Document:

EX-10.1

Table of Contents

 Exhibit 10.1 
  

			
	 JPMORGAN CHASE BANK, N.A.

383 Madison Avenue
 New York, NY
10179
	  	 GOLDMAN SACHS BANK USA

200 West Street
 New York, New York
10282

		
	 DEUTSCHE BANK AG CAYMAN ISLANDS

BRANCH
 DEUTSCHE BANK
SECURITIES INC.
 60 Wall Street

New York, New York 10005
	  	 MIZUHO BANK, LTD.

1251 Avenue of the Americas
 New
York, New York 10020

 September 20, 2017 

Sprint Communications, Inc. 

Bridge Credit Facility 

Commitment Letter 
 Sprint Communications,
Inc. 
 6200 Sprint Parkway 
 Overland Park, KS 66251 

Attention: Janet M. Duncan, Vice President and Treasurer 

Ladies and Gentlemen: 
 Sprint Communications,
Inc. (“Sprint,” “you” or the “Company”) has advised JPMorgan Chase Bank, N.A. (“JPMorgan”), Goldman Sachs Bank USA (“GS”), Deutsche Bank Securities Inc.
(“DBSI”), Deutsche Bank AG Cayman Islands Branch (“DBCI”) and Mizuho Bank, Ltd. (“Mizuho”, together with JPMorgan, GS, DBSI and DBCI, “we”, “us” or the
“Commitment Parties”) that the Company wishes to obtain a new $3,200.0 million bridge credit facility (the “Bridge Facility”) having the terms set forth in the bridge credit agreement attached hereto as Exhibit
A, with such modifications as agreed among you and us (the “Credit Agreement”). 
 In connection with the foregoing, you
have requested that (i) JPMorgan, GS, DBSI, and Mizuho each agree to structure and arrange the Bridge Facility, (ii) JPMorgan, GS, DBCI and Mizuho each commit to provide a portion of the Bridge Facility and (iii) JPMorgan serve as
sole administrative agent for the Bridge Facility. 
 Each of JPMorgan, GS, DBSI and Mizuho is pleased to advise you that it is willing to
act as a joint lead arranger and bookrunner for the Bridge Facility. 
 Furthermore, each of JPMorgan, GS, DBCI and Mizuho is pleased to
advise you of its several but not joint commitment to provide 40.0%, 40.0%, 10.0% and 10.0%, respectively, of the Bridge Facility upon the terms and subject to the conditions set forth or referred to in this commitment letter (the
“Commitment Letter”). It is agreed that, at any time prior to the Borrowing Date (as defined in the Credit Agreement), upon the occurrence of any event that would have reduced the Commitments (as defined in the Credit Agreement)
under the Credit Agreement pursuant to Section 2.10(b) of the Credit Agreement assuming such Commitments were effective thereunder, the commitments of the Commitment Parties in respect of the Bridge Facility under this Commitment Letter shall
be reduced by an equal amount, with such reduction to be ratable amongst the Commitment Parties based on their outstanding commitment 

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amounts. The Company agrees to provide prompt written notice to the Commitment Parties of any such reduction in the commitments pursuant to the terms of this paragraph. 

It is agreed that JPMorgan, GS, DBSI and Mizuho will act as a joint lead arrangers and bookrunners in respect of the Bridge Facility (each, in
such capacities, a “Lead Arranger”), that JPMorgan will act as the sole administrative agent in respect of the Bridge Facility and that each of the foregoing will, in such capacities, perform the duties and exercise the authority
customarily performed and exercised by it in such roles; provided that you agree that JPMorgan may perform its responsibilities hereunder through its affiliate, J.P. Morgan Securities, LLC. It is further agreed that JPMorgan will have
“lead left” placement in any and all marketing materials and documentation used in connection with the Bridge Facility and will have the authority typically associated with “lead left” placement. You further agree that, as a
condition to the commitments and agreements hereunder, no other agents, co-agents, arrangers or bookrunners will be appointed, no other titles will be awarded and no compensation will be paid in connection with the Bridge Facility unless you and we
shall so agree; provided that (i) within 15 business days following the date hereof, you may appoint up to three additional joint lead arrangers (one of which can be designated as a bookrunner) as well as two co-managers (each, an
“Additional Commitment Party”) for the Bridge Facility and award such Additional Commitment Party the title of joint lead arranger or co-manager, as applicable, and economics determined by you and acceptable to JPMorgan and GS (it
being understood that, to the extent you appoint an Additional Commitment Party or confer the title of co-manager or Joint Lead Arranger in respect of the Bridge Facility, the commitments of JPMorgan and GS at such time in respect of the Bridge
Facility will be reduced on a pro rata basis (determined solely by reference to the commitments of JPMorgan and GS) by the amount of the commitment of such Additional Commitment Party (or its relevant affiliate); provided further that the commitment
of each of JPMorgan and GS in respect of the Bridge Facility after giving effect to the joinder of all such Additional Commitment Parties shall not be less than 30% unless otherwise agreed by JPMorgan or GS, as the case may be, in their sole
discretion and (ii) upon the execution by such Additional Commitment Party (and any relevant affiliate) of customary joinder documentation, such Additional Commitment Party (and any relevant affiliate) shall thereafter constitute a
“Commitment Party” hereunder. 
 In connection with establishing the Bridge Facility, we may syndicate the Bridge Facility to a
group of lenders (the “Lenders”) identified by us in consultation with you and reasonably acceptable to you (such acceptance not to be unreasonably withheld or delayed); provided, that the Commitment Parties will not
syndicate any of the Bridge Facility to those banks, financial institutions and other persons separately identified by you to us in writing prior to the date hereof, and any affiliates of any such persons so identified that are clearly identifiable
as such solely by similarity of their name (such persons or entities, collectively the “Disqualified Institutions”). In the event the Bridge Facility is syndicated, you agree actively to assist us in completing a syndication
satisfactory to us and you. Such assistance shall include (a) your using commercially reasonable efforts to ensure that the syndication efforts benefit from the existing lending relationships of the Company, (b) a reasonable amount of
direct contact between senior management and advisors of the Company and the proposed Lenders (other than Disqualified Institutions) (including, without limitation, participation of senior management of the Company in a reasonable number of calls
with proposed Lenders (other than Disqualified Institutions)) at reasonable times and upon reasonable advance notice, and (c) your ensuring that during the syndication of the Bridge Facility there shall be no competing offering, placement or
arrangement of any debt securities or bank financing by or on behalf of the Company or any of its controlled affiliates (other than (i) such financing that reduces the commitments under or results in a repayment under the Bridge Facility,
(ii) any ordinary course bilateral financing or ordinary course multi-lateral financing that is not broadly marketed or syndicated and does not involve a registered offering (including, without limitation, capital lease facilities, equipment
purchase facilities, accounts receivables facilities and ABS warehouse facilities (and issuances thereunder, including any refinancing thereof with ABS term loans or with other ABS term 

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financings (which such ABS term loans or ABS term financings, if offered, placed or arranged while any loans under the Bridge Facility are outstanding, shall not be broadly syndicated)) by the
Company and its affiliates, (iii) such debt securities or bank financing disclosed in writing to the Commitment Parties prior to the date hereof, or (iv) the filing by the Company of a “shelf” registration statement). Without
limiting your obligations to assist with syndication efforts as set forth in this paragraph, we agree that we will not be released from our commitment hereunder in connection with any syndication or assignment to any Lender unless
(A) (i) you have consented to such syndication or assignment in writing (such consent not to be unreasonably withheld or delayed) and (ii) any such Lender has entered into an amendment or joinder with respect to this Commitment Letter
committing to provide a portion of the Bridge Facility (in which case our commitments hereunder shall be reduced at such time by an amount equal to the commitment assumed by such Lender, with such reduction to be ratable amount the Commitment
Parties party hereto on the date hereof based on the commitment amounts thereof) or (B) such Lender shall have entered into the applicable definitive documentation for the Bridge Facility and funded the portion of the Bridge Facility required
to be funded by it on the Borrowing Date. 
 The Lead Arrangers, in their capacities as Lead Arrangers, will manage, in consultation with
you, all aspects of any syndication, including decisions as to the selection of institutions to be approached (such institutions shall (x) not include Disqualified Institutions and (y) be reasonably acceptable to you; such acceptance not
to be unreasonably withheld or delayed) and when they will be approached, when their commitments will be accepted, which institutions will participate, the allocation of the commitments among the Lenders and the amount and distribution of fees among
the Lenders. 
 In its capacity as Lead Arranger (or, with respect to any Additional Commitment Party, co-manager), each Commitment Party
will have no responsibility other than to arrange the Bridge Facility as set forth herein and in no event shall any Commitment Party be subject to any fiduciary or other implied duties. The Company acknowledges and agrees that no fiduciary, advisory
or agency relationship between you and any Commitment Party is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether any Commitment Party has advised or is advising
you on other matters and the Company agrees that it will not assert any claim against any Commitment Party based on an alleged breach of fiduciary duty by any Commitment Party in connection with this Commitment Letter and the transactions
contemplated hereby. Additionally, the Company acknowledges and agrees that no Commitment Party is advising the Company as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own
advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and no Commitment Party shall have any responsibility or liability to the Company with
respect thereto. 
 To assist us in our arrangement and syndication (if any) efforts, you agree promptly to prepare and provide to us all
customary information with respect to the Company and its subsidiaries, including all financial information and projections (such projections, the “Projections”), as we may reasonably request in connection with the arrangement and
syndication of the Bridge Facility. You hereby represent and covenant that (a) all written information other than the Projections, other forward looking information and information of a general economic or industry nature (the
“Information”) that has been or will be made available to us by you or any of your representatives or affiliates (as modified or supplemented by other information so furnished) is or will be, when furnished and taken as a whole
(together with any supplements thereto) and together with any information contained in the most recent public filings made by the Company on Forms 10-K and 10-Q with the Securities and Exchange Commission, complete and correct in all material
respects and does not or will not, taken as a whole (including any supplements thereto), when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not
materially misleading in light of the circumstances under which such statements are made and (b) the Projections 

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that have been or will be made available to us by you or any of your representatives or affiliates have been or will be prepared in good faith based upon assumptions believed by you to be
reasonable at the time made and at the time the related Projections are made available to us (it being understood that the Projections are not to be viewed as facts and that actual results may differ significantly and materially from the Projections
and that no assurance can be given that the results set forth in the Projections will be realized). You understand that in arranging and syndicating the Bridge Facility we may use and rely on the Information and Projections without independent
verification thereof. 
 Each Commitment Party agrees to maintain the confidentiality of the Confidential Information (as defined below),
except that Confidential Information may be disclosed (a) to its and its affiliates, directors, officers, employees and agents, including accountants, legal counsel and other advisors on a confidential and need-to-know basis, (b) to the
extent requested by any regulatory authority purporting to have jurisdiction over it or any of its affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by
applicable laws or regulations or by any subpoena or other similar legal process, (d) to any Lender or prospective Lender, assignees or participants (other than Disqualified Institutions) or any potential counterparty (or its advisors) to
any swap or derivative transaction relating to the Bridge Facility, in each case, who agree to customary confidentiality undertakings, (e) in connection with the exercise of any remedies under this Commitment Letter or the Fee Letter or any
suit, action or proceeding relating to this Commitment Letter or the Fee Letter or the enforcement of rights hereunder or thereunder, (f) with the consent of the Company or (g) to the extent such Confidential Information (i) becomes
publicly available other than as a result of a breach of this paragraph or (ii) becomes available to any Commitment Party from a source other than the Company or its subsidiaries. For the purposes hereof, “Confidential
Information” means all information received from the Company or any of its subsidiaries relating to the Company or any of its subsidiaries or their business, other than any such information that is available to any Commitment Party on a
nonconfidential basis prior to disclosure by the Company or its subsidiaries; provided that after the date hereof, in the case of information received from the Company or its subsidiaries, such information is clearly identified at the time of
delivery as confidential. Any person required to maintain the confidentiality of Confidential Information as provided in this paragraph shall be considered to have complied with its obligation to do so if such person has exercised reasonable care to
protect such Confidential Information, and in no event less than the same degree of care to maintain the confidentiality of such Confidential Information as such person would accord to its own confidential information. The provisions of this
paragraph shall be superseded by the confidentiality provisions in the Credit Agreement, if executed and delivered, and in any event shall terminate eighteen months after the date hereof if not so superseded. 

As consideration for the commitments and agreements each Commitment Party hereunder, you agree to cause to be paid the nonrefundable fees
described in the Fee Letter among us and you dated the date hereof and delivered herewith (the “Fee Letter”). 
 The only
conditions to each Commitment Party’s commitment to fund the loans under the Bridge Facility on the Borrowing Date (as defined in the Credit Agreement) are those set forth in Section 4.01 of the Credit Agreement. 

You agree (a) to indemnify and hold harmless each Commitment Party, its affiliates and their respective directors, officers, employees,
advisors, agents and other representatives (each, an “indemnified person”) from and against any and all losses, claims, damages and liabilities to which any such indemnified person may become subject arising out of or in connection
with this Commitment Letter, the Fee Letter, the Bridge Facility or the use of the proceeds thereof or any related transaction or any claim, litigation, investigation or proceeding to the extent relating to any of the foregoing (a
“Proceeding”), regardless of whether any indemnified person is a party thereto, whether or not such 

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Proceeding is brought by you, your equity holders, affiliates, creditors or any other person, and to reimburse each indemnified person promptly after receipt of a written request for any
reasonable and documented out-of-pocket external legal or other out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing, provided that the foregoing indemnity will not, as to any indemnified person, apply
to losses, claims, damages, liabilities or related expenses to the extent they are found by a final, non-appealable judgment of a court of competent jurisdiction to arise from the bad faith, willful misconduct or gross negligence of, or material
breach of its obligations under this Commitment Letter, the Fee Letter or the Bridge Facility by, such indemnified person (or any of its related parties controlled by such indemnified person), and (b) to reimburse each Commitment Party and its
affiliates promptly upon a written request from time to time for all reasonable and documented out-of-pocket expenses (including due diligence expenses, syndication expenses, consultant’s fees and expenses, travel expenses, and reasonable and
documented out-of-pocket fees, charges and disbursements of one primary external counsel, one special regulatory counsel and one local counsel in any relevant jurisdiction of the Borrower or any Loan Party) incurred in connection with the Bridge
Facility and any related documentation (including this Commitment Letter and the definitive financing documentation) or the administration, amendment, modification or waiver thereof. It is further agreed that each Commitment Party shall only have
liability to you (as opposed to any other person) and that each Commitment Party shall be liable solely in respect of its own commitment to the Bridge Facility on a several, and not joint, basis with any other person. No indemnified person shall be
liable for any special, indirect, consequential or punitive damages in connection with this Commitment Letter or the Bridge Facility. If any action, suit or proceeding is brought against any indemnified person in connection with any claim for which
it is entitled to indemnity hereunder, such indemnified person shall, subject to any and all applicable laws and confidentiality obligations and so long as such actions do not prejudice such indemnified person’s rights or interests
(i) promptly notify the Company thereof in writing and (ii) give the Company an opportunity to consult from time to time with such indemnified person regarding defensive measures and potential settlement, provided, however, that failure to
comply with either or both of clauses (i) and (ii) will not affect any such indemnified person’s rights hereunder except to the extent the Company is actually and materially prejudiced by such failure. 

You acknowledge that each Commitment Party and its affiliates (the term “Commitment Party” as used below in this paragraph
being understood to include such affiliates) may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have conflicting interests regarding the
transactions described herein and otherwise. No Commitment Party will use confidential information obtained from you by virtue of the transactions contemplated hereby or its other relationships with you in connection with the performance by the
Commitment Party of services for other companies, and no Commitment Party will furnish any such information to other companies. You also acknowledge that each Commitment Party has no obligation to use in connection with the transactions contemplated
hereby, or to furnish to you, confidential information obtained from other companies. You further acknowledge that each Commitment Party (or an affiliate) is a full service securities firm and each such person may from time to time effect
transactions, for its own or its affiliates’ account or the account of customers, and hold positions in loans, securities or options on loans or securities of the Company and its affiliates and of other companies that may be the subject of the
transactions contemplated by this Commitment Letter. 
 Each Commitment Party may employ the services of its affiliates in providing certain
services hereunder and, in connection with the provision of such services, may exchange with such affiliates information concerning you and the other companies that may be the subject of the transactions contemplated by this Commitment Letter, and,
to the extent so employed, such affiliates shall be entitled to the benefits afforded, and shall be subject to the confidentiality requirements of, the Commitment Party hereunder. 

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 Neither this Commitment Letter nor the Fee Letter shall be assignable by any party hereto
without the prior written consent of each other party hereto (and any purported assignment without such consent shall be null and void); provided that GS may, without notice to you, assign its rights and obligations under this Commitment
Letter and the Fee Letter to Goldman Sachs Lending Partners LLC. This Commitment Letter is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person
other than the parties hereto and the indemnified persons. This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and each Commitment Party. This Commitment Letter may be executed in any number of
counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter by facsimile or electronic transmission shall be effective as
delivery of a manually executed counterpart hereof. This Commitment Letter and the Fee Letter are the only agreements that have been entered into among us with respect to the Bridge Facility and set forth the entire understanding of the parties with
respect thereto, unless otherwise agreed to in writing between the Commitment Parties and you. 
 This Commitment Letter shall be governed
by, and construed and interpreted in accordance with, the laws of the State of New York. Each party hereto consents to the exclusive jurisdiction and venue of the state or federal courts located in the City of New York over any suit, action or
proceeding arising out of or relating to the transactions contemplated hereby, this Commitment Letter or the Fee Letter or the performance of services hereunder or thereunder. Each party hereto irrevocably waives, to the fullest extent permitted by
applicable law, (a) any objection that it may now or hereafter have to the laying of venue of any such legal proceeding in the state or federal courts located in the City of New York and (b) any right it may have to a trial by jury in any
suit, action, proceeding, claim or counterclaim brought by or on behalf of any party related to or arising out of this Commitment Letter, the Credit Agreement, the transactions contemplated hereby or the performance of services hereunder. 

This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter, the Credit Agreement or the Fee Letter
nor any of their terms or substance shall be disclosed, directly or indirectly, to any other person (including, without limitation, other potential providers or arrangers of financing) except (a) to your officers, agents and advisors who are
directly involved in the consideration of this matter, (b) as may be compelled in a judicial or administrative proceeding or as otherwise required by law (in which case you agree to inform us promptly thereof) or (c) with respect to the
Commitment Letter (but not the Fee Letter), to ratings agencies in consultation with the Commitment Parties so long as such ratings agencies are subject to a confidentiality agreement with you covering this Commitment Letter. 

The syndication, compensation, reimbursement, indemnification, jurisdiction, venue, waiver of jury trial, governing law, agreement not to
assert a claim for fiduciary duty and confidentiality (except as otherwise provided in the last sentence of the tenth paragraph hereof) provisions contained herein and in the Fee Letter and any other provision herein or therein which by its terms
expressly survives the termination of this Commitment Letter shall remain in full force and effect regardless of whether the Credit Agreement shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the
commitments hereunder. 
 If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms hereof
(including Exhibit A) and the Fee Letter by returning to us executed counterparts hereof and of each of the Fee Letter not later than 11:59 p.m., New York City time, on September 20, 2017. This offer will automatically expire at such time if we
have not received such executed counterparts in accordance with the preceding sentence. Subject to the surviving provisions as set forth herein, this Commitment Letter and the commitments and agreements hereunder shall terminate upon the earliest to
occur of (i) the Company delivering written notice to the other parties hereto of its election to terminate 

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this Commitment Letter, (ii) March 20, 2019 and (iii) the date the commitments hereunder are reduced to zero pursuant to the terms of the fourth paragraph hereto. 

[signature pages follow] 

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 We are pleased to have been given the opportunity to assist you in connection with this important
financing. 
  

			
	Very truly yours,
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	/s/ Bruce S. Borden
		 	Name: Bruce S. Borden
		 	Title: Executive Director

  
 [Commitment Letter] 

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	GOLDMAN SACHS BANK USA
		
	By:	 	/s/ Robert Ehudin
		 	Name: Robert Ehudin
		 	Title: Authorized Signatory

  
 [Commitment Letter] 

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	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH
		
	By:	 	/s/ Scott Sartorius
		 	Name: Scott Sartorius
		 	Title: Managing Director
		
	By:	 	/s/ Sandeep Desai
		 	Name: Sandeep Desai
		 	Title: Managing Director
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	/s/ Scott Sartorius
		 	Name: Scott Sartorius
		 	Title:
		
	By:	 	/s/ Sandeep Desai
		 	Name: Sandeep Desai
		 	Title: Managing Director

  
 [Commitment Letter] 

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	MIZUHO BANK, LTD.
		
	By:	 	/s/ Daniel Guevara
		 	Name: Daniel Guevara
		 	Title: Authorized Signatory

  
 [Commitment Letter] 

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 Accepted and agreed to as of 

the date first written above by: 
  

			
	SPRINT COMMUNICATIONS, INC.
		
	By:	 	/s/ Janet M. Duncan
		 	Name: Janet M. Duncan
		 	Title: Vice President and Treasurer

  
 [Commitment Letter] 

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 Exhibit A 

Bridge Credit Agreement 

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 CREDIT AGREEMENT 

dated as of 

[                    ] [●],
201[    ] 
  
  

SPRINT COMMUNICATIONS, INC., 

as Borrower, 
 the
GUARANTORS party hereto 
  
  

JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
  

 
 JPMORGAN
CHASE BANK, N.A. 
 GOLDMAN SACHS BANK USA, 

DEUTSCHE BANK SECURITIES INC., 

and 
 MIZUHO BANK,
LTD. 
 as Joint Lead Arrangers and Joint Bookrunners1 

 

	1 	Titles to be added per Commitment Letter, as applicable. 

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 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS 	  	 	1	 
	 SECTION 1.01
	 	 Defined Terms
	  	 	1	 
	 SECTION 1.02
	 	 Classification of Loans and Borrowings
	  	 	32	 
	 SECTION 1.03
	 	 Terms Generally
	  	 	32	 
	 SECTION 1.04
	 	 Accounting Terms: GAAP
	  	 	33	 
	 SECTION 1.05
	 	 Appointment of the Borrower as Obligor Representative
	  	 	34	 
	ARTICLE II THE CREDITS 	  	 	34	 
	 SECTION 2.01
	 	 Commitments
	  	 	34	 
	 SECTION 2.02
	 	 Loans and Borrowings
	  	 	34	 
	 SECTION 2.03
	 	 Requests for Borrowing
	  	 	35	 
	 SECTION 2.04
	 	 [Reserved]
	  	 	35	 
	 SECTION 2.05
	 	 [Reserved]
	  	 	35	 
	 SECTION 2.06
	 	 Funding of Borrowings
	  	 	35	 
	 SECTION 2.07
	 	 Interest Elections for Borrowings
	  	 	36	 
	 SECTION 2.08
	 	 Termination and Reduction
	  	 	37	 
	 SECTION 2.09
	 	 Repayment of Loans: Evidence of Debt
	  	 	38	 
	 SECTION 2.10
	 	 Prepayment of Loans
	  	 	38	 
	 SECTION 2.11
	 	 Fees
	  	 	40	 
	 SECTION 2.12
	 	 Interest
	  	 	40	 
	 SECTION 2.13
	 	 Alternate Rate of Interest
	  	 	41	 
	 SECTION 2.14
	 	 Increased Costs
	  	 	42	 
	 SECTION 2.15
	 	 Break Funding Payments
	  	 	43	 
	 SECTION 2.16
	 	 Taxes
	  	 	43	 
	 SECTION 2.17
	 	 Payments Generally: Pro Rata Treatment: Sharing of
Set-Offs
	  	 	46	 
	 SECTION 2.18
	 	 Mitigation Obligations: Replacement of Lenders
	  	 	48	 
	 SECTION 2.19
	 	 Defaulting Lenders
	  	 	49	 
	 SECTION 2.20
	 	 [Reserved]
	  	 	49	 
	 SECTION 2.21
	 	 NewCo Financing
	  	 	49	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES 	  	 	50	 
	 SECTION 3.01
	 	 Organization: Powers
	  	 	50	 

  
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	 SECTION 3.02
	 	 Authorization; Enforceability
	  	 	50	 
	 SECTION 3.03
	 	 Governmental Approvals; No Conflicts
	  	 	50	 
	 SECTION 3.04
	 	 Financial Condition; No Material Adverse Change
	  	 	50	 
	 SECTION 3.05
	 	 Properties
	  	 	51	 
	 SECTION 3.06
	 	 Litigation and Environmental Matters
	  	 	51	 
	 SECTION 3.07
	 	 Compliance with Laws and Agreements
	  	 	52	 
	 SECTION 3.08
	 	 Investment Company Status
	  	 	52	 
	 SECTION 3.09
	 	 Taxes
	  	 	52	 
	 SECTION 3.10
	 	 ERISA
	  	 	52	 
	 SECTION 3.11
	 	 Disclosure
	  	 	52	 
	 SECTION 3.12
	 	 Subsidiaries
	  	 	52	 
	 SECTION 3.13
	 	 Anti-Corruption Laws and Sanctions
	  	 	53	 
	 SECTION 3.14
	 	 [Reserved]
	  	 	53	 
	 SECTION 3.15
	 	 Federal Reserve Regulations
	  	 	53	 
	 SECTION 3.16
	 	 Solvency
	  	 	53	 
	ARTICLE IV CONDITIONS 	  	 	53	 
	 SECTION 4.01
	 	 Borrowing Date 
	  	 	53	 
	ARTICLE V AFFIRMATIVE COVENANTS 	  	 	55	 
	 SECTION 5.01
	 	 Financial Statements and Other Information
	  	 	55	 
	 SECTION 5.02
	 	 Notices of Material Events
	  	 	57	 
	 SECTION 5.03
	 	 Existence
	  	 	58	 
	 SECTION 5.04
	 	 Payment of Obligations
	  	 	58	 
	 SECTION 5.05
	 	 Maintenance of Properties; Insurance
	  	 	58	 
	 SECTION 5.06
	 	 Books and Records; Inspection Rights
	  	 	58	 
	 SECTION 5.07
	 	 Compliance with Laws
	  	 	58	 
	 SECTION 5.08
	 	 Use of Proceeds
	  	 	59	 
	 SECTION 5.09
	 	 Certain Obligations with respect to Subsidiaries
	  	 	59	 
	 SECTION 5.10
	 	 Designation of Unrestricted Subsidiaries
	  	 	60	 
	 SECTION 5.11
	 	 Maintenance of Ratings
	  	 	61	 
	ARTICLE VI NEGATIVE COVENANTS 	  	 	61	 
	 SECTION 6.01
	 	 Indebtedness
	  	 	61	 
	 SECTION 6.02
	 	 Liens
	  	 	63	 
	 SECTION 6.03
	 	 Fundamental Changes
	  	 	65	 
	 SECTION 6.04
	 	 Transactions with Affiliates
	  	 	66	 

  
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	 SECTION 6.05
	 	 Financial Covenants
	  	 	66	 
	 SECTION 6.06
	 	 Restricted Payments
	  	 	67	 
	 SECTION 6.07
	 	 Prepayments and Modifications of Indebtedness
	  	 	68	 
	 SECTION 6.08
	 	 Investments
	  	 	68	 
	 SECTION 6.09
	 	 Sale and Leaseback Transactions
	  	 	71	 
	ARTICLE VII EVENTS OF DEFAULT	  	 	72	 
	ARTICLE VIII THE ADMINISTRATIVE AGENT	  	 	74	 
	ARTICLE IX MISCELLANEOUS	  	 	77	 
	 SECTION 9.01
	 	 Notices
	  	 	77	 
	 SECTION 9.02
	 	 Waivers: Amendments
	  	 	78	 
	 SECTION 9.03
	 	 Expenses: Indemnity: Damage Waiver
	  	 	80	 
	 SECTION 9.04
	 	 Successors and Assigns
	  	 	81	 
	 SECTION 9.05
	 	 Survival
	  	 	84	 
	 SECTION 9.06
	 	 Counterparts; Integration; Effectiveness
	  	 	85	 
	 SECTION 9.07
	 	 Severability
	  	 	85	 
	 SECTION 9.08
	 	 Right of Setoff
	  	 	85	 
	 SECTION 9.09
	 	 Governing Law: Jurisdiction; Consent to Service of
Process
	  	 	85	 
	 SECTION 9.10
	 	 WAIVER OF JURY TRIAL
	  	 	86	 
	 SECTION 9.11
	 	 Headings
	  	 	86	 
	 SECTION 9.12
	 	 Confidentiality
	  	 	86	 
	 SECTION 9.13
	 	 USA PATRIOT Act
	  	 	87	 
	 SECTION 9.14
	 	 Guarantee
	  	 	87	 
	 SECTION 9.15
	 	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions

	  	 	91	 
	 SECTION 9.16
	 	 Release of Guarantees
	  	 	91	 
	 SECTION 9.17
	 	 Non-Public Information
	  	 	92	 
	 SECTION 9.18
	 	 No Fiduciary Relationship
	  	 	93	 
	 SECTION 9.19
	 	 Subordination Provisions
	  	 	93	 

  
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 SCHEDULES: 

Schedule 1.01 — Existing Securitization Entities 
 Schedule
1.02 — Maturing Indebtedness 
 Schedule 2.01 — Commitments 

Schedule 3.06 — Disclosed Matters 
 Schedule 3.12 —
Subsidiaries 
 Schedule 6.01 — Existing Indebtedness 

Schedule 6.02 — Existing Liens 
 Schedule 6.08 —
Existing Investments 
 EXHIBITS: 
 Exhibit A — Form of
Assignment and Assumption 
 Exhibit B — Form of Joinder Agreement 

Exhibit C — Form of Subordination Agreement 
 Exhibit D
— Form of Foreign Lender Exemption Statement 
 Exhibit E — Reserved 

Exhibit F — Reserved 
 Exhibit G — Form of
Reconciliation Information 
 Exhibit H — Form of Compliance Certificate 

  
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 CREDIT AGREEMENT (this “Agreement”) dated as of
[                    ] [●], 201[ ] among SPRINT COMMUNICATIONS, INC. (the “Borrower”), the Guarantors (as defined below) party
hereto, the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
 The Borrower has requested that the Lenders
extend credit, by means of loans, to it in an aggregate amount up to but not exceeding $[3,200,000,000] (which amount may, subject to terms and conditions hereunder, be modified pursuant to the terms hereof) to provide funds for general corporate
purposes of the Borrower and its Restricted Subsidiaries. The Lenders are willing to extend such credit upon the terms and conditions of this Agreement and, accordingly, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 
SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “9.25%
Debentures” means the existing 9.25% Debentures of the Borrower due 2022 (as the same may be replaced, refinanced or otherwise modified pursuant to the terms hereof). 

“Accession Agreement” means an Accession Agreement substantially in the form of Exhibit A to the Subordination Agreement.

 “Acquired Entity” has the meaning assigned to such term in Section 5.09(b). 

“Account” means an “account” (as such term is defined in Article 9 of the Uniform Commercial Code as in effect from
time to time in the State of New York). 
 “Additional Agreement” has the meaning assigned to such term in
Section 9.16(c). 
 “Adjusted Base Rate” means, for any day, a rate per annum equal to the greater of (a) the
Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business
Day) plus 1%. Any change in the Adjusted Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted
LIBO Rate, respectively. 
 “Adjusted LIBO Rate” means (a) with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (i) the LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate or (b) with respect to any Base Rate
Borrowing for any day, an interest rate per annum equal to (i) the LIBO Rate for a one month Interest Period commencing on such day (or if such day is not a Business Day, the immediately preceding Business Day) multiplied by (ii) the
Statutory Reserve Rate. 
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent
for the Lenders hereunder. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by
the Administrative Agent. 

  
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 “Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Anti-Corruption Laws” means all laws, rules and regulation of any jurisdiction applicable to the Borrower or any of its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Debt Cap Test” means the
requirement that (a) 15% of Consolidated Net Tangible Assets minus (b) the outstanding amount of Relevant Obligations, is greater than zero. For the avoidance of doubt, the amount of clause (a) of this definition shall in no event
exceed an amount that would permit the incurrence of Liens under this Agreement that would require any of the Parent Guarantor or any of its Subsidiaries’ current or future outstanding Indebtedness for borrowed money (other than the 9.25%
Debentures) governed by documents that contain a lien restriction based on 15% of consolidated net tangible assets to be secured equally and ratably with the Obligations (the triggering of such equal and ratable security requirement, an
“Equal and Ratable Trigger”). 
 “Applicable Percentage” means with respect to any Lender in respect of
any indemnity claim under Section 9.03(c) arising out of an action or omission of the Administrative Agent under this Agreement, the percentage of the total Commitments hereunder represented by the aggregate amount of such Lender’s
Commitment hereunder. If the Commitments hereunder have terminated or expired, the Applicable Percentages shall be determined based upon the percentage of the total Term Loans (if any) represented by the aggregate amount of such Lender’s Term
Loans. 
 “Applicable Rate” means, in the case of Initial Term Loans, for any day, the applicable rate per annum set forth
below under the caption “Base Rate Loans” or “Eurodollar Loans”, as applicable, based upon the applicable days elapsed from the Effective Date to such date set forth below opposite the respective Type of Initial Term Loan: 

 

									
	 Days Elapsed Since the Effective Date
	  	Base Rate
Loans	 	 	Eurodollar
Loans	 
	 < 180 days
	  	 	0.25	% 	 	 	1.25	% 
	 3 180 days < 360 days
	  	 	2.00	% 	 	 	3.00	% 
	 3 360 days
	  	 	3.25	% 	 	 	4.25	% 

 “Applicable Senior Indebtedness” means any Indebtedness outstanding under the Secured Credit
Agreements. 
 “Approved Fund” means, with respect to any Lender that is a fund that invests in commercial loans, any other
fund that invests in commercial loans and is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 

“Arrangers” means JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and Mizuho Bank, Ltd.2 
  

	2 	To be updated, per Commitment Letter, if applicable. 

  
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 “Asset Sale” means any Disposition of any property or assets by the Borrower or
any of its Restricted Subsidiaries to any other Person after the Effective Date; provided that “Asset Sale” shall not include (i) any Disposition by the Borrower or a Subsidiary to the Borrower or a Restricted Subsidiary,
(ii) any Disposition (or series of related Dispositions) of assets having an individual fair market value of less than $20,000,000, (iii) (a) Dispositions in connection with Permitted Securitizations, (b) Dispositions of assets
(other than Spectrum) in connection with replacements of (including equipment and device upgrades and repair) assets (other than Spectrum) sold or leased in connection with any Sale and Leaseback Transaction for the MLS Financing, the RAN Financing
or similar financings and (c) Permitted JV Transfers, (iv) Dispositions in the ordinary course of business (including of used, obsolete, worn-out or surplus assets or inventory in the ordinary course of business), (v) Dispositions of
cash and cash equivalents, (vi) the sale or discounting of overdue Accounts (or similar payment obligations) in the ordinary course of business, (vii) licenses or sublicenses of Intellectual Property in the ordinary course of business or
to settle pending or threatened litigation so long as such licenses or sublicenses of Intellectual Property could not reasonably be expected to result in a Material Adverse Effect, (viii) leases and sub-leases of real property so long as such
leases or sub-leases of real property could not reasonably be expected to result in a Material Adverse Effect, (ix) Dispositions of any or all of the approximately 480,000 shares of Qualcomm Inc. owned by the Borrower (or its applicable
Subsidiary) as of the Effective Date and (x) like-kind exchanges of Spectrum for other Spectrum and, if applicable, a de minimis amount of cash and Permitted Investments, which such exchanges shall be for fair value (as reasonably determined by
the Borrower), in the ordinary course of business and consistent with such swaps conducted by the Borrower and its Subsidiaries prior to the Effective Date (it being understood that the Spectrum swapped shall be substantially similar and such swap
shall not be for a materially different aggregate amount of MHz POPs (except as would increase the MHz POPs held by the Borrower and Subsidiary Guarantors) (exchanges described in this clause (ix), “Permitted Spectrum Swaps”). 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Assuming Lender” has the meaning assigned to such term in Section 2.08(d)(i). 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in
respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member
Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Bankruptcy Event” means, with respect to any Lender or Parent of a Lender, such Lender or Parent (as the case
may be) becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or
custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of the
ownership, or the acquisition of any ownership interest in such Lender or Parent of such Lender by a Governmental Authority or instrumentality thereof, provided, further, that such ownership or interest by a Governmental Authority does not result in
or provide such Lender or Parent with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of 

  
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attachment on its assets or permit such Government Authority to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Lender or Parent. 

“Base Rate”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted Base Rate. 
 “Beneficial Owner” has the
meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. The terms “Beneficially Owns” shall have a corresponding meaning. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Borrower” has the meaning assigned to such term in the preamble to this Agreement. 

“Borrowing” means (a) all Base Rate Loans, converted or continued on the same date or (b) all Eurodollar Loans of
the same Type that have the same Interest Period. 
 “Borrowing Date” means the Business Day prior to the Initial Term Loan
Maturity Date on which all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 9.02 and on which the Borrowings are made. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 

“BTA” means a Basic Trading Area as defined by the FCC to determine service areas for Spectrum licenses. 

“Business Day” means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by law to remain closed, (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for, a Eurodollar Borrowing,
or to a notice by the Borrower with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which dealings in Dollar deposits are carried out in the London interbank market and
(c) if such day relates to the date a borrowing is required to be funded by Lenders hereunder, that is also not a day on which commercial banks in Toyko, Japan are authorized or required by law to remain closed. 

“Capital Expenditures” means, for any period, without duplication, (a) the additions to property, plant and equipment
and other capital expenditures of the Borrower and its Restricted Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of the Borrower for such period prepared in accordance with GAAP and (b) such portion of
principal payments on Capital Lease Obligations made by the Borrower and its Restricted Subsidiaries during such period as is attributable to additions to property, plant and equipment that have not otherwise been reflected on the consolidated
statement of cash flows as additions to property, plant and equipment for such period. 
 “Capital Lease Obligations” of
any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified
and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

  
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 “Cash Equivalents” means (a) marketable obligations issued or
unconditionally guaranteed by the U.S. or issued by any of its agencies and backed by the full faith and credit of the U.S., in each case maturing within one year from the date of acquisition; (b) short-term investment grade domestic and
eurodollar certificates of deposit or time deposits that are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the laws of the U.S. or any of its states having combined capital, surplus and
undivided profits of not less than $100,000,000 (as shown on its most recently published statement of condition); (c) commercial paper and similar obligations rated “P-1” by Moody’s or “A-1” by S&P; (d) readily
marketable tax-free municipal bonds of domestic issuers rated “A-2” or better by Moody’s or “A” or better by S&P, and maturing within one year from the date of acquisition; and (e) mutual funds or money market
accounts investing primarily in items described in clauses (a) through (d) above. 
 “Change of Control” means
the occurrence of any of the following: (a) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the
Borrower and its Restricted Subsidiaries’ properties or assets, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than one or more Permitted Holders; (b) the adoption of a
plan relating to the Borrower’s liquidation or dissolution; or (c) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than one or more Permitted Holders becomes the
Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the Borrower’s Voting Securities; provided that a transaction in which the Borrower becomes a Subsidiary of another person shall not constitute a Change of
Control if (a) the Borrower’s stockholders immediately prior to such transaction Beneficially Own, directly or indirectly through one or more intermediaries, 50% or more of the voting power of the outstanding Voting Securities of such
other Person of whom the Borrower is a Subsidiary immediately following such transaction and (b) immediately following such transaction no person (as defined above) other than such other person, Beneficially Owns, directly or indirectly, more
than 50% of the voting power of the Borrower’s Voting Securities. 
 “Change in Law” means (a) the adoption of
any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by
any Lender (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental
Authority made or issued after the date of this Agreement; provided that (i) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or by United States or foreign regulatory authorities, in each case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 

“CFC” means (a) a “controlled foreign corporation” within the meaning of section 957 of the Code, and
(b) each Subsidiary of any such controlled foreign corporation. 
 “CFC Holding Company” means a Domestic Subsidiary
that owns no material assets other than equity interests in, debt of, or other instrument treated as equity of, one or more CFCs. 

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

“Collateral” has the meaning ascribed to such term in the RC/TL Secured Facility. 

  
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 “Commitments” means the Initial Term Commitments. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Communication” has the meaning assigned to such term in Section 9.01(d). 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Consolidated Net Tangible Assets” means the Borrower’s consolidated total assets as reflected in its most recent
balance sheet preceding the date of determination prepared in accordance with generally accepted accounting principles consistently applied, less (i) current liabilities, excluding current maturities of long-term debt and Indenture Capital
Lease Obligations, and (ii) goodwill, tradenames, trademarks, patents, unamortized debt discount and expense and other similar intangible assets, excluding any investments in permits or licenses issued, granted or approved by the Federal
Communications Commission. 
 “Credit Party” means the Administrative Agent or any other Lender. 

“Current Net Cash Proceeds” has the meaning assigned to such term in sub-clause (y) of Section 2.10(b)(ii). 

“Date of Full Satisfaction” means, as of any date, that on or before such date: (i) the principal of and interest
accrued to such date on each Loan shall have been paid in full in cash, (ii) all fees, expenses and other amounts then due and payable which constitute Obligations (other than contingent amounts for which no claim or demand has been made) shall
have been paid in full in cash and (iii) the Commitments shall have expired or been terminated. 
 “Declining Lender”
has the meaning assigned to such term in Section 2.18(c). 
 “Default” means any event or condition which constitutes
an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

“Defaulting Lender” means any Lender that has (a) failed, within two Business Days of the date required to be funded or
paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing
that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and with supporting facts) has not been satisfied, or, in the case of clause (iii), such amount is the
subject of a good faith dispute; (b) notified the Borrower or any Credit Party in writing, or has made a public statement, to the effect that it does not intend or expect to comply with any of its funding obligations under this Agreement
(unless such writing or public statement states that such position is based on such Lender’s good faith determination that a condition precedent to funding a loan under this Agreement cannot be met) or generally under other agreements in which
it commits to extend credit, (c) failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender in the jurisdiction of such Lender’s
lending office that it will comply with its obligations to fund prospective Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such

  
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certification, (d) become the subject of a Bankruptcy Event or (e) become subject to or has had a direct or indirect parent company become subject to, a Bail-In Action. 

“Designated Senior Debt” means any indebtedness of the Borrower outstanding under the Secured Credit Agreements. 

“Designated Subsidiary” means any Subsidiary (i) that is not a wholly owned Subsidiary, (ii) that is a Foreign
Subsidiary, (iii) that is a CFC, (iv) that is a CFC Holding Company, (v) for which guarantees are contractually prohibited (or prohibited pursuant to the terms of such Subsidiary’s organizational documents) as of the Effective
Date or, after the Effective Date, as of the date of the acquisition or formation of such Subsidiary, so long as such prohibition is not (except with respect to special purpose vehicles) created in contemplation of this limitation (and only for so
long as such prohibition exists), (vi) that is a Receivables Entity, (vii) that is an Unrestricted Subsidiary or (viii) that is a NewCo; provided that any Subsidiary shall cease to be a Designated Subsidiary at such time as
none of clauses (i) through (viii) above apply to it. 
 “Disclosed Matters” means the actions, suits and
proceedings and the environmental matters disclosed in Schedule 3.06. 
 “Disposition” means, with respect to any property
or assets, any sale, lease, Sale and Leaseback Transaction, assignment, conveyance, transfer or disposition thereof. The terms “Dispose”, “Disposed” and “Disposal” shall have correlative meanings. 

“Domestic Subsidiary” means any Subsidiary other than a Foreign Subsidiary. 

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

“EBITDA” means, for any period, net income (or net loss) of the Measurement Entities (before discontinued operations for such
period and exclusive of, without duplication, (x) the income or loss resulting from extraordinary or non-recurring items, (y) the income or loss of any Person accounted for on the equity method and (z) non-cash, one-time charges)
plus, without duplication and to the extent already deducted (and not added back) in determining net income (or net loss), the sum of (a) interest expense, (b) income tax expense, (c) depreciation expense, (d) amortization
expense and (e) cash severance charges, in each case, determined on a consolidated basis in accordance with GAAP for such period. 

Notwithstanding the foregoing, amounts paid in respect of lease or similar payments by the Borrower and its Restricted Subsidiaries to
Measurement Entities (other than the Borrower and its Restricted Subsidiaries) and that are in excess of amounts utilized in the applicable period to make payments on Indebtedness of, and required securitization expenses and entity maintenance for,
such Measurement Entities (other than the Borrower and its Restricted Subsidiaries) shall not be consolidated and shall reduce EBITDA, unless returned to the Borrower and its Restricted Subsidiaries in the form of cash distributions on common equity
in such period (or such other form in such period, provided such other form does not create a payment obligation of the Borrower and its Restricted Subsidiaries). 

“EDC Credit Agreement” means the Amended and Restated Credit Agreement dated as of May 21, 2010 between the Borrower, as
borrower, and Export Development Canada, as lender, as amended to the date hereof, as the same may be further amended, supplemented or modified hereafter, or replaced or refinanced. 

  
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 “EDC Indebtedness” means the Indebtedness of the Borrower under the EDC Credit
Agreement. 
 “EEA Financial Institution” means (a) any institution established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an
EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means September 20, 2017. 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or
binding agreements issued, promulgated or entered into by any Governmental Authority, concerning the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health
and safety matters with respect to any Hazardous Material, including FCC rules concerning human exposure to RF Emissions. 

“Environmental Liability” means, for any Person, any liability, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), of such Person resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of
any Hazardous Materials or RF Emissions, (c) exposure to any Hazardous Materials or RF Emissions, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other binding
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equal and Ratable
Trigger” has the meaning assigned to such term in the definition of “Applicable Debt Cap Test”. 
 “Equity
Interests” means shares of capital stock (whether common or preferred), partnership interests, membership interests in a limited liability company (whether common or preferred), beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“Equity Rights” means, with respect to any Person, any subscriptions, options, warrants, commitments, preemptive rights or
agreements of any kind (including any shareholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or securities convertible into, any additional shares of capital stock of any class of, or partnership or other
ownership interests of any type in, such Person. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time. 

  
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 “ERISA Affiliate” means any entity, whether or not incorporated, that is under
common control with the Borrower within the meaning of Section 4001(a)(14) of ERISA or any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or
(c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043(c) of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30-day notice period referred to in Section 4043(a) is waived), (b) any failure by any Plan to satisfy the minimum funding standards (within the meaning of
Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan, (d) the incurrence by any Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the receipt by any Borrower or
any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan under Section 4042 of ERISA, (f) a determination that any Plan
is, or is expected to be, in “at risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code) has been made, (g) the incurrence by any Borrower or any of its ERISA Affiliates of any liability with
respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, or (h) the receipt by any Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Borrower or any ERISA Affiliate of
any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Section 4245 of ERISA, or in endangered or critical status (within the meaning
of Section 432 of the Code or Section 305 or Title IV of ERISA) or in “critical and declining” status (within the meaning of Section 305 of ERISA) or terminated (within the meaning of Section 4041A of ERISA),
(i) the occurrence of an act or omission which could give rise to the imposition on the Borrower of fines, penalties, taxes or related charges under Chapter 43 of the Code or under Section 409, Section 502(c), (i) or (l), or
Section 4071 of ERISA in respect of any Plan, or (j) the imposition of a Lien pursuant to Section 430(k) of the Code or pursuant to Section 303(k) or 4068 of ERISA with respect to any Plan. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor Person), as in effect from time to time. 
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to in the case of a Loan or a Borrowing, the Adjusted LIBO Rate. 

“Event of Default” has the meaning assigned to such term in Article VII. 

“Excess Disposition Proceeds” has the meaning assigned to such term in sub-clause (y) of Section 2.10(b)(ii). 

“Excess Funding Guarantor” has the meaning assigned to such term in Section 9.14(f). 

“Excess Guarantor Payments” has the meaning assigned to such term in Section 9.14(f). 

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

“Excluded Letters of Credit” has the meaning assigned to such term in the definition of “Total Indebtedness”. 

  
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 “Excluded Subsidiary” means any Subsidiary of the Borrower (other than an
Obligor), as to which no holder or holders of any Indebtedness of any of the Obligors (other than Indebtedness hereunder) shall have the right (upon notice, lapse of time or both), which right shall not have been waived, to declare a default in
respect of such Indebtedness of such Obligor, or to cause the payment thereof to be accelerated or payable prior to its final scheduled maturity, by reason of the occurrence of a default with respect to any Indebtedness of such Subsidiary. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be
made by or on account of any obligation of any Obligor hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by any jurisdiction described in clause (a), (c) in the case of a
Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement
(or designates a new lending office), except to the extent that such Foreign Lender’s assignor (if any) was entitled, at the time of such assignment or designation, to receive additional amounts from any Obligor with respect to such withholding
tax pursuant to Section 2.16(a), (d) any withholding tax that is attributable to a recipient’s failure to comply with Section 2.16(f) and (e) any taxes imposed pursuant to FATCA. 

“Exclusion Rules” has the meaning set forth in the definition of “Total Indebtedness Ratio”. 

“Existing Accounts Receivable Facilities” means the two facilities securitizing accounts receivables from post-paid service
charge contracts and installment sales contracts in effect on the Effective Date, as such facilities may be amended, restated, amended and restated, supplemented, extended or modified from time to time in a manner not materially adverse to the
Lenders. 
 “FATCA” means Section 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantially comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code,
any intergovernmental agreement entered into in connection with the implementation of such sections of the Code and any official interpretation of any such intergovernmental agreement. 

“FCC” means the Federal Communications Commission or any United States Governmental Authority substituted therefor. 

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided,
that, if the federal funds effective rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Fee Letter” means that certain Fee Letter among the Arrangers, Deutsche Bank Cayman Islands Branch and the Borrower dated
September 20, 2017.3 
  

	3 	Definition to be updated, per Commitment Letter, if applicable. 

  
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 “Financial Covenants” means the covenants set forth in Section 6.05. 

“Financial Officer” means, with respect to the Borrower, the chief financial officer, principal accounting officer,
treasurer, assistant treasurer, controller or assistant controller of the Borrower. 
 “Foreign Lender” means any Lender
that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction. 
 “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other
than any state of the United States of America or the District of Columbia. 
 “GAAP” means generally accepted accounting
principles in the United States of America. 
 “Governmental Authority” means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government (and shall include supranational bodies such as the European Union or the European Central Bank). 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or Secondary Obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of
the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or Secondary Obligation or to purchase (or to advance or supply funds for the purchase of) any security for
the payment thereof, (b) to purchase or lease property, securities or services primarily for the purpose of assuring the owner of such Indebtedness or Secondary Obligation of the payment thereof, (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or Secondary Obligation or (d) as an account party in respect of any letter of credit or letter
of guaranty issued to support such Indebtedness or Secondary Obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guaranteed” shall have
a correlative meaning. 
 “Guaranteed Parties” means, collectively, (a) the Lenders, (b) the Administrative
Agent, (c) the beneficiaries of each indemnification obligation undertaken by any Loan Party under this Agreement or any other Loan Document and (d) the successors and assigns of each of the foregoing. 

“Guarantors” means each Subsidiary Guarantor, the Parent Guarantor and, with respect to Obligations other than direct
obligations of the Borrower, the Borrower. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes
and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances
or wastes of any nature regulated pursuant to any Environmental Law. 
 “Hedging Agreement” means any agreement with
respect to any swap, forward, future or derivative transaction, or any option or similar agreement, involving, or settled by reference to, one or 

  
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more rates, currencies, commodities, equity or debt securities or instruments, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value, or any
similar transaction or any combination of the foregoing transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or
consultants of the Borrower or any Subsidiary shall be a Hedging Agreement. 
 “HQ Owner” means any of the Borrower or any
Restricted Subsidiary that owns any HQ Property. 
 “HQ Properties” means the Borrower’s headquarters facility in
Overland Park, Kansas and Reston, Virginia. 
 “Impacted Interest Period” has the meaning set forth in the definition of
“LIBO Rate”. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person
for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property from such Person), (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all
obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable incurred in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of
Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, and (i) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, provided that, to the extent outstanding on the Effective Date and identified in Schedule 6.01, all amounts paid or received by the Borrower and its
Restricted Subsidiaries pursuant to a Tower Transaction, whether in the form of sale proceeds, capital lease payments, maintenance charges, prepaid rent or otherwise (and however characterized on the consolidated balance sheet of the Borrower) shall
not constitute Indebtedness. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such
Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” means all Taxes, other than (a) Excluded Taxes and Other Taxes and (b) amounts constituting
penalties or interest imposed with respect to Excluded Taxes or Other Taxes. 
 “Indenture Capital Lease Obligations” means
indebtedness represented by obligations under a lease that is required to be capitalized for financial reporting purposes in accordance with generally accepted accounting principles. The amount of indebtedness will be the capitalized amount of the
obligations determined in accordance with generally accepted accounting principles consistently applied. 
 “Initial Term
Commitments” means, with respect to each Lender, the commitment of such Lender to make Initial Term Loans on the Borrowing Date, as such commitment may be reduced or increased from time to time pursuant to the terms hereof. The amount of
each Lender’s Initial Term Commitment as of the Borrowing Date is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Initial Term Commitment, as

  
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applicable. The aggregate amount of the Initial Term Commitments as of the Borrowing Date is $[3,200,000,000]4. 

“Initial Term Lender” means a Lender holding Initial Term Commitments or Initial Term Loans. 

“Initial Term Loan” means any term loan made pursuant to Section 2.01(b) utilizing the Initial Term Commitments. 

“Initial Term Loan Maturity Date” means [insert date that is 1 month after the Borrowing Date]5 [●]; provided that the Borrower may in its sole discretion provide a written notice to the Administrative Agent at least three Business Days (or such shorter period of time as the
Administrative Agent may reasonably agree) prior to the then existing Initial Term Loan Maturity Date that it wishes to extend the Initial Term Loan Maturity Date by one month on the following terms and subject to the following conditions for each
such extension: (i) in no event shall the Initial Term Loan Maturity Date extend beyond March 20, 2019 (or, if such date is not a Business Day, the next preceding Business Day) and (ii) the maximum amount of Initial Term Loans to
which an extension right shall apply at each applicable extension date shall equal the outstanding amount of Initial Term Loans as of such extension date minus the amount that would have reduced the Initial Term Commitments pursuant to
Section 2.10(b) assuming such Initial Term Commitments were effective hereunder as a result of events occurring after the immediately preceding extension date (or occurring after the Borrowing Date with respect to the first extension) and on or
prior to the next following extension date (or on or prior to the initial extension date with respect to the first extension) (it being understood that if the Commitments would have been terminated in full pursuant to 2.10(b), the maximum extension
amount shall be $0). For the avoidance of doubt, the Initial Term Loan Maturity Date shall not be modified with respect to the portion of any Initial Term Loans that are not permitted to be extended pursuant to the immediately preceding sentence and
such non-extended Initial Term Loans shall be due and payable in full on such non-extended Initial Term Loan Maturity Date. 

“Intellectual Property” has the meaning assigned to such term in Section 3.05(b). 

“Intercompany Indebtedness” means Indebtedness of a Loan Party or Restricted Subsidiary owing to any Loan Party or Restricted
Subsidiary. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance
with Section 2.07. 
 “Interest Payment Date” means (a) with respect to any Base Rate Loan, each Quarterly Date
and (b) with respect to any Eurodollar Loan, the last Business Day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three
months’ duration, each Business Day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means (a) with respect to any Eurodollar Borrowing, the period commencing on the date of such
Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, with the consent of each Lender, twelve months 

 

	4 	To be updated for amount of outstanding commitments at closing. 

	5 	 To be 1 month from the Borrowing Date; but in no event later than 18 months from the Effective Date.

  
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or a period shorter than one month) thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period
pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day
of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of
such Borrowing. Notwithstanding the foregoing, except with the consent of each Lender, no Interest Period shall have a duration of less than one month and, if the Interest Period for any Eurodollar Loan would otherwise be a shorter period, such Loan
shall not be available hereunder as a Eurodollar Loan for such period. 
 “Interpolated Rate” means, at any time, the rate
per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the applicable Screen Rate for
the longest period (for which that Screen Rate is available in the relevant currency) that is shorter than the Impacted Interest Period and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available in the
relevant currency) that exceeds the Impacted Interest Period, in each case, at such time. 
 “Investment” means, with
respect to a specified Person, (a) any Equity Interests, evidences of Indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, or any capital contribution or loans or advances (other
than advances made in the ordinary course of business that would be recorded as accounts receivable on the balance sheet of the specified Person prepared in accordance with GAAP) (or such other method as the Administrative Agent may determine in its
reasonable discretion) to, Guarantees of any Indebtedness or Secondary Obligations of, or any other investment described in clauses (i) through (v) below, in any other Person that are held or made by the specified Person and (b) the
purchase or acquisition (in one transaction or a series of related transactions) of all or substantially all the property and assets or business of another Person or assets constituting a business unit, line of business, division or product line of
such other Person. The amount, as of any date of determination, of (i) any Investment in the form of a loan or an advance shall be the principal amount thereof outstanding on such date (excluding any portion thereof representing paid-in-kind
interest or principal accretion), without any adjustment for write-downs or write-offs (including as a result of forgiveness of any portion thereof) with respect to such loan or advance after the date thereof, (ii) any Investment in the form of
a Guarantee shall be the principal amount outstanding on such date of the Indebtedness or Secondary Obligations Guaranteed thereby (or, in the case of (x) any Guarantee the terms of which limit the monetary exposure of the guarantor or
(y) any Guarantee of an obligation that does not have a principal amount, the maximum monetary exposure as of such date of the guarantor under such Guarantee (as determined, in the case of clause (x), pursuant to such terms or, in the case of
clause (y), reasonably and in good faith by a Financial Officer of the Borrower)), (iii) any Investment in the form of a transfer of Equity Interests or other non-cash property by the investor to the investee, including any such transfer in the
form of a capital contribution, shall be the fair value (as determined reasonably and in good faith by the Borrower in accordance with GAAP) (or such other method as the Administrative Agent may determine in its reasonable discretion) of such Equity
Interests or other property as of the time of the transfer, minus any payments actually received in cash, or other property that has been converted into cash or is readily marketable for cash, by such specified Person representing a return of
capital of such Investment, but without any adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the date of such transfer, (iv) any Investment (other than any
Investment referred to in clause (i), (ii) or (iii) above) by the specified Person in the form of a 

  
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purchase or other acquisition for value of any Equity Interests, evidences of Indebtedness, other securities or assets of any other Person shall be the original cost of such Investment (including
any Indebtedness or Secondary Obligations assumed in connection therewith), plus the cost of all additions, as of such date, thereto, and minus the amount, as of such date, of any portion of such Investment repaid to the investor in cash as a
repayment of principal or a return of capital, as the case may be, but without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the date of such Investment,
and (v) any Investment (other than any Investment referred to in clause (i), (ii), (iii) or (iv) above) by the specified Person in any other Person resulting from the issuance by such other Person of its Equity Interests to the
specified Person shall be the fair value (as determined reasonably and in good faith by a Financial Officer of the Borrower) of such Equity Interests at the time of the issuance thereof. For purposes of Section 6.08, if an Investment involves
the acquisition of more than one Person, the amount of such Investment shall be allocated among the acquired Persons in accordance with GAAP; provided that pending the final determination of the amounts to be so allocated in accordance with GAAP,
such allocation shall be as reasonably determined by a Financial Officer of the Borrower. 
 “Joinder Agreement” means a
Joinder Agreement substantially in the form of Exhibit B by an entity that, pursuant to Section 5.09, is required to become a “Subsidiary Guarantor” under this Agreement. 

“Junior Indebtedness” has the meaning assigned to such term in Section 6.07. 

“Junior Guaranteed Notes” means the Borrower’s 9.00% guaranteed notes due 2018 and the Borrower’s 7.00% guaranteed
notes due 2020. 
 “Junior Priority Debt” has the meaning assigned to such term in Section 6.01(s). 

“Junior Securities” means: 

(i) Equity Interests in the Borrower, any Guarantor or any direct or indirect parent of the Borrower; or 

(ii) unsecured debt securities that are subordinated to all Senior Indebtedness (and any debt securities issued in exchange for
Senior Indebtedness) to substantially the same extent as, or to a greater extent than, the Obligations and the related Guarantees are subordinated to Senior Indebtedness under this Agreement; 

“Lenders” means (a) the Persons listed on Schedule 2.01 and (b) any other Person that shall have become a party
hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as
administered by the ICE Benchmark Administration Limited (or any other Person that takes over the administration of such rate) for U.S. dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the
Reuters Screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period; provided that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further, that, if the applicable Screen Rate shall not be available at
such time for such Interest Period (an 

  
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“Impacted Interest Period”) with respect to the relevant currency, then the Eurocurrency Rate shall be the Interpolated Rate at such time; provided that if any
Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale
agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset. 

“Loan Documents” means, collectively, this Agreement, any promissory notes evidencing Loans hereunder, the Subordination
Agreement, any Joinder Agreement, any Accession Agreement, and any amendment, waiver, supplement or other modification to any of the foregoing. The term “Loan Documentation” shall have a correlative meaning. 

“Loan Party” means each of the Borrower and the Guarantors. 

“Loans” means any loans made by the Lenders to the Borrower pursuant to this Agreement. 

“Long-Term Indebtedness” means any Indebtedness that, in accordance with GAAP, constitutes (or, when incurred, constituted) a
long-term liability. 
 “Material Acquisition” means any acquisition, or a series of related acquisitions, by the Borrower
or any Restricted Subsidiary of (a) Equity Interests in any Person if, after giving effect thereto, such Person will become a Restricted Subsidiary or (b) assets comprising Spectrum or all or substantially all the assets of (or all or
substantially all the assets constituting a business unit, division, product line or line of business of) any Person (other than Permitted Spectrum Swaps); provided that the aggregate consideration therefor (including Indebtedness assumed in
connection therewith, all obligations in respect of deferred purchase price (including obligations under any purchase price adjustment, as estimated in good faith by the Borrower, but excluding earnout, contingent payment or similar payments) and
all other consideration payable in connection therewith (including payment obligations in respect of noncompetition agreements or other arrangements representing acquisition consideration)) exceeds $225,000,000. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, property or financial
condition of the Borrower and its Restricted Subsidiaries, taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to perform any of their obligations under this Agreement or the other Loan Documents or (c) the rights of
or benefits available to the Lenders under this Agreement and the other Loan Documents. 
 “Material Disposition” means any
Disposition, or a series of related Dispositions, of (a) all or substantially all the issued and outstanding Equity Interests in any Person that are owned by the Borrower or any Restricted Subsidiary or (b) assets comprising Spectrum or
all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of) the Restricted or any Restricted Subsidiary (other than Permitted Spectrum Swaps);
provided that the aggregate consideration therefor (including Indebtedness assumed by the transferee in connection therewith, all obligations in respect of deferred purchase price (including obligations under any purchase price adjustment, as
estimated in good faith by the Borrower, but excluding earnout, contingent payment or similar payments) and all other consideration payable in connection therewith (including payment 

  
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obligations in respect of noncompetition agreements or other arrangements representing acquisition consideration)) exceeds $225,000,000. 

“Material Indebtedness” means (a) the EDC Indebtedness and (b) other Indebtedness (other than the Loans) and
including but not limited to obligations in respect of one or more Hedging Agreements, of the Borrower (or of any Restricted Subsidiary of the Borrower, other than an Excluded Subsidiary) in an aggregate principal amount exceeding $225,000,000. For
purposes of determining Material Indebtedness, the “principal amount” of the obligations of any Person in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that
such Person would be required to pay if such Hedging Agreement were terminated at such time. “Material Indebtedness” shall include any obligations of the Borrower and any Restricted Subsidiaries in respect of Secondary Obligations in
respect of SpectrumCo1, SpectrumCo2 or other Sale and Leaseback Transactions in respect of Spectrum, regardless of whether qualifying as “Indebtedness”. 

“Maturing Indebtedness” means the Indebtedness listed on Schedule 1.02. 

“Measurement Entities” means, the Borrower and its Subsidiaries (excluding Unrestricted Subsidiaries designated as such after
the Borrowing Date, but for the avoidance of doubt, including in any event the entities (whether or not Subsidiaries) constituting the MLS Financing, the RAN Financing, or any Permitted Securitizations), SpectrumCo1, SpectrumCo2 and any other
Subsidiaries of the Parent Guarantor that enter into Sale and Leaseback Transactions of Spectrum with the Borrower or its Restricted Subsidiaries. 

“MHz-POP” means the number of the megahertz of Spectrum multiplied by the population of the covered area. 

“MLS Financing” means a transaction pursuant to which the Borrower and certain Restricted Subsidiaries sell or convey, as a
“true sale,” mobile wireless devices (and, if applicable, upgraded replacement devices) and rights in related customer leases to wholly owned Designated Subsidiaries and such Designated Subsidiaries, thereafter, sell or convey such mobile
wireless devices and certain rights in such related customer leases to Mobile Leasing Solutions, LLC acting for itself and/or on behalf of a series thereof (“MLS”), which devices are then leased back to the Designated Subsidiaries
by MLS. 
 “MNPI” means material information concerning the Parent Guarantor, the Borrower, any Subsidiary or any Affiliate
of any of the foregoing or their securities that has not been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD under the United States Securities Act of 1933 and the United States Securities
Exchange Act of 1934. For purposes of this definition, “material information” means information concerning the Parent Guarantor, the Borrower, the Subsidiaries or any Affiliate of any of the foregoing, or any of their securities, that
could reasonably be expected to be material for purposes of the United States Federal and State securities laws. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Moody’s Rating” means, as of any date of determination thereof, the rating most recently published by Moody’s as
the corporate family rating for the Parent Guarantor. 
 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 

  
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 “Net Cash Proceeds” means, with respect to any Asset Sale or any Recovery Event,
the proceeds thereof (other than proceeds received by a Non-Guarantor Subsidiary that is prohibited from transferring such proceeds to an Obligor pursuant to restrictions imposed by (i) any applicable law or (ii) the terms of any agreement
to which such Person is a party on the Effective Date or, if such Person is an acquired Subsidiary, on the date on which such Person becomes a Subsidiary, in each case, not entered into in contemplation of this restriction) in the form of cash and
cash equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received), net of attorneys’
fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien (other than the loans under the RC/TL Secured Facility, Permitted First Priority Indebtedness, Permitted Second
Priority Indebtedness, any Replacement Financing or any other similar Indebtedness secured generally by the Collateral) expressly permitted hereunder on any asset that is the subject of such Asset Sale or Recovery Event and other fees and expenses
incurred in connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements). 

“Net Cash Proceeds Statement” has the meaning assigned to such term in sub-clause (y) of Section 2.10(b)(ii). 

“Net Working Capital” means, at any date of determination, (a) the consolidated current assets of the Borrower and its
consolidated Restricted Subsidiaries as of such date (excluding cash and cash equivalents) minus (b) the consolidated current liabilities of the Borrower and its consolidated Restricted Subsidiaries as of such date (excluding current
liabilities in respect of Indebtedness). Net Working Capital at any date may be a positive or negative number. Net Working Capital increases when it becomes more positive or less negative and decreases when it becomes less positive or more negative.

 “NewCo” has the meaning assigned to such term in Section 2.21. 

“NewCo Indebtedness” has the meaning assigned to such term in Section 2.21. 

