer, to any holders of any Indebtedness that is pari passu with the Securities (“Pari Passu Indebtedness”) (an “Asset Sale Offer”), to
purchase the maximum aggregate principal amount of the Securities and such Pari Passu Indebtedness that is at least $2,000 and an integral multiple of $1,000 in excess thereof or, in case any PIK Payment has been made, in minimum denominations of
$1.00 and any integral multiple of $1.00 in excess thereof, 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 100% of the accreted value thereof, if less, plus
accrued and unpaid interest and Additional Interest, if any, (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for by the terms of such Pari Passu Indebtedness), to, but not including, the date fixed for
the closing of such offer, in accordance with the procedures set forth in this Indenture. The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within thirty Business Days after the date that Excess Proceeds exceed $25.0
million by mailing the notice required pursuant to the terms of this Indenture, with a copy to the Trustee, or otherwise in accordance with the procedures of DTC. 

To the extent that the aggregate amount of Securities and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than
the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject to compliance with other covenants contained in this Indenture. If the aggregate principal amount of Securities and the Pari Passu
Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Securities to be purchased in the manner described in Section 3.04. Selection of such Pari Passu Indebtedness will be made
pursuant to the terms of such Pari Passu Indebtedness. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset to zero (regardless of whether there are any remaining Excess Proceeds upon such completion). 

Notwithstanding the foregoing, the Issuer will not be required to apply in accordance with this Section 4.06 any Net Proceeds received in
respect of any Asset Sale by any Restricted Subsidiary until such time as such entities are permitted in accordance with the terms of their Indebtedness to dividend or distribute an amount at least equal to such Net Proceeds to the Issuers,
excluding for such purposes any such dividends or distributions that are required to be applied to Cash Interest or that are not included in the Applicable Amount because they were intended for another purpose. 

Pending the final application of any Net Proceeds pursuant to this Section 4.06, the holder of such Net Proceeds may apply such Net
Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 

The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws or regulations are applicable in connection with the repurchase of the Securities pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Indenture, the Issuers shall 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) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, 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, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $10.0 million, unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; and 

(ii) the Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate payments or consideration in excess of $25.0 million, a resolution adopted by the majority of the board of directors of the Issuer approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying
that such Affiliate Transaction complies with clause (i) above. 

  
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 (b) Section 4.07(a) shall not apply to the following: 

(i) transactions between or among the Issuer or any of its Restricted Subsidiaries, or an entity that becomes a Restricted
Subsidiary as a result of such transaction, and any merger, consolidation or amalgamation of the Issuer and any direct parent of the Issuer; provided that such parent shall have no material liabilities and no material assets other than cash,
Cash Equivalents and Capital Stock of the Issuer (or a Parent Company thereof) and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Indenture and effected for a bona fide business purpose; 

(ii) Restricted Payments permitted by Section 4.04 and Investments constituting Permitted Investments; 

(iii) the payment of management, consulting, monitoring and advisory fees and termination fees and related indemnities and
expenses pursuant to the Sponsor Management Agreement as in effect on the Issue Date or any amendment thereto or replacement thereof so long as any such amendment or replacement is not disadvantageous in any material respect, in the good faith
judgment of the Issuer, to the Holders of the Securities when taken as a whole as compared to the Sponsor Management Agreement in effect on the Issue Date (it being understood that any amendment thereto or replacement thereof to increase the fees
payable pursuant to such Sponsor Management Agreement would be deemed to be materially disadvantageous to the Holders); 

(iv) the payment of reasonable and customary fees and reimbursement of expenses and compensation paid to, and indemnities
provided on behalf of or for the benefit of, future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any
of the foregoing) of the Issuer, any of its direct or indirect parent companies or any of its Restricted Subsidiaries; 
 (v)
transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from
a financial point of view or stating that the terms are not materially less favorable to the Issuer or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted
Subsidiary with an unrelated Person on an arm’s-length basis; 
 (vi) any agreement as in effect as of the Issue Date,
or any amendment thereto (so long as any such amendment is not disadvantageous in any material respect to the Holders when taken as a whole as compared to the applicable agreement as in effect on the Issue Date) or any transaction contemplated
thereby as determined in good faith by the Issuer; 
 (vii) the existence of, or the performance by the Issuer, any of its
Restricted Subsidiaries or any direct or indirect parent of the Issuer of its obligations under the terms of, any stockholders agreement 

  
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(including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date and any transaction, agreement or arrangement described in the
Offering Memorandum and, in each case, 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 the Issuer or any of
its Restricted Subsidiaries of obligations under, any future amendment to any such existing transaction, agreement or arrangement or any similar transaction, agreement or arrangement entered into after the Issue Date shall only be permitted by this
clause (vii) to the extent that the terms of any such existing transaction, agreement or arrangement together will all amendments thereto, taken as a whole, or new transaction, agreement or arrangement are not otherwise disadvantageous in any
material respect to the Holders when taken as a whole as compared to the original agreement in effect on the Issue Date; 

(viii) (a) transactions with customers, clients, suppliers, contractors, or purchasers or sellers of goods or services, or
transactions otherwise relating to the purchase or sale 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 the Issuer and its Restricted Subsidiaries,
in the reasonable determination of the board of directors of the Issuer or the senior management thereof, or are on terms at least as favorable as would 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 and consistent with past practice or industry norms; 

(ix) the issuance of Equity Interests (other than Disqualified Stock or Preferred Stock) of the Issuer or a Restricted
Subsidiary to any person; 
 (x) sales of accounts receivable, or participations therein, in connection with any Receivables
Facility; 
 (xi) payments by the Issuer or any of its Restricted Subsidiaries made for any financial advisory, consulting,
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
the Issuer in good faith or are otherwise permitted by this Indenture; 
 (xii) payments or loans (or cancellation of loans)
or advances to employees, officers, directors, members of management or consultants (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer, any of its direct
or indirect parent companies or any of its Restricted Subsidiaries and employment agreements, severance arrangements, stock option plans and other similar arrangements with such employees, officers, directors, members of management or consultants
(or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) which, in each case, are approved by a majority of the board of directors of the Issuer, in good faith; 

(xiii) the Transactions, the Issue Date Transactions and the payment of all fees and expenses related to the Transactions and
the Issue Date Transactions, including Transaction Expenses; 
 (xiv) any transaction effected as part of a Receivables
Financing; 
 (xv) any contribution to the capital of the Issuer or any Restricted Subsidiary; 

(xvi) transactions permitted by, and complying with, the provisions of Section 5.01 solely for the purpose of
(a) reorganizing to facilitate any initial public offering of securities of the Issuer or any direct or indirect Parent Company, (b) forming a holding company, or (c) reincorporating the Issuer in a new jurisdiction; 

(xvii) transactions between the Issuer or any Restricted Subsidiary and any Person, a director of which 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, as the case may be, on any matter involving such other Person; 

  
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 (xviii) the issuance 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 the Issuer or any direct or indirect Parent Company of
the Issuer or a Subsidiary of the Issuer, as appropriate, in good faith; 
 (xix) transactions undertaken in good faith (as
certified by a responsible financial or accounting officer of the Issuer in an Officer’s Certificate) for the purposes of improving the consolidated tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing any
covenant set forth in this Indenture; and 
 (xx) payments and other transactions in respect of Indebtedness of the Issuer
and its Subsidiaries held by Affiliates so long as such Affiliates are treated no more favorably than any non-Affiliate holders of such Indebtedness. 

SECTION 4.08. Change of Control. 

(a) Upon the occurrence of a Change of Control after the Issue Date, unless the Issuer has previously or concurrently mailed a redemption
notice with respect to all the outstanding Securities as described under paragraph 5(b) of the Security, the Issuers will make an offer to purchase all of the Securities pursuant to the offer described below (the “Change of Control
Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to, but not including, the date of
purchase, subject to the right of Holders of record of the Securities on the relevant record date to receive interest due on the relevant interest payment date. 

(b) Within 30 days following any Change of Control, the Issuer will send notice of such Change of Control Offer by first-class mail, with a
copy to the Trustee, to each Holder of Securities to the registered address of such Holder or otherwise in accordance with the procedures of DTC, with the following information: 

(i) that a Change of Control Offer is being made pursuant to this Section 4.08, and that all Securities properly tendered
pursuant to such Change of Control Offer will be accepted for payment by the Issuers at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the date of repurchase, subject
to the right of Holders of records of the Securities on the relevant record date to receive interest due on the relevant interest payment date; 

(ii) the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days from the date such
notice is mailed or otherwise delivered (the “Change of Control Payment Date”), subject to extension (in the case where such notice was mailed or otherwise delivered prior to the occurrence of the Change of Control) in the event
that occurrence of the Change of Control is delayed; 
 (iii) that any Security not properly tendered will remain outstanding
and continue to accrue interest; 
 (iv) that unless the Issuers default in the payment of the Change of Control Payment, all
Securities accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 

(v) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control; 
 (vi) that Holders electing to have any Securities purchased
pursuant to a Change of Control Offer will be required to surrender such Securities, with the form entitled “Option of Holder to 

  
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Elect Purchase” on the reverse of such Securities completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Payment Date; 
 (vii) that Holders will be entitled to withdraw their tendered
Securities and their election to require the Issuers to purchase such Securities, provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to the Change of Control Payment Date, facsimile
transmission or letter setting forth the name of the Holder of the Securities, the principal amount of Securities tendered for purchase, and a statement that such Securities is withdrawing its tendered Securities and its election to have such
Securities purchased; 
 (viii) that if the Issuers are redeeming less than all of the Securities, the Holders of the
remaining Securities will be issued new Securities and such new Securities will be equal in principal amount to the unpurchased portion of the Securities surrendered. The unpurchased portion of the Securities must be equal to $2,000 or an integral
multiple of $1,000 in excess of $2,000 or, in case any PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof; and 

(ix) the other instructions, as determined by the Issuer, consistent with this Section 4.08, that a Holder must follow.

 Securities repurchased by the Issuers pursuant to a Change of Control Offer will have the status of Securities issued but not outstanding
or will be retired and cancelled at the option of the Issuers. Securities purchased by a third party pursuant to the preceding paragraph will have the status of Securities issued and outstanding. 

The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such
notice. If (a) the notice is mailed in a manner herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such notice or such defect shall
not affect the validity of the proceedings for the purchase of the Securities as to all other Holders that properly received such notice without defect. 

The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws or regulations are applicable in connection with the repurchase by the Issuers of Securities pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the
provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations described in this Indenture by virtue thereof. 

(c) On the Change of Control Payment Date, the Issuers shall, to the extent permitted by law, 

(1) accept for payment all Securities issued by the Issuers or portions thereof properly tendered pursuant to the Change of
Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of
all Securities or portions thereof so tendered; and 
 (3) deliver, or cause to be delivered, to the Trustee for cancellation
the Securities so accepted together with an Officer’s Certificate to the Trustee stating that such Securities or portions thereof have been tendered to and purchased by the Issuers. 

(d) The Issuer shall not be required to make a Change of Control Offer following a Change of Control if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Securities validly tendered and not withdrawn under
such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of
Control at the time of making of the Change of Control Offer. 

  
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 (e) Other than as specifically provided in this Section 4.08, any purchase pursuant to this
Section 4.08 shall be made pursuant to the provisions of Sections 3.04, 3.07 and 3.08 hereof. 
 SECTION 4.09. Compliance
Certificate. The Issuers shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuers, beginning with the fiscal year ending on or about December 31, 2013, a certificate (the signer of which shall be the
principal executive officer, the principal financial officer or the principal accounting officer of the Issuers) stating that in the course of the performance by the signer of the signer’s duties as an Officer of the Issuers the signer would
normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period. If the signer does, the certificate shall describe the Default. The Issuer also shall comply with Section 314(a)(4) of
the Trust Indenture Act. 
 SECTION 4.10. Further Instruments and Acts. Upon request of the Trustee, the Issuers 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. 

