Document:

Exhibit 4.1

 

Execution Version 

 

 

UNITED RENTALS (NORTH AMERICA), INC.

 

as the Company

 

and

 

UNITED RENTALS, INC.

 

and

 

THE SUBSIDIARIES NAMED HEREIN

 

as Guarantors

 

to

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

as Trustee

 

 

 

Indenture

 

Dated as of August 13, 2021

 

 

 

$750,000,000

 

3.750% Senior Notes due 2032

 

    

     

    

 

CROSS REFERENCE TABLE1

 

	Trust Indenture Act	Indenture
	Section	Section
	 	 
	310(a)(1)	6.09
	310(a)(2)	6.09
	310(a)(3)	N.A.2
	310(a)(4)	N.A.
	310(a)(5)	N.A.
	310(b)	6.08; 6.10
	310(c)	N.A.
	311(a)	6.13
	311(b)	6.13
	311(c)	N.A.
	312(a)	7.01; 7.02
	312(b)	7.02
	312(c)	7.02
	313(a)	7.03
	313(b)	7.03
	313(c)	1.06; 7.03
	313(d)	7.03
	314(a)	7.04
	314(a)(4)	1.02
	314(b)	N.A.
	314(c)(1)	1.02
	314(c)(2)	1.02
	314(c)(3)	N.A.
	314(d)	N.A.
	314(e)	1.02
	314(f)	N.A.
	315(a)	6.01
	315(b)	6.02
	315(c)	6.01
	315(d)	6.01
	315(e)	5.14
	316(a)(1)(A)	5.12
	316(a)(1)(B)	5.13
	316(a)(2)	N.A.
	316(a)(last sentence)	1.013
	316(b)	5.07; 5.08
	316(c)	1.04
	317(a)(1)	5.03
	317(a)(2)	5.04
	317(b)	10.03
	318(a)	1.07

_____________________________

 

1Note: This Cross Reference Table shall
not, for any purpose, be deemed part of this Indenture.

2Not Applicable.

3Definition of “Outstanding.”

 

    (i)

     

    

 

TABLE OF CONTENTS

 

ARTICLE I

Definitions and Other Provisions

of General Application

 

	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Compliance Certificates and Opinions	36
	SECTION 1.03.	Form of Documents Delivered to Trustee	36
	SECTION 1.04.	Acts of Holders; Record Dates	37
	SECTION 1.05.	Notices to Trustee, the Company or a Guarantor	39
	SECTION 1.06.	Notice to Holders; Waiver	39
	SECTION 1.07.	Conflict with Trust Indenture Act	39
	SECTION 1.08.	Effect of Headings and Table of Contents	39
	SECTION 1.09.	Successors and Assigns	39
	SECTION 1.10.	Separability Clause	40
	SECTION 1.11.	Benefits of Indenture	40
	SECTION 1.12.	Governing Law	40
	SECTION 1.13.	Legal Holidays	40
	SECTION 1.14.	Waiver of Jury Trial	40
	SECTION 1.15.	Force Majeure	40
	SECTION 1.16.	U.S.A. Patriot Act	40
	SECTION 1.17.	Copies of Transaction Documents	41
	SECTION 1.18.	Financial Calculations for Limited Condition Transactions	41
	SECTION 1.19.	Certain Compliance Calculations	42
	 	 	 
	ARTICLE II	 
	Security Forms	 
	 	 
	SECTION 2.01.	Form and Dating	42
	 	 	 
	ARTICLE III	 
	The Securities	 
	 	 
	SECTION 3.01.	Title and Terms	42
	SECTION 3.02.	Denominations	43
	SECTION 3.03.	Execution and Authentication	43
	SECTION 3.04.	Temporary Securities	44
	SECTION 3.05.	Registration, Registration of Transfer and Exchange	44
	SECTION 3.06.	Mutilated, Destroyed, Lost and Stolen Securities	46
	SECTION 3.07.	Payment of Interest; Rights Preserved	47
	SECTION 3.08.	Persons Deemed Owners	48
	SECTION 3.09.	Cancellation	48
	SECTION 3.10.	Computation of Interest	48
	SECTION 3.11.	CUSIP and ISIN Numbers	48
	SECTION 3.12.	Deposits of Monies	48
	SECTION 3.13.	Issuance of Additional Securities	49

 

    (ii)

     

    

 

	ARTICLE IV
	Satisfaction and Discharge
	 
	SECTION 4.01.	Satisfaction and Discharge of Indenture	50
	SECTION 4.02.	Application of Trust Money	50
	 	 	 
	ARTICLE V
	Remedies
	 
	SECTION 5.01.	Events of Default	51
	SECTION 5.02.	Acceleration of Maturity; Rescission and Annulment	53
	SECTION 5.03.	Collection of Indebtedness and Suits for Enforcement by Trustee	55
	SECTION 5.04.	Trustee May File Proofs of Claim	55
	SECTION 5.05.	Trustee May Enforce Claims Without Possession of Securities	56
	SECTION 5.06.	Application of Money Collected	56
	SECTION 5.07.	Limitation on Suits	56
	SECTION 5.08.	Unconditional Right of Holders to Receive Principal, Premium and Interest	57
	SECTION 5.09.	Restoration of Rights and Remedies	57
	SECTION 5.10.	Rights and Remedies Cumulative	58
	SECTION 5.11.	Delay or Omission Not Waiver	58
	SECTION 5.12.	Control by Holders	58
	SECTION 5.13.	Waiver of Past Defaults	58
	SECTION 5.14.	Undertaking for Costs	59
	SECTION 5.15.	Waiver of Stay or Extension Laws	59
	ARTICLE VI
	The Trustee
	SECTION 6.01.	Certain Duties and Responsibilities	60
	SECTION 6.02.	Notice of Defaults	60
	SECTION 6.03.	Certain Rights of Trustee	61
	SECTION 6.04.	Not Responsible for Recitals or Issuance of Securities	62
	SECTION 6.05.	May Hold Securities	62
	SECTION 6.06.	Money Held in Trust	63
	SECTION 6.07.	Compensation and Reimbursement	63
	SECTION 6.08.	Conflicting Interests	63
	SECTION 6.09.	Corporate Trustee Required; Eligibility	63
	SECTION 6.10.	Resignation and Removal; Appointment of Successor	64
	SECTION 6.11.	Acceptance of Appointment by Successor	65
	SECTION 6.12.	Merger, Conversion, Consolidation or Succession to Business	66
	SECTION 6.13.	Preferential Collection of Claims Against the Company or a Guarantor	66
	SECTION 6.14.	Appointment of Authenticating Agent	66

 

    (iii)

     

    

 

	ARTICLE VII
	Holders’ Lists and Reports by Trustee and Company
	 
	SECTION 7.01.	Company to Furnish Trustee Names and Addresses of Holders	67
	SECTION 7.02.	Preservation of Information; Communications to Holders	68
	SECTION 7.03.	Reports by Trustee	68
	SECTION 7.04.	Reports by Company	68
	 	 	 
	ARTICLE VIII
	Consolidation, Merger, Sale of Assets, etc.
	 