“NewCo Transfer” has the meaning assigned to such term in Section 2.21. 

“Non-Guarantor Restricted Subsidiary” means any Restricted Subsidiary of the Borrower that is not a Subsidiary Guarantor.

 “Non-Guarantor Subsidiary” means any Subsidiary of the Borrower that is not a Subsidiary Guarantor. 

“NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB Rate” means for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term
“NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided,
further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero. 

“Obligations” means, collectively, the principal of and interest on the Loans and all fees, indemnification payments and
other amounts whatsoever, whether direct or indirect, absolute or contingent, now or hereafter from time to time owing to any Guaranteed Party by the Borrower under this 

  
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Agreement and any other Loan Document and from time to time owing to any Guaranteed Party by any Loan Party under any of the Loan Documents, and all other obligations of the Loan Parties under
the Loan Documents (including the obligations of the Guarantors under Section 9.14), including all interest and expenses accrued or incurred subsequent to the commencement of any bankruptcy or insolvency proceedings with respect to any Loan
Party, whether or not such interest or expenses are allowed as a claim in such proceeding. 
 “Obligor Representative”
means the Borrower, in its capacity as Obligor Representative pursuant to Section 1.05. 
 “Obligors” means,
collectively, the Borrower and the Subsidiary Guarantors and, solely for purposes of Sections 2.16, 2.17, 2.18, 9.04(e)(i), 9.05, 9.08, 9.09(b), 9.13 and 9.14 of this Agreement (and the definition of “Excluded Taxes”), the Parent
Guarantor. 
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property
taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement and the other Loan Documents, including any interest, additions to tax or
penalties applicable hereto, provided that there shall be excluded from “Other Taxes” all Excluded Taxes. 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight
eurocurrency borrowings in U.S. dollars by U.S. managed banking offices of depository institutions (as such composite rate shall be determined by the Federal Reserve Bank of New York as set forth on its public website from time to time) and
published on the next succeeding Business Day by the Federal Reserve Bank of New York as an overnight bank funding rate (from and after such date as the Federal Reserve Bank of New York shall commence to publish such composite rate). 

“Owns or Leases Spectrum” means, with respect to the Borrower or any Subsidiary, that such Person owns Spectrum or directly
leases Spectrum from any Person other than the Borrower or any Subsidiary of the Borrower. “Owned or Leased Spectrum” will have a correlative meaning. 

“Parent” means, with respect to any Lender, the Person as to which such Lender is, directly or indirectly, a subsidiary. 

“Parent Guarantor” means Sprint Corporation, the direct parent of the Borrower. 

“Participant” has the meaning assigned to such term in Section 9.04(e)(i). 

“Participant Register” has the meaning assigned to such term in Section 9.04(e)(i). 

“Payment Blockage Notice” has the meaning assigned to such term in Section 9.19(r)(iii)(B). 

“Payment Blockage Period” has the meaning assigned to such term in Section 9.19(c). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Permitted Acquisition” means the purchase or other acquisition, by merger or otherwise, by the
Borrower or any Restricted Subsidiary of substantially all the Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division,

  
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product line or line of business of), any Person or of any Spectrum, if (a) such Person or assets are in the same or similar line of business (or reasonable extensions thereof) as that of
the Borrower and its Restricted Subsidiaries as of the Effective Date, (b) in the case of any purchase or other acquisition of Equity Interests in a Person, such Person and each Subsidiary of such Person is (except to the extent not required to
become a Subsidiary Guarantor pursuant to the requirements of Section 5.09) organized under the laws of the United States of America, any State thereof or the District of Columbia and, upon the consummation of such acquisition, will be a
Restricted Subsidiary, in each case including as a result of a merger or consolidation between any Restricted Subsidiary and such Person and will be or become a Subsidiary Guarantor to the extent required by Section 5.09, or (c) in the
case of any purchase or other acquisition of assets other than Equity Interests, such assets will be owned by the Borrower or a Subsidiary Guarantor; provided that, in each case, at the time of and immediately after giving effect to any such
purchase or other acquisition, no Event of Default shall have occurred and be continuing after giving pro forma effect to such purchase or other acquisition and the incurrence of Indebtedness in connection therewith. For the avoidance of doubt,
subject to compliance with the requirements of Section 5.09 and the requirements set forth above, a Permitted Acquisition of a Person that will become a Loan Party may include the acquisition of Non-Compliant Subsidiaries or Non-Compliant
Assets. For purposes of this definition, “Non-Compliant Subsidiary” means any Restricted Subsidiary of a Person acquired pursuant to a Permitted Acquisition that will not become a Subsidiary Guarantor in accordance with the
requirements of clause (b) of this definition, and “Non-Compliant Assets” means any assets acquired pursuant to a Permitted Acquisition to be held by a Non-Guarantor Restricted Subsidiary. 

“Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes, assessments and governmental charges or levies that are not yet due or are being contested
in compliance with Section 5.04; 
 (b) carriers’, warehousemen’s, mechanics’, landlord’s,
lessor’s, materialmen’s, repairmen’s and other Liens imposed by law, arising in the ordinary course of business that (i) secure obligations that are not overdue by more than 60 days or (ii) are being contested in compliance
with Section 5.04; 
 (c) pledges and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or regulations or to secure public or statutory obligations; 

(d) pledges and deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e)
easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the
affected property or interfere with the ordinary conduct of business of the Borrower and its Subsidiaries; 
 (f) subleases
of property with respect to which the Borrower or its Subsidiary is the primary lessee, to the extent such subleases arise in the ordinary course of business and do not interfere in any material respect with the business of the Borrower and its
Subsidiaries (taken as a whole); 
 (g) licenses and sublicenses of Intellectual Property, to the extent such licenses and
sublicenses either exist as of the Borrowing Date or thereafter arise in the ordinary course of business and are consistent in all material respects with prior practice; and 

  
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 (h) precautionary Uniform Commercial Code filings made with respect to equipment
or vehicles leased to the Borrower or its Restricted Subsidiaries in the ordinary course of business under operating leases (i.e. leases not giving rise to Capital Lease Obligations); 

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness or any Lien imposed pursuant to
Section 430(k) of the Code or pursuant to Section 303(k) or 4068 of ERISA. 
 “Permitted First Priority
Indebtedness” means Indebtedness of the Borrower or any other Loan Party (a) that is secured by Liens on the Collateral on a pari passu basis (but without regard to the control of remedies) to the Liens on the Collateral securing the
Obligations and is not secured by any property or assets of the Borrower or any of the Restricted Subsidiaries other than the Collateral, (b) that does not mature earlier than the latest maturity date under this Agreement then in effect, and
has a weighted average life to maturity no shorter than the Class of Term Loans with the latest maturity date in effect at the time of incurrence of such Indebtedness, (c) that contains covenants, events of default and other terms that are
customary for similar Indebtedness in light of then-prevailing market conditions and, when taken as a whole (other than interest rates, rate floors, fees and optional prepayment or optional redemption terms), are no more favorable to the lenders or
investors, as the case may be, providing such Permitted First Priority Indebtedness than those set forth in the Loan Documents are with respect to the Lenders (other than covenants or other provisions applicable only to periods after the latest
maturity date under this Agreement then in effect); provided that a certificate of a Financial Officer of the Borrower delivered to the Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness or the
modification, refinancing, refunding, renewal or extension thereof (or such shorter period of time as may reasonably be agreed by the Administrative Agent), together with a reasonably detailed description of the material terms and conditions of such
resulting Indebtedness or drafts of the material definitive documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements shall be conclusive unless the
Administrative Agent provides notice to the Borrower of its reasonable objection during such period together with a reasonable description of the basis upon which it objects, (d) the security agreements relating to which are substantially the
same as the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (e) that is not guaranteed by any Persons other than Loan Parties and (f) in respect of which a trustee, collateral agent,
security agent or similar Person, acting on behalf of the holders thereof, shall have become party to an Intercreditor Agreement. Capitalized terms used in this definition have the meanings ascribed to such terms in the RC/TL Secured Facility as in
effect on the Effective Date. 
 “Permitted Holder” means SOFTBANK CORP., a Japanese kabushiki kaisha, and its
Affiliates, successors and assigns. 
 “Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within 18 months from the date of acquisition thereof; 

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition,
(i) a short term credit rating of “P-1” or higher from Moody’s or “A-1” or higher from S&P or (ii) a long term rating of “A2” or higher from Moody’s or “A” or higher from S&P; 

  
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 (c) investments in certificates of deposit, banker’s acceptances and demand or time
deposits, in each case maturing within 18 months from the date of acquisition thereof, issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the
laws of the United States of America or any State thereof; 
 (d) fully collateralized repurchase agreements with a term of not more than 90
days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 

(e) “money market funds” that (i) comply with the criteria set forth in Rule 2a-7 under the Investment Company Act,
(ii) with (A) a short term credit rating of “P-1” or higher from Moody’s or “A-1” or higher from S&P or (B) a long term rating of “A2” or higher from Moody’s or “A” or higher from
S&P and (iii) have portfolio assets of at least $2,000,000,000; and 
 (f) investments in Indebtedness that is (x) issued by
Persons with (i) a short term credit rating of “P-1” or higher from Moody’s or “A-1” or higher from S&P or (ii) a long term rating of “A2” or higher from Moody’s or “A” or higher from
S&P, in each case for clauses (i) and (ii) with maturities not more than 18 months after the date of acquisition and (y) of a type customarily used by companies for cash management purposes. 

“Permitted Junior Priority Indebtedness” means Indebtedness of the Borrower or any other Loan Party (a) that is secured
by Liens on the Collateral on a junior basis to the Liens on the Collateral securing the Obligations and is not secured by any property or assets of the Borrower or any of the Restricted Subsidiaries other than the Collateral, (b) that does not
mature earlier than the latest maturity date under this Agreement then in effect, and has a weighted average life to maturity no shorter than the Class of Term Loans with the latest maturity date in effect at the time of incurrence of such
Indebtedness, (c) that contains covenants, events of default and other terms that are customary for similar Indebtedness in light of then-prevailing market conditions and, when taken as a whole (other than interest rates, rate floors, fees and
optional prepayment or optional redemption terms), are no more favorable to the lenders or investors, as the case may be, providing such Permitted First Priority Indebtedness than those set forth in the Loan Documents are with respect to the Lenders
(other than covenants or other provisions applicable only to periods after the latest maturity date under this Agreement then in effect); provided that a certificate of a Financial Officer of the Borrower delivered to the Administrative Agent
at least five Business Days prior to the incurrence of such Indebtedness or the modification, refinancing, refunding, renewal or extension thereof (or such shorter period of time as may reasonably be agreed by the Administrative Agent), together
with a reasonably detailed description of the material terms and conditions of such resulting Indebtedness or drafts of the material definitive documentation relating thereto, stating that the Borrower has determined in good faith that such terms
and conditions satisfy the foregoing requirements shall be conclusive unless the Administrative Agent provides notice to the Borrower of its reasonable objection during such period together with a reasonable description of the basis upon which it
objects, (d) the security agreements relating to which are substantially the same as the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (e) that is not guaranteed by any Persons other
than Loan Parties and (f) in respect of which a trustee, collateral agent, security agent or similar Person, acting on behalf of the holders thereof, shall have become party to an Intercreditor Agreement. Capitalized terms used in this
definition have the meanings ascribed to such terms in the RC/TL Secured Facility as in effect on the Effective Date. 
 “Permitted
Junior Securities” means, with respect to a Person, (a) Capital Stock in such Person; or (b) debt securities of such Person that are subordinated to all Designated Senior Debt and any debt securities issued in exchange for
Designated Senior Debt to substantially the same extent as, or to a 

  
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greater extent than, the Obligations of such Person under the Loan Documents are subordinated to the Designated Senior Debt. 

“Permitted JV Transfers” has the meaning assigned to such term in Section 5.09(b). 

“Permitted Securitization” means any transaction or series of transactions that may be entered into by the Borrower or any of
its Restricted Subsidiaries pursuant to which such Person may sell, convey or otherwise transfer, or grant a security interest in Receivables and Related Assets to any Receivables Entity, provided that (i) there shall be no recourse under any
such securitization to the Borrower or any of its Restricted Subsidiaries other than pursuant to Standard Securitization Undertakings or customary levels of credit recourse consistent with a “true sale” of assets transferred in a
securitization and (ii) no Default shall have occurred and be continuing either immediately before or after giving effect to such securitization. 

“Permitted Spectrum Swaps” has the meaning assigned to such term in the definition of “Asset Sale”. 

“Permitted Unsecured Indebtedness” means Indebtedness of the Borrower or any Restricted Subsidiary (a) that is not (and
any Guarantees thereof by the Borrower or Restricted Subsidiaries are not) secured by any collateral (including the Collateral), (b) that does not mature earlier than the date that is 91 days after the latest maturity date under this Agreement
then in effect, and has a weighted average life to maturity no shorter than the Class of Term Loans with the latest maturity date in effect at the time of incurrence of such Indebtedness, (c) that, in the case of such Indebtedness in the form
of bonds, debentures, notes or similar instrument, does not provide for any amortization, mandatory prepayment, redemption or repurchase (other than upon a change of control, fundamental change, customary asset sale or event of loss mandatory offers
to purchase and customary acceleration rights after an event of default and, for the avoidance of doubt, rights to convert or exchange in the case of convertible or exchangeable Indebtedness) prior to the date that is the latest maturity date in
effect at the time of incurrence of such Indebtedness, (d) that contains covenants, events of default, guarantees and other terms that are customary for similar Indebtedness in light of then-prevailing market conditions and, when taken as a
whole (other than interest rates, rate floors, fees and optional prepayment or optional redemption terms), are not more favorable to the lenders or investors providing such Permitted Unsecured Indebtedness, as the case may be, than those set forth
in the Loan Documents are with respect to the Lenders (other than covenants or other provisions applicable only to periods after the latest maturity date under this Agreement then in effect); provided that a certificate of a Financial Officer
of the Borrower delivered to the Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness or the modification, refinancing, refunding, renewal or extension thereof (or such shorter period of time as may
reasonably be agreed by the Administrative Agent), together with a reasonably detailed description of the material terms and conditions of such resulting Indebtedness or drafts of the material definitive documentation relating thereto, stating that
the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements shall be conclusive, and (e) that is not guaranteed by any Person other than on an unsecured basis by Loan Parties. Capitalized terms
used in this definition have the meanings ascribed to such terms in the RC/TL Secured Facility as in effect on the Effective Date. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a
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in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA. 
 “Platform” has the meaning assigned to such term in Section 9.01(d). 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by the bank functioning as
Administrative Agent hereunder, as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Private Side Lender Representatives” means, with respect to any Lender, representatives of such Lender that are not Public
Side Lender Representatives. 
 “Pro Rata Guarantor Share” has the meaning assigned to such term in Section 9.14(f).

 “Projections” has the meaning assigned to such term in Section 5.01(d). 

“Public Side Lender Representatives” means, with respect to any Lender, representatives of such Lender that do not wish to
receive MNPI. 
 “Quarterly Dates” means the last Business Day of March, June, September and December in each year, the
first of which shall be the first such day after the date of this Agreement. 
 “RAN Financing” means the financing of
serialized, non-securitized equipment used within the network operated by the Parent Guarantor and its Subsidiaries, as well as structures used to house or support the equipment. 

“Rating” means the Moody’s Rating or the S&P Rating. 

“RC/TL Secured Facility” means that certain credit agreement, dated as of February 3, 2017, among Sprint Communications
Inc., as borrower, the guarantors party thereto from time to time, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent. 

“Receivables and Related Assets” means Accounts, accounts receivable, future lease payments or residuals or similar rights to
payment, and, to the extent related to any of the foregoing, phones, tablets and wireless devices used on the Parent Guarantor’s network, chattel paper, payment intangibles, and similar rights thereto (including contract rights), in each case
that is customarily transferred or in respect of which security interests are customarily granted in connection with securitization transactions of such assets, including all proceeds of the foregoing. 

“Receivables Entity” means a special purpose Person that engages in no activities other than in connection with the financing
of Receivables and Related Assets pursuant to a Permitted Securitization. 
 “Recovery Event” means any settlement of or
payment in respect of any property or casualty insurance claim or any condemnation proceeding arising after the Effective Date relating to any asset of the Borrower or any of its Restricted Subsidiaries; provided that “Recovery Event”
shall not include (i) the proceeds of business interruption insurance and (ii) any Recovery Event (or series of related Recovery Events) with respect to assets having a fair market value of less than $20,000,000. 

  
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 “Refinancing Indebtedness” means, in respect of any Indebtedness (the
“Original Indebtedness”), any Indebtedness that extends, renews or refinances such Original Indebtedness (or any Refinancing Indebtedness in respect thereof); provided that (a) the principal amount (or accreted value, if applicable)
of such Refinancing Indebtedness shall not exceed the principal amount (or accreted value, if applicable) of such Original Indebtedness except by an amount no greater than accrued and unpaid interest with respect to such Original Indebtedness and
any reasonable fees, premium and expenses relating to such extension, renewal or refinancing; (b) the stated final maturity of such Refinancing Indebtedness shall not be earlier than that of such Original Indebtedness, and such stated final
maturity shall not be subject to any conditions that could result in such stated final maturity occurring on a date that precedes the stated final maturity of such Original Indebtedness (except upon an event of default, a change of control or
fundamental change, customary asset sale or event of loss); (c) such Refinancing Indebtedness shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more
events or at the option of any holder thereof (except, in each case, upon the occurrence of an event of default or a change in control, fundamental change or customary asset sale or event of loss prepayment event, or upon conversion or exchange in
the case of convertible or exchangeable Indebtedness or as and to the extent such repayment, prepayment, redemption, repurchase or defeasance would have been required pursuant to the terms of such Original Indebtedness (other than terms added or
modified in contemplation of such refinancing)) prior to the earlier of (i) the maturity of such Original Indebtedness and (ii) the date that is 91 days after the latest maturity date under this Agreement in effect on the date of such
extension, renewal or refinancing; provided that, notwithstanding the foregoing, scheduled amortization payments (however denominated) of such Refinancing Indebtedness shall be permitted so long as the weighted average life to maturity of such
Refinancing Indebtedness shall be longer than the shorter of (x) the weighted average life to maturity of such Original Indebtedness remaining as of the date of such extension, renewal or refinancing and (y) the weighted average life to
maturity of the Class of Term Loans (each as defined in the RC/TL Secured Facility) remaining as of the date of such extension, renewal or refinancing with the latest maturity date; (d) such Refinancing Indebtedness shall not constitute an
obligation (including pursuant to a Guarantee) of any Subsidiary, in each case that shall not have been (or, in the case of after-acquired Subsidiaries, shall not have been required to become pursuant to the terms of the Original Indebtedness) an
obligor in respect of such Original Indebtedness, and shall not constitute an obligation of the Borrower if the Borrower shall not have been an obligor in respect of such Original Indebtedness, and, in each case, shall constitute an obligation of
such Subsidiary or of the Borrower only to the extent of their obligations in respect of such Original Indebtedness; (e) if such Original Indebtedness shall have been subordinated to the Obligations, such Refinancing Indebtedness shall also be
subordinated to the Obligations on terms not less favorable in any material respect to the Lenders; and (f) such Refinancing Indebtedness shall not be secured by any Lien on any asset other than the assets that secured such Original
Indebtedness (or would have been required to secure such Original Indebtedness pursuant to the terms thereof (other than terms added or modified in contemplation of such refinancing)) or, in the event Liens securing such Original Indebtedness shall
have been contractually subordinated to any Lien securing the Obligations (as defined in the RC/TL Secured Facility), by any Lien that shall not have been contractually subordinated to at least the same extent. Any Refinancing Indebtedness in
respect of Maturing Indebtedness shall not mature earlier than the latest maturity date under the RC/TL Secured Facility then in effect, and shall have a weighted average life to maturity no shorter than the Class of Term Loans (each as defined in
the RC/TL Secured Facility) with the latest maturity date in effect at the time of incurrence of such Refinancing Indebtedness. 

“Register” has the meaning assigned to such term in Section 9.04. 

“Related Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition
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provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium, penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ 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. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
trustees, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Relevant
Obligations” has the meaning ascribed to such term in the RC/TL Secured Facility as in effect on the date hereof. 

“Required Lenders” means Lenders having outstanding Term Loans and unused Commitments representing more than 50% of the sum
of the total outstanding Term Loans and unused Commitments at such time. 
 “Restricted Payment” means any dividend or
other distribution (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower or any of its Restricted Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests. 

“Restricted Subsidiary” means any Subsidiary that is not an Unrestricted Subsidiary. 

“RF Emissions” means radio frequency emissions governed by FCC rules. 

“Rural JV Spectrum” shall mean any Spectrum that has been leased or transferred to any joint venture under a Permitted JV
Transfer. 
 “S&P” means Standard & Poor’s Financial Services LLC and any successor to its rating agency
business. 
 “S&P Rating” means, as of any date of determination thereof, the rating most recently published by S&P
as the corporate credit rating for the Parent Guarantor. 
 “Sale and Leaseback Transaction” means any transaction or
arrangement by the Borrower or any of its Restricted Subsidiaries, directly or indirectly, with any Person whereby such Borrower or such Restricted Subsidiary shall sell or transfer any property, real or personal (including for the avoidance of
doubt, any Spectrum), used or useful in the business of the Borrower or any Restricted Subsidiary thereof, whether now owned or hereafter acquired, and thereafter the Borrower or any Subsidiary thereof rents or leases such property or other property
intended to be used for substantially the same purpose or purposes as the property being sold or transferred. For the avoidance of doubt, “Sale and Leaseback Transaction” includes the SpectrumCo 1 and SpectrumCo2 transactions and any other
transaction (synthetic or otherwise) that results in a transaction substantially similar in substance to that described in the immediately prior sentence. 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any
Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 

  
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 “Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the U.S. government (including but not limited to those maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury and the U.S. Department of State), the
United Nations Security Council, the European Union, any European Union member state, the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned
or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 
 “Sanctions” means all
economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government (including but not limited to those maintained by the Office of Foreign Assets Control of the U.S. Department of the
Treasury and the U.S. Department of State), the United Nations Security Council, the European Union, any European Union member state, the United Kingdom or other relevant sanctions authority. 

“Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate”. 

“Secondary Obligation” means any obligation that directly supports a primary Indebtedness obligation (so, for illustrative
purposes, the operating lease payments in respect of SpectrumCo1 support the primary obligation in respect of the notes issued by SpectrumCo1, and so such operating lease payments are a “Secondary Obligation”). 

“Secured Credit Agreements” means the Credit Agreement, dated May 21, 2010 among the Company, as borrower, the
Subsidiary Guarantors parties thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, and the other loan documents related thereto (all as amended, extended, renewed, increased, modified, restated, supplemented or
refinanced from time to time, including such refinancing in the form of the Credit Agreement dated February 3, 2017 among the Borrower, JPMorgan Chase Bank, N.A. as administrative agent and the other parties thereto), and the Amended and
Restated Credit Agreement, dated May 21, 2010 between the Company and Export Development Canada, and the other loan documents related thereto (all as amended, extended, renewed, increased, modified, restated, supplemented or refinanced from
time to time, including in the form of the Second Amended and Restated Credit Agreement dated February 3, 2017 among the Borrower, Export Development Canada, as Lender and the other parties thereto). 

“Senior Indebtedness” means: 

(i) all Obligations (as such term is defined in the respective Secured Credit Agreements) of the Borrower or any Guarantor
outstanding under any Secured Credit Agreements (including interest accruing on or after the filing of any petition in bankruptcy or similar proceeding or for reorganization of the Borrower or any Guarantor (at the rate provided for in the
documentation with respect thereto, regardless of whether or not a claim for post-filing interest is allowed in such proceedings)), and any and all other fees, expense reimbursement obligations,
indemnification amounts, penalties, and other amounts (whether existing on the Effective Date or thereafter created or incurred) and all obligations of the Issuer or any Guarantor to reimburse any bank or other Person in respect of amounts paid
under letters of credit, acceptances or other similar instruments; and 
 (ii) all Related Obligations with respect to the
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 provided, however, that for the avoidance of doubt, Senior Indebtedness shall not
include: 
 (a) any obligation of such Person to the Borrower or any of its Subsidiaries; 

(b) any liability for federal, state, local or other taxes owed or owing by such Person; 

(c) any accounts payable or other liability to trade creditors arising in the ordinary course of business; 

(d) any Indebtedness or other Related Obligation of such Person which is subordinate or junior in right of payment in any
respect to any other Indebtedness or other Related Obligation of such Person; or 
 (e) that portion of any Indebtedness
which at the time of incurrence is incurred in violation of this Agreement; provided that such Indebtedness shall be deemed not to have been incurred in violation of this Agreement for purposes of this clause if such Indebtedness consists of
Indebtedness under the Secured Credit Agreements, and the holders of such Indebtedness or their trustee, agent or representative (a) had no actual knowledge at the time of incurrence that the incurrence of such Indebtedness violated this
Agreement and (b) shall have received an officer’s certificate from the Borrower to the effect that the incurrence of such Indebtedness does not violate the provisions of this Agreement. 

“Senior Unsecured Restricted Debt” has the meaning assigned to such term in Section 6.01(q). 

“Shared Investment Amount” has the meaning assigned to such term in Section 6.08(c). 

“Significant Subsidiary” means (a) any Restricted Subsidiary that has consolidated assets or revenues greater than or
equal to 5% of the total consolidated assets or revenues of the Borrower and its Restricted Subsidiaries determined as of the end of (or, with respect to such revenues, for the period of four fiscal quarters ending with) the fiscal quarter or fiscal
year most recently ended for which financial statements are available, (b) each Restricted Subsidiary that directly or indirectly owns or controls any other Significant Subsidiary and (c) any Restricted Subsidiary that Owns or Leases
Spectrum to the extent such Restricted Subsidiary has assets or revenues greater than $100,000,000 as of the end of the of (or, with respect to such revenues, for the period of four fiscal quarters ending with) the fiscal quarter or fiscal year most
recently ended for which financial statements are available. 
 “Special Counsel” means Simpson Thacher & Bartlett
LLP, in its capacity as special counsel to the Administrative Agent and the Arrangers. 
 “Special Prepayment Requirements”
has the meaning set forth in the definition of “Spectrum Disposition Requirements”. 
 “Specified Transaction”
means, with respect to any period, any Investment, Permitted Acquisition, Disposition, incurrence, assumption or repayment of Indebtedness (including the incurrence of Incremental Facilities (as defined in the RC/TL Secured Facility), Restricted
Payment, designation of a Restricted Subsidiary as an Unrestricted Subsidiary or of an Unrestricted Subsidiary as a Restricted Subsidiary or other event that by the terms of this Agreement requires “pro forma compliance” with a test or
covenant hereunder or requires such test or covenant to be calculated on a “pro forma basis”. 

  
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 “Spectrum” means frequencies of electromagnetic spectrum used to provide fixed
or mobile communications services as licensed or authorized by the FCC. 
 “Spectrum Disposition Requirements” means, after
giving pro forma effect to any Disposition of Spectrum: 
 (a) no Default shall have occurred and be continuing; 

(b) with respect to any Disposition of Spectrum in respect of a Sale and Leaseback Transaction: (i) the MHz-POPs of all the Spectrum
remaining at the Borrower and the Subsidiary Guarantors shall represent at least 80% of the MHz-POPs of the Borrower and the Subsidiary Guarantors’ Spectrum (including, for this purpose, MHz-POPs of the Rural JV Spectrum) as of February 3,
2017 (such date, the “Spectrum Reference Date”), (ii) after giving pro forma effect to such Disposition, the book value of the remaining Spectrum at the Borrower and the Subsidiary Guarantors is not lower than 250% of the
amount of clause (a) of the Applicable Debt Cap Test, (iii) after giving pro forma effect to such Disposition, (x) the remaining Cellular/800MHz Spectrum at the Borrower and the Subsidiary Guarantors (including, for this purpose,
the Cellular/800MHz Spectrum of the Rural JV Spectrum) is at least 70% of the MHz-POPs of the Cellular/800MHz Spectrum at the Borrower and the Subsidiary Guarantors (including, for this purpose, the Cellular/800MHz Spectrum of the Rural JV Spectrum)
immediately prior to the Spectrum Reference Date, (y) the remaining 2.5GHz Spectrum at the Borrower and the Subsidiary Guarantors (including, for this purpose, the 2.5 GHz Spectrum of the Rural JV Spectrum) is at least 70% of the MHz-POPs of
the 2.5GHz Spectrum at the Borrower and the Subsidiary Guarantors (including, for this purpose, the 2.5 GHz Spectrum of the Rural JV Spectrum) immediately prior to the Spectrum Reference Date and (z) the remaining 1.9GHz Spectrum at the
Borrower and the Subsidiary Guarantors (including, for this purpose, the 1.9 GHz Spectrum of the Rural JV Spectrum) is at least 75% of the MHz-POPs of the 1.9GHz Spectrum at the Borrower and the Subsidiary Guarantors (including, for this purpose,
the 1.9 GHz Spectrum of the Rural JV Spectrum) immediately prior to the Spectrum Reference Date and (iv) after giving pro forma effect to such Disposition, the Borrower and the Subsidiary Guarantors shall maintain (x) all PCS 1.9GHz
G-block licenses and (y) at least one additional block of PCS 1.9 GHz 5x5 MHz Spectrum licenses (including any such licenses acquired after the Spectrum Reference Date) in each BTA where a PCS 1.9 GHz 5x5 MHz Spectrum license is owned currently
or in the future by the Parent Guarantor, the Borrower or any of their Subsidiaries; and 
 (c) with respect to any Disposition of Spectrum
(other than a Permitted JV Transfer, Permitted Spectrum Swap or in respect of a Sale and Leaseback Transaction): (i) such sale is to a third party that is not an Affiliate of the Borrower in an arms-length transaction for fair market value,
(ii) such Dispositions of Spectrum represent in the aggregate not more than 400 million MHz-POPS, and such Spectrum is primarily in “mostly rural/rural areas” as defined by the US Census Bureau, (iii) after giving pro forma
effect to such Disposition, the Borrower and the Subsidiary Guarantors shall maintain (x) all PCS 1.9GHz G-block licenses and (y) at least one additional block of PCS 1.9 GHz 5x5 MHz Spectrum licenses (including any such licenses acquired
after the Spectrum Reference Date) in each BTA where a PCS 1.9 GHz 5x5 MHz Spectrum license is owned currently or in the future by the Parent Guarantor, the Borrower or any of their Subsidiaries and (iv) the net cash proceeds thereof are
promptly (and in any event within 60 days of receipt thereof), applied to repay Term Loans (as defined in the RC/TL Secured Facility) or other first lien Indebtedness for borrowed money secured on a pari passu basis with the Obligations (as defined
in the RC/TL Secured Facility) (other than revolving indebtedness unless accompanied by a corresponding permanent commitment reduction (provided if no such Indebtedness is outstanding other than Revolving Credit Loans (as defined in the RC/TL
Secured Facility), such Revolving Credit Loans shall be prepaid (without a reduction in Revolving Credit Commitments (as 

  
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defined in the RC/TL Secured Facility)))) (the requirements of this clause (iv), “Special Prepayment Requirements”). 

For the avoidance of doubt, Spectrum that is Disposed of (including in a Permitted JV Transfer) and then leased back by the Borrower or a
Subsidiary Guarantor in a Sale and Leaseback Transaction shall not be included in Spectrum remaining or maintained by the Borrower or the Subsidiary Guarantors. 

“Spectrum Guarantee Cap” has the meaning assigned to such term in Section 6.02(n). 

“SpectrumCo1” means, collectively, the existing Spectrum special purpose vehicle Subsidiaries of the Parent Guarantor that
are part of, and were formed for the purpose of, the Parent Guarantor’s existing Spectrum Sale and Lease Back Transaction (with $3,500,000,000 of notes in respect of such Sale and Lease Back Transaction issued as of the Effective Date), as the
terms of such transaction are in effect on the Effective Date or modified, amended or supplemented thereafter to the extent any such modification, amendment or supplement is not adverse to the Lenders. 

“SpectrumCo2” means, collectively, special purpose vehicles that would be formed as part of and for the purpose of
consummating a future Sale and Leaseback Transaction of Spectrum permitted hereunder in a transaction similar to the existing SpectrumCo1 Sale and Leaseback Transaction (or, to the extent not similar to the existing SpectrumCo1 Sale and Leaseback,
such difference shall not be adverse to the Lenders). For the avoidance of doubt, SpectrumCo2 or other future Sale and Leaseback Transactions of Spectrum with the Borrower or its Restricted Subsidiaries, in each case permitted under this Agreement,
may be implemented pursuant to the documentation governing SpectrumCo1. 
 “Standard Securitization Undertakings” means
representations, warranties, covenants and indemnities entered into by the Borrower or any of its Subsidiaries in connection with any Permitted Securitization that are customary in comparable non-recourse securitization transactions. 

“Statutory Reserve Rate” means for the Interest Period for any Eurodollar Borrowing, a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by
the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such
Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender
under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordination Agreement” means the Subordination Agreement, dated as of the date hereof, among the Borrower and each of its
Restricted Subsidiaries from time to time substantially in the form of Exhibit C. 
 “Subordination Terms” has the meaning
assigned to such term in the Subordination Agreement. 
 “Subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the ordinary voting power or, in the
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partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one
or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. It is understood that unless otherwise noted herein, each reference to “Subsidiary” shall be a reference to a Subsidiary of the Borrower. 

“Subsidiary Guarantor” means each Person identified under the caption “SUBSIDIARY GUARANTORS” on the signature
pages hereto and each Person that becomes a “Subsidiary Guarantor” after the Borrowing Date pursuant to Section 5.09 but excluding any Person that is released from its guarantee obligations pursuant to Section 9.02 or
Section 9.16 from the date of such release. 
 “Taxes” means any and all present or future taxes, levies, imposts,
duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan” means an Initial Term Loan. 

“Total Indebtedness” means, as of any day, without duplication, the aggregate principal face amount of Indebtedness of the
Measurement Entities (excluding the face amount of letters of credit so long as (a) the only obligors thereunder are SpectrumCo1, SpectrumCo2 and/or any other special purposes entities that purchase Spectrum from the Borrower or its Restricted
Subsidiaries in a Sale and Lease Transaction in respect of Spectrum and (b) such letters of credit are issued for the benefit of the debtholders of Indebtedness issued by such entities (“Excluded Letters of Credit”)),
determined on a consolidated basis without duplication in accordance with GAAP. 
 “Total Indebtedness Ratio” means, as of
the last day of any fiscal quarter, the ratio of (a) Total Indebtedness to (b) EBITDA for the period of four quarters ending on such day; provided that in any event the Total Indebtedness Ratio (i) shall exclude Existing
Accounts Receivables Facilities (including similar replacement or successor facilities in respect thereof) in an aggregate amount up to $3,100,000,000 in the event they are accounted for as liabilities on the GAAP balance sheet of the Measurement
Entities as of an applicable quarter end (other than as a result of additional Guarantees or other credit support provided in respect thereof) and (ii) shall include Indebtedness that is accounted for as liabilities on the GAAP balance sheet of
the Measurement Entities as of the Effective Date (including refinancings or replacements thereof) even if subsequently no longer reported as a liability on the GAAP balance sheet of the Measurement Entities (the provisions in clauses (i) and
(ii), the “Exclusion Rules”). 
 “Total Interest Coverage Ratio” means, as of the last day of any fiscal
quarter, the ratio of (a) EBITDA for the period of four quarters ending on such day to (b) Total Interest Expense for such four-quarter period. The Total Interest Coverage Ratio shall exclude or include Total Interest Expense related to
the Indebtedness described in the Exclusion Rules as set forth therein. Furthermore, the calculation of Total Interest Coverage Ratio shall exclude Excluded Letters of Credit. 

“Total Interest Expense” means, for any period, (a) interest expense of the Measurement Entities with respect to all
outstanding Indebtedness of the Measurement Entities, minus (b) interest income received by the Persons specified in clause (a), as determined on a consolidated basis without duplication in accordance with GAAP. 

“Total Secured Indebtedness Ratio” means, as of the last day of any fiscal quarter, the ratio of (a) Relevant
Obligations to (b) EBITDA for the period of four quarters ending on such day; provided that in any event the Total Secured Indebtedness Ratio shall exclude or include (if otherwise Relevant Obligations), the Indebtedness described in the
Exclusion Rules as set forth therein. 

  
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 “Tower Transaction” means a sale, lease or other disposition or transfer of
wireless telecommunications towers and the real property and other assets associated with such towers, and the leasing by the Borrower or any of its Restricted Subsidiaries of space on such towers. 

“Transactions” means, with respect to the Loan Parties, the execution, delivery and performance by the each Loan Party of the
Loan Documents to which it is a party, and, with respect to the Borrower, the borrowing of Loans and the use of the proceeds thereof. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Adjusted Base Rate. 
 “U.S.
dollars” or “$” refers to lawful money of the United States of America. 
 “Unrestricted
Subsidiary” means (i) as of the Borrowing Date, the Subsidiaries of the Borrower existing as of the Borrowing Date and listed on Schedule 1.01 (with any such Subsidiaries that are not securitization Subsidiaries designated as such on
Schedule 1.01) and (ii) after the Borrowing Date, any Subsidiary of the Borrower that is designated by the Borrower as such pursuant to Section 5.10. 

“Voting Securities” of any Person means the stock or other ownership or equity interests, of whatever class or classes, the
holders of which ordinarily have the power to vote for the election of the members of the board of directors, managers, trustees or other voting members of the governing body of such Person (other than stock or other ownership or equity interests
having such power only by reason of the happening of a contingency). 
 “Withdrawal Liability” means liability to a
Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Withholding Agent” means any Obligor and the Administrative Agent. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be
classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 

SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to
be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns permitted hereunder, (c) the words “herein”, “hereof’ and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any 

  
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particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts
and contract rights. 
 SECTION 1.04 Accounting Terms: GAAP; Pro Forma Calculations. Except as
otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that
the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the
basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all
terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Accounting Standards Codification 825-10-25
(previously referred to as Statement of Financial Accounting Standards 159, The Fair Value Option for Financial Assets and Financial Liabilities) (or any other Financial Accounting Standard having a similar result or effect) to value any
Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein. Notwithstanding any other provision of this Agreement or the other Loan Documents to the contrary, the determination of whether a
lease constitutes a capital lease or an operating lease, and whether obligations arising under a lease are required to be capitalized on the balance sheet of the lessee thereunder and/or recognized as interest expense, shall be determined by
reference to GAAP as in effect on the Effective Date. 
 For purposes of determining compliance on a historical basis with any financial
ratio, test or covenant contained in this Agreement with respect to any four quarter period during which any Material Acquisition or Material Disposition occurs or during which any designation of any Restricted Subsidiary as an Unrestricted
Subsidiary and any Unrestricted Subsidiary as a Restricted Subsidiary in accordance with the definition of “Unrestricted Subsidiary” occurs (a “Subsidiary Designation”), EBITDA, Consolidated Net Tangible Assets, the Total
Indebtedness Ratio and the Total Secured Indebtedness Ratio shall be calculated with respect to such period on a pro forma basis, giving effect to such Material Acquisition, Material Disposition or Subsidiary Designation. 

It is agreed that with respect to compliance with any test or covenant hereunder required by the terms of this Agreement to be made on a pro
forma basis (or with respect to determining pro forma compliance), that all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of (or commencing with) the first day of the applicable
period of measurement in such test or covenant: (i) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction (A) in the case of a Material Disposition or the
designation of a Restricted Subsidiary as an Unrestricted Subsidiary, shall be excluded, and (B) in the case of a Permitted Acquisition or Investment described in the definition of “Specified Transaction” or designation of an
Unrestricted Subsidiary as a Restricted Subsidiary, shall be included, (ii) any prepayment, repayment, retirement, redemption or satisfaction of Indebtedness shall be assumed to have occurred on the first day of the applicable test period,
(iii) any Indebtedness incurred or assumed by the Borrower or any of the Restricted Subsidiaries in connection therewith shall be assumed to have been incurred or assumed on the first day of the applicable test period and (iv) if any such
Indebtedness has a floating or formula rate, such Indebtedness shall be deemed to have an implied rate of interest for 

  
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the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination.

 If pro forma compliance or compliance on a pro forma basis is required to be calculated with respect to financial statements delivered
pursuant to Section 5.01(a) or (b) prior to the first such delivery requirement thereof, such financial statements shall instead be the financial statements for the Borrower’s fiscal quarter ended
[            ]. 
 SECTION 1.05 Appointment
of the Borrower as Obligor Representative. For purposes of this Agreement and the other Loan Documents, each Obligor (i) authorizes the Borrower to make such requests, give such notices or furnish such certificates to the Administrative
Agent or any Lender as may be required or permitted by this Agreement and any other Loan Document for the benefit of such Obligor and (ii) authorizes the Administrative Agent and each Lender to treat such requests, notices, certificates or
consents given or made by the Borrower to have been made, given or furnished by the applicable Obligor for purposes of this Agreement and any other Loan Document. The Administrative Agent and each Lender shall be entitled to rely on each such
request, notice, certificate or consent made, given or furnished by the Obligor Representative pursuant to the provisions of this Agreement or any other Loan Document as being made or furnished on behalf of, and with the effect of irrevocably
binding, such Obligor. Each warranty, covenant, agreement and undertaking made on its behalf by the Obligor Representative shall be deemed for all purposes to have been made by each Obligor and shall be binding upon and enforceable against each
Obligor to the same extent as if the same had been made directly by each Obligor. 
 ARTICLE II 

THE CREDITS 
 
SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each Initial Term Lender agrees to make Initial Term Loans to the Borrower denominated in U.S. dollars on the Borrowing Date (and for the avoidance of doubt,
prior to the date that is 18 months from the Effective Date) in an aggregate principal amount not to exceed such Lender’s Initial Term Commitment. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed. 

SECTION 2.02 Loans and Borrowings. 

(a) Obligation of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance
with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender
shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Type of Loans. Subject to
Section 2.13, each Borrowing shall be comprised entirely of Base Rate Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) Minimum Amounts. At the commencement of each Interest Period for a Eurodollar Borrowing, such Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000 and not less than $10,000,000. At the time that each Base Rate Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than

  
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$5,000,000; provided that a Base Rate Borrowing of Loans may be in an aggregate amount that is equal to the entire unused balance of the total Commitments. Borrowings of more than one Type
may be outstanding at the same time. 
 SECTION 2.03 Requests for Borrowings. To request a
Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing
(except that in the case of a Eurodollar Borrowing on the Borrowing Date, such notice shall be given not later than 1:00 p.m., New York City time, two Business days before the date of the proposed Borrowing) or (b) in the case of a Base Rate
Borrowing, not later than 11:00 a.m., New York City time, on the Business Day prior to the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.02: 
 (i) the aggregate amount of such Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number of the account to
which funds are to be disbursed, which shall comply with the requirements of Section 2.06. 
 If no election as to the Type of Borrowing is specified,
then the requested Borrowing shall be a Base Rate Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested
Borrowing. 
 Anything herein to the contrary notwithstanding, the initial Borrowing hereunder shall be a Base Rate Borrowing, except to the
extent that this Agreement shall have been duly executed and delivered by each of the parties hereto at least three Business Days prior to the Borrowing Date and the Borrower has given timely notice of a Eurodollar Borrowing after such execution and
delivery (or, alternatively, the Borrower shall have executed and delivered to the Administrative Agent a pre-funding letter in form and substance satisfactory to the Administrative Agent pursuant to which the Borrower has agreed to reimburse the
Lenders for any costs of the type described in Section 2.15 in the event that, for any reason, the Borrowing Date and initial Loans do not occur on the date specified in such pre-funding letter). 

SECTION 2.04 [Reserved]. 

SECTION 2.05 [Reserved]. 

SECTION 2.06 Funding of Borrowings. 

  
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 (a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent
will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable
Borrowing Request. 
 (b) Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on
such date in accordance with paragraph (a) of this Section 2.06 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the
date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute
such Lender’s Loan included in such Borrowing. 
 SECTION 2.07 Interest Elections for
Borrowings. 
 (a) Elections by Borrower. Each Borrowing initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in
the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.07. The Borrower may elect different options for continuations and conversions with respect to different portions of the affected
Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) Notice of Elections. To make an election pursuant to this Section 2.07, the Borrower shall notify the Administrative Agent of
such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower was requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each
such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed
by the Borrower. 
 (c) Information in Election Notices. Each telephonic and written Interest Election Request shall specify the
following information in compliance with Section 2.03: 
 (i) the Borrowing to which such Interest Election Request
applies and, if different options for continuations or conversions are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant
to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

  
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 (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a
Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable
thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such
Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Notice by Administrative Agent to Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) Presumption if No
Notice. If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end
of such Interest Period such Borrowing shall be converted to a Base Rate Borrowing. Notwithstanding any contrary provision hereof, if the Borrower shall default in the payment of any principal of or interest on any Loan, and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as such default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each
Eurodollar Borrowing shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto. 
 
SECTION 2.08 Termination and Reduction. 
 (a) Termination of Commitments. Unless previously terminated, the Initial Term
Commitments shall terminate in full upon the earlier of (1) immediately after the making of the Initial Term Loans on the Borrowing Date and (2) the date that is 18 months from the Effective Date. 

(b) Voluntary Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Initial Term
Commitments; provided that each reduction of the Initial Term Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000. 

(c) Notice of Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce
Commitments under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any
notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of Commitments delivered
by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date)
if such condition is not satisfied. Any termination or reduction of Commitments shall be permanent. Each reduction of Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

(d) [Reserved]. 

  
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 SECTION 2.09 Repayment of Loans: Evidence of Debt. 

(a) [Reserved]. 
 (b)
Initial Term Loans. The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Initial Term Lender, the principal of such Initial Term Lender’s Initial Term Loans on the Initial Term Loan
Maturity Date applicable to such Initial Term Loans. 
 (c) [Reserved]. 

(d) Maintenance of Loan Accounts by Lenders. Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan held by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(e) Maintenance of Loan Accounts by Administrative Agent. The Administrative Agent shall maintain accounts in which it shall record
(i) the amount of each Loan outstanding hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender
hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(f) Effect of Loan Accounts. The entries made in the accounts maintained pursuant to paragraph (d) or (e) of this
Section 2.09 (and in the Register maintained pursuant to Section 9.04) shall be prima facie evidence of the existence and amounts of the obligations recorded therein, provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(g) Promissory Notes. Any Lender may request that Loans held by it be evidenced by a promissory note. In such event, the Borrower shall
prepare, execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at
all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee and its registered assigns. 

SECTION 2.10 Prepayment of Loans and Mandatory Commitment Reductions. 

(a) Optional Prepayment. The Borrower shall have the right at any time and from time to time, without premium or penalty, to prepay any
Borrowing in whole or in part, subject to prior notice in accordance with paragraph (c) of this Section 2.10. Loans may be prepaid by the Borrower in aggregate amounts that are (x) in the case of Eurodollar Loans, an integral multiple
of $1,000,000 and not less than $10,000,000 and (y) in the case of Adjusted Base Rate Loans, an integral multiple of $500,000 and not less than $5,000,000. Each voluntary prepayment of Term Loans shall be allocated to the installments thereof
as directed by the Borrower. 
 (b) Mandatory Commitment Reductions. Prior to the Borrowing Date, the Commitments hereunder shall
automatically be reduced (in the case of clause (x), on the date a Change of Control occurs, in the case of clause (y), on the date set forth in clause (y), and in the case of clause (z) or (aa), on the applicable date proceeds are received or,
as applicable, definitive commitment documentation 

  
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becomes effective), by, in the case of clause (y), the amount of proceeds set forth therein, or in the case of clauses (x), (z) and (aa), such Commitments shall terminate in full, regardless
of the amount received pursuant to such clauses (x), (z) and (aa), as follows: 
 (x) Change in Control. Upon the
occurrence of any Change of Control, unless the Required Lenders shall elect otherwise, the Commitments hereunder shall be automatically terminated in full. 

(y) Asset Sales. Together with each delivery of financial statements pursuant to Section 5.01(a) or 5.01(b), the
Borrower shall deliver to the Administrative Agent a statement (a “Net Cash Proceeds Statement”) setting forth in reasonable detail the aggregate amount of Net Cash Proceeds received during the last fiscal quarter covered by such
financial statements (the “Current Net Cash Proceeds”). If the aggregate amount of the Current Net Cash Proceeds when taken together with the aggregate amount of Net Cash Proceeds received after the Effective Date in prior fiscal
quarters as to which a reduction of the Commitments hereunder (as set forth below) has not yet been made under this paragraph (other than as a result of proceeds pending reinvestment or repayment of Maturing Indebtedness pursuant to the proviso
hereto) shall exceed $500,000,000 in the aggregate (such excess amount, the “Excess Disposition Proceeds”) then, not later than five Business Days after the delivery of the applicable Net Cash Proceeds Statement (or if such Net Cash
Proceeds Statement shall not be delivered in conformity with the terms hereof, five Business Days after the date such Net Cash Proceeds Statement was required to be delivered), the Commitments shall automatically be reduced by an amount equal to
100% of such Excess Disposition Proceeds as set forth in sub-clause (bb) of this paragraph; provided that the Commitments shall not be reduced under this sub-clause (y) with respect to any portion of Net Cash Proceeds (or an equivalent
amount) that (x) (1) the Borrower states in the applicable Net Cash Proceeds Statement is to be reinvested (or has been reinvested) in any assets used or to be used by the Borrower and its Restricted Subsidiaries in its business, and
(2) are or have been or will be in fact so applied to such reinvestment within eighteen months of the related Asset Sale or Recovery Event or (y) (1) the Borrower states in the applicable Net Cash Proceeds Statement is to be used to
repay Maturing Indebtedness (or has been used to repay Maturing Indebtedness) and (2) are or have been or will be in fact so applied to such repayment within 18 months of the related Asset Sale or Recovery Event. Notwithstanding the foregoing,
if the Total Indebtedness Ratio as of the most recently delivered financial statements pursuant to Section 5.01(a) or 5.01(b), recomputed on a pro forma basis for such Asset Sale or Recovery Event, is less than 2.00 to 1.00, the proceeds of
such Asset Sale or Recovery Event will not be subject to or included in the calculation of amounts required to be prepaid pursuant to this sub-clause (y). 

(z) Certain Indebtedness, Equity Interests and Hybrid Equity. If, regardless of the amount thereof, any Equity Interests shall be issued
by the Parent Guarantor or any of its Subsidiaries (other than (i) issuances pursuant to employee stock plans or other benefit or employee incentive arrangements issuances or (ii) issuances to the Parent Guarantor or any Subsidiary of the
Parent Guarantor) or Indebtedness for borrowed money (excluding from this termination requirement (1) Indebtedness of any Subsidiary to the Parent Guarantor or to any other Subsidiary of the Parent Guarantor and/or (2) revolving
indebtedness and letters of credit under the RC/TL Secured Facility in an aggregate amount not to exceed $2,000,000,000, but for the avoidance of doubt including in such termination requirement proceeds from any Indebtedness incurred in respect of
SpectrumCo1, SpectrumCo2 or any other Sale and Leaseback Transaction of Spectrum, 

  
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any hybrid securities and any debt securities convertible to equity) shall be issued by the Parent Guarantor or any of its Subsidiaries, the Commitments shall terminate in full upon the first
date of receipt of any such proceeds. For purposes of determining if a reduction in Commitments is required pursuant to this clause (z), the entry by the Parent Guarantor or any of its Subsidiaries into definitive documentation evidencing a
commitment for proceeds of the type described in this clause (z) (e.g., new commitments for Indebtedness for borrowed money) shall result in the termination in full of the Commitments on the date such binding commitment initially becomes
effective. 
 (aa) Other Indebtedness. Upon the incurrence by the Borrower or any Restricted Subsidiary of any Indebtedness, other
than any Indebtedness permitted to be incurred under Section 6.01, the Commitments shall terminate in full on the date of such incurrence. 

(bb) Application. All Commitment reductions hereunder made pursuant to sub-clauses (x), (z) or (aa) of this paragraph shall be
applied to the termination in full of any outstanding Commitments in respect of Term Loans. Commitment reductions made pursuant to sub-clause (y), shall be allocated ratably among the Lenders based on their outstanding Commitments. 

(c) Notification of Prepayments and Reductions. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy)
of any prepayment under paragraph (a) of this Section 2.10 (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the
case of prepayment of a Base Rate Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion
thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice
of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders holding Loans of the contents thereof. Additionally, within one
Business Day of the termination of any Commitments pursuant to Section 2.10(b), the Borrower shall provide notice thereof to the Administrative Agent along with reasonable details of such termination. 

(d) Prepayments Accompanied by Interest. Prepayments shall be accompanied by accrued interest to the extent required by
Section 2.12 (plus any amounts owing pursuant to Section 2.10(a) (if any) and Section 
2.15). 
 SECTION 2.11 Fees. 

(a) Fee Letter. The Borrower agrees to pay to the Administrative Agent for the account of each Lender the fees set forth in the Fee
Letter at the times set forth therein. 
 (b) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent for distribution to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances, absent manifest error in the determination thereof. 

SECTION 2.12 Interest. 

  
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 (a) Base Rate Borrowings. The Loans comprising each Base Rate Borrowing shall bear
interest at a rate per annum equal to the Adjusted Base Rate plus the Applicable Rate. 
 (b) Eurodollar Borrowings. The Loans
comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

(c) [Reserved]. 
 (d)
Default Interest. Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Obligors hereunder is not paid when due, whether at stated maturity, upon acceleration, by mandatory
prepayment or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as
provided above, (ii) in the case of any interest on any Loan, 2.00% plus the rate applicable to the Loan in respect of which such interest is payable and (iii) in the case of any fee or other amount that does not relate to a Loan of
a particular type, at a rate per annum equal to 2.00% plus the Adjusted Base Rate. 
 (e) Payment of Interest. Accrued interest
on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to paragraph (d) of this Section 2.12 shall be payable on demand, (ii) in the event of any
repayment or prepayment of any Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the
end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (f)
Computation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Adjusted Base Rate at times when the Adjusted Base Rate is based on the Prime Rate shall be computed
on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Adjusted Base Rate, Adjusted LIBO Rate or
LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
 
SECTION 2.13 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

(a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means (including, without limitation, by means of an Interpolated Rate) do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their respective Loans (or its Loan) included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any
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Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as a Base Rate Borrowing. 

SECTION 2.14 Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 

(ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made
by such Lender ; or 
 (iii) shall subject any Credit Party to any Taxes (other than (A) Indemnified Taxes indemnifiable
under Section 2.16(c) and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, as the case may be, such additional amount
or amounts as will compensate such Lender, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) Capital
Requirements. If any Lender reasonably determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such
Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender, as the case may be, such additional amount
or amounts as will compensate such Lender, or such Lender’s holding company, for any such reduction suffered. 
 (c) Certificates
from Lenders. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.14 shall be
delivered to the Borrower and shall be conclusive so long as it reflects a reasonable basis for the calculation of the amounts set forth therein and does not contain any manifest error. The Borrower shall pay such Lender the amount shown as due on
any such certificate within 10 days after receipt thereof. 
 (d) Delay in Requests. Failure or delay on the part of any Lender to
demand compensation pursuant to this Section 2.14 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this
Section 2.14 for any increased costs or reductions incurred more than six months prior to the date that such Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to
include the period of retroactive effect thereof. 

  
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 SECTION 2.15 Break Funding Payments. In the event of (a)
the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the
Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable and is revoked in
accordance herewith) or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18, then, in any such event, the Borrower
shall compensate each Lender for the loss, cost and expense attributable to such event. 
 In the case of a Eurodollar Loan, the loss to any
Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such
Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period
that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Interest Period, over (ii) the amount of interest that such Lender would earn
on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for U.S. dollar deposits from other banks in the
eurodollar market at the commencement of such period. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.15 shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

SECTION 2.16 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Obligors hereunder or under any other Loan
Document shall be made free and clear of, and without deduction for any Indemnified Taxes; provided that if the applicable Withholding Agent shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.16) the Administrative Agent or Lender (as the case may be) receives an amount equal
to the sum it would have received had no such deductions been made, (ii) the Obligors shall make such deductions and (iii) the Obligors shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable
law. 
 (b) Other Taxes. In addition, the Obligors shall pay, or at the option of the Administrative Agent reimburse it for the
payment of, any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Indemnification by
Obligors. The Obligors shall indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section 2.16) payable or paid by the Administrative Agent or such Lender, as the case may be, or required to be withheld or deducted from a payment to the Administrative Agent or such Lender, as the case may be (in
each case, including any penalties, interest and reasonable expenses, other than penalties, interest and expenses to the extent solely attributable to the gross negligence or willful misconduct of the Administrative Agent or such Lender,
respectively, arising therefrom or with respect thereto during the period prior to the Obligors making the payment demanded under this paragraph (c)), whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant 

  
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Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Obligor Representative by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d) Indemnification of the
Administrative Agent. Each Lender shall indemnify the Administrative Agent within 10 days after the demand thereof, for (i) the full amount of any Excluded Taxes attributable to such Lender (but only to the extent that any Obligor has not
already indemnified the Administrative Agent for such Taxes and without limiting the obligation of the Obligors to do so) and (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(e)(i)
relating to the maintenance of a Participant Register, in either case, that are payable or paid by the Administrative Agent, and together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, whether
or not such Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any
other source against any amount due to the Administrative Agent under this paragraph (d). 
 (e) Receipt for Payments. As soon as
practicable after any payment of Indemnified Taxes by the Obligors to a Governmental Authority, the Obligor Representative shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(f) Forms Requirements. 

(i) Each Foreign Lender (or assignee or Participant, as applicable) shall deliver to the Obligor Representative and the
Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) two copies of either U.S. Internal Revenue Service (“IRS”) Form W-8BEN, Form W-8BEN-E , Form
W-8ECI, Form W-8EXP, or Form W-8IMY or successor thereto (together with any applicable underlying IRS forms), or, in the case of a Foreign Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code
with respect to payments of “portfolio interest”, a statement substantially in the form of Exhibit D and the applicable IRS Form W-8, or any subsequent versions of any applicable Form W-8 or successors thereto, properly completed and duly
executed by such Foreign Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on payments under this Agreement and the other Loan Documents. In the case of a Foreign Lender claiming the benefits of an income
tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, such Form W-8 shall establish an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, such Form W-8 shall establish an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty. Any such forms (and any other forms or documentation prescribed by law and reasonably requested by the Obligor Representative or the Administrative Agent to
determine the amount of Tax (if any) required by law to be withheld) shall be delivered by each Foreign Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant
purchases the related participation) and from time to time thereafter upon the request of the Obligor Representative or the Administrative Agent and at the time or times prescribed by applicable law. In addition, each Foreign Lender shall deliver
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previously delivered by such Foreign Lender. Each Foreign Lender shall promptly notify the Obligor Representative and the Administrative Agent at any time it determines that it is no longer in a
position to legally provide any previously delivered certificate to the Obligor Representative (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this paragraph, a
Foreign Lender shall not be required to deliver any form pursuant to this paragraph that such Foreign Lender is not legally able to deliver. 

(ii) Any Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the
jurisdiction in which the Obligors are located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Obligor Representative (with a copy to the Administrative Agent), at the time or
times prescribed by applicable law or reasonably requested by the Obligor Representative, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced
rate; provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s judgment such completion, execution or submission would not materially prejudice the legal or commercial position of
such Lender. 
 (iii) FATCA. If a payment made to a Lender under any Loan Document would be subject to U.S. Federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Obligor Representative and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Obligor Representative or the Administrative Agent such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Obligor Representative or the Administrative Agent as may be necessary for the Obligor Representative and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes
of this clause (f)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(iv) Each Lender that is a U.S. Person shall deliver to the Obligor Representative and the Administrative Agent on or before
the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation) and from time to time thereafter upon the request of the Obligor Representative or the
Administrative Agent and at the time or times prescribed by applicable law, two duly and accurately completed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax. 

(g) Treatment of Certain Refunds. If the Administrative Agent or a Lender determines, in its reasonable discretion exercised in good
faith, that it has received a refund of any Taxes as to which it has been indemnified by any Obligor or with respect to which any Obligor has paid additional amounts pursuant to this Section, it shall pay to such Obligor an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Obligor under this Section 2.16 with respect to the Indemnified or Other Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of the Administrative Agent, such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that such Obligor, upon the
request of the Administrative Agent, such Lender, agree to repay the amount paid over to such Obligor (plus any penalties, interest or other charges imposed by the 

  
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relevant Governmental Authority) to the Administrative Agent, such Lender in the event the Administrative Agent, such Lender is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or
additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems
confidential) to the Borrower or any other Person. 
 SECTION 2.17 Payments Generally: Pro Rata
Treatment: Sharing of Set-Offs. 
 (a) Payments by Obligors. The Obligors shall make each payment required to be made by it
hereunder (whether of principal, interest or fees, or under Section 2.14, 2.15 or 2.16, or otherwise) or under any other Loan Document prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without
set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to the Administrative Agent at such of its offices in New York City as shall be notified to the relevant parties from time to time, except that payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03 shall be made directly to
the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof, and the Obligors shall have no liability in
the event timely or correct distribution of such payments is not so made. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in U.S. dollars. 

(b) Application if Payments Insufficient. If at any time insufficient funds are received by and available to the Administrative Agent to
pay fully all Obligations then due hereunder, such funds shall be applied in the following order: 
 (i) First, to
payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such;

 (ii) Second, to payment of that portion of the Obligations payable to the Lenders constituting interest on the
Loans, interest on extensions of credit and interest on other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them; 

(iii) Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the
Persons owed such amounts in proportion to the respective amounts described in this clause Third held by them; 
 (iv)
Fourth, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal, interest and fees with respect to Loans) payable to the Lenders in their capacity as such (including fees,
charges and disbursements of counsel to the respective Lenders), ratably among them in proportion to the respective amounts described in this clause Fourth payable to them; 

  
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 (v) Fifth, to all other Obligations; and 

(vi) Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as
otherwise required by law. 
 (c) Pro Rata Treatment. Except to the extent otherwise provided herein, (i) each Borrowing from the
Lenders under Section 2.01 hereof shall be made from the relevant Lenders, each payment of commitment fees under Section 2.11 hereof in respect of Commitments shall be made for account of the relevant Lenders, and each termination or
reduction of the amount of the Commitments under Section 2.08 hereof shall be applied to the respective Commitments of the relevant Lenders, pro rata according to the amounts of their respective Commitments; (ii) Eurodollar Loans having
the same Interest Period shall be allocated pro rata among the relevant Lenders according to the amounts of their Commitments (in the case of the making of Loans) or their respective Loans (in the case of conversions and continuations of Loans);
(iii) each payment or prepayment by the Borrower of principal of Loans shall be made for account of the relevant Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; and (iv) each payment
by the Borrower of interest on Loans shall be made for account of the relevant Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders. 

(d) Sharing of Payments by Lenders. If, at any time after the occurrence and during the continuance of an Event of Default hereunder,
any Lender shall, by exercising any right of set-off or counterclaim or otherwise (including through voluntary prepayment by the Borrower), obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender
receiving payment of a greater proportion of the aggregate principal amount of its Loans and accrued interest thereon than the proportion of such amounts received by any other Lender, then the Lender receiving such greater proportion shall purchase
(for cash at face value) participations in the Loans of the other Lenders to the extent necessary so that the benefit of such payments shall be shared by all the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored
to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Obligors consent to the foregoing and agree, to the extent it may effectively do
so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Obligors’ rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a
direct creditor of the Obligors in the amount of such participation. 
 (e) Presumptions of Payment. Unless the Administrative Agent
shall have received notice from the Obligor Representative prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders entitled thereto (the “Applicable Recipient”) hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Applicable Recipient the amount due. In
such event, if the Borrower has not in fact made such payment, then each Applicable Recipient severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Applicable Recipient with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. 

  
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 (f) Certain Deductions by Administrative Agent. If any Lender shall fail to make any
payment required to be made by it pursuant to Section 2.06(b) or 2.17(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent
for the account of such Lender to satisfy such Lender’s obligations under such Section until all such unsatisfied obligations are fully paid. 

SECTION 2.18 Mitigation Obligations: Replacement of Lenders. 

(a) Designation of Different Lending Office. If any Lender requests compensation under Section 2.14, or if the Obligors are
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall, if requested by the Obligor Representative, use reasonable efforts to designate a
different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not cause such Lender and its
lending office(s) to suffer any economic, legal or regulatory disadvantage; provided, that nothing in this Section shall affect or postpone any of the obligations of the Obligors or the rights or obligations of any Lender pursuant to
Section 2.14 or 2.16. The Obligors hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders — Increased Costs. Etc. If any Lender requests compensation under Section 2.14, or if the Obligors
are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort,
upon notice to such Lender and the Administrative Agent given by the Obligor Representative, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its
interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the
prior written consent of the Administrative Agent, which consents shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Obligors (in the case of all other amounts) and (iii) in the case of any
such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments; provided, further, that until
such time as such replacement shall be consummated, the Obligor shall pay all additional amounts (if any) required pursuant to Section 2.14 or 2.16, as the case may be. A Lender shall not be required to make any such assignment and delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. No assignment pursuant to this Section 2.18(b) shall be deemed to impair
any claim that the Borrower may have against any Lender that defaults in its obligation to fund Loans hereunder. 
 (c) Replacement of
Lenders — Amendments. If, in connection with a request by the Borrower to obtain the consent of the Lenders to a waiver, amendment or modification of any of the provisions of this Agreement that requires the consent of all of the Lenders or
all affected Lenders under Section 9.02 (or, as applicable, all or all affected Lenders), one or more Lenders (the “Declining Lenders”) having Loans and unused Commitments representing not more than 50% of the sum of the total
Loans and unused Commitments at such time have declined to agree to such request, then the Borrower 

  
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may, at its sole expense and effort, upon notice to such Lender(s) and the Administrative Agent given by the Borrower, require all (but not less than all) of such Declining Lenders to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all their interests, rights and obligations under this Agreement to one or more assignees that shall assume such obligations (any of
which assignees may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld or
delayed and (ii) each such Declining Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under any other Loan
Document, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Obligors (in the case of all other amounts). 

SECTION 2.19 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if
any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a)
the Commitment of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.02);
provided, that this clause (b) shall not apply in the case of a waiver, amendment or modification requiring the consent of all Lenders or each Lender affected thereby (other than with respect to Section 9.02(b)(iii)). 

In the event that the Administrative Agent and the Borrower agree that a Defaulting Lender has adequately remedied all matters that caused
such Lender to be a Defaulting Lender, then on such date, such Defaulting Lender shall cease to constitute a Defaulting Lender hereunder. 

SECTION 2.20 [Reserved]. 

SECTION 2.21 NewCo Financing. 