SECTION 4.11. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer shall not permit any of its Wholly-Owned
Subsidiaries that are Restricted Subsidiaries (and non-Wholly-Owned Subsidiaries if such non-Wholly-Owned Subsidiaries guarantee other capital markets debt securities of the Issuer or any Guarantor), other than a Guarantor or an Excluded Subsidiary,
to guarantee the payment of any Indebtedness of the Issuer or any other Guarantor unless: 
 (1) such Restricted Subsidiary within 30 days
executes and delivers a supplemental indenture to this Indenture, the form of which is attached as Exhibit C hereto, providing for a Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of the
Issuer or any Guarantor, if such Indebtedness is by its express terms subordinated in right of payment to the Securities or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be
subordinated in right of payment to such Guarantee substantially to the same extent as such Indebtedness is subordinated to the Securities; and 

(2) such Restricted Subsidiary waives and shall not in any manner whatsoever claim or take the benefit or advantage of, any rights of
reimbursement, indemnity or subrogation or any other rights against the Issuer or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee; and 

provided that this Section 4.11 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time
such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. 

Each Guarantee will be limited, to the extent enforceable, to an amount not to exceed the maximum amount that can be guaranteed by that
Restricted Subsidiary without rendering the Guarantee, as it relates to such Restricted Subsidiary, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

 The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a
Guarantor, in which case, such Subsidiary shall only be required to comply with clauses (1) (other than with respect to any time period) and (2) of this Section 4.11. 

Each Guarantee shall be released in accordance with Section 10.02(b). 

  
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 SECTION 4.12. Liens. The Issuer shall not, and shall not permit the Co-Issuer or any
Guarantor to, directly or indirectly, create, incur, assume or suffer to exist any Lien (except Permitted Liens) that secures obligations under any Indebtedness of the Issuer or Co-Issuer or any related guarantees of Indebtedness by the Issuer or
Co-Issuer, on any asset or property of the Issuer, Co-Issuer or any Guarantor, or any income or profits therefrom, or assign or convey any right to receive income therefrom, unless: 

(i) in the case of Liens securing Subordinated Indebtedness, the Securities and related Guarantees, if any, are secured by a
Lien on such property, assets or proceeds that is senior in priority to such Liens; or 
 (ii) in all other cases, the
Securities or the Guarantees, if any, are equally and ratably secured, 
 except that the foregoing shall not apply to or restrict (a) Liens, if any,
securing the Securities and the related Guarantees, if any, (b) Liens securing obligations in respect of (x) Indebtedness and other obligations permitted to be incurred under the Senior Credit Facilities, including any letter of credit
facility relating thereto, that was permitted by the terms of this Indenture to be incurred pursuant to Section 4.03(b)(i) and (y) obligations of the Issuer or any Guarantor in respect of any Bank Products or Cash Management Services
provided by any lender party to any Senior Credit Facility or any affiliate of such lender (or any Person that was a lender or an affiliate of a lender at the time the applicable agreements pursuant to which such Bank Products or Cash Management
Services are provided were entered into) and (c) Liens incurred to secure Obligations in respect of any Indebtedness permitted to be incurred pursuant to Section 4.03; provided that, with respect to Liens securing Obligations
permitted under this subclause (c), at the time of incurrence and after giving pro forma effect thereto, the Consolidated Secured Debt Ratio would be no greater than 4.00 to 1.0. 

Any Lien created for the benefit of the Holders of the Securities pursuant to this Section 4.12 shall be deemed automatically and
unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (i) and (ii) above. 

The expansion of Liens by virtue of accrual of interest, the accretion of accreted value, the payment of interest or dividends in the form of
additional Indebtedness, amortization of original issue discount and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an incurrence of Liens for
purposes of this Section 4.12. 
 SECTION 4.13. Maintenance of Office or Agency. 

(a) The Issuers shall maintain 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 Issuers in respect of the Securities and this Indenture may be served. The Issuers 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 Issuers 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 11.02; provided that no service of legal process may be made against the Issuers at any office of
the Trustee. 
 (b) The Issuers 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; provided, however, that no such designation or rescission shall in any manner relieve the Issuers of its obligation to maintain
an office or agency for such purposes. The Issuers 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. 

(c) The Issuers hereby designates the corporate trust office of the Trustee or its agent as such office or agency of the Issuers in accordance
with Section 2.04. 

  
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 SECTION 4.14. Termination and Suspension of Certain 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”) then, beginning on
that day and continuing at all times thereafter until the Reversion Date, as defined below, the Issuer and its Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.11 and clause (iv) of
Section 5.01(a) of this Indenture (collectively, the “Suspended Covenants”). In the event that the Issuer and the 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 the Issuer and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. The period of time between the Covenant Suspension Event and the Reversion Date
is referred to herein as the “Suspension Period.” 
 On each Reversion Date, 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). Calculations made after the Reversion Date of the amount available to be made as Restricted
Payments under Section 4.04 shall be made as though Section 4.04 had been in effect prior to, but not during, the Suspension Period. No Default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any
actions taken by the Issuer or the Restricted Subsidiaries during the Suspension Period. On and after each Reversion Date, the Issuer and its Subsidiaries will be permitted to consummate the transactions contemplated by any contract entered into
during the Suspension Period so long as such contract and such consummation would have been permitted during such Suspension Period. 
 (b)
For purposes of Section 4.05, on the Reversion Date, any contractual encumbrances or restrictions of the type specified in clause (a), (b) or (c) of Section 4.05 entered into during the Suspension Period, will be deemed to have
been in effect on the Issue Date, so that they are permitted under clause (1) of Section 4.05. 
 (c) For purposes of
Section 4.06, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero. 
 (d) For purposes of
Section 4.07, any Affiliate Transaction entered into after the Reversion Date pursuant to a contract, agreement, loan, advance or guaranty with, or for the benefit of, any Affiliate of the Issuer entered into during the Suspension Period will
be deemed to have been in effect as of the Issue Date for purposes of Section 4.07(b)(vi). 
 (e) During a Suspension Period, the
Issuer may not designate any of its Subsidiaries as Unrestricted Subsidiaries. 
 (f) The Issuer shall deliver promptly to the Trustee an
Officer’s Certificate notifying it of the occurrence of any Covenant Suspension Event or any Reversion Date. The Trustee shall have no independent obligation to determine if a Suspension Period has commenced or terminated, to notify the Holders
regarding the same or to determine the consequences thereof. 
 ARTICLE 5 

SUCCESSOR COMPANY 

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

(a) The Issuers shall not 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, in one or more related transactions, to any Person unless: 

(i) such Issuer is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than an
Issuer) 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 jurisdiction of organization of
such Issuer or the laws of the United States, any state thereof, the District of Columbia (such Issuer or such Person, as the case may be, being herein called the “Successor Company”); provided that in the case where such Successor
Company is not a corporation, a co-obligor of the Securities is a corporation; 

  
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 (ii) a Successor Company, if other than an Issuer, expressly assumes all the
obligations of such Issuer under this Indenture, the Registration Rights Agreement and the Securities pursuant to supplemental indentures or other documents or instruments; 

(iii) immediately after such transaction, no Default shall have occurred and be continuing; 

(iv) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the applicable four-quarter period, either: 
 (A) the Successor Company would
be permitted to incur at least $1.00 of additional Indebtedness pursuant to the calculation set forth in Section 4.03(a)(i); or 

(B) the Fixed Charge Coverage Ratio for the Successor Company and its Restricted Subsidiaries would be equal to or greater
than the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries immediately prior to such transaction; 

(v) [Reserved]; and 

(vi) the Successor Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture. 
 The Successor
Company (if other than an Issuer) shall succeed to, and be substituted for the Issuer, as the case may be, under this Indenture and the Securities, and in such event such Issuer will automatically be released and discharged from its obligation under
this Indenture, the Registration Rights Agreement and the Securities. Notwithstanding the foregoing clauses (iii) and (iv) of this Section 5.01(a), (A) any Restricted Subsidiary may consolidate with or merge with or into or wind
up into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to the Issuer, and (B) the Issuer may consolidate with or merge with or into or wind up into an Affiliate of the Issuer solely for
the purpose of reincorporating the Issuer in a State of the United States, so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby. 

(b) No Guarantor shall, and the Issuers shall not permit any Guarantor to, consolidate or merge with or into or wind up into (whether or not
the Issuers or 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 (other than any such
sale, assignment, transfer, lease, conveyance or disposition in connection with the Transactions) unless: 
 (i) (A) such
Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) 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 jurisdiction of organization of such Guarantor, as the case may be, or the laws of the United States, any state thereof, the District of Columbia or
any territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor Person” ), (B) the Successor Person (if other than such Guarantor) expressly assumes all the obligations of such
Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture or 

  
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other documents or instruments, (C) immediately after such transaction, no Default exists, and (D) the Successor Person shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture; or 

(ii) the transaction is made in compliance with clauses (i) and (ii) of Section 4.06(a) hereof. 

Except as otherwise provided in this Indenture, the Successor Person (if other than such Guarantor) will succeed to, and be substituted for,
such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing,
(1) a Guarantor may consolidate with or merge with or into or wind up into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to another Guarantor or the Issuer and (2) a Guarantor may
consolidate with or merge with or into or wind up or convert into an Affiliate incorporated solely for the purpose of reincorporating such Guarantor in another state of the United States or the District of Columbia so long as the amount of
Indebtedness of the Guarantor is not increased thereby. 
 Clauses (iii) and (iv) of Section 5.01(a) shall not apply to a
sale, assignment, transfer, conveyance or other disposition of assets between or among the Issuer and the Restricted Subsidiaries. 

SECTION 5.02. Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
assets of the Issuer in accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition
is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the Issuer shall refer instead to the
successor corporation and not to the Issuer), and may exercise every right and power of the Issuer under this Indenture with the same effect as if such successor Person had been named as the Issuer herein; provided that the predecessor Issuer shall
not be relieved from the obligation to pay the principal of and interest and Additional Interest, if any, on the Securities except in the case of a sale, assignment, transfer, lease, conveyance or other disposition of all of the Issuer’s assets
that meets the requirements of Section 5.01 hereof. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

SECTION 6.01. Events of Default. An “Event of Default” with respect to the Securities occurs if: 

(a) there is a default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or
premium, if any, on the Securities; 
 (b) there is a default for 30 days or more in the payment when due of interest and
Additional Interest, if any, on or with respect to the Securities; 
 (c) the Issuers or any Guarantor fails for 60 days
after receipt of written notice given by the Trustee or the Holders of not less than 25% in principal amount of the Securities to comply with any of its obligations, covenants or agreements (other than a default referred to in clauses (a) and
(b) above) contained in this Indenture or the Securities; 
 (d) there is a default under any mortgage, indenture or
instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any of its 

  
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Restricted Subsidiaries or the payment of which is guaranteed by the Issuer or any of its Restricted Subsidiaries, other than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether
such Indebtedness or guarantee now exists or is created after the issuance of the Securities, if both: 
 (a) such default
either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such
Indebtedness at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due prior to its stated maturity; and 

(b) the principal amount of such Indebtedness, together with the principal amount of any other such indebtedness in default
for failure to pay any principal at its stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate $50.0 million or more at any one time outstanding; 

(e) Issuer or any Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of the latest
audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, fails to pay final judgments aggregating in excess of $50.0 million, which final judgments remain unpaid, undischarged, unwaived and unstayed for a
period of more than 60 days after such judgment becomes final, 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; 

(f) the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences a voluntary case; 

(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 all or substantially all of its property; or 

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

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

(i) is for relief against the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in a proceeding in which the Issuer or any such Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent; 

(ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, or for all
or substantially all of the property of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for
the Issuer), would constitute a Significant Subsidiary; or 
 (iii) orders the liquidation of the Issuer or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary; 

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

(h) the Guarantee, if any, of any Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of
the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, shall for any reason cease to be in full force and effect (except as contemplated by the terms thereof) or any responsible officer of
any Guarantor that is a Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, as the case may be,
denies that it has any further liability under its or their Guarantee(s) or gives notice to such effect, other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture. 