	SECTION 8.01.	Company May Consolidate, Etc. Only on Certain Terms	69
	SECTION 8.02.	Successor Substituted	69
	 	 	 
	ARTICLE IX
	Amendments; Waivers; Supplemental Indentures
	 
	SECTION 9.01.	Amendments, Waivers and Supplemental Indentures Without Consent of Holders	70
	SECTION 9.02.	Modifications, Amendments and Supplemental Indentures with Consent of Holders	71
	SECTION 9.03.	Execution of Supplemental Indentures	71
	SECTION 9.04.	Effect of Supplemental Indentures	72
	SECTION 9.05.	Conformity with Trust Indenture Act	72
	SECTION 9.06.	Reference in Securities to Supplemental Indentures	72
	SECTION 9.07.	Waiver of Certain Covenants	72
	SECTION 9.08.	No Liability for Certain Persons	72
	 	 	 
	ARTICLE X
	Covenants
	 
	SECTION 10.01.	Payment of Principal, Premium and Interest	72
	SECTION 10.02.	Maintenance of Office or Agency	73
	SECTION 10.03.	Money for Security Payments to be Held in Trust	73
	SECTION 10.04.	Existence; Activities	74
	SECTION 10.05.	[Reserved]	74
	SECTION 10.06.	Payment of Taxes and Other Claims	74
	SECTION 10.07.	[Reserved]	74
	SECTION 10.08.	[Reserved]	74
	SECTION 10.09.	Limitation on Liens	74
	SECTION 10.10.	Change of Control	75
	SECTION 10.11.	Additional Subsidiary Guarantors	76
	SECTION 10.12.	Reporting Requirements	76
	SECTION 10.13.	Compliance Certificates	77
	SECTION 10.14.	Suspension of Covenants	77

 

    (iv)

     

    

 

	ARTICLE XI

                                                                                Redemption of Securities

	 	 	 
	SECTION 11.01.	Right of Redemption	78
	SECTION 11.02.	Applicability of Article	78
	SECTION 11.03.	Election to Redeem; Notice to Trustee	78
	SECTION 11.04.	Selection and Notice of Redemption	78
	SECTION 11.05.	Notice of Redemption	79
	SECTION 11.06.	Deposit of Redemption Price	79
	SECTION 11.07.	Securities Payable on Redemption Date	80
	SECTION 11.08.	Securities Redeemed in Part	80
	 	 	 
	ARTICLE XII

                                                                                Legal Defeasance and Covenant Defeasance

	 	 	 
	SECTION 12.01.	Option to Effect Legal Defeasance or Covenant Defeasance	80
	SECTION 12.02.	Legal Defeasance and Discharge	80
	SECTION 12.03.	Covenant Defeasance	81
	SECTION 12.04.	Conditions to Legal or Covenant Defeasance	81
	SECTION 12.05.	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	82
	SECTION 12.06.	Repayment to Company	83
	SECTION 12.07.	Reinstatement	83
	 	 	 
	ARTICLE XIII
 Guarantee
	 	 	 
	SECTION 13.01.	Guarantee	83
	SECTION 13.02.	Limitation on Liability	85
	SECTION 13.03.	Execution and Delivery of Guarantees	85
	SECTION 13.04.	Guarantors May Consolidate, Etc., on Certain Terms	86
	SECTION 13.05.	Release of Guarantors	86
	SECTION 13.06.	Successors and Assigns	87
	SECTION 13.07.	No Waiver, etc	87
	SECTION 13.08.	Modification, etc.	87

 

	Schedule A	The Subsidiary Guarantors
	Appendix	Provisions Relating to Securities
	Exhibit A	Form of Security
	Exhibit B	Form of Notation on
Security Relating to Guarantee

 

    (v)

     

    

 

INDENTURE, dated as of August 13, 2021, among UNITED
RENTALS (NORTH AMERICA), INC., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”),
having its principal office at 100 First Stamford Place, Suite 700, Stamford, Connecticut 06902, UNITED RENTALS, INC., a corporation duly
organized and existing under the laws of the State of Delaware (herein called “Holdings”), the Subsidiaries of the
Company named in Schedule A and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association having its designated corporate
trust office at 150 East 42nd Street, 40th Floor, New York, New York 10017, as trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the creation of an
issue of 3.750% Senior Notes due 2032 of substantially the tenor and amount hereinafter set forth, and to provide therefor the Company
has duly authorized the execution and delivery of this Indenture.

 

Each Guarantor desires to make the Guarantee provided
herein and has duly authorized the execution and delivery of this Indenture.

 

All things necessary to make the Securities, when
executed by the Company, authenticated and delivered hereunder and duly issued by the Company, and each Guarantee, when executed and delivered
hereunder by each Guarantor, the valid and legally binding obligations of the Company and each Guarantor, and to make this Indenture a
valid and legally binding agreement of the Company and each Guarantor, in accordance with their and its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities, as follows:

 

ARTICLE
I

Definitions and Other Provisions

of General Application

 

SECTION 1.01. Definitions. For all purposes
of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(1) the terms defined in this Article I have
the meanings assigned to them in this Article I and include the plural as well as the singular;

 

(2) all other terms used herein which are defined
in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

(3) all accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with GAAP (whether or not such is indicated herein);

 

    

     

    

 

(4) unless the context otherwise requires, any reference
to an “Article” or a “Section” refers to an Article or Section, as the case may be, of this Indenture;

 

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

 

(6) each reference herein to a rule or form of the
Commission shall mean such rule or form and any rule or form successor thereto, in each case as amended from time to time;

 

(7) “or” is not exclusive;

 

(8) “including” means including without
limitation;

 

(9) unsecured Indebtedness shall not be deemed to
be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; and

 

(10) all references to the date the Securities were
originally issued shall refer to the Issue Date, except as otherwise specified.

 

Whenever this Indenture requires that a particular
ratio or amount be calculated with respect to a specified period after giving effect to certain transactions or events on a pro forma
basis, such calculation shall be made as if the transactions or events occurred on the first day of such period, unless otherwise specified.