Notwithstanding anything to the contrary in any Loan Document, the Borrower shall be permitted to form wholly-owned passive holding company
Restricted Subsidiaries (each, a “NewCo”), which shall not be required to be Guarantors. The Borrower may contribute the Equity Interests of Subsidiary Guarantors (and any other Subsidiaries that are direct or indirect subsidiaries
of such Subsidiary Guarantors (and not direct subsidiaries of NewCo)) to a NewCo, however, this shall not impact the guaranty requirements set forth in this Agreement with respect to any such entities owned by a NewCo, and a NewCo itself (but not
any entities it owns) shall be disregarded in calculating the guaranty requirement test set forth in Section 5.09(b). Any NewCo shall be a passive holding company and shall not own any material assets or conduct any material business other than
the ownership of the Equity Interests of Subsidiary Guarantors (and their Subsidiaries) as set forth above, provided that a NewCo may incur unsecured Indebtedness (and may conduct activities related to such incurrence and maintenance of such
Indebtedness) (a) that is not Guaranteed by or for which other credit support is provided by any other person other than an unsecured Guarantee from the Parent Guarantor, (b) the terms of which do not restrict the ability of the Guaranteed
Parties (or an agent on their behalf) under the Loan Documents (or under any Indebtedness that replaces or refinances any facilities under the Loan Documents) to realize on the value of the Guarantees with respect to such Subsidiary Guarantors,
(c) which such Indebtedness shall not contain any restriction on dividends or similar distributions by NewCo or any of the entities owned directly or indirectly by NewCo, (d) which such indebtedness represents a refinancing or replacement
of existing Indebtedness at the Parent Guarantor or the Borrower in an amount no greater than the principal amount of such refinanced or replaced indebtedness, plus amounts to pay accrued interest, fees and related expenses and (e) the other
terms of which are reasonably satisfactory to the Administrative Agent 

  
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(“NewCo Indebtedness”, the transfer of equity in Guarantors (and their Subsidiaries) to a NewCo as set forth above, a “NewCo Transfer”). Notwithstanding anything
to the contrary in this Agreement (including Section 9.02), the Borrower and the Administrative Agent may enter into amendments to the Loan Documentation without the consent of any other parties hereto to effect the provisions of this
Section 2.21. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lenders and the Administrative Agent, as to itself and each of its Subsidiaries, that: 

SECTION 3.01 Organization: Powers. The Borrower is duly organized, validly existing and in good
standing under the laws of the State of Kansas. Each Obligor is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, except where the failure to be in good standing or to be so qualified could not
reasonably be expected to result in a Material Adverse Effect. Each Obligor has all requisite power and authority under its respective organizational documents to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02 Authorization; Enforceability. The Transactions are within the corporate or other
equivalent power of each Obligor and have been duly authorized by all necessary corporate and, if required, stockholder or other action on the part of such Obligor. Each Loan Document to which any Obligor is a party has been duly executed and
delivered by such Obligor and constitutes a legal, valid and binding obligation of such Obligor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions (a) do not require any
consent or approval of, registration or filing with, or any other action by, any Governmental Authority, (b) will not violate any applicable law, policy or regulation or the charter, by-laws or other organizational documents of any Obligor or
any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower, or any of its assets, or give rise to a right thereunder to require any payment
to be made by the Borrower, (d) will not violate or result in a default under any material indenture, agreement or other instrument binding upon any Subsidiary Guarantor, or any of its assets, or give rise to a right thereunder to require any
payment to be made by any Subsidiary Guarantor and (e) will not result in the creation or imposition of any Lien on any asset of the Loan Parties, other than Liens permitted pursuant to Section 6.02. 

SECTION 3.04 Financial Condition; No Material Adverse Change. 

(a) Financial Statements. The Borrower has heretofore delivered to the Lenders the following financial statements: 

(i) the audited consolidated balance sheet and statements of comprehensive loss, changes in shareholders’ equity and cash
flows of the Parent Guarantor and its Subsidiaries as of 

  
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and for the fiscal years ended March 31, [ ] and March 31, [ ]6, reported on by Deloitte, independent public accounts; and 

(ii) the unaudited interim consolidated balance sheet and statements of comprehensive loss, changes in shareholders’
equity and cash flows of the Parent Guarantor and its Subsidiaries as of and for the [ ]-month period ended [ ]7, certified by a Financial Officer of the Borrower, prepared on an actual basis.

 Such financial statements present fairly, in all material respects, the actual financial position and results of operations and cash flows of the
Borrower and its Subsidiaries as of such dates and for such periods in each case in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of all interim balance sheets of the Borrower. 

(b) No Material Adverse Change. Since March 31, 2017, there has been no material adverse change in the business, assets, operations
or financial condition of the Borrower and its Subsidiaries, taken as a whole. 
 (c) No Material Undisclosed Liabilities. The
Borrower does not have on the Borrowing Date any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments in each case that are material, except as
referred to or reflected or provided for in the audited financial statements as at [            ] referred to above and the footnotes thereto and unaudited financial statements for the [
]-month period ended [            ]8. 

SECTION 3.05 Properties. 

(a) Title Generally. The Borrower and the Subsidiary Guarantors have good title to, or valid leasehold or other property interests in,
all of their real and personal property, except for defects in title that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(b) Intellectual Property. The Borrower and its Restricted Subsidiaries own, or are licensed to use, all of their trademarks, trade
names, copyrights, patents and other intellectual property (collectively, “Intellectual Property”), except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, and the use thereof by the Borrower and its Restricted Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. 
 SECTION 3.06 Litigation and Environmental Matters. 

(a) Litigation Generally. There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Restricted Subsidiaries (i) as to which 

 

	6 	Most recent two years of audited financials to be referenced. 

	7 	Most recent quarterlies to be referenced. 

	8 	 Financials to be updated for latest audits and unaudited financials.

  
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there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect (other than the Disclosed Matters) or (ii) that involve any of the Loan Documents or the Transactions. 
 (b) Environmental
Matters. Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its
Subsidiaries (i) has failed to comply with any Environmental Law or any obligation to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) is subject to any Environmental
Liability, or (iii) has received written, or to the knowledge of the Borrower, oral notice of any claim with respect to any unsatisfied Environmental Liability or has received any ongoing inquiry, allegation, notice or other communication from
any Governmental Authority concerning its compliance with any Environmental Law. 
 SECTION 3.07
Compliance with Laws and Agreements. The Borrower and its Restricted Subsidiaries and their respective ERISA Affiliates are in compliance with all laws, regulations, policies and orders of any Governmental Authority applicable to it or its
property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.08 Investment Company Status. Neither the Borrower nor any of its Restricted Subsidiaries
is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 
SECTION 3.09 Taxes. The Borrower and its Restricted Subsidiaries have timely filed or caused to be filed all Tax returns and reports required to have been filed and have paid or caused to be paid all Taxes shown thereon to be due, except
(a) Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (b) to the extent that the failure to do
so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 
SECTION 3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a
Material Adverse Effect. 
 SECTION 3.11 Disclosure. None of the reports, financial statements,
certificates or other information (other than forward-looking statements, projections and statements of a general industry nature, as to which no representation or warranty is made) furnished by or on behalf of any Obligor to the Administrative
Agent or any Lender in connection with the negotiation of this Agreement or any amendment hereto or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) taken together with any information contained in
the public filings made by the Borrower with the Securities and Exchange Commission pursuant to the Exchange Act contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not materially misleading. 
 SECTION 3.12
Subsidiaries. As of the Borrowing Date, set forth in Schedule 3.12 is a complete and correct list of all of the Subsidiaries together with, for each such Subsidiary, (i) the full and correct legal name, (ii) the type of
organization, (iii) the jurisdiction of organization, (iv) if applicable, whether it is a Subsidiary Guarantor on the Borrowing Date, (v) if applicable, whether it is an Unrestricted Subsidiary on the Borrowing Date and (vi) each
Person holding ownership interests in such 

  
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Subsidiary and the percentage of ownership of such Subsidiary and voting rights with respect thereto represented by such ownership interest. 

SECTION 3.13 Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect
policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their
respective officers and directors and to the knowledge of the Borrower its employees, advisors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity
that would reasonably be expected to result in the Borrower being designated as a Sanctioned Person. None of (a) the Borrower, any Subsidiary or any of their respective directors, officers or employees or (b) to the knowledge of the
Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing, use of proceeds or other transaction contemplated by
this Agreement will violate any Anti-Corruption Law or applicable Sanctions. 
 SECTION 3.14
[Reserved]. 
 SECTION 3.15 Federal Reserve Regulations. 

None of the Loan Parties or any Restricted Subsidiary is engaged or will engage, principally or as one of its important activities, in the
business of purchasing or carrying margin stock (within the meaning of Regulation U of the Board), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of the Loans will be used, directly or indirectly,
for any purpose that entails a violation (including on the part of the Administrative Agent or any Lender) of any of the regulations of the Board, including Regulations U and X. Not more than 25% of the value of the assets subject to any
restrictions on the sale, pledge or other disposition of assets under this Agreement, any other Loan Document or any other agreement to which any Lender or Affiliate of a Lender is party will at any time be represented by margin stock (within the
meaning of Regulation U of the Board). 
 SECTION 3.16 Solvency. Immediately after giving effect to
the Transactions on the Borrowing Date, (i) the fair value of the property of the Borrower and its Subsidiaries, taken as a whole, is greater than the amount of the liabilities of the Borrower and its Subsidiaries, taken as a whole, as such
value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code, (ii) the present fair saleable value of the assets and property of the Borrower and its Subsidiaries, taken as a whole, is not less than
the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries, taken as a whole, on their debts and other liabilities as they become absolute and matured, (iii) the Borrower and its Subsidiaries, taken as a
whole, are able to pay their debts and other liabilities as they mature in the normal course of business, (iv) the Borrower and its Subsidiaries do not intend to, and do not believe that they will, incur debts or liabilities beyond their
ability to pay as the debts and liabilities mature, and (v) the Borrower and its Subsidiaries, taken as a whole, are not engaged in a business or a transaction, and do not propose to engage in a business or a transaction, for which the property
and assets of the Borrower and its Subsidiaries, taken as a whole, would constitute unreasonably small capital. 
 
ARTICLE IV 
 CONDITIONS 
 
SECTION 4.01 Borrowing Date. The effectiveness of this Agreement and of the obligations of the Lenders to make Loans hereunder is subject to the conditions precedent that each of the 

  
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following conditions shall have been satisfied (or waived in accordance with Section 9.02), it being understood that to the extent the delivery of any items are subject to the satisfaction
of the Administrative Agent, documents that are substantially the same as those delivered in connection with the RC/TL Secured Facility will be deemed to be satisfactory to the Administrative Agent: 

(a) Counterparts of Loan Documents. The Administrative Agent (or Special Counsel) shall have received from the Borrower
and each other Loan Party party thereto, from each Lender, if any, party thereto and from JPMorgan Chase Bank, N.A., as Administrative Agent, either (i) a counterpart of this Agreement and each other Loan Document signed on behalf of such party
or (ii) written evidence satisfactory to the Administrative Agent (which may include an email or telecopy transmission of a signed signature page) that such party has signed a counterpart thereto. 

(b) Opinion of Counsel to the Loan Parties. The Administrative Agent (or Special Counsel) shall have received favorable
written opinions (addressed to the Administrative Agent and the Lenders and dated the Borrowing Date) of Jones Day and Polsinelli P.C., each as counsel to the Loan Parties, covering such matters relating to the Loan Parties, this Agreement, the
other Loan Documents or the Transactions as the Administrative Agent shall request (and the Loan Parties hereby request such counsel to deliver such opinions). 

(c) Corporate Matters. The Administrative Agent (or Special Counsel) shall have received such documents and certificates
as the Administrative Agent or Special Counsel may reasonably request relating to the organization, existence and good standing of the Loan Parties and the authorization of the Transactions, all in form and substance reasonably satisfactory to the
Administrative Agent. 
 (d) Financial Officer Certificate; Solvency Certificate. The Administrative Agent (or Special
Counsel) shall have received (i) a certificate, dated the Borrowing Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (h) and
(i) of this Section 4.01 and (ii) a solvency certificate, dated the Borrowing Date and signed by the chief financial officer (or other senior financial officer reasonably acceptable to the Administrative Agent) of the Borrower,
documenting the solvency of the Borrower and its Subsidiaries, taken as a whole, immediately after giving effect to the Borrowing on the Borrowing Date, consistent with the representation in Section 3.16. 

(e) Intercompany Indebtedness. The Administrative Agent shall have received the Subordination Agreement, duly executed
and delivered by the Parent Guarantor, Borrower and each Restricted Subsidiary. 
 (f) Fees and Expenses. The Lenders,
the Administrative Agent and the Arrangers shall have received all fees and other amounts due and payable on or prior to the Borrowing Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be
reimbursed or paid by the Borrower hereunder. 
 (g) Patriot Act. The Administrative Agent shall have received, at
least 5 days prior to the Borrowing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, in each
case, requested at least 10 days prior to the Borrowing Date. 

  
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 (h) Representations and Warranties. The representations and warranties of
the Loan Parties set forth in the Loan Documents shall be true and correct on and as of the Borrowing Date, both before and after giving effect to the Borrowing and to the use of the proceeds thereof (or, if any such representation or warranty is
expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct as of such specific date). 

(i) No Defaults. At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred
and be continuing. 
 (j) Notice. Notice of such credit extension shall have been provided to the Administrative Agent
in accordance with the terms of this Agreement. 
 The Borrowing Request shall be deemed to constitute a representation and warranty by the Borrower (both
as of the date of the Borrowing Request and as of the date of the related Borrowing) as to the matters specified in paragraphs (h) and (i) of this Section 4.01. 

ARTICLE V 

AFFIRMATIVE COVENANTS 
 Until the
Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Borrower (and with respect to 5.11 the Parent Guarantor) covenants and agrees with the
Lenders that: 
 SECTION 5.01 Financial Statements and Other Information. The Borrower will furnish
to the Administrative Agent (which shall promptly furnish to the Lenders): 
 (a) within 75 days after the end of each fiscal
year (beginning with the fiscal year ending March 31, 2018), the audited consolidated statements of operations, changes in stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, and the related
audited consolidated balance sheet for the Borrower and its Subsidiaries as of the end of such fiscal year, setting forth in each case in comparative form the corresponding figures for the previous fiscal year, all reported on by Deloitte LLP, or
other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit), to the effect that such audited
consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 

(b) within 45 days after the end of the first three fiscal quarters of each fiscal year (beginning with
[            ]9): 

(i) the unaudited interim consolidated statements of operations of the Borrower and its Subsidiaries for such fiscal quarter
(the “current fiscal quarter”) and for the then elapsed portion of the fiscal year, 
 (ii) the unaudited
interim consolidated statements of changes in stockholders’ equity and cash flows of the Borrower and its Subsidiaries for the then elapsed portion of the fiscal year, and 

 

	9 	To reference next quarter ended after Borrowing Date. 

  
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 (iii) the unaudited interim consolidated balance sheet for the Borrower and its
Subsidiaries as at the end of such fiscal quarter, 
 setting forth in each case in comparative form the figures for the corresponding period
or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by a Financial Officer of the Borrower as presenting fairly, in all material respects, the financial condition and results of operations
of the Borrower and its Subsidiaries on a consolidated basis in each case in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of all interim balance sheets of the Borrower; 

(c) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a
Financial Officer of the Borrower substantially in the form of Exhibit H (with such modifications as reasonably agreed by the Administrative Agent): 

(i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto; 
 (ii) setting forth reasonably detailed calculations of
(w) the outstanding amount of Relevant Obligations and demonstrating compliance with the Applicable Debt Cap Test as of the last applicable date of incurrence thereunder, (x) if any Disposition of Spectrum occurred in the most recent
applicable fiscal quarter covered thereby, calculations demonstrating compliance with the Spectrum Disposition Requirements and (y) the Total Indebtedness Ratio and Total Interest Coverage Ratio and (z) the amount and type of any Spectrum
Invested in joint ventures during such period; 
 (iii) stating whether any change in GAAP or in the application thereof has
occurred since the later of the date of the financial statements as at March 31, [ ] referred to in Section 3.04 and the date of the last certificate delivered pursuant to this clause (c) and, if any such change has occurred,
specifying the effect of such change on the financial statements accompanying such certificate; 
 (d) concurrently with any
delivery of financial statements under clause (a) above, financial projections in a form substantially similar to the financial projections most recently delivered to the Administrative Agent prior to the Borrowing Date (collectively, the
“Projections”), which Projections shall in each case be accompanied by a certificate of a Financial Officer stating that such Projections were prepared in good faith and based upon assumptions that were believed to be reasonable at
the time such Projections were prepared; 
 (e) as soon as possible after the delivery of any compliance certificate required
pursuant to 5.01(c), but no later than 30 days after the date a quarterly compliance certificate is required to be delivered and no later than 45 days after the date an annual compliance certificate is required to be delivered, reconciliation
information relating to the Borrower and its Restricted Subsidiaries substantially in the form to be attached as Exhibit G (with such modifications as reasonably agreed by the Administrative Agent) and combined consolidated financial statements for
the Spectrum Sale and Leaseback special purpose entities included in the reconciliation and required to be delivered pursuant to the terms of the Spectrum Sale and Leaseback transaction to the holders of the applicable Indebtedness thereunder; 

(f) promptly after the same become publicly available, furnish all periodic and other reports, proxy statements and other
materials filed by any Obligor with the Securities and 

  
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Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission or distributed by such Obligor to the holders of its securities; and 

(g) promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of any Obligor, or compliance with the terms of this Agreement and other Loan Documents, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request. 

Documents required to be delivered pursuant to this Section 5.01 (to the extent any such documents are included in materials otherwise
filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto, on the
Borrower’s website; or (ii) on which such documents are posted on the Obligors’ behalf on IntraLinks or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party
website or whether sponsored by the Administrative Agent). Notwithstanding anything contained herein, in every instance (i) the Borrower shall be required to provide paper copies of the certificates required by Section 5.01(c) to the
Administrative Agent and (ii) the Borrower shall notify any Lender when documents required to be delivered pursuant to this Section 5.01 have been delivered electronically to the extent that such Lender has requested the Borrower to be
notified. Except for such certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the
Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The financial statement and other related deliverable requirements set forth above in Sections 5.01(a), (b), (d) and (e) may be
satisfied by delivering the corresponding information with respect to the Parent Guarantor (and as applicable its Subsidiaries) in lieu of the Borrower (and as applicable its Subsidiaries), provided that concurrently with such delivery the Borrower
delivers a reconciliation setting forth in reasonable detail the differences between such information as it relates to the Parent Guarantor (and as applicable its Subsidiaries) on the one hand and the Borrower (and as applicable its Subsidiaries) on
the other hand. 
 SECTION 5.02 Notices of Material Events. The Borrower will furnish to the
Administrative Agent (which shall promptly notify the Lenders) prompt written notice of the following: 
 (a) the occurrence
of any Default; 
 (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or
Governmental Authority against or affecting the Borrower or any of its Subsidiaries that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; and 

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Borrower or any of its Subsidiaries in an aggregate amount exceeding $100,000,000. 
 Each notice delivered under
this Section 5.02 shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth a reasonable description of the event or development requiring such notice and any action taken or proposed to
be taken with respect thereto. 

  
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 SECTION 5.03 Existence. The Borrower will do or cause to
be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not
prohibit any merger, consolidation, liquidation or dissolution, sale or disposition of assets or other transactions permitted under Section 6.03. The Borrower will cause each of its Restricted Subsidiaries to do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its legal existence and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the rights,
licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution, sale or disposition of assets or other transactions
permitted under Section 6.03. The Borrower and its Restricted Subsidiaries will do or cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect in all material respects, their material FCC licenses
and material rights in Spectrum. 
 SECTION 5.04 Payment of Obligations. The Borrower will, and
will cause each of the Subsidiary Guarantors to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity
or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary Guarantor has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to
make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.05 Maintenance of Properties; Insurance. The Borrower will (a) keep and maintain all
property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks
as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. The Borrower will cause each of its Restricted Subsidiaries to (a) except where the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and
(b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar
locations. 
 SECTION 5.06 Books and Records; Inspection Rights. The Borrower will keep proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will cause each of its Restricted Subsidiaries to keep proper books of record and
account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect. The Borrower will, and will cause each of its Restricted Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties,
to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 

SECTION 5.07 Compliance with Laws. The Borrower will, and will cause each of its Restricted
Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its 

  
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Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

SECTION 5.08 Use of Proceeds. 

(a) Loans. The proceeds of the Loans hereunder will be used for general corporate purposes of the Borrower and its Subsidiaries. 

(b) Regulations U and X. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails
a violation of any of the Regulations of the Board, including Regulations U and X. 
 (c) Anti-Corruption and Sanctions. The Borrower
will not request any Borrowing, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing (A) in furtherance of an
offer, payment, promise to pay, or authorization of the payment or giving of money or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country to the extent such activities, business or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a
European Union member state or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 5.09 Certain Obligations with respect to Subsidiaries. 

(a) In the event that (a) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than a Designated
Subsidiary) or (b) any Subsidiary which is a Designated Subsidiary shall cease to be a Designated Subsidiary, in each such case, the Borrower will, and will cause each such Subsidiary to, promptly (and in any event within 30 days or such longer
period that the Administrative Agent may approve) take such action to cause any such Subsidiary to: 
 (i) become a
“Subsidiary Guarantor” hereunder pursuant to a Joinder Agreement; 
 (ii) if not already party thereto, become a
party to the Subordination Agreement pursuant to an Accession Agreement; and 
 (iii) deliver such proof of corporate action,
incumbency of officers, opinions of counsel and other documents (A) as is consistent with those delivered by the Subsidiary Guarantors pursuant to Section 4 of the Credit Agreement on the Borrowing Date (unless waived by the Administrative
Agent) or (B) as the Administrative Agent shall reasonably request; 
 It is understood and agreed that any Subsidiary of the Borrower that becomes
obligated or provides credit support in respect of the Junior Guaranteed Notes, SpectrumCo1 transaction, SpectrumCo2 transaction or any other Sale and Leaseback Transaction of Spectrum shall also be required to be a Subsidiary Guarantor. 

(b) The Borrower covenants that if the total assets or revenues of the Borrower and the Subsidiary Guarantors on a consolidated basis represent
less than 90% of the consolidated total assets or revenues of the Borrower and its Restricted Subsidiaries (excluding from the calculation of consolidated total assets or revenues for the purposes of this clause (b) of Section 5.09, the
assets or revenues of any newly formed or acquired Subsidiary organized in the United States (“Acquired Entity”) to the extent that (but only for so long as) it is prohibited from becoming a Subsidiary Guarantor pursuant

  
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to the terms of any agreement to which such Person is a party or such Person’s organizational documents in effect prior to it becoming an Acquired Entity, and for the avoidance of doubt,
such exclusion including entities such as special purpose vehicles formed for securitizations and similar financings permitted under the Loan Documents (including, as applicable, the MLS Financing, the RAN Financing, SpectrumCo1 (it being understood
for the avoidance of doubt SpectrumCo1 is not a Subsidiary as of the Borrowing Date) and SpectrumCo2)), determined as of the end of (or, with respect to such revenues, for the period of four fiscal quarters ending with) the fiscal quarter or fiscal
year most recently ended for which financial statements are available, the Borrower will cause Subsidiaries to become Subsidiary Guarantors as necessary to eliminate such deficiency. The Borrower may from time to time cause any Subsidiary to become
a Subsidiary Guarantor. 
 Notwithstanding the foregoing, all Spectrum Owned or Leased by the Borrower and its Subsidiaries, other than
Spectrum that is permitted to be subject to Sale and Leaseback Transactions pursuant to the Loan Documents, Permitted JV Transfers, Permitted Spectrum Swaps or Disposed of to non-Affiliate third parties, shall be required to be held in wholly-owned
Domestic Restricted Subsidiaries of the Borrower, and such entities shall be required to be Subsidiary Guarantors; provided, however, that Spectrum may be contributed or leased to joint ventures, subject to the following limitations:
(i) such joint ventures shall at all times be majority-owned and controlled by the Borrower, (ii) the aggregate of such Spectrum so contributed or leased shall not exceed (x) 1.8 billion MHz-POPs in the aggregate for all such joint
ventures (including within the 48 contiguous states of the United States) and (y) 1.2 billion MHz-POPs in the aggregate for all joint ventures within the 48 contiguous states of the United States and (iii) other than with respect to Puerto
Rico, the U.S. Virgin Islands and Hawaii, after giving pro forma effect to the contribution of Spectrum to a joint venture, the Borrower and the Subsidiary Guarantors shall maintain (x) all PCS 1.9GHz G-block licenses and (y) at least one
additional block of PCS 1.9 GHz 5x5 MHz Spectrum licenses (including any such licenses acquired after the Spectrum Reference Date) in each BTA where a PCS 1.9 GHz 5x5 MHz Spectrum license is owned currently or in the future by the Parent Guarantor,
the Borrower or any of their Subsidiaries (for the avoidance of doubt, such restriction shall not apply to Spectrum that is leased, only contributions thereof) (the “Permitted JV Transfers”). 

SECTION 5.10 Designation of Unrestricted Subsidiaries. The Borrower may at any time designate any
Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary by delivering to the Administrative Agent a certificate of a Financial Officer of the Borrower specifying such designation and certifying
that the conditions to such designation set forth in this Section 5.10 are satisfied; provided that: 
 (i) both
immediately before and immediately after any such designation, no Default or Event of Default shall have occurred and be continuing; 

(ii) the Total Indebtedness Ratio shall be less than 4.00 to 1.00 immediately after giving effect to such designation, based on
the financial statements for the most recently ended four fiscal quarter period for which financial statements have been delivered pursuant to Section 5.01(a) or 5.01(b), recomputed on a pro forma basis; 

(iii) no Unrestricted Subsidiary shall be permitted to own or lease, directly or indirectly, any Spectrum; and 

(iv) in the case of a designation of a Restricted Subsidiary as an Unrestricted Subsidiary, each Subsidiary of such Restricted
Subsidiary has been, or concurrently therewith will be, designated as an Unrestricted Subsidiary in accordance with this Section 5.10. 

  
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 The designation of any Unrestricted Subsidiary shall constitute an Investment by the Borrower in such
Unrestricted Subsidiary on the date of designation in an amount equal to the fair market value of the Borrower’s Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at
the time of designation of any Indebtedness or Liens of such new Restricted Subsidiary existing at such time. 
 
SECTION 5.11 Maintenance of Ratings. The Parent Guarantor will use commercially reasonable efforts to maintain Ratings in effect from S&P and Moody’s. 

ARTICLE VI 

NEGATIVE COVENANTS 
 Until the
Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, the Borrower (and as specified in Section 6.07, the Parent Guarantor) covenants and agrees with the
Lenders that: 
 SECTION 6.01 Indebtedness. The Borrower will not, and will not permit any
Restricted Subsidiary to create, incur, issue, assume or permit to exist any Indebtedness, except: 
 (a) Indebtedness
hereunder; 
 (b) Indebtedness existing on the Effective Date and set forth in Schedule 6.01 (and any Refinancing
Indebtedness in respect thereof); 
 (c) Indebtedness under the RC/TL Secured Facility in an aggregate principal amount equal
to the aggregate principal amount of commitments and loans (without duplication) outstanding thereunder as of the Borrowing Date, plus the amount of incremental facilities established thereunder pursuant to the terms thereof (as in effect on the
Borrowing Date), and any Refinancing Indebtedness in respect thereof; 
 (d) Indebtedness of any Receivables Entity pursuant
to a Permitted Securitization and Indebtedness under any Standard Securitization Undertaking; 
 (e) Indebtedness incurred in
connection with a Sale and Leaseback Transaction permitted pursuant to Section 6.09(c), (d) or (e). 
 (f)
Indebtedness incurred to finance the acquisition, construction or improvement of any fixed or capital assets or inventory, including Capital Lease Obligations, and extensions, renewals and replacements of any such Indebtedness that do not increase
the outstanding principal amount thereof; provided that such Indebtedness is incurred concurrently with or within 270 days after such acquisition or the completion of such construction or improvement; 

(g) Intercompany Indebtedness, provided that (i) any Intercompany Indebtedness of a Loan Party owing to any Restricted
Subsidiary of the Borrower which is required to be party to the Subordination Agreement is subordinated to the Obligations in accordance with the Subordination Terms and (ii) any Intercompany Indebtedness of a non-Loan Party owing to a Loan
Party is permitted under Section 6.08; 

  
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 (h) Indebtedness of Loan Parties in respect of the EDC Indebtedness in an
aggregate principal amount not to exceed the amount of EDC Indebtedness outstanding on the Borrowing Date; 
 (i) [Reserved];

 (j) Indebtedness of any Person that becomes a Restricted Subsidiary after the Effective Date, provided that such
Indebtedness exists at the time such Person becomes a Restricted Subsidiary and is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary, and any Refinancing Indebtedness in respect thereof;
provided that the aggregate principal amount of such Indebtedness outstanding at any time (when aggregated with the aggregate principal amount of Indebtedness outstanding under Section 6.01(o)) shall not exceed $1,000,000,000; 

(k) Indebtedness of the Borrower and Guarantees by any Subsidiary Guarantor of the obligations of the Borrower under Hedging
Agreements entered into in the ordinary course of business and not for speculative purposes; 
 (l) Indebtedness resulting
from the endorsement of negotiable instruments in the ordinary course of business; 
 (m) Indebtedness, if any, in respect of
surety, stay, customs and appeal bonds, performance bonds and performance and completion guarantees required in the ordinary course of business or in connection with the enforcement of rights or claims of the Borrower or its Restricted Subsidiaries
or in connection with judgments that have not resulted in an Event of Default under clause (k) of Article VII; 
 (n)
Indebtedness constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or
liability insurance or self-insurance, other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims and other Indebtedness in respect of bankers’ acceptance, letter of credit, warehouse receipts or
similar facilities entered into in the ordinary course of business, provided that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within five Business Days following such drawing or
incurrence; 
 (o) other Indebtedness (including of joint ventures) in an aggregate principal amount (when aggregated with
the aggregate principal amount of Indebtedness outstanding under Section 6.01(j)) that does not exceed $1,000,000,000 at any time outstanding; 

(p) (i) unsecured Indebtedness at Loan Parties that do not Own or Lease Spectrum, or (ii) unsecured indebtedness of Loan
Parties subordinated in right of payment to the Obligations (as defined in the RC/TL Secured Facility), on terms permitted under the RC/TL Secured Facility, in each case with respect to clauses (i) and (ii), subject to pro forma compliance with
the Financial Covenants (whether or not in effect) immediately after giving effect to such Indebtedness, based on the financial statements most recently delivered pursuant to Section 5.01(a) or (b), recomputed on a pro forma basis; 

(q) Permitted Unsecured Indebtedness at Loan Parties that Own or Lease Spectrum or are HQ Owners and any Refinancing
Indebtedness in respect thereof, subject to pro forma compliance with the Applicable Debt Cap Test (“Senior Unsecured Restricted Debt”) 

  
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 (r) Permitted First Priority Indebtedness and any Refinancing Indebtedness in
respect thereof, subject to pro forma compliance with the Applicable Debt Cap Test; 
 (s) Permitted Junior Priority
Indebtedness and any Refinancing Indebtedness in respect thereof, subject to pro forma compliance with the Applicable Debt Cap Test (“Junior Priority Debt”); and 

(t) NewCo Indebtedness of a NewCo. 

SECTION 6.02 Liens. The Borrower will not, nor will it permit any of its Restricted Subsidiaries to,
create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired, except: 

(a) Permitted Encumbrances; 

(b) Liens existing on the Effective Date and set forth in Schedule 6.02; provided that (i) such Lien shall not
apply to any other asset of the Borrower or any Restricted Subsidiary and (ii) such Lien shall secure only those obligations that it secures on the Effective Date and extensions, renewals, replacements and refinancings thereof so long as the
principal amount of such extensions, renewals, replacements and refinancings does not exceed the principal amount of the obligations being extended, renewed, replaced or refinanced or, in the case of any such obligations constituting Indebtedness,
that are permitted under Section 6.01(b) as Refinancing Indebtedness in respect thereof (it being understood that Liens described under Section 6.02(n) below shall be deemed outstanding under such Section 6.02(n) and not under this
sub-clause (b)); 
 (c) Liens securing judgments for the payment of money in an amount not resulting (whether immediately or
with the passage of time) in an Event of Default under clause (k) of Article VII; 
 (d) Liens on the property of any
Receivables Entity pursuant to a Permitted Securitization, and the sale of Receivables and Related Assets pursuant to a Permitted Securitization; 

(e) Liens arising in connection with Sale and Leaseback Transactions pursuant to Section 6.09(c), (d) or (e);
provided such Liens shall be limited to the property and assets related to such Sale and Leaseback Transaction (and for the avoidance of doubt, not on Spectrum or proceeds thereof); 

(f) Liens securing Indebtedness outstanding under Section 6.01(c); 

(g) Liens created on fixed or capital assets or inventory acquired, constructed or improved by the Borrower or any of its
Restricted Subsidiaries and financed with Indebtedness permitted under Section 6.01(f); provided that (i) such Liens and the Indebtedness secured thereby are incurred prior to or within 270 days after such acquisition or the
completion of such construction or improvement and (ii) there are no Liens on any other property or assets of the Borrower or any of its Restricted Subsidiaries that secure such Indebtedness; 

(h) any Lien existing on any property or asset of any Person that becomes a Restricted Subsidiary after the Effective Date
prior to the time such Person becomes a Restricted Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary and (ii) there are no Liens on any other
property or 

  
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assets of the Borrower or any of its Restricted Subsidiaries that secure the Indebtedness of such Person; 

(i) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off
or similar rights and remedies as to deposit or commodity trading or brokerage accounts or other funds maintained with a creditor depository institution, provided that such accounts and funds are not primarily intended by the Borrower or any of its
Restricted Subsidiaries to provide collateral to the depository institution or the commodity intermediary; 
 (j) Liens
consisting of or arising under (i) agreements to dispose of any property in a Disposition permitted under Section 6.03 (to the extent such Liens apply to such property to be Disposed) and (ii) earnest money deposits made by the
Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement; 
 (k) Liens on
cash collateral in favor of the Administrative Agent securing LC Exposure of the Revolving Credit Lenders and Issuing Banks (with Capitalized terms (other than Liens) used in this clause (k) having the meanings ascribed to such terms in
the RC/TL Secured Facility); 
 (l) Liens on cash collateral in favor of the counterparty to bi-lateral letters of credit or
any trustee or paying agent for purpose of satisfying any Indebtedness of the Borrower or any Restricted Subsidiary, to the extent securing any such letters of credit with an aggregate face amount, or obligations relating to such Indebtedness with a
principal amount, not exceeding $50,000,000 in the aggregate; 
 (m) additional Liens (including any Liens securing
financings permitted by Section 6.01(o)) covering property of the Borrower or any of its Restricted Subsidiaries (or securing obligations in an aggregate amount, at the time of incurrence thereof) that does not exceed $10,000,000 in the
aggregate at any time outstanding; provided such Liens shall not be on cash or cash equivalents; provided further that in no event shall this clause (m) permit the incurrence of Liens that would result in an Equal and Ratable Trigger; 

(n) Liens securing obligations of the Borrower and the Guarantors in respect of the operating lease payments owed to
SpectrumCo1 and the related payment and performance undertaking, secured by the Collateral and securing obligations in an aggregate outstanding amount not to exceed $3,500,000,000 at any time (such maximum amount, the “Spectrum Guarantee
Cap”); provided that in no event shall this clause (n) permit the incurrence of Liens that would result in an Equal and Ratable Trigger; 

(o) Liens on the Collateral, securing obligations of the Parent Guarantor, the Borrower and its Restricted Subsidiaries,
subject to pro forma compliance with the Applicable Debt Cap Test; provided further that in no event shall this clause (o) permit the incurrence of Liens that would result in an Equal and Ratable Trigger; 

(p) Liens securing Indebtedness of a joint venture; provided the aggregate amount of Indebtedness secured under this
clause (p) does not exceed $325,000,000 and such Liens only extend to the assets of such joint venture; and 
 (q)
back-up Liens granted on customary terms in connection with agreements intended to be absolute assignments or true sales in connection with securitization Sale and 

  
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Leaseback Transactions permitted hereunder (provided that, for the avoidance of doubt, such Liens are solely on the assets that are the subject of any such securitization Sale and Leaseback
Transaction and such securitization Sale and Leaseback Transaction is permitted under this Agreement). 

SECTION 6.03 Fundamental Changes. 

(a) Mergers and Consolidations. The Borrower will not, and will not permit any Restricted Subsidiary to, merge into or consolidate with
any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing: 

(i) any Person may merge with or into the Borrower in a transaction in which (x) such Borrower is the surviving
corporation or (y) the continuing or surviving entity shall have assumed all of the obligations of such Borrower hereunder pursuant to an instrument in form and substance satisfactory to the Administrative Agent and shall have delivered such
proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by the Borrower pursuant to Section 4.01 upon the Borrowing Date or as the Administrative Agent shall have
requested and the net worth (determined on a consolidated basis in accordance with GAAP) of the continuing or surviving entity immediately after giving effect thereto shall be greater than or equal to the net worth (so determined) of such Borrower
immediately prior to giving effect thereto; 
 (ii) any Person (other than the Borrower) may merge with or into any
Restricted Subsidiary of the Borrower in a transaction in which the surviving entity is a Restricted Subsidiary of the Borrower, provided that, if any such merger shall be between a Subsidiary Guarantor and a Non-Guarantor Subsidiary (or another
Person that is not a Subsidiary Guarantor), the survivor shall be or become a Subsidiary Guarantor; 
 (iii) any Restricted
Subsidiary of the Borrower may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders (and if such Restricted
Subsidiary in a Subsidiary Guarantor, any assets of such Subsidiary Guarantor are transferred to the Borrower or another Subsidiary Guarantor, or otherwise transferred to a Restricted Subsidiary in compliance with Section 6.08 (other than
Section 6.08(n)); and 
 (iv) any Restricted Subsidiary (other than the Borrower) may merge into any other Person in
order to effect a Disposition permitted by this Agreement. 
 Notwithstanding the foregoing, in no event shall the Borrower reorganize in a
jurisdiction that is not a state of the United States of America or the District of Columbia. 
 (b) Disposition of Assets. The
Borrower and its Restricted Subsidiaries, when taken as a whole, will not, sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of their assets (in each case, whether now owned or
hereafter acquired). 
 Additionally, the Borrower and its Restricted Subsidiaries will not Dispose of any Spectrum except (a) pursuant
to a Permitted JV Transfer or a Permitted Spectrum Swap, or (b) in a Sale and Leaseback Transaction or in a Disposition to a third party that is not an Affiliate of the Borrower, in each 

  
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case, to the extent that, immediately after giving effect thereto on a pro forma basis, the Spectrum Disposition Requirements are satisfied with respect thereto. 

Furthermore, the Borrower and its Restricted Subsidiaries shall not permit less than 100% of the Equity Interests in SpectrumCo1, SpectrumCo2
or any other special purpose vehicles that would be formed as part of and for the purpose of consummating a future Sale and Leaseback Transaction of Spectrum, to be owned (directly or indirectly) by the Borrower (other than voting Equity Interests
owned directly or indirectly by the Parent Guarantor). Subject to Section 2.21, any Subsidiary of the Borrower (other than SpectrumCo1, SpectrumCo2 or any other special purpose vehicles that would be formed as part of and for the purpose of
consummating a future Sale and Leaseback Transaction of Spectrum) that directly or indirectly owns any Equity Interests referred to in the immediately preceding sentence shall be Restricted Subsidiaries and Subsidiary Guarantors. 

SECTION 6.04 Transactions with Affiliates. Except as expressly permitted by this Agreement, the
Borrower will not, and will not permit any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any cash or other property to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except: 
 (i) at prices and on terms and conditions not less favorable to the
Borrower or such Restricted Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties or pursuant to agreements in effect on the Effective Date, and 

(ii) transactions between or among the Borrower and its Subsidiary Guarantors not involving any other Affiliate or transactions
between or among Restricted Subsidiaries that are not Guarantors not involving any other Affiliate. 

SECTION 6.05 Financial Covenants. 

(a) Total Indebtedness Ratio. The Borrower will not permit the Total Indebtedness Ratio as at the last day of any fiscal quarter of the
Borrower to exceed the ratio set forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter
	  	 Total Indebtedness Ratio

	September 30, 2017	  	6.00 to 1.00
	December 31, 2017	  	6.00 to 1.00
	March 31, 2018	  	4.75 to 1.00
	June 30, 2018	  	4.75 to 1.00
	September 30, 2018	  	4.75 to 1.00
	December 31, 2018	  	4.75 to 1.00

 (b) Total Interest Coverage Ratio. The Borrower will not permit the Total Interest
Coverage Ratio as at the last day of any fiscal quarter of the Borrower to be less than the ratio set forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter
	  	 Total Interest Coverage
Ratio

	September 30, 2017	  	2.75 to 1.00
	December 31, 2017	  	2.75 to 1.00

  
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	March 31, 2018	  	2.75 to 1.00
	June 30, 2018	  	3.00 to 1.00
	September 30, 2018	  	3.00 to 1.00
	December 31, 2018	  	3.00 to 1.00

 SECTION 6.06 Restricted Payments. The Borrower will not, nor will it
permit any of its Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that: 

(a) any Non-Guarantor Restricted Subsidiary may make Restricted Payments to the Borrower or any of its Restricted Subsidiaries; 

(b) any Restricted Subsidiary of the Borrower may declare and pay dividends to the Borrower or any Subsidiary Guarantor; 

(c) the Borrower and any of its Restricted Subsidiaries may declare and pay dividends with respect to its capital stock at any time solely in
additional shares of its common stock; 
 (d) the Borrower and any of its Restricted Subsidiaries may make Restricted Payments pursuant to
and in accordance with (i) stock option plans or other benefit or compensation plans, (ii) agreements existing on the Effective Date and (iii) agreements entered into after the Effective Date, provided that payments under such future
agreements do not exceed $5,000,000 in any fiscal year, in each case, for directors, management or employees of the Borrower and any of its Restricted Subsidiaries in the ordinary course of business; 

(e) [reserved]; 
 (f) the Borrower
and its Restricted Subsidiaries may make cash payments in lieu of issuing fractional shares in connection with the exercise of Equity Rights convertible into or exchangeable for Equity Interests of the Borrower or its Restricted Subsidiaries; 

(g) so long as no Default shall have occurred and be continuing, any Restricted Subsidiary that is not wholly-owned may make distributions
payable to the other equity holders of such Restricted Subsidiary on a pro rata basis; 
 (h) Restricted Payments resulting from the cashless
exercise of stock options; 
 (i) the Borrower and its Restricted Subsidiaries may issue Equity Interests in connection with the exercise of
Equity Rights arising under Indebtedness not prohibited hereunder and convertible into or exchangeable for Equity Interests of the Borrower or its Restricted Subsidiaries; and 

(j) so long as no Default shall have occurred and be continuing or would result therefrom, the Borrower and any of its Restricted Subsidiaries
may make other Restricted Payments in an aggregate amount not to exceed $25,000,000 in any fiscal year of the Borrower, less such amounts, if any, used pursuant to Section 6.07(ii)(x) in such fiscal year; 

provided that if the Total Indebtedness Ratio is less than 2.50:1.00 immediately after giving effect to such Restricted Payment, based on the most
recent fiscal quarter of the Borrower for which financial statements have been delivered pursuant to Section 5.01(a) or (b), recomputed on a pro forma basis, the Borrower and its Restricted Subsidiaries may make additional Restricted Payments
in cash; provided  

  
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further, that, for avoidance of doubt, any extension, renewal or refinancing of debt securities that are convertible into or exchangeable for shares of capital stock (whether common or
preferred), partnership interests, membership interests in a limited liability company (whether common or preferred), beneficial interests in a trust or other equity ownership interests, in each case, of the Borrower or any Restricted Subsidiary,
shall be permitted under this Section 6.06 so long as such extension, renewal or refinancing is not otherwise prohibited by this Agreement. 

SECTION 6.07 Prepayments and Modifications of Indebtedness. The Borrower will not, and will not
permit any of its Restricted Subsidiaries to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or make
any voluntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, (i) any Intercompany Indebtedness except in the ordinary course of business and except repayments of Intercompany Indebtedness
(x) owing to any Obligor, (y) by any Obligor to any of the Borrower’s Restricted Subsidiaries to the extent that such Intercompany Indebtedness results from the receipt and application of cash proceeds from Accounts pursuant to the
Borrower’s and its Restricted Subsidiaries’ ordinary cash management practices and is consistent in all material respects with past practice and (z) of any Foreign Subsidiary owing to any other Foreign Subsidiary and (ii) any
Indebtedness for borrowed money (or Guarantees thereof) of the Borrower or its Restricted Subsidiaries (other than the Obligations) that is unsecured, secured by Liens on a junior basis to the Liens securing the Obligations (as defined in the RL/TL
Secured Facility) or that is contractually subordinated in right of payment to such Obligations other than Intercompany Indebtedness covered by clause (i) above (the Indebtedness above in this clause (ii), “Junior
Indebtedness”) other than, (u) regularly scheduled interest, fee and principal payments as and when due, other than, if applicable, payments prohibited by the subordination provisions thereof, (v) refinancings of Junior
Indebtedness with the proceeds of Refinancing Indebtedness, (w) payments in respect of Maturing Indebtedness, (x) so long as no Default shall have occurred and be continuing or would result therefrom after giving pro forma effect thereto,
payments in amounts that would be permitted as Restricted Payments pursuant to Section 6.06(j), provided such use shall reduce the amount available for Restricted Payments under Section 6.06(j) and (y) other payments in cash to the
extent that the Total Indebtedness Ratio immediately after giving effect to such payment is less than 2.50:1.00, based on the most recent fiscal quarter of the Borrower for which financial statements have been delivered pursuant to
Section 5.01(a) or (b), recomputed on a pro forma basis. 
 The Borrower shall not, and shall not permit its Restricted Subsidiaries
to, amend, waive or modify any agreement, instrument or document evidencing Intercompany Indebtedness or Junior Indebtedness (including for this purpose any Maturing Indebtedness that would otherwise qualify as Junior Indebtedness), in a manner that
would be materially adverse to the interest of the Lenders, taken as a whole. The Parent Guarantor will not, nor will it permit its Subsidiaries to amend, waive or modify any agreement, instrument or document evidencing the SpectrumCo1, SpectrumCo2
or other Sale and Leaseback Transaction relating to Spectrum in a manner that would be materially adverse to the interest of the Lenders, taken as a whole. 

SECTION 6.08 Investments. None of the Borrower or any Restricted Subsidiary will purchase, hold,
acquire, make or otherwise permit to exist any Investment in any other Person, except: 
 (a) Permitted Investments; 

(b) (i) Investments existing on the Effective Date in Subsidiaries and (ii) other Investments existing on the Effective
Date and set forth on Schedule 6.08; 

  
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 (c) (i) additional Investments by the Borrower in any Subsidiary Guarantor and by
any Subsidiary Guarantor in the Borrower or in another Subsidiary Guarantor, and (ii) Investments (including by way of capital contributions) by the Borrower and the Restricted Subsidiaries in their Restricted Subsidiaries; provided, in
the case of clause (ii), that the aggregate outstanding amount of Investments by Loan Parties in Restricted Subsidiaries that are not Loan Parties shall not exceed $1,000,000,000 less any other uses of this amount pursuant to the other sub-clauses
set forth in this Section 6.08 (such amount, as reduced pursuant to usage thereof, the “Shared Investment Amount”); 

(d) loans or advances made by the Borrower or any Restricted Subsidiary to any Restricted Subsidiary; provided that no
loan or advance made by any Loan Party to a Restricted Subsidiary that is not a Loan Party shall be permitted pursuant to this Section 6.08(d) if, at the time of, and after giving effect to, the making of such loan or advance (and any
substantially simultaneous use of the Shared Investment Amount) and the use of proceeds thereof, the Shared Investment Amount would be equal to or less than zero (it being understood Investments pursuant to this proviso shall constitute usage of the
Shared Investment Amount); 
 (e) Guarantees by the Borrower or any Restricted Subsidiary of Indebtedness or Secondary
Obligations of the Borrower or any Restricted Subsidiary (including any such Guarantees arising as a result of any such Person being a joint and several co-applicant with respect to any letter of credit or letter of guaranty); provided that
(i) (A) a Restricted Subsidiary that has not Guaranteed the Obligations pursuant to this Agreement shall not Guarantee any Indebtedness or Secondary Obligation of any Loan Party and (B) any such Guarantee of Indebtedness or Secondary
Obligation that is subordinated in right of payment to the Obligations is subordinated to the Obligations on terms no less favorable to the Lenders than those of such subordinated Indebtedness, (ii) any such Guarantee constituting Indebtedness
is permitted by Section 6.01 and (iii) no Guarantee by any Loan Party of Indebtedness or Secondary Obligation of any Restricted Subsidiary that is not a Loan Party shall be permitted pursuant to this Section 6.08(e) if, at the
time of the making of, and after giving effect to, such Guarantee (and any substantially simultaneous use of the Shared Investment Amount), the Shared Investment Amount would be equal to or less than zero (it being understood Investments pursuant to
this clause (iii) shall constitute usage of the Shared Investment Amount); 
 (f) (i) loans or advances to employees of
the Borrower or any Restricted Subsidiary made in the ordinary course of business, including those to finance the purchase of Equity Interests of the Borrower (or the Parent Guarantor) pursuant to employee plans and (ii) payroll, travel,
entertainment, relocation and similar advances to directors and employees of the Borrower or any Restricted Subsidiary to cover matters that are expected at the time of such advances to be treated as expenses of the Borrower or any Restricted
Subsidiary for accounting purposes and that are made in the ordinary course of business; 
 (g) Investments received in
connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, or consisting of securities acquired in connection with the satisfaction or enforcement of claims due or owing to
the Borrower or any Restricted Subsidiary, in each case in the ordinary course of business; 
 (h) Permitted Acquisitions;

 (i) Investments held by a Restricted Subsidiary acquired after the Effective Date or of a Person merged or consolidated
with or into the Borrower or a Restricted Subsidiary after the Effective Date, in each case as permitted hereunder, to the extent that such Investments were not 

  
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made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

(j) Investments by the Borrower or any Restricted Subsidiary that result solely from the receipt by the Borrower or such
Restricted Subsidiary from any of its Subsidiaries of a dividend or other Restricted Payment in the form of Equity Interests, evidences of Indebtedness or other securities (but not any additions thereto made after the date of the receipt thereof);

 (k) Investments in the form of Hedging Agreements entered into in the ordinary course of business to hedge or mitigate
risks to which the Borrower or any Restricted Subsidiary has actual exposure; 
 (l) Investments by any Restricted Subsidiary
that is not a Subsidiary Guarantor in any other Restricted Subsidiary that is not a Subsidiary Guarantor; 
 (m) Investments
consisting of (i) extensions of trade credit, (ii) deposits made in connection with the purchase of goods or services or the performance of leases, licenses or contracts, in each case, in the ordinary course of business, (iii) notes
receivable of, or prepaid royalties and other extensions of credit to, customers and suppliers that are not Affiliates of the Borrower and that are made in the ordinary course of business and (iv) Guarantees made in the ordinary course of
business in support of obligations of the Borrower or any of its Restricted Subsidiaries not constituting Indebtedness for borrowed money, including operating leases and obligations owing to suppliers, customers and licensees (it being understood
any obligations in respect of Spectrum Sale and Leaseback Transactions shall be included in the definition of Relevant Obligations as set forth therein); 

(n) mergers and consolidations permitted under Section 6.03 that do not involve any Person other than the Borrower and
wholly-owned Restricted Subsidiaries; 
 (o) intercompany Investments, reorganizations and other activities relating to tax
planning and reorganization; provided that no Investment may be made by any Loan Party in a Restricted Subsidiary that is not a Loan Party or by the Borrower or any Restricted Subsidiary in an Unrestricted Subsidiary if, at the time of the
making of, and after giving effect to, such Investment (and any substantially simultaneous use of the Shared Investment Amount), the Shared Investment Amount would be less than or equal to zero (it being understood such Investments pursuant to this
proviso shall constitute usage of the Shared Investment Amount); 
 (p) other Investments (including with respect to joint
ventures), provided such Investments shall utilize the Shared Investment Amount and after giving effect to such usage, the Shared Investment Amount shall not be less than or equal to zero; 

(q) Investments consisting of Guarantees in the ordinary course of business to support the obligations of any Restricted
Subsidiary under its worker’s compensation and general insurance agreements; 
 (r) other Investments (including with
respect to joint ventures), provided the Total Indebtedness Ratio immediately after giving effect to such Investment is less than 3.00:1.00, based on the most recent fiscal quarter of the Borrower for which financial statements have been delivered
pursuant to Section 5.01(a) or (b), recomputed on a pro forma basis; provided further, that at the time any such Investment is made pursuant to this clause (r), no Default shall have occurred and be continuing or would result
therefrom; 

  
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 (s) any NewCo Transfer; 

(t) any Guarantees by the Borrower or a Subsidiary Guarantor of obligations of the Parent Guarantor, the Borrower or Subsidiary
Guarantors under operating leases (and not under any Indebtedness) in respect of a Spectrum Sale and Leaseback Transaction permitted pursuant to Section 6.09(a); 

(u) Investments pursuant to a securitization of assets (other than Spectrum) otherwise permitted by this Agreement (including
as a result of replenishing the assets that are the subject of such transaction with new assets of the corresponding type); 

(v) Permitted JV Transfers and Permitted Spectrum Swaps; 

(w) to the extent constituting Investments, Sale and Leaseback Transactions permitted pursuant to Section 6.09; and 

(x) Investments received as non-cash consideration for a Disposition permitted under this Agreement; 

Notwithstanding the foregoing, any Investments that involve the transfer (including by acquisition) of Spectrum to a Person other than the
Borrower or a Subsidiary Guarantor shall be required to be (a) a Permitted JV Transfer or a Permitted Spectrum Swap, or (b) pursuant to a Sale and Leaseback Transaction or a Disposition to a third party that is not an Affiliate of the
Borrower permitted pursuant to Section 6.03(b). 
 SECTION 6.09 Sale and Leaseback
Transactions. None of the Borrower or any Restricted Subsidiary will enter into any Sale and Leaseback Transaction except: 

(a) Sale and Leaseback Transactions in respect of SpectrumCo1, SpectrumCo2 or other Sale and Leaseback Transactions with
respect to Spectrum similar to the SpectrumCo1 Sale and Leaseback Transaction (or, to the extent not similar to the SpectrumCo1 Sale and Leaseback, such difference shall not be adverse to the Lenders), if immediately after giving effect thereto on a
pro forma basis, the Spectrum Disposition Requirements are satisfied; 
 (b) Sale and Leaseback Transactions with respect to
purchase money financings (and not with respect to Spectrum) permitted under Section 6.01(f) and 6.02(g); 
 (c) Sale
and Leaseback Transactions with respect to real property constituting HQ Properties; 
 (d) additional Sale and Leaseback
Transactions (not with respect to Spectrum) the aggregate obligations in respect of which do not exceed $250,000,000 at any time outstanding; provided that, the net cash proceeds thereof are applied in compliance with the Special Prepayment
Requirements; and 
 (e) Sale and Leaseback Transactions with respect to assets (other than Spectrum) of the type which are
subject to Sale and Leaseback Transactions as of the Effective Date (including RAN Financings); provided that RAN Financings shall be required to be outstanding in reliance on this Section 6.09(e) and the aggregate outstanding
obligations in respect of RAN Financings shall not exceed $2,700,000,000 at any time outstanding. 

  
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 ARTICLE VII 

EVENTS OF DEFAULT 
 If any of the
following events (“Events of Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of
any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) the Borrower shall fail to pay (i) any interest on any Loan, when and as the same shall become due and payable, and
such failure shall continue unremedied for a period of three or more Business Days or (ii) any fee or any other amount (other than an amount referred to in clause (a) or (b)(i) of this Article VII) payable under this Agreement, when and as
the same shall become due and payable, and such failure shall continue unremedied for a period of five or more Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of any Loan Party in or in connection with this
Agreement or any of the other Loan Documents or any amendment or modification hereof or thereof (or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement, any of the other Loan
Documents or any amendment or modification hereof or thereof) shall prove to have been incorrect when made or deemed made in any material respect; 

(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Sections 5.02(a), 5.03,
5.09 (but solely with respect to the requirements of any Restricted Subsidiary that would constitute a Significant Subsidiary for the purposes of clause (a) thereof to deliver a Joinder Agreement, Accession Agreement or proof of corporation
action, incumbency opinions or other documents contemplated therein) or Article VI (other than Section 6.04); 
 (e) the
Borrower or any other Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b), (c) or (d) of this Article VII, but including
Section 5.09(a) with respect to any Restricted Subsidiary that would not constitute a Significant Subsidiary) or any other Loan Document, and such failure shall continue unremedied for a period of thirty or more days after notice thereof from
the Administrative Agent (given at the request of any Lender) to the Borrower; 
 (f) the Borrower (or any Restricted
Subsidiary of the Borrower, other than an Excluded Subsidiary) shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, and
such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Material Indebtedness; 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or
that enables or permits (with or without the giving of notice, but without any further lapse of time) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due,
or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; 

  
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 (h) an involuntary proceeding shall be commenced or an involuntary petition shall
be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower (or any Significant Subsidiary that is a Restricted Subsidiary) or its debts, or of a substantial part of its assets, under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower (or any Significant Subsidiary that
is a Restricted Subsidiary) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) the Borrower (or any Significant Subsidiary that is a Restricted Subsidiary) shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail
to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article VII, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Borrower (or any Significant Subsidiary that is a Restricted Subsidiary) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j) the Borrower (or any Significant Subsidiary that is a Restricted Subsidiary) shall become unable, admit in writing or fail
generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate amount
in excess of $250,000,000 shall be rendered against the Borrower (or any Significant Subsidiary that is a Restricted Subsidiary) and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be
effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower (or any Significant Subsidiary) to enforce any such judgment; 

(l) an ERISA Event shall have occurred that could reasonably be expected to result in a Material Adverse Effect; or 

(m) the Guarantees under Section 9.14 by the Parent Guarantor, Borrower or any Subsidiary Guarantor shall cease to be in
full force and effect, or shall be asserted in writing by any Loan Party not to be in effect or not to be legal, valid and binding obligations, other than pursuant to a release permitted under Section 9.16; 

then, and in every such event (other than an event with respect to any Obligor described in clause (h) or (i) of this Article VII), and at any time
thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times:
(i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall
become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to any Obligor described in clause (h) or (i) of
this Article VII, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest 

  
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thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby waived by the Borrower. 
 ARTICLE VIII 

THE ADMINISTRATIVE AGENT 
 Each of
the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this
Agreement and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. 
 JPMorgan Chase Bank,
N.A. shall have the same rights and powers in its capacity as a Lender hereunder as any other Lender and may exercise the same as though JPMorgan Chase Bank, N.A. were not the Administrative Agent, and any bank serving in the capacity of
Administrative Agent from time to time and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate of any thereof as if it were not the Administrative
Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations except those expressly set forth in this Agreement and
the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the
Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by this Agreement and the other Loan Documents that the Administrative
Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not
be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders or, if provided herein, with the consent or at the request of the Required Lenders, or in the absence of its own gross negligence or willful
misconduct. The Administrative Agent shall not be deemed to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or the other Loan Documents, (ii) the contents of any certificate, report or other document
delivered hereunder or under any of the other Loan Documents or in connection herewith of therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan
Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, the other Loan Documents or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 The
Administrative Agent shall not be required to initiate or conduct any litigation or collection proceedings hereunder or under any other Loan Document. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by

  
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it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Administrative Agent shall be fully justified in
failing or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, where unanimous consent of the Lenders is expressly required hereunder, such Lenders) as it deems
appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all
cases be fully protected in acting, or in refraining from acting, under any Loan Document in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the
Lenders and all future holders of the Loans. 
 The Administrative Agent may perform any and all of its duties, and exercise its rights and
powers, by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties.
The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as the Administrative Agent. 
 Subject to the appointment and acceptance
of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Obligor Representative. Upon any such resignation, the Required Lenders shall have the right, in
consultation with the Borrower, to appoint a successor Administrative Agent. If no successor shall have been so appointed and shall have accepted such appointment within 30 days after such retiring Administrative Agent gives notice of its
resignation, then such retiring Administrative Agent may, on behalf of the Lenders appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its
appointment as Administrative Agent by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of such retiring Administrative Agent, and such retiring Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article VIII and Section 9.03 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it
while it was acting as Administrative Agent. Notwithstanding the foregoing, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice,
(a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, and (b) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Administrative Agent; provided that (i) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent
shall be made directly to such Person and (ii) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall also directly be given or made to each Lender. 

  
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 Each Lender acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement and the other Loan Documents, any related agreement or any document furnished hereunder or thereunder. 
 Anything herein to the
contrary notwithstanding, none of the bookrunners, lead arrangers, syndication agents or documentation agents listed on the cover page hereof shall have any duties or responsibilities under this Agreement, except in their capacity, if any, as the
Administrative Agent, Lenders hereunder. 
 Except with respect to the exercise of setoff rights of any Lender in accordance with
Section 9.08 or with respect to a Lender’s right to file a proof of claim in an insolvency proceeding, no Guaranteed Party shall have any right individually to enforce any Guarantee of the Obligations, it being understood and agreed
that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Guaranteed Parties in accordance with the terms thereof. 

The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion to release any Guarantee pursuant to
the terms of Section 9.16. 
 In case of the pendency of any proceeding with respect to any Loan Party under any Federal, State or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Loan Parties) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(y) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent allowed in such judicial proceeding; and 

(z) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each
Lender and each other Guaranteed Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders or the other Guaranteed Parties, to pay to
the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03). 

The provisions of this Article VIII are solely for the benefit of the Administrative Agent and the Lenders and, except solely to the extent of
the Borrower’s rights to consult pursuant to and subject to the conditions set forth in this Article VIII, none of the Loan Parties or any Subsidiary shall have any rights as a third party beneficiary of any such provisions. Each Guaranteed
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not a party hereto, will be deemed, by its acceptance of the benefits of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article
VIII. 
 ARTICLE IX 

MISCELLANEOUS 
 
SECTION 9.01 Notices. 
 (a) Notices Generally. Except in the case of notices and other communications expressly permitted
to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(i) if to the Borrower (as Borrower or Obligor Representative), to: 

6200 Sprint Parkway 
 Overland
Park, Kansas 66251 
 Attention: Janet Duncan, Vice President and Treasurer 

Telecopy No. 913-523-1911 

Email: TreasuryProcessing@sprint.com and Janet.Duncan@sprint.com 

with a copy to it at: 
 6200
Sprint Parkway 
 Overland Park, Kansas 66251 

Attention: General Counsel 

Telecopy No. 913-523-9802 

(ii) if to the Administrative Agent, to: 

[500 Stanton Christiana Road, NCC5, Floor 1 

Newark, DE, 19713-2107 

Attention: Eugene Tull 

eugene.h.tulliii@chase.com 

Group Fax - 302-634-3301 
 and
with a copy to it at: 
 383 Madison Avenue, Floor 24 

New York, NY, 10179 
 Attention:
Bruce Borden 
 Telephone No. 212-270-5799 

Telecopy No. [ ]]10 

 

	10 	To be completed at closing. 

  
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 (iii) if to any Lender, to it at its address (or telecopy number) set forth in
its Administrative Questionnaire. 
 (b) Electronic Notification. Notices and other communications to the Lenders hereunder may be
delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent
and the applicable Lender. The Administrative Agent or the Obligor Representative may, in their discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided that approval of such procedures may be limited to particular notices or communications. 
 (c) Modifications to Notice
Provisions. Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto (or, in the case of any such change by a Lender, by notice to the Borrower and the
Administrative Agent). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

(d) Platform. The Borrower and Lenders agree that the Administrative Agent may, but shall not be obligated to, make any communication
hereunder (a “Communication”) by posting such Communications on Debt Domain, Intralinks, Syndtrak or a similar electronic transmission system (the “Platform”). The Platform is provided “as is” and “as
available”. Neither the Administrative Agent nor any of its Related Parties warrants, or shall be deemed to warrant, the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any
kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made, or shall be deemed to be made, by the
Administrative Agent or any of its Related Parties in connection with the Communications or the Platform. 

SECTION 9.02 Waivers: Amendments. 

(a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in exercising any right or
power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or
the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 9.02, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender may have had
notice or knowledge of such Default at the time. 
 (b) Amendments to this Agreement. Neither this Agreement nor any provision hereof
may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders;
provided that no such agreement shall: 
 (i) increase any Commitment of any Lender without the written consent of
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 (ii) reduce the principal amount of any Loan or reduce the rate of interest
thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby; 

(iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable
hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of reduction or expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby; 

(iv) change Section 2.17(b), 2.17(c) or 2.17(d), without the written consent of each Lender directly and adversely
affected thereby; 
 (v) change any of the provisions of this Section 9.02 or the percentage set forth in the definition
of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Document or make any determination or grant any consent
hereunder or thereunder, without the written consent of each Lender; 
 (vi) release all or substantially all of the
Guarantors from their guarantee obligations under Section 9.14, subject to Section 9.16, without the written consent of each Lender; 

(vii) modify the currency in which a Loan or Commitment is denominated, without the written consent of each Lender holding such
Loan or Commitment; 
 provided further that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent hereunder without the prior written consent of the Administrative Agent, as the case may be and (B) no consent, other than the Required Lenders (and of each directly and adversely affected Lender, or if applicable, each
Lender) shall be required to effect any of the changes referred to in clauses (i), (ii) or (iii) above. 
 In connection with any
waiver, amendment or other modification to this Agreement, the Administrative Agent shall be permitted to establish a “record date” to determine which Lenders are to be entitled to participate in consenting to such waiver, amendment or
modification (it being understood that Persons that become “Lenders” under this Agreement after such “record date” pursuant to an assignment in accordance with Section 9.04 shall not be entitled to participate in such
consent). 
 For purposes of this Section, the “scheduled date of payment” of any amount shall refer to the date of payment of
such amount specified in this Agreement, and shall not refer to a date or other event specified for the mandatory or optional prepayment of such amount. In addition, whenever a waiver, amendment or modification requires the consent of a Lender
“affected” thereby, such waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes effective as to any other Lender, so long as the Required Lenders consent to such
waiver, amendment or modification as provided above. 
 Except as otherwise provided in this Section 9.02(b) with respect to this
Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver under any of the Loan Documents (other than this Agreement). 

Notwithstanding anything in this Agreement (including, without limitation, this Section 9.02(b)) or any other Loan Document to the
contrary, (i) this Agreement and the other Loan Documents may be amended to effect a NewCo Financing pursuant to Section 2.21 (and the Administrative Agent 

  
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and the Borrower may effect such amendments to this Agreement and the other Loan Documents without the consent of any other party as may be necessary or appropriate, in the reasonable opinion of
the Administrative Agent and the Borrower, to effect the terms thereof); (ii) [reserved]; (iii) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrower and the
Administrative Agent to cure any ambiguity, omission, mistake, defect or inconsistency, it being agreed the Administrative Agent may (but shall not be required to) provide the Lenders at least three (3) Business Days’ prior written notice
of such amendment, and any such amendment shall be deemed approved by the Lenders unless the Administrative Agent shall have received, within three (3) Business Days of the date of such notice to the Lenders, a written notice from the Required
Lenders stating that the Required Lenders object to such amendment; and (iv) guarantees and related documents executed by Loan Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may
be, together with any other Loan Document, entered into, amended, supplemented or waived, without the consent of any other person, by the applicable Loan Party or Loan Parties and the Administrative Agent in its sole discretion, to cure ambiguities,
omissions, mistakes or defects or to cause such guarantee document or other document to be consistent with this Agreement and the other Loan Documents. 