In the event of any Event of Default specified in clause (d) above, such Event of Default and all consequences thereof (excluding any
resulting payment default, other than as a result 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:

 (1) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or 

(2) holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event
of Default; or 
 (3) the default that is the basis for such Event of Default has been cured. 

SECTION 6.02. Acceleration. If any Event of Default (other than an Event of Default specified in clause (f) or (g) of
Section 6.01 hereof with respect to the Issuer) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in principal amount of the then total outstanding Securities by notice to the Issuer may declare the
principal, premium, if any, interest and any other monetary obligations on all the then outstanding Securities to be due and payable immediately. Upon the effectiveness of such declaration, such principal and interest shall be due and payable
immediately. 
 Notwithstanding the foregoing, in the case of an Event of Default arising under clause (f) or (g) of
Section 6.01 hereof with respect to the Issuer, all outstanding Securities shall be due and payable immediately without further action or notice. 

The Holders of a majority in aggregate principal amount of the then outstanding Securities by written notice to the Trustee may on behalf of
all of the Holders rescind an acceleration and its consequences: 
 (1) if the rescission would not conflict with any judgment or decree;

 (2) if all existing Events of Default have been cured, waived, annulled or rescinded except nonpayment of principal interest or interest
that has become due solely because of the acceleration; 
 (3) to the extent the payment of such interest is lawful, interest on overdue
installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; and 

(4) if the Issuer has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances.

  
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 SECTION 6.03. Other Remedies. If an Event of Default with respect to the Securities 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. To the extent permitted by law, all available remedies are cumulative. 
 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 not less than a majority in principal amount of the then outstanding Securities by written notice to the Trustee may on the behalf of all
Holders waive an existing Default or Event of Default and its consequences except (a) a continuing Default or Event of Default in the payment of the principal of or interest on a Security, (b) a continuing Default or Event of Default
arising from the failure to redeem or purchase any Security when required pursuant to the terms of this Indenture or (c) a 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, it is deemed cured and the Issuer, the Trustee and the Holders will be restored to their former positions and rights under this Indenture, 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 then
outstanding Securities 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. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under
this Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

SECTION 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: 
 (i) Such Holder has previously given the Trustee written notice that
an Event of Default is continuing; 
 (ii) Holders of at least 25% in principal amount of the total outstanding Securities
have requested the Trustee, in writing, to pursue the remedy; 
 (iii) Holders of the Securities have offered the Trustee
security or indemnity satisfactory to it against any loss, liability or expense; 
 (iv) the Trustee has not complied with
such request within 60 days after receipt thereof and the offer of security or indemnity; and 
 (v) Holders of a majority in
principal amount of the total outstanding Securities have not given the Trustee a written 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 does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

  
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 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. 

SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing
with respect to Securities, 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 such Securities) and the amounts provided for in Section 7.07. 

SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents 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 (including counsel, accountants, experts or such other professionals as the
Trustee deems necessary, advisable or appropriate)) and the Holders of Securities then outstanding allowed in any judicial proceedings relative to the Issuer or any Guarantor, its creditors or its 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 any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 

SECTION 6.10. Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or
property in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07; 

SECOND: to the 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. 

The Trustee may fix a record date and payment date for any payment to the Holders pursuant to this Section. 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 for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees 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 does not apply to a suit by the
Trustee, 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. 

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. 

  
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 ARTICLE 7 

TRUSTEE 
 SECTION 7.01.
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(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 (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty); and 

(ii) in the absence of negligence, willful misconduct or 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. The Trustee shall be under no duty to make any investigation
as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. 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 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 paragraph does not limit the effect of
paragraph (b) of this Section; 
 (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 

(iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (d) Every provision of
this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section. 
 (e) 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. 
 (f)
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) 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 and to the provisions of the Trust Indenture Act. 

(h) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers will be sufficient if
signed by an Officer of each Issuer. 

  
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 SECTION 7.02. Rights of Trustee. 

(a) The Trustee may conclusively rely 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. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or
agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute negligence, willful misconduct or bad faith. 

(e) The Trustee may consult with counsel of its own selection 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.

 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the Holders of not less than a majority in principal amount of the Securities at the
time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Issuers, personally or by agent or attorney, at the expense of the Issuers and shall incur no liability of any kind by reason of such inquiry or investigation. 

(g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(i) The Trustee shall not be liable for any action taken or omitted by it in good faith at the direction of the Holders of not less than a
majority in principal amount of the outstanding Securities as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the Holder of any Security shall be conclusive and binding upon future Holders of Securities and upon Securities executed and delivered in exchange
therefor or in place thereof. 

  
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 (k) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(l) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. 

(m) The Trustee may request that the Issuers 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. 
 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 the Issuer or their 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. However, the Trustee must comply with Sections 7.10 and 7.11. 
 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 or the Securities, it shall not be accountable for the Issuer’s use of the proceeds from the Securities, and it shall not
be responsible for any statement of any Issuer or any Guarantor in this Indenture 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. The Trustee
shall not be charged with knowledge of any Default or Event of Default 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 11.02 hereof from the Issuer, any Guarantor or any Holder. In accepting the trust hereby created, the Trustee acts solely as Trustee for the Holders and not in its individual capacity and all persons, including without limitation the
Holders of Securities and the Issuers having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment. 

SECTION 7.05. Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a Trust Officer of the Trustee,
the Trustee shall send to each Holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a Trust Officer or written notice of it is received by the Trustee, or promptly after discovery or
obtaining notice if such discovery is made or notice is received 90 days after the Default occurs. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Security, the Trustee may withhold the notice if
and so long as it in good faith determines that withholding the notice is in the interests of the Holders. 
 SECTION 7.06. Reports by
Trustee to the Holders. As promptly as practicable after each July 1 beginning with the July 1 following the date of this Indenture, and in any event prior to August 30 in each year, for so long as Securities remain outstanding,
the Trustee shall mail to each Holder a brief report dated as of such reporting date that complies with Section 313(a) of the Trust Indenture Act if and to the extent required thereby. The Trustee shall also comply with Section 313(b) of
the Trust Indenture Act. 
 A copy of each report at the time of its mailing to the Holders will be mailed by the Trustee to the Issuer and
shall be filed by the Trustee with the SEC and each stock exchange (if any) on which the Securities are listed in accordance with Section 313(d) of the Trust Indenture Act. The Issuer agrees to notify promptly the Trustee in writing whenever
the Securities become listed on any stock exchange and of any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The
Issuers shall pay to the Trustee from time to time such compensation for its services as shall be agreed in writing between the Issuers and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Issuers 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, except any such disbursements,
advances or expenses as may be attributable to its negligence, willful misconduct or bad faith as determined by a court of competent jurisdiction. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of
the Trustee’s agents, counsel, accountants and experts. The Issuers 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 it arising out of or in connection with the acceptance or 

  
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administration of this trust and the performance of its duties under this Indenture, including the costs and expenses of enforcing this Indenture or Guarantee against the Issuers or a Guarantor
(including this Section 7.07) and defending itself against or investigating any claim (whether asserted by the Issuers, any Guarantor, any Holder or any other Person). The obligation to pay such amounts shall survive the payment in full or
defeasance of the Securities or the removal or resignation of the Trustee. The Trustee shall notify the Issuers of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any
failure so to notify the Issuers shall not relieve the Issuers or any Guarantor of its indemnity obligations hereunder. The Issuers shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuers’ expense in
the defense. Such indemnified parties may have separate counsel and the Issuers and the Guarantors, as applicable, shall pay the fees and expenses of such counsel; provided, however, that the Issuers shall not be required to pay such
fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no conflict of interest between the Issuer and the Guarantors, as applicable, and such parties in connection
with such defense. The Issuers 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, negligence or bad faith as determined by a court of
competent jurisdiction. 
 To secure the Issuers’ and the Guarantors’ payment obligations in this Section, 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 pursuant to Article 8 hereof or otherwise. 

The Issuers’ and the Guarantors’ payment obligations pursuant to this Section 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 any Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

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

SECTION 7.08. Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be
discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the Issuer in writing, and may
appoint a successor Trustee. The Issuer shall remove the Trustee if: 
 (i) the Trustee fails to comply with
Section 7.10; 
 (ii) the Trustee is adjudged bankrupt or insolvent, or an order for relief is entered with respect to
the Trustee under any Bankruptcy Law; 
 (iii) a receiver or other public officer takes charge of the Trustee or its
property; or 
 (iv) the Trustee otherwise becomes incapable of acting. 

(c) 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 promptly appoint a successor Trustee.

  
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 (d) 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, subject to the Lien provided for in Section 7.07. 

(e) 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 at least 10% in aggregate principal amount of the then outstanding Securities may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 

(f) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in
Section 310(b) of the Trust Indenture Act, any Holder who has been a bona fide holder of a Security for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee. 
 (g) Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger. If the
Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further
act shall be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the
Trustee shall succeed to the trusts created by this Indenture any of the 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. 

SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the
Trust Indenture Act. The Trustee shall have a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. The Trustee shall comply with Section 310(b) of the Trust Indenture Act,
subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the Trust
Indenture Act any series of securities issued under this Indenture and any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for
such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. 
 SECTION 7.11. Preferential Collection of Claims
Against the Issuers. The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be
subject to Section 311(a) of the Trust Indenture Act to the extent indicated. 
 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 when either: 
 (1)(a) all Securities theretofore authenticated and delivered, except lost, stolen
or destroyed Securities which have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from trust,
have been delivered to the Trustee for cancellation; or 

  
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 (b) (i) all Securities not theretofore delivered to the Trustee for cancellation have become due
and payable by reason of the making of a notice of redemption or otherwise, will become due and payable within one year 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 Issuers and the Issuers or any Guarantor have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the
Securities, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness as determined by the Issuers
on the Securities not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to, but not including, the date of maturity or redemption; (ii) the Issuers and/or the Guarantors have paid or
caused to be paid all sums payable by it under this Indenture; and (iii) the Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Securities at maturity or the redemption date, as
the case may be. 
 (c) In addition, the Issuers must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating
that all conditions precedent to satisfaction and discharge have been satisfied. 
 (2) Subject to Section 8.02, the Issuers may, at
their option and at any time, elect to discharge (i) all of their obligations under the Securities and this Indenture (“legal defeasance option”) or (ii) their obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08,
4.09, 4.11 and 4.12 for the benefit of the Holders and the operation of Section 5.01 and Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f) (with respect to Significant Subsidiaries of the Issuers only), 6.01(g) (with respect to Significant
Subsidiaries of the Issuers only) and 6.01(h) (“covenant defeasance option”) for the benefit of the Holders. The Issuers may exercise their legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. In
the event that the Issuers terminate all of its obligations under the Securities and this Indenture by exercising its legal defeasance option or its covenant defeasance option, the obligations of each Guarantor under its Guarantee of the Securities
shall be terminated simultaneously with the termination of such obligations so long as no Securities are then outstanding. 
 (3) If the
Issuers exercise 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), 6.01(d), 6.01(e), 6.01(f) (with respect to Significant Subsidiaries of the Issuer only), 6.01(g) (with respect to Significant Subsidiaries of the Issuer only), 6.01(h) or
because of the failure of the Issuer to comply with subclause (a)(iv) of Section 5.01. 
 (4) Upon satisfaction of the conditions set
forth herein and upon request of the Issuers, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates. 