 

“ABL Credit Agreement” means the
Third Amended and Restated Credit Agreement, dated as of February 15, 2019, as amended by the Credit Agreement Joinder and Amendment,
dated as of March 25, 2021, and the First Amendment, dated as of June 30, 2021, among the Company and certain of its Subsidiaries, as
Borrowers, Holdings and certain of its Subsidiaries, as Guarantors, Bank of America, N.A., as agent, U.S. swingline lender and letter
of credit issuer, Bank of America, N.A. (acting through its London branch), as ROW swingline lender, Bank of America, N.A. (acting through
its Canada branch), as Canadian swingline lender, Bank of America Merrill Lynch International, Designated Activity Company, as French
swingline lender, and the lenders and other financial institutions party thereto, together with the related documents (including any term
loans and revolving loans thereunder, any guarantees and any security documents, instruments and agreements executed in connection therewith),
as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in part, and without limitation as to amount,
terms, conditions, covenants and other provisions) from time to time, and any credit agreement that has been designated in writing by
the Company to the Trustee as the ‘‘ABL Credit Agreement’’ for purposes of this Indenture incurred to refinance
or replace, in whole or in part, the borrowings and commitments at any time outstanding or permitted to be outstanding under such credit
agreement or a successor credit agreement, whether by the same or any other lender or holder of Indebtedness or group of lenders or holders
of Indebtedness and whether to the same obligor or different obligors and whether for the same or a different amount (including an increased
amount) or on the same or different terms, conditions, covenants and other provisions.

 

    2

     

    

 

“Acquired Indebtedness” means
Indebtedness of a Person:

 

(a) assumed in connection with an Asset
Acquisition from such Person; or

 

(b) existing at the time such Person
becomes a Subsidiary of any other Person and not incurred in connection with, or in contemplation of, such Asset Acquisition or such Person
becoming a Subsidiary.

 

“Act,” when used with respect
to any Holder, has the meaning specified in Section 1.04.

 

“Additional Securities” means
the Company’s 3.750% Senior Notes due 2032 issued from time to time after the Issue Date under this Indenture (other than pursuant
to Sections 3.04, 3.05, 3.06, 10.10 or 11.08 of this Indenture).

 

“Adjusted Treasury Rate” means,
with respect to any Redemption Date, (i) the yield, under the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States
Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding
to the Comparable Treasury Issue (if no maturity is within three months before or after July 15, 2026, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or
extrapolated from such yields on a straight-line basis, rounding to the nearest month, except that if the period from the redemption date
to July 15, 2026 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year shall be used) or (ii) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date, in
each case calculated on the third Business Day immediately preceding the Redemption Date, plus 0.50%.

 

“Affiliate” means, with respect
to any specified Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control
with such specified Person.

 

“Applicable Premium” means, with
respect to any Securities at any Redemption Date, the greater of

 

(1)       1.00%
of the principal amount of such Securities; and

 

(2)       the
excess of (a) the present value at such Redemption Date of (i) the redemption price of the Securities on July 15, 2026, as
set forth in the form of Security plus (ii) all required remaining scheduled interest payments due on such Securities
through July 15, 2026 (but excluding accrued and unpaid interest to the Redemption Date), computed using a discount rate equal to
the Adjusted Treasury Rate as of such Redemption Date, over (b) the principal amount of such Securities on such Redemption
Date.

 

    3

     

    

 

“Asset Acquisition” means:

 

(a) an Investment by the Company or any Restricted
Subsidiary in any other Person pursuant to which such Person shall become a Restricted Subsidiary, or shall be merged with or into the
Company or any Restricted Subsidiary or a transaction pursuant to which the Company or a Restricted Subsidiary merges with or into any
other Person and such Person assumes the obligations of the Company or such Restricted Subsidiary, as applicable, in accordance with Article VIII;
or

 

(b) the acquisition by the Company or any Restricted
Subsidiary of the assets of any Person which constitute all or substantially all of the assets of such Person, any division or line of
business of such Person or any other properties or assets of such Person.

 

“Attributable Debt” in respect
of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate borne by the
Securities, compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included
in such Sale/Leaseback Transaction (including any period for which such lease has been extended); provided, however, that
if such Sale/Leaseback Transaction results in a Capitalized Lease Obligation, the amount of Indebtedness represented thereby shall be
determined in accordance with the definition of “Capitalized Lease Obligation.”

 

“Authenticating Agent” means any
Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities.

 

“Average Life to Stated Maturity”
means, with respect to any Indebtedness, as at any date of determination, the quotient obtained by dividing:

 

(i) the sum of the products of:

 

(a) the number of years from such
date to the date or dates of each successive scheduled principal payment (including any sinking fund requirements) of such Indebtedness;
and

 

(b) the amount of each such principal
payment; by

 

(ii) the sum of all such principal payments.

 

“BakerCorp Acquisition” means
the acquisition by the Company of BakerCorp International Holdings, Inc. as contemplated by the Agreement and Plan of Merger, dated as
of June 30, 2018, by and among Holdings, UR Merger Sub IV Corporation and BakerCorp International Holdings, Inc., as amended from time
to time.

 

“BakerCorp Transactions” means
(a) the BakerCorp Acquisition and (b) any other transactions contemplated in connection with the BakerCorp Acquisition and any other financing
transactions in connection with the BakerCorp Acquisition.

 

    4

     

    

 

“Bankruptcy Code” means Title
11, United States Code.

 

“BlueLine Acquisition” means the
acquisition by Holdings of Vander Holding Corporation and its subsidiaries, as contemplated by the Agreement and Plan of Merger, dated
as of September 10, 2018, by and among Holdings, UR Merger Sub V Corporation, a Delaware corporation and a wholly-owned subsidiary of
Holdings, Vander Holding Corporation, a Delaware corporation, and Platinum Equity Advisors, LLC, a Delaware limited liability company,
solely in its capacity as the initial Holder Representative thereunder, as amended from time to time.

 

“BlueLine Transactions” means
(a) the BlueLine Acquisition, (b) the issuance of debt securities in connection with the BlueLine Acquisition and (c) any other transactions
contemplated in connection with the BlueLine Acquisition and any other financing transactions in connection with the BlueLine Acquisition.

 

“Board of Directors” means the
board of directors of a company or its equivalent, including managers of a limited liability company, general partners of a partnership
or trustees of a business trust, or any duly authorized committee thereof.

 

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

 

“Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the Borough of Manhattan, The City of New
York, are authorized or obligated by law or executive order to close.

 

“Capital Stock” means, with respect
to any Person, any and all shares, interests, participations, rights in or other equivalents (however designated) of such Person’s
capital stock or equity participations, and any rights (other than debt securities convertible into capital stock), warrants or options
exchangeable for or convertible into such capital stock and, including with respect to partnerships, limited liability companies or business
trusts, ownership interests (whether general or limited) and any other interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, such partnerships, limited liability companies or business
trusts.