SECTION 9.03 Expenses: Indemnity: Damage Waiver. 

(a) Costs and Expenses. The Borrower agrees to pay, or reimburse the Administrative Agent for paying, (i) all reasonable
out-of-pocket expenses incurred by the Arrangers and the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of Special Counsel, a single FCC counsel and of one local counsel in any relevant jurisdiction
of the Borrower or any Loan Party, the preparation of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall
be consummated), (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of one counsel acting on behalf of all indemnified persons and one FCC counsel (and, in the event
of any conflict of interest, of additional counsel for all affected indemnified persons and, if necessary, of one local counsel in any relevant jurisdiction (and in the event of a conflict of interest, local conflicts counsel)) the Administrative
Agent or Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section 9.03, or in connection with the Loans made issued hereunder,
including in connection with any workout, restructuring or negotiations in respect thereof and (iii) to the extent not already reimbursed pursuant to Section 2.16(b), all transfer, stamp, documentary or other similar taxes, assessments or
charges levied by any governmental or revenue authority in respect of this Agreement or any of the other Loan Documents or any other document referred to herein or therein. 

(b) Indemnification by Borrower. The Borrower agrees to indemnify the Administrative Agent, the Arrangers, [each syndication agent and
each documentation agent] identified on the cover hereto, and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any
and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement, the other Loan Documents or any agreement or instrument contemplated hereby, the performance by the parties hereto and thereto of their respective obligations hereunder or thereunder or
the consummation of the Transactions or any other transactions contemplated hereby or thereby, (ii) any Loan or the use of the proceeds therefrom or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to
any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto (and regardless of whether or not brought by the Borrower or another

  
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Person); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (a) arise from a
dispute solely among the Indemnitees and not arising from any act or omission of the Borrower or its Affiliates (other than disputes against any agent or arranger in its capacity as such or in fulfilling its role as such) or (b) are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. Notwithstanding the foregoing, this Section 9.03(b) shall not apply with respect to
Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. No Indemnitee referred to above shall be liable for any damages arising from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent such damages
result from the gross negligence or willful misconduct of such Indemnitee as determined by a court of competent jurisdiction by final and nonappealable judgment. 

(c) Reimbursement by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative
Agent under paragraph (a) or (b) of this Section 9.03, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in
its capacity as such. Nothing herein shall be deemed to limit the obligations of the Borrower under paragraph (b) above to reimburse the Lenders for any payment made under this paragraph (c). 

(d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, none of the Loan Parties shall assert, and each
Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, the other Loan Documents or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof. 

(e) Payments. All amounts due under this Section 9.03 shall be payable promptly after written demand therefor. 

SECTION 9.04 Successors and Assigns. 

(a) Assignments Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that (i) Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or
transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.04. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby including, Participants (to the extent provided in paragraph (c) of this Section 9.04) and,
to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. 

  
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 (i) Assignments Generally. Subject to the conditions set forth in
paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments, and the Loans, at the time held by it) with the prior written
consent (such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower, provided that no consent of
the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; provided, further, that the Borrower shall be
deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 7 Business Days after receiving request for such consent; and 

(B) the Administrative Agent. 

(ii) Certain Conditions to Assignments. Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund, or an assignment of the
entire remaining amount of the assigning Lender’s Commitments, the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent and treating related Approved Funds as one assignee for this purpose) shall not be less than $5,000,000 unless the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the
Borrower shall be required if an Event of Default has occurred and is continuing; 
 (B) each partial assignment shall be
made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 

(C) no assignments may be made to (i) any natural person or (ii) any other Person that the Administrative Agent
reasonably determines is maintained primarily for the purpose of holding or managing investments for the benefit of any natural person and/or any immediate family members or heirs thereof, in each case unless otherwise agreed by each of the
Administrative Agent and the Borrower in its sole discretion; 
 (D) the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 

(E) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and
all applicable tax forms required pursuant to Section 2.16(f). 
 (iii) Effectiveness of Assignments. Subject to
acceptance and recording thereof pursuant to paragraph (c) of this Section 9.04, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the 

  
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interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 (subject to the requirements of Section 2.16) and 9.03). Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (e) of this Section 9.04. 
 (c) Maintenance of Register by Administrative Agent.
The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amount of (and stated interest on) the Loans held by, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent
manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice
to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Acceptance of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 9.04,
any written consent to such assignment required by said paragraph (b) and all applicable tax forms required pursuant to Section 2.16(f), the Administrative Agent shall accept such Assignment and Assumption and record the information
contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(e) Participations. 

(i) Participations Generally. Any Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more banks, other financial institutions or any other entity that is engaged in making, purchasing, holding or investing in bank loans or similar extensions of credit in the ordinary course of its business (and not to any
Person prohibited from taking an assignment pursuant to Section 9.04(b)(ii)(C)) (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans held by it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement
or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such
Participant. Subject to paragraph (e)(ii) of this Section 9.04, the Borrower agrees that each Participant shall be entitled to the benefits of, and subject to the limitations and requirements of, Sections 2.14, 2.15 and 2.16 to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.04. To the extent permitted by 

  
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law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided that such Participant agrees to be subject to Section 2.17(d) as
though it were a Lender. Each Lender that sells a participation, acting solely for tax purposes as a non-fiduciary agent of the Borrower, shall maintain a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided, however, that no Lender shall have any obligation to disclose all
or any portion of the Participant Register to the Borrower or any other Person without such Lender’s prior written consent (including, without, limitation, the identity of any participant or any information relating to such participant’s
participating interest) except to the extent that such disclosure is necessary to establish that a Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender, each Obligor and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such
participation for all purposes of this Agreement, notwithstanding notice to the contrary. 
 (ii) Limitations on Rights of
Participants. A Participant shall not be entitled to receive any greater payment under Section 2.14, 2.15 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant shall not be entitled to the benefits of Section 2.16 unless the Borrower is notified of the participation sold to
such Participant and such Participant complies with Section 2.16(f) as though it were a Lender. 
 (f) Certain Pledges. Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank (or any
central bank having jurisdiction over such Lender), and this Section 9.04 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender
from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto. 
 (g) No Assignments or
Participations to Borrower or Affiliates. Anything in this Section 9.04 to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the Parent Guarantor, Borrower or any of their
Affiliates or Subsidiaries without the prior consent of each Lender. 
 SECTION 9.05 Survival. All
covenants, agreements, representations and warranties made by the Obligors herein and in the other Loan Documents, and in the certificates or other instruments delivered in connection with or pursuant to this Agreement and the other Loan Documents,
shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of any Loans , regardless of any investigation made by any such other
party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full
force and effect so long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or the other Loan Documents is outstanding and unpaid and so long as the Commitments have not expired or
terminated. The provisions of Section 2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, any assignment or participation pursuant
to Section 9.04 (with respect to matters arising prior to such assignment or participation), the repayment of the Loans and the payment of any other obligations under this Agreement or any other Loan Document, the expiration or termination

  
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of the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

SECTION 9.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the Fee Letter and any separate letter agreements with
respect to fees payable to the Administrative Agent or Arrangers constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to
the subject matter hereof. This Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures
of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by
telecopy or other electronic means (including electronic mail) shall be effective as delivery of an original executed counterpart of this Agreement. 

SECTION 9.07 Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 
SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Obligors against any of and
all the obligations of the Obligors now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The
rights of each Lender under this Section 9.08 are in addition to any other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 9.09 Governing Law: Jurisdiction; Consent to Service of Process. 

(a) Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) Submission to Jurisdiction. Each party hereto (other than any Lender that is an agency of a Governmental Authority) hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New
York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court (or, to the extent permitted by law, in such Federal court). Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the
Administrative Agent, or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Obligor or its properties in the courts of any jurisdiction. 

  
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 (c) Waiver of Venue. Each party hereto hereby irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any court
referred to in paragraph (b) of this Section 9.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court. 
 (d) Service of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided
for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) 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
(B) 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 9.10. 

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates, directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to any pledgee referred to in Section 9.04(f) or any
direct or indirect contractual counterparty in swap agreements (or to such pledgee or contractual counterparty’s professional advisor), so long as such pledgee or contractual counterparty (or such professional advisor) agrees to be bound by the
provisions of this Section 9.12, (c) to the extent requested by any regulatory authority or self-regulatory body, (d) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (e) to
any other party to this Agreement, (f) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (g) subject to the execution and delivery
of an agreement containing provisions substantially the same as those of this Section 9.12, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement,
(h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued
with respect to such Lender, (i) with the consent of the Obligors or (j) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 9.12 or (ii) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source other than the Obligors. Unless specifically prohibited by applicable law or court order, each Lender and the Administrative Agent shall, prior to disclosure thereof, notify
the Obligor Representative of any request for disclosure of any Information (A) by any governmental agency or representative thereof (other than any such request in connection with an examination of the financial condition of such Lender by
such 

  
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governmental agency) or (B) pursuant to legal process (including agency subpoenas) and, at the expense of the Obligors, will cooperate with reasonable efforts by the Obligors to seek a
protective order or other assurances that confidential treatment will be accorded such Information. 
 For the purposes of this
Section 9.12, “Information” means all information received from the Obligor Representative relating to the Obligors or their business, other than any such information that is available to the Administrative Agent or any Lender
on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Obligors after the date hereof, such information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section 9.12 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.13 USA PATRIOT Act. Each Lender hereby notifies the Obligors that pursuant to the
requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it may be required to obtain, verify and record information that identifies the Obligors, which information includes the names and addresses
of the Obligors and other information that will allow such Lender to identify the Obligors in accordance with said Act. The U.S. Federal Tax Identification No. of the Borrower is 48-0457967. 

SECTION 9.14 Guarantee. 

(a) The Guarantee. The Guarantors hereby unconditionally jointly and severally guarantee, as primary obligor and not merely as surety,
to each of the Guaranteed Parties and their respective successors and assigns the prompt performance and payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Obligations. The Guarantors hereby further
unconditionally jointly and severally agree that (i) if the Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Obligations, the Guarantors will promptly pay the same upon receipt of
written demand for payment thereof, without any other demand or notice whatsoever, and (ii) in the case of any extension of time of payment or renewal of any of the Obligations, the Obligations will be promptly paid in full when due (whether at
extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. This is a continuing guaranty and is a guaranty of payment and not merely of collection, and shall apply to all Obligations whenever arising.

 (b) Acknowledgments, Waivers and Consents. Each Guarantor agrees that its obligations under this Section 9.14 shall, to the
fullest extent permitted by applicable law, be primary, absolute, irrevocable and unconditional under any and all circumstances and shall apply to any and all Obligations now existing or in the future arising. Without limiting the foregoing, each
Guarantor agrees that: 
 (i) Guarantee Absolute. The occurrence of any one or more of the following shall not affect,
limit, reduce, discharge or terminate the liability of such Guarantor hereunder, which shall remain primary, absolute, irrevocable and unconditional as described above: 

(A) Any modification or amendment (including by way of amendment, extension, renewal or waiver), or any acceleration or other
change in the manner or time for payment or performance, of the Obligations, any Loan Document or any other agreement or instrument whatsoever relating to the Obligations, or any modification of the Commitments; 

  
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 (B) any release, termination, waiver, abandonment, lapse, expiration,
subordination or enforcement of any other guaranty of or insurance for any of the Obligations; 
 (C) any application by any
of the Guaranteed Parties of the proceeds of any other guaranty of or insurance for any of the Obligations to the payment of any of the Obligations; 

(D) any settlement, compromise, release, liquidation or enforcement by any of the Guaranteed Parties of any of the Obligations;

 (E) the giving by any of the Guaranteed Parties of any consent to the merger or consolidation of, the sale of substantial
assets by, or other restructuring or termination of the corporate existence of, any Obligor or any other Person, or to any disposition of any shares by any Obligor or any other Person; 

(F) any proceeding by any of the Guaranteed Parties against any Obligor or any other Person, or the exercise by any of the
Guaranteed Parties of any of their rights, remedies, powers and privileges under the Loan Documents, regardless of whether any of the Guaranteed Parties shall have proceeded against or exhausted any collateral, right, remedy, power or privilege
before proceeding to call upon or otherwise enforce this Agreement; 
 (G) the entering into any other transaction or
business dealings with any Obligor, or any other Person; or 
 (H) any combination of the foregoing. 

(ii) Waiver of Defenses. The liability of the Guarantors and the rights, remedies, powers and privileges of the
Guaranteed Parties hereunder shall not be affected, limited, reduced, discharged or terminated, and each Guarantor hereby expressly waives to the fullest extent permitted by law any defense now or in the future arising, by reason of: 

(A) the illegality, invalidity or unenforceability of any of the Obligations, any Loan Document or any other agreement or
instrument whatsoever relating to any of the Obligations; 
 (B) any disability or other defense with respect to any of the
Obligations, including the effect of any statute of limitations, that may bar the enforcement thereof or the obligations of such Guarantor relating thereto; 

(C) the illegality, invalidity or unenforceability of any other guaranty of or insurance for any of the Obligations; 

(D) the cessation, for any cause whatsoever, of the liability of any Obligor with respect to any of the Obligations (other
than, subject to paragraph (c) of this Section 9.14, by reason of the payment thereof); 
 (E) any failure of any
of the Guaranteed Parties to pursue or exhaust any right, remedy, power or privilege it may have against any Obligor or any other Person, or to take any action whatsoever to mitigate or reduce the liability of any Guarantor under

  
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this Agreement, the Guaranteed Parties being under no obligation to take any such action notwithstanding the fact that any of the Obligations may be due and payable and that any Obligor may be in
default of its obligations under any Loan Document; 
 (F) any counterclaim, set-off or other claim which any Obligor has or
claims with respect to any of the Obligations; 
 (G) any failure of any of the Guaranteed Parties to file or enforce a claim
in any bankruptcy, insolvency, reorganization or other proceeding with respect to any Person; 
 (H) any bankruptcy,
insolvency, reorganization, winding-up or adjustment of debts, or appointment of a custodian, liquidator or the like of it, or similar proceedings commenced by or against any Obligor or any other Person, including any discharge of, or bar, stay or
injunction against collecting, any of the Obligations (or any interest on any of the Obligations) in or as a result of any such proceeding; 

(I) any action taken by any of the Guaranteed Parties that is authorized by this paragraph (b) or otherwise in this
Agreement or by any other provision of any Loan Document, or any omission to take any such action; 
 (J) any law,
regulation, decree or order of any jurisdiction, or any other event, affecting any of the Obligations or any Guaranteed Party’s rights with respect thereto; or 

(K) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or
guarantor. 
 (iii) Waiver of Set-off and Counterclaim, Etc. Each Guarantor expressly waives, to the fullest extent
permitted by law, for the benefit of each of the Guaranteed Parties, any right of set-off and counterclaim with respect to payment of its obligations hereunder, and all diligence, presentment, demand for payment or performance, notice of nonpayment
or nonperformance, protest, notice of protest, notice of dishonor and all other notices or demands whatsoever, and any requirement that any of the Guaranteed Parties exhaust any right, remedy, power or privilege or proceed against any Obligor under
this Agreement or any other Loan Document or other agreement or instrument referred to herein or therein, or against any other Person, and all notices of acceptance of this Agreement or of the existence, creation, incurring or assumption of new or
additional Obligations. Each Guarantor further expressly waives the benefit of any and all statutes of limitation, to the fullest extent permitted by applicable law. 

(iv) Other Waivers. Each Guarantor expressly waives, to the fullest extent permitted by law, for the benefit of each of
the Guaranteed Parties, any right to which it may be entitled: 
 (A) that the assets of any Obligor first be used, depleted
and/or applied in satisfaction of the Obligations prior to any amounts being claimed from or paid by such Guarantor; 
 (B)
to require that any Obligor be sued and all claims against such Obligor be completed prior to an action or proceeding being initiated against such Guarantor; and 

  
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 (C) to have its obligations hereunder be divided among the Guarantors, such that
each Guarantor’s obligation would be less than the full amount claimed. 
 (c) Reinstatement. The obligations of each Guarantor
under this Section 9.14 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Obligors or any other Person in respect of the Obligations is rescinded or must otherwise be restored by any
holder of any of the Obligations, whether as a result of any bankruptcy, insolvency or reorganization proceeding or otherwise, and the Guarantors jointly and severally agree that they will indemnify the Guaranteed Parties on demand for all
out-of-pocket costs and expenses (including out-of-pocket fees of counsel) incurred by them in connection with such rescission or restoration, including any such out-of-pocket costs and expenses incurred in defending against any claim alleging that
such payment constituted a preference, fraudulent transfer or the like under any bankruptcy, insolvency, reorganization or similar law. 

(d) Subrogation. Each Guarantor agrees that, until the final payment in full of all Obligations and the expiration or termination of the
Commitments, such Guarantor shall not exercise any right or remedy arising by reason of any performance by such Guarantor of its obligations hereunder, whether by subrogation, reimbursement, contribution or otherwise, against any Obligor or any
other Person. 
 (e) Remedies. Each Guarantor agrees that, as between such Guarantor and the Guaranteed Parties, the obligations of
any Obligor under this Agreement and the other Loan Documents may be declared to be forthwith due and payable as provided therein (and shall become automatically due and payable in the circumstances provided therein) for purposes of paragraph
(a) of this Section 9.14, notwithstanding any bar, stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against such Obligor, and that, in the event of such
declaration (or such obligations becoming automatically due and payable), such obligations shall forthwith become due and payable by such Guarantor for purposes of said paragraph (a) of this Section 9.14. 

(f) Rights of Contribution. The Guarantors hereby agree, as between themselves, that if any Guarantor shall become an Excess Funding
Guarantor (as defined below) by reason of the payment by such Guarantor of any of the Obligations, each other Guarantor shall, on written demand of such Excess Funding Guarantor (but subject to the immediately following sentence), pay to such Excess
Funding Guarantor an amount equal to such Guarantor’s Pro Rata Guarantor Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess
Guarantor Payment (as defined below) in respect of such Obligations. The payment obligation of a Guarantor to any Excess Funding Guarantor under this paragraph (f) shall be subordinate and subject in right of payment to the prior payment in
full of the Obligations and such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment in full of all of the Obligations. 

For purposes of this paragraph (f), (i) “Excess Funding Guarantor” means a Guarantor that has paid an amount in excess of its
Pro Rata Guarantor Share of the Obligations, (ii) “Excess Guarantor Payment” means the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Guarantor Share of the Obligations and (iii) “Pro Rata Guarantor
Share” means, for any Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate fair saleable value of all properties of such Guarantor (excluding any shares of stock of any other Guarantor) exceeds the
amount of all the debts and liabilities of such Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder and any obligations of any other Guarantor that have
been Guaranteed by such Guarantor) to (y) the amount by which the aggregate fair 

  
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saleable value of all properties of all of the Guarantors exceeds the amount of all the debts and liabilities of all of the Guarantors (including contingent, subordinated, unmatured and
unliquidated liabilities, but excluding the obligations of the Guarantors under the Loan Documents), determined (A) with respect to any Guarantor that is a party hereto on the date hereof, as of the date hereof, and (B) with respect to any
other Guarantor, as of the date such Guarantor becomes a Guarantor hereunder. 
 (g) General Limitation on Guarantee Obligations. In
any action or proceeding involving any state corporate law, or any state or Federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under paragraph (a) of this
Section 9.14 would otherwise, taking into account the provisions of paragraph (f) of this Section 9.14, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of
the amount of its liability under paragraph (a) of this Section 9.14, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Guaranteed Party
or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 

(h) Subordination. This Section 9.14 is subject to the terms of Section 9.19. 

SECTION 9.15 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be
subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any
such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in
such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

SECTION 9.16 Release of Guarantees. 

(a) General. A Subsidiary Guarantor shall automatically be released from its obligations under the Loan Documents upon the consummation
of any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be a Subsidiary (or, subject to compliance with Section 5.09(b), becomes a Designated Subsidiary); provided that, if so required by
this Agreement, the Required Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise; provided further that as of any date upon which a Subsidiary Guarantor becomes a Designated
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in a Person that is not a Subsidiary Guarantor in an amount equal to the fair market value of the assets (net of third-party liabilities) of such Subsidiary as of such date (as determined
reasonably and in good faith by a Financial Officer of the Borrower). 
 Upon the Date of Full Satisfaction, the Guaranteed Parties hereby
authorize the Administrative Agent to confirm termination of the applicable Guarantees of the Obligations. In connection with any termination or release pursuant to this Section 9.16(a), the Administrative Agent shall execute and deliver to any
Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section 9.16(a) shall be without
recourse to or warranty by the Administrative Agent. Each of the Guaranteed Parties irrevocably authorizes the Administrative Agent, at its option and in its discretion, to effect the releases set forth in this Section 9.16(a). 

(b) Subordination Agreements. The Administrative Agent is authorized to enter into any subordination agreement contemplated hereby with
respect to Indebtedness or any other obligation that is required or permitted to be subordinated hereunder or that otherwise is to be subject to a subordination arrangement, or to evidence the subordination provisions of this Agreement (any such
subordination agreement, an “Additional Agreement”), and the Guaranteed Parties acknowledge that any Additional Agreement is binding upon them. Each Guaranteed Party (a) hereby agrees that it will be bound by, and will not take
any action contrary to, the provisions of any Additional Agreement and (b) hereby authorizes and instructs the Administrative Agent to enter into any Additional Agreement and to take such actions as it deems appropriate in furtherance of the
intent and purposes of such Additional Agreement, including exercising its rights or obligations (or those of the Guaranteed Parties) thereunder and providing any indemnities to the trustee or similar agent thereunder on behalf of the Guaranteed
Parties in order for such trustee or agent to take any applicable action thereunder. The Secured Parties agree that in the event of a conflict between the Loan Documents (other than any Additional Agreement) and the Additional Agreement, the
Additional Agreement shall control. 
 SECTION 9.17 Non-Public Information. 

(a) Each Lender acknowledges that all information, including requests for waivers and amendments, furnished by the Borrower or the
Administrative Agent pursuant to or in connection with, or in the course of administering, this Agreement will be syndicate-level information, which may contain MNPI. Each Lender represents to the Borrower and the Administrative Agent that
(i) it has developed compliance procedures regarding the use of MNPI and that it will handle MNPI in accordance with such procedures and applicable law, including Federal, State and foreign securities laws, and (ii) it has identified in
its administrative questionnaire a credit contact who may receive information that may contain MNPI in accordance with its compliance procedures and applicable law, including Federal, State and foreign securities laws. 

(b) The Borrower and each Lender acknowledge that, if information furnished by or on behalf of the Borrower pursuant to or in connection with
this Agreement is being distributed by the Administrative Agent through the Platform, (i) the Administrative Agent may post any information that the Borrower has indicated as containing MNPI solely on that portion of the Platform designated for
Private Side Lender Representatives and (ii) if the Borrower has not indicated whether any information furnished by it pursuant to or in connection with this Agreement contains MNPI, the Administrative Agent reserves the right to post such
information solely on that portion of the Platform as is designated for Private Side Lender Representatives. The Borrower agrees to clearly designate all information provided to the Administrative Agent by or on behalf of the Borrower that is
suitable to be made available to Public Side Lender Representatives, and the Administrative Agent shall be entitled to rely on any such designation by the Borrower without liability or responsibility for the independent verification thereof. 

  
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 SECTION 9.18 No Fiduciary Relationship. Each Loan Party,
on behalf of itself and its subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby, the Loan Parties, their Subsidiaries and their respective Affiliates, on the one hand, and the Administrative Agent, the
syndication agents and the documentation agents listed on the cover hereto, the Arrangers, the Lenders and their respective Affiliates, on the other hand (the “Applicable Persons”), the arranging and other services regarding this
Agreement provided by the Applicable Persons and the transactions contemplated by the Loan Documents does not create, by implication or otherwise, any fiduciary duty on the part of the Applicable Persons, and no such duty will be deemed to have
arisen in connection with any such transactions or communications. The Applicable Persons may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Loan
Parties, their Subsidiaries and their respective Affiliates, and none of the Applicable Persons has any obligation to disclose any of such interests to the Loan Parties, their Subsidiaries or any of their respective Affiliates. Each Loan Party
agrees, on behalf of itself and its subsidiaries, that it will not assert a claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Loan Party, in connection with such transaction or
the process leading thereto. 
 SECTION 9.19 Subordination Provisions. Notwithstanding anything in
the Loan Documents to the contrary, the following subordination provisions shall apply thereto: 
 (a) Agreement To
Subordinate. The Loan Parties agree, and each Guaranteed Party agrees, that the payment of all Obligations is subordinated in right of payment, to the extent and in the manner provided in this Section 9.19, to the prior payment in full of
all existing and future Senior Indebtedness of the Loan Parties and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness. The Obligations shall in all respects rank pari passu in right of payment
with all existing and future Indebtedness of the Loan Parties that ranks equal in right of payment to the Obligations, and will be senior in right of payment to all existing and future Indebtedness of the Loan Parties that by its terms is
subordinated in right of payment to the Obligations; and only Indebtedness of the Loan Parties that is Senior Indebtedness shall rank senior to the Obligations in accordance with the provisions set forth herein. 

(b) Liquidation, Dissolution or Bankruptcy. Upon any payment or distribution of the assets of any Loan Party to
creditors upon a total or partial liquidation or a total or partial dissolution of any Loan Party or in a reorganization, bankruptcy, insolvency, receivership of or similar proceeding relating to any Loan Party or its property: 

(i) the holders of Senior Indebtedness of the Loan Parties shall be entitled to receive payment in full of such Senior
Indebtedness in cash or Permitted Investments before the Guaranteed Parties shall be entitled to receive any payment; and 

(ii) until the Senior Indebtedness of the Loan Parties is paid in full in cash or Permitted Investments, any payment or
distribution to which Guaranteed Parties would be entitled but for Section 9.19 of this Agreement shall be made to holders of such Senior Indebtedness as their interests may appear, except that Guaranteed Parties may receive Junior Securities.

 (c) Default on Senior Indebtedness of the Loan Parties. The Loan Parties shall not pay principal of, premium, if
any, or interest on the Loans (or pay any other Related Obligations relating to the Loans, including additional interest, fees, costs, expenses, indemnities and rescission or damage claims) and may not purchase, redeem or otherwise retire any Loans
(collectively, “pay the Obligations”) (except in the form of Junior Securities) if either of the following occurs (a “Payment Default”): 

  
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 (i) any Related Obligation on any Applicable Senior Indebtedness of the Loan
Parties is not paid in full in cash or Permitted Investments when due (after giving effect to any applicable grace periods); or 

(ii) any other default on Applicable Senior Indebtedness of the Loan Parties occurs and the maturity of such Applicable Senior
Indebtedness is accelerated in accordance with its terms; 
 unless, in either case, the Payment Default has been cured or
waived and any such acceleration has been rescinded or such Applicable Senior Indebtedness has been paid in full in cash or Permitted Investments; provided, however, that the Loan Parties shall be entitled to pay the Obligations without regard to
the foregoing if the Borrower and the Administrative Agent receive written notice approving such payment from the applicable representatives of all Applicable Senior Indebtedness with respect to which the Payment Default has occurred and is
continuing. 
 During the continuance of any default (other than a Payment Default) with respect to any Applicable Senior
Indebtedness of the Loan Parties pursuant to which the maturity thereof may be accelerated without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods (a
“Non-Payment Default”), the Loan Parties shall not pay the Obligations (except in the form of Junior Securities) for a period (a “Payment Blockage Period”) commencing upon the receipt by the Administrative Agent
(with a copy to the Borrower) of written notice (a “Blockage Notice”) of such Non-Payment Default from the applicable representative of such Applicable Senior Indebtedness specifying an election to effect a Payment Blockage Period
and ending 179 days thereafter. So long as there shall remain outstanding any Senior Indebtedness under the Secured Credit Agreements, a Blockage Notice may be given only by the administrative agents thereunder unless otherwise agreed to in writing
by the requisite lenders named therein. The Payment Blockage Period shall end earlier if such Payment Blockage Period is terminated (i) by written notice to the Administrative Agent and the Borrower from the Person or Persons who gave such
Blockage Notice; (ii) because the Non-Payment Default giving rise to such Blockage Notice is cured, waived or otherwise no longer continuing; or (iii) because such Applicable Senior Indebtedness has been discharged or repaid in full in
cash or Permitted Investments. 
 Notwithstanding the provisions described in the immediately preceding two sentences (but
subject to the provisions contained in the first sentence of this Section 9.19(c) and Section 9.19(b) hereof), unless the holders of such Applicable Senior Indebtedness or the applicable representative of such Applicable Senior
Indebtedness shall have accelerated the maturity of such Applicable Senior Indebtedness or a Payment Default has occurred and is continuing, the Borrower and related Guarantors shall be entitled to resume paying the Obligations after the end of such
Payment Blockage Period. The Obligations shall not be subject to more than one Payment Blockage Period in any consecutive 360-day period irrespective of the number of defaults with respect to Applicable Senior Indebtedness of the Loan Parties during
such period; provided that if any Blockage Notice is delivered to the Administrative Agent by or on behalf of the holders of Applicable Senior Indebtedness of the Loan Parties (other than the holders of Indebtedness under the Secured Credit
Agreements), an applicable representative of holders of Indebtedness under the Secured Credit Agreements may give another Blockage Notice within such period. However, in no event shall the total number of days during which any Payment Blockage
Period or Periods on the Obligations is in effect exceed 179 days in the aggregate during any consecutive 360 day period, and there must be at least 181 days during any consecutive 360 day period during which no Payment Blockage Period is in effect.

  
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Notwithstanding the foregoing, however, no default that existed or was continuing on the date of delivery of any Blockage Notice to the Administrative Agent shall be, or be made, the basis for a
subsequent Blockage Notice unless such default shall have been waived for a period of not less than 90 days (it being acknowledged that any subsequent action, or any breach of any financial covenants during the period after the date of delivery of a
Blockage Notice, that, in either case, would give rise to a Non Payment Default pursuant to any provisions under which a Non Payment Default previously existed or was continuing shall constitute a new Non Payment Default for this purpose). 

(d) Acceleration of Payment of Obligations. 

If payment of the Obligations is accelerated because of an Event of Default, the Borrower or the Administrative Agent shall
promptly notify the holders of the Applicable Senior Indebtedness of the Loan Parties or the applicable representative of such Applicable Senior Indebtedness of the acceleration; provided that any failure to give such notice shall have no effect
whatsoever on the provisions of this Section 9.19. If any Applicable Senior Indebtedness of the Loan Parties is outstanding, neither the Borrower nor any Guarantor may pay the Obligations until five Business Days after the applicable
representatives of all the holders of such Applicable Senior Indebtedness receive notice of such acceleration and, thereafter, may pay the Obligations only if this Agreement otherwise permits payment at that time. 

(e) When Distribution Must Be Paid Over. 

If a distribution is made to holders of Obligations that, due to Section 9.19 of this Agreement, should not have been
made to them, such holders are required to hold it in trust for the holders of Senior Indebtedness of the Loan Parties and pay it over to them as their interests may appear. 

(f) Subrogation. 

After all Senior Indebtedness of the Loan Parties is paid in full and until then outstanding Obligations are paid in full in
cash or Permitted Investments, the Guaranteed Parties shall be subrogated (equally and ratably with all other Indebtedness ranking pari passu with the Obligations) to the rights of holders of such Senior Indebtedness to receive distributions
applicable to such Senior Indebtedness. A distribution made under this Section 9.19 to holders of such Senior Indebtedness that otherwise would have been made to the Guaranteed Parties is not, as between the Loan Parties and such Guarantee
Parties, a payment by the Loan Parties on such Senior Indebtedness. 
 (g) Relative Rights. 

This Section 9.19 defines the relative rights of Guarantee Parties and holders of Senior Indebtedness of the Loan Parties. Nothing in
this Agreement shall: 
 (i) impair, as between the Loan Parties and the Guarantee Parties, the obligations of the Loan
Parties, which is absolute and unconditional, to pay the Obligations in accordance with their terms; 
 (ii) prevent the
Administrative Agent or any other Guaranteed Party from exercising its available remedies upon a Default, subject to the rights of holders of Senior Indebtedness of the Loan Parties to receive payments or distributions otherwise payable

  
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to Guaranteed Parties and such other rights of such holders of Senior Indebtedness as set forth herein; or 

(iii) affect the relative rights of the Guaranteed Parties and creditors of the Loan Parties, other than the rights of
Guaranteed Parties in relation to holders of Senior Indebtedness. 
 (h) Subordination May Not Be Impaired by Loan Parties. 

No right of any holder of Senior Indebtedness of the Loan Parties to enforce the subordination of the Obligations shall be
impaired by any act or failure to act by the Loan Parties or by its failure to comply with this Agreement. 
 (i) Rights of
Administrative Agent. 
 Notwithstanding Section 9.19(c) hereof, the Administrative Agent may continue to make
payments on the Obligations and shall not be charged with knowledge of the existence of facts that would prohibit the making of any payments unless, not less than two Business Days prior to the date of such payment, the Administrative Agent receives
notice satisfactory to it that payments may not be made under this Section 9.19. The Loan Parties or an applicable representative of or a holder of Senior Indebtedness of the Loan Parties shall be entitled to give the notice; provided,
however, that, if an issue of Senior Indebtedness of the Loan Parties has a an applicable representative, only such representative shall be entitled to give the notice. 

The Administrative Agent in its individual or any other capacity shall be entitled to hold Senior Indebtedness of the Loan
Parties with the same rights it would have if it were not Administrative Agent. The Administrative Agent shall be entitled to all the rights set forth in this Article 9.19 with respect to any Senior Indebtedness of the Loan Parties which may at any
time be held by it, to the same extent as any other holder of such Senior Indebtedness; and nothing in Article VIII shall deprive the Administrative Agent of any of its rights as such holder. Nothing in this Section 9.19 shall apply to claims
of, or payments to, the Administrative Agent under or pursuant to Section 9.03 hereof or any other section of the Loan Documents. 

(j) Distribution or Notice to Representative. 

Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness of the Loan Parties, the
distribution may be made and the notice given to their applicable representative (if any). 
 (k) Section 9.19 Not To Prevent Events
of Default or Limit Right To Accelerate. 
 The failure to make a payment pursuant to the Obligations by reason of any
provision in this Section 9.19 shall not be construed as preventing the occurrence of a Default. Subject to Section 9.19(d), nothing in this Section 9.19 shall have any effect on the right of the Guaranteed Parties to accelerate the
maturity of the Obligations. 
 (l) Guaranteed Parties Entitled To Rely. 

Upon any payment or distribution pursuant to this Section 9.19, the Guaranteed Parties shall be entitled to rely
(a) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 9.19(b) hereof are pending, (b) upon a 

  
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certificate of the liquidating trustee or agent or other Person making such payment or distribution to the Guaranteed Parties or (c) upon the applicable representatives of Senior
Indebtedness of the Loans Parties for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of such Senior Indebtedness and other Indebtedness of the Loan Parties, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Section 9.19. In the event that the Administrative Agent determines, in good faith, that evidence is required with respect to the right
of any Person as a holder of Senior Indebtedness of the Loan Parties to participate in any payment or distribution pursuant to this Section 9.19, the Administrative Agent shall be entitled to request such Person to furnish evidence to the
reasonable satisfaction of the Administrative Agent as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights
of such Person under this Section 9.19, and, if such evidence is not furnished, the Administrative Agent shall be entitled to defer any payment to such Person pending judicial determination as to the right of such Person to receive such
payment. The provisions of Article VIII hereof shall be applicable to all actions or omissions of actions by the Administrative Agent pursuant to this Section 9.19. 

(m) Administrative Agent To Effectuate Subordination. 

A Guaranteed Party by its acceptance of the incurrence of the Obligations agrees to be bound by this Section 9.19 and
authorizes and expressly directs the Administrative Agent, on his behalf, to take such action as may be necessary or appropriate to effectuate the subordination between the Guaranteed Parties and the holders of Senior Indebtedness of the Loan
Parties as provided in this Section 9.19 and appoints the Administrative Agent as attorney-in-fact for any and all such purposes. 

(n) Administrative Agent Not Fiduciary for Holders of Senior Indebtedness of the Issuer. 

The Administrative Agent shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Loan
Parties and shall not be liable to any such holders if it shall mistakenly pay over or distribute to the Guarantee Parties or the Loan Parties or any other Person, money or assets to which any holders of Senior Indebtedness of the Loan Parties shall
be entitled by virtue of this Section 9.19 or otherwise. 
 (o) Reliance by Holders of Senior Indebtedness of the Loan Parties on
Subordination Provisions. 
 Each Guaranteed Party by accepting the incurrence of the Obligations acknowledges and
agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of the Loan Parties, whether such Senior Indebtedness was created or acquired before or after
the incurrence of the Obligations, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of such Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in
acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness. 
 Without in any way limiting the
generality of the foregoing paragraph, the holders of Senior Indebtedness of the Loan Parties may, at any time and from time to time, without the consent of or notice to the Guaranteed Parties, without incurring responsibility to the Guaranteed

  
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Parties and without impairing or releasing the subordination provided in this Section 9.19 or the obligations hereunder of the Guaranteed Parties to the holders of the Senior Indebtedness of
the Issuer, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Indebtedness of the Loan Parties, or otherwise amend or supplement in any manner
Senior Indebtedness of the Loan Parties, or any instrument evidencing the same or any agreement under which Senior Indebtedness of the Loan Parties is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged,
mortgaged or otherwise securing Senior Indebtedness of the Loan Parties; (iii) release any Person liable in any manner for the payment or collection of Senior Indebtedness of the Loan Parties; and (iv) exercise or refrain from exercising
any rights against the Loan Parties and any other Person. 
 (p) Sections 9.19(a) through (o) notwithstanding, while
the Junior Guaranteed Notes are outstanding, the Guarantees of the Subsidiary Guarantors pursuant to Section 9.14 shall instead be subject to the following subordination provisions (and not the subordination provisions in Sections 9.19(a)
through (o)). 
 (i) General. The payment by the Subsidiary Guarantors (by set-off, redemption, repurchase or
otherwise) of principal of and premium, if any, and interest on the Guarantees of the Loans (including with respect to any repurchases of the Loans) will be subordinated in right of payment, as set forth herein, to the prior payment in full in cash
or, at the option of the holders of Designated Senior Debt, in Cash Equivalents, of all of the Subsidiary Guarantors’ guarantees of Designated Senior Debt whether outstanding on the Effective Date or thereafter incurred. 

(ii) Insolvency, Liquidation, etc. Upon any distribution to creditors of any Subsidiary Guarantor, upon any liquidation,
dissolution or winding up of such Subsidiary Guarantor or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Subsidiary Guarantor or its property, whether voluntary or involuntary, an assignment for the
benefit of creditors or any marshalling of such Subsidiary Guarantor’s assets and liabilities, the holders of Designated Senior Debt will be entitled to receive payment in full in cash or, at the option of the holders of Designated Senior Debt,
in Cash Equivalents, of all obligations due or to become due in respect of such guarantees (including interest after the commencement of any such proceeding, at the rate specified in the applicable agreement) before the holders of the Loans will be
entitled to receive any payment of principal of, or premium, if any, interest or additional interest, if any, from such Subsidiary Guarantors, on the Loans, and until all obligations with respect to the Designated Senior Debt are paid in full in
cash or, at the option of the holders of the guarantees under the Designated Senior Debt, in Cash Equivalents, any distribution of any kind or character from the Subsidiary Guarantor to which the holders of the Loans would be entitled shall be made
to the holders of the guarantees under the Designated Senior Debt. 
 (iii) Defaults Under Designated Senior
Indebtedness. Each Subsidiary Guarantor may not make any payment in respect of its Guarantee pursuant to Section 9.14 (except for payments to the Administrative Agent under Section 9.03 of the Agreement and except in Permitted Junior
Securities) if: 
 (A) a payment default on a guarantee of Designated Senior Debt of such Subsidiary Guarantor has occurred
and is continuing beyond any applicable grace period; or 

  
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 (B) any other default occurs and is continuing on any guarantee of Designated
Senior Debt of such Subsidiary Guarantor that permits the holders of that guarantee of Designated Senior Debt to accelerate its maturity and the Administrative Agent receives a notice of such default (a “Payment Blockage Notice”)
from the Borrower or the holders of guarantees of such Designated Senior Debt. 
 (iv) Continuation of Payments on
Guarantees. Payments on any such Guarantee pursuant to Section 9.14 of a Subsidiary Guarantor may and will be resumed: 

(A) in the case of a payment default described above, when such default is cured or waived; or 

(B) in the case of a non-payment default described above, upon the earlier of the date on which such non-payment default is
cured or waived and 179 days after the date on which the applicable Payment Blockage Notice is received, unless the maturity of any Designated Senior Debt has been accelerated. 

(v) Limitations on Payment Blockage Notices. No new Payment Blockage Notice may be delivered unless and until
(x) 360 days have elapsed since the delivery of the immediately prior Payment Blockage Notice and (y) all scheduled payments of principal, premium, if any, and interest on the Loans that have come due have been paid in full in cash. No
non-payment default that existed or was continuing on the date of delivery of a Payment Blockage Notice to the Administrative Agent will be, or be made, the basis for a subsequent Payment Blockage Notice. 

(vi) Monies Held in Trust. If the Administrative Agent receives a payment in respect of the Loans when (x) the payment is
prohibited by the subordination provisions of this Section 9.19 and (y) the Administrative Agent has actual knowledge that the payment is prohibited, then the Administrative Agent will hold the payment in trust for the benefit of the
holders of the applicable Designated Senior Debt. Upon the written request of such holders, the Administrative Agent will deliver the amounts held in trust to the holders or their proper representative. 

(q) Anti Layering. The Loan Parties will not, directly, or indirectly, create, incur, issue or assume any Indebtedness
that is both subordinate in right of payment to the obligations in respect of Senior Indebtedness or Designated Senior Debt of such Loan Party and senior in any respect in right of payment to the Obligations. For the purposes of the foregoing, no
obligation will be deemed to be subordinated in right of payment to any Obligation of any Loan Party solely by reason of any Liens or guarantees arising or created in respect of such obligations of the Loan Party or by virtue of the fact that the
holders of any secured indebtedness have entered into intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them. 

[remainder of page intentionally left blank; signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	SPRINT COMMUNICATIONS, INC., as Borrower

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	SPRINT CORPORATION, as a Guarantor

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Credit Agreement] 

Table of Contents

 
			
	 EACH OF THE “SUBSIDIARIES” LISTED ON SCHEDULE I ATTACHED HERETO, as
Subsidiary Guarantor

		
	By:	 	 
		 	Name:
		 	Title:

  
 [Credit Agreement] 

Table of Contents

 
			
	 JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and as Lender

		
	By:	 	 
		 	Name:
		 	Title:

  
 [Credit Agreement] 

Table of Contents

 
			
	 GOLDMAN SACHS BANK USA,
 as a
Lender

		
	By:	 	 
		 	Name:
		 	Title:

  
 [Credit Agreement] 

Table of Contents

 
			
	 DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH,

as a Lender

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	 Name:

		 	 Title:

  
 [Credit Agreement] 

Table of Contents

 
			
	 MIZUHO BANK, LTD.,
 as a
Lender

		
	By:	 	 
		 	Name:
		 	Title:

  
 [Credit Agreement]MERITOR,
      INC.

       

	
      AND

       

	
      U.S. BANK
      NATIONAL ASSOCIATION,

       

	
      as
      Trustee

       

	
      INDENTURE

       

	
      Dated as of
      September 22, 2017

       

       

	3.25% Convertible Senior Notes due
      2037
 

	TABLE OF
  CONTENTS

					PAGE
	ARTICLE 1
	Definitions
	 
	Section 1.01.	     	Definitions	     	1
	Section
      1.02.		References to Interest; References to
    Principal		15
	  
	ARTICLE 2
	Issue, Description, Execution, Registration and Exchange of Notes
	  
	Section 2.01.		Designation and
    Amount		16
	Section
      2.02.		Form of Notes		16
	Section 2.03.		Date and Denomination of Notes;
      Payments of Interest and Defaulted Amounts		17
	Section
      2.04.		Execution, Authentication and Delivery of
    Notes		18
	Section 2.05.		Exchange and Registration of
      Transfer of Notes; Restrictions on Transfer; Depositary		19
	Section
      2.06.		Mutilated, Destroyed, Lost or Stolen Notes		25
	Section 2.07.		Temporary Notes		26
	Section
      2.08.		Cancellation of Notes Paid, Converted, Etc		27
	Section 2.09.		CUSIP Numbers		27
	Section
      2.10.		Additional Notes; Repurchases		27
	 
	ARTICLE 3
	Satisfaction and Discharge
	 
	Section 3.01.		Satisfaction and
      Discharge		28
	 
	ARTICLE 4
	Particular Covenants of the Company
	 
	Section 4.01.		Payment of Principal and
      Interest		28
	Section
      4.02.		Maintenance of Office or Agency		28
	Section 4.03.		Appointments to Fill Vacancies
      in Trustee’s Office		29
	Section
      4.04.		Provisions as to Paying Agent		29
	Section 4.05.		Existence		30
	Section
      4.06.		Rule 144A Information Requirement and Annual
      Reports		30
	Section 4.07.		Stay, Extension and Usury
      Laws		32
	Section
      4.08.		Compliance Certificate; Statements as to
    Defaults		32
	Section 4.09.		Further Instruments and
      Acts		33
	Section
      4.10.		Limitation on Liens		33
	Section 4.11.		Limitations on Sale and
      Lease-back		35

i 

	Section 4.12.		Limitations on Change in
      Subsidiary Status		36
	Section
      4.13.		Additional Subsidiary Guarantors		37
	 
	ARTICLE 5
	Lists of Holders and Reports by the Company and the Trustee
	 
	Section 5.01.		Lists of Holders		37
	Section
      5.02.		Preservation and Disclosure of Lists		37
	 
	ARTICLE 6
	Defaults and Remedies
	 
	Section 6.01.	     	Events of Default	     	37
	Section
      6.02.		Acceleration; Rescission and Annulment		39
	Section 6.03.		Additional
Interest		40
	Section
      6.04.		Payments of Notes on Default; Suit Therefor		41
	Section 6.05.		Application of Monies Collected
      by Trustee		42
	Section
      6.06.		Proceedings by Holders		43
	Section 6.07.		Proceedings by
    Trustee		44
	Section
      6.08.		Remedies Cumulative and Continuing		44
	Section 6.09.		Direction of Proceedings and
      Waiver of Defaults by Majority of Holders		45
	Section
      6.10.		Notice of Defaults		45
	Section 6.11.		Undertaking to Pay
      Costs		45
	 
	ARTICLE 7
	Concerning the Trustee
	 
	Section 7.01.		Duties and Responsibilities of
      Trustee		46
	Section
      7.02.		Reliance on Documents, Opinions, Etc		47
	Section 7.03.		No Responsibility for Recitals,
      Etc		48
	Section
      7.04.		Trustee, Paying Agents, Conversion Agents, Bid Solicitation
      Agent or Note Registrar May Own Notes		49
	Section 7.05.		Monies and Shares of Common
      Stock to Be Held in Trust		49
	Section
      7.06.		Compensation and Expenses of Trustee		49
	Section 7.07.		Officer’s Certificate as
      Evidence		50
	Section
      7.08.		Eligibility of Trustee		50
	Section 7.09.		Resignation or Removal of
      Trustee		50
	Section
      7.10.		Acceptance by Successor Trustee		51
	Section 7.11.		Succession by Merger,
      Etc		52
	Section
      7.12.		Trustee’s Application for Instructions from the
      Company		52
	 
	ARTICLE 8
	Concerning the Holders
	 
	Section 8.01.		Action by Holders		53
	Section
      8.02.		Proof of Execution by Holders		53
	Section 8.03.		Who Are Deemed Absolute
      Owners		53

ii 

	Section 8.04.	     	Company-Owned Notes
      Disregarded	     	54
	Section
      8.05.		Revocation of Consents; Future Holders Bound		54
	 
	ARTICLE 9
	Holders’ Meetings
	 
	Section 9.01.		Purpose of
Meetings		55
	Section
      9.02.		Call of Meetings by Trustee		55
	Section 9.03.		Call of Meetings by Company or
      Holders		55
	Section
      9.04.		Qualifications for Voting		55
	Section 9.05.		Regulations		56
	Section
      9.06.		Voting		56
	Section 9.07.		No Delay of Rights by
      Meeting		57
	 
	 ARTICLE 10
	Supplemental Indentures
	 
	Section 10.01.		Supplemental Indentures Without
      Consent of Holders		57
	Section
      10.02.		Supplemental Indentures with Consent of
    Holders		58
	Section 10.03.		Effect of Supplemental
      Indentures		59
	Section
      10.04.		Notation on Notes		59
	Section 10.05.		Evidence of Compliance of
      Supplemental Indenture to Be Furnished Trustee		59
	 
	ARTICLE 11
	Consolidation, Merger, Sale, Conveyance and Lease
	 
	Section 11.01.		Company May Consolidate, Etc. on
      Certain Terms		60
	Section
      11.02.		Successor Corporation to Be Substituted		60
	Section 11.03.		Opinion of Counsel to Be Given
      to Trustee		61
	 
	ARTICLE 12
	Immunity of Incorporators, Stockholders, Officers and Directors
	 
	Section 12.01.		Indenture and Notes Solely
      Corporate Obligations		61
	 
	ARTICLE 13
	Intentionally Omitted
	  
	ARTICLE 14
	Conversion of Notes
	 
	Section 14.01.		Conversion
    Privilege		61
	Section
      14.02.		Conversion Procedure; Settlement Upon
    Conversion		65
	Section 14.03.		Increased Conversion Rate
      Applicable to Certain Notes Surrendered in Connection with Make-Whole
      Fundamental Changes		68
	Section
      14.04.		Adjustment of Conversion Rate		70
	Section 14.05.		
      Adjustments of Prices
		79

iii 

	Section 14.06.		Shares to Be Fully
      Paid		79
	Section
      14.07.		Effect of Recapitalizations, Reclassifications and Changes
      of the Common Stock		79
	Section
      14.08.		Certain Covenants		81
	Section 14.09.		Responsibility of
      Trustee		82
	Section
      14.10.		Notice to Holders Prior to Certain Actions		82
	Section 14.11.		Stockholder Rights
      Plans		83
	 
	ARTICLE 15
	Repurchase of Notes at Option of Holders
	 
	Section 15.01.	     	Repurchase at Option of
      Holders	     	83
	Section
      15.02.		Repurchase at Option of Holders Upon a Fundamental
      Change		85
	Section 15.03.		Withdrawal of Repurchase Notice
      or Fundamental Change Repurchase Notice		88
	Section 15.04.		Deposit of Repurchase Price or
      Fundamental Change Repurchase Price		89
	Section 15.05.		Covenant to Comply with
      Applicable Laws Upon Repurchase of Notes		89
	 
	ARTICLE 16
	Optional Redemption
	 
	Section 16.01.		Optional
Redemption		90
	Section
      16.02.		Notice of Optional Redemption; Selection of
    Notes		90
	Section 16.03.		Payment of Notes Called for
      Redemption		91
	Section
      16.04.		Restrictions on Redemption		92
	 
	ARTICLE 17
	Miscellaneous Provisions
	 
	Section 17.01.		Provisions Binding on Company’s
      Successors		92
	Section
      17.02.		Official Acts by Successor Corporation		92
	Section 17.03.		Addresses for Notices,
      Etc		92
	Section
      17.04.		Governing Law; Jurisdiction		93
	Section 17.05.		Evidence of Compliance with
      Conditions Precedent; Certificates and Opinions of Counsel to
      Trustee		94
	Section
      17.06.		Legal Holidays		94
	Section 17.07.		No Security Interest
      Created		94
	Section
      17.08.		Benefits of Indenture		94
	Section 17.09.		Table of Contents, Headings,
      Etc		94
	Section
      17.10.		Authenticating Agent		95
	Section 17.11.		Execution in
      Counterparts		96
	Section
      17.12.		Severability		96
	Section 17.13.		Waiver of Jury
    Trial		96
	Section
      17.14.		Force Majeure		96
	Section 17.15.		Calculations		96
	Section
      17.16.		USA PATRIOT Act		97
	Section 17.17.		Concerning The Trust Indenture
      Act		97

iv 

	EXHIBIT
	Exhibit
    A	     	Form of
      Note	     	A-1
	Exhibit
    B		Form of
      Subsidiary Guaranty		B-1

    v 

INDENTURE dated as of
September 22, 2017 between MERITOR, INC., an Indiana corporation, as issuer (the
“Company,” as more fully set forth in Section 1.01) and
U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee,” as more fully set forth in Section 1.01).

W I T N E S S E T H:

WHEREAS, for its lawful
corporate purposes, the Company has duly authorized the issuance of its 3.25%
Convertible Senior Notes due 2037 (the “Notes”), initially in an
aggregate principal amount not to exceed $325,000,000, and in order to provide
the terms and conditions upon which the Notes are to be authenticated, issued
and delivered, the Company has duly authorized the execution and delivery of
this Indenture; and 

WHEREAS, the Form of Note, the
certificate of authentication to be borne by each Note, the Form of Notice of
Conversion, the Form of Fundamental Change Repurchase Notice, the Form of
Repurchase Notice and the Form of Assignment and Transfer to be borne by the
Notes are to be substantially in the forms hereinafter provided; and 

WHEREAS, all acts and things
necessary to make the Notes, when executed by the Company and authenticated and
delivered by the Trustee or a duly authorized authenticating agent, as in this
Indenture provided, the valid, binding and legal obligations of the Company, and
this Indenture a valid agreement according to its terms, have been done and
performed, and the execution of this Indenture and the issuance hereunder of the
Notes have in all respects been duly authorized. 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH: 

That in order to declare the
terms and conditions upon which the Notes are, and are to be, authenticated,
issued and delivered, and in consideration of the premises and of the purchase
and acceptance of the Notes by the Holders thereof, the Company covenants and
agrees with the Trustee for the benefit of each other and for the equal and
proportionate benefit of the respective Holders from time to time of the Notes
(except as otherwise provided in this Indenture), as follows: 

ARTICLE 1 
Definitions 

Section 1.01. Definitions. The terms defined in this Section 1.01 (except as
herein otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto
shall have the respective meanings specified in this Section 1.01. The words
“herein,” “hereof,” “hereunder” and words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other
subdivision. The terms defined in this Article include the plural as well as the
singular. 

“Additional Interest” means all amounts, if any, payable pursuant to
Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable;
provided that, at no time shall Additional Interest on the
Notes accrue at a rate in excess of 1.00% per annum. 

“Additional Shares” shall have the meaning specified in Section
14.03(a). 

“Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control,” when used
with respect to any specified Person means the power to direct or cause the
direction of the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. Notwithstanding anything to the contrary herein, the determination of
whether one Person is an “Affiliate” of another
Person for purposes of this Indenture shall be made based on the facts at the
time such determination is made or required to be made, as the case may be,
hereunder. 

“Agent” means any Note Registrar, Paying Agent, authenticating agent,
Conversion Agent, or Custodian. 

“Applicable Procedures” means, with respect to any matter at any time
relating to a Global Note, the rules, policies and procedures of the Depositary
applicable to such matter. 

“Bid Solicitation Agent” means the Company or the Person appointed by the
Company to solicit bids for the Trading Price of the Notes in accordance with
Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation
Agent. The Company may, however, appoint another Person (which may be a
Subsidiary of the Company) as the Bid Solicitation Agent without prior notice to
the Holders of the Notes. 

“Board of Directors” means the board of directors of the Company or a
committee of such board of directors duly authorized to act for it with respect
to matters under this Indenture. 

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

“Business Day” means, with respect to any Note, any day other
than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York
is authorized or required by law or executive order to close or be
closed.

“Capital Stock” means, for any entity, any and all shares,
interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) stock issued by that entity;
provided that debt securities that are convertible into,
or exchangeable for, stock shall not constitute Capital Stock prior to their
conversion or exchange, as the case may be. 

“Cash Percentage” shall have the meaning specified in Section
14.02(a)(i). 

2 

“Clause A Distribution” shall have the meaning specified in Section
14.04(c). 

“Clause B Distribution” shall have the meaning specified in Section
14.04(c). 

“Clause C Distribution” shall have the meaning specified in Section
14.04(c). 

“close of business” means 5:00 p.m. (New York City time).

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

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

“Common Equity” of any Person means Capital Stock of such Person
that is generally entitled (a) to vote in the election of directors of such
Person or (b) if such Person is not a corporation, to vote or otherwise
participate in the selection of the governing body, partners, managers or others
that will control the management or policies of such Person. 

“Common Stock” means the common stock of the Company, par value
$1.00 per share, at the date of this Indenture, subject to Section 14.07.

“Company” shall have the meaning specified in the first paragraph of this
Indenture, and subject to the provisions of Article 11, shall include its
successors and assigns. 

“Company Notice” shall have the meaning specified in Section
15.01(a). 

“Company Order” means a written order of the Company, signed by
an Officer of the Company. 

“Consolidated Funded Debt” means the Funded Debt of the Company and its
Restricted Subsidiaries, as consolidated and determined in accordance with
generally accepted accounting principles. 

“Consolidated Net Tangible Assets” means, at any date of computation, the total
amount of consolidated assets of the Company and its consolidated subsidiaries,
less the sum of (a) all current liabilities, except
for (i) any short-term debt, (ii) any current portion of long-term debt and
(iii) any current portion of obligations under capital leases, and (b) all
goodwill, trade names, trademarks, patents, unamortized debt discount and
expense (less unamortized debt premium) and other like
intangibles as shown on a balance sheet of the Company and its consolidated
subsidiaries prepared not more than 90 days prior to the date of computation, in
all cases computed in accordance with generally accepted accounting principles.

“Conversion Agent” shall have the meaning specified in Section
4.02. 

“Conversion Date” shall have the meaning specified in Section
14.02(c). 

“Conversion Obligation” shall have the meaning specified in Section
14.01(a). 

3 

“Conversion Price” means as of any time, $1,000, divided by the Conversion Rate as of such time. 

“Conversion Rate” shall have the meaning specified in Section
14.01(a). 

“Corporate Trust Office” means the office of the Trustee at which at any
time its corporate trust business in respect of this Indenture shall be
administered, which office at the date hereof is located at 535 Griswold Street,
Suite 550, Detroit, MI 48226, Attention: Global Corporate Trust Services, and
which office at the date hereof for Agent services is located at 111 Fillmore
Avenue East, St. Paul, MN 55107, Attention: Global Corporate Trust Services, or
such other address as the Trustee may designate from time to time by notice to
the Holders and the Company, or the corporate trust office of any successor
trustee (or such other address as such successor trustee may designate from time
to time by notice to the Holders and the Company). 

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with
respect to the Global Notes, or any successor entity thereto. 

“Daily Conversion Value” means, for each of the 20 consecutive Trading
Days during the relevant Observation Period, 5.0% of the product of (a) the
Conversion Rate on such Trading Day and (b) the Daily VWAP for such Trading Day.

“Daily Net Settlement Amount” means, for each of the 20 consecutive Trading
Days during the relevant Observation Period: 

(a) if the Company does not
elect a Cash Percentage as set forth herein, a number of shares of Common Stock
equal to (i) the difference between the Daily Conversion Value and $50,
divided by (ii) the Daily VWAP for such Trading Day;

(b) if the Company elects a
Cash Percentage of 100% as set forth herein, cash in an amount equal to the
difference between the Daily Conversion Value and $50; or 

(c) if the Company elects a
Cash Percentage of less than 100% as set forth herein, (i) cash equal to the
product of (x) the difference between the Daily Conversion Value and $50 and (y)
the Cash Percentage and (ii) a number of shares of Common Stock equal to the
product of (x)(A) the difference between the Daily Conversion Value and $50,
divided by (B) the Daily VWAP for such Trading Day and (y)
100% minus the Cash Percentage. 

“Daily Settlement Amount,” for each of the 20 consecutive Trading Days
during the relevant Observation Period, shall consist of: 

(a) cash in an amount equal to
the lesser of (i) $50 and (ii) the Daily Conversion Value on such Trading Day;
and 

(b) if the Daily Conversion
Value on such Trading Day exceeds $50, the Daily Net Settlement Amount.

4 

“Daily VWAP” means, for each of the 20 consecutive Trading Days during the relevant
Observation Period, the per share volume-weighted average price as displayed
under the heading “Bloomberg VWAP” on Bloomberg page “MTOR <equity> AQR”
(or its equivalent successor if such page is not available) in respect of the
period from the scheduled open of trading until the scheduled close of trading
of the primary trading session on such Trading Day (or if such volume-weighted
average price is unavailable, the market value of one share of the Common Stock
on such Trading Day determined, using a volume-weighted average method, by a
nationally recognized independent investment banking firm retained for this
purpose by the Company); provided that, after the
consummation of any transaction described in clause (b) of the definition of
“Fundamental Change” in which the consideration received by holders of Common
Stock is comprised entirely of cash, the Daily VWAP will be deemed to be the
amount of cash per share received by the holders of Common Stock in such
Fundamental Change. The “Daily
VWAP” shall be determined without
regard to after-hours trading or any other trading outside of the regular
trading session trading hours. 

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

“Defaulted Amounts” means any amounts on any Note (including,
without limitation and to the extent applicable, the Redemption Price payable on
any Redemption Date, the Repurchase Price payable on the Repurchase Date, the
Fundamental Change Repurchase Price, principal and interest) that are payable
but have not been punctually paid or duly provided for. 

“Depositary” means, with respect to each Global Note, the Person specified in
Section 2.05(c) as the Depositary with respect to such Notes, until a successor
shall have been appointed and become such pursuant to the applicable provisions
of this Indenture, and thereafter, “Depositary” shall mean or
include such successor. 

“Distributed Property” shall have the meaning specified in Section
14.04(c). 

“Effective Date” shall have the meaning specified in Section
14.03(c), except that, as used in Section 14.04 and Section 14.05,
“Effective Date” means the first date on which shares of the
Common Stock trade on the applicable exchange or in the applicable market,
regular way, reflecting the relevant share split or share combination, as
applicable. 

“Event of Default” shall have the meaning specified in Section
6.01. 

“Ex-Dividend Date” means the first date on which shares of the
Common Stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive the issuance, dividend or distribution
in question, from the Company or, if applicable, from the seller of Common Stock
on such exchange or market (in the form of due bills or otherwise) as determined
by such exchange or market. 

“Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder, as in effect from
time to time. 

5 

“Form of Assignment and Transfer” means the “Form of Assignment and Transfer”
attached as Attachment 4 to the Form of Note. 

“Form of Fundamental Change Repurchase
Notice” means the “Form of
Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of
Note. 

“Form of Note” means the “Form of Note” attached hereto as
Exhibit A. 

“Form of Notice of Conversion” means the “Form of Notice of Conversion”
attached as Attachment 1 to the Form of Note. 

“Form of Repurchase Notice” means the “Form of Repurchase Notice” attached
as Attachment 3 to the Form of Note. 

“Fundamental Change” shall be deemed to have occurred at the time
after the Notes are originally issued if any of the following occurs:

(a) a “person” or “group”
within the meaning of Section 13(d) of the Exchange Act, other than the Company,
its Subsidiaries and the employee benefit plans of the Company and its
Subsidiaries, has become the direct or indirect “beneficial owner,” as defined
in Rule 13d-3 under the Exchange Act, of the Common Stock representing more than
50% of the total voting power of all shares of the Common Stock entitled to vote
generally in elections of directors;

(b) the consummation of (A)
any recapitalization, reclassification or change of the Common Stock (other than
changes resulting from a subdivision or combination) as a result of which the
Common Stock would be converted into, or exchanged for, stock, other securities,
other property or assets; (B) any share exchange, consolidation or merger of the
Company pursuant to which the Common Stock will be converted into cash,
securities or other property or assets; or (C) any sale, lease or other transfer
in one transaction or a series of transactions of all or substantially all of
the consolidated assets of the Company and its Subsidiaries, taken as a whole,
to any Person other than one of the Company’s Wholly Owned Subsidiaries;
provided, however, that a transaction described in clause (B) in
which the holders of all classes of the Company’s Common Equity immediately
prior to such transaction own, directly or indirectly, more than 50% of all
classes of Common Equity of the continuing or surviving corporation or
transferee or the parent thereof immediately after such transaction in
substantially the same proportions as such ownership immediately prior to such
transaction shall not be a Fundamental Change pursuant to this clause (b);

(c) the stockholders of the
Company approve any plan or proposal for the liquidation or dissolution of the
Company; or 

6 

(d) the Common Stock (or other
common stock underlying the Notes) ceases to be listed or quoted on any of The
New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market (or any of their respective successors); provided, however, that a
transaction or transactions described in clause (a) or clause (b) above shall
not constitute a Fundamental Change, if at least 90% of the consideration
received or to be received by the holders of the Common Stock, excluding cash
payments for fractional shares and cash payments made in respect of dissenters’
appraisal rights, in connection with such transaction or transactions consists
of shares of common stock that are listed or quoted on any of The New York Stock
Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of
their respective successors) or will be so listed or quoted when issued or
exchanged in connection with such transaction or transactions and as a result of
such transaction or transactions the Notes become convertible into such
consideration, excluding cash payments for fractional shares and cash payments
made in respect of dissenters’ appraisal rights (subject to the provisions of
Section 14.02(a)). If any transaction in which the Common Stock is replaced by
the securities of another entity occurs, following completion of any related
Make-Whole Fundamental Change Period (or, in the case of a transaction that
would have been a Fundamental Change or a Make-Whole Fundamental Change but for
the proviso immediately following clause (d) of this
definition, following the effective date of such transaction) references to the
Company in this definition shall instead be references to such other entity.

“Fundamental Change Company Notice” shall have the meaning specified in Section
15.02(c). 

“Fundamental Change Repurchase Date” shall have the meaning specified in Section
15.02(a). 

“Fundamental Change Repurchase
Notice” shall have the meaning
specified in Section 15.02(b)(i). 

“Fundamental Change Repurchase
Price” shall have the meaning
specified in Section 15.02(a). 

“Funded Debt” of any Person means, at any date of computation, all indebtedness for
money borrowed by such corporation which by its terms matures more than 12
months after such date or which is extendible or renewable at the option of the
obligor on such indebtedness to a time more than 12 months after such date;
provided, however, that (i) Funded
Debt shall include all obligations in respect of lease rentals which, under
generally accepted accounting principles, appear on a balance sheet of the
obligor as a liability item other than a current liability, (ii) in the case of
the Company, Funded Debt shall not include Subordinated Debt and (iii)
outstanding preferred stock of a Restricted Subsidiary that is not owned by the
Company or a Wholly Owned Restricted Subsidiary shall be deemed to constitute a
principal amount of Funded Debt equal to the par value or involuntary
liquidation value, whichever amount is higher, of such preferred stock.

“Global Note” shall have the meaning specified in Section 2.05(b). 

“Holder,” as applied to any Note, or other similar terms (but excluding the term
“beneficial holder”), means any
Person in whose name a particular Note is registered on the Note Register at the
relevant time. 

7 

“Indenture” means this instrument as originally executed or, if amended or
supplemented as herein provided, as so amended or supplemented. 

“Interest Payment Date” means April 15 and October 15 of each year,
beginning on April 15, 2018. 