(5) Notwithstanding paragraph 2(i) above, the Issuers’ obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in this
Article 8 shall survive until the Securities have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive such satisfaction and discharge. 

SECTION 8.02. Conditions to Defeasance. 

(a) The Issuers may exercise its legal defeasance option or its covenant defeasance option, in each case, with respect to the Securities only
if: 
 (i) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Securities,
cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, investment bank or appraisal firm, to pay the principal
of, premium, if any, and interest due on 

  
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the Securities on the stated maturity date or on the redemption date, as the case may be, of such principal, premium, if any, or interest on such Securities (provided that if such redemption is
made as provided under paragraph 5 of the Security, (x) the amount of cash in U.S. dollars, Government Securities, or a combination thereof, that the Issuers must irrevocably deposit or cause to be deposited will be determined using an assumed
Applicable Premium calculated as of the date of such deposit and (y) the Issuers must irrevocably deposit or cause to be deposited additional money in trust on the redemption date as necessary to pay the Applicable Premium as determined on such
date) and the Issuers must specify whether such Securities are being defeased to maturity or to a particular redemption date; 

(ii) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that,
subject to customary assumptions and exclusions, (a) the Issuers have received from, or there has been published by, the United States Internal Revenue Service a ruling, or (b) since the issuance of the Securities, there has been a change
in the applicable U.S. federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, subject to customary assumptions and exclusions, the Holders of the Securities will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S.
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(iii) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming
that, subject to customary assumptions and exclusions, the Holders of the Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to such tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(iv) no Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in
connection therewith) shall have occurred and be continuing on the date of such deposit; 
 (v) such Legal Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute a default under the Senior Credit Facilities have been issued or any other material agreement or instrument (other than the Indenture) to which the Issuers or any
Guarantor is a party or by which the Issuers or any Guarantor is bound; 
 (vi) the Issuers shall have delivered to the
Trustee an Officer’s Certificate stating that the deposit was not made by the Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or any Guarantor or others; and 

(vii) the Issuers shall have delivered 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 provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

Notwithstanding the foregoing, an Opinion of Counsel required by the immediately preceding paragraph with respect to legal defeasance need not
be delivered if all of the Securities not thereto for delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable at their stated maturity 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 Issuers. 
 (b) Before or after a
deposit, the Issuers 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 Government Securities (including proceeds thereof)
deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from Government Securities 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. 

  
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 SECTION 8.04. Repayment to Issuer. Each of the Trustee and each Paying Agent shall
promptly turn over to the Issuers upon written request any money or Government Securities held by it as provided in this Article which, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee
(which delivery shall only be required if Government Securities 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 each Paying Agent shall pay to the Issuers 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 each Paying Agent shall
have no further liability with respect to such monies. 
 SECTION 8.05. Indemnity for Government Securities. The Issuers shall pay
and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited Government Securities or the principal and interest received on such Government Securities. 

SECTION 8.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government Securities 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 Issuers’ 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 Government
Securities 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 Government Securities held by the Trustee or any Paying Agent. 

ARTICLE 9 
 AMENDMENTS
AND WAIVERS 
 SECTION 9.01. Without Consent of the Holders. The Issuer, the Guarantors (with respect to a Guarantee or this
Indenture to which it is a party) and the Trustee may amend or supplement this Indenture and any Guarantee or the Securities without the consent of any Holder: 

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

(ii) to provide for uncertificated Securities of such series in addition to or in place of certificated Securities; 

(iii) to comply with the covenant relating to mergers, consolidations and sales of assets; 

(iv) to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders in a transaction
that complies with this Indenture; 
 (v) to make any change that would provide any additional rights or benefits to the
Holders or that does not adversely affect the legal rights under this Indenture of any such Holder; 
 (vi) to add covenants
for the benefit of the Holders or to surrender any right or power conferred upon the Issuer or any Guarantor; 

  
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 (vii) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act, if such qualification is required; 
 (viii) to evidence and
provide for the acceptance and appointment under the Indenture of a successor Trustee thereunder pursuant to the requirements thereof; 

(ix) to provide for the issuance of exchange notes or private exchange notes, which are identical to exchange notes except that
they are not freely transferable; 
 (x) to add a Guarantor under this Indenture; 

(xi) to conform the text of this Indenture, the Guarantees or the Securities to any provision of the Offering Memorandum under
the caption “Description of Notes” to the extent that such provision in the “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Guarantees or the Securities; 

(xii) to make certain changes to the Indenture to provide for the issuance of additional Securities or PIK Notes; 

(xiii) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Securities as
permitted by this Indenture, including, without limitation to facilitate the issuance and administration of the Indenture; provided, however, that (i) compliance with this Indenture as so amended would not result in Securities
being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Securities; or 

(xiv) In the event that the PIK Notes are issued in certificated form, to make appropriate amendments to the Indenture to
reflect an appropriate minimum denomination of certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes. 

After an amendment under this Section 9.01 becomes effective, the Issuer shall mail to the Holders a notice briefly describing such
amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 

SECTION 9.02. With Consent of the Holders. Notwithstanding Section 9.01 of this Indenture, the Issuer, the Guarantors and the
Trustee may amend or supplement this Indenture, the Securities or the Guarantees with the written consent of the Holders of at least a majority in principal amount of the Securities then outstanding voting as a single class (including consents
obtained in connection with a purchase of, or tender offer or exchange offer for the Securities), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the
principal of, premium, if any, or interest on the Securities, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Securities or the Subsidiary Guarantees may be
waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Securities (including Additional Securities and PIK Notes, if any) voting as a single class (including consents obtained in connection with
the purchase of, or tender offer or exchange offer for, Securities). Section 2.09 and Section 11.06 shall determine which Securities are considered to be “outstanding” for the purposes of this Section 9.02. However, without
the consent of each Holder of an outstanding Security affected, an amendment or waiver may not, with respect to any Securities held by a non-consenting Holder: 

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

(ii) reduce the principal of or change the fixed final maturity of any such Security or alter or waive the provisions with
respect to the redemption of such Securities (other than provisions relating to Sections 4.06 and 4.08); provided, that any amendment to the notice requirements may be made with the consent of the Holders of a majority in aggregate principal
amount of then outstanding Securities prior to giving of any notice; 

  
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 (iii) reduce the rate of or change the time for payment of interest on any
Security; 
 (iv) waive a Default in the payment of principal of or premium, if any, or interest on the Securities, except a
rescission of acceleration of the Securities by the Holders of at least a majority in aggregate principal amount of the Securities and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision
contained in this Indenture or any Guarantee which cannot be amended or modified without the consent of all affected Holders; 

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

(vi) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to
receive payments of principal of or premium, if any, or interest on the Securities; 
 (vii) make any change to this
Section 9.02; 
 (viii) 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; 

(ix) make any change to or modify the ranking of the Securities that would adversely affect the Holders; or 

(x) except as expressly permitted by this Indenture, modify or release any Guarantee of any Significant Subsidiary, or any
group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, in any manner adverse to the Holders. 

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, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 9.02
becomes effective, the Issuer shall promptly mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.02. 
 SECTION 9.03. Compliance with Trust Indenture Act. From the date on which this Indenture is qualified under the
Trust Indenture Act, every amendment, waiver or supplement to this Indenture or the Securities shall comply with the Trust Indenture Act as then in effect. 

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 written notice of revocation delivered in accordance with Section 11.02 before the date on which the Trustee receives an Officer’s Certificate from the
Issuer certifying that the requisite principal amount of Securities have consented. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuers 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 indenture supplemental hereto containing such amendment or waiver and
(iii) execution of such amendment or waiver (or supplemental indenture) by the Issuers and the Trustee. 
 (b) The Issuers 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 the immediately preceding paragraph, 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. 

  
 81 

 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 to deliver it to the Trustee. The Trustee may place a notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Issuers so determine,
the Issuers in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make a notation or to issue a new Security shall not affect the validity of such amendment, supplement
or waiver. 
 SECTION 9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, the Trustee shall be entitled to receive
indemnity reasonably satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment,
supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers and the Guarantors, enforceable against them in accordance with its terms,
subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). Notwithstanding the foregoing, an Officer’s Certificate and an Opinion of Counsel shall not be required in connection with the addition of
any Guarantor under this Indenture on the Closing Date upon execution and delivery by such Guarantor and the Trustee of a Supplemental Indenture to this Indenture. 

SECTION 9.07. Payment for Consent. Neither the Issuer nor any Affiliate of the Issuer shall, directly or indirectly, pay or cause to be
paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is
offered to be paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 

SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount. Except as otherwise set forth herein, all Securities issued
under this Indenture shall vote and consent separately on all matters as to which any of such Securities may vote. Determinations as to whether Holders of the requisite aggregate principal amount of Securities have concurred in any direction, waiver
or consent shall be made in accordance with this Article 9 and Section 2.14. 
 ARTICLE 10 

GUARANTEES 
 SECTION
10.01. Guarantees. 
 (a) If the Securities are subject to a Guarantee pursuant to Section 4.11 hereof, each Guarantor shall,
subject to this Article 10 and execution of a related supplemental indenture, jointly and severally, irrevocably and unconditionally guarantees on an unsecured basis, as a primary obligor and not merely as a surety, to each Holder and the Trustee
and their successors and assigns (i) the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of all obligations of the Issuers under this Indenture (including obligations to the Trustee) and the
Securities, whether for payment of principal of, premium, if any, or interest on the Securities and all other monetary obligations of the Issuers under this Indenture and the Securities and (ii) the full and punctual performance within
applicable grace periods of all other obligations of the Issuers whether for fees, expenses, indemnification or otherwise under this Indenture and the Securities, on the terms set forth in this Indenture by executing this Indenture. 

  
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 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 10 notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b) Each Guarantor waives presentation to, demand of payment from and protest to the Issuers 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. 

(c) 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 or the Trustee to any security held for payment of the Guaranteed Obligations. 

(d) Except as expressly set forth in Sections 8.01(b), 10.02 and 10.06, 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. 
 (e) Subject to
Section 10.02 hereof, each Guarantor agrees that its Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations. 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 or the Trustee upon the bankruptcy or reorganization
of the Issuers or otherwise. 
 (f) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee
has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuers 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 by execution of a supplemental indenture 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 Issuers to the Trustee. 
 (g) Each Guarantor agrees that it shall not be entitled to
any right of subrogation in relation to the Trustee 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 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 10.01. 
 (h) Each Guarantor also
agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

Upon request of the Trustee, each Guarantor shall promptly 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. 
 SECTION 10.02. Limitation on
Liability. 
 (a) Each Guarantor, and by its acceptance of Securities, each Holder, hereby confirms that it is the intention of all such
parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent 

  
 83 

 
Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably
agree that, 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
without rendering this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. Each Guarantor that makes a
payment under its Guarantee shall be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such
payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. 
 (b) A
Guarantee by a Guarantor shall provide by its terms that it shall be automatically and unconditionally released and discharged upon: 

(i) (a) any sale, exchange, disposition or transfer (by merger or otherwise) of (x) the Capital Stock of such Guarantor,
after which the applicable Guarantor is no longer a Restricted Subsidiary, or (y) all or substantially all the assets of such Guarantor, which sale, exchange, disposition or transfer in each case is made in compliance with clauses (i) and
(ii) of Section 4.06(a), 
 (b) the release or discharge of the guarantee which resulted in the creation of such Guarantee, except
a discharge or release by or as a result of payment under such guarantee; 
 (c) the proper designation of any Restricted Subsidiary that is
a Guarantor as an Unrestricted Subsidiary; or 
 (d) the Issuers exercising their legal defeasance option or covenant defeasance option as
described under Section 8.02 or the Issuers’ obligations under this Indenture being discharged in accordance with the terms hereof; and 

(ii) the Issuers delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for in the Indenture relating to such transaction have been complied with. 
 SECTION 10.03. Successors and
Assigns. This Article 10 shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by
any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this
Indenture. 
 SECTION 10.04. 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 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the
Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 

SECTION 10.05. Modification. No modification, amendment or waiver of any provision of this Article 10, nor the consent to any departure
by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 10.06. Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary and other Person which is required to become
a Guarantor pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit C pursuant to which such Subsidiary or other 

  
 84 

 
Person shall become a Guarantor under this Article 10 and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall
deliver to the Trustee an Opinion of Counsel and an Officer’s Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person and that, subject to the application of
bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such
Guarantor is a valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request. 