 

“Capitalized Lease Obligation”
means any obligation under a lease of (or other agreement conveying the right to use) any property (whether real, personal or mixed) that
is required to be classified and accounted for as a finance lease under GAAP, and, for the purpose of this Indenture, the amount of such
obligation at any date shall be the capitalized amount thereof at such date, determined in accordance with GAAP; provided that,
notwithstanding the foregoing, in no event will any lease that would have been categorized as an operating lease as determined in accordance
with GAAP prior to giving effect to the Accounting Standards Codification Topic 842, Leases, or any other changes in GAAP subsequent to
the Issue Date, be considered a Capitalized Lease Obligation for purposes of this Indenture.

 

    5

     

    

 

“Cash Equivalents” means, at any
time:

 

(a) any evidence of Indebtedness, maturing not
more than one year after such time, issued or guaranteed by the United States Government or any agency thereof;

 

(b) commercial paper, maturing not more than
one year from the date of issue, or corporate demand notes, in each case rated at least A-1 by S&P or P-1 by Moody’s;

 

(c) any certificate of deposit (or time deposits
represented by such certificates of deposit), guaranteed investment certificates or bankers acceptance, maturing not more than one year
after such time, or overnight Federal Funds transactions that are issued or sold by a commercial banking institution that is a member
of the Federal Reserve System and has a combined capital and surplus and undivided profits of not less than $500,000,000;

 

(d) any repurchase agreement entered into with
any commercial banking institution of the stature referred to in clause (c) which:

 

(i) is secured by a fully perfected
security interest in any obligation of the type described in any of clauses (a) through (c); and

 

(ii) has a market value at the time such
repurchase agreement is entered into of not less than 100% of the repurchase obligation of such commercial banking institution thereunder;

 

(e) investments in short-term asset management
accounts managed by any bank party to a Credit Facility which are invested in indebtedness of any state or municipality of the United
States or of the District of Columbia and which are rated under one of the two highest ratings then obtainable from S&P or by Moody’s
or investments of the types described in clauses (a) through (d) above; and

 

(f) investments in funds investing primarily
in investments of the types described in clauses (a) through (e) above;

 

provided, that, in the case of any Investment by any Foreign
Subsidiary of Holdings, the definition of “Cash Equivalents” shall also include: (A) direct obligations of the sovereign nation
(or any agency thereof) in which such Foreign Subsidiary is organized and is conducting business or in obligations fully and unconditionally
guaranteed by such sovereign nation (or any agency thereof) (or, in the case of a Foreign Subsidiary organized under the laws of a member
state of the European Union, any other sovereign nation (or agency thereof) in the European Union), in each case maturing within a year
after such date and having, at the time of the acquisition thereof, a rating equivalent to at least “A2” from S&P and
at least “P2” from Moody’s, (B) investments of the type and maturity described in clauses (a) through (f) above of non-U.S.
obligors, which investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings
from comparable non-U.S. rating agencies and (C) shares of money market mutual or similar funds substantially all of the assets of which
are invested in assets otherwise satisfying the requirements of this definition (including this paragraph).

 

    6

     

    

 

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

 

(a) any “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50.0% of the total Voting Stock of the Company
or Holdings (other than, in the case of the Company, Holdings or a wholly owned Subsidiary of Holdings);

 

(b) the Company or Holdings consolidates with,
or merges with or into, another Person or sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all
of its properties and assets as an entirety to any Person (other than (1) with respect to the Company, to Holdings, a wholly owned Subsidiary
of Holdings or a Subsidiary Guarantor and (2) with respect to Holdings, to a wholly owned Subsidiary of Holdings, the Company or a Subsidiary
Guarantor, or any Person that consolidates with, or merges with or into, the Company or Holdings), in any such event pursuant to a transaction
in which the outstanding Voting Stock of the Company or Holdings is converted into or exchanged for cash, securities or other property,
other than any such transaction involving a merger or consolidation where:

 

(i) the outstanding Voting Stock of
the Company or Holdings is converted into or exchanged for Voting Stock (other than Redeemable Capital Stock) of the surviving or transferee
corporation; and

 

(ii) immediately after such transaction
no “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), excluding
Holdings or any wholly owned Subsidiary of Holdings, is the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person
has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of
more than 50.0% of the total Voting Stock of the surviving or transferee corporation; or

 

(c) the Company is liquidated or dissolved or
adopts a plan of liquidation.

 

“Change of Control Offer” has
the meaning specified in Section 10.10(a).

 

“Change of Control Purchase Date”
has the meaning specified in Section 10.10(a).

 

“Change of Control Purchase Price”
has the meaning specified in Section 10.10(a).

 

“Commission” means the Securities
and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this
Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing
such duties at such time.

 

    7

     

    

 

“Company” means the Person named
as the “Company” in the first paragraph of this Indenture and each successor Person pursuant to the applicable provisions
of this Indenture and thereafter “Company” shall mean such successor Person.

 

“Company Order” or “Company
Request” means a written order or request signed in the name of the Company by its Chairman of the Board of Directors, its Chief
Executive Officer, its Chief Financial Officer, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary
or an Assistant Secretary, and delivered to the Trustee or Paying Agent, as applicable.

 

“Comparable Treasury Issue” means
the United States Treasury security selected by the Quotation Agent as having a maturity most nearly equal to the period from the Redemption
Date to July 15, 2026 that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of a maturity most nearly equal to July 15, 2026.

 

“Comparable Treasury Price” means,
with respect to any Redemption Date, if clause (ii) of the definition of “Adjusted Treasury Rate” is applicable, the
average of three, or such lesser number as is given to the Company, Reference Treasury Dealer Quotations for such Redemption Date.

 

“Consolidated Cash Flow Available for Fixed
Charges” means, with respect to any Person for any period:

 

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

 

(a) Consolidated Net Income;

 

(b) Consolidated Non-cash Charges;

 

(c) Consolidated Interest Expense;

 

(d) Consolidated Income Tax Expense;

 

(e) any fees, expenses or charges
related to the Transactions, the RSC Merger Transactions, the National Pump Transactions, the NES Transactions, the Neff Transactions,
the BakerCorp Transactions, the BlueLine Transactions, the General Finance Transactions or to any Equity Offering, Investment, merger,
acquisition, disposition, consolidation, recapitalization or the incurrence or repayment of Indebtedness (including any refinancing or
amendment of any of the foregoing) (whether or not consummated or incurred);

 

(f) the amount of any restructuring charges
or reserves, retention, severance, systems establishment cost, excess pension charges, contract termination costs, including future lease
commitments, costs related to start up, closure, relocation or consolidation of facilities, costs to relocate employees, consulting fees,
one time information technology costs, one time branding costs and losses on the sale of excess fleet from closures; and

 

    8

     

    

 

(g) the amount of net cost savings and
synergies expected by the Company in good faith to be realized (which shall be calculated on a pro forma basis as though such cost savings
or synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from
such actions; provided that (A) such cost savings or synergies are reasonably identifiable and supportable, and (B) such
actions have been taken or are to be taken within 24 months after the date of determination to take such action; less

 

(ii) (x) non-cash items increasing Consolidated
Net Income and (y) all cash payments during such period relating to non-cash charges that were added back in determining Consolidated
Cash Flow Available for Fixed Charges in the most recent Four Quarter Period.