“Last Reported Sale Price” of the Common Stock on any date means the
closing sale price per share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the
average of the average bid and the average ask prices) on that date as reported
in composite transactions for the principal U.S. national or regional securities
exchange on which the Common Stock is traded. If the Common Stock is not listed
for trading on a U.S. national or regional securities exchange on the relevant
date, the “Last Reported Sale
Price” shall be the last quoted
bid price for the Common Stock in the over-the-counter market on the relevant
date as reported by OTC Markets Group Inc. or a similar organization. If the
Common Stock is not so quoted, the “Last Reported Sale Price”
shall be the average of the mid-point of the last bid and ask prices for the
Common Stock on the relevant date from each of at least three nationally
recognized independent investment banking firms selected by the Company for this
purpose. 

“Make-Whole Fundamental Change” means any transaction or event that constitutes
a Fundamental Change (as defined above and determined after giving effect to any
exceptions to or exclusions from such definition, but without regard to the
proviso in clause (b) of the definition thereof).

“Make-Whole Fundamental Change
Period” shall have the meaning
specified in Section 14.03(a). 

“Market Disruption Event” means, for the purposes of determining amounts
due upon conversion (a) a failure by the primary U.S. national or regional
securities exchange or market on which the Common Stock is listed or admitted
for trading to open for trading during its regular trading session or (b) the
occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled
Trading Day for the Common Stock for more than one half-hour period in the
aggregate during regular trading hours of any suspension or limitation imposed
on trading (by reason of movements in price exceeding limits permitted by the
relevant stock exchange or otherwise) in the Common Stock or in any options
contracts or futures contracts relating to the Common Stock. 

“Maturity Conversion Period” means the period from, and including, July 15,
2037 to the close of business on the Business Day immediately preceding the
Maturity Date. 

“Maturity Date” means October 15, 2037. 

“Measurement Period” shall have the meaning specified in Section
14.01(b)(i). 

“Merger Event” shall have the meaning specified in Section
14.07(a). 

8 

“Note” or “Notes” shall have the meaning specified in the first
paragraph of the recitals of this Indenture. 

“Note Register” shall have the meaning specified in Section
2.05(a). 

“Note Registrar” shall have the meaning specified in Section
2.05(a). 

“Notice of Conversion” shall have the meaning specified in Section
14.02(b). 

“Observation Period” with respect to any Note surrendered for
conversion means: (i) if the relevant Conversion Date occurs other than during
the Uniform Conversion Period, the Maturity Conversion Period or a Redemption
Conversion Period, the 20 consecutive Trading Day period beginning on, and
including, the second Trading Day immediately succeeding such Conversion Date;
(ii) if the relevant Conversion Date occurs during the Uniform Conversion
Period, the 20 consecutive Trading Days beginning on, and including, the 22nd
Scheduled Trading Day immediately preceding October 15, 2025; (iii) if the
relevant Conversion Date occurs (x) on or after the date of the Company’s
issuance of a Redemption Notice with respect to the Notes pursuant to Section
16.02 and prior to the close of business on the Scheduled Trading Day
immediately preceding the relevant Redemption Date and (y) other than during the
Uniform Conversion Period (each such period meeting the requirements described
in clauses (x) and (y), a “Redemption Conversion Period”), the 20 consecutive Trading Days beginning on, and including, the 22nd
Scheduled Trading Day immediately preceding such Redemption Date; and (iv) if
the relevant Conversion Date occurs during the Maturity Conversion Period, the
20 consecutive Trading Days beginning on, and including, the 22nd Scheduled
Trading Day immediately preceding the Maturity Date. 

“Offering Memorandum” means the preliminary offering memorandum dated
September 18, 2017, as supplemented by the related pricing term sheet dated
September 19, 2017, relating to the offering and sale of the Notes. 

“Officer” means, with respect to the Company, the Chairman or any Co-Chairman of
the Board of Directors, any Vice Chairman of the Board of Directors, the Chief
Executive Officer, the President, any Vice President, the Chief Financial
Officer, the Controller, the Secretary or any Assistant Controller, Assistant
Treasurer or Assistant Secretary of the Company. 

“Officer’s Certificate,” when used with respect to the Company, means a
certificate that is delivered to the Trustee and that is signed by any Officer
of the Company. Each such certificate shall include the statements provided for
in Section 17.05 if and to the extent required by the provisions of such
Section. The Officer giving an Officer’s Certificate pursuant to Section 4.08
shall be the principal executive, financial or accounting officer of the
Company. 

“open of business” means 9:00 a.m. (New York City time).

“Opinion of Counsel” means an opinion in writing signed by legal
counsel, who may be an employee of or counsel to the Company, or other counsel
reasonably acceptable to the Trustee, that is delivered to the Trustee, which
opinion may contain customary exceptions and qualifications as to the matters
set forth therein. Each such opinion shall include the statements provided for
in Section 17.05 if and to the extent required by the provisions of such Section
17.05.

9 

“Optional Redemption” shall have the meaning specified in Section
16.01. 

“outstanding,” when used with reference to Notes, shall, subject to the provisions of
Section 8.04, mean, as of any particular time, all Notes authenticated and
delivered by the Trustee under this Indenture, except: 

(a) Notes theretofore canceled
by the Trustee or accepted by the Trustee for cancellation; 

(b) Notes, or portions
thereof, that have become due and payable and in respect of which monies in the
necessary amount shall have been deposited in trust with the Trustee or with any
Paying Agent (other than the Company or a Subsidiary of the Company) or shall
have been set aside and segregated in trust by the Company or a Subsidiary of
the Company, as applicable (if the Company or such Subsidiary of the Company
shall act as the Company’s Paying Agent); 

(c) Notes that have been paid
pursuant to Section 2.06 or Notes in lieu of which, or in substitution for
which, other Notes shall have been authenticated and delivered pursuant to the
terms of Section 2.06 unless proof satisfactory to the Trustee is presented that
any such Notes are held by protected purchasers in due course;

(d) Notes converted pursuant
to Article 14 and required to be cancelled pursuant to Section 2.08;

(e) Notes redeemed pursuant to
Article 16; and 

(f) Notes repurchased by the
Company pursuant to the penultimate sentence of Section 2.10.

“Paying Agent” shall have the meaning specified in Section
4.02. 

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

“Physical Notes” means permanent certificated Notes in registered
form issued in denominations of $1,000 principal amount and integral multiples
thereof. 

“Predecessor Note” of any particular Note means every previous Note
evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purposes of this definition, any Note
authenticated and delivered under Section 2.06 in lieu of or in exchange for a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note that it replaces.

10

“Principal Property” means any real property (including buildings and
other improvements) of the Company or any Restricted Subsidiary whether
currently owned or hereafter acquired (other than any property hereafter
acquired for the control or abatement of atmospheric pollutants or contaminants
or water, noise, odor or other pollution, or for purposes of developing a
cogeneration facility or a small power production facility as such terms are
defined in the Public Utility Regulatory Policies Act of 1978, as amended) which
(i) has, at any date of determination, a book value in excess of 2.5% of
Consolidated Net Tangible Assets and (ii) in the opinion of the Board of
Directors is of material importance to the total business conducted by the
Company and its Restricted Subsidiaries as a whole. 

“Redemption Conversion Period” shall have the meaning specified in the
definition of “Observation Period.” 

“Redemption Date” shall have the meaning specified in Section
16.02(a). 

“Redemption Notice” shall have the meaning specified in Section
16.02(a). 

“Redemption Price” means, for any Notes to be redeemed pursuant to
Section 16.01, 100% of the principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the Redemption
Date (unless the Redemption Date falls after a Regular Record Date and on or
prior to the immediately succeeding Interest Payment Date, in which case
interest accrued to the Interest Payment Date will be paid to Holders of record
of such Notes on such Regular Record Date, and the Redemption Price will be
equal to 100% of the principal amount of such Notes). 

“Reference Property” shall have the meaning specified in Section
14.07(a). 

“Regular Record Date,” with respect to any Interest Payment Date,
means the April 1 or October 1 (whether or not such day is a Business Day)
immediately preceding the applicable April 15 or October 15 Interest Payment
Date, respectively. 

“Repurchase Date” shall have the meaning specified in Section
15.01(a). 

“Repurchase Expiration Time” means the close of business on the Business Day
immediately preceding the Repurchase Date. 

“Repurchase Notice” shall have the meaning specified in Section
15.01(a). 

“Repurchase Price” shall have the meaning specified in Section
15.01(a). 

“Resale Restriction Termination
Date” shall have the meaning
specified in Section 2.05(c). 

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

11

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

“Restricted Securities” shall have the meaning specified in Section
2.05(c). 

“Rule 144” means Rule 144 as promulgated under the Securities Act, as such Rule
may be in effect from time to time, or any successor to such Rule. 

“Rule 144A” means Rule 144A as promulgated under the Securities Act, as such Rule
may be in effect from time to time, or any successor to such Rule. 

“Sale and Lease-Back Transaction” shall have the meaning specified in Section
4.11. 

“Scheduled Trading Day” means a day that is scheduled to be a Trading
Day on the principal U.S. national or regional securities exchange or market on
which the Common Stock is listed or admitted for trading; provided that, if the Common Stock is not so listed or admitted for trading,
“Scheduled Trading
Day” means a Business Day.

“Secured Debt” means indebtedness for money borrowed by the
Company or a Restricted Subsidiary (other
than indebtedness owed by a Restricted Subsidiary to the Company, by a
Restricted Subsidiary to another Restricted Subsidiary or by the Company to a
Restricted Subsidiary), which is secured by (a) a mortgage or other lien on any
Principal Property of the Company or a Restricted Subsidiary, or (b) a pledge,
lien or other security interest on any shares of stock or indebtedness of a
Restricted Subsidiary. The amount of Secured Debt at any time outstanding shall
be the amount then owing thereon by the Company or a Restricted Subsidiary.

“Securities Act” means the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder, as in effect from time to
time. 

“Senior Secured Credit Facility” means the Third Amended and Restated Credit
Agreement dated as of March 31, 2017 among Meritor, Inc. and ArvinMeritor
Finance Ireland Unlimited Company, as the borrowers, the institutions from time
to time party thereto as lenders, JPMorgan Chase Bank, N.A., as Administrative
Agent, Bank of America, N.A., Royal Bank of Canada and PNC Bank, National
Association as Co-Syndication Agents and JPMorgan Chase Bank, N.A., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets and PNC
Capital Markets LLC, as Joint Lead Arrangers and Joint Book Runners, as it may
be amended, extended, replaced or refinanced, or any subsequent credit
facility.

“Settlement Amount” has the meaning specified in Section 14.02(a).

“Settlement Notice” shall have the meaning specified in Section
14.02(a)(i). 

“Significant Subsidiary” means a Subsidiary of the Company that meets the
definition of “significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X
under the Exchange Act. 

12

“Spin-Off” shall have the meaning specified in Section 14.04(c). 

“Stock Price” shall have the meaning specified in Section 14.03(c). 

“Subordinated Debt” means any unsecured indebtedness of the Company
which: (1) has a final maturity subsequent to the Maturity Date; (2) does not
provide for mandatory payment or retirement prior to said date, whether by means
of serial maturities or sinking fund or other analogous provisions or plan,
fixed or contingent, requiring, or which on the happening of a contingency may
require, the payment or retirement of such indebtedness in amounts which as of
any particular time would aggregate more than such portion of the original
principal amount thereof as is obtained by multiplying such original principal amount by a fraction the numerator of which
shall be the number of months elapsed from the date of creation of such
indebtedness to such time and the denominator of which shall be the number of
months from the date of creation thereof to the final maturity thereof; and (3)
is expressly made subordinate and junior in right of payment to the Notes and
such other indebtedness of the Company (except other Subordinated Debt) as may
be specified in the instruments evidencing the Subordinated Debt or the
indenture or other similar instrument under which it is issued (which indenture
or other instrument shall be binding on all holders of such Subordinated Debt).

“Subsidiary” means, with respect to any Person, any corporation, association,
partnership or other business entity of which more than 50% of the total voting
power of shares of Capital Stock or other interests (including partnership
interests) entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers, general partners or trustees
thereof is at the time owned or controlled, directly or indirectly, by (i) such
Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii)
one or more Subsidiaries of such Person. 

“Subsidiary Guaranty” means the Subsidiary Guaranty dated as of
September 22, 2017 executed by each of the Subsidiary Guarantors with respect to
the obligations of the Company under this Indenture, a form of which is attached
hereto as Exhibit B. 

“Subsidiary Guarantors” means, Arvin Holdings Netherlands B.V., Arvin
Technologies, Inc., ArvinMeritor Filters Operating Co., LLC, ArvinMeritor, Inc.,
ArvinMeritor Limited, ArvinMeritor OE, LLC, Arvinmeritor Sweden AB, ArvinMeritor
Technology, LLC, AVM, Inc., Maremont Corporation, Maremont Exhaust Products,
Inc., Meritor Aftermarket USA, LLC, Meritor Cayman Islands, Ltd., Meritor Heavy
Vehicle Braking Systems (U.S.A.), LLC, Meritor Heavy Vehicle Systems, LLC,
Meritor Heavy Vehicle Systems (Singapore) Pte., Ltd., Meritor Heavy Vehicle
Systems (Venezuela), Inc., Meritor Holdings, LLC, Meritor, Inc. (a Nevada
corporation), Meritor Luxembourg S.a.r.l., Meritor International Holdings, LLC,
Meritor Management Corp., Meritor Netherlands B.V., Meritor Technology, LLC,
Meritor Specialty Products, LLC and any additional Subsidiaries that become
parties to the Subsidiary Guaranty by executing a supplement thereto in the form
attached thereto as Annex I. “Subsidiary Guarantor” means each of the Subsidiary Guarantors. 

“Successor Company” shall have the meaning specified in Section
11.01(a). 

13

“Trading Day” means a day on which (i) trading in the Common Stock (or other security
for which a closing sale price must be determined) generally occurs on The New
York Stock Exchange or, if the Common Stock (or such other security) is not then
listed on The New York Stock Exchange, on the principal other U.S. national or
regional securities exchange on which the Common Stock (or such other security)
is then listed or, if the Common Stock (or such other security) is not then
listed on a U.S. national or regional securities exchange, on the principal
other market on which the Common Stock (or such other security) is then traded,
and (ii) a Last Reported Sale Price for the Common Stock (or closing sale price
for such other security) is available on such securities exchange or market;
provided that if the Common Stock (or such other security)
is not so listed or traded, “Trading Day” means a
Business Day; and provided, further, that for purposes of determining amounts due upon conversion only,
“Trading Day” means a day on which (x) there is no Market
Disruption Event and (y) trading in the Common Stock generally occurs on The New
York Stock Exchange or, if the Common Stock is not then listed on The New York
Stock Exchange, on the principal other U.S. national or regional securities
exchange on which the Common Stock is then listed or, if the Common Stock is not
then listed on a U.S. national or regional securities exchange, on the principal
other market on which the Common Stock is then listed or admitted for trading,
except that if the Common Stock is not so listed or admitted for trading,
“Trading Day” means a Business Day. 

“Trading Price” of the Notes on any date of determination means
the average of the secondary market bid quotations obtained by the Bid
Solicitation Agent for $5,000,000 principal amount of Notes at approximately
3:30 p.m., New York City time, on such determination date from three independent
nationally recognized securities dealers the Company selects for this purpose;
provided that if three such bids cannot reasonably be
obtained by the Bid Solicitation Agent but two such bids are obtained, then the
average of the two bids shall be used, and if only one such bid can reasonably
be obtained by the Bid Solicitation Agent, that one bid shall be used. If the
Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000
principal amount of Notes from a nationally recognized securities dealer on any
determination date, then the Trading Price per $1,000 principal amount of Notes
on such determination date shall be deemed to be less than 98% of the product of
the Last Reported Sale Price of the Common Stock and the Conversion Rate.

“transfer” shall have the meaning specified in Section 2.05(c). 

“Trigger Event” shall have the meaning specified in Section
14.04(c). 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as
amended, as it was in force at the date of execution of this Indenture;
provided, however, that in the event
the Trust Indenture Act of 1939 is amended after the date hereof, the term
“Trust Indenture Act” shall mean, to the extent required by such amendment, the
Trust Indenture Act of 1939, as so amended. 

“Trustee” means the Person named as the “Trustee” in the first
paragraph of this Indenture until a successor trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
“Trustee” shall mean or include each Person who is then a
Trustee hereunder. 

14

“Uniform Conversion Period” means the period from, and including, July 15,
2025 to the close of business on the Business Day immediately preceding October
15, 2025. 

“unit of Reference Property” shall have the meaning specified in Section
14.07(a). 

“Unrestricted Subsidiary” means (a) any Subsidiary which, in accordance
with the provisions of this Indenture, has been designated by the Company as an
Unrestricted Subsidiary, unless and until such Subsidiary shall, in accordance
with the provisions of this Indenture, be designated by the Company as a
Restricted Subsidiary; and (b) any corporation of which any one or more
Unrestricted Subsidiaries directly or indirectly own outstanding shares of
Capital Stock having voting power sufficient to elect, under ordinary
circumstances (not dependent upon the happening of a contingency), a majority of
the directors. 

“Valuation Period” shall have the meaning specified in Section
14.04(c). 

“value” as used with respect to a Sale and Lease-Back Transaction shall have
the meaning specified in Section 4.11. 

“Vice President” when used with respect to the Company means any
vice president, whether or not designated by a number or a word or words added
before or after the title “vice
president.” 

“Wholly Owned Restricted Subsidiary” means a Restricted Subsidiary all of the
outstanding Capital Stock of which, other than directors’ qualifying shares, and
all of the Funded Debt of which, shall at the time be owned by the Company or by
one or more Wholly Owned Restricted Subsidiaries, or by the Company in
conjunction with one or more Wholly Owned Restricted Subsidiaries. 

“Wholly Owned Subsidiary” means, with respect to any Person, any
Subsidiary of such Person, except that, solely for purposes of this definition,
the reference to “more than 50%” in the definition of “Subsidiary” shall be
deemed replaced by a reference to “100%,” the calculation of which shall exclude
nominal amounts of the voting power of shares of Capital Stock or other
interests in the relevant Subsidiary as may be required to satisfy local
minority interest requirements outside of the United States. 

Section 1.02. References to Interest; References to
Principal.

(a) Unless
the context otherwise requires, any reference to interest on, or in respect of,
any Note in this Indenture, any Note or the Subsidiary Guaranty shall be deemed
to include Additional Interest if, in such context, Additional Interest is, was
or would be payable pursuant to any of Section 4.06(d), Section 4.06(e) and
Section 6.03. Unless the context otherwise requires, any express mention of
Additional Interest in any provision hereof shall not be construed as excluding
Additional Interest in those provisions hereof where such express mention is not
made. 

(b) Unless
the context otherwise requires, any reference to principal of any of the Notes
in this Indenture, any Note or the Subsidiary Guaranty shall be deemed to
include, to the extent applicable, the Redemption Price, the Repurchase Price or
the Fundamental Change Repurchase Price.

15

ARTICLE 2
Issue,
Description, Execution, Registration and Exchange of Notes

Section 2.01. Designation and Amount. The Notes shall be designated as the “3.25%
Convertible Senior Notes due 2037.” The aggregate principal amount of Notes that
may be authenticated and delivered under this Indenture is initially limited to
$325,000,000, subject to Section 2.10 and except for Notes authenticated and
delivered upon registration or transfer of, or in exchange for, or in lieu of
other Notes to the extent expressly permitted hereunder. 

Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of
authentication to be borne by such Notes shall be substantially in the
respective forms set forth in Exhibit A, the terms and provisions of which shall
constitute, and are hereby expressly incorporated in and made a part of this
Indenture.

Any Global Note may be
endorsed with or have incorporated in the text thereof such legends or recitals
or changes not inconsistent with the provisions of this Indenture as may be
required by the Custodian or the Depositary, or as may be required to comply
with any applicable law or any regulation thereunder or with the rules and
regulations of, or any agreement with, any securities exchange or automated
quotation system upon which the Notes may be listed or traded or designated for
issuance or to conform with any usage with respect thereto, or to indicate any
special limitations or restrictions to which any particular Notes are subject.
The Company has entered into a letter of representations with the Depositary in
the form provided by the Depositary and the Trustee and each Agent are hereby
authorized to act in accordance with Applicable Procedures. 

Any of the Notes may have such
letters, numbers or other marks of identification and such notations, legends or
endorsements as the Officer executing the same may approve (execution thereof to
be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation
of, or any agreement with, any securities exchange or automated quotation system
on which the Notes may be listed or designated for issuance, or to conform to
usage or to indicate any special limitations or restrictions to which any
particular Notes are subject. 

Each Global Note shall
represent such principal amount of the outstanding Notes as shall be specified
therein and shall provide that it shall represent the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time
be increased or reduced to reflect redemptions, repurchases, cancellations,
conversions, transfers or exchanges permitted hereby. Any endorsement of a
Global Note to reflect the amount of any increase or decrease in the amount of
outstanding Notes represented thereby shall be made by the Trustee or the
Custodian, at the direction of the Trustee, in such manner and upon instructions
given by the Holder of such Notes in accordance with this Indenture. Payment of
principal of, and accrued and unpaid interest on, a Global Note shall be made to
the Holder of such Note on the date of payment, unless a record date or other
means of determining Holders eligible to receive payment is otherwise provided
in this Indenture.

16

Section 2.03. Date and Denomination of Notes; Payments of
Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in
denominations of $1,000 principal amount and integral multiples of $1,000 in
excess thereof. Each Note shall be dated the date of its authentication and
shall bear interest from the date specified on the face of such Note. Accrued
interest on the Notes shall be computed on the basis of a 360-day year composed
of twelve 30-day months and, for partial months, on the basis of the number of
days actually elapsed in a 30-day month. 

(b) The
Person in whose name any Note (or its Predecessor Note) is registered on the
Note Register at the close of business on any Regular Record Date with respect
to any Interest Payment Date shall be entitled to receive the interest payable
on such Interest Payment Date. The principal amount of any Note (x) in the case
of any Physical Note, shall be payable at the office or agency of the Company
maintained by the Company for such purposes in the continental United States,
which shall initially be the Corporate Trust Office, and (y) in the case of any
Global Note, shall be payable by wire transfer of immediately available funds to
the account of the Depositary or its nominee. The Company shall pay interest (i)
on any Physical Notes (A) to Holders holding Physical Notes having an aggregate
principal amount of $5,000,000 or less, by check mailed to the Holders of these
Notes at their address as it appears in the Note Register and (B) to Holders
holding Physical Notes having an aggregate principal amount of more than
$5,000,000, either by check mailed to each such Holder or, upon written
application by such a Holder to the Note Registrar not later than the relevant
Regular Record Date, by wire transfer in immediately available funds to that
Holder’s account within the United States, which application shall remain in
effect until the Holder notifies, in writing, the Note Registrar to the contrary
or (ii) on any Global Note by wire transfer of immediately available funds to
the account of the Depositary or its nominee.

(c) Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the
relevant payment date but shall accrue interest per annum at the rate borne by
the Notes plus 1.00%, subject to the enforceability thereof
under applicable law, from, and including, such relevant payment date, to, but
excluding, the date on which such Defaulted Amounts are actually paid or duly
provided for, as provided in this Section 2.03(c), and such Defaulted Amounts
together with such interest thereon shall be paid by the Company, at its
election in each case, as provided in clause (i) or (ii) below: 

(i) The
Company may elect to make payment of any Defaulted Amounts to the Persons in
whose names the Notes (or their respective Predecessor Notes) are registered at
the close of business on a special record date for the payment of such Defaulted
Amounts, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of the Defaulted Amounts proposed to be
paid on each Note and the date of the proposed payment (which shall be not less
than 25 days after the receipt by the Trustee of such notice, unless the Trustee
shall consent to an earlier date), and the Company shall (A) on or prior to the
date of the proposed payment, deposit with the Trustee an amount of money equal
to the aggregate amount to be paid in respect of such Defaulted Amounts or (B)
make arrangements reasonably satisfactory to the Trustee for such deposit with
the Trustee on or prior to the date of the proposed payment of money equal to
the aggregate amount to be paid in respect of such Defaulted Amounts, in each
case, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Amounts as in this clause provided. The
Company shall fix a special record date for the payment of such Defaulted
Amounts which shall be not more than 15 days and not less than 10 days prior to
the date of the proposed payment, and not less than 10 days after the receipt by
the Trustee of the notice of the proposed payment. The Company shall promptly
notify the Trustee of such special record date and the Trustee, in the name and
at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Amounts and the special record date therefor to be delivered to
each Holder identified in the Note Register, not less than 10 days prior to such
special record date. Notice of the proposed payment of such Defaulted Amounts
and the special record date therefor having been so delivered, such Defaulted
Amounts shall be paid to the Persons in whose names the Notes (or their
respective Predecessor Notes) are registered at the close of business on such
special record date and shall no longer be payable pursuant to the following
clause (ii) of this Section 2.03(c).

17

(ii) The
Company may make payment of any Defaulted Amounts in any other lawful manner not
inconsistent with the requirements of any securities exchange or automated
quotation system on which the Notes may be listed or designated for issuance,
and upon such notice as may be required by such exchange or automated quotation
system, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed
practicable by the Trustee. 

Section 2.04. Execution, Authentication and Delivery of Notes.
The Notes shall be signed in the
name and on behalf of the Company by the manual or facsimile signature of one of
its Officers. 

At any time and from time to
time after the execution and delivery of this Indenture, the Company may deliver
Notes executed by the Company to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Notes, and the Trustee
in accordance with such Company Order shall authenticate and deliver such Notes,
provided that the Trustee shall be entitled to receive an
Officer’s Certificate and an Opinion of Counsel of the Company addressing such
authentication and delivery. 

Only such Notes as shall bear
thereon a certificate of authentication substantially in the form set forth on
the Form of Note, executed manually or by facsimile by an authorized officer of
the Trustee (or an authenticating agent appointed by the Trustee as provided by
Section 17.10), shall be entitled to the benefits of this Indenture or be valid
or obligatory for any purpose. Such certificate by the Trustee (or such an
authenticating agent) upon any Note executed by the Company shall be conclusive
evidence that the Note so authenticated has been duly authenticated and
delivered hereunder and that the Holder is entitled to the benefits of this
Indenture. 

18

In case any Officer of the
Company who shall have signed any of the Notes shall cease to be such Officer
before the Notes so signed shall have been authenticated and delivered by the
Trustee, or disposed of by the Company, such Notes nevertheless may be
authenticated and delivered or disposed of as though the person who signed such
Notes had not ceased to be such Officer of the Company; and any Note may be
signed on behalf of the Company by such person as, at the actual date of the
execution of such Note, shall be an Officer of the Company, although at the date
of the execution of this Indenture any such person was not such an Officer.

Section 2.05. Exchange and Registration of Transfer of Notes;
Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a
register (the register maintained in such office or in any other office or
agency of the Company designated pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of Notes and of transfers of Notes. Such register shall be in written form or in
any form capable of being converted into written form within a reasonable period
of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and
transfers of Notes as herein provided. The Company may appoint one or more
co-Note Registrars in accordance with Section 4.02. 

Upon surrender for
registration of transfer of any Note to the Note Registrar or any co-Note
Registrar, and satisfaction of the requirements for such transfer set forth in
this Section 2.05, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees, one or
more new Notes of any authorized denominations and of a like aggregate principal
amount and bearing such restrictive legends as may be required by this
Indenture. Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in
whose name any Note is registered as the absolute owner of such Note for the
purpose of receiving payment of principal of and interest on such Notes and for
all other purposes, and none of the Trustee, any Agent or the Company shall be
affected by notice to the contrary. 

Notes may be exchanged for
other Notes of any authorized denominations and of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at any such office or agency
maintained by the Company pursuant to Section 4.02. Whenever any Notes are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Notes that the Holder making the exchange is
entitled to receive, bearing registration numbers not contemporaneously
outstanding. 

All Notes presented or
surrendered for registration of transfer or for exchange, repurchase or
conversion shall (if so required by the Company, the Trustee, the Note Registrar
or any co-Note Registrar) be duly endorsed, or be accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company and
duly executed, by the Holder thereof or its attorney-in-fact duly authorized in
writing. 

No service charge shall be
imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar
or the Paying Agent for any exchange or registration of transfer of Notes, but
the Company may require a Holder to pay a sum sufficient to cover any
documentary, stamp or similar issue or transfer tax required in connection
therewith as a result of the name of the Holder of new Notes issued upon such
exchange or registration of transfer being different from the name of the Holder
of the old Notes surrendered for exchange or registration of
transfer.

19

None of the Company, the
Trustee, the Note Registrar or any co-Note Registrar shall be required to
exchange or register a transfer of (i) any Notes surrendered for conversion or,
if a portion of any Note is surrendered for conversion, such portion thereof
surrendered for conversion, (ii) any Notes, or a portion of any Note,
surrendered for repurchase (and not withdrawn) in accordance with Article 15 or
(iii) any Notes selected for redemption in accordance with Article 16, in whole
or in part, except the unredeemed portion of any Note being redeemed in
part.

Upon the request of the
Trustee, the transferor of any Note shall use commercially reasonable efforts to
provide or cause to be provided to the Trustee any information reasonably
available to the transferor that is necessary to allow the Trustee to comply
with any applicable tax reporting obligations, including without limitation any
cost basis reporting obligations under Section 6045 of the Code. The Trustee may
rely on information provided to it and shall have no responsibility to verify or
ensure the accuracy of such information. In connection with any proposed
exchange of a Physical Note for a Global Note, the Company or the Depositary
shall be required to provide or cause to be provided to the Trustee all
information reasonably requested by the Trustee and reasonably available to the
Company or the Depositary, as applicable, as necessary to allow the Trustee to
comply with any applicable cost basis reporting obligations under Section 6045
of the Code. The Trustee may rely on information provided to it and shall have
no responsibility to verify or ensure the accuracy of such information.

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

(b) So
long as the Notes are eligible for book-entry settlement with the Depositary,
unless otherwise required by law, subject to the fourth paragraph from the end
of Section 2.05(c) all Notes shall be represented by one or more Notes in global
form (each, a “Global
Note”) registered in the name of
the Depositary or the nominee of the Depositary. The transfer and exchange of
beneficial interests in a Global Note that does not involve the issuance of a
Physical Note shall be effected through the Depositary (but not the Trustee or
the Custodian) in accordance with this Indenture (including the restrictions on
transfer set forth herein) and the procedures of the Depositary therefor.

(c) Every
Note that bears or is required under this Section 2.05(c) to bear the legend set
forth in this Section 2.05(c) (together with any Common Stock issued upon
conversion of the Notes that is required to bear the legend set forth in Section
2.05(d), collectively, the “Restricted Securities”)
shall be subject to the restrictions on transfer set forth in this Section
2.05(c) (including the legend set forth below) (and, in the case of any Common
Stock that constitutes Restricted Securities, the restrictions on transfer set
forth in Section 2.05(d)), unless such restrictions on transfer shall be
eliminated or otherwise waived by written consent of the Company, and the Holder
of each such Restricted Security, by such Holder’s acceptance thereof, agrees to
be bound by all such restrictions on transfer. As used in this Section 2.05(c)
and Section 2.05(d), the term
“transfer” encompasses any sale, pledge, transfer or other
disposition whatsoever of any Restricted Security. 

20

Until the date (the
“Resale Restriction Termination
Date”) that is the later of (1)
the date that is one year after the last date of original issuance of the Notes,
or such shorter period of time as permitted by Rule 144 or any successor
provision thereto, and (2) such later date, if any, as may be required by
applicable law, any certificate evidencing such Note (and all securities issued
in exchange therefor or substitution thereof, other than Common Stock, if any,
issued upon conversion thereof, which shall bear the legend set forth in Section
2.05(d), if applicable) shall bear a legend in substantially the following form
(unless such Notes have been transferred pursuant to a registration statement
that has become or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer, or sold pursuant to the
exemption from registration provided by Rule 144 or any similar provision then
in force under the Securities Act, or unless otherwise agreed by the Company in
writing, with notice thereof to the Trustee): 

THIS SECURITY AND THE COMMON
STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

(1) REPRESENTS THAT IT AND ANY
ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE
INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2) AGREES FOR THE BENEFIT OF
MERITOR, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER
OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD
OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY
APPLICABLE LAW, EXCEPT: 

(A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, OR 

(B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 

(C) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D) PURSUANT TO AN EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

21

PRIOR TO THE REGISTRATION OF
ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE
RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE
IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

No transfer of any Note prior
to the Resale Restriction Termination Date will be registered by the Note
Registrar unless the applicable box on the Form of Assignment and Transfer has
been checked. 

Any Note (or security issued
in exchange or substitution therefor) (i) as to which such restrictions on
transfer shall have expired in accordance with their terms, (ii) that has been
transferred pursuant to a registration statement that has become effective or
been declared effective under the Securities Act and that continues to be
effective at the time of such transfer or (iii) that has been sold pursuant to
the exemption from registration provided by Rule 144 or any similar provision
then in force under the Securities Act, may, upon surrender of such Note for
exchange to the Note Registrar in accordance with the provisions of this Section
2.05, be exchanged for a new Note or Notes, of like tenor and aggregate
principal amount, which shall not bear the restrictive legend required by this
Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Company
shall be entitled to instruct the Custodian in writing to so surrender any
Global Note as to which any of the conditions set forth in clause (i) through
(iii) of the immediately preceding sentence have been satisfied, and, upon such
instruction, the Custodian shall so surrender such Global Note for exchange; and
any new Global Note so exchanged therefor shall not bear the restrictive legend
specified in this Section 2.05(c) and shall not be assigned a restricted CUSIP
number. The Company shall promptly notify the Trustee upon the occurrence of the
Resale Restriction Termination Date and promptly after a registration statement,
if any, with respect to the Notes or any Common Stock issued upon conversion of
the Notes has been declared effective under the Securities Act.

Notwithstanding any other
provisions of this Indenture (other than the provisions set forth in this
Section 2.05(c)), a Global Note may not be transferred as a whole or in part
except (i) by the Depositary to a nominee of the Depositary or by a nominee of
the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary and (ii) for exchange of a Global Note or a portion thereof
for one or more Physical Notes in accordance with the second immediately
succeeding paragraph. 

The Depositary shall be a
clearing agency registered under the Exchange Act. The Company initially
appoints The Depository Trust Company to act as Depositary with respect to each
Global Note. Initially, each Global Note shall be issued to the Depositary,
registered in the name of Cede & Co., as the nominee of the Depositary, and
deposited with the Trustee as custodian for Cede & Co.

22

If (i) the Depositary notifies
the Company at any time that the Depositary is unwilling or unable to continue
as depositary for the Global Notes and a successor depositary is not appointed
within 90 days, (ii) the Depositary ceases to be registered as a clearing agency
under the Exchange Act and a successor depositary is not appointed within 90
days or (iii) an Event of Default with respect to the Notes has occurred and is
continuing and a beneficial owner of any Note requests that its beneficial
interest therein be issued as a Physical Note, the Company shall execute, and
the Trustee, upon receipt of an Officer’s Certificate and a Company Order for
the authentication and delivery of Notes, shall authenticate and deliver (x) in
the case of clause (iii), a Physical Note to such beneficial owner in a
principal amount equal to the principal amount of such Note corresponding to
such beneficial owner’s beneficial interest and (y) in the case of clause (i) or
(ii), Physical Notes to each beneficial owner of the related Global Notes (or a
portion thereof) in an aggregate principal amount equal to the aggregate
principal amount of such Global Notes in exchange for such Global Notes, and
upon delivery of the Global Notes to the Trustee such Global Notes shall be
canceled. 

Physical Notes issued in
exchange for all or a part of the Global Note pursuant to this Section 2.05(c)
shall be registered in such names and in such authorized denominations as the
Depositary, pursuant to instructions from its direct or indirect participants or
otherwise, or, in the case of clause (iii) of the immediately preceding
paragraph, the relevant beneficial owner, shall instruct the Trustee. Upon
execution and authentication, the Trustee shall deliver such Physical Notes to
the Persons in whose names such Physical Notes are so registered. 

At such time as all interests
in a Global Note have been converted, canceled, repurchased, redeemed or
transferred, such Global Note shall be, upon receipt thereof, canceled by the
Trustee in accordance with standing procedures and existing instructions between
the Depositary and the Custodian. At any time prior to such cancellation, if any
interest in a Global Note is exchanged for Physical Notes, converted, canceled,
repurchased, redeemed or transferred to a transferee who receives Physical Notes
therefor or any Physical Note is exchanged or transferred for part of such
Global Note, the principal amount of such Global Note shall, in accordance with
the standing procedures and instructions existing between the Depositary and the
Custodian, be appropriately reduced or increased, as the case may be, and an
endorsement shall be made on such Global Note, by the Trustee or the Custodian,
at the direction of the Trustee, to reflect such reduction or increase.

None of the Company, the
Trustee or any agent of the Company or the Trustee shall have any responsibility
or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interests of a Global Note or maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests. Neither the Trustee nor any Agent shall have responsibility for any
actions taken or not taken by the Depositary. 

23

(d) Until the Resale
Restriction Termination Date, any stock certificate representing Common Stock
issued upon conversion of a Note shall bear a legend in substantially the
following form (unless such Common Stock has been transferred pursuant to a
registration statement that has become or been declared effective under the
Securities Act and that continues to be effective at the time of such transfer,
or pursuant to the exemption from registration provided by Rule 144 or any
similar provision then in force under the Securities Act, or such Common Stock
has been issued upon conversion of a Note that has transferred pursuant to a
registration statement that has become or been declared effective under the
Securities Act and that continues to be effective at the time of such transfer,
or pursuant to the exemption from registration provided by Rule 144 or any
similar provision then in force under the Securities Act, or unless otherwise
agreed by the Company with written notice thereof to the Trustee and any
transfer agent for the Common Stock): 

THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

(1) REPRESENTS THAT IT AND ANY
ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE
INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

(2) AGREES FOR THE BENEFIT OF
MERITOR, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER
OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE SERIES OF NOTES UPON
THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME
AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION
THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW,
EXCEPT: 

(A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, OR 

(B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 

(C) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D) PURSUANT TO AN EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

PRIOR TO THE REGISTRATION OF
ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE
TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE
DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY
REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING
MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.
NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

24

Any such Common Stock (i) as
to which such restrictions on transfer shall have expired in accordance with
their terms, (ii) that has been transferred pursuant to a registration statement
that has become or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer or (iii) that has been
sold pursuant to the exemption from registration provided by Rule 144 or any
similar provision then in force under the Securities Act, may, upon surrender of
the certificates representing such shares of Common Stock for exchange in
accordance with the procedures of the transfer agent for the Common Stock, be
exchanged for a new certificate or certificates for a like aggregate number of
shares of Common Stock, which shall not bear the restrictive legend required by
this Section 2.05(d). 

(e) Any
Note or Common Stock issued upon the conversion or exchange of a Note that is
repurchased or owned by any Affiliate of the Company (or any Person who was an
Affiliate of the Company at any time during the three months immediately
preceding) may not be resold by such Affiliate (or such Person, as the case may
be) unless registered under the Securities Act or resold pursuant to an
exemption from the registration requirements of the Securities Act in a
transaction that results in such Note or Common Stock, as the case may be, no
longer being a “restricted security” (as defined under Rule 144). The Company
shall cause any Note that is repurchased or owned by it to be surrendered to the
Trustee for cancellation in accordance with Section 2.08.

(f) Neither the Trustee nor the Note Registrar shall have any duty to monitor
the Company’s compliance with or have any responsibility with respect to the
Company’s compliance with any federal or state securities laws in connection
with registrations of transfers and exchanges of the Notes. 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 Notes
(including any transfers between or among the Depositary’s participants or
beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation, as is expressly required
by, and to do so if and when expressly required by, the terms of this Indenture
or the Notes and to examine the same to determine substantial compliance as to
form with the express requirements hereof. 

Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes.
In case any Note shall become
mutilated or be destroyed, lost or stolen, the Company in its discretion may
execute, and upon its written request the Trustee or an authenticating agent
appointed by the Trustee shall authenticate and deliver, a new Note, bearing a
registration number not contemporaneously outstanding, in exchange and
substitution for the mutilated Note, or in lieu of and in substitution for the
Note so destroyed, lost or stolen. In every case the applicant for a substituted
Note shall furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent such security or indemnity as may be required by them to
save each of them harmless from any loss, liability, cost or expense caused by
or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to
the Company, to the Trustee and, if applicable, to such authenticating agent
evidence to their satisfaction of the destruction, loss or theft of such Note
and of the ownership thereof. 

25 

The Trustee or such
authenticating agent may authenticate any such substituted Note and deliver the
same upon the receipt of such security or indemnity as the Trustee, the Company
and, if applicable, such authenticating agent may require. No service charge
shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent upon the issuance of any substitute Note, but the
Company may require a Holder to pay a sum sufficient to cover any documentary,
stamp or similar issue or transfer tax required in connection therewith as a
result of the name of the Holder of the new substitute Note being different from
the name of the Holder of the old Note that became mutilated or was destroyed,
lost or stolen. In case any Note that has matured or is about to mature or has
been surrendered for required repurchase or is about to be converted in
accordance with Article 14 shall become mutilated or be destroyed, lost or
stolen, the Company may, in its sole discretion, instead of issuing a substitute
Note, pay or authorize the payment of or convert or authorize the conversion of
the same (without surrender thereof except in the case of a mutilated Note), as
the case may be, if the applicant for such payment or conversion shall furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent
such security or indemnity as may be required by them to save each of them
harmless for any loss, liability, cost or expense caused by or connected with
such substitution, and, in every case of destruction, loss or theft, evidence
satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or
Conversion Agent of the destruction, loss or theft of such Note and of the
ownership thereof. 

Every substitute Note issued
pursuant to the provisions of this Section 2.06 by virtue of the fact that any
Note is destroyed, lost or stolen shall constitute an additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Note
shall be found at any time, and shall be entitled to all the benefits of (but
shall be subject to all the limitations set forth in) this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. To the
extent permitted by law, all Notes shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the
replacement, payment, redemption, conversion or repurchase of mutilated,
destroyed, lost or stolen Notes and shall preclude any and all other rights or
remedies notwithstanding any law or statute existing or hereafter enacted to the
contrary with respect to the replacement, payment, redemption, conversion or
repurchase of negotiable instruments or other securities without their
surrender. 

Section 2.07. Temporary Notes. Pending the preparation of Physical Notes, the
Company may execute and the Trustee
or an authenticating agent appointed by the Trustee shall, upon written request
of the Company, authenticate and deliver temporary Notes (printed or
lithographed). Temporary Notes shall be issuable in any authorized denomination,
and substantially in the form of the Physical Notes but with such omissions,
insertions and variations as may be appropriate for temporary Notes, all as may
be determined by the Company. Every such temporary Note shall be executed by the
Company and authenticated by the Trustee or such authenticating agent upon the
same conditions and in substantially the same manner, and with the same effect,
as the Physical Notes. Without unreasonable delay, the Company shall execute and
deliver to the Trustee or such authenticating agent Physical Notes (other than
any Global Note) and thereupon any or all temporary Notes (other than any Global
Note) may be surrendered in exchange
therefor, at each office or agency maintained by the Company pursuant to Section
4.02 and the Trustee or such authenticating agent shall authenticate and deliver
in exchange for such temporary Notes an equal aggregate principal amount of
Physical Notes. Such exchange shall be made by the Company at its own expense
and without any charge therefor. Until so exchanged, the temporary Notes shall
in all respects be entitled to the same benefits and subject to the same
limitations under this Indenture as Physical Notes authenticated and delivered
hereunder. 

26 

Section 2.08. Cancellation of Notes Paid, Converted, Etc.
The Company shall cause all Notes
surrendered for the purpose of payment, repurchase, redemption, registration of
transfer or exchange or conversion, if surrendered to any Person other than the
Trustee (including any of the Company’s agents, Subsidiaries or Affiliates), to
be surrendered to the Trustee for cancellation. All such Notes delivered to the
Trustee shall be canceled promptly by it in accordance with its customary
procedures and applicable law. Except for any Notes surrendered for registration
of transfer or exchange, or as otherwise expressly permitted by any of the
provisions of this Indenture, no Notes shall be authenticated in exchange for
any Notes that have been surrendered to the Trustee for cancellation. The
Trustee shall dispose of canceled Notes in accordance with its customary
procedures.

Section 2.09. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP”
numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in all notices issued to Holders as a convenience to such Holders;
provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Notes or on such notice and that reliance may be placed only on the other
identification numbers printed on the Notes. The Company shall promptly notify
the Trustee in writing of any change in the “CUSIP” numbers.

Section 2.10. Additional Notes; Repurchases. The Company may, without the consent of the
Holders and notwithstanding Section 2.01, reopen this Indenture and issue
additional Notes hereunder with the same terms as the Notes initially issued
hereunder (other than differences in the issue date, the issue price and
interest accrued prior to the issue date of such additional Notes) in an
unlimited aggregate principal amount; provided that if any such
additional Notes are not fungible with the Notes initially issued hereunder for
U.S. federal income tax purposes, such additional Notes shall have a separate
CUSIP number. Prior to the issuance of any such additional Notes, the Company
shall deliver to the Trustee a Company Order, an Officer’s Certificate and an
Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover
such matters, in addition to those required by Section 17.05, as the Trustee
shall reasonably request. In addition, the Company may, to the extent permitted
by law, and directly or indirectly (regardless of whether such Notes are
surrendered to the Company), repurchase Notes in the open market or otherwise,
whether by the Company or its Affiliates or through a private or public tender
or exchange offer or through counterparties pursuant to private agreements,
including by cash-settled swaps or other derivatives. The Company shall cause
any Notes so repurchased (other than Notes repurchased pursuant to cash-settled
swaps or other derivatives) to be surrendered to the Trustee for cancellation in
accordance with Section 2.08 and such Notes shall no longer be considered
outstanding under this Indenture upon their repurchase. 

27 

ARTICLE 3
Satisfaction and Discharge

Section 3.01. Satisfaction and Discharge. This Indenture shall cease to be of further
effect, and upon request of the Company contained in an Officer’s Certificate,
the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when (a) (i) all
Notes theretofore authenticated and delivered (other than Notes which have been
destroyed, lost or stolen and which have been replaced, paid or converted as
provided in Section 2.06) have been delivered to the Trustee for cancellation;
or (ii) the Company has deposited with the Trustee or delivered to Holders, as
applicable, after the Notes have become due and payable, whether on the Maturity
Date, any Redemption Date, the Repurchase Date, any Fundamental Change
Repurchase Date, upon conversion or otherwise, cash or cash and shares of Common
Stock, if any (solely to satisfy the Company’s Conversion Obligation, if
applicable), sufficient to pay all of the outstanding Notes and all other sums
due and payable under this Indenture by the Company; and (b) the Company has
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 7.06 shall survive.

ARTICLE 4
Particular Covenants of the Company

Section 4.01. Payment of Principal and Interest.
The Company covenants and agrees
that it will cause to be paid the principal of, and accrued and unpaid interest
on, each of the Notes at the places, at the respective times and in the manner
provided herein and in the Notes. Principal, premium, if any, and interest shall
be considered paid on the date due if the Paying Agent, if other than the
Company or one of its Subsidiaries, holds as of 12:00 p.m., New York City time,
on the due date money deposited by the Company in immediately available funds
and designated for and sufficient to pay all such principal, premium, if any, or
interest, as applicable, then due.

Section 4.02. Maintenance of Office or Agency.
The Company will maintain in the
continental United States, an office or agency where the Notes may be
surrendered for registration of transfer or exchange or for presentation for
payment or repurchase (“Paying
Agent”) or for conversion
(“Conversion Agent”) and where notices and demands to or upon the
Company in respect of the Notes and this Indenture may be served. The Company
will 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 Company 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 or the office or
agency of the Trustee in the continental United States. For the avoidance of
doubt, the Company or any Subsidiary of the Company may serve as the Company’s
Paying Agent pursuant to this Indenture. 

28 

The Company may also from time
to time designate as co-Note Registrars one or more other offices or agencies
where the Notes may be presented or surrendered for any or all such purposes and
may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in the continental
United States, for such purposes. The Company will 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. The terms “Paying Agent” and “Conversion Agent” include
any such additional or other offices or agencies, as applicable. 

The Company hereby initially
designates the Trustee as the Paying Agent, Note Registrar, Custodian and
Conversion Agent and the Corporate Trust Office as the office or agency in the
continental United States, where Notes may be surrendered for registration of
transfer or exchange or for presentation for payment or repurchase or for
conversion and where notices and demands to or upon the Company in respect of
the Notes and this Indenture may be served. The Company may, however, change
Conversion Agent without prior notice to Holders of the Notes.

Section 4.03. Appointments to Fill Vacancies in Trustee’s
Office. The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in
the manner provided in Section 7.09, a Trustee, so that there shall at all times
be a Trustee hereunder. 

Section 4.04. Provisions as to Paying Agent. (a) If (i) neither the Company nor a Subsidiary of
the Company is at such time serving as Paying Agent and (ii) the Company shall
appoint a Paying Agent other than the Trustee, the Company will cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such
agent shall agree with the Trustee, subject to the provisions of this Section
4.04: 

(i) that
it will hold all sums held by it as such agent for the payment of the principal
of, and accrued and unpaid interest on, the Notes in trust for the benefit of
the Holders of the Notes; 

(ii) that
it will give the Trustee prompt notice of any failure by the Company to make any
payment of the principal of, and accrued and unpaid interest on, the Notes when
the same shall be due and payable; and 

(iii) that
at any time during the continuance of an Event of Default, upon request of the
Trustee, it will forthwith pay to the Trustee all sums so held in trust.

The Company shall, on or
before each due date of the principal of, or accrued and unpaid interest on, the
Notes, deposit with the Paying Agent a sum sufficient to pay such principal or
accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of any failure to take such action;
provided that if such deposit is made on the due date,
such deposit must be received by the Paying Agent by 12:00 p.m., New York City
time, on such date. An installment of principal or interest shall be considered
paid on the date due if the Trustee (or a Paying Agent other than the Company or
a Subsidiary of the Company) holds by 12:00 p.m., New York City time, on such
date money designated for and sufficient to pay such installment. 

29 

(b) If the
Company or any of its Subsidiaries shall act as the Paying Agent, the Company
will, or the Company will cause such Subsidiary acting as Paying Agent to, on or
before each due date of the principal of, and accrued and unpaid interest on,
the Notes, set aside, segregate and hold in trust for the benefit of the Holders
of the Notes a sum sufficient to pay such principal and accrued and unpaid
interest so becoming due and the Company will promptly notify the Trustee in
writing of any failure to take such action and of any failure by the Company or
such Subsidiary to make any payment of the principal of, or accrued and unpaid
interest on, the Notes when the same shall become due and payable. 

(c) Anything in this Section 4.04 to the contrary notwithstanding, the
Company may, at any time, for the purpose of obtaining a satisfaction and
discharge of this Indenture, or for any other reason, pay, cause to be paid or
deliver to the Trustee all sums or amounts held in trust by the Company, such
Subsidiary of the Company, or by any Paying Agent hereunder as required by this
Section 4.04, such sums or amounts to be held by the Trustee upon the trusts
herein contained and upon such payment or delivery by the Company, such
Subsidiary of the Company, or any Paying Agent to the Trustee, the Company or
such Paying Agent shall be released from all further liability but only with
respect to such sums or amounts. 

(d) Any
money and shares of Common Stock deposited with the Trustee or any Paying Agent,
or then held by the Company or a Subsidiary of the Company, in trust for the
payment of the principal of, accrued and unpaid interest on and the
consideration due upon conversion of any Note and remaining unclaimed for two
years after such principal, interest or consideration due upon conversion has
become due and payable shall be paid to the Company on request of the Company
contained in an Officer’s Certificate, or (if then held by the Company or a
Subsidiary) shall be discharged from such trust; and the Holder of such Note
shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money and shares of Common Stock, and all liability of the
Company or such Subsidiary of the Company, as applicable, as trustee thereof,
shall thereupon cease. 

Section 4.05. Existence. Subject to Article 11, the Company shall do or
cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence. 

Section 4.06. Rule 144A Information Requirement and Annual
Reports. (a) At any time that the
Company or any Subsidiary Guarantor is not subject to Section 13 or 15(d) of the
Exchange Act, the Company or such Subsidiary Guarantor, as the case may be,
shall, so long as any of the Notes or (solely in the case of the Company) any
shares of Common Stock issuable upon conversion thereof shall, at such time,
constitute “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act, promptly provide to the Trustee and, upon written request,
any Holder, beneficial owner or prospective purchaser of such Notes or (solely
in the case of the Company) any shares of Common Stock issuable upon conversion
of such Notes, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act to facilitate the resale of such Notes or
such shares of Common Stock pursuant to Rule 144A. The Company and each
Subsidiary Guarantor shall take such further action as any Holder or beneficial
owner of such Notes or (solely in the case of the Company) such Common Stock may
reasonably request to the extent from time to time required to enable such
Holder or beneficial owner to sell such
Notes or such shares of Common Stock in accordance with Rule 144A, as such rule
may be amended from time to time. 

30 

(b) The
Company shall file with the Trustee, within 15 days after the same are required
to be filed with the Commission (giving effect to any grace period provided by
Rule 12b-25 under the Exchange Act), copies of any documents or reports that the
Company is required to file with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act. Any such document or report that the Company files with the
Commission via the Commission’s EDGAR system shall be deemed to be filed with
the Trustee for purposes of, and in satisfaction of the Company’s obligation
with respect to such document or report under, this Section 4.06(b) at the time
such documents are filed via the EDGAR system.

(c) Delivery of reports, information and documents to the Trustee pursuant to
Section 4.06(b) above is for informational purposes only and its receipt of such
reports shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants under this Indenture or the Notes
(as to which the Trustee is entitled to rely exclusively on an Officer’s
Certificate). The Trustee shall not be obligated to monitor or confirm, on a
continuing basis or otherwise, the Company’s compliance with the covenants or
with respect to any reports or other documents filed with the Commission or
EDGAR or any website under this Indenture, or participate in any conference
calls. 

(d) If, at
any time during the six-month period beginning on, and including, the date that
is six months after the last date of original issuance of the Notes, the Company
fails to timely file any document or report that it is required to file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable
(after giving effect to all applicable grace periods thereunder and other than
Current Reports on Form 8-K), or the Notes are not otherwise freely tradable
pursuant to Rule 144 by Holders other than (y) the Company’s Affiliates or (z)
Holders that were the Company’s Affiliates at any time during the three months
immediately preceding (in each case, as a result of restrictions pursuant to
U.S. securities laws or the terms of this Indenture or the Notes), the Company
shall pay Additional Interest on the Notes. Such Additional Interest shall
accrue on the Notes at the rate of 0.50% per annum of the principal amount of
the Notes outstanding for each day during such period for which the Company’s
failure to file has occurred and is continuing or the Notes are not otherwise
freely tradable pursuant to Rule 144 by Holders (other than the Company’s
Affiliates or Holders that were the Company’s Affiliates at any time during the
three months immediately preceding) without restrictions pursuant to U.S.
securities laws or the terms of this Indenture or the Notes. As used in this
Section 4.06(d), documents or reports that the Company is required to “file”
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not
include documents or reports, or portions thereof, that the Company furnishes to
the Commission pursuant to Section 13 or 15(d) of the Exchange Act.

31 

(e) If,
and for so long as, the restrictive legend on the Notes specified in Section
2.05(c) has not been removed, the Notes are assigned a restricted CUSIP or the
Notes are not otherwise freely tradable pursuant to Rule 144 by Holders (other
than the Company’s Affiliates or Holders that were the Company’s Affiliates at
any time during the three months immediately preceding) (without restrictions
pursuant to U.S. securities laws or the terms of this Indenture or the Notes),
as of the 365th day after the last date of original issuance of the
Notes, the Company shall pay Additional Interest on the Notes at a rate equal to
0.50% per annum of the principal amount of Notes outstanding until the
restrictive legend on the Notes has been removed in accordance with Section
2.05(c), the Notes are assigned an unrestricted CUSIP and the Notes are freely
tradable pursuant to Rule 144 by Holders (other than the Company’s Affiliates or
Holders that were the Company’s Affiliates at any time during the three months
immediately preceding) without restrictions pursuant to U.S. securities laws or
the terms of this Indenture or the Notes.

(f) Additional Interest will be payable in arrears on each Interest Payment
Date following accrual in the same manner as regular interest on the
Notes.

(g) The
Additional Interest that is payable in accordance with Section 4.06(d) or
Section 4.06(e) shall be in addition to, and not in lieu of, any Additional
Interest that may be payable as a result of the Company’s election pursuant to
Section 6.03; provided that, at no such
time shall Additional Interest on the Notes accrue at a rate in excess of 1.00%
per annum. 

(h) If
Additional Interest is payable by the Company pursuant to Section 4.06(d) or
Section 4.06(e), the Company shall deliver to the Trustee an Officer’s
Certificate to that effect stating (i) the amount of such Additional Interest
that is payable and (ii) the date on which such Additional Interest is payable.
Unless and until a Responsible Officer of the Trustee receives at the Corporate
Trust Office such a certificate, the Trustee may assume without inquiry that no
such Additional Interest is payable. If the Company has paid Additional Interest
directly to the Persons entitled to it, the Company shall deliver to the Trustee
an Officer’s Certificate setting forth the particulars of such payment.

Section 4.07. Stay, Extension and Usury Laws. The Company covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law or other law that would prohibit or forgive the Company from paying
all or any portion of the principal of or interest on the Notes as contemplated
herein, wherever enacted, now or at any time hereafter in force, or that may
affect the covenants or the performance of this Indenture; and the Company (to
the extent it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not, by resort to any such
law, hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted. 

Section 4.08. Compliance Certificate; Statements as to
Defaults. The Company shall
deliver to the Trustee within 120 days after the end of each fiscal year of the
Company (beginning with the fiscal year ending on October 1, 2017) an Officer’s
Certificate that need not comply with Section 17.05 stating whether the signer
thereof has knowledge of any Default by the Company during such preceding fiscal
year and, if so, specifying each such Default and the nature thereof.

In addition, the Company shall
deliver to the Trustee within 45 days after the occurrence of any Event of
Default or Default, an Officer’s Certificate setting forth the details of such
Event of Default or Default, its status and the action that the Company is
taking or proposing to take in respect thereof. 

32 

Section 4.09. Further Instruments and Acts. Upon request of the Trustee, the Company will
execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purposes of
this Indenture. 

Section 4.10. Limitation on Liens. For so long as substantially comparable covenants
are provided for the benefit of any of the Company’s outstanding debt with which
the Notes rank equally, the Company shall not at any time create, incur, assume
or suffer to exist, and shall not cause, suffer or permit a Restricted
Subsidiary to create, incur, assume or suffer to exist, any Secured Debt without
making effective provision (and the Company covenants that in such case it will
make or cause to be made effective provision) whereby the Notes then outstanding
shall be secured equally and ratably with such Secured Debt, so long as such
Secured Debt shall exist; provided, however, that this Section 4.10 shall not prevent any of the following:

(a) Secured Debt existing at the date of this Indenture; 

(b) (i)
any mortgage, security interest, pledge, lien or encumbrance on any property
hereafter acquired (including acquisition through merger or consolidation) or
constructed by the Company or a Restricted Subsidiary and created
contemporaneously with, or within 365 calendar days after, such acquisition or
the completion of such construction to secure or provide for the payment of all
or any part of the purchase price of such property or the cost of construction
thereof, as the case may be; or (ii) any mortgage on property (including any
unimproved portion of partially improved property) of the Company or a
Restricted Subsidiary created within 365 calendar days of completion of
construction of a new plant or plants on such property to secure all or part of
the cost of such construction; or (iii) the acquisition of property subject to
any mortgage, security interest, pledge, lien or encumbrance upon such property
existing at the time of acquisition thereof, whether or not assumed by the
Company or such Restricted Subsidiary; 

(c) liens
on Capital Stock hereafter acquired by the Company or any Restricted Subsidiary,
provided, that, the aggregate cost to the Company and its
Restricted Subsidiaries of all Capital Stock subject to such liens does not
exceed 15% of Consolidated Net Tangible Assets; 

(d) any
mortgage, security interest, pledge, lien or encumbrance: (i) securing
indebtedness of a corporation which is a successor to the Company to the extent
permitted by Article 11; or (ii) securing indebtedness of a Restricted
Subsidiary outstanding at the time it became a Restricted Subsidiary; or (iii)
securing indebtedness of any Person outstanding at the time it is merged with,
or all or substantially all of its properties are acquired by, the Company or
any Restricted Subsidiary, provided, that, such
mortgage, security interest, pledge, lien or encumbrance does not extend to any
other properties of the Company or any Restricted Subsidiary; or (iv) existing
on the property or on the outstanding shares or indebtedness of a Person at the
time it becomes a Restricted Subsidiary; or (v) created, incurred or assumed in
connection with any industrial revenue bond, pollution control bond or similar
financing arrangement between the Company or any Restricted Subsidiary and any
federal, state or municipal government or other governmental body or agency;

(e) any
mortgage, security interest, pledge, lien or encumbrance created in connection
with any extension, renewal or refunding (or successive extensions, renewals or
refundings), in whole or in part, of any indebtedness secured by a mortgage,
security interest, pledge, lien or encumbrance permitted by the foregoing provisions of this Section 4.10
upon the same property theretofore subject thereto (plus improvements on such property), provided, that, the amount
of such indebtedness outstanding at that time shall not be increased;

33 

(f) liens,
pledges or deposits made in connection with contracts (which term includes
subcontracts under such contracts) with or made at the request of the United
States or any department or agency thereof, insofar as such liens, pledges or
deposits relate to property manufactured, installed or constructed by or to be
supplied by, or property furnished to, the Company or a Restricted Subsidiary
pursuant to, or to enable the performance of, such contracts, or property the
manufacture, installation, construction or acquisition of which is financed
pursuant to, or to enable the performance of, such contracts; or deposits or
liens, made pursuant to such contracts, of or upon moneys advanced or paid
pursuant to, or in accordance with the provisions of, such contracts, or of or
upon any materials or supplies acquired for the purpose of the performance of
such contracts; or the assignment or pledge, to the extent permitted by law, of
the right, title and interest of the Company or a Restricted Subsidiary in and
to any such contract, or in and to any payments due or to become due thereunder,
to secure indebtedness incurred for funds or other property supplied,
constructed or installed for or in connection with the performance by the
Company or such Restricted Subsidiary of its obligations under such contracts;

(g) mechanics’, materialmen’s, carriers’ or other like liens, and pledges or
deposits made in the ordinary course of business to obtain the release of any
such liens or the release of property in the possession of a common carrier;
good faith deposits in connection with tenders, leases of real estate or bids or
contracts (other than contracts involving the borrowing of money); pledges or
deposits to secure public or statutory obligations; deposits to secure (or in
lieu of) surety, stay, appeal or customs bonds; and deposits to secure the
payment of taxes, assessments, customs duties or other similar charges;

(h) any
mortgage, security interest, pledge, lien or encumbrance arising by reason of
deposits with, or the giving of any form of security to, any governmental agency
or any body created or approved by law or governmental regulation, which is
required by law or governmental regulation as a condition to the transaction of
any business, or the exercise of any privilege or license, or to enable the
Company or a Restricted Subsidiary to maintain self-insurance or to participate
in any arrangements established by law to cover any insurance risks or in
connection with workmen’s compensation, unemployment insurance, old age
pensions, social security or similar matters; 

(i) the
liens of taxes, assessments or other governmental charges or levies not at the
time due, or the validity of which is being contested in good faith; 

(j) judgment liens, so long as the finality of such judgment is being
contested in good faith and execution thereon is stayed; 

(k) easements or similar encumbrances, the existence of which does not impair
the use of the property subject thereto for the purposes for which it is held or
was acquired; 

(l) the
landlord’s interest under any lease of property;

34 

(m) leases
granted to others in the ordinary course of business; 

(n) Sale
and Lease-Back Transactions to the extent permitted by Section 4.11; and

(o) contracts for the manufacture, construction, installation or supply of
property, products or services providing for a mortgage, security interest,
pledge, lien or encumbrance upon advance, progress or partial payments made
pursuant to such contracts and upon any material or supplies acquired,
manufactured, constructed, installed or supplied in connection with the
performance of such contracts to secure such advance, progress or partial
payments. 

Notwithstanding the foregoing
provisions of this Section 4.10, the Company and any one or more Restricted
Subsidiaries may create, incur, assume or suffer to exist Secured Debt which
would otherwise be subject to the foregoing restrictions in an aggregate amount
which, together with all other Secured Debt of the Company and its Restricted
Subsidiaries which would otherwise be subject to the foregoing restrictions (not
including Secured Debt permitted under subparagraphs Section 4.10(a) through
Section 4.10(o) above) and the aggregate value of the Sale and Lease-Back
Transactions in existence at such time (not including Sale and Lease-Back
Transactions the proceeds of which have been or will be applied in accordance
with Section 4.11(b)), does not at the time exceed 15% of Consolidated Net
Tangible Assets. 

Section 4.11. Limitations on Sale and Lease-back.
For so long as substantially
comparable covenants are provided for the benefit of any of the Company’s
outstanding debt with which the Notes rank equally, the Company will not, and
will not permit any Restricted Subsidiary to, sell or transfer (except to the
Company or one or more Restricted Subsidiaries, or both) any Principal Property
owned by it and which has been in full operation for more than 180 days prior to
such sale or transfer with the intention (i) of taking back a lease on such
property, except a lease for a temporary period (not exceeding 36 months), and
(ii) that the use by the Company or such Restricted Subsidiary of such property
will be discontinued on or before the expiration of the term of such lease (any
such transaction being herein referred to as a “Sale and Lease-Back Transaction”), unless: 

(a) the
Company or such Restricted Subsidiary would be entitled, pursuant to the
provisions of Section 4.10 hereof, to incur Secured Debt equal in amount to the
amount realized or to be realized upon such sale or transfer secured by a
mortgage on the property to be leased without equally and ratably securing the
Notes; or 

(b) the
Company or a Restricted Subsidiary shall, within 180 days of the effective date
of any such transaction, apply an amount equal to the value of the property so
leased (i) to the retirement (other than any mandatory retirement) of
Consolidated Funded Debt or indebtedness then outstanding of the Company or any
Restricted Subsidiary that was Funded Debt at the time it was created (other
than Consolidated Funded Debt or such other indebtedness owned by the Company or
any Restricted Subsidiary), or (ii) to the purchase of Principal Property having
a value at least equal to the value of such property; provided, however, that the amount to be so applied pursuant to the
preceding clause Section 4.11(b)(i) or Section 4.11(b)(ii) shall be reduced by
(A) the principal amount of any Notes delivered within 180 days of the effective
date of any such transaction to the Trustee for retirement and cancellation, and
(B) the principal amount of Consolidated Funded Debt or indebtedness that was
Funded Debt at the time it was created (other than Notes) retired by the Company or a Restricted Subsidiary
within 180 days of the effective date of any such transaction;
or

35 

(c) the
Sale and Lease-Back Transaction involved was an industrial revenue bond,
pollution control bond or similar financing arrangement between the Company or
any Restricted Subsidiary and any federal, state or municipal government or
other governmental body or agency. 