SECTION 10.07. Non-Impairment. The failure to endorse a Guarantee on any Security shall not affect or impair the validity thereof. 

SECTION 10.08. Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits. 

ARTICLE 11 

MISCELLANEOUS 
 SECTION
11.01. Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this
Indenture by operation of, Sections 310 to 318 of the Trust Indenture Act, inclusive, such imposed duties or incorporated provision shall control. 

SECTION 11.02. Notices. 

(a) Any notice or communication by the Issuers, any Guarantor or the Trustee to the others is duly given if in writing and delivered in
person, via facsimile, mailed by first-class mail (registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to the addressed as follows:: 

if to the Issuers or a Guarantor: 

c/o Party City Holdings Inc. 

80 Grasslands Road 
 Elmsford,
NY 10523 
 Attention: Michael A. Correale, Chief Financial Officer, Assistant Secretary, Vice President 

Facsimile: (914) 345-2056 

With a copy to: 

Ropes & Gray LLP 
 1211
Avenue of the Americas 
 New York, NY 10036 

Attention: Jay Kim, Esq. 

Facsimile: (646) 728-1667 

if to the Trustee: 
 Wilmington
Trust, National Association 
 246 Goose Lane, Suite 105 

Guilford CT 06437 
 Attention:
Party City Administrator 
 Facsimile: (203) 453-1183 

  
 85 

 The Issuers, any Guarantor or the Trustee by notice to the others may designate additional or different addresses
for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at
the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery. 
 (b) Any notice or communication mailed to a Holder shall be
mailed, first class mail (certified or registered, return receipt requested), by overnight air courier guaranteeing next day delivery or sent electronically 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 or sent 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. 

(d) 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 Depositary for such Security (or its designee) pursuant to the standing instructions
from the Depositary (or its designee), including by electronic mail in accordance with accepted practices at the Depositary. 
 SECTION
11.03. Communication by the Holders with Other Holders. The Holders may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders with respect to their rights under this Indenture or the Securities. The
Issuers, the Guarantors, the Trustee, the Registrar and other Persons shall have the protection of Section 312(c) of the Trust Indenture Act. 

SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to take
or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 
 (a) an Officer’s
Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such
conditions precedent have been complied with. 
 SECTION 11.05. 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 individual 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 individual, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance
on an officer’s certificate as to matters of fact); and 
 (d) a statement as to whether or not, in the opinion of such
individual, 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. 

  
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 SECTION 11.06. 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 Issuers, 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 of the Trustee actually knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right to deliver any such direction, waiver or consent with respect to the Securities and that the pledgee is not the Issuer any Guarantor or any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer or any Guarantor Subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

SECTION 11.07. 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 11.08. 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. 
 SECTION 11.09. GOVERNING
LAW; WAIVER OF JURY TRIAL. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE ISSUERS, THE GUARANTORS AND
THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 SECTION 11.10. No Recourse Against Others. No past, present or future director, officer, employee, manager, incorporator, member,
partner or stockholder of any Issuer or any Guarantor or any of their Subsidiaries or direct or indirect parent companies 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 a Security waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Securities. 
 SECTION 11.11. Successors. All agreements of the Issuers and each Guarantor in this Indenture and
the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 11.12.
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 email (in PDF format or otherwise) 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 email (in PDF format or otherwise) shall be deemed to be their original signatures for all purposes. 

SECTION 11.13. 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 of this Indenture and shall not modify or restrict any of the terms or provisions of this Indenture. 

  
 87 

 SECTION 11.14. Indenture Controls. If and to the extent that any provision of the
Securities limits, qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control. 
 SECTION
11.15. 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 11.16. Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 11.17. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account with the Trustee. 
 SECTION 11.18. No Adverse Interpretation of Other Agreements. This Indenture may not be used
to interpret any other indenture, loan or debt agreement of the Issuers or their Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

  
 88 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date
first written above. 
  

					
	Very truly yours,
	
	PC NEXTCO HOLDINGS, LLC
		
	By:	 	 /s/ Michael A. Correale

		 	Name:	 	Michael A. Correale
		 	Title:	 	Chief Financial Officer
	
	PC NEXTCO FINANCE, INC.
		
	By:	 	 /s/ Michael A. Correale

		 	Name:	 	Michael A. Correale
		 	Title:	 	Chief Financial Officer

  
 [Indenture –
Signature Page (Company)] 

 
					
	WILMINGTON TRUST, NATIONAL
	ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Joseph P. O’Donnell

		 	Name:	 	Joseph P. O’Donnell
		 	Title:	 	Vice President

  
 [Indenture –
Signature Page (Trustee)] 

 APPENDIX A 

PROVISIONS RELATING TO ORIGINAL SECURITIES, ADDITIONAL SECURITIES AND EXCHANGE SECURITIES 

1. Definitions. 
 1.1
Definitions. 
 For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“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 The Depository Trust
Company, its nominees and their respective successors. 
 “Exchange Offer” has the meaning set forth in the Registration Rights
Agreement. 
 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Global Securities Legend” means the legend set forth under that caption in the applicable Exhibit to this Indenture. 

“IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act. 
 “Initial Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank
Securities Inc., Barclays Capital Inc., Goldman, Sachs & Co., Morgan Stanley & Co. LLC and Moelis & Company LLC as initial purchasers under the Purchase Agreement entered into in connection with the offer and sale of the
Securities. 
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Issuers and sent to all Holders for
use by such Holders in connection with the Registered Exchange Offer pursuant to the Shelf Registration Statement. 
 “Purchase
Agreement” means (a) the Purchase Agreement dated July 29, 2013, among the Issuers and the representative of the Initial Purchasers and (b) any other similar Purchase Agreement relating to Additional Securities. 

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

“Registered Exchange Offer” means the offer by the Issuers, pursuant to the Registration Rights Agreement, to certain Holders of
Initial Securities, to issue and deliver to such Holders, in exchange for their Initial Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 

“Registration Rights Agreement” means (a) the Registration Rights Agreement dated August 1, 2013 among the Issuers and the
Initial Purchasers relating to the Securities and (b) any other similar Registration Rights Agreement relating to Additional Securities. 

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

  
 Appendix A-1 

 “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 period of 40 consecutive
days beginning on and including the later of (a) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall
be promptly given by the Issuers to the Trustee, and (b) the Issue Date, and with respect to any Additional Securities that are Transfer Restricted Securities, it means the comparable period of 40 consecutive days. 

“Restricted Securities Legend” means the legend set forth in Section 2.2(f)(i) herein. 

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

“Rule 144A Securities” means all Securities offered and sold to QIBs in reliance on Rule 144A. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“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. 
 “Shelf Registration Statement” means a registration statement filed by the
Issuers in connection with the offer and sale of Initial Securities pursuant to the Registration Rights Agreement. 
 “Transfer
Restricted Securities” means Definitive Securities and any other Securities that bear or are required to bear or are subject to 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 Global Securities and any other Securities
that are not required to bear, or are not subject to, the Restricted Securities Legend. 
 1.2 Other Definitions. 

 

			
	 Term:
	  	 Defined in Section:

		
	Agent Members	  	2.1(b)
	Clearstream	  	2.1(b)
	Euroclear	  	2.1(b)
	Global Securities	  	2.1(b)
	Regulation S Global Securities	  	2.1(b)
	Regulation S Permanent Global Security	  	2.1(b)
	Regulation S Temporary Global Security	  	2.1(b)
	Rule 144A Global Securities	  	2.1(b)

 2. The Securities. 

2.1 Form and Dating; Global Securities. 

(a) The Original Securities issued on the date hereof will be (i) offered and sold by the Issuers 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 Issuers from time to time pursuant to one or more purchase
agreements in accordance with applicable law. 

  
 Appendix A-2 

 (b) Global Securities. (i) Rule 144A Securities initially shall be represented by one
or more Securities in definitive, 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 Temporary Global Security” and, together with the Regulation S Permanent Global Security (defined below), the “Regulation S Global Securities”), which shall be registered in the name of the
Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear Bank S.A./N.V., as operator of the Euroclear system (“Euroclear”) or Clearstream Banking, Société Anonyme
(“Clearstream”). 
 Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global
Security shall be exchanged for beneficial interests in a permanent Global Security (the “Regulation S Permanent Global Security”) pursuant to the applicable procedures of the Depository. Simultaneously with the authentication of the
Regulation S Permanent Global Security, the Trustee shall cancel the Regulation S Temporary Global Security. The aggregate principal amount of the Regulation S Temporary Global Security and the Regulation S Permanent Global Security may from time to
time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided, and increased to reflect the making of PIK
Interest. 
 The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of
Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Security and the
Regulation S Permanent Global Security that are held by Participants through Euroclear or Clearstream. 
 The term “Global
Securities” means the Rule 144A Global Securities and the Regulation S Global Securities. The Global Securities shall bear the Global Security Legend. The Global Securities initially shall (i) 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, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Securities Legend. 

Members of, or direct or indirect participants in, the Depository shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Securities. The Depository may be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of the
Global Securities for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 

(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 and the provisions of
Section 2.2. In addition, a Global Security shall be exchangeable for Definitive Securities if (x) the Depository (1) notifies the Issuers that it is unwilling or unable to continue as depository for such Global Security and the
Issuers thereupon fail to appoint a successor depository within 90 days or (2) has ceased to be a clearing agency registered under the Exchange Act, (y) the Issuers, at their option, notifies the Trustee that it elects to cause the
issuance of Definitive Securities or (z) there shall have occurred and be continuing an Event of Default with respect to such Global Security and the Depositary shall have requested such exchange; provided that in no event shall the
Regulation S Temporary Global Security be exchanged by the Issuers for Definitive Securities prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule
903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Securities 

  
 Appendix A-3 

 
delivered in exchange for any Global Security or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested 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 (i) of this Section 2.1(b), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuers shall execute, and the Trustee 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 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 Issuers 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 this Indenture. Beneficial interests in a Global Security may be transferred and exchanged as provided in Section 2.2(b) or 2.2(g). 