 

“Consolidated Current Liabilities”
as of the date of determination means the aggregate amount of liabilities of the Company and its consolidated Restricted Subsidiaries
which may properly be classified as current liabilities (including taxes accrued as estimated), on a consolidated basis, after eliminating:

 

(1) all intercompany items between
the Company and any Restricted Subsidiary; and

 

(2) all current maturities of long-term
Indebtedness, all as determined in accordance with GAAP consistently applied.

 

“Consolidated Income Tax Expense”
means, with respect to any Person for any period, the provision for federal, state, local and foreign taxes (whether or not paid, estimated
or accrued) based on income, profits or capitalization of such Person and its Restricted Subsidiaries for such period as determined on
a consolidated basis in accordance with GAAP.

 

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

 

(i) the interest expense, net of
any interest income, of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance
with GAAP, including:

 

(a) any amortization of debt discount;

 

(b) the net payments made or received
under Interest Rate Protection Obligations (including any amortization of discounts);

 

(c) the interest portion of any deferred
payment obligation;

 

(d) all commissions, discounts and
other fees and charges owed with respect to letters of credit, bankers’ acceptance financing or similar facilities; and

 

    9

     

    

 

(e) all accrued interest; and

 

(ii) the interest component of Capitalized
Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period
as determined on a consolidated basis in accordance with GAAP; less

 

(iii) to the extent otherwise included
in such interest expense referred to in clause (i) above, the amortization or write-off of financing costs, commissions, fees and expenses.

 

“Consolidated Net Income” means,
with respect to any Person, for any period, the consolidated net income (or loss) of such Person and its Restricted Subsidiaries for such
period as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income, by excluding, without duplication:

 

(i) any extraordinary, unusual,
infrequent or non-recurring gain, loss, expense or charge (including fees, expenses and charges associated with the RSC Merger Transactions,
the National Pump Transactions, the NES Transactions, the Neff Transactions, the BakerCorp Transactions, the BlueLine Transactions, the
General Finance Transactions or any merger, acquisition, disposition or consolidation after March 9, 2012);

 

(ii) (A) the portion of net income
of such Person and its Restricted Subsidiaries allocable to minority interests in unconsolidated Persons or to Investments in Unrestricted
Subsidiaries to the extent that cash dividends or distributions have not actually been received by such Person or one of its Restricted
Subsidiaries and (B) the portion of net loss of such Person and its Restricted Subsidiaries allocable to minority interests in unconsolidated
Persons or to Investments in Unrestricted Subsidiaries shall be included to the extent of the aggregate investment of the Company or any
Restricted Subsidiary in such Person;

 

(iii)  gains or losses in respect
of any sales or other dispositions of assets outside the ordinary course of business by such Person or one of its Restricted Subsidiaries
(net of fees and expenses relating to the transaction giving rise thereto), on an after-tax basis;

 

(iv) the net income of any Restricted
Subsidiary of such Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that
income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulations applicable to that Restricted Subsidiary or its stockholders (other than (x) restrictions
that have been waived or otherwise released, (y) restrictions pursuant to the Securities or this Indenture and (z) restrictions in effect
on the Issue Date with respect to a Restricted Subsidiary and other restrictions with respect to such Restricted Subsidiary that taken
as a whole are not materially less favorable to the holders than such restrictions in effect on the Issue Date);

 

    10

     

    

 

(v) any gain or loss realized as
a result of the cumulative effect of a change in accounting principles;

 

(vi) the write-off of any issuance
costs incurred by the Company in connection with the refinancing or repayment of any Indebtedness;

 

(vii) any net after-tax gain (or loss)
attributable to the early repurchase, extinguishment or conversion of Indebtedness, Hedging Obligations or other derivative instruments
(including any premiums paid);

 

(viii) any non-cash income (or loss)
related to the recording of the Fair Market Value of any Hedging Obligations;

 

(ix) any unrealized gains or losses in
respect of Currency Agreements;

 

(x) (a) any non-cash compensation deduction
as a result of any grant of stock or stock related instruments to employees, officers, directors or members of management and (b) any
cash charges associated with the rollover, acceleration or payout on stock or stock-related instruments by management of Holdings, the
Company, or any of their Subsidiaries in connection with the RSC Merger Transactions, the National Pump Transactions, the NES Transactions,
the Neff Transactions, the BakerCorp Transactions, the BlueLine Transactions, the General Finance Transactions or any other merger, acquisition,
disposition or consolidation;

 

(xi) any income (or loss) from discontinued
operations;

 

(xii) any unrealized foreign currency
translation or transaction gains or losses in respect of Indebtedness or other obligations of any Person denominated in a currency other
than the functional currency of such Person;

 

(xiii) to the extent covered by insurance
and actually reimbursed, or, so long as the Company has made a determination that there exists reasonable evidence that such amount will
in fact be reimbursed by the insurer and only to the extent that such amount is (a) not denied by the applicable carrier in writing within
180 days and (b) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the
extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption; provided
that, to the extent included in Consolidated Net Income in a future period, reimbursements with respect to expenses excluded from
the calculation of Consolidated Net Income pursuant to this clause (xiii) shall be excluded from Consolidated Net Income in such period
up to the amount of such excluded expenses;

 

(xiv) any non-cash charge, expense or
other impact attributable to application of the purchase method of accounting (including the total amount of depreciation and amortization,
cost of sales or other non-cash expense resulting from the write-up of assets to the extent resulting from such purchase accounting adjustments);

 

    11

     

    

 

(xv) any goodwill or other intangible
asset impairment charge;

 

(xvi) effects of fair value adjustments
in the merchandise inventory, property and equipment, goodwill, intangible assets, deferred revenue, deferred rent and debt line items
in such Person’s consolidated financial statements pursuant to GAAP resulting from the application of acquisition accounting in
relation to the RSC Merger Transactions, the National Pump Transactions, the NES Transactions, the Neff Transactions, the BakerCorp Transactions,
the BlueLine Transactions, the General Finance Transactions or any consummated acquisition and the amortization or write-off or removal
of revenue otherwise recognizable of any amounts thereof, net of taxes, shall be excluded or added back in the case of lost revenue;