The term “value” shall mean, with respect to a Sale and Lease-Back Transaction, as of
any particular time, the amount equal to the greater of (i) the net proceeds of
the sale of the property leased pursuant to such Sale and Lease-Back Transaction
and (ii) the fair value of such property at the time of entering into such Sale
and Lease-Back Transaction, as determined by the Board of Directors or the Chief
Financial Officer of the Company, in either case, divided first by the number of full years of the term of the lease and then
multiplied by the number of full years of such term remaining
at the time of determination, without regard to any renewal or extension options
contained in the lease. 

Section 4.12. Limitations on Change in Subsidiary Status.
The Company may designate any
Subsidiary as an Unrestricted Subsidiary or as a Restricted Subsidiary, subject
to the provisions set forth below: 

(a) the
Company will not permit any Subsidiary to be designated as an Unrestricted
Subsidiary unless at the time of such designation the Subsidiary so designated
does not own, directly or indirectly, any Capital Stock of any Restricted
Subsidiary or any Funded Debt or Secured Debt of the Company or any Restricted
Subsidiary; 

(b) the
Company will not permit any Restricted Subsidiary to be designated as, or
otherwise to become, an Unrestricted Subsidiary unless immediately after such
Restricted Subsidiary becomes an Unrestricted Subsidiary, no Event of Default,
and no event which, after notice or lapse of time or both, would become an Event
of Default, shall exist; 

(c) the
Company will not permit any Unrestricted Subsidiary to be designated as a
Restricted Subsidiary unless immediately after such Unrestricted Subsidiary
becomes a Restricted Subsidiary, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall exist;
and 

(d) promptly after the designation of any Subsidiary as an Unrestricted
Subsidiary or as a Restricted Subsidiary, there shall be filed with the Trustee,
an Officer’s Certificate stating that the provisions of this Section 4.12 have
been complied with in connection with such designation, 

provided that the Company shall not permit ArvinMeritor Receivables Corporation
(or any other special purpose entity established for the purpose of purchasing
receivables in connection with a receivables securitization transaction that is
party to a Permitted Domestic Receivables Financing (as defined in the Senior
Secured Credit Facility)) to be designated as a “Restricted Subsidiary” pursuant
to this Indenture for so long as the Company shall be restricted from so doing
by the Senior Secured Credit Facility. 

36 

Section 4.13. Additional Subsidiary Guarantors.
If, and for so long as, any
Wholly Owned Subsidiary of the Company is a guarantor of the Senior Secured
Credit Facility, the Company shall cause such Wholly Owned Subsidiary to provide
a guarantee of the Company’s obligations under this Indenture and the Notes by
executing, and delivering to the Trustee, a supplement to the Subsidiary
Guaranty in the form attached thereto as Annex I within 30 days of the date on
which it becomes a guarantor of the Senior Secured Credit Facility. 

ARTICLE 5
Lists of Holders and Reports by the Company and the Trustee

Section 5.01. Lists of Holders. The Company covenants and agrees that it will
furnish or cause to be furnished to the Trustee, semi-annually, not more than 30
days after April 1 and October 1 in each year beginning with April 1, 2018, and
at such other times as the Trustee may request in writing, within 30 days after
receipt by the Company of any such request (or such lesser time as the Trustee
may reasonably request in order to enable it to timely provide any notice to be
provided by it hereunder), a list in such form as the Trustee may reasonably
require of the names and addresses of the Holders as of a date not more than 15
days (or such other date as the Trustee may reasonably request in order to so
provide any such notices) prior to the time such information is furnished,
except that no such list need be furnished so long as the Trustee is acting as
Note Registrar. 

Section 5.02. Preservation and Disclosure of Lists.
The Trustee shall preserve, in as
current a form as is reasonably practicable, all information as to the names and
addresses of the Holders contained in the most recent list furnished to it as
provided in Section 5.01 or maintained by the Trustee in its capacity as Note
Registrar, if so acting. The Trustee may destroy any list furnished to it as
provided in Section 5.01 upon receipt of a new list so furnished. 

ARTICLE 6
Defaults and Remedies

Section 6.01. Events of Default. Each of the following events shall be an
“Event of Default” with respect to the Notes: 

(a) default in any payment of interest on any Note when due and payable, and
the default continues for a period of 30 days; 

(b) default in the payment of principal of any Note when due and payable on
the Maturity Date, upon Optional Redemption, upon any required repurchase, upon
declaration of acceleration or otherwise; 

(c) failure by the Company to comply with its obligation to convert the Notes
in accordance with this Indenture upon exercise of a Holder’s conversion right
and such failure continues for a period of two Business Days; 

37 

(d) failure by the Company to issue a Fundamental Change Company Notice in
accordance with Section 15.02(c), notice of a Make-Whole Fundamental Change in
accordance with Section 14.03(b) or notice of a specified corporate event in
accordance with Section 14.01(b)(ii) or 14.01(b)(iii), in each case when due;

(e) failure by the Company to comply with its obligations under Article 11;

(f) failure by the Company for 90 days after written notice from the Trustee
or the Holders of at least 25% in principal amount of the Notes then outstanding
to the Company and the Trustee has been received by the Company to comply with
any of its other agreements contained in the Notes or this Indenture;

(g) default by the Company or any Subsidiary of the Company with respect to
any mortgage, agreement or other instrument under which there may be
outstanding, or by which there may be secured or evidenced, any indebtedness for
money borrowed in excess of $35,000,000 (or its foreign currency equivalent) in
the aggregate of the Company and/or any such Subsidiary, whether such
indebtedness now exists or shall hereafter be created (i) resulting in such
indebtedness becoming or being declared due and payable or (ii) constituting a
failure to pay the principal or interest of any such debt when due and payable
at its stated maturity, upon required repurchase, upon declaration of
acceleration or otherwise, in each case, if such default is not cured or waived,
or such acceleration is not rescinded, within 30 days after written notice to
the Company by the Trustee or to the Company and the Trustee by Holders of at
least 25% in aggregate principal amount of the Notes then outstanding, in
accordance with the terms of this Indenture; 

(h) a
final judgment or judgments for the payment of $35,000,000 (or its foreign
currency equivalent) or more (excluding any amounts covered by insurance) in the
aggregate rendered against the Company or any Subsidiary of the Company, which
judgment is not discharged, bonded, paid, waived or stayed within 60 days after
(i) the date on which the right to appeal thereof has expired if no such appeal
has commenced, or (ii) the date on which all rights to appeal have been
extinguished; 

(i) the
Company or any Significant Subsidiary shall commence a voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
the Company or any such Significant Subsidiary or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or any such Significant Subsidiary or any
substantial part of its property, or shall consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against it, or shall make a general assignment for
the benefit of creditors, or shall fail generally to pay its debts as they
become due;

(j) an
involuntary case or other proceeding shall be commenced against the Company or
any Significant Subsidiary seeking liquidation, reorganization or other relief
with respect to the Company or such Significant Subsidiary or its debts under
any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such
involuntary case or other proceeding shall remain undismissed and unstayed for a
period of 30 consecutive days; or 

38 

(k) except
as permitted in this Indenture, any Subsidiary Guaranty shall be held in any
judicial proceeding to be unenforceable or invalid or shall cease for any reason
to be in full force and effect, or any Subsidiary Guarantor, or any Person
acting on its behalf, shall deny or disaffirm its obligation under the
Subsidiary Guaranty. 

Section 6.02. Acceleration; Rescission and
Annulment. If one or more Events
of Default shall have occurred and be continuing (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body), then,
and in each and every such case (other than an Event of Default specified in
Section 6.01(i) or Section 6.01(j) with respect to the Company), unless the
principal of all of the Notes shall have already become due and payable, either
the Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding, by notice in writing to the Company (and to the Trustee
if given by Holders), may declare 100% of the principal of, and accrued and
unpaid interest on, all the Notes to be due and payable immediately, and upon
any such declaration the same shall become and shall automatically be
immediately due and payable, anything contained in this Indenture or in the
Notes to the contrary notwithstanding. If an Event of Default specified in
Section 6.01(i) or Section 6.01(j) with respect to the Company occurs and is
continuing, 100% of the principal of, and accrued and unpaid interest, if any,
on, all Notes shall become and shall automatically be immediately due and
payable.

The immediately preceding
paragraph, however, is subject to the conditions that if, at any time after the
principal of the Notes shall have been so declared due and payable, and before
any judgment or decree for the payment of the monies due shall have been
obtained or entered as hereinafter provided, the Company shall pay or shall
deposit with the Trustee a sum sufficient to pay installments of accrued and
unpaid interest upon all Notes and the principal of any and all Notes that shall
have become due otherwise than by acceleration (with interest on such overdue
installments of accrued and unpaid interest, to the extent that payment of such
interest is enforceable under applicable law, and on such principal at the rate
borne by the Notes, plus 1.00%) and amounts
due to the Trustee pursuant to Section 7.06, and if (1) rescission would not
conflict with any judgment or decree of a court of competent jurisdiction and
(2) any and all existing Events of Default under this Indenture, other than the
nonpayment of the principal of and accrued and unpaid interest, if any, on Notes
that shall have become due solely by such acceleration, shall have been cured or
waived pursuant to Section 6.09, then and in every such case (except as provided
in the immediately succeeding sentence) the Holders of a majority in aggregate
principal amount of the Notes then outstanding, by written notice to the Company
and to the Trustee, may waive all existing and past Defaults or Events of
Default with respect to the Notes and rescind and annul such declaration and its
consequences and such Default or Event of Default, as applicable, shall cease to
exist, and, in the case of a Default, any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture; but no
such waiver or rescission and annulment shall extend to or shall affect any
subsequent Default or Event of Default, or shall impair any right consequent
thereon. Notwithstanding anything to the contrary herein, no such waiver or
rescission and annulment shall extend to or shall affect any Default or Event of
Default resulting from (i) the nonpayment of the principal of, or accrued
and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a
failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes.

39 

Section 6.03. Additional Interest. Notwithstanding anything in this Indenture or in
the Notes to the contrary, to the extent the Company elects, the sole remedy for
an Event of Default relating to the Company’s failure to comply with its
obligations as set forth in Section 4.06(b) shall after the occurrence of such
an Event of Default consist exclusively of the right to receive Additional
Interest on the Notes at a rate equal to 0.50% per annum of the principal amount
of the Notes outstanding for each day during the 270-day period on which such
Event of Default is continuing beginning on, and including, the date on which
such an Event of Default first occurs and ending on, but excluding, the date on
which such Event of Default is cured. Additional Interest payable pursuant to
this Section 6.03 shall be in addition to, not in lieu of, any Additional
Interest payable pursuant to Section 4.06(d) or Section 4.06(e); provided that, at no time shall Additional Interest on the Notes accrue at a rate
in excess of 1.00% per annum. If the Company so elects, such Additional Interest
shall be payable in the same manner and on the same dates as the stated interest
payable on the Notes. On the 271st day after such Event of Default (if the Event
of Default relating to the Company’s failure to file is not cured or waived
prior to such 271st day), the Notes shall be immediately subject to acceleration
by either the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding, by notice in writing to the Company (and
to the Trustee if given by Holders), as provided in Section 6.02. The provisions
of this paragraph will not affect the rights of Holders of Notes in the event of
the occurrence of any Event of Default other than the Company’s failure to
comply with its obligations as set forth in Section 4.06(b). In the event the
Company does not elect to pay Additional Interest following an Event of Default
in accordance with this Section 6.03 or the Company elected to make such payment
but does not pay the Additional Interest when due, the Notes shall be
immediately subject to acceleration by either the Trustee or the Holders of at
least 25% in aggregate principal amount of the Notes then outstanding, by notice
in writing to the Company (and to the Trustee if given by Holders), as provided
in Section 6.02. 

In order to elect to pay
Additional Interest as the sole remedy during the first 270 days after the
occurrence of any Event of Default described in the immediately preceding
paragraph, the Company must notify all Holders of the Notes, the Trustee and the
Paying Agent (if other than the Trustee, the Company or a Subsidiary of the
Company) of such election prior to the beginning of such 270-day period. Upon
the failure to timely give such notice, the Notes shall be immediately subject
to acceleration by either the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding, by notice in writing
to the Company (and to the Trustee if given by Holders), as provided in Section
6.02. If Additional Interest is payable on the Notes, the Company shall provide
an Officer’s Certificate to the Trustee and to the Paying Agent (if other than
the Trustee, the Company or a Subsidiary of the Company) prior to the time such
Additional Interest is payable setting forth the amount of such Additional
Interest in reasonable detail. Neither the Trustee nor the Paying Agent shall
have any responsibility or liability for the determination, verification or
calculation of any Additional Interest.

40 

Section 6.04. Payments of Notes on Default; Suit Therefor.
If an Event of Default described
in clause (a) or (b) of Section 6.01 shall have occurred and be continuing, the
Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit
of the Holders of the Notes, the whole amount
then due and payable on the Notes for principal and interest, if any, with
interest on any overdue principal and interest, if any, at the rate borne by the
Notes at such time, plus 1.00%, and, in
addition thereto, such further amount as shall be sufficient to cover any
amounts due to the Trustee under Section 7.06. If the Company shall fail to pay
such amounts forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, may prosecute such proceeding to
judgment or final decree and may enforce the same against the Company or any
other obligor upon the Notes and collect the moneys adjudged or decreed to be
payable in the manner provided by law out of the property of the Company or any
other obligor upon the Notes, wherever situated. 

In the event there shall be
pending proceedings for the bankruptcy or for the reorganization of the Company
or any other obligor on the Notes under Title 11 of the United States Code, or
any other applicable law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall
have been appointed for or taken possession of the Company or such other
obligor, the property of the Company or such other obligor, or in the event of
any other judicial proceedings relative to the Company or such other obligor
upon the Notes, or to the creditors or property of the Company or such other
obligor, the Trustee, irrespective of whether the principal of the Notes shall
then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the
provisions of this Section 6.04, shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or
claims for the whole amount of principal and accrued and unpaid interest, if
any, in respect of the Notes, and, in case of any judicial proceedings, to file
such proofs of claim and other papers or documents and to take such other
actions as it may deem necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the
Holders allowed in such judicial proceedings relative to the Company or any
other obligor on the Notes, its or their creditors, or its or their property,
and to collect and receive any monies or other property payable or deliverable
on any such claims, and to distribute the same after the deduction of any
amounts due to the Trustee under Section 7.06; and any receiver, assignee or
trustee in bankruptcy or reorganization, liquidator, custodian or similar
official is hereby authorized by each of the Holders to make such payments to
the Trustee, as administrative expenses, 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 reasonable compensation, expenses, advances
and disbursements, including agents and counsel fees, and including any other
amounts due to the Trustee under Section 7.06, incurred by it up to the date of
such distribution. To the extent that such payment of reasonable compensation,
expenses, advances and disbursements out of the estate in any such proceedings
shall be denied for any reason, payment of the same shall be secured by a lien
on, and shall be paid out of, any and all distributions, dividends, monies,
securities and other property that the Holders of the Notes may be entitled to
receive in such proceedings, whether in liquidation or under any plan of
reorganization or arrangement or otherwise. The Trustee may, on behalf of the
Holders, vote for the election of a trustee in bankruptcy or similar official
and be a member of a creditors’ committee or other similar committee.

41 

Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting such Holder or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding. 

All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be
enforced by the Trustee without the possession of any of the Notes, or the
production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Notes. 

In any proceedings brought by
the Trustee (and in any proceedings involving the interpretation of any
provision of this Indenture to which the Trustee shall be a party) the Trustee
shall be held to represent all the Holders of the Notes, and it shall not be
necessary to make any Holders of the Notes parties to any such proceedings.

In case the Trustee shall have
proceeded to enforce any right under this Indenture and such proceedings shall
have been discontinued or abandoned because of any waiver pursuant to Section
6.09 or any rescission and annulment pursuant to Section 6.02 or for any other
reason or shall have been determined adversely to the Trustee, then and in every
such case the Company, the Holders and the Trustee shall, subject to any
determination in such proceeding, be restored respectively to their several
positions and rights hereunder, and all rights, remedies and powers of the
Company, the Holders and the Trustee shall continue as though no such proceeding
had been instituted. 

Section 6.05. Application of Monies Collected by Trustee.
Any monies or properties
collected by the Trustee pursuant to this Article 6, and after an Event of
Default any money or other property distributable in respect of the Company’s
obligations under this Indenture, with respect to the Notes shall be applied in
the following order, at the date or dates fixed by the Trustee for the
distribution of such monies, upon presentation of the several Notes, and
stamping thereon the payment, if only partially paid, and upon surrender
thereof, if fully paid: 

First, to the payment of all amounts due the Trustee
under Section 7.06; 

Second, in case the principal of the outstanding Notes
shall not have become due and be unpaid, to the payment of interest on, and any
cash due upon conversion of, the Notes in default in the order of the date due
of the payments of such interest and cash due upon conversion, as the case may
be, with interest (to the extent that such interest has been collected by the
Trustee) upon such overdue payments at the rate borne by the Notes at such time,
plus 1.00%, such payments to be made ratably to the
Persons entitled thereto;

42 

Third, in case the principal of the outstanding Notes
shall have become due, by declaration or otherwise, and be unpaid to the payment
of the whole amount (including, if applicable, the payment of the Redemption
Price, the Repurchase Price and the Fundamental Change Repurchase Price and any
cash due upon conversion) then owing and unpaid upon the Notes for principal and
interest, if any, with interest on the overdue principal and, to the extent that
such interest has been collected by the Trustee, upon overdue installments of
interest at the rate borne by the Notes at such time plus 1.00%, and, in case such monies shall be insufficient to pay in full the
whole amounts so due and unpaid upon the Notes, then to the payment of such
principal (including, if applicable, the Redemption Price, the Repurchase Price
and the Fundamental Change Repurchase Price and any cash due upon conversion)
and interest without preference or priority of principal over interest, or of
interest over principal or of any installment of interest over any other
installment of interest, or of any Note over any other Note, ratably to the
aggregate of such principal (including, if applicable, the Redemption Price, the
Repurchase Price and the Fundamental Change Repurchase Price and any cash due
upon conversion) and accrued and unpaid interest; and 

Fourth, to the payment of the remainder, if any, to the
Company. 

Section 6.06. Proceedings by Holders. Except to enforce the right to receive payment of
principal (including, if applicable, the Redemption Price, the Repurchase Price
and the Fundamental Change Repurchase Price) or interest when due, or the right
to receive payment or delivery of the consideration due upon conversion, no
Holder of any Note shall have any right by virtue of or by availing of any
provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture, or for the
appointment of a receiver, trustee, liquidator, custodian or other similar
official, or for any other remedy hereunder, unless:

(a) such
Holder previously shall have given to the Trustee written notice of an Event of
Default and of the continuance thereof, as herein provided; 

(b) Holders of at least 25% in aggregate principal amount of the Notes then
outstanding shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder; 

(c) such
Holders shall have offered to the Trustee such security or indemnity reasonably
satisfactory to it against any loss, liability or expense to be incurred therein
or thereby; 

(d) the
Trustee for 60 days after its receipt of such notice, request and offer of such
security or indemnity, shall have neglected or refused to institute any such
action, suit or proceeding; and

(e) no
direction that, in the opinion of the Trustee, is inconsistent with such written
request shall have been given to the Trustee by the Holders of a majority of the
aggregate principal amount of the Notes then outstanding within such 60-day
period pursuant to Section 6.09,

it being understood and
intended, and being expressly covenanted by the taker and Holder of every Note
with every other taker and Holder and the Trustee that no one or more Holders
shall have any right in any manner whatever by virtue of or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holder, or to obtain or seek to obtain priority over or preference to any
other such Holder, or to enforce any right under this Indenture, except in the
manner herein provided and for the equal, ratable and common benefit of all
Holders (except as otherwise provided herein). For the protection and
enforcement of this Section 6.06, each and every Holder and the Trustee shall be
entitled to such relief as can be given either at law or in equity. 

43 

Notwithstanding any other
provision of this Indenture and any provision of any Note, each Holder shall
have the right to receive payment or delivery, as the case may be, of (x) the
principal of, (y) accrued and unpaid interest, if any, on, and (z) the
consideration due upon conversion of, such Note, on or after the respective due
dates expressed or provided for in such Note or in this Indenture, or to
institute suit for the enforcement of any such payment or delivery, as the case
may be. 

Section 6.07. Proceedings by Trustee. In case of an Event of Default, the Trustee may in
its discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as are necessary to protect
and enforce any of such rights, either by suit in equity or by action at law or
by proceeding in bankruptcy or otherwise, whether for the specific enforcement
of any covenant or agreement contained in this Indenture or in aid of the
exercise of any power granted in this Indenture, or to enforce any other legal
or equitable right vested in the Trustee by this Indenture or by law.

Section 6.08. Remedies Cumulative and Continuing.
Except as provided in the last
paragraph of Section 2.06, all powers and remedies given by this Article 6 to
the Trustee or to the Holders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any thereof or of any other powers and remedies
available to the Trustee or the Holders of the Notes, by judicial proceedings or
otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture, and no delay or omission of the Trustee
or of any Holder of any of the Notes to exercise any right or power accruing
upon any Default or Event of Default shall impair any such right or power, or
shall be construed to be a waiver of any such Default or Event of Default or any
acquiescence therein; and, subject to the provisions of Section 6.06, every
power and remedy given by this Article 6 or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as shall be deemed
expedient, by the Trustee or by the Holders. 

44 

Section 6.09. Direction of Proceedings and Waiver of Defaults
by Majority of Holders. The Holders of a majority of
the aggregate principal amount of the Notes at the time outstanding shall have
the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law
or with this Indenture, and (b) the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction. The Trustee
may refuse to follow any direction that it determines is unduly prejudicial to
the rights of any other Holder (it being understood that the Trustee does not
have an affirmative duty to ascertain whether or not any such directions are
unduly prejudicial to such Holders) or that would involve the Trustee in
personal liability. The Holders of a majority in aggregate principal amount of
the Notes at the time outstanding may on behalf of the Holders of all of the
Notes waive any existing or past Default or Event of Default hereunder and its
consequences except (i) a default in the payment of accrued and unpaid interest,
if any, on, or the principal (including any Redemption Price, the Repurchase Price and any
Fundamental Change Repurchase Price) of, the Notes when due that has not been
cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company
to pay or deliver, as the case may be, the consideration due upon conversion of
the Notes or (iii) a default in respect of a covenant or provision hereof which
under Article 10 cannot be modified or amended without the consent of each
Holder of an outstanding Note affected. Upon any such waiver, the Company, the
Trustee and the Holders of the Notes shall be restored to their former positions
and rights hereunder; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereon. Whenever any
Default or Event of Default hereunder shall have been waived as permitted by
this Section 6.09, said Default or Event of Default shall for all purposes of
the Notes and this Indenture be deemed to have been cured and to be not
continuing; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereon. 

Section 6.10. Notice of Defaults. The Trustee shall, within 90 days after the
occurrence and continuance of a Default of which a Responsible Officer has
actual knowledge, deliver to all Holders notice of all Defaults known to a
Responsible Officer, unless such Defaults shall have been cured or waived before
the giving of such notice; provided that, except in
the case of a Default in the payment of the principal of, or accrued and unpaid
interest on, any of the Notes or a Default in the payment or delivery of the
consideration due upon conversion, the Trustee shall be protected in withholding
such notice if and so long as a committee of Responsible Officers of the Trustee
in good faith determines that the withholding of such notice is in the interests
of the Holders. 

Section 6.11. Undertaking to Pay Costs. All parties to this Indenture agree, and each
Holder of any Note by its acceptance thereof shall be deemed to have agreed,
that any court may, in its discretion, require, in any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such
party litigant; provided that the
provisions of this Section 6.11 (to the extent permitted by law) shall not apply
to any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than 10% in principal amount of
the Notes at the time outstanding, or to any suit instituted by any Holder for
the enforcement of the payment of the principal of or accrued and unpaid
interest, if any, on any Note (including, but not limited to, the Redemption
Price, the Repurchase Price or the Fundamental Change Repurchase Price, if
applicable) on or after the due date expressed or provided for in such Note or
to any suit for the enforcement of the right to convert any Note, or receive the
consideration due upon conversion, in accordance with the provisions of Article
14. 

45 

ARTICLE 7 
Concerning the Trustee

Section 7.01. Duties and Responsibilities of Trustee.
The Trustee, prior to the
occurrence of an Event of Default and after the curing or waiver of all Events
of Default that may have occurred, undertakes
to perform such duties and only such duties as are specifically set forth in
this Indenture. In the event an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs. 

No provision of this Indenture
shall be construed to relieve the Trustee from liability for its own grossly
negligent action, its own grossly negligent failure to act or its own willful
misconduct, except that: 

(a) prior
to the occurrence of an Event of Default and after the curing or waiving of all
Events of Default that may have occurred: 

(i) the
duties and obligations of the Trustee shall be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 

(ii) in the
absence of bad faith, gross negligence and willful misconduct on the part of the
Trustee, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but, in the case of any such certificates or opinions that by any
provisions hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of any mathematical calculations or other facts stated
therein); 

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

(c) the
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders of not
less than a majority of the aggregate principal amount of the Notes at the time
outstanding relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee, under this Indenture; 

(d) whether or not therein provided, every provision of this Indenture
relating to the conduct or affecting the liability of, or affording protection
to, the Trustee shall be subject to the provisions of this Section 7.01;

(e) the
Trustee shall not be liable in respect of any payment (as to the correctness of
amount, entitlement to receive or any other matters relating to payment) or
notice effected by the Company or any Paying Agent (other than the Trustee) or
any records maintained by any co-Note Registrar with respect to the
Notes;

46 

(f) if any
party fails to deliver a notice relating to an event the fact of which, pursuant
to this Indenture, requires notice to be sent to the Trustee, the Trustee may
conclusively rely on its failure to receive such notice as reason to act as if
no such event occurred, unless a Responsible Officer of the Trustee had actual
knowledge of such event; 

(g) in the
absence of written investment direction from the Company, all cash received by
the Trustee shall be placed in a non-interest bearing trust account, and in no
event shall the Trustee be liable for the selection of investments or for
investment losses incurred thereon or for losses incurred as a result of the
liquidation of any such investment prior to its maturity date or the failure of
the party directing such investments prior to its maturity date or the failure
of the party directing such investment to provide timely written investment
direction, and the Trustee shall have no obligation to invest or reinvest any
amounts held hereunder in the absence of such written investment direction from
the Company; and 

(h) in the
event that the Trustee is also acting as Custodian, Note Registrar, Paying
Agent, Conversion Agent or transfer agent hereunder, the rights, privileges,
immunities, benefits and protections, including without limitation its right to
be compensated, reimbursed, and indemnified, afforded to the Trustee pursuant to
this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying
Agent, Conversion Agent or transfer agent. 

None of the provisions
contained in this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur personal financial liability in the performance of any
of its duties or in the exercise of any of its rights or powers. The Trustee
shall not be required to give any bond or surety in respect of the performance
of its powers or duties hereunder. 

Section 7.02. Reliance on Documents, Opinions, Etc.
Except as otherwise provided in
Section 7.01: 

(a) the
Trustee may conclusively rely and shall be fully protected in acting upon any
resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, bond, note, coupon or other paper or document (whether
in its original or facsimile form) believed by it in good faith to be genuine
and to have been signed or presented by the proper party or parties; 

(b) any
request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Company Order or an Officer’s Certificate (unless
other evidence in respect thereof be herein specifically prescribed); and any
Board Resolution may be evidenced to the Trustee by a copy thereof certified by
the Secretary or an Assistant Secretary of the Company; 

(c) the
Trustee may consult with counsel and require an Opinion of Counsel and any
advice of such counsel or Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or omitted by it
hereunder in good faith and in accordance with such advice or Opinion of
Counsel; 

47 

(d) the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture or other paper or
document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the expense of the Company
and shall incur no liability of any kind by reason of such inquiry or
investigation;

(e) the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, custodians, nominees or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent, custodian, nominee or attorney appointed by
it with due care hereunder; and 

(f) the
permissive rights of the Trustee enumerated herein shall not be construed as
duties. 

In no event shall the Trustee
be liable for any special, indirect, punitive or consequential loss or damage of
any kind whatsoever (including but not limited to lost profits), even if the
Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action. The Trustee shall not be charged with knowledge of any
Default or Event of Default with respect to the Notes, unless either (1) a
Responsible Officer shall have actual knowledge of such Default or Event of
Default or (2) written notice of such Default or Event of Default shall have
been given to the Trustee at the Corporate Trust Office by the Company or by any
Holder of the Notes and such notice references the Notes and this Indenture. The
Trustee will be under no obligation to exercise any of the rights or powers
under this Indenture at the request or direction of the Holders unless such
Holders have offered to the Trustee indemnity or security reasonably
satisfactory to it against any loss, liability or expense that might be incurred
by it in compliance with such request or direction. The Trustee shall not be
liable for any action it takes or omits to take in good faith that it believes
to be authorized or within the rights or powers conferred upon it by this
Indenture. The Trustee may request that the Company provide in writing the names
of individuals and/or titles of officers authorized at such time to furnish the
Trustee with Officer’s Certificates, Company Orders and any other matters or
directions pursuant to this Indenture, and the Trustee may conclusively rely
thereon. 

Section 7.03. No Responsibility for Recitals, Etc.
The recitals contained herein and
in the Notes (except in the Trustee’s certificate of authentication) shall be
taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no
representations as to and shall not be responsible for the validity or
sufficiency of this Indenture or of the Notes or of any Subsidiary Guaranty or
the Common Stock issuable upon conversion of the Notes. The Trustee shall not be
accountable for the use or application by the Company of any Notes or the
proceeds of any Notes authenticated and delivered by the Trustee in conformity
with the provisions of this Indenture or any money paid to the Company or upon
the Company’s direction under any provision of this Indenture. The Trustee
(including in its capacities as Conversion Agent, Paying Agent or Note
Registrar) shall have no responsibility to determine the Last Reported Sale
Price, the Trading Price, any Settlement Amount, the Conversion Rate or whether
any adjustments to the Conversion Rate are required, or whether the Notes are
convertible. The Trustee (including in its capacities as Conversion Agent,
Paying Agent or Note Registrar) shall have no responsibility to determine if a
Fundamental Change has occurred or if Additional Interest is payable. The
Trustee makes no representations as to and shall not be responsible for
any statement or recital herein or any statement in the Offering Memorandum or
any other document prepared or distributed in connection with the sale of the
Notes.

48 

Section 7.04. Trustee, Paying Agents, Conversion Agents, Bid
Solicitation Agent or Note Registrar May Own Notes. The Trustee, any Paying Agent (if other than the
Company or any Subsidiary thereof), any Conversion Agent, the Bid Solicitation
Agent (if other than the Company or any Subsidiary thereof) or any Note
Registrar, in its individual or any other capacity, may become the owner or
pledgee of Notes and may deal with the Company and the Subsidiary Guarantors
with the same rights it would have if it were not the Trustee, Paying Agent,
Conversion Agent, Bid Solicitation Agent or Note Registrar. 

Section 7.05. Monies and Shares of Common Stock to Be Held in
Trust. All monies and shares of
Common Stock received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received. Money
and shares of Common Stock held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money or shares of Common Stock
received by it hereunder except as may be agreed in writing from time to time by
the Company and the Trustee. 

Section 7.06. Compensation and Expenses of Trustee.
The Company covenants and agrees
to pay to the Trustee from time to time, and the Trustee shall be entitled to,
reasonable compensation for all services rendered by it hereunder in any
capacity (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) as mutually agreed to in writing
between the Trustee and the Company, and the Company will pay or reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances
reasonably incurred or made by the Trustee in accordance with any of the
provisions of this Indenture in any capacity thereunder (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel and of all Persons not regularly in its employ) except any such expense,
disbursement or advance as shall have been caused by its gross negligence,
willful misconduct or bad faith. The Company also covenants to indemnify the
Trustee in any capacity under this Indenture and any other document or
transaction entered into in connection herewith and its agents and any
authenticating agent for, and to hold them harmless against, any loss, claim,
damage, liability or expense incurred without gross negligence, willful
misconduct or bad faith on the part of the Trustee, its officers, directors,
agents or employees, or such agent or authenticating agent, as the case may be,
and arising out of or in connection with the acceptance or administration of
this Indenture and the performance of its duties hereunder or in any other
capacity hereunder, including the costs and expenses of enforcing this Indenture
(including this Section 7.06), the Notes and the Subsidiary Guarantees and of
defending themselves against any claim of liability in the premises (whether
asserted by any Holder, the Company or otherwise). The Trustee shall notify the
Company promptly of any claim for which it may seek indemnity of which it has
received written notice. Failure by the Trustee to so notify the Company shall
not relieve the Company of its obligations hereunder. The obligations of the
Company under this Section 7.06 to compensate or indemnify the Trustee and to
pay or reimburse the Trustee for expenses, disbursements and advances shall be
secured by a senior claim to which the Notes are hereby made subordinate on all
money or property held or collected by the Trustee, except, subject to the
effect of Section 6.05, funds held in trust herewith for the benefit of
the Holders of particular Notes. The Trustee’s right to receive payment of any
amounts due under this Section 7.06 shall not be subordinate to any other
liability or indebtedness of the Company. The obligation of the Company under
this Section 7.06 shall survive the satisfaction and discharge of this Indenture
and the earlier resignation or removal of the Trustee. The Company need not pay
for any settlement made without its consent, which consent shall not be
unreasonably withheld. The indemnification provided in this Section 7.06 shall
extend to the officers, directors, agents and employees of the Trustee.

49 

Without prejudice to any other
rights available to the Trustee under applicable law, when the Trustee and its
agents and any authenticating agent incur expenses or render services after an
Event of Default specified in Section 6.01(i) or Section 6.01(j) occurs, the
expenses and the compensation for the services are intended to constitute
expenses of administration under any bankruptcy, insolvency or similar laws.

“Bad faith” for purposes of
this Section 7.06 shall not apply to any act or omission of the Trustee taken
pursuant to any Company Order, Company Notice, Officer’s Certificate, Opinion of
Counsel, or any other notice, request or direction delivered by the Company to
the Trustee pursuant to this Indenture. 

Section 7.07. Officer’s Certificate as Evidence.
Except as otherwise provided in
Section 7.01, whenever in the administration of the provisions of this Indenture
the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or omitting any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of gross negligence, willful misconduct and bad faith on the
part of the Trustee, be deemed to be conclusively proved and established by an
Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate,
in the absence of gross negligence, willful misconduct and bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action taken or
omitted by it under the provisions of this Indenture upon the faith thereof.

Section 7.08. Eligibility of Trustee. There shall at all times be a Trustee hereunder
which shall be a Person that is eligible pursuant to the Trust Indenture Act (as
if the Trust Indenture Act were applicable hereto) to act as such and has a
combined capital and surplus of at least $50,000,000. If such Person publishes
reports of condition at least annually, pursuant to law or to the requirements
of any supervising or examining authority, then for the purposes of this Section
7.08, the combined capital and surplus of such Person shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 7.08, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

Section 7.09. Resignation or Removal of Trustee.
(a) The Trustee may at any time
resign by giving 30 days’ written notice of such resignation to the Company and
by delivering notice thereof to the Holders. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor trustee. If no successor trustee
shall have been so appointed and have accepted appointment within 60 days after
the giving of such notice of resignation to the Holders, the resigning Trustee
may, upon ten Business Days’ notice to the Company
and the Holders, petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Holder who has been a bona fide
holder of a Note or Notes for at least six months (or since the date of this
Indenture) may, subject to the provisions of Section 6.11, on behalf of himself
or herself and all others similarly situated, petition any such court for the
appointment of a successor trustee. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, appoint a successor trustee.

50 

(b) In
case at any time any of the following shall occur: 

(i) the
Trustee shall cease to be eligible in accordance with the provisions of Section
7.08 and shall fail to resign after written request therefor by the Company or
by any such Holder, or 

(ii) the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, 

then, in either case, the
Company may remove the Trustee and appoint a successor trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the
provisions of Section 6.11, any Holder who has been a bona fide holder of a Note
or Notes for at least six months (or since the date of this Indenture) may, on
behalf of himself or herself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a
successor trustee. 

(c) The
Holders of a majority in aggregate principal amount of the Notes at the time
outstanding may at any time upon 30 days’ written notice remove the Trustee and
nominate a successor trustee that shall be deemed appointed as successor trustee
unless within 10 days after notice to the Company of such nomination the Company
objects thereto, in which case the Trustee so removed or any Holder, upon the
terms and conditions and otherwise as in Section 7.09(a) provided, may petition
any court of competent jurisdiction for an appointment of a successor trustee.

(d) Any
resignation or removal of the Trustee and appointment of a successor trustee
pursuant to any of the provisions of this Section 7.09 shall become effective
upon acceptance of appointment by the successor trustee as provided in Section
7.10. 

Section 7.10. Acceptance by Successor Trustee.
Any successor trustee appointed
as provided in Section 7.09 shall execute, acknowledge and deliver to the
Company and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee
shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally
named as Trustee herein; but, nevertheless, on the written request of the
Company or of the successor trustee, the trustee ceasing to act shall, upon
payment of any amounts then due it pursuant to the provisions of
Section 7.06, execute and deliver an instrument transferring to such successor
trustee all the rights and powers of the trustee so ceasing to act. Upon request
of any such successor trustee, the Company shall execute any and all instruments
in writing for more fully and certainly vesting in and confirming to such
successor trustee all such rights and powers. Any trustee ceasing to act shall,
nevertheless, retain a senior claim to which the Notes are hereby made
subordinate on all money or property held or collected by such trustee as such,
except for funds held in trust for the benefit of Holders of particular Notes,
to secure any amounts then due it pursuant to the provisions of Section 7.06.

51 

No successor trustee shall
accept appointment as provided in this Section 7.10 unless at the time of such
acceptance such successor trustee shall be eligible under the provisions of
Section 7.08. 

Upon acceptance of appointment
by a successor trustee as provided in this Section 7.10, each of the Company and
the successor trustee, at the written direction and at the expense of the
Company shall deliver or cause to be delivered notice of the succession of such
trustee hereunder to the Holders. If the Company fails to deliver such notice
within 10 days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be delivered at the expense of the
Company. 

Section 7.11. Succession by Merger, Etc. Any corporation or other entity into which the
Trustee may be merged or converted or with which it may be consolidated, or any
corporation or other entity resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation or other
entity succeeding to all or substantially all of the corporate trust business of
the Trustee (including the administration of this Indenture), shall be the
successor to the Trustee hereunder without the execution or filing of any paper
or any further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity succeeding to all or
substantially all of the corporate trust business of the Trustee such
corporation or other entity shall be eligible under the provisions of Section
7.08. 

In case at the time such
successor to the Trustee shall succeed to the trusts created by this Indenture,
any of the Notes shall have been authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee or authenticating agent appointed by such predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any
of the Notes shall not have been authenticated, any successor to the Trustee or
an authenticating agent appointed by such successor trustee may authenticate
such Notes either in the name of any predecessor trustee hereunder or in the
name of the successor trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of
authentication of any predecessor trustee or to authenticate Notes in the name
of any predecessor trustee shall apply only to its successor or successors by
merger, conversion or consolidation. 

Section 7.12. Trustee’s Application for Instructions from the
Company. Any application by the
Trustee for written instructions from the Company (other than with regard to any
action proposed to be taken or omitted to be taken by the Trustee that affects
the rights of the Holders of the Notes under this Indenture) may, at the option
of the Trustee, set forth in writing any action proposed to be taken or
omitted by the Trustee under this Indenture and the date on and/or after which
such action shall be taken or such omission shall be effective. The Trustee
shall not be liable to the Company for any action taken by, or omission of, the
Trustee in accordance with a proposal included in such application on or after
the date specified in such application (which date shall not be less than three
Business Days after the date any officer that the Company has indicated to the
Trustee should receive such application actually receives such application,
unless any such officer shall have consented in writing to any earlier date),
unless, prior to taking any such action (or the effective date in the case of
any omission), the Trustee shall have received written instructions in
accordance with this Indenture in response to such application specifying the
action to be taken or omitted. 

52 

ARTICLE 8
Concerning the Holders

Section 8.01. Action by Holders. Whenever in this Indenture it is provided that the
Holders of a specified percentage of the aggregate principal amount of the Notes
may take any action (including the making of any demand or request, the giving
of any notice, consent or waiver or the taking of any other action), the fact
that at the time of taking any such action, the Holders of such specified
percentage have joined therein may be evidenced (a) by any instrument or any
number of instruments of similar tenor executed by Holders in person or by agent
or proxy appointed in writing, or (b) by the record of the Holders voting in
favor thereof at any meeting of Holders duly called and held in accordance with
the provisions of Article 9, or (c) by a combination of such instrument or
instruments and any such record of such a meeting of Holders. Whenever the
Company or the Trustee solicits the taking of any action by the Holders of the
Notes, the Company or the Trustee may, but shall not be required to, fix in
advance of such solicitation, a date as the record date for determining Holders
entitled to take such action. The record date if one is selected shall be not
more than 15 days prior to the date of commencement of solicitation of such
action. 

Section 8.02. Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section
7.02 and Section 9.05, proof of the execution of any instrument by a Holder or
its agent or proxy shall be sufficient if made in accordance with such
reasonable rules and regulations as may be prescribed by the Trustee or in such
manner as shall be satisfactory to the Trustee. The holding of Notes shall be
proved by the Note Register or by a certificate of the Note Registrar. The
record of any Holders’ meeting shall be proved in the manner provided in Section
9.06. 

Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating
agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem
the Person in whose name a Note shall be registered upon the Note Register to
be, and may treat it as, the absolute owner of such Note (whether or not such
Note shall be overdue and notwithstanding any notation of ownership or other
writing thereon made by any Person other than the Company or any Note Registrar)
for the purpose of receiving payment of or on account of the principal
(including any Redemption Price, the Repurchase Price and any Fundamental Change
Repurchase Price) of and (subject to Section 2.03) accrued and unpaid interest
on such Note, for conversion of such Note and for all other purposes; and
neither the Company nor the Trustee nor any Paying Agent
nor any Conversion Agent nor any Note Registrar shall be affected by any notice
to the contrary. All such payments or deliveries so made to any Holder for the
time being, or upon its order, shall be valid, and, to the extent of the sums or
shares of Common Stock so paid or delivered, effectual to satisfy and discharge
the liability for monies payable or shares deliverable upon any such Note.
Notwithstanding anything to the contrary in this Indenture or the Notes
following an Event of Default, any holder of a beneficial interest in a Global
Note may directly enforce against the Company, without the consent,
solicitation, proxy, authorization or any other action of the Depositary or any
other Person, such holder’s right to exchange such beneficial interest for a
Note in certificated form in accordance with the provisions of this Indenture.

53 

Section 8.04. Company-Owned Notes Disregarded.
In determining whether the
Holders of the requisite aggregate principal amount of Notes have concurred in
any direction, consent, waiver or other action under this Indenture, Notes that
are owned by the Company, by any Subsidiary thereof or by any Affiliate of the
Company or any Subsidiary thereof shall be disregarded and deemed not to be
outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, consent, waiver or other action only
Notes that a Responsible Officer knows are so owned shall be so disregarded.
Notes so owned that have been pledged in good faith may be regarded as
outstanding for the purposes of this Section 8.04 if the pledgee shall establish
to the satisfaction of the Trustee the pledgee’s right to so act with respect to
such Notes and that the pledgee is not the Company, a Subsidiary thereof or an
Affiliate of the Company or a Subsidiary thereof. In the case of a dispute as to
such right, any decision by the Trustee taken upon the advice of counsel shall
be full protection to the Trustee. Upon request of the Trustee, the Company
shall furnish to the Trustee promptly an Officer’s Certificate listing and
identifying all Notes, if any, known by the Company to be owned or held by or
for the account of any of the Company, a Subsidiary thereof or an Affiliate of
the Company or a Subsidiary thereof; and, subject to Section 7.01, the Trustee
shall be entitled to accept such Officer’s Certificate as conclusive evidence of
the facts therein set forth and of the fact that all Notes not listed therein
are outstanding for the purpose of any such determination. 

Section 8.05. Revocation of Consents; Future Holders Bound.
At any time prior to (but not
after) the evidencing to the Trustee, as provided in Section 8.01, of the taking
of any action by the Holders of the percentage of the aggregate principal amount
of the Notes specified in this Indenture in connection with such action, any
Holder of a Note that is shown by the evidence to be included in the Notes the
Holders of which have consented to such action may, by filing written notice
with the Trustee at its Corporate Trust Office and upon proof of holding as
provided in Section 8.02, revoke such action so far as concerns such Note.
Except as aforesaid, any such action taken by the Holder of any Note shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of such Note and of any Notes issued in exchange or substitution therefor or
upon registration of transfer thereof, irrespective of whether any notation in
regard thereto is made upon such Note or any Note issued in exchange or
substitution therefor or upon registration of transfer thereof. 

54 

ARTICLE 9 
HOLDERS’ MEETINGS 

Section 9.01. Purpose of Meetings. A meeting of Holders may be called at any time and
from time to time pursuant to the provisions of this Article 9 for any of the
following purposes: 

(a) to
give any notice to the Company or to the Trustee or to give any directions to
the Trustee permitted under this Indenture, or to consent to the waiving of any
Default or Event of Default hereunder (in each case, as permitted under this
Indenture) and its consequences, or to take any other action authorized to be
taken by Holders pursuant to any of the provisions of Article 6; 

(b) to
remove the Trustee and nominate a successor trustee pursuant to the provisions
of Article 7; 

(c) to
consent to the execution of an indenture or indentures supplemental hereto
pursuant to the provisions of Section 10.02; or 

(d) to
take any other action authorized to be taken by or on behalf of the Holders of
any specified aggregate principal amount of the Notes under any other provision
of this Indenture or under applicable law. 

Section 9.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of
Holders to take any action specified in Section 9.01, to be held at such time
and at such place as the Trustee shall determine. Notice of every meeting of the
Holders, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting and the establishment of
any record date pursuant to Section 8.01, shall be delivered to Holders of such
Notes. Such notice shall also be delivered to the Company. Such notices shall be
delivered not less than 20 nor more than 60 days prior to the date fixed for the
meeting. 

Any meeting of Holders shall
be valid without notice if the Holders of all Notes then outstanding are present
in person or by proxy or if notice is waived before or after the meeting by the
Holders of all Notes then outstanding, and if the Company and the Trustee are
either present by duly authorized representatives or have, before or after the
meeting, waived notice. 

Section 9.03. Call of Meetings by Company or Holders.
In case at any time the Company,
pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate
principal amount of the Notes then outstanding, shall have requested the Trustee
to call a meeting of Holders, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting, and the Trustee shall not
have delivered the notice of such meeting within 20 days after receipt of such
request, then the Company or such Holders may determine the time and the place
for such meeting and may call such meeting to take any action authorized in
Section 9.01, by delivering notice thereof as provided in Section 9.02.

Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders a
Person shall (a) be a Holder of one or more Notes on the record date pertaining
to such meeting or (b) be a Person appointed by an instrument in writing as
proxy by a Holder of one or more Notes on
the record date pertaining to such meeting. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders shall be the
Persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel. 

55 

Section 9.05. Regulations. Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders, in regard to proof of the holding of Notes
and of the appointment of proxies, and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall think fit. 

The Trustee shall, by an
instrument in writing, appoint a temporary chairman of the meeting, unless the
meeting shall have been called by the Company or by Holders as provided in
Section 9.03, in which case the Company or the Holders calling the meeting, as
the case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of
the Holders of a majority in aggregate principal amount of the Notes represented
at the meeting and entitled to vote at the meeting. 

Subject to the provisions of
Section 8.04, at any meeting of Holders each Holder or proxyholder shall be
entitled to one vote for each $1,000 principal amount of Notes held or
represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any
Note challenged as not outstanding and ruled by the chairman of the meeting to
be not outstanding. The chairman of the meeting shall have no right to vote
other than by virtue of Notes held by it or instruments in writing as aforesaid
duly designating it as the proxy to vote on behalf of other Holders. Any meeting
of Holders duly called pursuant to the provisions of Section 9.02 or Section
9.03 may be adjourned from time to time by the Holders of a majority of the
aggregate principal amount of Notes represented at the meeting, whether or not
constituting a quorum, and the meeting may be held as so adjourned without
further notice. 

Section 9.06. Voting. The vote upon any resolution submitted to any meeting of Holders shall be
by written ballot on which shall be subscribed the signatures of the Holders or
of their representatives by proxy and the outstanding aggregate principal amount
of the Notes held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Holders shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes
on any vote by ballot taken thereat and affidavits by one or more Persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was delivered as provided in Section 9.02. The record
shall show the aggregate principal amount of the Notes voting in favor of or
against any resolution. The record shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the Company and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. 

56 

Any record so signed and
verified shall be conclusive evidence of the matters therein stated. 

Section 9.07. No Delay of Rights by Meeting. Nothing contained in this Article 9 shall be
deemed or construed to authorize or permit, by reason of any call of a meeting
of Holders or any rights expressly or impliedly conferred hereunder to make such
call, any hindrance or delay in the exercise of any right or rights conferred
upon or reserved to the Trustee or to the Holders under any of the provisions of
this Indenture or of the Notes. 

ARTICLE 10 
SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures Without Consent of
Holders. The Company, the
Subsidiary Guarantors (solely in respect of Section 10.01(c)) and the Trustee,
at the Company’s expense, may from time to time and at any time enter into an
indenture or indentures supplemental hereto for one or more of the following
purposes: 

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

(b) to
provide for the assumption by a Successor Company of the obligations of the
Company under this Indenture pursuant to Article 11; 

(c) to add
guarantees with respect to the Notes;

(d) to
secure the Notes;

(e) to
provide for the issuance of additional Notes; 

(f) to add
to the covenants or Events of Default of the Company for the benefit of the
Holders or surrender any right or power conferred upon the Company; 

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

(h) in
connection with any Merger Event, to provide that the notes are convertible into
Reference Property, subject to the provisions of Section 14.02, and make such
related changes to the terms of the Notes to the extent expressly required by
Section 14.07; or 

(i) to
conform the provisions of this Indenture or the Notes to the “Description of
Notes” section of the Offering Memorandum as evidenced in an Officer’s
Certificate. 

Upon the written request of
the Company, the Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall
not be obligated to, but may in its discretion, enter into any supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise. 

57 

Any supplemental indenture
authorized by the provisions of this Section 10.01 may be executed by the
Company, the applicable Subsidiary Guarantor and the Trustee without the consent
of the Holders of any of the Notes at the time outstanding, notwithstanding any
of the provisions of Section 10.02. 

Any supplemental indenture for
the purpose of permitting guarantees with respect to the Notes to be added may
be signed by the Company, the Subsidiaries or other entities providing the
guarantee, and the Trustee; provided that a
supplemental indenture for such purpose shall not be required where a Wholly
Owned Subsidiary of the Company shall have provided a guarantee in accordance
with Section 4.13 hereof. 

Section 10.02. Supplemental Indentures with Consent of Holders.
With the consent (evidenced as
provided in Article 8) of the Holders of at least a majority of the aggregate
principal amount of the Notes then outstanding (including, without limitation,
consents obtained in connection with a repurchase of, or tender or exchange
offer for, Notes), the Company and the Trustee, at the Company’s expense, may
from time to time and at any time enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or any
supplemental indenture or of modifying in any manner the rights of the Holders;
provided, however, that, without the
consent of each Holder of an outstanding Note affected, no such supplemental
indenture shall: 

(a) reduce
the amount of Notes whose Holders must consent to an amendment;

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

(c) reduce
the principal of or extend the Maturity Date of any Note;

(d) make
any change that adversely affects the conversion rights of any Notes;

(e) reduce
the Redemption Price, the Repurchase Price payable on the Repurchase Date or the
Fundamental Change Repurchase Price of any Note or amend or modify in any manner
adverse to the Holders the Company’s obligation to make such payments, whether
through an amendment or waiver of provisions in this Indenture or otherwise;

(f) make
any Note payable in a currency, or at a place of payment, other than that stated
in the Note; 

(g) change
the ranking of the Notes; or 

(h) make
any change in this Article 10 that requires each Holder’s consent or in the
waiver provisions in Section 6.02 or Section 6.09. 

Upon the written request of
the Company, and upon the filing with the Trustee of evidence of the consent of
Holders as aforesaid and subject to Section 10.05, the Trustee shall join with
the Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture. 

58 

Holders do not need under this
Section 10.02 to approve the particular form of any proposed supplemental
indenture. It shall be sufficient if such Holders approve the substance thereof.
After any such supplemental indenture becomes effective, the Company shall
deliver to the Holders a notice briefly describing such supplemental indenture.
However, the failure to give such notice to all the Holders, or any defect in
the notice, will not impair or affect the validity of the supplemental
indenture. 

Section 10.03. Effect of Supplemental Indentures.
Upon the execution of any
supplemental indenture pursuant to the provisions of this Article 10, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitation of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company, the Subsidiary
Guarantors (to the extent applicable) and the Holders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes. 

Section 10.04. Notation on Notes. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to the provisions of this
Article 10 may, at the Company’s expense, bear a notation in form approved by
the Trustee as to any matter provided for in such supplemental indenture. If the
Company or the Trustee shall so determine, new Notes so modified as to conform,
in the opinion of the Trustee and the Board of Directors, to any modification of
this Indenture contained in any such supplemental indenture may, at the
Company’s expense, be prepared and executed by the Company, authenticated by the
Trustee (or an authenticating agent duly appointed by the Trustee pursuant to
Section 17.10) and delivered in exchange for the Notes then outstanding, upon
surrender of such Notes then outstanding. 

Section 10.05. Evidence of Compliance of Supplemental Indenture
to Be Furnished Trustee. In
addition to the documents required by Section 17.05, the Company shall deliver
to the Trustee an Officer’s Certificate and an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant hereto complies with
the requirements of this Article 10, is permitted or authorized by this
Indenture, and constitutes the valid and legally binding obligation of the
Company and the Subsidiary Guarantor (in the case of a supplemental indenture
pursuant to Section 10.01(c)) in accordance with its terms, and that all
conditions precedent with respect to any such supplemental indenture have been
met or waived. The Trustee shall be fully protected in relying upon the
documents required by Section 17.05, any Officer’s Certificate and any Opinion
of Counsel described in the preceding sentence. 

59 

ARTICLE 11 
CONSOLIDATION, MERGER,
SALE, CONVEYANCE AND LEASE 

Section 11.01. Company May Consolidate, Etc. on Certain Terms.
Subject to the provisions of
Section 11.02, the Company shall not consolidate with, merge with or into, or
sell, convey, transfer or lease all or substantially all of its
properties and assets to another Person, unless: 

(a) the
resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be a corporation
organized and existing under the laws of the United States of America, any State
thereof or the District of Columbia, and the Successor Company (if not the
Company) shall expressly assume, by supplemental indenture all of the
obligations of the Company under the Notes and this Indenture; and 

(b) immediately after giving effect to such transaction, no Default or Event
of Default shall have occurred and be continuing under this Indenture.

For purposes of this Section
11.01, the sale, conveyance, transfer or lease of all or substantially all of
the properties and assets of one or more Subsidiaries of the Company to another
Person, which properties and assets, if held by the Company instead of such
Subsidiaries, would constitute all or substantially all of the properties and
assets of the Company on a consolidated basis, shall be deemed to be the sale,
conveyance, transfer or lease of all or substantially all of the properties and
assets of the Company to another Person. 

Section 11.02. Successor Corporation to Be Substituted.
In case of any such consolidation
or merger, or sale, conveyance, transfer or lease of all or substantially all of
the Company’s properties and assets to another Person and upon the assumption by
the Successor Company, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the due and punctual payment
of the principal of and accrued and unpaid interest on all of the Notes, the due
and punctual delivery or payment, as the case may be, of any consideration due
upon conversion of the Notes and the due and punctual performance of all of the
covenants and conditions of this Indenture to be performed by the Company, such
Successor Company (if not the Company) shall succeed to and, except in the case
of a lease of all or substantially all of the Company’s properties and assets,
shall be substituted for the Company, with the same effect as if it had been
named herein as the party of the first part. Such Successor Company thereupon
may cause to be signed, and may issue either in its own name or in the name of
the Company any or all of the Notes issuable hereunder which theretofore shall
not have been signed by the Company and delivered to the Trustee; and, upon the
order of such Successor Company instead of the Company and subject to all the
terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver, or cause to be authenticated and
delivered, any Notes that previously shall have been signed and delivered by any
Officer of the Company to the Trustee for authentication, and any Notes that
such Successor Company thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Notes so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Notes theretofore or
thereafter issued in accordance with the terms of this Indenture as though all
of such Notes had been issued at the date of the execution hereof. In the event
of any such consolidation or merger, or sale, conveyance or transfer of all or
substantially all of the Company’s properties and assets (but not in the case of
a lease of all or substantially all of the Company’s properties and assets) to
another Person, upon compliance with this Article 11 the Person named as the
“Company” in the first paragraph of this Indenture (or any successor that shall
thereafter have become such in the manner prescribed in this Article 11) shall
be released from its liabilities as obligor
and maker of the Notes and from its obligations under this Indenture and the
Notes and may be dissolved, wound up and liquidated at any time thereafter.

60 

In case of any such
consolidation, merger, sale, conveyance, transfer or lease, such changes in
phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate. 

Section 11.03. Opinion of Counsel to Be Given to Trustee.
No such consolidation, merger,
sale, conveyance, transfer or lease shall be effective unless the Trustee shall
receive an Officer’s Certificate and an Opinion of Counsel, each to the effect
that any such consolidation, merger, sale, conveyance, transfer or lease and any
such assumption and, if a supplemental indenture is required in connection with
such transaction, such supplemental indenture, complies with the provisions of
this Article 11. 

ARTICLE 12 
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 

Section 12.01. Indenture and Notes Solely Corporate
Obligations. No recourse for the
payment of the principal of or accrued and unpaid interest on any Note, nor for
any claim based thereon or otherwise in respect thereof, and no recourse under
or upon any obligation, covenant or agreement of the Company in this Indenture
or in any supplemental indenture or in any Note, nor because of the creation of
any indebtedness represented thereby, shall be had against any incorporator,
stockholder, employee, agent, Officer or director or Subsidiary, as such, past,
present or future, of the Company or of any successor corporation, either
directly or through the Company or any successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise; it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of the Notes.

ARTICLE 13 
INTENTIONALLY OMITTED

ARTICLE 14 
CONVERSION OF NOTES

Section 14.01. Conversion Privilege. (a) Subject to and upon compliance with the
provisions of this Article 14, each Holder of a Note shall have the right, at
such Holder’s option, to convert all or any portion (if the portion to be
converted is $1,000 principal amount or an integral multiple thereof) of such
Note (i) subject to satisfaction of the conditions described in Section
14.01(b), at any time prior to the close of business on the Business Day
immediately preceding July 15, 2037, other than during the Uniform Conversion
Period, under the circumstances and during the periods set forth in Section
14.01(b), and (ii) regardless of the conditions described in Section 14.01(b),
at any time during the Uniform Conversion Period, and at any time during the Maturity Conversion Period,
in each case, at an initial conversion rate of 25.0474 shares of Common Stock
(subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject
to, and in accordance with, the settlement provisions of Section 14.02, the
“Conversion
Obligation”). 

61 

(b) (i)
Prior to the close of business on the Business Day immediately preceding July
15, 2037, a Holder may surrender all or any portion (if the portion to be
converted is $1,000 principal amount or an integral multiple thereof) of its
Notes for conversion at any time during the five Business Day period immediately
after any five consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal
amount of Notes, as determined following a request by a Holder of Notes in
accordance with this subsection (b)(i), for each Trading Day of the Measurement
Period was less than 98% of the product of the Last Reported Sale Price of the
Common Stock on each such Trading Day and the Conversion Rate on each such
Trading Day. The Trading Prices shall be determined by the Bid Solicitation
Agent pursuant to this subsection (b)(i) and the definition of Trading Price set
forth in this Indenture. The Company shall provide written notice to the Bid
Solicitation Agent (if other than the Company) of the three independent
nationally recognized securities dealers selected by the Company pursuant to the
definition of Trading Price, along with appropriate contact information for
each. The Bid Solicitation Agent (if other than the Company) shall have no
obligation to determine the Trading Price per $1,000 principal amount of Notes
unless the Company has requested such determination, and the Company shall have
no obligation to make such request (or, if the Company is acting as Bid
Solicitation Agent, the Company shall have no obligation to determine the
Trading Price per $1,000 principal amount of Notes) unless a Holder provides the
Company with reasonable evidence that the Trading Price per $1,000 principal
amount of Notes on any Trading Day would be less than 98% of the product of the
Last Reported Sale Price of the Common Stock on such Trading Day and the
Conversion Rate on such Trading Day, at which time and upon such reasonable
evidence, the Company shall instruct the Bid Solicitation Agent (if other than
the Company) to determine, or if the Company is acting as Bid Solicitation
Agent, the Company shall determine, the Trading Price per $1,000 principal
amount of Notes beginning on the next Trading Day and on each successive Trading
Day until the Trading Price per $1,000 principal amount of Notes is greater than
or equal to 98% of the product of the Last Reported Sale Price of the Common
Stock and the Conversion Rate. If (x) the Company is not acting as Bid
Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent
to determine the Trading Price per $1,000 principal amount of Notes when
obligated as provided in the preceding sentence, or if the Company instructs the
Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to
make such determination, or (y) the Company is acting as Bid Solicitation Agent
and the Company fails to make such determination when obligated as provided in
the preceding sentence, then, in either case, the Trading Price per $1,000
principal amount of Notes shall be deemed to be less than 98% of the product of
the Last Reported Sale Price of the Common Stock and the Conversion Rate on each
Trading Day of such failure. If the Trading Price condition set forth above has
been met, the Company shall so notify the Holders, the Trustee and the
Conversion Agent (if other than the Trustee) within one Business Day of such
Trading Price condition being met. If, at any time after the Trading Price
condition set forth above has been met, the Trading Price per $1,000 principal
amount of Notes is greater than or equal to 98% of the product of the Last
Reported Sale Price of the Common Stock and the Conversion Rate for such date,
the Company shall so notify the Holders of the Notes, the Trustee and the Conversion Agent (if other than the
Trustee) within one Business Day of such date. For the avoidance of doubt, each
Holder of the Notes shall have the right, at such Holder’s option, to convert
all or any portion (if the portion to be converted is $1,000 principal amount or
an integral multiple thereof) of such Note without regard to the condition in
this Section 14.01(b)(i) during the Uniform Conversion Period.

62 

(ii) If,
prior to the close of business on the Business Day immediately preceding July
15, 2037, the Company elects to: 

(A) issue
to all or substantially all holders of the Common Stock any rights, options or
warrants entitling them, for a period of not more than 45 calendar days after
the announcement date of such issuance, to subscribe for or purchase shares of
the Common Stock at a price per share that is less than the average of the Last
Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day
period ending on, and including, the Trading Day immediately preceding the date
of announcement of such issuance; or 

(B) distribute to all or substantially all holders of the Common Stock the
Company’s assets, securities or rights to purchase securities of the Company,
which distribution has a per share value, as reasonably determined by the
Company in good faith and in a commercially reasonable manner, exceeding 10% of
the Last Reported Sale Price of the Common Stock on the Trading Day preceding
the date of announcement for such distribution, 

then, in either case, the
Company shall notify all Holders of the Notes, the Trustee and the Conversion
Agent (if other than the Trustee) at least 25 Scheduled Trading Days prior to
the Ex-Dividend Date for such issuance or distribution. Once the Company has
given such notice, a Holder may surrender all or any portion (if the portion to
be converted is $1,000 principal amount or an integral multiple thereof) of its
Notes for conversion at any time until the earlier of (1) the close of business
on the Business Day immediately preceding the Ex-Dividend Date for such issuance
or distribution and (2) the Company’s announcement that such issuance or
distribution will not take place, in each case, even if the Notes are not
otherwise convertible at such time. For the avoidance of doubt, each Holder of
the Notes shall have the right, at such Holder’s option, to convert all or any
portion (if the portion to be converted is $1,000 principal amount or an
integral multiple thereof) of such Note without regard to the condition in this
Section 14.01(b)(ii) during the Uniform Conversion Period. 

(iii) If a
transaction or event that constitutes a Fundamental Change or a Make-Whole
Fundamental Change occurs prior to the close of business on the Business Day
immediately preceding July 15, 2037, regardless of whether a Holder has the
right to require the Company to repurchase the Notes pursuant to Section 15.02,
or if the Company is a party to a consolidation, merger, binding share exchange,
or transfer or lease of all or substantially all of its assets that occurs prior
to the close of business on the Business Day immediately preceding July 15,
2037, in each case, pursuant to which the Common Stock would be converted into
cash, securities or other assets, all or any portion of a Holder’s Notes may be
surrendered for conversion at any time from or after the date that is 25
Scheduled Trading Days prior to the anticipated effective date of the
transaction (or, if later, the earlier of
(x) the Business Day after the Company gives notice of such transaction and (y)
the actual effective date of such transaction) until the earlier of (A) the date
which is 35 Trading Days after the actual effective date of such transaction
(or, if such transaction constitutes a Fundamental Change, until the related
Fundamental Change Repurchase Date) and (B) the date on which the Company
announces that the transaction will not be consummated. The Company shall notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) (x) as
promptly as practicable following the date the Company publicly announces such
transaction but in no event less than 25 Scheduled Trading Days prior to the
anticipated effective date of such transaction or (y) if the Company does not
have knowledge of such transaction at least 25 Scheduled Trading Days prior to
the anticipated effective date of such transaction, within one Business Day of
the date upon which the Company receives notice, or otherwise becomes aware, of
such transaction, but in no event later than the actual effective date of such
transaction. For the avoidance of doubt, each Holder of the Notes shall have the
right, at such Holder’s option, to convert all or any portion (if the portion to
be converted is $1,000 principal amount or an integral multiple thereof) of such
Note without regard to the condition in this Section 14.01(b)(iii) during the
Uniform Conversion Period. 

63 

(iv) Prior
to the close of business on the Business Day immediately preceding July 15,
2037, a Holder may surrender all or any portion (if the portion to be converted
is $1,000 principal amount or an integral multiple thereof) of its Notes for
conversion at any time during any calendar quarter commencing after the calendar
quarter ending on December 31, 2017 (and only during such calendar quarter), if
the Last Reported Sale Price of the Common Stock for at least 20 Trading Days
(whether or not consecutive) during the period of 30 consecutive Trading Days
ending on, and including, the last Trading Day of the immediately preceding
calendar quarter is greater than or equal to 130% of the Conversion Price on
each applicable Trading Day. The Company shall determine at the beginning of
each calendar quarter commencing after December 31, 2017 whether the Notes may
be surrendered for conversion in accordance with this clause (iv) and shall
notify the Trustee and the Conversion Agent in writing if the Notes become
convertible in accordance with this clause (iv). Such written notice may be
shared by the Trustee or Conversion Agent with the Holders upon request. For the
avoidance of doubt, each Holder of the Notes shall have the right, at such
Holder’s option, to convert all or any portion (if the portion to be converted
is $1,000 principal amount or an integral multiple thereof) of such Note without
regard to the condition in this Section 14.01(b)(iv) during the Uniform
Conversion Period. 