(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 Restricted Global Securities shall be subject to restrictions
on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Securities shall be transferred or exchanged only for beneficial interests in Global Securities. Transfers and exchanges of
beneficial interests in the Global Securities also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Security. Beneficial interests in any Restricted Global Security
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same 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 

  
 Appendix A-4 

 
(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 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: 
 (A) such exchange or transfer is effected in accordance with the Registration Rights
Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, provides the certifications required by the applicable Letter of Transmittal and the Exchange Offer
Registration Statement that it is not (1) a Broker-Dealer, (2) a Person participating in the distribution of the Exchange Securities or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 

(B) such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) such transfer is effected by a Broker-Dealer pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

(1) if the holder of such beneficial interest in a 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 

(2) if the holder of such beneficial interest in a 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 Issuers so request or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form
reasonably acceptable to the Issuers 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 

  
 Appendix A-5 

 
transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Security has not yet been issued, the Issuers shall issue and, upon receipt of an
written order of the Issuers in the form of an Officer’s Certificate in accordance with Section 2.01, the Trustee 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 subparagraph (iv). 
 (v) Transfer and
Exchange of Beneficial Interests in an Unrestricted Global Security for Beneficial Interests in a 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 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). In any case, beneficial interests in Global Securities shall be
transferred or exchanged only for Definitive Securities. 
 (d) Transfer and Exchange of Definitive Securities for Beneficial Interests
in Global Securities. Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i), (ii), (iii) or (iv) below, as applicable: 

(i) Transfer Restricted Securities to Beneficial Interests in Restricted Global Securities. If any Holder of a Transfer
Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest in a Restricted Global Security or to transfer such Transfer Restricted Security to a Person who takes delivery thereof in the form of a beneficial
interest in a Restricted Global Security, then, upon receipt by the Registrar of the following documentation: 
 (A) if the
Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest in a Restricted Global Security, a certificate from such Holder in the form attached to the applicable Security; 

(B) if such Transfer Restricted Security is being transferred to a Qualified Institutional Buyer 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 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 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 Security is being transferred to an Institutional Accredited Investor 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 Security is being
transferred to the Issuers or a Subsidiary thereof, a certificate from such Holder in the form attached to the applicable Security; the Trustee shall cancel the Transfer Restricted Security, and increase or cause to be increased the aggregate
principal amount of the appropriate Restricted Global Security. 

  
 Appendix A-6 

 (ii) Transfer Restricted Securities to Beneficial Interests in Unrestricted
Global Securities. A Holder of a Transfer Restricted Security may exchange such Transfer Restricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such Transfer Restricted Security to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security only if: 
 (A) such exchange
is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, provides the certifications required by the applicable Letter
of Transmittal and the Exchange Offer Registration Statement that it is not (1) a Broker-Dealer, (2) a Person participating in the distribution of the Exchange Securities or (3) a Person who is an affiliate (as defined in Rule 144) of
the Issuers; 
 (B) such transfer is effected pursuant to the Shelf Registration in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

(1) if the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial
interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security; or 

(2) if the Holder of such Transfer Restricted Securities proposes to transfer such Transfer Restricted 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 Issuers so request or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel
in form reasonably acceptable to the Issuers 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 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 Issuers shall issue and, upon receipt of a written
order of the Issuers in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Securities
transferred or exchanged pursuant to this subparagraph (ii). 
 (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 Issuers shall issue and, upon receipt of an written order of the Issuers in the form of an Officer’s Certificate, the 

  
 Appendix A-7 

 
Trustee 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
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 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 Securities to Transfer Restricted Securities. A Transfer Restricted Security may be transferred
to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted 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; 

(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 Issuers or a Subsidiary thereof, a certificate in the form attached to the applicable
Security. 
 (ii) Transfer Restricted Securities to Unrestricted Definitive Securities. Any Transfer Restricted
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 only if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement
and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, provides the certifications required by the applicable Letter of Transmittal and the Exchange Offer Registration Statement that it
is not (1) a Broker-Dealer, (2) a Person participating in the distribution of the Exchange Securities or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or 

  
 Appendix A-8 

 (D) the Registrar receives the following: 

(i) if the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for an
Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security; or 
 (ii)
if the Holder of such Transfer Restricted 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 Issuers so request, an Opinion of Counsel in form reasonably acceptable to the Issuers
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 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 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. 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. 
 (f) Exchange Offer.
Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Issuers will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof (together with such other documents that
the Trustee may reasonably require), the Trustee will authenticate: 
 (1) one or more Unrestricted Global Securities in an
aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Securities accepted for exchange in the Exchange Offer in accordance with the Registration Rights Agreement by Persons that certify in the
applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Securities and (C) they are not affiliates (as defined in Rule 144) of any Issuer; and 

(2) Unrestricted Definitive Securities in an aggregate principal amount equal to the principal amount of the Restricted
Definitive Securities accepted for exchange in the Exchange Offer in accordance with the Registration Rights Agreement. 

  
 Appendix A-9 

 Concurrently with the issuance of such notes, the Trustee will cause the
aggregate principal amount of the applicable Restricted Global notes to be reduced accordingly and, if applicable, the Issuers will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive
Securities so accepted Unrestricted Definitive Securities in the appropriate principal amount. 
 (g) Legend. 

(i) Except as permitted by the following paragraph (ii), each 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): 

“THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES
FOR THE BENEFIT OF THE ISSUERS THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN
PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR
(d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUERS IF THE ISSUER SO REQUEST), (2) TO THE ISSUERS OR (3) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED
HEREBY.” 
 Each Definitive Security shall bear the following additional legends: 

“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 Temporary Regulation S
Security shall bear the following additional legend: 
 “THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT 

  
 Appendix A-10 

 
BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.” 
 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 ISSUERS OR THEIR 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.” 

Each Security that has more than a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear the legend in substantially
the following form: 
 “THIS SECURITY HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED) FOR U.S. FEDERAL INCOME TAX PURPOSES. UPON WRITTEN REQUEST, THE ISSUERS WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS SECURITY THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF
THE SECURITY, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE SECURITY AND (3) THE YIELD TO MATURITY OF THE SECURITY. HOLDERS SHOULD CONTACT THE CHIEF FINANCIAL OFFICER OF THE ISSUERS AT 80 GRASSLANDS ROAD, ELMSFORD, NY 10523.”

 (ii) Upon any sale or transfer of a Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder
thereof to exchange such Transfer Restricted 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 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) After a transfer of the Initial Securities during the period of the effectiveness of a Shelf Registration Statement with respect to such
Initial Securities, all requirements pertaining to the Restricted Securities Legend on such Initial Securities shall cease to apply and the requirements that any such Initial Securities be issued in global form shall continue to apply. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Securities pursuant to which Holders of such Initial
Securities are offered Exchange Securities in exchange for their Initial Securities, all requirements pertaining to Initial Securities that Initial Securities be issued in global form shall continue to apply, and Exchange Securities in global form
without the Restricted Securities Legend shall be available to Holders that exchange such Initial Securities in such Registered Exchange Offer. 

  
 Appendix A-11 

 (v) 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 Security be issued in global form shall continue to apply. 

(vi) Any Additional Securities sold in a registered offering shall not be required to bear the Restricted Securities Legend. 

(h) 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. 

(i) Obligations with Respect to Transfers and Exchanges of Securities. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee 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, the 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. 
 (j) 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 conclusively rely and shall be fully protected in so relying upon
information furnished by the Depository with respect to its members, participants and any beneficial owners. 

  
 Appendix A-12 

 (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 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. 

  
 Appendix A-13 

 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 ISSUERS OR THEIR 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] 

“THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES
FOR THE BENEFIT OF THE ISSUERS THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN
PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR
(d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUERS IF THE ISSUERS SO REQUEST), (2) TO THE ISSUER OR (3) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED
HEREBY.” 

  
 A-1 

 Each Temporary Regulation S Security shall bear the following additional legend: 

“THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.” 

Each Definitive Security shall bear the following additional legends: 

“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 Security that has more than
a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear the legend in substantially the following form: 

“THIS SECURITY HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED) FOR U.S. FEDERAL INCOME TAX PURPOSES. UPON WRITTEN REQUEST, THE ISSUERS WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS SECURITY THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE SECURITY, (2) THE
AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE SECURITY AND (3) THE YIELD TO MATURITY OF THE SECURITY. HOLDERS SHOULD CONTACT THE CHIEF FINANCIAL OFFICER OF THE ISSUERS AT 80 GRASSLANDS ROAD, ELMSFORD, NY 10523.” 

  
 A-2 

 [FORM OF SECURITY] 
  

			
	No.	  	$        

 8.750%/9.500% Senior PIK Toggle Notes due 2019 

 

					
		 	CUSIP No.	 	
		 	ISIN No.	 	

 PC NEXTCO HOLDINGS, LLC, a Delaware limited liability company, and PC NEXTCO FINANCE, INC., a Delaware
corporation, promise to pay to Cede & Co., or registered assigns, the principal sum of Dollars [, as the same may be revised from time to time on the Schedule of Increases or Decreases in Global Security attached hereto,]1 on August 15, 2019. 
 Interest Payment Dates: February 15 and August 15

 Record Dates: February 1 and August 1 

Additional provisions of this Security are set forth on the other side of this Security. 

[Remainder of this page left intentionally blank, signature page to follow] 

 

	1 	Use the Schedule of Increases and Decreases language if Security is in Global Form. 

  
 A-3 

 IN WITNESS HEREOF, the Issuers have caused this instrument to be duly executed. 

Dated:                     , 2013 

 

					
	PC NEXTCO HOLDINGS, LLC
		
	By:	 	  

		 	Name:	 	Michael A. Correale
		 	Title:	 	Chief Financial Officer
	
	PC NEXTCO FINANCE, INC.
		
	By:	 	  

		 	Name:	 	Michael A. Correale
		 	Title:	 	Chief Financial Officer

  
 [Security (144A) –
Signature Page (Trustee)] 

 This is one of the Securities referred to in the within-mentioned Indenture: 

Dated:                     , 2013 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 [Security (144A) –
Signature Page (Trustee)] 

 [FORM OF REVERSE SIDE OF SECURITY] 

8.750%/9.500% Senior PIK Toggle Notes due 2019 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

 

	1.	Interest 

 (a) PC NEXTCO HOLDINGS, LLC, a Delaware limited liability company (the
“Issuer”), and PC NEXTCO FINANCE, INC., a Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”), jointly and severally promise to pay interest on the outstanding principal amount of this
Security at the rate of 8.750% per annum with respect to Cash Interest (as defined below) and 9.500% per annum with respect to any PIK Interest (as defined below) from the Issue Date or from the most recent date to which interest has been
paid or provided for, payable semiannually to holders of record at the close of business on February 1 and August 1, immediately preceding each February 15 and August 15 of each year (each an “Interest Payment Date”),
commencing February 15, 2014. Interest shall be paid on the basis of a 360-day year comprised of twelve 30-day months. The Issuers 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. 
 (b) Except as provided in the immediately succeeding sentence and the
definition of “Applicable Amount,” interest on the Securities shall be payable entirely in cash (“Cash Interest”). For any Interest Period after the initial Interest Period (other than the final Interest Period ending at stated
maturity), if the Applicable Amount (as defined below) as determined on the Determination Date (as defined below) for such Interest Period shall: 

(i) equal or exceed 75%, but be less than 100%, of the aggregate amount of Cash Interest that would otherwise be due on the
relevant Interest Payment Date, then the Issuers may, at their option, elect to pay interest on (a) 25% of the then outstanding principal amount of the Securities by increasing the principal amount of the outstanding Securities or by issuing
PIK Notes in a principal amount equal to such interest (such increased principal amount or PIK Notes, “PIK Interest”) and (b) 75% of the then outstanding principal amount of the Securities as Cash Interest; 

(ii) equal or exceed 50%, but be less than 75%, of the aggregate amount of Cash Interest that would otherwise be due on the
relevant Interest Payment Date, then the Issuers may, at their option, elect to pay interest on (a) 50% of the then outstanding principal amount of the Securities as PIK Interest and (b) 50% of the then outstanding principal amount of the
Securities as Cash Interest; 
 (iii) equal or exceed 25%, but be less than 50%, of the aggregate amount of Cash Interest
that would otherwise be due on the relevant Interest Payment Date, then the Issuers may, at their option, elect to pay interest on (a) 75% of the then outstanding principal amount of the Securities as PIK Interest and (b) 25% of the then
outstanding principal amount of the Securities as Cash Interest; or 
 (iv) be less than 25% of the aggregate amount of Cash
Interest that would otherwise be due on the relevant Interest Payment Date, then the Issuers may, at their option, elect to pay interest on the Securities entirely as PIK Interest. 