 

(xvii) the amount of loss on sale of
assets to a Subsidiary in connection with a Securitization Transaction; and

 

(xviii) accruals and reserves established
after (a) the consummation of the RSC Merger Transactions that were established as a result of the RSC Merger Transactions, (b) the
consummation of the National Pump Transactions that are established as a result of the National Pump Transactions, (c) the consummation
of the NES Transactions that are established as a result of the NES Transactions, (d) the consummation of the Neff Transactions that are
established as a result of the Neff Transactions, (e) the consummation of the BakerCorp Transactions that are established as a result
of the BakerCorp Transactions, (f) the consummation of the BlueLine Transactions that are established as a result of the BlueLine Transactions,
(g) the consummation of the General Finance Transactions that are established as a result of the General Finance Transactions and (h)
the closing of any acquisition or investment required to be established as a result of such acquisition or investment in accordance with
GAAP, or changes as a result of adoption or modification of accounting policies.

 

“Consolidated Net Tangible Assets”
as of any date of determination, means the total amount of assets (less the sum of goodwill and other intangibles, net) which would appear
on a consolidated balance sheet of the Company and its consolidated Restricted Subsidiaries, determined on a consolidated basis in accordance
with GAAP, and after giving effect to the acquisition or disposal of any property or assets consummated on or prior to such date and after
deducting therefrom Consolidated Current Liabilities and, to the extent otherwise included, the amounts of:

 

(1) minority interests in consolidated
Subsidiaries held by Persons other than the Company or a Restricted Subsidiary;

 

(2) treasury stock;

 

(3) cash set apart and held in a sinking
or other analogous fund established for the purpose of redemption or other retirement of Capital Stock to the extent such obligation is
not reflected in Consolidated Current Liabilities; and

 

(4) Investments in and assets of Unrestricted
Subsidiaries.

 

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“Consolidated Non-cash Charges”
means, with respect to any Person for any period, the aggregate depreciation, amortization (including amortization of goodwill and other
intangibles) and other non-cash expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person
and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

 

“Control” when used with respect
to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
ownership of voting securities, by contract or otherwise; and the terms “Controlling” and “Controlled” have meanings
correlative to the foregoing.

 

“Corporate Trust Office” means
the office of the Trustee at which at any particular time its designated corporate trust business shall be administered, which address
as of the date of this Indenture is located at 150 East 42nd Street, 40th Floor, New York, New York 10017, Attention: Corporate Trust
Services – Administrator for United Rentals, or such other address as the Trustee may designate from time to time by notice to the
Holders and the Company, or the designated corporate trust office of any successor Trustee (or such other address as a successor Trustee
may designate from time to time by notice to the Holders and the Company).

 

“corporation” means (except in
the definition of “Subsidiary”) a corporation, association, company, joint stock company or business trust.

 

“Covenant Defeasance” has the
meaning specified in Section 12.03.

 

“Credit Facility” means one or
more debt facilities or agreements (including the ABL Credit Agreement ), commercial paper facilities, securities purchase agreements,
indentures or similar agreements, in each case, providing for revolving loans, term loans, receivables financing (including through the
sale of receivables to lenders or other purchasers or to special purpose entities formed to borrow from such lenders or other purchasers
against such receivables), notes, debentures, letters of credit, the issuance and sale of securities or other debt financing, including
any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith and in each case, as
amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in part, and without limitation as to amount, terms,
conditions, covenants and other provisions) from time to time, and any agreements, indentures or other instruments (and related documents)
governing any form of Indebtedness incurred to refinance or replace, in whole or in part, the borrowings and commitments at any time outstanding
or permitted to be outstanding under such facility or agreement or successor facility or agreement whether by the same or any other lender
or holder of Indebtedness or group of lenders or holders of Indebtedness and whether the same obligor or different obligors and whether
for the same or a different amount (including an increased amount) or on the same or different terms, conditions, covenants and other
provisions.

 

“Currency Agreement” means any
foreign exchange contract, currency swap agreement or other similar agreement with respect to currency values.

 

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

 

“Defaulted Interest” has the meaning
specified in Section 3.07.

 

“Definitive Security” has the
meaning specified in the Appendix.

 

“Depositary” means The Depository
Trust Company, a New York corporation, or its successor.

 

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

 

“Directing Holder” has the meaning
specified in Section 5.02.

 

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

 

“Equipment Securitization Transaction”
means any sale, assignment, pledge or other transfer (a) by the Company or any Subsidiary of the Company of rental fleet equipment,
(b) by any ES Special Purpose Vehicle of leases or rental agreements between the Company and/or any Subsidiary of the Company, as
lessee, on the one hand, and such ES Special Purpose Vehicle, as lessor, on the other hand, relating to such rental fleet equipment and
lease receivables arising under such leases and rental agreements and (c) by the Company or any Subsidiary of the Company of any
interest in any of the foregoing, together in each case with (i) any and all proceeds thereof (including all collections relating
thereto, all payments and other rights under insurance policies or warranties relating thereto, all disposition proceeds received upon
a sale thereof, and all rights under manufacturers’ repurchase programs or guaranteed depreciation programs relating thereto), (ii) any
collection or deposit account relating thereto and (iii) any collateral, guarantees, credit enhancement or other property or claims
supporting or securing payment on, or otherwise relating to, any such leases, rental agreements or lease receivables.

 

“Equity Offering” means a private
or public sale for cash after the Issue Date by (1) the Company of its common Capital Stock (other than Redeemable Capital Stock
and other than to a Subsidiary of the Company) or (2) Holdings of its Capital Stock (other than to the Company or a Subsidiary of
the Company) to the extent that the net proceeds therefrom are contributed to the common equity capital of the Company.

 

“ES Special Purpose Vehicle”
means a trust, bankruptcy remote entity or other special purpose entity which is a Subsidiary of the Company or Holdings (or, if not
a Subsidiary of the Company or Holdings, the common equity of which is wholly owned, directly or indirectly, by the Company or
Holdings) and which is formed for the purpose of, and engages in no material business other than, acting as a lessor, issuer or
depositor in an Equipment Securitization Transaction (and, in connection therewith, owning the rental fleet equipment, leases,
rental agreements, lease receivables, rights to payment and other interests, rights and assets described in the definition of
Equipment Securitization Transaction, and pledging or transferring any of the foregoing or interests therein).

 

    14

     

    

 

“Event of Default” has the meaning
specified in Section 5.01.