(v) If the
Company calls all or any portion of the Notes for redemption pursuant to Article
16 prior to the close of business on the Business Day immediately preceding July
15, 2037, then a Holder may surrender all or any portion (if the portion to be
converted is $1,000 principal amount or an integral multiple thereof) of its
Notes for conversion at any time commencing on the Business Day on which such
Redemption Notice is delivered to Holders through the close of business on the
Scheduled Trading Day prior to the Redemption Date, even if the Notes are not
otherwise convertible at such time. After that time, the right to convert shall
expire, unless the Company defaults in the payment of the Redemption Price, in
which case a Holder of Notes may convert its Notes until the Redemption Price has been paid or duly provided for. For the
avoidance of doubt, each Holder of the Notes shall have the right, at such
Holder’s option, to convert all or any portion (if the portion to be converted
is $1,000 principal amount or an integral multiple thereof) of such Note without
regard to the condition in this Section 14.01(b)(v) during the Uniform
Conversion Period. If a portion of a Holder’s Note is selected for redemption
and such Holder converts a portion of the same Note, the converted portion will
be deemed to be from the portion selected for redemption. 

64 

Section 14.02. Conversion Procedure; Settlement Upon
Conversion.

(a) Except
as provided in Section 14.03(b) and Section 14.07(a), upon conversion of any
Note, on the second Business Day immediately following the last Trading Day of
the relevant Observation Period, the Company shall pay or deliver, as the case
may be, to the converting Holder, in respect of each $1,000 principal amount of
Notes being converted, a “Settlement Amount” equal
to the sum of the Daily Settlement Amounts for each of the 20 consecutive
Trading Days during the relevant Observation Period for such Note, together with
cash, if applicable, in lieu of delivering any fractional share of Common Stock
in accordance with subsection (j) of this Section 14.02.

(i) All
conversions of Notes for which the relevant Conversion Date occurs during the
Maturity Conversion Period, the Uniform Conversion Period or a Redemption
Conversion Period, as the case may be, shall be settled using the same forms and
amounts of consideration. Except for any conversions of Notes for which the
relevant Conversion Date occurs during the Maturity Conversion Period, the
Uniform Conversion Period or a Redemption Conversion Period, the Company shall
use the same forms and amounts of consideration for all conversions with the
same Conversion Date, but the Company shall not have any obligation to use the
same forms and amounts of consideration with respect to conversions with
different Conversion Dates. If, in respect of any Conversion Date (or in respect
of any conversions for which the Conversion Date occurs during a Redemption
Conversion Period, the Uniform Conversion Period, or the Maturity Conversion
Period), the Company elects to settle all or a portion of its Conversion
Obligation in excess of the principal portion of the Notes being converted in
cash in respect of such Conversion Date (or such period, as the case may be),
the Company shall inform converting Holders through the Trustee of such election
(the “Settlement
Notice”) no later than the close
of business on the Trading Day immediately following the related Conversion Date
(or, in the case of any conversions for which the relevant Conversion Date
occurs (x) during a Redemption Conversion Period, in the relevant Redemption
Notice, (y) during the Uniform Conversion Period, no later than July 15, 2025 or
(z) during the Maturity Conversion Period, no later than July 15, 2037) and the
Company shall indicate in such Settlement Notice the percentage of each share
issuable upon conversion in excess of the principal portion of the Notes being
converted that will be paid in cash (the “Cash Percentage”). If the
Company does not elect a Cash Percentage prior to the deadline set forth in the
immediately preceding sentence, the Company shall no longer have the right to
elect a Cash Percentage and the Company shall settle its Conversion Obligation
by paying cash in respect of the principal portion of the converted Notes and
delivering shares of Common Stock in respect of the remainder, if any, of its
Conversion Obligation in excess of the
aggregate principal portion of the Notes being converted as set forth
herein.

65 

(ii) The
Daily Settlement Amounts, the Daily Net Settlement Amounts and the Daily
Conversion Values shall be determined by the Company promptly following the last
day of the relevant Observation Period. Promptly after such determination of the
Daily Settlement Amounts, the Daily Net Settlement Amounts or the Daily
Conversion Values, as the case may be, and the amount of cash payable in lieu of
delivering any fractional share of Common Stock, the Company shall notify the
Trustee and the Conversion Agent (if other than the Trustee) of the Daily
Settlement Amounts, the Daily Net Settlement Amounts or the Daily Conversion
Values, as the case may be, and the amount of cash payable in lieu of delivering
fractional shares of Common Stock. The Trustee and the Conversion Agent (if
other than the Trustee) shall have no responsibility for any such determination.

(b) Subject to Section 14.02(e), before any Holder of a Note shall be
entitled to convert a Note as set forth above, such Holder shall (i) in the case
of a Global Note, comply with the procedures of the Depositary in effect at that
time and, if required, pay funds equal to interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in Section
14.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and
deliver an irrevocable notice to the Conversion Agent as set forth in the Form
of Notice of Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state
in writing therein the principal amount of Notes to be converted and the name or
names (with addresses) in which such Holder wishes the certificate or
certificates for any shares of Common Stock to be delivered upon settlement of
the Conversion Obligation to be registered, (2) surrender such Notes, duly
endorsed to the Company or in blank (and accompanied by appropriate endorsement
and transfer documents), at the office of the Conversion Agent, (3) if required,
furnish appropriate endorsements and transfer documents and (4) if required, pay
funds equal to interest payable on the next Interest Payment Date to which such
Holder is not entitled as set forth in Section 14.02(h). The Trustee (and if
different, the Conversion Agent) shall notify the Company of any conversion
pursuant to this Article 14 on the Conversion Date for such conversion. No
Notice of Conversion with respect to any Notes may be surrendered by a Holder
thereof if such Holder has also delivered a Repurchase Notice or Fundamental
Change Repurchase Notice to the Company in respect of such Notes and has not
validly withdrawn such Repurchase Notice or Fundamental Change Repurchase
Notice, as the case may be, in accordance with Section 15.03. 

If more than one Note shall be
surrendered for conversion at one time by the same Holder, the Conversion
Obligation with respect to such Notes shall be computed on the basis of the
aggregate principal amount of the Notes (or specified portions thereof to the
extent permitted thereby) so surrendered. 

(c) A Note
shall be deemed to have been converted immediately prior to the close of
business on the date (the “Conversion Date”) that the
Holder has complied with the requirements set forth in subsection (b) above. If
any shares of Common Stock are due to a converting Holder, the Company shall
issue or cause to be issued, and deliver (if applicable) to the Conversion Agent
or to such Holder, or such Holder’s nominee or nominees, the full number of shares of Common Stock to which such Holder
shall be entitled, in book-entry format through the Depositary, in satisfaction
of the Company’s Conversion Obligation. 

66 

(d) In
case any Note shall be surrendered for partial conversion, the Company shall
execute and the Trustee shall authenticate and deliver to or upon the written
order of the Holder of the Note so surrendered a new Note or Notes in authorized
denominations in an aggregate principal amount equal to the unconverted portion
of the surrendered Note, without payment of any service charge by the converting
Holder but, if required by the Company or Trustee, with payment of a sum
sufficient to cover any documentary, stamp or similar issue or transfer tax or
similar governmental charge required by law or that may be imposed in connection
therewith as a result of the name of the Holder of the new Notes issued upon
such conversion being different from the name of the Holder of the old Notes
surrendered for such conversion. 

(e) If a
Holder submits a Note for conversion, the Company shall pay any documentary,
stamp or similar issue or transfer tax due on the issue of any shares of Common
Stock upon conversion, unless the tax is due because the Holder requests such
shares to be issued in a name other than the Holder’s name, in which case the
Holder shall be required to pay that tax. The Conversion Agent may refuse to
deliver the certificates representing the shares of Common Stock being issued in
a name other than the Holder’s name until the Trustee receives a sum sufficient
to pay any tax that is due by such Holder in accordance with the immediately
preceding sentence.

(f) Except
as provided in Section 14.04, no adjustment shall be made for dividends on any
shares of Common Stock issued upon the conversion of any Note as provided in
this Article 14. 

(g) Upon
the conversion of an interest in a Global Note, the Trustee, or the Custodian at
the direction of the Trustee, shall make a notation on such Global Note as to
the reduction in the principal amount represented thereby. The Company shall
notify the Trustee in writing of any conversion of Notes effected through any
Conversion Agent other than the Trustee. 

(h) Upon
conversion, a Holder shall not receive any separate cash payment for accrued and
unpaid interest, if any, except as set forth below, and the Company will not
adjust the Conversion Rate to account for any accrued and unpaid interest. The
Company’s settlement of the full Conversion Obligation shall be deemed to
satisfy in full its obligation to pay the principal amount of the Note and
accrued and unpaid interest, if any, to, but not including, the relevant
Conversion Date. As a result, accrued and unpaid interest, if any, to, but not
including, the relevant Conversion Date shall be deemed to be paid in full
rather than cancelled, extinguished or forfeited. Upon a conversion of Notes,
accrued and unpaid interest will be deemed to be paid first out of the cash paid
upon such conversion. Notwithstanding the foregoing, if the Conversion Date for Notes is after the close of
business on a Regular Record Date, Holders of such Notes as of the close of
business on such Regular Record Date will receive the full amount of interest
payable on such Notes on the corresponding Interest Payment Date notwithstanding
the conversion. Notes surrendered for conversion during the period from the
close of business on any Regular Record Date to the open of business on the
immediately following Interest Payment Date must be accompanied by funds equal
to the full amount of interest payable on the Notes so converted;
provided that no such payment shall be required (1) for
conversions following the Regular Record
Date immediately preceding the Maturity Date; (2) for conversions following the
Regular Record Date immediately preceding October 15, 2025; (3) if the Company
has specified a Redemption Date that is after a Regular Record Date and on or
prior to the corresponding Interest Payment Date; (4) if the Company has
specified a Fundamental Change Repurchase Date that is after a Regular Record
Date and on or prior to the Business Day immediately following the corresponding
Interest Payment Date; or (5) to the extent of any Defaulted Amounts, if any
Defaulted Amounts exists at the time of conversion with respect to such Note.
Therefore, for the avoidance of doubt, all Holders of record on the Regular
Record Date immediately preceding October 15, 2025 and the Maturity Date shall
receive the full interest payment due on October 15, 2025 or the Maturity Date,
as the case may be, in cash regardless of whether their Notes have been
converted following such Regular Record Date. 

67 

(i) The
Person in whose name the shares of Common Stock shall be issuable upon
conversion shall be treated as a stockholder of record as of the close of
business on the last Trading Day of the relevant Observation Period. Upon a
conversion of Notes, such Person shall no longer be a Holder of such Notes
surrendered for conversion. 

(j) The
Company shall not issue any fractional share of Common Stock upon conversion of
the Notes and shall instead pay cash in lieu of delivering any fractional share
of Common Stock issuable upon conversion based on the Daily VWAP for the last
Trading Day of the relevant Observation Period. For each Note surrendered for
conversion, the full number of shares that shall be issued upon conversion
thereof shall be computed on the basis of the aggregate Daily Settlement Amounts
for the relevant Observation Period and any fractional shares remaining after
such computation shall be paid in cash.

Section 14.03. Increased Conversion Rate Applicable to Certain
Notes Surrendered in Connection with Make-Whole Fundamental Changes.
(a) If the Effective Date of a
Make-Whole Fundamental Change occurs prior to October 15, 2025 and a Holder
elects to convert its Notes in connection with such Make-Whole Fundamental
Change, the Company shall, under the circumstances described below, increase the
Conversion Rate for the Notes so surrendered for conversion by a number of
additional shares of Common Stock (the “Additional Shares”), as
described below. A conversion of Notes shall be deemed for these purposes to be
“in connection with” such Make-Whole Fundamental Change if the relevant Notice
of Conversion is received by the Conversion Agent from, and including, the
Effective Date of the Make-Whole Fundamental Change up to, and including, the
Business Day immediately prior to the related Fundamental Change Repurchase Date
(or, in the case of a Make-Whole Fundamental Change that would have been a
Fundamental Change but for the proviso in clause (b) of
the definition thereof, the 35th Trading Day immediately following the Effective
Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change
Period”).

(b) Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental
Change pursuant to Section 14.01(b)(iii), the Company shall satisfy the related
Conversion Obligation in accordance with Section 14.02 based on the Conversion
Rate as increased to reflect the Additional Shares pursuant to the table below;
provided, however, that if, at the
effective time of a Make-Whole Fundamental Change described in clause (b) of the
definition of Fundamental Change, the Reference Property following such
Make-Whole Fundamental Change is composed entirely of cash, for any conversion
of Notes following the Effective Date of
such Make-Whole Fundamental Change, the Conversion Obligation shall be
calculated based solely on the Stock Price for the transaction and shall be
deemed to be an amount of cash per $1,000 principal amount of converted Notes
equal to the Conversion Rate (including any adjustment for Additional Shares),
multiplied by such Stock Price. In such event, the Conversion
Obligation shall be paid to Holders in cash on the second Business Day following
the Conversion Date. The Company shall notify the Holders of Notes of the
Effective Date of any Make-Whole Fundamental Change and issue a press release
announcing such Effective Date no later than five Business Days after such
Effective Date. 

68 

(c) The
number of Additional Shares, if any, by which the Conversion Rate shall be
increased shall be determined by reference to the table below, based on the date
on which the Make-Whole Fundamental Change occurs or becomes effective (the
“Effective Date”) and the price (the “Stock Price”) paid (or deemed to be paid) per share of the Common Stock in the
Make-Whole Fundamental Change. If the holders of the Common Stock receive in
exchange for their Common Stock only cash in a Make-Whole Fundamental Change
described in clause (b) of the definition of Fundamental Change, the Stock Price
shall be the cash amount paid per share. Otherwise, the Stock Price shall be the
average of the Last Reported Sale Prices of the Common Stock over the five
Trading Day period ending on, and including, the Trading Day immediately
preceding the Effective Date of the Make-Whole Fundamental Change. The Company
shall make appropriate adjustments to the Stock Price, in good faith and in a
commercially reasonable manner, to account for any adjustment to the Conversion
Rate that becomes effective, or any event requiring an adjustment to the
Conversion Rate where the Ex-Dividend Date, Effective Date (as such term is used
in Section 14.04) or expiration date of the event occurs during such five
consecutive Trading Day period. 

(d) The
Stock Prices set forth in the column headings of the table below shall be
adjusted as of any date on which the Conversion Rate of the Notes is otherwise
adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable
immediately prior to such adjustment, multiplied by a fraction,
the numerator of which is the Conversion Rate immediately prior to such
adjustment giving rise to the Stock Price adjustment and the denominator of
which is the Conversion Rate as so adjusted. The number of Additional Shares set
forth in the table below shall be adjusted in the same manner and at the same
time as the Conversion Rate as set forth in Section 14.04. 

(e) The
following table sets forth the number of Additional Shares of Common Stock by
which the Conversion Rate shall be increased per $1,000 principal amount of
Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set
forth below: 

			Stock Price
	Effective
      Date	       	$24.9527	       	$26.00	       	$30.00	       	$35.00	       	$39.92	       	$45.00	       	$60.00	       	$85.00	       	$110.00	       	$135.00
	September 22, 2017		15.0281		14.0346		11.0123		8.4311		6.6949		5.4236		3.2810		1.7841		1.0965		0.6939
	October 15, 2018		15.0281		13.6427		10.5843		7.9483		6.2219		4.9784		2.9433		1.5829		0.9745		0.6204
	October 15, 2019		15.0281		13.5969		10.1327		7.4591		5.7330		4.5147		2.5920		1.3775		0.8507		0.5457
	October 15, 2020		15.0281		13.5648		9.6750		6.9466		5.2097		4.0151		2.2188		1.1651		0.7235		0.4681
	October 15, 2021		15.0281		13.5247		9.2343		6.3934		4.6320		3.4618		1.8168		0.9441		0.5911		0.3859
	October 15, 2022		15.0281		13.5035		8.8033		5.7926		3.9852		2.8413		1.3853		0.7165		0.4539		0.2993
	October 15, 2023		15.0281		13.4951		8.4037		5.1140		3.2199		2.1120		0.9230		0.4833		0.3109		0.2069
	October 15, 2024		15.0281		13.4859		8.3583		4.3086		2.2149		1.1927		0.4452		0.2458		0.1606		0.1078
	October 15, 2025		15.0281		13.4141		8.2859		3.5240		0.0000		0.0000		0.0000		0.0000		0.0000		0.0000

69 

(f) The exact Stock Price and Effective Date may not
be set forth in the table above, in which case:

(i) if the Stock Price is between two Stock Prices in
the table above or the Effective Date is between two Effective Dates in the
table, the number of Additional Shares shall be determined by a straight-line
interpolation between the number of Additional Shares set forth for the higher
and lower Stock Prices and the earlier and later Effective Dates, as applicable,
based on a 365-day year;

(ii) if the Stock Price is greater than $135.00 per
share (subject to adjustment in the same manner as the Stock Prices set forth in
the column headings of the table above pursuant to subsection (d) above), no
Additional Shares shall be added to the Conversion Rate; and

(iii) if the Stock Price is less than $24.9527 per share
(subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above pursuant to subsection (d) above), no
Additional Shares shall be added to the Conversion Rate.

Notwithstanding the foregoing,
in no event shall the Conversion Rate per $1,000 principal amount of Notes
exceed 40.0755 shares of Common Stock, subject to adjustment in the same manner
as the Conversion Rate pursuant to Section 14.04.

(g) Nothing in this Section 14.03 shall prevent an
adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a
Make-Whole Fundamental Change.

Section 14.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to
time by the Company if any of the following events occurs, except that the
Company shall not make any adjustments to the Conversion Rate if Holders of the
Notes participate (other than in the case of (x) a share split or share
combination or (y) a tender or exchange offer), at the same time and upon the
same terms as holders of the Common Stock and solely as a result of holding the
Notes, in any of the transactions described in this Section 14.04, without
having to convert their Notes, as if they held a number of shares of Common
Stock equal to the Conversion Rate, multiplied by the
principal amount (expressed in thousands) of Notes held by such
Holder.

(a) If the Company exclusively issues shares of Common
Stock as a dividend or distribution on shares of the Common Stock, or if the
Company effects a share split or share combination, the Conversion Rate shall be
adjusted based on the following formula:

	
      CR' = CR0 × 
	OS'
	OS0

where,

70

	CR0	       =       	the Conversion
      Rate in effect immediately prior to the open of business on the
      Ex-Dividend Date of such dividend or distribution, or immediately prior to
      the open of business on the Effective Date of such share split or share
      combination, as applicable;
	 
	CR'	=	the Conversion
      Rate in effect immediately after the open of business on such Ex-Dividend
      Date or Effective Date;
	 
	OS0	=	the number of
      shares of Common Stock outstanding immediately prior to the open of
      business on such Ex-Dividend Date or Effective Date (before giving effect
      to any such dividend, distribution, split or combination);
and
	 
	OS'	=	the number of
      shares of Common Stock outstanding immediately after giving effect to such
      dividend, distribution, share split or share
  combination.

Any adjustment made under this
Section 14.04(a) shall become effective immediately after the open of business
on the Ex-Dividend Date for such dividend or distribution, or immediately after
the open of business on the Effective Date for such share split or share
combination, as applicable. If any dividend or distribution of the type
described in this Section 14.04(a) is declared but not so paid or made, the
Conversion Rate shall be immediately readjusted, effective as of the date the
Board of Directors determines not to pay such dividend or distribution, to the
Conversion Rate that would then be in effect if such dividend or distribution
had not been declared. 

(b) If the
Company issues to all or substantially all holders of the Common Stock any
rights, options or warrants entitling them, for a period of not more than 45
calendar days after the announcement date of such issuance, to subscribe for or
purchase shares of the Common Stock at a price per share that is less than the
average of the Last Reported Sale Prices of the Common Stock for the 10
consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the date of announcement of such issuance, the Conversion
Rate shall be increased based on the following formula: 

	
      CR' = CR0 × 
	OS0 + X
	OS0 + Y

where, 

	CR0	       =       	the Conversion
      Rate in effect immediately prior to the open of business on the
      Ex-Dividend Date for such issuance;
	
       

	CR'	=	the Conversion
      Rate in effect immediately after the open of business on such Ex-Dividend
      Date;
	 
	OS0	=	the number of
      shares of Common Stock outstanding immediately prior to the open of
      business on such Ex-Dividend Date;

71 

	X	       =       	the total number
      of shares of Common Stock issuable pursuant to such rights, options or
      warrants; and
	
       

	Y	=	the number of
      shares of Common Stock equal to the aggregate price payable to exercise
      such rights, options or warrants, divided by the
      average of the Last Reported Sale Prices of the Common Stock over the 10
      consecutive Trading Day period ending on, and including, the Trading Day
      immediately preceding the date of announcement of the issuance of such
      rights, options or warrants.

Any increase made under this
Section 14.04(b) shall be made successively whenever any such rights, options or
warrants are issued and shall become effective immediately after the open of
business on the Ex-Dividend Date for such issuance. To the extent that shares of
the Common Stock are not delivered after the expiration of such rights, options
or warrants, the Conversion Rate shall be decreased to the Conversion Rate that
would then be in effect had the increase with respect to the issuance of such
rights, options or warrants been made on the basis of delivery of only the
number of shares of Common Stock actually delivered. If such rights, options or
warrants are not so issued, the Conversion Rate shall be decreased to the
Conversion Rate that would then be in effect if such Ex-Dividend Date for such
issuance had not occurred. 

For purposes of this Section
14.04(b) and for the purpose of Section 14.01(b)(ii)(A), in determining whether
any rights, options or warrants entitle the holders to subscribe for or purchase
shares of the Common Stock at less than such average of the Last Reported Sale
Prices of the Common Stock for the 10 consecutive Trading Day period ending on,
and including, the Trading Day immediately preceding the date of announcement
for such issuance, and in determining the aggregate offering price of such
shares of Common Stock, there shall be taken into account any consideration
received by the Company for such rights, options or warrants and any amount
payable on exercise or conversion thereof, the value of such consideration, if
other than cash, to be determined by the Board of Directors.

(c) If the
Company distributes shares of its Capital Stock, evidences of its indebtedness,
other assets or property of the Company or rights, options or warrants to acquire its Capital Stock
or other securities, to all or substantially all holders of the Common Stock, excluding (i)
dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 14.04(a) or Section
14.04(b) or Section 14.04(e), (ii) dividends or distributions paid exclusively
in cash as to which the provisions set forth in Section 14.04(d) shall apply,
and (iii) Spin-Offs as to which the provisions set forth below in this Section
14.04(c) shall apply (any of such shares of Capital Stock, evidences of
indebtedness, other assets or property or rights, options or warrants to acquire
Capital Stock or other securities, the “Distributed Property”),
then the Conversion Rate shall be increased based on the following formula:

	
      CR' = CR0 × 
	SP0
	SP0 – FMV

where, 

	CR0	       =       	the Conversion
      Rate in effect immediately prior to the open of business on the
      Ex-Dividend Date for such distribution;

72 

	CR'	       =       	the Conversion
      Rate in effect immediately after the open of business on such Ex-Dividend
      Date;
	 
	SP0	=	the average of
      the Last Reported Sale Prices of the Common Stock over the 10 consecutive
      Trading Day period ending on, and including, the Trading Day immediately
      preceding the Ex-Dividend Date for such distribution; and
	 
	FMV	=	the fair market
      value (as determined by the Board of Directors) of the Distributed
      Property with respect to each outstanding share of the Common Stock on the
      Ex-Dividend Date for such distribution.

Any increase made under the
portion of this Section 14.04(c) above shall become effective immediately after
the open of business on the Ex-Dividend Date for such distribution. If such
distribution is not so paid or made, the Conversion Rate shall be decreased to
the Conversion Rate that would then be in effect if such distribution had not
been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000
principal amount thereof, at the same time and upon the same terms as holders of
the Common Stock receive the Distributed Property, the amount and kind of
Distributed Property such Holder would have received if such Holder owned a
number of shares of Common Stock equal to the Conversion Rate in effect on the
Ex-Dividend Date for the distribution. If the Board of Directors determines the
“FMV” (as defined above) of any distribution for purposes of this Section
14.04(c) by reference to the actual or when-issued trading market for any
securities, it shall in doing so consider the prices in such market over the
same period used in computing the Last Reported Sale Prices of the Common Stock
over the 10 consecutive Trading Day period ending on, and including, the Trading
Day immediately preceding the Ex-Dividend Date for such distribution.

With respect to an adjustment
pursuant to this Section 14.04(c) where there has been a payment of a dividend
or other distribution on the Common Stock of shares of Capital Stock of any
class or series, or similar equity interest, of or relating to a Subsidiary or
other business unit of the Company, that are, or, when issued, will be, listed
or admitted for trading on a U.S. national securities exchange (a
“Spin-Off”), the Conversion Rate shall be increased based
on the following formula: 

	
      CR' = CR0 × 
	FMV0  + MP0
	MP0

where, 

	CR0	       =       	the Conversion
      Rate in effect immediately prior to the end of the Valuation
    Period;
	 
	CR'	=	the Conversion
      Rate in effect immediately after the end of the Valuation
  Period;
	 
	FMV0	=	the average of
      the Last Reported Sale Prices of the Capital Stock or similar equity
      interest distributed to holders of the Common Stock applicable to one
      share of the Common Stock (determined by reference to the definition of
      Last Reported Sale Price as set forth in Section 1.01 as if references
      therein to Common Stock were to such Capital Stock or similar equity
      interest) over the first 10 consecutive Trading Day period after, and
      including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”);
and

73 

	MP0	       =       	the average of
      the Last Reported Sale Prices of the Common Stock over the Valuation
      Period.

The increase to the Conversion
Rate under the preceding paragraph shall occur at the close of business on the
last Trading Day of the Valuation Period; provided that in respect
of any conversion of Notes, for any Trading Day that falls within the relevant
Observation Period for such conversion and within the Valuation Period, the
reference to “10” in the preceding paragraph shall be deemed to be replaced with
such lesser number of Trading Days as have elapsed between the Ex-Dividend Date
of such Spin-Off and such Trading Day in determining the Conversion Rate as of
such Trading Day. 

For purposes of this Section
14.04(c) (and subject in all respect to Section 14.11), rights, options or
warrants distributed by the Company to all holders of the Common Stock entitling
them to subscribe for or purchase shares of the Company’s Capital Stock,
including Common Stock (either initially or under certain circumstances), which
rights, options or warrants, until the occurrence of a specified event or events
(“Trigger Event”): (i) are deemed to be transferred with such
shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued
in respect of future issuances of the Common Stock, shall be deemed not to have
been distributed for purposes of this Section 14.04(c) (and no adjustment to the
Conversion Rate under this Section 14.04(c) will be required) until the
occurrence of the earliest Trigger Event, whereupon such rights, options or
warrants shall be deemed to have been distributed and an appropriate adjustment
(if any is required) to the Conversion Rate shall be made under this Section
14.04(c). If any such right, option or warrant, including any such existing
rights, options or warrants distributed prior to the date of this Indenture, are
subject to events, upon the occurrence of which such rights, options or warrants
become exercisable to purchase different securities, evidences of indebtedness
or other assets, then the date of the occurrence of any and each such event
shall be deemed to be the date of distribution and Ex-Dividend Date with respect
to new rights, options or warrants with such rights (in which case the existing
rights, options or warrants shall be deemed to terminate and expire on such date
without exercise by any of the holders thereof). In addition, in the event of
any distribution (or deemed distribution) of rights, options or warrants, or any
Trigger Event or other event (of the type described in the immediately preceding
sentence) with respect thereto that was counted for purposes of calculating a
distribution amount for which an adjustment to the Conversion Rate under this
Section 14.04(c) was made, (1) in the case of any such rights, options or
warrants that shall all have been redeemed or purchased without exercise by any
holders thereof, upon such final redemption or purchase (x) the Conversion Rate
shall be readjusted as if such rights, options or warrants had not been issued
and (y) the Conversion Rate shall then again be readjusted to give effect to
such distribution, deemed distribution or Trigger Event, as the case may be, as
though it were a cash distribution, equal to the per share redemption or
purchase price received by a holder or holders of Common Stock with respect to
such rights, options or warrants (assuming such holder had retained such rights,
options or warrants), made to all holders of Common Stock as of the date of such
redemption or purchase, and (2) in the case of such rights, options or warrants
that shall have expired or been terminated without exercise by
any holders thereof, the Conversion Rate shall be readjusted as if such rights,
options and warrants had not been issued.

74 

 

For purposes of Section
14.04(a), Section 14.04(b) and this Section 14.04(c), if any dividend or
distribution to which this Section 14.04(c) is applicable also includes one or
both of:

(A) a dividend or distribution
of shares of Common Stock to which Section 14.04(a) is applicable (the
“Clause A
Distribution”); or 

(B) a dividend or distribution
of rights, options or warrants to which Section 14.04(b) is applicable (the
“Clause B
Distribution”), 

then, in either case, (1) such
dividend or distribution, other than the Clause A Distribution and the Clause B
Distribution, shall be deemed to be a dividend or distribution to which this
Section 14.04(c) is applicable (the “Clause C Distribution”)
and any Conversion Rate adjustment required by this Section 14.04(c) with
respect to such Clause C Distribution shall then be made, and (2) the Clause A
Distribution and Clause B Distribution shall be deemed to immediately follow the
Clause C Distribution and any Conversion Rate adjustment required by Section
14.04(a) and Section 14.04(b) with respect thereto shall then be made, except
that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A
Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend
Date of the Clause C Distribution and (II) any shares of Common Stock included
in the Clause A Distribution or Clause B Distribution shall be deemed not to be
“outstanding immediately prior to the open of business on such Ex-Dividend Date
or Effective Date” within the meaning of Section 14.04(a) or “outstanding
immediately prior to the open of business on such Ex-Dividend Date” within the
meaning of Section 14.04(b). 

(d) If any
cash dividend or distribution is made to all or substantially all holders of the
Common Stock (excluding any consideration payable in connection with a tender
offer or exchange offer made by the Company or any of its Subsidiaries), the
Conversion Rate shall be adjusted based on the following formula: 

	
      CR' = CR0 × 
	SP0
	SP0 – C

where, 

	CR0	       =       	the Conversion
      Rate in effect immediately prior to the open of business on the
      Ex-Dividend Date for such dividend or distribution;
	 
	CR'	=	the Conversion
      Rate in effect immediately after the open of business on the Ex-Dividend
      Date for such dividend or distribution;
	 
	SP0	=	the Last Reported
      Sale Price of the Common Stock on the Trading Day immediately preceding
      the Ex-Dividend Date for such dividend or distribution;
  and

75 

	C	       =       	the amount in
      cash per share the Company distributes to all or substantially all holders
      of the Common Stock.

Any increase pursuant to this
Section 14.04(d) shall become effective immediately after the open of business
on the Ex-Dividend Date for such dividend or distribution. If such dividend or
distribution is not so paid, the Conversion Rate shall be decreased, effective
as of the date the Board of Directors determines not to make or pay such
dividend or distribution, to be the Conversion Rate that would then be in effect
if such dividend or distribution had not been declared. Notwithstanding the
foregoing, if “C” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing increase, each
Holder of a Note shall receive, for
each $1,000 principal amount of Notes, at the same time and upon the same terms
as holders of shares of the Common Stock, the amount of cash that such Holder
would have received if such Holder owned a number of shares of Common Stock
equal to the Conversion Rate on the Ex-Dividend Date for such cash dividend or
distribution.

(e) If the
Company or any of its Subsidiaries make a payment in respect of a tender or
exchange offer for the Common Stock, to the extent that the cash and value of
any other consideration included in the payment per share of the Common Stock
exceeds the average of the Last Reported Sale Prices of the Common Stock over
the 10 consecutive Trading Day period commencing on, and including, the Trading
Day next succeeding the last date on which tenders or exchanges may be made
pursuant to such tender or exchange offer, the Conversion Rate shall be
increased based on the following formula: 

	
      CR' = CR0 × 
	AC + (SP'×OS')
	OS0 × SP'

where, 

	CR0	       =       	the Conversion
      Rate in effect immediately prior to the close of business on the 10th
      Trading Day immediately following, and including, the Trading Day next
      succeeding the date such tender or exchange offer expires;
	 
	CR'	=	the Conversion
      Rate in effect immediately after the close of business on the 10th Trading
      Day immediately following, and including, the Trading Day next succeeding
      the date such tender or exchange offer expires;
	 
	AC	=	the aggregate
      value of all cash and any other consideration (as determined by the Board
      of Directors) paid or payable for shares of Common Stock purchased in such
      tender or exchange offer;
			 
	OS0	=	the number of shares of Common Stock
      outstanding immediately prior to the date such tender or exchange offer
      expires (prior to giving effect to the purchase of all shares of Common
      Stock accepted for purchase or exchange in such tender or exchange
      offer);
			 
	OS'	=	the number of shares of Common Stock
      outstanding immediately after the date such tender or exchange offer
      expires (after giving effect to the purchase of all shares of Common Stock
      accepted for purchase or exchange in such tender or exchange offer);
      and

76 

	SP'	       =       	the average of
      the Last Reported Sale Prices of the Common Stock over the 10 consecutive
      Trading Day period commencing on, and including, the Trading Day next
      succeeding the date such tender or exchange offer
  expires.

The increase to the Conversion
Rate under this Section 14.04(e) shall occur at the close of business on the
10th Trading Day immediately following, and including, the Trading Day next
succeeding the date such tender or exchange offer expires; provided that in respect of any conversion of Notes, for any Trading Day that
falls within the relevant Observation Period for such conversion and within the
10 Trading Days immediately following, and including, the Trading Day next
succeeding the expiration date of any tender or exchange offer, references to
“10” or “10th” in the preceding paragraph shall be deemed replaced with such
lesser number of Trading Days as have elapsed between the expiration date of
such tender or exchange offer and such Trading Day in determining the Conversion
Rate as of such Trading Day. 

(f) [Reserved.] 

(g) Except
as provided in this Indenture, the Company shall not adjust the Conversion Rate
for the issuance of shares of the Common Stock or any securities convertible
into or exchangeable for shares of the Common Stock or the right to purchase
shares of the Common Stock or such convertible or exchangeable securities.

(h) In
addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of
this Section 14.04, and to the extent permitted by applicable law and regulation
and subject to the applicable rules of any exchange on which any of the
Company’s securities are then listed, the Company from time to time may increase
the Conversion Rate by any amount for a period of at least 20 Business Days if
the Board of Directors determines that such increase would be in the Company’s
best interest. In addition, to the extent permitted by applicable law and
regulation and subject to the applicable rules of any exchange on which any of
the Company’s securities are then listed, the Company may (but is not required
to) increase the Conversion Rate to avoid or diminish any income tax to holders
of Common Stock or rights to purchase Common Stock in connection with a dividend
or distribution of shares of Common Stock (or rights to acquire shares of Common
Stock) or similar event. Whenever the Conversion Rate is increased pursuant to
either of the preceding two sentences, the Company shall deliver to the Holder
of each Note a notice of the increase at least 15 days prior to the date the
increased Conversion Rate takes effect, and such notice shall state the
increased Conversion Rate and the period during which it will be in effect.

(i) Notwithstanding anything to the contrary in this Article 14, the
Conversion Rate shall not be adjusted: 

(i) upon
the issuance of any shares of Common Stock pursuant to any present or future
plan providing for the reinvestment of dividends or interest payable on the
Company’s securities and the investment of additional optional amounts in shares
of Common Stock under any plan;

77 

(ii) upon
the issuance of any shares of Common Stock or options or rights to purchase
those shares pursuant to any present or future employee, director or consultant
benefit plan or program of or assumed by the Company or any of the Company’s
Subsidiaries; 

(iii) upon
the issuance of any shares of the Common Stock pursuant to any option, warrant,
right or exercisable, exchangeable or convertible security not described in
clause (ii) of this subsection and outstanding as of the date the Notes were
first issued; 

(iv) upon
the repurchase of any shares of the Common Stock pursuant to an open-market
share purchase program or other buy-back transaction, including structured or
derivative transactions, that is not a tender offer or exchange offer of the
kind described under Section 14.04(e);

(v) as a
result of a tender offer solely to holders of fewer than 100 shares of Common
Stock; 

(vi) solely
for a change in the par value of the Common Stock; or 

(vii) for
accrued and unpaid interest, if any. 

(j) All
calculations and other determinations under this Article 14 shall be made by the
Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a
share. In no event will the Company take any action that would result in an
adjustment to the Conversion Rate to the extent that such adjustment would
reduce the Conversion Price below the par value per share of the Common Stock.

(k) [Reserved.] 

(l) The
Company shall not be required to make an adjustment to the Conversion Rate
unless the adjustment would require a change of at least 1% in the Conversion
Rate. However, the Company shall carry forward any adjustments that are less
than 1% of the Conversion Rate and make such carried forward adjustments,
regardless of whether the aggregate adjustment is less than 1%, (i) on the
Effective Date for any Make-Whole Fundamental Change and/or Fundamental Change,
(ii) prior to the open of business on each Trading Day of any Observation Period
in respect of the conversion of any Note and (iii) on the date on which all such
deferred adjustments would result in an aggregate change to the Conversion Rate
of at least 1%. 

(m) Whenever the Conversion Rate is adjusted as herein provided, the Company
shall promptly file with the Trustee (and the Conversion Agent if not the
Trustee) an Officer’s Certificate setting forth the Conversion Rate after such
adjustment and setting forth a brief statement of the facts requiring such
adjustment. Unless and until a Responsible Officer of the Trustee shall have
received such Officer’s Certificate, the Trustee shall not be deemed to have
knowledge of any adjustment of the Conversion Rate and may assume without
inquiry that the last Conversion Rate of which it has knowledge is still in
effect. Promptly after delivery of such certificate, the Company shall prepare a
notice of such adjustment of the Conversion Rate setting forth the adjusted
Conversion Rate and the date on which each adjustment becomes effective and
shall deliver such notice of such adjustment
of the Conversion Rate to each Holder; provided that such
delivery obligation shall be deemed to be satisfied if the Company issues a
press release or posts to its public website such notice of such adjustment to
the Conversion Rate. Failure to deliver such notice shall not affect the
legality or validity of any such adjustment. 

78 

(n) For
purposes of this Section 14.04, the number of shares of Common Stock at any time
outstanding shall not include shares of Common Stock held in the treasury of the
Company so long as the Company does not pay any dividend or make any
distribution on shares of Common Stock held in the treasury of the Company, but
shall include shares of Common Stock issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock. 

Section 14.05. Adjustments of Prices. Whenever any provision of this Indenture requires
the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the
Daily Conversion Values, the Daily Net Settlement Amounts or the Daily
Settlement Amounts over a span of multiple days (including, without limitation,
an Observation Period and the period for determining the Stock Price for
purposes of a Make-Whole Fundamental Change), the Company shall make appropriate
adjustments to each in good faith and in a commercially reasonable manner to
account for any adjustment to the Conversion Rate that becomes effective, or any
event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date,
Effective Date or expiration date, as the case may be, of the event occurs, at
any time during the period when the Last Reported Sale Prices, the Daily VWAPs,
the Daily Conversion Values, the Daily Net Settlement Amounts or the Daily
Settlement Amounts are to be calculated.

Section 14.06. Shares to Be Fully Paid. The Company shall provide, free from preemptive
rights, out of its authorized but unissued shares or shares held in treasury,
sufficient shares of Common Stock to provide for conversion of the Notes from
time to time as such Notes are presented for conversion (assuming delivery of
the maximum number of Additional Shares pursuant to Section 14.03 and that at
the time of computation of such number of shares, all such Notes would be
converted by a single Holder). 

Section 14.07. Effect of Recapitalizations, Reclassifications
and Changes of the Common Stock.

(a) In the
case of: 

(i) any
recapitalization, reclassification or change of the Common Stock (other than
changes resulting from a subdivision or combination),

(ii) any
consolidation, merger or combination involving the Company,

(iii) any
sale, lease or other transfer to a third party of the consolidated assets of the
Company and the Company’s Subsidiaries substantially as an entirety
or

(iv) any
statutory share exchange,

79 

in each case, as a result of
which the Common Stock would be converted into, or exchanged for, stock, other
securities, other property or assets (including cash or any combination thereof)
(any such event, a “Merger Event”), then, at and after the effective time of such
Merger Event, the right to convert each $1,000 principal amount of Notes shall
be changed into a right to convert such principal amount of Notes into the kind
and amount of shares of stock, other securities or other property or assets
(including cash or any combination thereof) that a holder of a number of shares
of Common Stock equal to the Conversion Rate immediately prior to such Merger
Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference
Property that a holder of one share of Common Stock is entitled to receive) upon
such Merger Event and, prior to or at the effective time of such Merger Event,
the Company or the successor or purchasing Person, as the case may be, shall
execute with the Trustee a supplemental indenture permitted under Section
10.01(h) providing for such change in the right to convert each $1,000 principal
amount of Notes; provided, however, that at and after the effective time of the Merger Event the Conversion
Obligation shall be calculated and settled in accordance with Section 14.02 such
that (A) the amount otherwise payable in cash upon conversion of the Notes as
set forth under Section 14.02 shall continue to be payable in cash, (B) the
Company shall continue to have the right to elect to determine the form of
consideration to be paid or delivered, as the case may be, in respect of the
remainder, if any, of the Conversion Obligation in excess of the principal
amount of the Notes being converted as set forth under Section 14.02, (C) the
number of shares of Common Stock, if any, otherwise deliverable upon conversion
of the Notes in accordance with Section 14.02 shall instead be deliverable in
the amount and type of Reference Property that a holder of that number of shares
of Common Stock would have received in such Merger Event and (D) the Daily VWAP
shall be calculated based on the value of a unit of Reference Property.

If the Merger Event causes the
Common Stock to be converted into, or exchanged for, the right to receive more
than a single type of consideration (determined based in part upon any form of
stockholder election), then (i) the Reference Property into which the Notes will
be convertible shall be deemed to be (x) the weighted average of the types and
amounts of consideration received by the holders of Common Stock that
affirmatively make such an election or (y) if no holders of Common Stock
affirmatively make such an election, the types and amounts of consideration
actually received by the holders of Common Stock, and (ii) the unit of Reference
Property for purposes of the immediately preceding paragraph shall refer to the
consideration referred to in clause (i) attributable to one share of Common
Stock. If the holders of the Common Stock receive only cash
in such Merger Event, then for all conversions for which the relevant Conversion
Date occurs after the effective date of such Merger Event (A) the consideration
due upon conversion of each $1,000 principal amount of Notes shall be solely
cash in an amount equal to the Conversion Rate in effect on the Conversion Date
(as may be increased by any Additional Shares pursuant to Section 14.03),
multiplied by the price paid per share of Common Stock in such
Merger Event and (B) the Company shall satisfy the Conversion Obligation by
paying cash to converting Holders on the second Business Day immediately
following the relevant Conversion Date. The Company shall notify Holders, the
Trustee and the Conversion Agent (if other than the Trustee) of such weighted
average as soon as practicable after such determination is made. 

80 

Such supplemental indenture
described in the second immediately preceding paragraph shall provide for
anti-dilution and other adjustments that shall be as nearly equivalent as is
possible to the adjustments provided for in this Article 14, as determined by
the Company in good faith and in a
commercially reasonable manner. If, in the case of any Merger Event, the
Reference Property includes shares of stock, securities or other property or
assets (including cash or any combination thereof) of a Person other than the
successor or purchasing corporation, as the case may be, in such Merger Event,
then such supplemental indenture shall also be executed by such other Person and
shall contain such additional provisions to protect the interests of the Holders
of the Notes as the Board of Directors shall reasonably consider necessary by
reason of the foregoing, including the provisions providing for the purchase
rights set forth in Article 15. 

(b) When
the Company executes a supplemental indenture pursuant to subsection (a) of this
Section 14.07, the Company shall promptly file with the Trustee an Officer’s
Certificate briefly stating the reasons therefor, the kind or amount of cash,
securities or property or asset that will comprise a unit of Reference Property
after any such Merger Event, any adjustment to be made with respect thereto and
that all conditions precedent have been complied with, and shall promptly
deliver notice thereof to all Holders. The Company shall cause notice of the
execution of such supplemental indenture to be delivered to each Holder within
20 days after execution thereof. Failure to deliver such notice shall not affect
the legality or validity of such supplemental indenture. 

(c) The
Company shall not become a party to any Merger Event unless its terms are
consistent with this Section 14.07. None of the foregoing provisions shall
affect the right of a holder of Notes to convert its Notes into cash and shares
of Common Stock, if any, as set forth in Section 14.01 and Section 14.02 prior
to the effective date of such Merger Event. 

(d) The
above provisions of this Section 14.07 shall similarly apply to successive
Merger Events. 

Section 14.08. Certain Covenants. (a) The Company covenants that all shares of
Common Stock issued upon conversion of Notes will be fully paid and
non-assessable by the Company and free from all taxes, liens and charges with
respect to the issue thereof. 

(b) The
Company covenants that, if any shares of Common Stock to be provided for the
purpose of conversion of Notes hereunder require registration with or approval
of any governmental authority under any federal or state law before such shares
of Common Stock may be validly issued upon conversion, the Company will, to the
extent then permitted by the rules and interpretations of the Commission, secure
such registration or approval, as the case may be. 

(c) The
Company further covenants that if at any time the Common Stock shall be listed
on any national securities exchange or automated quotation system the Company
will list and keep listed, so long as the Common Stock shall be so listed on
such exchange or automated quotation system, any Common Stock issuable upon
conversion of the Notes. 

81 

Section 14.09. Responsibility of Trustee. The Trustee and any other Conversion Agent shall
not at any time be under any duty or responsibility to any Holder to determine
the Conversion Rate (or any adjustment thereto) or whether any facts exist that
may require any adjustment (including any increase) of the Conversion Rate, or
with respect to the nature or extent or calculation of any such adjustment when
made, or with respect to the method employed, or herein or in any supplemental
indenture provided to be employed, in making the same. The Trustee and any other
Conversion Agent shall not be accountable with respect to the validity or value
(or the kind or amount) of any shares of Common Stock, or of any securities,
property or cash that may at any time be issued or delivered upon the conversion
of any Note; and the Trustee and any other Conversion Agent make no
representations with respect thereto. Neither the Trustee nor any Conversion
Agent shall be responsible for any failure of the Company to issue, transfer or
deliver any shares of Common Stock or stock certificates or other securities or
property or cash upon the surrender of any Note for the purpose of conversion or
to comply with any of the duties, responsibilities or covenants of the Company
contained in this Article. Without limiting the generality of the foregoing,
neither the Trustee nor any Conversion Agent shall be under any responsibility
to determine the correctness of any provisions contained in any supplemental
indenture entered into pursuant to Section 14.07 relating either to the kind or
amount of shares of stock or securities or property (including cash) receivable
by Holders upon the conversion of their Notes after any event referred to in
such Section 14.07 or to any adjustment to be made with respect thereto, but,
subject to the provisions of Section 7.01, may accept (without any independent
investigation) as conclusive evidence of the correctness of any such provisions,
and shall be protected in relying upon, the Officer’s Certificate (which the
Company shall be obligated to file with the Trustee prior to the execution of
any such supplemental indenture) with respect thereto. Neither the Trustee nor
the Conversion Agent shall be responsible for determining whether any event
contemplated by Section 14.01(b) has occurred that makes the Notes eligible for
conversion or no longer eligible therefor until the Company has delivered to the
Trustee and the Conversion Agent the notices referred to in Section 14.01(b)
with respect to the commencement or termination of such conversion rights, on
which notices the Trustee and the Conversion Agent may conclusively rely, and
the Company agrees to deliver such notices to the Trustee and the Conversion
Agent immediately after the occurrence of any such event or at such other times
as shall be provided for in Section 14.01(b).

Section 14.10. Notice to Holders Prior to Certain Actions.
In case of any:

(a) action
by the Company or one of its Subsidiaries that would require an adjustment in
the Conversion Rate pursuant to Section 14.04 or Section 14.11; 

(b) Merger
Event; or 

(c) voluntary or involuntary dissolution, liquidation or winding-up of the
Company or any of its Subsidiaries; 

then, in each case (unless
notice of such event is otherwise required pursuant to another provision of this
Indenture), the Company shall cause to be filed with the Trustee and the
Conversion Agent (if other than the Trustee) and to be delivered to each Holder,
as promptly as possible but in any event at least 20 days prior to the
applicable date hereinafter specified, a notice stating (i) the date on which a
record is to be taken for the purpose of such action by the Company or one of
its Subsidiaries or, if a record is not to be taken, the date as of which the
holders of Common Stock of record are to be determined for the purposes of such
action by the Company or one of its Subsidiaries, or (ii) the date on which such
Merger Event, dissolution, liquidation or winding-up is expected to become
effective or occur, and the date as of which it is expected that holders of
Common Stock of record shall be entitled to exchange their Common Stock for
securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding-up. Failure to give
such notice, or any defect therein, shall not affect the legality or validity of
such action by the Company or one of its Subsidiaries, Merger Event,
dissolution, liquidation or winding-up. 

82 

Section 14.11. Stockholder Rights Plans. If the Company has a stockholder rights plan in
effect upon conversion of the Notes, each share of Common Stock, if any, issued
upon such conversion shall be entitled to receive the appropriate number of
rights, if any, and the certificates representing the Common Stock issued upon
such conversion shall bear such legends, if any, in each case as may be provided
by the terms of any such stockholder rights plan, as the same may be amended
from time to time. However, if, prior to any conversion of Notes, the rights
have separated from the shares of Common Stock in accordance with the provisions
of the applicable stockholder rights plan, the Conversion Rate shall be adjusted
at the time of separation as if the Company distributed to all or substantially
all holders of the Common Stock Distributed Property as provided in Section
14.04(c), subject to readjustment in the event of the expiration, termination or
redemption of such rights. 

ARTICLE 15
 Repurchase of Notes at Option of Holders

Section 15.01. Repurchase at Option of Holders. 

(a) Each
Holder shall have the right, at such Holder’s option, to require the Company to
repurchase for cash all of such Holder’s Notes, or any portion thereof that is
an integral multiple of $1,000 principal amount, on October 15, 2025 (the
“Repurchase Date”), at a repurchase price (the “Repurchase Price”) that is equal to 100% of the principal amount
of the Notes to be repurchased, plus any accrued and
unpaid interest, if any, to, but excluding, the Repurchase Date; provided that any such accrued and unpaid interest shall be paid not to the
Holders submitting the Notes for repurchase on the Repurchase Date but instead
to the Holders of such Notes at the close of business on the Regular Record Date
immediately preceding the Repurchase Date. On or before the 20th Business Day
prior to the Repurchase Date, the Company shall deliver a notice (the
“Company Notice”) to the Trustee, to the Paying Agent (if other
than the Company or any Subsidiary thereof) and to each Holder (and to
beneficial owners as required by applicable law). The Company Notice shall
include a form of Repurchase Notice to be completed by a holder and shall state:

(i) the
last date on which a Holder may exercise its repurchase right pursuant to this
Section 15.01; 

(ii) the
Repurchase Price; 

(iii) the
Repurchase Date; 

(iv) the
name and address of the Conversion Agent and Paying Agent; 

83 

(v) that
the Notes with respect to which a Repurchase Notice has been delivered by a
Holder may be converted only if the Holder withdraws the Repurchase Notice in
accordance with the terms of this Indenture; 

(vi) that
the Holder shall have the right to withdraw any Notes surrendered prior to the
Repurchase Expiration Time; and 

(vii) the
procedures a Holder must follow to exercise its repurchase rights under this
Section 15.01 and a brief description of those rights. 

At the Company’s written
request received by the Trustee not less than five Business Days prior to the
date the notice is to be given (or such shorter period of time as may be
acceptable to the Trustee), the Trustee shall give such notice in the Company’s
name and at the Company’s expense;
provided, however, that, in all cases, the text of such Company Notice shall be prepared
by the Company and the Company Notice to be given shall be delivered with the
written request. 

Simultaneously with providing
the Company Notice, the Company shall publish a notice containing the
information included in the Company Notice in a newspaper of general circulation
in The City of New York or publish such information by press release or on the
Company’s website or through such other public medium as the Company may use at
that time.

No failure of the Company to
give the foregoing notices and no defect therein shall limit the Holders’
repurchase rights or affect the validity of the proceedings for the repurchase
of the Notes pursuant to this Section 15.01. 

Repurchases of Notes under
this Section 15.01 shall be made, at the option of the Holder thereof, upon:

(A) delivery to the Paying Agent by the Holder of a duly completed notice
(the “Repurchase
Notice”) in the form set forth in
Attachment 3 to the Form of Note, if the Notes are Physical Notes, or in
compliance with the Depositary’s procedures for surrendering interests in Global
Notes, if the Notes are Global Notes, in each case at any time during the period
beginning at the open of business on the date that is 20 Business Days prior to
the Repurchase Date until the Repurchase Expiration Time; and

(B) delivery of the Notes, if the Notes are Physical Notes, to the Paying
Agent at any time after delivery of the Repurchase Notice (together with all
necessary endorsements) at the Corporate Trust Office of the Paying Agent, or
book-entry transfer of the Notes, if the Notes are Global Notes, in compliance
with the procedures of the Depositary, in each case such delivery being a
condition to receipt by the Holder of the Repurchase Price therefor. 

Each Repurchase Notice shall
state: 

(A) in the
case of Physical Notes, the certificate numbers of the Notes to be delivered for
repurchase; 

84 

(B) the
portion of the principal amount of the Notes to be repurchased, which must be
$1,000 or an integral multiple thereof; and 

(C) that
the Notes are to be repurchased by the Company pursuant to the applicable
provisions of the Notes and this Indenture;

provided, however, that if the Notes
are Global Notes, the Repurchase Notice must comply with Applicable Procedures.

Notwithstanding anything
herein to the contrary, any Holder delivering to the Paying Agent the Repurchase
Notice contemplated by this Section 15.01 shall have the right to withdraw, in
whole or in part, such Repurchase Notice at any time prior to the Repurchase
Expiration Time by delivery of a written notice of withdrawal to the Paying
Agent in accordance with Section 15.03 (unless the Notes are Global Notes, in
which case the Holder must comply with Applicable Procedures).

The Paying Agent (if other
than the Company or any Subsidiary thereof) shall promptly notify the Company of
the receipt by it of any Repurchase Notice or written notice of withdrawal
thereof; provided that such notice may be aggregated with any other
Repurchase Notice or written notice of withdrawal received on the same Business
Day and may be sent in accordance with the Trustee’s standard procedures for
delivery of such notices. 

No Repurchase Notice with
respect to any Notes may be surrendered by a Holder thereof if such Holder has
also surrendered a Fundamental Change Repurchase Notice and has not validly
withdrawn such Fundamental Change Repurchase Notice in accordance with Section
15.03. 

(b) Notwithstanding the foregoing, no Notes may be repurchased by the Company
at the option of the Holders on the Repurchase Date if the principal amount of
the Notes has been accelerated, and such acceleration has not been rescinded, on
or prior to the Repurchase Date (except in the case of an acceleration resulting
from a Default by the Company in the payment of the Repurchase Price with
respect to such Notes). The Paying Agent will promptly return to the respective
Holders thereof any Physical Notes held by it during the acceleration of the
Notes (except in the case of an acceleration resulting from a Default by the
Company in the payment of the Repurchase Price with respect to such Notes), or
any instructions for book-entry transfer of the Notes in compliance with the
procedures of the Depositary shall be deemed to have been cancelled, and, upon
such return or cancellation, as the case may be, the Repurchase Notice with
respect thereto shall be deemed to have been withdrawn. 

Section 15.02. Repurchase at
Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time,
each Holder shall have the right, at such Holder’s option, to require the
Company to repurchase for cash all of such Holder’s Notes, or any portion
thereof that is equal to $1,000 or an integral multiple of $1,000 in excess
thereof, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 Scheduled Trading
Days or more than 40 Scheduled Trading Days following the date of the
Fundamental Change Company Notice at a repurchase price equal to 100% of the
principal amount thereof, plus accrued and unpaid
interest, if any, thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase
Price”), unless the Fundamental
Change Repurchase Date falls after a Regular Record Date and on or prior to the
Interest Payment Date to which such Regular Record Date relates, in which case
the Company shall instead pay the full amount of accrued and unpaid interest to
Holders of record as of such Regular Record Date, and the Fundamental Change
Repurchase Price shall be equal to 100% of the principal amount of Notes to be
repurchased pursuant to this Article 15.

85

(b) Repurchases of Notes under this Section 15.02 shall be made, at the
option of the Holder thereof, upon: 

(i) delivery to the Paying Agent by a Holder of a duly completed notice (the
“Fundamental Change Repurchase
Notice”) in the form set forth in
Attachment 2 to the Form of Note, if the Notes are Physical Notes, or in
compliance with the Depositary’s procedures for surrendering interests in Global
Notes, if the Notes are Global Notes, in each case on or before the close of
business on the Business Day immediately preceding the Fundamental Change
Repurchase Date; and 

(ii) delivery of the Notes, if the Notes are Physical Notes, to the Paying
Agent at any time after delivery of the Fundamental Change Repurchase Notice
(together with all necessary endorsements for transfer) at the Corporate Trust
Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes
are Global Notes, in compliance with the procedures of the Depositary, in each
case such delivery being a condition to receipt by the Holder of the Fundamental
Change Repurchase Price therefor. 

The Fundamental Change
Repurchase Notice in respect of any Notes to be repurchased shall state:

(i) in the
case of Physical Notes, the certificate numbers of the Notes to be delivered for
repurchase; 

(ii) the
portion of the principal amount of Notes to be repurchased, which must be $1,000
or an integral multiple thereof; and 

(iii) that
the Notes are to be repurchased by the Company pursuant to the applicable
provisions of the Notes and this Indenture; 

provided, however, that if the Notes
are Global Notes, the Fundamental Change Repurchase Notice must comply with
appropriate Depositary procedures. 

Notwithstanding anything
herein to the contrary, any Holder delivering to the Paying Agent the
Fundamental Change Repurchase Notice contemplated by this Section 15.02 shall
have the right to withdraw, in whole or in part, such Fundamental Change
Repurchase Notice at any time prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date by delivery of a
written notice of withdrawal to the Paying Agent in accordance with Section
15.03 (unless the Notes are Global Notes, in which case the Holder must comply
with the appropriate procedures of the Depositary). 

86 

The Paying Agent (if other
than the Company or any Subsidiary thereof) shall promptly notify the Company of
the receipt by it of any Fundamental Change Repurchase Notice or written notice
of withdrawal thereof; provided that such notice
may be aggregated with any other Fundamental Change Repurchase Notice or written
notice of withdrawal received on the same Business Day and may be sent in
accordance with the Trustee’s standard procedures for delivery of such notices.

No Fundamental Change
Repurchase Notice with respect to any Notes may be surrendered by a Holder
thereof if such Holder has also surrendered a Repurchase Notice and has not
validly withdrawn such Repurchase Notice in accordance with Section 15.03.

(c) On or
before the 20th calendar day after the occurrence of the effective date of a
Fundamental Change, the Company shall provide to all Holders of Notes and the
Trustee and the Paying Agent (in the case of a Paying Agent other than the
Trustee, the Company or any Subsidiary of the Company) a notice (the
“Fundamental Change Company
Notice”) of the occurrence of the
effective date of the Fundamental Change and of the repurchase right at the
option of the Holders arising as a result thereof. In the case of Physical
Notes, such notice shall be by first class mail or, in the case of Global Notes,
such notice shall be delivered in accordance with the applicable procedures of
the Depositary. Simultaneously with providing such notice, the Company shall
publish a notice containing the information set forth in the Fundamental Change
Company Notice in a newspaper of general circulation in The City of New York or
publish such information by press release or on the Company’s website or through
such other public medium as the Company may use at that time. Each Fundamental
Change Company Notice shall specify: 

(i) the
events causing the Fundamental Change; 

(ii) the
date of the Fundamental Change; 

(iii) the
last date on which a Holder may exercise the repurchase right pursuant to this
Article 15 as a result of such Fundamental Change; 

(iv) the
Fundamental Change Repurchase Price; 

(v) the
Fundamental Change Repurchase Date; 

(vi) the
name and address of the Paying Agent and the Conversion Agent, if applicable;

(vii) if
applicable, the Conversion Rate and any adjustments to the Conversion Rate;

(viii) that
the Notes with respect to which a Fundamental Change Repurchase Notice has been
delivered by a Holder may be converted only if the Holder withdraws the
Fundamental Change Repurchase Notice in accordance with the terms of this
Indenture; and 

87 

(ix) the
procedures that Holders must follow to require the Company to repurchase their
Notes. 

No failure of the Company to
give the foregoing notices and no defect therein shall limit the Holders’
repurchase rights or affect the validity of the proceedings for the repurchase
of the Notes pursuant to this Section 15.02.

At the Company’s written
request received by the Trustee not less than five Business Days prior to the
date the notice is to be given (or such shorter period of time as may be
acceptable to the Trustee), the Trustee shall give such notice in the Company’s
name and at the Company’s expense;
provided, however, that, in all cases, the text of such Fundamental Change Company Notice
shall be prepared by the Company and the Fundamental Change Company Notice to be
given shall be delivered with the written request. 

(d) Notwithstanding the foregoing, no Notes may be repurchased by the Company
on any date at the option of the Holders upon a Fundamental Change if the
principal amount of the Notes has been accelerated, and such acceleration has
not been rescinded, on or prior to such date (except in the case of an
acceleration resulting from a Default by the Company in the payment of the
Fundamental Change Repurchase Price with respect to such Notes). The Paying
Agent will promptly return to the respective Holders thereof any Physical Notes
held by it during the acceleration of the Notes (except in the case of an
acceleration resulting from a Default by the Company in the payment of the
Fundamental Change Repurchase Price with respect to such Notes), or any
instructions for book-entry transfer of the Notes in compliance with the
procedures of the Depositary shall be deemed to have been cancelled, and, upon
such return or cancellation, as the case may be, the Fundamental Change
Repurchase Notice with respect thereto shall be deemed to have been withdrawn.

Section 15.03. Withdrawal of Repurchase Notice or Fundamental
Change Repurchase Notice. (a) A
Repurchase Notice or Fundamental Change Repurchase Notice may be withdrawn (in
whole or in part) by means of a written notice of withdrawal delivered to the
Corporate Trust Office of the Paying Agent in accordance with this Section 15.03
at any time prior to the Repurchase Expiration Time or prior to the close of
business on the Business Day immediately preceding the Fundamental Change
Repurchase Date, as the case may be, specifying: 

(i) the
principal amount of the Notes with respect to which such notice of withdrawal is
being submitted, 

(ii) if
Physical Notes have been issued, the certificate number of the Note in respect
of which such notice of withdrawal is being submitted, and 

(iii) the
principal amount, if any, of such Note that remains subject to the original
Repurchase Notice or Fundamental Change Repurchase Notice, as the case may be,
which portion must be in principal amounts of $1,000 or an integral multiple of
$1,000; 

provided, however, that if the Notes
are Global Notes, the notice must comply with appropriate procedures of the
Depositary. 

88 

Section 15.04. Deposit of Repurchase Price or Fundamental
Change Repurchase Price. (a) The Company will deposit
with the Trustee (or other Paying Agent appointed by the Company, or if the
Company or a Subsidiary thereof is acting as the Company’s Paying Agent, set
aside, segregate and hold in trust, or cause such Subsidiary of the Company to
set aside, segregate and hold in trust, in each case, as provided in Section
4.04) on or prior to 12:00 p.m., New York City time, on the Repurchase Date or
Fundamental Change Repurchase Date, as the case may be, an amount of money
sufficient to repurchase all of the Notes to be repurchased at the appropriate
Repurchase Price or Fundamental Change Repurchase Price. Subject to receipt of
funds and/or Notes by the Trustee (or other Paying Agent appointed by the
Company), payment for Notes surrendered for repurchase (and not withdrawn prior
to the Repurchase Expiration Time or prior to the close of business on the
Business Day immediately preceding the Fundamental Change Repurchase Date, as
applicable) will be made on the later of (i) the Repurchase Date or Fundamental
Change Repurchase Date, as the case may be, (provided the Holder has satisfied the conditions in Section 15.01 or Section
15.02, as the case may be) and (ii) the time of book-entry transfer or the
delivery of such Note to the Trustee (or other Paying Agent appointed by the
Company) by the Holder thereof in the manner required by Section 15.01 or
Section 15.02, as applicable, by mailing checks for the amount payable to the
Holders of such Notes entitled thereto as they shall appear in the Note
Register; provided, however, that payments to
the Depositary shall be made by wire transfer of immediately available funds to
the account of the Depositary or its nominee. The Trustee shall, promptly after
such payment and upon written demand by the Company, return to the Company any
funds in excess of the Repurchase Price or Fundamental Change Repurchase Price,
as the case may be. 

(b) If by
12:00 p.m. New York City time, on the Repurchase Date or Fundamental Change
Repurchase Date, as the case may be, the Trustee (or other Paying Agent
appointed by the Company) holds money sufficient to make payment on all the
Notes or portions thereof that are to be repurchased on the Repurchase Date or
Fundamental Change Repurchase Date, as the case may be, then, with respect to
the Notes that have been properly surrendered for repurchase and have not been
validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest
will cease to accrue on such Notes (whether or not book-entry transfer of the
Notes has been made or the Notes have been delivered to the Trustee or Paying
Agent) and (iii) all other rights of the Holders of such Notes will terminate
(other than the right to receive the Repurchase Price or Fundamental Change
Repurchase Price, as the case may be, and, if applicable, accrued and unpaid
interest). 

(c) Upon
surrender of a Note that is to be repurchased in part pursuant to Section 15.01
or Section 15.02, the Company shall execute and the Trustee shall authenticate
and deliver to the Holder a new Note in an authorized denomination equal in
principal amount to the unrepurchased portion of the Note surrendered.

Section 15.05. Covenant to Comply with Applicable Laws Upon
Repurchase of Notes. In
connection with any repurchase offer pursuant to Section 15.01 or Section 15.02,
as the case may be, the Company will, if, and to the extent, required:

(a) comply
with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules
under the Exchange Act that may then be applicable; 

89 

(b) file a
Schedule TO or any other required schedule under the Exchange Act; and

(c) otherwise comply with all federal and state securities laws in connection
with any offer by the Company to repurchase the Notes; 

in each case, so as to permit
the rights and obligations under this Article 15 to be exercised in the time and
in the manner specified in this Article 15. 

ARTICLE 16
Optional Redemption

Section 16.01. Optional Redemption. No sinking fund is provided for the Notes. The
Notes shall not be redeemable by the Company prior to October 15, 2025. On or
after October 15, 2025, but prior to July 15, 2037, the Company may redeem (an
“Optional
Redemption”) for cash (without
penalty or premium) all or, from time to time, any portion of the Notes, at the
Redemption Price. 

Section 16.02. Notice of Optional Redemption; Selection of
Notes. (a) In case the Company
exercises its Optional Redemption right to redeem all or, as the case may be,
any part of the Notes pursuant to Section 16.01, it shall fix a date for
redemption (each, a “Redemption
Date”) and it or, at its written
request received by the Trustee not less than 35 Scheduled Trading Days prior to
the Redemption Date (or such shorter period of time as may be acceptable to the
Trustee) together with the notice of redemption to be given, the Trustee, in the
name of and at the expense of the Company, shall deliver or cause to be
delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 30 nor more than 60 Scheduled
Trading Days prior to the Redemption Date to each Holder of Notes so to be
redeemed as a whole or in part; provided, however, that, if the Company shall give such notice, it shall also give written
notice of the Redemption Date to the Trustee. The Redemption Date must be a
Business Day. 