The insufficiency or lack of funds available to the Issuers to pay Cash Interest as required by the preceding paragraph shall not permit the
Issuers to pay PIK Interest in respect of any Interest Period and the sole right of the Issuers to elect to pay PIK Interest shall be as (and to the extent) provided in the immediately preceding paragraph. 

As used herein: 

(1) “Applicable Amount” shall be the amount equal to the sum (without duplication) of: 

(i) (a) the maximum amount of all dividends and distributions that, as of the applicable Determination Date, would be permitted
to be paid to the Issuer for the purpose of 

  
 A-4 

 
paying Cash Interest by all Restricted Subsidiaries (after giving effect to (1) any borrowing or issuance of Indebtedness made or to be made on such date, (2) all corporate, limited
liability company, shareholder, member or other comparable actions required in order to make such payment, (3) requirements and considerations of applicable laws as determined in good faith by the officers and directors of each such Restricted
Subsidiary, and (4) all restrictions on the ability to make such dividends or distributions that are otherwise permitted by the covenant described in Section 4.05 of the Indenture (including, without limitation, any restrictions and
limitations in the Senior Credit Facilities, the Opco Notes Indenture, all other Indebtedness of the Issuer and its Subsidiaries in existence on the Issue Date and any future Indebtedness of the Issuer and its Subsidiaries incurred in accordance
with the Indenture or any agreement that amends, modifies, renews, increases, supplements, refunds, replaces or refinances such Indebtedness)) pursuant to the “restricted payments” covenants (including any exceptions or “baskets”
in respect thereof) contained in the Opco Notes Indenture, the Senior Credit Facilities and any other instrument or agreement governing Indebtedness of any Restricted Subsidiary of the Issuer, the incurrence of which did not violate the Indenture,
net of all taxes attributable solely to such dividend or distribution, if any, and, in each case, without regard to whether any such Restricted Subsidiary shall have any funds available to make any such dividends or distributions, less
(b) $20.0 million (which amount pursuant to this clause (i) shall in no event be less than $0); and 
 (ii) (a) all
cash and Cash Equivalents on hand at the Issuers as of such Determination Date (other than any cash and Cash Equivalents on hand at the Issuers that were distributed to the Issuers by a Restricted Subsidiary but only if such amounts have been
distributed to the Issuers for a purpose, or is conditioned upon being used for a purpose, other than paying Cash Interest (including, without limitation, any amounts distributed to the Issuers for the purpose of paying taxes, management fees and
other corporate and administrative expenses attributable to the Issuer’s consolidated Subsidiaries)) less (b) $5.0 million (which amount pursuant to this clause (ii) shall in no event be less than $0); provided that there
shall be excluded from this clause (ii) any net proceeds from the Securities issued on the Issue Date pending the final application of such proceeds in connection with the Issue Date Transactions and there shall be excluded from this definition
any cash and Cash Equivalents on hand to be used for payment of Cash Interest on the Interest Payment Date next succeeding such Determination Date. 

If interest on the Securities with respect to an Interest Period will not be paid entirely as Cash Interest, the Applicable
Amount shall be calculated by the Issuer and shall be set forth in an Officer’s Certificate delivered to the Trustee (upon which the Trustee may conclusively rely) prior to the first day of the relevant Interest Period in which it is to be
applied, which Officer’s Certificate shall set forth in reasonable detail (x) the Issuer’s good faith determination of each component of this definition and (y) in the case of clause (i)(a) identifying the applicable
restriction(s) and Issuer’s good faith determination of the maximum amount of funds that may be paid after giving effect to such restriction. To the extent the Issuers are required pursuant to the second preceding paragraph and the definition
of “Applicable Amount” to pay Cash Interest for all or any portion of the interest due on any Interest Payment Date, the Issuers shall and shall cause each of the Restricted Subsidiaries to take all such shareholder, member, corporate,
limited liability company and other corporate or similar actions necessary or appropriate to permit the making of any such dividends or distribution, provided that any such shareholder, corporate and other actions would not violate any
applicable law or cause a breach of any applicable contract, in each case, as determined in good faith by the officers and directors of each such Restricted Subsidiary; 

(2) “Determination Date” shall mean, with respect to each Interest Period, the fifteenth calendar day
immediately prior to the first day of the relevant Interest Period; and 
 (3) “Interest Period” shall mean
the period commencing on and including an Interest Payment Date and ending on and including the day immediately preceding the next succeeding Interest Payment Date, with the exception that the first Interest Period shall commence on and include the
Issue Date and end on and include February 14, 2014 (the Interest Payment Date for any Interest Period shall be the Interest Payment Date occurring on the day immediately following the last day of such Interest Period). 

  
 A-5 

 In the event that the Issuers shall determine to pay PIK Interest for any Interest Period, then
the Issuer shall deliver a written notice to the Trustee following the Determination Date but prior to the commencement of the relevant Interest Period, which notice shall state the total amount of interest to be paid on such Interest Payment Date
and the amount of such interest to be paid as PIK Interest. The Trustee shall promptly deliver a copy of the notice to the holders. Interest for the first Interest Period commencing on the Issue Date shall be payable entirely in Cash Interest.
Interest for the final Interest Period ending at stated maturity shall be payable entirely in Cash Interest. 
 Notwithstanding anything to
the contrary, the payment of accrued interest in connection with any redemption or repurchase of the Securities as described under Sections 4.06 and 4.08 of the Indenture and Paragraph 5(b) hereof will be made solely in cash. 

(c) [Registration Rights Agreement. The Holder of this Security is entitled to the benefits of a Registration Rights Agreement, dated
as of the Issue Date, among the Issuers and the Initial Purchasers.]1 
  

	2.	Method of Payment 

 The Issuers shall pay interest on the Securities (except defaulted
interest) to the Persons who are registered Holders at the close of business on the February 1 or August 1 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). Holders must surrender Securities to the Paying Agent to collect principal payments. Except as set forth below with respect to payment of PIK Interest, the Issuers shall pay principal, premium, if any, and
interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and
interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company (“DTC”) or any successor depositary. The Issuers shall 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 Issuers, 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 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). 
 If the Issuers pay a portion of the interest on the Securities as Cash
Interest and as PIK Interest, such Cash Interest and PIK Interest shall be paid to holders pro rata or by lot in accordance with their interests subject to the procedures of the DTC. Principal of, premium, if any, and Cash Interest on the Securities
will be payable at the office or agency of the Issuer maintained for such purpose within the United States or, at the option of the Issuers, payment of Cash Interest may be made by check mailed to the holders of the Securities at their respective
addresses set forth in the register of holders; provided that all payments of principal, premium, if any, and Cash Interest with respect to the Securities represented by one or more global notes registered in the name of or held by the DTC or
its nominee will be made by wire transfer of immediately available funds to the accounts specified by the holder or holders thereof. Until otherwise designated by the Issuers, the Issuer’s office or agency will be the office of the Trustee
maintained for such purpose. PIK Interest on the Securities will be payable (1) with respect to Securities represented by one or more global notes registered in the name of or held by the DTC or its nominee, by increasing the principal amount
of the outstanding global Security by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar) as provided in writing by the Issuer to the Trustee, which shall be recorded in the
registrar’s books and records and in the schedule to the global note in accordance with the Indenture, and (2) with respect to Securities represented by certificated Securities, by issuing PIK Notes in certificated form in an aggregate
principal amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar), and the Trustee will, at the written order of the 

 

	1 	 Include only for Original Securities when required by the Registration Rights Agreement.

  
 A-6 

 
Issuer, authenticate and deliver such PIK Notes in certificated form for original issuance to the holders on the relevant record date, as shown by the records of the register of holders.
Following an increase in the principal amount of the outstanding global Securities as a result of a PIK Payment, the Securities will bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Notes issued
in certificated form will be dated as of the applicable interest payment date and will bear interest from and after such date. All Securities issued pursuant to a PIK Payment will mature on August 15, 2019 and will be governed by, and subject to the
terms, provisions and conditions of, the Indenture and will have the same rights and benefits as the Securities issued on the Issue Date. 
  

	3.	Paying Agent and Registrar 

 Initially, Wilmington Trust, National Association, a
national banking association (the “Trustee”), will act as Paying Agent and Registrar. The Issuers may appoint and change any Paying Agent or Registrar without notice. The Issuers or any of its domestically incorporated Wholly Owned
Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Issuers issued the Securities under an Indenture dated as of
August 1, 2013 (the “Indenture”), among the Issuer, Co-Issuer and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Trust Indenture Act”). 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 and the Trust Indenture Act for a statement of such terms and provisions. 

The Securities are senior unsecured obligations of the Issuers. This Security is one of the Original Securities referred to in the Indenture.
The Securities include the Original Securities, any Additional Securities and any PIK Notes. The Original Securities, any Additional Securities and any PIK Notes are treated as a single class of securities under the Indenture. The Indenture imposes
certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual
restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates,
create or incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuers to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

 

	5.	Redemption 

  

	 	(a)	Mandatory Redemption 

 On or before the end of each “accrual period” ending
after the fifth anniversary of the “date of issue” of the Securities (each, an “AHYDO Redemption Date”), the Issuers will redeem for cash a portion of each Security then outstanding equal to the Mandatory Principal Redemption
Amount (as defined below), if any (such redemption, a “Mandatory Principal Redemption”). The redemption price for the portion of each Security redeemed pursuant to Mandatory Principal Redemption, if any, will be 100% of the principal
amount of such portion plus accrued and unpaid interest (including Additional Interest) thereon, if any, through the date of redemption. The “Mandatory Principal Redemption Amount” with respect to an accrual period means the portion of a
note, if any, required to be redeemed to prevent such note from being treated as an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of the Code. The Issuer will be responsible for calculating the
Mandatory Principal Redemption Amount. 

  
 A-7 

	 	(b)	Optional Redemption 

 Except as set forth in the following paragraphs, the Securities
shall not be redeemable at the option of the Issuers prior to February 15, 2015. On February 15, 2015 or thereafter, the Issuers may redeem Securities, at its option, in whole at any time or in part from time to time, upon not less than 30
nor more than 60 days’ prior notice, mailed by first-class mail to each Holder’s registered address or otherwise delivered in accordance with the procedures of the Depositary, at the following redemption prices (expressed as a percentage
of principal amount), plus accrued and unpaid interest and Additional 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), if redeemed during the 12-month period commencing on February 15 of the years set forth below: 
  

					
	 Year
	  	Redemption Price	 
		
	 2015
	  	 	102.000	% 
	 2016
	  	 	101.000	% 
	 2017 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to February 15, 2015, the Issuers may redeem all or part of the
Securities, at its option, at any time or from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address or otherwise delivered in accordance with the procedures
of the Depositary, at a redemption price equal to 100% of the principal amount of the Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional 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). 