 

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

 

“Existing Indebtedness” means
Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the ABL Credit Agreement) in existence on the Issue Date,
until such amounts are repaid.

 

“Existing Securitization Facility”
means the receivables facility established pursuant to the Third Amended and Restated Receivables Purchase Agreement, dated as of September
24, 2012, among United Rentals Receivables LLC II, as seller, Holdings, as collection agent, Liberty Street Funding LLC, as a purchaser,
Gotham Funding Corporation, as a purchaser, PNC Bank, National Association, as purchaser agent for itself and as a bank, MUFG Bank, Ltd.,
as a purchaser agent and as a bank, Truist Bank, as purchaser agent for itself and as a bank, The Toronto-Dominion Bank, as purchaser
agent for itself and as a bank, and The Bank of Nova Scotia, as administrative agent, as a bank and as a purchaser agent, as amended,
modified or supplemented from time to time, and the other Transaction Documents under and as defined therein.

 

“Expiration Date” shall have the
meaning set forth in the definition of “Offer to Purchase.”

 

“Fair Market Value” means, with
respect to any asset, the fair market value of such asset as determined by the Board of Directors of the Company in good faith, whose
determination shall be conclusive and, in the case of assets with a Fair Market Value in excess of $500,000,000, evidenced by a resolution
of the Board of Directors of the Company.

 

“Fixed Amounts” has the meaning
specified in Section 1.19.

 

“Foreign Subsidiary” means any
Restricted Subsidiary not created or organized under the laws of the United States or any state thereof or the District of Columbia.

 

“Foreign Subsidiary Holding Company”
means any Subsidiary the primary assets of which consist of Capital Stock in (i) one or more Foreign Subsidiaries or (ii) one or more
Foreign Subsidiary Holding Companies.

 

“Four Quarter Period” shall have
the meaning set forth in the definition of “Senior Secured Indebtedness Leverage Ratio.”

 

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“Fuel Hedging Agreement” means
any forward contract, swap, option, hedge or other similar financial agreement designed to protect against fluctuations in fuel prices.

 

“GAAP” means generally accepted
accounting principles set forth in the Financial Accounting Standards Board codification (or by agencies or entities with similar functions
of comparable stature and authority within the U.S. accounting profession) or in rules or interpretative releases of the Commission applicable
to Commission registrants; provided that (a) if at any time the Commission permits or requires U.S. domiciled companies subject
to the reporting requirements of the Exchange Act to use IFRS in lieu of GAAP for financial reporting purposes, the Company may irrevocably
elect by written notice to the Trustee to so use IFRS in lieu of GAAP and, upon any such notice, references herein to GAAP shall thereafter
be construed to mean (i) IFRS for periods beginning on and after the date of such notice or a later date as specified in such notice as
in effect on such date and (ii) for prior periods, GAAP as defined in the first sentence of this definition and (b) GAAP is determined
as of the date of any calculation or determination required hereunder; provided that (x) the Company, on any date, may, by providing
notice thereof to the Trustee, elect to establish that GAAP shall mean GAAP as in effect on such date and (y) any such election, once
made, shall be irrevocable. The Company shall give notice of any such election to the Trustee and the Holders.

 

“General Finance Acquisition”
means the acquisition by the Company of General Finance Corporation contemplated by the Agreement and Plan of Merger, dated as of April
15, 2021, by and among the Company, UR Merger Sub VI Corporation and General Finance Corporation, as amended from time to time.

 

“General Finance Transactions”
means (a) the General Finance Acquisition and (b) any other transactions contemplated in connection with the General Finance Acquisition
and any other financing transactions in connection with the General Finance Acquisition.

 

“Global Security” has the meaning
specified in the Appendix.

 

“guarantee” means, as applied
to any obligation:

 

(i) a guarantee (other than by endorsement
of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner, of any part or all of
such obligation; and

 

(ii) an agreement, direct or indirect,
contingent or otherwise, the practical effect of which is to assure in any way the payment or performance (or payment of damages in the
event of nonperformance) of all or any part of such obligation, including, without limiting the foregoing, the payment of amounts available
to be drawn down under letters of credit of another Person.

 

The term “guarantee” used as a verb has a corresponding
meaning. The term “guarantor” shall mean any Person providing a guarantee of any obligation.

 

“Guarantee” means each guarantee
of the Securities contained in Article XIII given by each Guarantor.

 

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“Guarantor” means Holdings and
each Subsidiary Guarantor.

 

“Guaranty Agreement” means a supplemental
indenture, in a form satisfactory to the Trustee, pursuant to which a Subsidiary Guarantor guarantees the Company’s obligations
with respect to the Securities on the terms provided for in this Indenture.

 

“Guaranty Obligations” has the
meaning specified in Section 13.01.

 

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

 

“Holder” means a Person in whose
name a Security is registered in the Security Register.

 

“Holdings” means the Person named
as “Holdings” in the first paragraph of this Indenture, and any permitted successor or assign.

 

“IFRS” means International Financial
Reporting Standards and applicable accounting requirements set by the International Accounting Standards Board or any successor thereto
(or the Financial Accounting Standards Board or any successor to such Board, or the Commission, as the case may be), as in effect from
time to time.

 

“incur” means to, directly or
indirectly, create, incur, issue, assume, guarantee or in any manner become directly or indirectly liable, contingently or otherwise.

 

“Incurrence Based Amounts” has
the meaning specified in Section 1.19.

 

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

 

(a) the principal amount of all
liabilities of such Person for borrowed money or for the deferred purchase price of property or services, excluding any trade payables
and other accrued current liabilities incurred in the ordinary course of business;

 

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

 

(c) all indebtedness created or
arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even if the rights
and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property),
but excluding trade accounts payable arising in the ordinary course of business;

 

(d) all Capitalized Lease Obligations
of such Person and all Attributable Debt in respect of Sale/Leaseback Transactions entered into by such Person;

 

(e) all Indebtedness referred
to in the preceding clauses of other Persons, the payment of which is secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any Lien upon property (including accounts and contract rights) owned
by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness (the amount of such
obligation being deemed to be the lesser of the value of such property or asset (as determined in good faith by the Company) or the
amount of the obligation so secured);

 

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(f) all guarantees of Indebtedness
referred to in this definition by such Person;

 

(g) all Redeemable Capital Stock
of such Person (which shall be valued at the greater of its voluntary or involuntary maximum fixed repurchase price (as defined below)
excluding accrued dividends);

 

(h) all obligations under or in
respect of Hedging Obligations of such Person (the amount of any such obligation to be equal at any time to the termination value of such
agreement or arrangement giving rise to such Hedging Obligation that would be payable by such Person at such time); and

 

(i) any amendment, supplement, modification,
deferral, renewal, extension, refinancing or refunding of any liability of the types referred to in clauses (a) through (h) above;

 

provided, however, that Indebtedness shall not include:

 

(x) any holdback or escrow of the
purchase price of property, services, businesses or assets; or

 

(y) any contingent payment obligations
incurred in connection with the acquisition of assets or businesses, which are contingent on the performance of the assets or businesses
so acquired.