(b) The
Redemption Notice, if delivered in the manner herein provided, shall be
conclusively presumed to have been duly given, whether or not the Holder
receives such notice. In any case, failure to give such Redemption Notice by
mail or any defect in the Redemption Notice to the Holder of any Note designated
for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Note. 

(c) Each
Redemption Notice shall identify the Notes to be redeemed (or their method of
selection) and specify: 

(i) the
Redemption Date and shall state that such Redemption Date is a Business Day;

(ii) the
Redemption Price; 

90 

(iii) that
on the Redemption Date, the Redemption Price will become due and payable upon
each Note to be redeemed, and that interest thereon shall cease to accrue on
and after the Redemption Date
unless the Company defaults on payment of the Redemption Price;

(iv) the
place or places where such Notes are to be surrendered for payment of the
Redemption Price; 

(v) that
Holders may surrender their Notes for conversion at any time prior to the close
of business on the Scheduled Trading Day immediately preceding the Redemption
Date; 

(vi) the
procedures a converting Holder must follow to convert its Notes and the Cash
Percentage, if applicable;

(vii) the
Conversion Rate and, if applicable, the number of Additional Shares added to the
Conversion Rate in accordance with Section 14.03;

(viii) the
CUSIP, ISIN or other similar numbers, if any, assigned to such Notes and that no
representation is made as to the correctness or accuracy of the CUSIP number, if
any, listed in such Redemption Notice or printed on the Notes; and 

(ix) in
case any Note is to be redeemed in part only, the portion of the principal
amount thereof to be redeemed and on and after the Redemption Date, upon
surrender of such Note, a new Note in principal amount equal to the unredeemed
portion thereof shall be issued. 

A Redemption Notice shall be
irrevocable. 

(d) If
fewer than all of the then outstanding Notes are to be redeemed, the Trustee
shall select the Notes or portions thereof of a Global Note or the Notes in
certificated form to be redeemed (in principal amounts of $1,000 or multiples
thereof) by lot, on a pro
rata basis or by another method
the Trustee considers to be fair and appropriate. For so long as the Notes are
held through the Depositary, the selection of the Notes to be redeemed shall be
conducted in accordance with Applicable Procedures. If any Note selected for
partial redemption is submitted for conversion in part after such selection, the
portion of the Note submitted for conversion shall be deemed (so far as may be
possible) to be the portion selected for redemption.

Section 16.03. Payment of Notes Called for
Redemption. (a) If any Redemption
Notice has been given in respect of the Notes in accordance with Section 16.02,
the Notes shall become due and payable on the Redemption Date at the place or
places stated in the Redemption Notice and at the applicable Redemption Price.
On presentation and surrender of the Notes at the place or places stated in the
Redemption Notice, the Notes shall be paid and redeemed by the Company at the
applicable Redemption Price. 

91 

(b) Prior
to 12:00 p.m., New York City time, on the Redemption Date, the Company shall
deposit with the Paying Agent or, if the Company or a Subsidiary of the Company
is acting as the Paying Agent, shall segregate and hold in trust as provided in
Section 7.05 an amount of cash (in immediately available funds if deposited on
the Redemption Date), sufficient to pay the Redemption Price of all of
the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by
the Paying Agent, payment for the Notes to be redeemed shall be made on the
Redemption Date for such Notes. The Paying Agent shall, promptly after such
payment and upon written demand by the Company, return to the Company any funds
in excess of the Redemption Price. 

(c) If the
Paying Agent holds money sufficient to pay the Redemption Price of the Notes to
be redeemed on the relevant Redemption Date, then, with respect to the Notes to
be redeemed on such Redemption Date (which, for the avoidance of doubt, shall
not involve Notes converted by Holders thereof prior to the relevant Redemption
Date), such Notes will cease to be outstanding and interest will cease to accrue
(whether or not book-entry transfer of the Notes is made or whether or not the
Note is delivered to the Paying Agent), and all other rights with respect to
such Notes of the Holder thereof will terminate (other than the right to receive
the Redemption Price). 

Section 16.04. Restrictions on Redemption. The Company may not redeem any Notes on any date
if the principal amount of the Notes has been accelerated in accordance with the
terms of this Indenture, and such acceleration has not been rescinded, on or
prior to the Redemption Date (except in the case of an acceleration resulting
from a Default by the Company in the payment of the Redemption Price with
respect to such Notes). 

ARTICLE 17 
Miscellaneous Provisions

Section 17.01. Provisions Binding on Company’s Successors.
All the covenants, stipulations,
promises and agreements of the Company contained in this Indenture shall bind
its successors and assigns whether so expressed or not. 

Section 17.02. Official Acts by Successor Corporation.
Any act or proceeding by any
provision of this Indenture authorized or required to be done or performed by
any board, committee or Officer of the Company shall and may be done and
performed with like force and effect by the like board, committee or officer of
any corporation or other entity that shall at the time be the lawful sole
successor of the Company. 

Section 17.03. Addresses for Notices, Etc. Any notice or demand that by any provision of this
Indenture is required or permitted to be given or served by the Trustee or by
the Holders on the Company shall be deemed to have been sufficiently given or
made, for all purposes if given or served by being deposited postage prepaid by
registered or certified mail in a post office letter box addressed (until
another address is filed by the Company with the Trustee), or sent by facsimile,
delivered by overnight air courier guaranteeing next day delivery or sent by
electronic mail (in PDF), to Meritor, Inc., 2135 West Maple Road, Troy, Michigan
48084, Attention: General Counsel. Any notice, direction, request or demand
hereunder to or upon the Trustee shall be deemed to have been sufficiently given
or made, for all purposes, if given or served by being deposited postage prepaid
by registered or certified mail in a post office letter box addressed to the
Corporate Trust Office. 

92 

The Trustee, by notice to the
Company, may designate additional or different addresses for subsequent notices
or communications. 

Any notice or communication
delivered or to be delivered to a Holder of Physical Notes shall be mailed to it
by first class mail, postage prepaid, at its address as it appears on the Note
Register and shall be sufficiently given to it if so mailed within the time
prescribed. Any notice or communication delivered or to be delivered to a Holder
of Global Notes shall be delivered in accordance with the applicable procedures
of the Depositary and shall be sufficiently given to it if so delivered within
the time prescribed. Notwithstanding any other provision of this Indenture or
any Note, where this Indenture or any Note provides for notice of any event
(including any Redemption Notice, Company Notice or Fundamental Change Company
Notice) to a Holder of a Global Note (whether by mail or otherwise), such notice
shall be sufficiently given if given to the Depositary (or its designee)
pursuant to the standing instructions from the Depositary or its designee,
including by electronic mail in accordance with Applicable Procedures.

Failure to mail or deliver a
notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is
mailed or delivered, as the case may be, in the manner provided above, it is
duly given, whether or not the addressee receives it. 

In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be
impracticable to give such notice to Holders by mail, then such notification as
shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder. 

Section 17.04. Governing Law; Jurisdiction. THIS INDENTURE, EACH NOTE AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE,
AS THE CASE MAY BE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF).

The Company irrevocably
consents and agrees, for the benefit of the Holders from time to time of the
Notes and the Trustee, that any legal action, suit or proceeding against it with
respect to obligations, liabilities or any other matter arising out of or in
connection with this Indenture or the Notes may be brought in the courts of the
State of New York or the courts of the United States located in the Borough of
Manhattan, New York City, New York and, until amounts due and to become due in
respect of the Notes have been paid, hereby irrevocably consents and submits to
the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to
any action, suit or proceeding for itself in respect of its properties, assets
and revenues.

The Company irrevocably and
unconditionally waives, to the fullest extent permitted by law, any objection
which it may now or hereafter have to the laying of venue of any of the
aforesaid actions, suits or proceedings arising out of or in connection with
this Indenture brought in the courts of the State of New York or the courts of
the United States located in the Borough of Manhattan, New York City, New York
and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such
action, suit or proceeding brought in any such court has been brought in an
inconvenient forum. 

93 

Section 17.05. Evidence of Compliance with Conditions
Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to
the Trustee to take any action under any of the provisions of this Indenture,
the Company shall furnish to the Trustee an Officer’s Certificate and an Opinion
of Counsel stating that such action is permitted by the terms of this Indenture.

Each Officer’s Certificate and
Opinion of Counsel provided for, by or on behalf of the Company in this
Indenture and delivered to the Trustee with respect to compliance with this
Indenture (other than the Officer’s Certificates provided for in Section 4.08)
shall include (a) a statement that the person signing such certificate is
familiar with the requested action and this Indenture; (b) a brief statement as
to the nature and scope of the examination or investigation upon which the
statement contained in such certificate is based; (c) a statement that, in the
judgment of such person, he or she has made such examination or investigation as
is necessary to enable him or her to express an informed judgment as to whether
or not such action is permitted by this Indenture; and (d) a statement as to
whether or not, in the judgment of such person, such action is permitted by this
Indenture. 

Section 17.06. Legal Holidays. In any case where any Interest Payment Date, any
Redemption Date, any Fundamental Change Repurchase Date, the Repurchase Date or
the Maturity Date is not a Business Day, then any action to be taken on such
date need not be taken on such date, but may be taken on the next succeeding
Business Day with the same force and effect as if taken on such Interest Payment
Date, Redemption Date, Fundamental Change Repurchase Date, Repurchase Date or
Maturity Date, and no interest shall accrue in respect of the delay. 

Section 17.07. No Security Interest Created. Nothing in this Indenture or in the Notes,
expressed or implied, shall be construed to constitute a security interest under
the Uniform Commercial Code or similar legislation, as now or hereafter enacted
and in effect, in any jurisdiction. 

Section 17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes,
expressed or implied, shall give to any Person, other than the Holders, the
parties hereto, any Paying Agent, any Conversion Agent, any authenticating
agent, any Note Registrar and their successors hereunder, any benefit or any
legal or equitable right, remedy or claim under this Indenture. 

Section 17.09. Table of Contents, Headings, Etc.
The table of contents and the
titles and headings of the articles and sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part
hereof, and shall in no way modify or restrict any of the terms or provisions
hereof. 

94 

Section 17.10. Authenticating Agent. The Trustee may appoint an authenticating agent
that shall be authorized to act on its behalf and subject to its direction in
the authentication and delivery of Notes in connection with the original
issuance thereof and transfers and exchanges of Notes hereunder,
including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section
10.04 and Section 15.04 as fully to all intents and purposes as though the
authenticating agent had been expressly authorized by this Indenture and those
Sections to authenticate and deliver Notes. For all purposes of this Indenture,
the authentication and delivery of Notes by the authenticating agent shall be
deemed to be authentication and delivery of such Notes “by the Trustee” and a
certificate of authentication executed on behalf of the Trustee by an
authenticating agent shall be deemed to satisfy any requirement hereunder or in
the Notes for the Trustee’s certificate of authentication. Such authenticating
agent shall at all times be a Person eligible to serve as trustee hereunder
pursuant to Section 7.08. 

Any corporation or other
entity into which any authenticating agent may be merged or converted or with
which it may be consolidated, or any corporation or other entity resulting from
any merger, consolidation or conversion to which any authenticating agent shall
be a party, or any corporation or other entity succeeding to the corporate trust
business of any authenticating agent, shall be the successor of the
authenticating agent hereunder, if such successor corporation or other entity is
otherwise eligible under this Section 17.10, without the execution or filing of
any paper or any further act on the part of the parties hereto or the
authenticating agent or such successor corporation or other entity. 

Any authenticating agent may
at any time resign by giving written notice of resignation to the Trustee and to
the Company. The Trustee may at any time terminate the agency of any
authenticating agent by giving written notice of termination to such
authenticating agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time any
authenticating agent shall cease to be eligible under this Section 17.10, the
Trustee may appoint a successor authenticating agent (which may be the Trustee),
shall give written notice of such appointment to the Company and shall deliver
notice of such appointment to all Holders. 

The Company agrees to pay to
the authenticating agent from time to time reasonable compensation for its
services although the Company may terminate the authenticating agent, if it
determines such agent’s fees to be unreasonable. 

The provisions of Section
7.02, Section 7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be
applicable to any authenticating agent. 

If an authenticating agent is
appointed pursuant to this Section 17.10, the Notes may have endorsed thereon,
in addition to the Trustee’s certificate of authentication, an alternative
certificate of authentication in the following form: 

	 	,

	as Authenticating Agent, certifies that this is
      one of the Notes described	 
	in the within-named Indenture.	

	By: 	           

    	Authorized
      Signatory

95 

Section 17.11. Execution in Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument. The exchange of copies of
this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed
to be their original signatures for all purposes. 

Section 17.12. Severability. In the event any provision of this Indenture or in
the Notes shall be invalid, illegal or unenforceable, then (to the extent
permitted by law) the validity, legality or enforceability of the remaining
provisions shall not in any way be affected or impaired. 

Section 17.13. Waiver of Jury Trial. EACH OF THE COMPANY 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 NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 

Section 17.14. 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 or other
unavailability of the Federal Reserve Bank wire or facsimile or other wire or
communication facility; it being understood that the Trustee shall use
reasonable efforts that are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

Section 17.15. Calculations. Except as otherwise provided herein, the Company
shall be responsible for making all calculations called for under the Notes and
determining whether the Notes are convertible. These calculations include, but
are not limited to, determinations of the Stock Price, the Last Reported Sale
Prices of the Common Stock, the Daily VWAPs, the Daily Conversion Values, the
Daily Net Settlement Amounts, the Daily Settlement Amounts, accrued interest
payable on the Notes and the Conversion Rate of the Notes. The Company shall
make all these calculations in good faith and, absent manifest error, the
Company’s calculations shall be final and binding on Holders of Notes. The
Company shall provide a schedule of its calculations to each of the Trustee and
the Conversion Agent, and each of the Trustee and Conversion Agent is entitled
to rely conclusively upon the accuracy of the Company’s calculations without
independent verification. The Trustee will forward the Company’s calculations to
any Holder of Notes upon the request of that Holder at the sole cost and expense
of the Company. 

96 

Section 17.16. USA PATRIOT Act. The parties hereto acknowledge that in accordance
with Section 326 of the USA PATRIOT Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money
laundering, is required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or
opens an account with the Trustee. The parties to this Indenture agree
that they will provide the Trustee with such information as it may request in
order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

Section 17.17. Concerning The Trust Indenture Act.
Except with respect to specific
provisions of the Trust Indenture Act expressly referenced in the provisions of
this Indenture, the Trust Indenture Act shall not be applicable to, and shall
not govern, this Indenture and the Notes. 

[Remainder of page intentionally left
blank] 

97 

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

	MERITOR,
      INC.
	 	
		
	By: 	/s/ Carl D. Anderson, II
		Name: 	Carl D. Anderson, II
		Title:	Vice President and Treasurer
	 	
		
	U.S. BANK
      NATIONAL
	       ASSOCIATION,
      as Trustee
	 	
	 	
	By: 	/s/ James Kowalski
		Name:	James Kowalski
		Title:	Vice President

EXHIBIT A 

[FORM OF FACE OF NOTE]

[INCLUDE FOLLOWING LEGEND IF
A GLOBAL NOTE] 

[UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER 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.] 

[INCLUDE FOLLOWING LEGEND IF
A RESTRICTED SECURITY] 

[THIS SECURITY AND THE COMMON
STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

(1) REPRESENTS THAT IT AND ANY
ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE
INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2) AGREES FOR THE BENEFIT OF
MERITOR, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT
IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH
SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED
BY APPLICABLE LAW, EXCEPT: 

(A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, OR 

(B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 

A-1 

(C) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
OR

(D) PURSUANT TO AN EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

PRIOR TO THE REGISTRATION OF
ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE
RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE
PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE
AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT.] 

NO AFFILIATE (AS DEFINED IN
RULE 144 UNDER THE SECURITIES ACT) OF MERITOR, INC. OR PERSON THAT HAS BEEN AN
AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF MERITOR, INC.
DURING THE IMMEDIATELY PRECEDING THREE MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR
HOLD THIS SECURITY OR A BENEFICIAL INTEREST HEREIN.

A-2

MERITOR, INC. 

3.25% Convertible Senior
Note due 2037 

	
      No. [_____]
    
	
      [Initially]1
      $[_________] 

CUSIP No. [_________]

Meritor, Inc., a corporation
duly organized and validly existing under the laws of the State of Indiana (the
“Company,” which term includes any successor corporation
or other entity under the Indenture referred to on the reverse hereof), for
value received hereby promises to pay to [CEDE & CO.]2
[_______]3, or registered assigns, the principal sum [as set forth in
the “Schedule of Exchanges of Notes” attached hereto]4 [of
$[_______]]5, which amount, taken together with the principal amounts
of all other outstanding Notes, shall not, unless permitted by the Indenture,
exceed $325,000,000 in aggregate at any time, in accordance with the rules and
procedures of the Depositary, on October 15, 2037, and interest thereon as set
forth below. 

This Note shall bear interest
at the rate of 3.25% per year from September 22, 2017, or from the most recent
date to which interest had been paid or provided for to, but excluding, the next
scheduled Interest Payment Date until October 15, 2037. Interest is payable
semi-annually in arrears on each April 15 and October 15, commencing on April
15, 2018, to Holders of record at the close of business on the preceding April 1
and October 1 (whether or not such day is a Business Day), respectively.
Additional Interest will be payable as set forth in Section 4.06(d), Section
4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference to
interest on, or in respect of, any Note therein shall be deemed to include
Additional Interest if, in such context, Additional Interest is, was or would be
payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section
6.03, and any express mention of the payment of Additional Interest in any
provision therein shall not be construed as excluding Additional Interest in
those provisions thereof where such express mention is not made. 

Any Defaulted Amounts shall
accrue interest per annum at the rate borne by the Notes plus 1.00%, subject to the enforceability thereof under applicable law, from,
and including, the relevant payment date to, but excluding, the date on which
such Defaulted Amounts shall have been paid by the Company, at its election, in
accordance with Section 2.03(c) of the Indenture.

The Company shall pay the
principal of and interest on this Note, if and so long as such Note is a Global
Note, in immediately available funds to the Depositary or its nominee, as the
case may be, as the registered Holder of such Note. As provided in and subject
to the provisions of the Indenture, the Company shall pay the principal of any
Notes (other than Notes that are Global Notes) at the office or agency
designated by the Company for that purpose. The Company has initially designated
the Trustee as its Paying Agent and Note Registrar in respect of the Notes and
its Corporate Trust Office, as a place where Notes may be presented for payment
or for registration of transfer and exchange.

____________________

1 Include if a
global note. 
2 Include
if a global note. 
3
Include if a physical note. 
4 Include if a global note. 
5 Include if a physical note. 

A-3

The Notes shall be fully and
unconditionally guaranteed by the Subsidiary Guarantors pursuant to the terms
and conditions set forth in the Subsidiary Guaranty.

Reference is made to the
further provisions of this Note set forth on the reverse hereof, including,
without limitation, provisions giving the Holder of this Note the right to
convert this Note into cash and shares of Common Stock, if any, on the terms and
subject to the limitations set forth in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this
place. 

This Note, and any claim,
controversy or dispute arising under or related to this Note, shall be construed
in accordance with and governed by the laws of the State of New York (without
regard to the conflicts of laws provisions thereof). 

In the case of any conflict
between this Note and the Indenture, the provisions of the Indenture shall
control and govern. 

This Note shall not be valid
or become obligatory for any purpose until the certificate of authentication
hereon shall have been signed manually or by facsimile by the Trustee or a duly
authorized authenticating agent under the Indenture. 

[Remainder of page intentionally left
blank] 

A-4 

IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed. 

	MERITOR, INC.
		 
	By: 	         
		Name:
		Title:

	Dated:
	 
	TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION
	 
	U.S. BANK
      NATIONAL ASSOCIATION
	as Trustee,
      certifies that this is one of the Notes described
	in the
      within-named Indenture.

	 
	By:     	         
		Authorized Signatory

A-5

[FORM OF REVERSE OF NOTE]

MERITOR,
INC.
3.25% Convertible Senior Note
due 2037 

This Note is one of a duly
authorized issue of Notes of the Company, designated as its 3.25% Convertible
Senior Notes due 2037 (the “Notes”), limited to the
aggregate principal amount of $325,000,000 all issued or to be issued under and
pursuant to an Indenture dated as of September 22, 2017 (the “Indenture”), between the Company and U.S. Bank National Association (the
“Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited
aggregate principal amount, subject to certain conditions specified in the
Indenture. Capitalized terms used in this Note and not defined in this Note
shall have the respective meanings set forth in the Indenture. 

In case certain Events of
Default shall have occurred and be continuing, the principal of, and interest
on, all Notes may be declared, by either the Trustee or Holders of at least 25%
in aggregate principal amount of Notes then outstanding, and upon said
declaration shall become, due and payable, in the manner, with the effect and
subject to the conditions and certain exceptions set forth in the Indenture.

Subject to the terms and
conditions of the Indenture, the Company will make all payments and deliveries
in respect of the Fundamental Change Repurchase Price on the Fundamental Change
Repurchase Date and the principal amount on the Maturity Date, as the case may
be, to the Holder who surrenders a Note to a Paying Agent to collect such
payments in respect of the Note. The Company will pay cash amounts in money of
the United States that at the time of payment is legal tender for payment of
public and private debts.

The Indenture contains
provisions permitting the Company and the Trustee in certain circumstances,
without the consent of the Holders of the Notes, and in certain other
circumstances, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Notes at the time outstanding, evidenced as in
the Indenture provided, to execute supplemental indentures modifying the terms
of the Indenture and the Notes as described therein. It is also provided in the
Indenture that, subject to certain exceptions, the Holders of a majority in
aggregate principal amount of the Notes at the time outstanding may on behalf of
the Holders of all of the Notes waive any past Default or Event of Default under
the Indenture and its consequences. 

Each Holder shall have the
right to receive payment or delivery, as the case may be, of (x) the principal
of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due
upon conversion of, this Note at the place, at the respective times, at the rate
and in the lawful money or shares of Common Stock, as the case may be, herein
prescribed. 

A-6

The Notes are issuable in
registered form without coupons in denominations of $1,000 principal amount and
integral multiples thereof. At the office or agency of the Company referred to
on the face hereof, and in the manner and subject to the limitations provided in
the Indenture, Notes may be exchanged for a like aggregate principal amount of
Notes of other authorized denominations, without payment of any service charge
but, if required by the Company or Trustee, with payment of a sum sufficient to
cover any transfer or similar tax that may be imposed in connection therewith as
a result of the name of the Holder of the new Notes issued upon such exchange of
Notes being different from the name of the Holder of the old Notes surrendered
for such exchange. 

The Notes shall be redeemable
at the Company’s option on or after October 15, 2025, but prior to July 15,
2037, in accordance with the terms and subject to the conditions specified in
the Indenture. No sinking fund is provided for the Notes.

Upon the occurrence of a
Fundamental Change, the Holder has the right, at such Holder’s option, to
require the Company to repurchase for cash all of such Holder’s Notes or any
portion thereof (in principal amounts of $1,000 or integral multiples thereof)
on the Fundamental Change Repurchase Date at a price equal to the Fundamental
Change Repurchase Price. 

The Holder has the right, at
such Holder’s option, to require the Company to repurchase for cash all of such
Holder’s Notes or any portion thereof (in principal amounts of $1,000 or
integral multiples thereof) on October 15, 2025, at a price equal to the
Repurchase Price. 

Subject to the provisions of
the Indenture, the Holder hereof has the right, at its option, during certain
periods and upon the occurrence of certain conditions specified in the
Indenture, prior to the close of business on the Business Day immediately
preceding the Maturity Date, to convert any Notes or portion thereof that is
$1,000 or an integral multiple thereof, into cash and shares of Common Stock, if
any, at the Conversion Rate specified in the Indenture, as adjusted from time to
time as provided in the Indenture. The Company shall furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made
to: 

Meritor, Inc.
2135 West Maple Road 
Troy, Michigan 48084

Attention: General Counsel 

with a copy to: 

Michael J. Solecki 
Jones
Day 
901 Lakeside Avenue 
Cleveland, Ohio 44114-1190 

A-7

ABBREVIATIONS 

The following abbreviations,
when used in the inscription of the face of this Note, shall be construed as
though they were written out in full according to applicable laws or
regulations: 

TEN COM = as tenants in common

UNIF GIFT MIN ACT = Uniform
Gifts to Minors Act 

CUST = Custodian 

TEN ENT = as tenants by the
entireties 

JT TEN = joint tenants with
right of survivorship and not as tenants in common 

Additional abbreviations may
also be used though not in the above list. 

A-8

SCHEDULE
A6

SCHEDULE OF EXCHANGES OF
NOTES 

MERITOR,
INC.
3.25% Convertible Senior
Notes due 2037 

The initial principal amount
of this Global Note is _______DOLLARS ($[_________]). The following increases or
decreases in this Global Note have been made:

		     		     		     	Principal
      amount	     	Signature
      of
		 	Amount
      of		Amount
      of		of this
      Global Note		authorized
			decrease
      in		increase
      in	 	following
      such		signatory
      of
			principal
      amount		principal
      amount		decrease
      or	 	Trustee
      or
	Date of exchange		of this Global Note		of this Global Note		increase		Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

____________________

6 Include if a
global note. 

A-9

ATTACHMENT 1

[FORM OF NOTICE OF
CONVERSION] 

MERITOR,
INC.
3.25% Convertible Senior
Notes due 2037 

	To:       	U.S. Bank
      National Association
		Attention: Global
      Corporate Trust Services
		111 Fillmore
      Avenue East
		St. Paul, MN
      55107

The undersigned registered
owner of this Note hereby exercises the option to convert this Note, or the
portion hereof (that is $1,000 principal amount or an integral multiple thereof)
below designated, into cash and shares of Common Stock, if any, in accordance
with the terms of the Indenture referred to in this Note, and directs that any
cash payable and any shares of Common Stock issuable and deliverable upon such
conversion, together with any cash for any fractional share, and any Notes
representing any unconverted principal amount hereof, be issued and delivered to
the registered Holder hereof unless a different name has been indicated below.
If any shares of Common Stock or any portion of this Note not converted are to
be issued in the name of a Person other than the undersigned, the undersigned
will pay all documentary, stamp or similar issue or transfer taxes, if any in
accordance with Section 14.02(d) and Section 14.02(e) of the Indenture. Any
amount required to be paid to the undersigned on account of interest accompanies
this Note. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture. 

	Dated: 	 	     	
	 			 
 
			Signature(s)

	 		
	Signature Guarantee		
	 		
	Signature(s)
      must be guaranteed by an eligible Guarantor Institution (banks, stock
      brokers, savings and loan associations and credit unions) with membership
      in an approved signature guarantee medallion program pursuant to
      Securities and Exchange Commission Rule 17Ad-15 if shares of Common Stock
      are to be issued, or Notes are to be delivered, other than to and in the
      name of the registered holder.	

1

	Fill in for
      registration of shares if		
	to be issued, and
      Notes if to		
	be delivered,
      other than to and in the		
	name of the
      registered holder:		
	 
	 	     	
	(Name)		
	 
	 		
	(Street
      Address)	 	
	 		
	 		
	(City, State and
      Zip Code)		
	Please print name
      and address		
	 
			Principal amount
      to be converted (if less than all):
			$______,000
	 
			NOTICE: The above
      signature(s) of the Holder(s) hereof must correspond with the name as
      written upon the face of the Note in every particular without alteration
      or enlargement or any change whatever.
			 
			 	 
			Social Security
      or Other Taxpayer
			Identification
Number

2 

ATTACHMENT 2

[FORM OF FUNDAMENTAL CHANGE
REPURCHASE NOTICE] 

MERITOR, INC.

3.25% Convertible Senior Notes
due 2037 

	To:       	U.S. Bank
      National Association
		Attention: Global
      Corporate Trust Services
		111 Fillmore
      Avenue East
		St. Paul, MN
      55107

The undersigned registered
owner of this Note hereby acknowledges receipt of a notice from Meritor, Inc.
(the “Company”) as to the occurrence of a Fundamental Change
with respect to the Company and specifying the Fundamental Change Repurchase
Date and requests and instructs the Company to pay to the registered holder
hereof in accordance with Section 15.02 of the Indenture referred to in this
Note (1) the entire principal amount of this Note, or the portion thereof (that
is $1,000 principal amount or an integral multiple thereof) below designated,
and (2) if such Fundamental Change Repurchase Date does not fall during the
period after a Regular Record Date and on or prior to the corresponding Interest
Payment Date, accrued and unpaid interest, if any, thereon to, but excluding,
such Fundamental Change Repurchase Date. Capitalized terms used herein
but not defined shall have the meanings ascribed to such terms in the Indenture.

In the case of Physical Notes,
the certificate numbers of the Notes to be repurchased are as set forth below:

	Dated:  			
		 		 
			     	 	 
				Signature(s)
				 
				 	 
				Social Security or Other Taxpayer
				Identification Number
				 
				Principal amount to be repaid (if less than
      all):
				$______,000
				 
				NOTICE: The above signature(s) of the Holder(s)
      hereof must correspond with the name as written upon the face of the Note
      in every particular without alteration or enlargement or any change
      whatever.

1

ATTACHMENT 3

[FORM OF REPURCHASE NOTICE]

MERITOR,
INC.
3.25% Convertible Senior
Notes due 2037 

	To:       	U.S. Bank
      National Association
	 	Attention: Global
      Corporate Trust Services
		111 Fillmore
      Avenue East
		St. Paul, MN
      55107

The undersigned registered
owner of this Note hereby acknowledges receipt of a notice from Meritor, Inc.
(the “Company”) regarding the right of Holders to elect to
require the Company to repurchase the entire principal amount of this Note, or
the portion thereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, and requests and instructs the Company to repurchase
the entire principal amount of this Note, or the portion thereof (that is $1,000
principal amount or an integral multiple thereof) below designated, in
accordance with the applicable provisions of the Indenture referred to in this
Note, at the Repurchase Price from the registered Holder hereof. Capitalized
terms used herein but not defined shall have the meanings ascribed to such terms
in the Indenture. 

In the case of certificated
Notes, the certificate numbers of the Notes to be purchased are as set forth
below: 

	Dated:  			
		 		 
			     	 	 
				Signature(s)
				 
				 	 
				Social Security
      or Other Taxpayer
				Identification
      Number
				 
				Principal amount
      to be repaid (if less than all):
				$______,000
				 
				NOTICE: The above
      signature(s) of the Holder(s) hereof must correspond with the name as
      written upon the face of the Note in every particular without alteration
      or enlargement or any change whatever.

1

ATTACHMENT 4

[FORM OF ASSIGNMENT AND
TRANSFER] 

MERITOR,
INC.
3.25% Convertible Senior
Notes due 2037

For value received
____________________________ hereby sell(s), assign(s) and transfer(s) unto
_________________ (Please insert social security or Taxpayer Identification
Number of assignee) the within Note, and hereby irrevocably constitutes and
appoints _____________________ attorney to transfer the said Note on the
books of the Company, with full power of substitution in the premises.

In connection with any
transfer of the within Note occurring prior to the Resale Restriction
Termination Date, as defined in the Indenture governing such Note, the
undersigned confirms that such Note is being transferred: 

	☐	       	
      To Meritor, Inc. or a
      subsidiary thereof; or 

			 
	☐		
      Pursuant to a
      registration statement that has become or been declared effective under
      the Securities Act of 1933, as amended; or 

			 
	☐		
      Pursuant to and in
      compliance with Rule 144A under the Securities Act of 1933, as amended; or
      

			 
	☐		
      Pursuant to and in
      compliance with Rule 144 under the Securities Act of 1933, as amended, or
      any other available exemption from the registration requirements of the
      Securities Act of 1933, as amended. 

1

	Dated: 	 	 

	 
 
	 
 
	Signature(s)
	 
 
	Signature Guarantee
	 
	Signature(s) must be guaranteed by an eligible Guarantor
      Institution (banks, stock brokers, savings and loan associations and
      credit unions) with membership in an approved signature guarantee
      medallion program pursuant to Securities and Exchange Commission Rule
      17Ad-15 if Notes are to be delivered, other than to and in the name of the
      registered holder.

      NOTICE: The signature on the
assignment must correspond with the name as written upon the face of the Note in
every particular without alteration or enlargement or any change
whatever.

2 

EXHIBIT B 
FORM OF SUBSIDIARY GUARANTY 
THIS SUBSIDIARY GUARANTY (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Guaranty”) is made as of September 22, 2017, by each of the undersigned (the “Initial Guarantors”, and together with any additional subsidiaries which become parties to this Guaranty by executing a supplement hereto in the form attached hereto as Annex I, the “Subsidiary Guarantors”), in favor of U.S. Bank National Association, as Trustee (the “Trustee”), under the Indenture (as defined below), for the benefit of the Holders (as defined in the Indenture) of Notes (as defined below). Each capitalized term used herein and not defined herein shall have the meaning ascribed thereto in the Indenture. 
WITNESSETH: 
WHEREAS, Meritor, Inc., an Indiana corporation (the “Company”), has entered into that certain Third Amended and Restated Credit Agreement dated as of March 31, 2017 (as the same may be amended, extended, replaced or refinanced, and including any subsequent credit facility, the “Credit Agreement”), by and among the Company and ArvinMeritor Finance Ireland Unlimited Company (together with the Company, the “Borrowers”), the institutions from time to time parties thereto as lenders (the “Credit Agreement Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., Royal Bank of Canada and PNC Bank, National Association as Co-Syndication Agents and JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets and PNC Capital Markets LLC, as Joint Lead Arrangers and Joint Book Runners, which Credit Agreement provides, subject to the terms and conditions of the Credit Agreement, for extensions of credit and other financial accommodations by the Credit Agreement Lenders to the Borrowers; and 
WHEREAS, at the request of the Company, each of the Initial Guarantors executed and delivered a Guaranty (the “Credit Agreement Guaranty”), whereby each of the Initial Guarantors, without limitation and with full recourse, guaranteed the payment when due of the “Secured Obligations” (as such term is defined in the Credit Agreement);
WHEREAS, the Company is issuing $325,000,000 aggregate principal amount of its 3.25% Convertible Senior Notes due 2037 (the “Notes”) under the Indenture dated as of September 22, 2017, between the Company and U.S. Bank National Association, as Trustee (the “Indenture”); and 
WHEREAS, the Company desires that the Initial Guarantors provide a guaranty on the same terms as the Credit Agreement Guaranty for the benefit of the Holders of Notes;

B-1 

NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section
1.
Representations and
Warranties. Each of the
Subsidiary Guarantors represents and warrants to each Holder of
Notes and to the Trustee:

(a) It is
a corporation, partnership, limited liability company or other organization duly
incorporated or organized, validly existing and in good standing (in
jurisdictions where applicable) under the laws of its jurisdiction of
incorporation or organization and has all requisite authority to conduct its
business in each jurisdiction in which its business is conducted and where the
failure to be in good standing or authorized to conduct business would have a
material adverse effect on (i) the business, financial condition, operations,
performance or properties of the Company and its subsidiaries taken as a whole,
(ii) the ability of the Company to pay its obligations under the Indenture and
the Notes, or (iii) the validity or enforceability of the Indenture or the Notes
or the rights or remedies of the Trustee or the Holders of
Notes thereunder (hereinafter, a “Material Adverse Effect”).

(b) It has
the corporate or other power and authority and legal right to execute and
deliver this Guaranty and to perform its obligations hereunder. The execution
and delivery by it of this Guaranty and the performance of its obligations
hereunder have been duly authorized by proper corporate, partnership or limited
liability company proceedings, and this Guaranty constitutes a legal, valid and
binding obligation of such Subsidiary Guarantor enforceable against such
Subsidiary Guarantor in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally. 

(c) Neither the execution and delivery by it of this Guaranty, nor the
consummation of the transactions herein contemplated, nor compliance with the
provisions hereof will violate any law, rule, regulation, order, writ, judgment,
injunction, decree or award binding on such Subsidiary Guarantor or such
Subsidiary Guarantor’s articles of incorporation or by-laws or comparable
constitutive documents or the provisions of any indenture, instrument or
agreement to which such Subsidiary Guarantor is a party or is subject, or by
which it, or its property, is bound, or conflict with or constitute a default
thereunder, or result in the creation or imposition of any lien (other than any
lien permitted by the Indenture) in, of or on the property of such Subsidiary
Guarantor pursuant to the terms of any such indenture, instrument or agreement,
except for any such violation, conflict or default as would not reasonably be
expected to have a Material Adverse Effect. No order, consent, approval,
license, authorization, or validation of, or filing, recording or registration
with, or exemption by, any governmental authority, or any other third party, is
required to authorize, or is required in connection with the execution, delivery
and performance of, or the legality, validity, binding effect or enforceability
of, this Guaranty, except for those which have been obtained. 

Section
2.
The
Guaranty. Each of the Subsidiary
Guarantors hereby unconditionally guarantees, jointly and severally with the
other Subsidiary Guarantors, (i) the full and punctual payment when due (whether
at stated maturity, upon acceleration or otherwise) of the principal amount of
and interest, if any (including Additional Interest, if any), on the Notes in
accordance with the terms of the Notes and of the Indenture, as applicable, and
(ii) the punctual and faithful performance, keeping, observance, and fulfillment
by the Company of all of the agreements, conditions, covenants, and obligations
(including, without limitation, the payment or delivery, as applicable, of the
cash and shares of Common Stock, if any, due upon conversion of the Notes) of
the Company contained in the Indenture (all of the foregoing being referred to
collectively as the “Guaranteed
Obligations”). Upon failure by
the Company to pay punctually any such amount or perform such obligation, each
of the Subsidiary Guarantors agrees that it shall forthwith on demand pay such
amount or perform such obligation at the place and in the manner specified in
the Indenture or the Notes, as the case may be. Each of the Subsidiary
Guarantors hereby agrees that this Guaranty is an absolute, irrevocable and
unconditional guaranty of payment and is not a guaranty of collection.

B-2 

Section
3.
Guaranty
Unconditional. The obligations of
each Subsidiary Guarantor hereunder shall be unconditional and absolute and,
without limiting the generality of the foregoing, shall not be released,
discharged or otherwise affected by: 

(a) any
extension, renewal, settlement, indulgence, compromise, waiver or release of or
with respect to the Guaranteed Obligations or any part thereof or any agreement
relating thereto, or with respect to any obligation of any other guarantor of
any of the Guaranteed Obligations, whether (in any such case) by operation of
law or otherwise, or any failure or omission to enforce any right, power or
remedy with respect to the Guaranteed Obligations or any part thereof or any
agreement relating thereto, or with respect to any obligation of any other
guarantor of any of the Guaranteed Obligations; 

(b) any
modification or amendment of or supplement to the Indenture or the Notes,
including, without limitation, any such amendment which may increase the amount
of, or the interest rates applicable to, any of the Guaranteed Obligations
guaranteed hereby; 

(c) any
change in the corporate, partnership, limited liability company or other
existence, structure or ownership of the Company, such Subsidiary Guarantor or
any other guarantor of any of the Guaranteed Obligations, or any insolvency,
bankruptcy, reorganization or other similar proceeding affecting the Company,
such Subsidiary Guarantor or any other guarantor of the Guaranteed Obligations,
or any of their respective assets or any resulting release or discharge of any
obligation of the Company, such Subsidiary Guarantor or any other guarantor of
any of the Guaranteed Obligations; 

(d) the
existence of any claim, setoff or other rights which the Subsidiary Guarantors
may have at any time against the Company, any other guarantor of any of the
Guaranteed Obligations, the Trustee, any Holder of Notes or any other Person,
whether in connection herewith or in connection with any unrelated transactions;
provided, that nothing herein shall prevent the assertion
of any such claim by separate suit or compulsory counterclaim; 

(e) the
enforceability or validity of the Guaranteed Obligations or any part thereof or
the genuineness, enforceability or validity of any agreement relating thereto or
with respect to the collateral, if any, securing the Guaranteed Obligations or
any part thereof, or any other invalidity or unenforceability relating to or
against the Company, such Subsidiary Guarantor or any other guarantor of any of
the Guaranteed Obligations, for any reason related to the Indenture, the Notes
or any provision of applicable law or regulation purporting to prohibit the
payment of any of the Guaranteed Obligations by the Company, such Subsidiary
Guarantor or any other guarantor of the Guaranteed Obligations; 

B-3 

(f) the
failure of the Trustee to take any steps to perfect and maintain any security
interest in, or to preserve any rights to, any security or collateral for the
Guaranteed Obligations, if any; 

(g) the
election by, or on behalf of, any one or more of the Holders of Notes, in any
proceeding instituted under Title 11 of the United States Code (11 U.S.C. 101 et
seq.) (the “Bankruptcy
Code”), of the application of
Section 1111(b)(2) of the Bankruptcy Code; 

(h) any
borrowing or grant of a security interest by the Company, such Subsidiary
Guarantor or any other guarantor of the Guaranteed Obligations as
debtor-in-possession, under Section 364 of the Bankruptcy Code; 

(i) the
disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of
the claims of the Holders of Notes or the Trustee for repayment of all or any
part of the Guaranteed Obligations; 

(j) the
failure of any other Subsidiary Guarantor to sign or become party to this
Guaranty or any amendment, change, or reaffirmation hereof; 

(k) any
other act or omission to act or delay of any kind by the Company, such
Subsidiary Guarantor, any other guarantor of the Guaranteed Obligations, the
Trustee, any Holder of Notes or any other Person or any other circumstance
whatsoever which might, but for the provisions of this Section 3, constitute a legal or equitable discharge of any Subsidiary Guarantor’s
obligations hereunder; or 

(l) any
release, surrender, compromise, settlement, waiver, subordination or
modification, with or without consideration, of any collateral securing the
Guaranteed Obligations or any part thereof, any other guaranties with respect to
the Guaranteed Obligations or any part thereof, or any other obligation of any
person or entity with respect to the Guaranteed Obligations or any part thereof,
or any nonperfection or invalidity of any direct or indirect security for the
Guaranteed Obligations. 

Section
4.
Discharge; Reinstatement
In Certain Circumstances. Each
Subsidiary Guarantor’s obligations hereunder shall remain in full force and
effect until the earlier to occur of (i) the date when all of the Guaranteed
Obligations shall have been indefeasibly paid in full in cash or satisfied in
full, as the case may be, or (ii) the date on which such Subsidiary Guarantor is
released from liability under the Credit Agreement Guaranty (herein, the
“Termination
Conditions”). Until one of the
Termination Conditions is satisfied, all of the rights and remedies under this
Guaranty shall survive. If at any time while this Guaranty is in effect any
payment of the principal amount of and interest, if any (including Additional
Interest, if any), on any Notes or any other amount payable or deliverable by
the Company or any other party under the Indenture or any Notes are rescinded or
must be otherwise restored or returned upon the insolvency, bankruptcy or
reorganization of the Company or otherwise, each Subsidiary Guarantor’s
obligations hereunder with respect to such payment shall be reinstated as though
such payment had been due but not made at such time.

B-4 

Section
5.
General Waivers;
Additional Waivers.

(a) General Waivers. Each
Subsidiary Guarantor irrevocably waives acceptance hereof, presentment, demand
or action on delinquency, protest, the benefit of any statutes of limitations
and, to the fullest extent permitted by law, any notice not provided for herein,
as well as any requirement that at any time any action be taken by any Person
against the Company, such Subsidiary Guarantor, any other guarantor of the
Guaranteed Obligations or any other Person. 

(b) Additional Waivers.
Notwithstanding anything herein to the contrary, each of the Subsidiary
Guarantors hereby absolutely, unconditionally, knowingly, and expressly waives:

(i) any
right it may have to revoke this Guaranty as to future indebtedness or notice of
acceptance hereof; 

(ii) (A)
notice of acceptance hereof; (B) notice of the amount of the Guaranteed Obligations, subject, however, to each
Subsidiary Guarantor’s right to make inquiry of the Trustee to ascertain the
amount of the Guaranteed Obligations at any reasonable time; (C) notice of any
adverse change in the financial condition of the Company or of any other fact
that might increase such Subsidiary Guarantor’s risk hereunder; (D) notice of
presentment for payment, demand, protest, and notice thereof as to any Notes;
(E) notice of any Event of Default; and (F) all other notices (except if such
notice is specifically required to be given to such Subsidiary Guarantor
hereunder) and demands to which each Subsidiary Guarantor might otherwise be
entitled; 

(iii) its
right, if any, to require the Trustee and the Holders of Notes to institute suit
against, or to exhaust any rights and remedies which the Trustee and the Holders
of Notes now have or may hereafter have against, any other guarantor of the
Guaranteed Obligations or any third party, or against any collateral provided by
such other guarantors or any third party; and each Subsidiary Guarantor further
waives any defense arising by reason of any disability or other defense (other
than the defense that the Guaranteed Obligations shall have been fully and
finally performed and indefeasibly paid) of any other guarantor of the
Guaranteed Obligations or by reason of the cessation from any cause whatsoever
of the liability of any other guarantor of the Guaranteed Obligations in respect
thereof;

(iv) (A)
any rights to assert against the Trustee and the Holders of Notes any defense
(legal or equitable), set-off, counterclaim, or claim which such Subsidiary
Guarantor may now or at any time hereafter have against any other guarantor of
the Guaranteed Obligations or any third party liable to the Trustee and the
Holders of Notes; (B) any defense, set-off, counterclaim or claim, of any kind
or nature, arising directly or indirectly from the present or future lack of
perfection, sufficiency, validity or enforceability of the Guaranteed
Obligations or any security therefor; (C) any defense such Subsidiary Guarantor
has to performance hereunder, and any right such Subsidiary Guarantor has to be
exonerated, arising by reason of: (1) the impairment or suspension of the
Trustee’s and the Holders’ of Notes rights or remedies against any other
guarantor of the Guaranteed Obligations; (2) the alteration by the Trustee and
the Holders of Notes of the Guaranteed Obligations; (3) any discharge of the
obligations of any other guarantor of the
Guaranteed Obligations to the Trustee and the Holders of Notes by operation of
law as a result of the Trustee’s and the Holders’ of Notes intervention or
omission; or (4) the acceptance by the Trustee and the Holders of Notes of
anything in partial satisfaction of the Guaranteed Obligations; and (D) the
benefit of any statute of limitations affecting such Subsidiary Guarantor’s
liability hereunder or the enforcement thereof, and any act which shall defer or
delay the operation of any statute of limitations applicable to the Guaranteed
Obligations shall similarly operate to defer or delay the operation of such
statute of limitations applicable to such Subsidiary Guarantor’s liability
hereunder; and

B-5 

(v) any
defense arising by reason of or deriving from (a) any claim or defense based
upon an election of remedies by the Trustee and the Holders of Notes; or (b) any
election by the Trustee and the Holders of Notes under Section 1111(b) of the
Bankruptcy Code to limit the amount of, or any collateral securing, its claim
against the Subsidiary Guarantors. 

Section
6.
Subrogation; Subordination
of Intercompany Indebtedness.

(a) Subrogation. Until one of
the Termination Conditions is satisfied, each Subsidiary Guarantor, (i) shall
have no right of subrogation with respect to the Guaranteed Obligations and (ii)
waives any right to enforce any remedy which the Holders of Notes or the Trustee
now have or may hereafter have against the Company, any endorser or any other
guarantor of all or any part of the Guaranteed Obligations or any other Person,
and each Subsidiary Guarantor waives any benefit of, and any right to
participate in, any security or collateral that may from time to time be given
to the Holders of Notes and the Trustee to secure the payment or performance of
all or any part of the Guaranteed Obligations or any other liability of the
Company to the Holders of Notes. Should any Subsidiary Guarantor have the right,
notwithstanding the foregoing, to exercise its subrogation rights prior to
complete satisfaction of one of the Termination Conditions, each Subsidiary
Guarantor hereby expressly and irrevocably (A) subordinates any and all rights
at law or in equity to subrogation, reimbursement, exoneration, contribution,
indemnification or set-off that such Subsidiary Guarantor may have prior to
satisfaction of one of the Termination Conditions, and (B) waives any and all
defenses available to a surety, Subsidiary Guarantor or accommodation co-obligor
until one of the Termination Conditions is satisfied. Each Subsidiary Guarantor
acknowledges and agrees that this subordination is intended to benefit the
Trustee and the Holders of Notes and shall not limit or otherwise affect such
Subsidiary Guarantor’s liability hereunder or the enforceability of this
Guaranty, and that the Trustee, the Holders of Notes and their respective
successors and assigns are intended third party beneficiaries of the waivers and
agreements set forth in this Section 6(a). 

(b) Subordination of Intercompany Indebtedness. Each Subsidiary Guarantor agrees that until one
of the Termination Conditions is satisfied, all claims of such Subsidiary
Guarantor against the Company, any other Subsidiary Guarantor or any other
guarantor of all or any part of the Guaranteed Obligations (each as used in this
Section 6(b), an “Obligor”), or against any of its properties,
including, without limitation, claims arising from liens or security interests
upon property with respect to any such claim owing to such Subsidiary Guarantor
(“Intercompany
Indebtedness”) held by
such Subsidiary Guarantor, shall be subordinate and subject in right of payment
to the prior payment, in full and in cash, of all Guaranteed Obligations;
provided, that, and not in contravention of the foregoing,
so long as no Event of Default has occurred and is continuing such Subsidiary Guarantor may make loans to and receive
payments in the ordinary course with respect to such Intercompany Indebtedness
from the related Obligor. Should any payment, distribution, security or
instrument or proceeds thereof be received by such Subsidiary Guarantor upon or
with respect to the Intercompany Indebtedness in contravention of this
Section 6(b), prior to satisfaction of one of the Termination
Conditions, such Subsidiary Guarantor shall receive and hold the same in trust,
as trustee, for the benefit of the Holders of Notes and shall forthwith deliver
the same to the Trustee, for the benefit of the Holders of Notes, in precisely
the form received (except for the endorsement or assignment of such Subsidiary
Guarantor where necessary), for application to any of the Guaranteed
Obligations, due or not due, and, until so delivered, the same shall be held in
trust by such Subsidiary Guarantor as the property of the Holders of Notes. If
any Subsidiary Guarantor fails to make any such endorsement or assignment to the
Trustee, the Trustee or any of its officers or employees are irrevocably
authorized to make the same. Each Subsidiary Guarantor agrees that until one of
the Termination Conditions is satisfied, no Subsidiary Guarantor will assign or
transfer to any Person any Intercompany Indebtedness. 

B-6 

Section
7.
Contribution with Respect
to Guaranteed Obligations.

(a) To the
extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a
“Subsidiary Guarantor
Payment”) which, taking into
account all other Subsidiary Guarantor Payments then previously or concurrently
made by any other Subsidiary Guarantor, exceeds the amount which otherwise would
have been paid by or attributable to such Subsidiary Guarantor if each
Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by
such Subsidiary Guarantor Payment in the same proportion as such Subsidiary
Guarantor’s “Allocable Amount” (as defined below) (as determined immediately
prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable
Amounts of each of the Subsidiary Guarantors as determined immediately prior to
the making of such Subsidiary Guarantor Payment, then, following the satisfaction of one of the Termination Conditions, such
Subsidiary Guarantor shall be entitled to receive contribution and
indemnification payments from, and be reimbursed by, each other Subsidiary
Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately
prior to such Subsidiary Guarantor Payment. 

(b) As of
any date of determination, the “Allocable Amount” of any Subsidiary Guarantor
shall be equal to the maximum amount of the claim which could then be recovered
from such Subsidiary Guarantor under this Guaranty without rendering such claim
voidable or avoidable under Section 548 of the Bankruptcy Code or under any
applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance
Act or similar statute or common law. 

(c) This
Section 7 is intended only to define the relative rights of
the Subsidiary Guarantors, and nothing set forth in this Section 7 is intended to or shall impair the obligations of the Subsidiary
Guarantors, jointly and severally, to pay any amounts as and when the same shall
become due and payable in accordance with the terms of this Guaranty.

(d) The
parties hereto acknowledge that the rights of contribution and indemnification
hereunder shall constitute assets of the Subsidiary Guarantor or Subsidiary
Guarantors to which such contribution and indemnification is owing. 

B-7 

(e) The
rights of the indemnifying Subsidiary Guarantors against other Subsidiary
Guarantors under this Section
7 shall be exercisable upon the
satisfaction of one of the Termination Conditions. 

Section
8.
Stay of
Acceleration. If acceleration of
the time for payment of any amount payable by the Company under any of the
Indenture or the Notes is stayed upon the insolvency, bankruptcy or
reorganization of the Company at any time while this Guaranty is in effect, all
such amounts otherwise subject to acceleration under the terms of the Indenture
or the Notes shall nonetheless be payable by each of the Subsidiary Guarantors
hereunder forthwith on demand by the Trustee. 

Section
9.
Notices. All notices, requests and other communications
to any party hereunder shall be given in the manner prescribed in the Indenture,
with respect to the Trustee at its notice address specified in Section 17.03 of
the Indenture, and with respect to any Subsidiary Guarantor at the address set
forth below or such other address or telecopy number as such party may hereafter
specify for such purpose by notice to the Trustee in accordance with the
provisions of such Section of the Indenture. 

	
      Notice Address for
      Subsidiary Guarantors: 

	 
    
	c/o Meritor,
      Inc.
	2135 West Maple
      Road
	Troy, Michigan
      48084-7186
	Attention:
      Treasurer
	Telephone No.:
      248-435-1588
	Facsimile No.:
      248-435-1393

Section
10.
No Waivers. No failure or delay by the Trustee or any Holder
of Notes in exercising any right, power or privilege hereunder shall operate as
a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies provided in this Guaranty, the Indenture and
the Notes shall be cumulative and not exclusive of any rights or remedies
provided by law.

Section
11.
Successors and
Assigns. This Guaranty is for the
benefit of the Trustee and the Holders of Notes and their respective successors
and permitted assigns. In the event of an assignment of any amounts payable
under the Indenture or the Notes in accordance with the respective terms
thereof, the rights hereunder, to the extent applicable to the indebtedness so
assigned, may be transferred with such indebtedness. This Guaranty shall be
binding upon each of the Subsidiary Guarantors and their respective successors
and assigns; provided, that no
Subsidiary Guarantor shall have any right to assign its rights or obligations
hereunder without the consent of all of the Holders of Notes, and any such
assignment in violation of this Section 11 shall be null
and void. 

Section
12.
Changes in
Writing. Other than in connection
with the addition of an additional Subsidiary Guarantor, which shall become a
party hereto by executing a supplement hereto in the form attached as
Annex I, or in connection with the addition under this
Guaranty, at the Company’s election, of new
securities issued by the Company under the Indenture, any of its other existing
indentures or such other indentures as the Company may enter into from time to
time, which addition shall not require the consent of the Holders of Notes, this
Guaranty and any provision hereof may be changed, waived, discharged or
terminated only in a writing signed by each of the Subsidiary Guarantors and the
Trustee with the consent of the Holders of Notes of not less than a majority of
the aggregate principal amount of the Notes then outstanding (or each Holder of
Notes affected thereby if required pursuant to the terms of Section 10.02 of the
Indenture). 

B-8 

Section
13.
GOVERNING
LAW. ANY DISPUTE BETWEEN ANY SUBSIDIARY GUARANTOR AND THE TRUSTEE OR ANY HOLDER
OF NOTES ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED AMONG SUCH SUBSIDIARY GUARANTOR, THE TRUSTEE AND THE
HOLDERS OF NOTES IN CONNECTION WITH THIS GUARANTY, AND WHETHER ARISING IN CONTRACT, TORT,
EQUITY, OR OTHERWISE, SHALL BE RESOLVED IN ACCORDANCE WITH THE GOVERNING LAWS
SPECIFIED IN SECTION 17.04 OF THE INDENTURE. 

Section
14.
No Strict
Construction. The parties hereto
have participated jointly in the negotiation and drafting of this Guaranty. In
the event an ambiguity or question of intent or interpretation arises, this
Guaranty shall be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Guaranty. 

Section
15.
Expenses of Enforcement,
Etc. The Subsidiary Guarantors
agree to reimburse the Trustee and the Holders of Notes for any reasonable costs
and out-of-pocket expenses (including reasonable attorneys’ and paralegals’ fees
and time charges of outside counsel and paralegals for the Trustee and the
Holders of Notes), paid or incurred by the Trustee or any Holder of Notes in
connection with the collection and enforcement of this Guaranty. 

Section
16.
Setoff. At any time after the occurrence and during the
continuance of an Event of Default, each Holder of Notes and the Trustee may,
without notice to any Subsidiary Guarantor and regardless of the acceptance of
any security or collateral for the payment hereof, appropriate and apply toward
the payment of all or any part of the Guaranteed Obligations then due and
payable (by acceleration or otherwise) (i) any indebtedness due or to become due
from such Holder of Notes or the Trustee to any Subsidiary Guarantor, and (ii)
any moneys, credits or other property belonging to any Subsidiary Guarantor, at
any time held by or coming into the possession of such Holder of Notes or the
Trustee. 

Section
17.
Financial
Information. Each Subsidiary
Guarantor hereby assumes responsibility for keeping itself informed of the
financial condition of the Company, the other Subsidiary Guarantors and any and
all endorsers and/or other guarantors of all or any part of the Guaranteed
Obligations, and of all other circumstances bearing upon the risk of nonpayment
of the Guaranteed Obligations, or any part thereof, that diligent inquiry would
reveal, and each Subsidiary Guarantor hereby agrees that none of the Holders of
Notes or the Trustee shall have any duty to advise such Subsidiary Guarantor of
information known to any of them regarding such condition or any such
circumstances. In the event any Holder of Notes or the Trustee, in its
sole discretion, undertakes at
any time or from time to time to provide any such information to a Subsidiary
Guarantor, such Holder of Notes or the Trustee shall be under no obligation (i)
to undertake any investigation not a part of its regular business routine, (ii)
to disclose any information which such Holder of Notes or the Trustee, pursuant
to accepted or reasonable commercial finance or banking practices, wishes to
maintain confidential, (iii) to make any other or future disclosures of such
information or any other information to such Subsidiary Guarantor or (iv) to
provide any such information to any other Subsidiary Guarantor. 

B-9 

Section
18.
Severability. Wherever
possible, each provision of this Guaranty shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Guaranty shall be prohibited by or invalid under such law, such provision shall
be ineffective to the extent of such prohibition or invalidity without
invalidating the remainder of such provision or the remaining provisions of this
Guaranty. 

Section
19.
Merger. This Guaranty represents the final agreement of
each of the Subsidiary Guarantors with respect to the matters contained herein
and may not be contradicted by evidence of prior or contemporaneous agreements,
or subsequent oral agreements, between the Subsidiary Guarantor and any Holder
of Notes or the Trustee.

Section
20.
Headings. Section headings in this Guaranty are for
convenience of reference only and shall not govern the interpretation of any
provision of this Guaranty. 

Section
21.
Counterparts. This
Guaranty may be executed in any number of counterparts, all of which taken
together shall constitute one agreement, and any of the parties hereto may
execute this Guaranty by signing any such counterpart. 

Section
22.
Swedish
Guarantors.

(a) Swedish Companies Act. In
respect of any Subsidiary Guarantors organized under the laws of Sweden (the
“Swedish
Guarantors”), the obligations of
such Subsidiary Guarantors under this Guaranty shall be limited if (and only if)
required by an application of the provisions of the Swedish Companies Act (Sw:
aktiebolagslagen) (2005:551) in force from time to time regulating the purpose
of a company’s business, prohibited loans and guarantees and distribution of
assets (including profits/dividends) (assuming that all steps open to such
Subsidiary Guarantors and all its shareholders to authorise its obligations
under this Guaranty have been taken) and it is understood that the liability of
such Subsidiary Guarantors under this Guaranty only applies to the extent
permitted by the above mentioned provisions of the Swedish Companies Act.

(b) Limitations. In respect of
any Swedish Guarantor, this Guaranty shall not apply to Guaranteed Obligations
of ArvinMeritor Holdings Mexico, LLC. 

Section
23.
Luxembourg
Guarantors. 

(a) Notwithstanding any other provisions of this Guaranty, any other guaranty
entered into in connection with the Credit Agreement or as a result of the
Credit Agreement, the Indenture or the Notes, in relation to each Subsidiary
Guarantor organized under the laws of Luxembourg (the “Luxembourg
Guarantor”) the maximum amount
payable by that Luxembourg Guarantor
under this Guaranty, any other guaranty entered into in connection with the
Credit Agreement or as a result of the Credit Agreement, the Indenture or the
Notes shall at no time exceed the Maximum Amount (as defined below) of that
Luxembourg Guarantor. 

B-10 

(b) The
“Maximum Amount” of any Luxembourg Guarantor means the aggregate of: 

(i) the
outstanding intercompany loans (including without limitation by way of
promissory notes) made directly or indirectly to that Luxembourg Guarantor which
have been funded with moneys received by the Borrowers through the issuance of
the Notes; and 

(ii) an
amount equal to 85% of the greater of (A) that Luxembourg Guarantor’s Fair Value (as
defined below) on the date on which a demand is first made on that Luxembourg
Guarantor under this Guaranty after the deduction of any amount payable or paid
in accordance with paragraph (i) above and (B) that Luxembourg Guarantor’s Fair
Value (as defined below) at the date of this Guaranty after the deduction of the
amount payable or paid in accordance with paragraph (i) above.

A Luxembourg Guarantor’s
“Fair Value” means the market value of the assets of that
Luxembourg Guarantor as reasonably determined by the Trustee as at a specific
date less all existing liabilities (including tax liabilities) incurred from
time to time by that Luxembourg Guarantor and as reflected from time to time in
the books of that Luxembourg Guarantor.

(c) The
obligations and liabilities of any Luxembourg Guarantor under this Guaranty
shall not include any obligation which, if incurred, would constitute either (a)
a misuse of corporate assets as defined under Article 171-1 of the Luxembourg
Company Act of August 10, 1915, as amended from time to time, (the
“Luxembourg Company
Act”) or (b) financial
assistance. 

(d) No
Luxembourg Guarantor shall at any time have any liability under this Guaranty to
the extent that, if it were so liable, it would contravene any mandatory
provision of Luxembourg law. 

Section
24.
Limitation on Amount of
Guaranty. Notwithstanding
anything to the contrary in this Guaranty, each Subsidiary Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of
all such parties that this Guaranty of such Subsidiary Guarantor not constitute
a fraudulent conveyance under applicable fraudulent conveyance provisions of the
United States Bankruptcy Code or any comparable provision of state law. To
effectuate that intention, the Trustee, the Holders and the Subsidiary
Guarantors hereby irrevocably agree that the obligations of each Subsidiary
Guarantor under this Guaranty are limited to the maximum amount that would not
render the Subsidiary Guarantor’s obligations subject to avoidance under
applicable fraudulent conveyance provisions of the United States Bankruptcy Code
or any comparable provision of state law. 

B-11 

IN WITNESS WHEREOF, the
Initial Guarantors have caused this Guaranty to be duly executed by its
authorized officer as of the day and year first above written. 

		ARVIN
      TECHNOLOGIES, INC.
		ARVINMERITOR
      FILTERS OPERATING CO., LLC
		ARVINMERITOR,
      INC.
		ARVINMERITOR OE,
      LLC
		ARVINMERITOR
      TECHNOLOGY, LLC
	 	AVM,
    INC.
		MAREMONT
      CORPORATION
		MAREMONT EXHAUST
      PRODUCTS, INC.
		MERITOR
      AFTERMARKET USA, LLC
		MERITOR HEAVY
      VEHICLE BRAKING SYSTEMS (U.S.A.), LLC
		MERITOR HEAVY
      VEHICLE SYSTEMS, LLC
		MERITOR HEAVY
      VEHICLE SYSTEMS (SINGAPORE) PTE., LTD.
		MERITOR
      HEAVY VEHICLE SYSTEMS (VENEZUELA), INC.
		MERITOR HOLDINGS,
      LLC
		MERITOR, INC., A
      NEVADA CORPORATION
		MERITOR
      INTERNATIONAL HOLDINGS, LLC
		MERITOR
      MANAGEMENT CORP.
		MERITOR
      TECHNOLOGY, LLC
		MERITOR SPECIALTY
      PRODUCT, LLC
		 
		 
		By:	                                  	 
		Name:
		Title:

SIGNATURE PAGE TO SUBSIDIARY GUARANTY

		ARVIN HOLDINGS NETHERLANDS B.V.
		MERITOR LUXEMBOURG S.A.R.L.
		MERITOR NETHERLANDS B.V.
			 
	 		 
			 
	 		 
		By:   	                                  	 
			Name:
		 	Title:
			 
			 
			 
	 	 	 
		ARVINMERITOR SWEDEN AB
			 
			  
			 
		By:   	                                  	 
			Name:
			Title:

SIGNATURE PAGE TO SUBSIDIARY GUARANTY

IN WITNESS whereof the Initial Guarantor has executed this
Guaranty as a deed the day and year first above written. 

	EXECUTED AS A DEED
      by	)      		
	ARVINMERITOR LIMITED	)	Duly Authorised Signatory
		)		
		)	Name:     	
		)		
		)	Title:	                                
		)		

 

in the presence of:

 

		
	Signature of Witness
	  	
	Name:	
	 	 
	Address: 	
	 	 
	Occupation:  	                                                                     
	 	
	(Note: These details are to be completed in
      the witness’s own hand writing.)

SIGNATURE PAGE TO SUBSIDIARY GUARANTY

IN WITNESS whereof the Initial Guarantor has executed this
Guaranty as a deed the day and year first above written. 

	EXECUTED AS A DEED by	)      		
	MERITOR CAYMAN ISLANDS, LTD.	)	Duly Authorised
      Signatory
		)		
		)	Name:     	                                
		)		
		)	Title:	
		)		

 

in the presence of:

 

		
	Signature of Witness
	  	
	Name:	
	 	 
	Address: 	
	 	 
	Occupation:  	                                                                     
	 	
	(Note: These details are to be completed in
      the witness’s own hand writing.)

SIGNATURE PAGE TO SUBSIDIARY GUARANTY

ANNEX I TO SUBSIDIARY
GUARANTY 

Reference is hereby made to
the Subsidiary Guaranty (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Guaranty”), dated as of September 22, 2017, made by certain wholly owned
subsidiaries of Meritor, Inc., an Indiana corporation (each an “Initial Guarantor”, and together with any additional subsidiaries
that become parties to this Guaranty by executing a supplement thereto in the
form attached thereto as Annex
I, the “Subsidiary Guarantors”), in favor of U.S. Bank National Association, as
Trustee, under the Indenture (as defined in the Guaranty) for the benefit of the
Holders of Notes. Each capitalized term used herein and not defined herein shall
have the meaning given to it in the Guaranty.

By its execution below, the
undersigned, [NAME OF NEW SUBSIDIARY GUARANTOR], a [corporation] [partnership] [limited liability company],
agrees to become, and does hereby become, a Subsidiary Guarantor under the
Guaranty and agrees to be bound by such Guaranty as if originally a party
thereto.

IN WITNESS WHEREOF, [NAME OF
NEW SUBSIDIARY GUARANTOR], a [corporation] [partnership] [limited liability
company] has executed and delivered this Annex I counterpart to the Guaranty as
of this __________ day of _________, 20__. 

		[NAME OF NEW
      SUBSIDIARY GUARANTOR]
		 
		By:                                                                                 
		Name:
		Title:

1

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