In addition, on or after February 14, 2014 and before February 15, 2015, the Issuers may, at their option, redeem up to 40% of the
aggregate principal amount of the Securities (including any Additional Securities and any PIK Notes) with the net cash proceeds of one or more Equity Offerings by the Issuers at a redemption price equal to 102% of the aggregate principal amount
thereof, plus accrued and unpaid interest thereon and Additional Interest, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date); provided, however, that at least 60% of the sum of the aggregate principal amount of the Securities originally issued under the Indenture and any Additional Securities issued after the Issue Date must remain
outstanding after each such redemption; provided, further, that such redemption shall occur within 180 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed
to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
 Notice of any
redemption described above may be given prior to the completion thereof, and any such redemption or notice may, at the Issuers’ discretion (i) be subject to one or more conditions precedent, including, but not limited to, completion of the
relevant Equity Offering, (ii) be subject to delay or extension until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion) or (iii) provide that 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 Issuers in their sole discretion). 

In addition, on or after February 14, 2014 and before February 15, 2015, the Issuers may, at their option, on one or more occasions
redeem all (but not less than all) of the aggregate principal amount of Securities (including the aggregate principal amount of Securities issued after the Issue Date and any PIK Notes) at a redemption price equal to 102% of the aggregate principal
amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon to the applicable Redemption Date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date, with the net cash proceeds of one or more Equity Offerings; provided that each such redemption occurs within 180 days of the date of closing of each such Equity Offering upon not less than 30 nor more than 60 days’ notice
sent to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
 If Holders
of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such Securities in a Change of Control Offer and the Issuers, or any third party making a Change of Control Offer in lieu of the
Issuers as described above, purchase all of the Securities validly 

  
 A-8 

 
tendered and not withdrawn by such Holders, the Issuers or such third party will have the right, upon prior notice given not more than 30 days following such purchase pursuant to the Change of
Control Offer described above, to redeem all Securities that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption. 

 

	6.	Sinking Fund 

 The Securities are not subject to any sinking fund. 

 

	7.	Notice of Redemption 

 Notice of redemption pursuant to Paragraph 5 above will be mailed
by first-class mail or otherwise delivered in accordance with the procedures of DTC at least 30 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. Securities
in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 (or, in case any PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00). 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 date, interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 
  

	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 cause the Issuers 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, plus accrued and unpaid interest, if any, to 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 will be required to offer to purchase Securities upon the occurrence of
certain events. 
  

	9.	Denominations; Transfer; Exchange 

 The Securities are in registered form, without
coupons, in denominations of $2,000 and any integral multiple of $1,000 or, in case any PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00. 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 mailing of a notice of redemption of Securities to be redeemed. 
  

	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 Issuers at their written request unless an abandoned property law designates another Person. After any such payment, the Holders entitled to the money must look to the Issuers
for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 

  
 A-9 

	12.	Discharge and Defeasance 

 Subject to certain conditions and as set forth in the
Indenture, the Issuers at any time may terminate some of or all of their obligations under the Securities and the Indenture if the Issuers deposit with the Trustee money or Government Securities for the payment of principal and interest on the
Securities to redemption or maturity, as the case may be. 
  

	13.	Amendment; Waiver 

 The Indenture or the Security may be amended or supplemented as
provided in the Indenture. 
  

	14.	Defaults and Remedies 

 If an Event of Default (other than a Default relating to certain
events of bankruptcy, insolvency or reorganization of any Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of outstanding Securities by notice to the Issuers, may declare the principal of, premium, if
any, interest and any other monetary obligations on all the Securities to be due and payable immediately. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default relating to certain events of
bankruptcy, insolvency or reorganization of such Issuer occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable without any declaration or other act on the part of the Trustee or any
Holders. Under certain circumstances, the Holders of a majority in principal amount of outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences. 

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 or security satisfactory to it against any loss, liability or expense. 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) such Holder has previously given the Trustee written notice that an Event of Default is continuing, (ii) the
Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee, in writing, to pursue the remedy, (iii) such Holders have offered the Trustee security or indemnity satisfactory to it against any loss,
liability or expense, (iv) the Trustee has not complied 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 the outstanding
Securities have not given the Trustee a written direction inconsistent with such request within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or
the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to
indemnification satisfactory to it in its sole discretion against all losses and expenses that may be caused by taking or not taking such action. 

The Issuers are required to deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default that
occurred during the previous year. The Issuers also are required to deliver to the Trustee, within five (5) Business Days after the occurrence thereof, written notice of any event which would constitute certain Defaults. 

 

	15.	Trustee Dealings with the Issuers 

 Subject to certain limitations imposed by the Trust
Indenture Act, 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 Issuers or their Affiliates and may
otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. 

  
 A-10 

	16.	No Recourse Against Others 

 No past, present or future director, officer, employee,
manager, incorporator, member, partner or stockholder of the Issuers or any Guarantor or any of their Subsidiaries or direct or indirect parent companies shall have any liability for any obligations of the Issuers or the Guarantors under the
Securities, the Guarantees or the 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 a Security waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Securities. The waiver may not be effective to waive liabilities under the federal securities laws. 
  

	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 LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
  

	20.	CUSIP Numbers; ISINs 

 The Issuers have caused CUSIP numbers and ISINs to be printed on
the Securities and have directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in
any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Issuers 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-11 

 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 identification No.)

 and irrevocably appoint
                     as 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:	 		 		 	Signature of 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	 		 		 	

  
 A-12 

 PC Nextco Holdings, LLC 

PC Nextco Finance, Inc. 
 80 Grasslands Road 

Elmsford, NY 10523 
 Attention: Joseph Zepf, Vice President,
General Counsel 
 Facsimile: (914) 345-2056 
 Wilmington
Trust, National Association 
 246 Goose Lane, Suite 105 

Guilford, CT 06437 
 Attention: Party City Administrator 

Facsimile: (203) 453-1183 
 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 (check one box below): 
  

	 ̈	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); 

  

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 

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(k) 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 Issuers or subsidiary thereof; or
			
	(2)	  	 ̈	  	to the Registrar for registration in the name of the Holder, without transfer; or
			
	(3)	  	 ̈	  	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
			
	(4)	  	 ̈	  	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
			
	(5)	  	 ̈	  	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
in the form attached as Exhibit B to the Indenture; or
			
	(6)	  	 ̈	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 A-13 

 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 (4), (5) or (6) is checked, the Issuers or the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as any Issuer or the Trustee have 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:	 		 		 	Signature of 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	 		 		 	

 TO BE COMPLETED BY PURCHASER IF (3) 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, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in
order to claim the exemption from registration provided by Rule 144A. 
  

							
	Date:	 	  
	 		 	  

		 		 		 	NOTICE: To be executed by an executive officer

  
 A-14 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is $        . 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
or
 Securities Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 A-15 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by any Issuer pursuant to Section 4.06 (Asset Sale Offer) or 4.08 (Change of Control
Offer) of the Indenture, check the box: 
  

			
	Asset Sale  ̈	 	Change of Control  ̈

 If you want to elect to have only part of this Security purchased by any Issuer pursuant to Section 4.06
(Asset Sale Offer) or 4.08 (Change of Control Offer) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000 or, in case any PIK Payment has been made, $1.00 and any integral multiple of $1.00): 

 

									
	$	 		 		 		 	
					
	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-16 

 EXHIBIT B 

[FORM OF] 
 TRANSFEREE LETTER OF
REPRESENTATION 
 [PC Nextco Holdings, LLC 
 PC Nextco Finance,
Inc.] 
 c/o Wilmington Trust, National Association 
 Attention:
[    ] 
 Ladies and Gentlemen: 

This CERTIFICATE IS DELIVERED TO REQUEST A TRANSFER OF $[        ] PRINCIPAL AMOUNT OF THE
8.750%/9.500% SENIOR PIK TOGGLE NOTES DUE 2019 (THE “SECURITIES”) OF PC NEXTCO HOLDINGS, LLC (THE “ISSUER”) AND PC NEXTCO FINANCE, INC. (THE “CO-ISSUER” AND, TOGETHER WITH THE ISSUER, THE “ISSUERS”). 

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 $100,000 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. 
 (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 two years
after the later of the date of original issue and the last date on which either the Issuer or any affiliate of such Issuer was the owner of such Securities (or any predecessor thereto) (the “Resale Restriction Termination Date”) only
(a) in the United States to a person whom we reasonably believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) outside the United States in
an offshore transaction in accordance with Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an
effective registration statement under the Securities Act, in each of cases (a) through (d) in accordance with any applicable securities laws of any state of the United States. In addition, we will, and each subsequent holder is required
to, notify any purchaser of the Security evidenced hereby of the resale restrictions set forth above. 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 to an institutional “accredited investor” 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 either 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 2(b), 2(c) or 2(d) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuers and the Trustee. 

  
 B-1 

											
	Dated:	 	  
	 		 		 		 	
						
		 		 		 	TRANSFEREE:	 	                    ,	 	

											
					
		 		 		 	By:	 	  

  
 B-2 

 EXHIBIT C 

[FORM OF SUPPLEMENTAL INDENTURE] 

[SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of
[                    ], among PC Nextco Holdings, LLC, a Delaware limited liability company (the “Issuer”), PC Nextco Finance, Inc., a
Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”), the guarantors named in the signature pages hereto (the “Guarantors”) and Wilmington Trust, National Association, a national banking
association, as trustee under the Indenture referred to below (the “Trustee”).] 
 W I T N E S S E T H : 

WHEREAS the Issuers have heretofore executed and delivered to the Trustee an indenture, dated as of August 1, 2013 (as amended,
supplemented or otherwise modified, the “Indenture”), providing initially for the issuance of $350,000,000 in aggregate principal amount of the Issuers’ 8.750%/9.500% Senior PIK Toggle Notes due 2019 (the “Securities”); 

WHEREAS Sections 4.11 and 10.06 of the Indenture provide that under certain circumstances the Issuers are required to cause the Guarantors to
execute and deliver to the Trustee a supplemental indenture pursuant to which the Guarantors shall unconditionally guarantee all the Issuers’ Obligations under the Securities and the Indenture pursuant to a Guarantee on the terms and conditions
set forth herein; and 
 WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee and the Issuer are authorized to execute and
deliver this Supplemental Indenture; 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Guarantors, the Issuers and the Trustee 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 Guarantee 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 Guarantors hereby agree, jointly and severally with all existing Guarantors (if any), to irrevocably and
unconditionally guarantee the Issuers’ Obligations under the Securities and the Indenture on the terms and subject to the conditions set forth in the Indenture, including, but not limited to, Article 10 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. Releases. (b) A Guarantee as to any Guarantor shall terminate and be of no further force or effect and such Guarantor shall be
deemed to be released from all obligations as provided in Section 10.02(b) of the Indenture. 
 4. Notices. All notices or other
communications to the Guarantors shall be given as provided in Section 11.02 of the Indenture. 
 5. Ratification of Indenture;
Supplemental Indentures Part of Indenture. Except as expressly amended and supplemented 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 

 6. No Recourse Against Others. No past, present or future director, officer, employee,
manager, incorporator, agent or holder of any Equity Interests in any Issuer or of the Guarantors or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuers and the Guarantors under the
Securities, the Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of 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. The waiver may not be effective to waive liabilities under the federal securities laws. 

7. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE NEW GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 8. Trustee Makes No
Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 9.
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 email (in PDF format or otherwise) 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 email (in PDF format or otherwise) shall be deemed to be their original signatures for all purposes. 

10. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 

11. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantors. 

12. Successors. All agreements of the Guarantors in this Supplemental Indenture shall bind its successors. All agreements of the
Trustee in this Indenture shall bind its successors. 

  
 C-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	PC NEXTCO HOLDINGS, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	PC NEXTCO FINANCE, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	[GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3

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