 

For purposes hereof, the “maximum fixed repurchase price”
of any Redeemable Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such
Redeemable Capital Stock as if such Redeemable Capital Stock were purchased on any date on which Indebtedness shall be required to be
determined pursuant hereto, and if such price is based upon, or measured by, the fair market value of such Redeemable Capital Stock, such
fair market value shall be determined in good faith by the issuer of such Redeemable Capital Stock.

 

“Indenture” means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture,
the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture,
respectively.

 

“Initial Default” has the meaning
specified in Section 5.13.

 

“Initial Lien” has the meaning
specified in Section 10.09(a).

 

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“Interest Payment Date” means
the Stated Maturity of an installment of interest on the Securities.

 

“Interest Rate Protection Agreement”
means, with respect to any Person, any arrangement with any other Person whereby, directly or indirectly, such Person is entitled to receive
from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in
exchange for periodic payments made by such Person calculated by applying a fixed or a floating rate of interest on the same notional
amount and shall include interest rate swaps, caps, floors, collars and similar agreements.

 

“Interest Rate Protection Obligations”
means the obligations of any Person pursuant to any Interest Rate Protection Agreements.

 

“Investment” means, with respect
to any Person, any loan or other extension of credit (including a guarantee) or capital contribution to any other Person (by means of
any transfer of cash or other property or any payment for property or services for consideration of Indebtedness or Capital Stock of any
other Person), or any purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences
of indebtedness issued by any other Person. The amount of any Investment outstanding at any time shall be the original cost of such Investment,
reduced (at the Company’s option) by any dividend, distribution, interest payment, return of capital, repayment or other amount
or value received in respect of such Investment.

 

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

 

“Issue Date” means August 13,
2021.

 

“LCT Election” has the meaning
specified in Section 1.18.

 

“LCT Test Date” has the meaning
specified in Section 1.18.

 

“Legal Defeasance” has the meaning
specified in Section 12.02.

 

“Lien” means any mortgage, charge,
pledge, lien (statutory or other), security interest, hypothecation, assignment for security, claim, or preference or priority or other
encumbrance upon or with respect to any property of any kind.

 

“Limited Condition Transaction”
means (1) any Investment or acquisition (whether by merger, consolidation or otherwise) whose consummation is not conditioned on the availability
of, or on obtaining, third-party financing (it being understood that a “marketing period” or similar concept is not a financing
condition), (2) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable
notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment and (3) any dividends or distributions
on, or redemptions of, Capital Stock requiring irrevocable notice in advance thereof.

 

    19

     

    

 

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

 

“Maturity Date” means January
15, 2032.

 

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

 

“National Pump Acquisition” means
the acquisition of assets contemplated by the Asset Purchase Agreement, effective as of March 7, 2014, by and among the Company, United
Rentals of Canada, Inc., LD Services, LLC, National Pump & Compressor Ltd., Canadian Pump & Compressor, Ltd., GulfCo Industrial
Equipment, L.P. and the Owners named therein, as amended from time to time.

 

“National Pump Transactions” means
(a) the National Pump Acquisition, (b) the issuance of debt securities in connection with the National Pump Acquisition and (c) any other
transactions contemplated in connection with the National Pump Acquisition and any other financing transactions in connection with the
National Pump Acquisition.

 

“Neff Acquisition” means the acquisition
by the Company of Neff Corporation contemplated by the Agreement and Plan of Merger, dated as of August 16, 2017, by and among the Company,
UR Merger Sub III Corporation and Neff Corporation, as amended from time to time.

 

“Neff Transactions” means (a)
the Neff Acquisition, (b) the issuance of debt securities in connection with the Neff Acquisition and (c) any other transactions contemplated
in connection with the Neff Acquisition and any other financing transactions in connection with the Neff Acquisition.

 

“NES Acquisition” means the acquisition
of assets contemplated by the Agreement and Plan of Merger, dated as of January 25, 2017, by and among NES Rentals Holdings II, Inc.,
the Company, UR Merger Sub II Corporation and Diamond Castle Holdings, LLC, as the Stockholder Representative named therein, as amended
from time to time.

 

“NES Transactions” means (a) the
NES Acquisition, (b) the issuance of debt securities in connection with the NES Acquisition and (c) any other transactions contemplated
in connection with the NES Acquisition and any other financing transactions in connection with the NES Acquisition.

 

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

 

    20

     

    

 

“Noteholder Direction” has the
meaning specified in Section 5.02.

 

“Notice of Default” means a written
notice of the kind specified in Section 6.02.

 

“Obligations” means, with respect
to any Indebtedness, any principal, premium (if any), interest (including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses,
reimbursement obligations, guarantees of such Indebtedness (or of Obligations in respect thereof), other monetary obligations of any nature
and all other amounts payable thereunder or in respect thereof.

 

“Offer” means a Change of Control
Offer.

 

“Offer to Purchase” means an Offer
sent by or on behalf of the Company electronically or by first-class mail, postage prepaid, to each Holder of Securities at its address
appearing in the register for the Securities on the date of the Offer offering to purchase up to the principal amount of Securities specified
in such Offer at the purchase price specified in such Offer (as determined pursuant to this Indenture). Unless otherwise provided in Section 10.10
or otherwise required by applicable law, the Offer shall specify an expiration date (the “Expiration Date”) of the
Offer to Purchase, which shall be not less than 10 days nor more than 60 days after the date of such Offer (or such later date as
may be necessary for the Company to comply with the Exchange Act), and a settlement date (the “Purchase Date”) for
purchase of Securities to occur no later than five Business Days after the Expiration Date. The Company shall notify the Trustee at least
10 days (or such shorter period as is acceptable to the Trustee) prior to the electronic delivery or mailing of the Offer of the Company’s
obligation to make an Offer to Purchase, and the Offer shall be delivered electronically or mailed by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company. The Offer shall contain all the information required by applicable
law to be included therein. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Securities
pursuant to the Offer to Purchase. The Offer shall also state:

 

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

 

(2) the Expiration Date and the Purchase
Date;

 

(3) the purchase price to be paid by
the Company for each $1,000 aggregate principal amount of Securities accepted for payment (as specified pursuant to this Indenture) (the
 “Purchase Price”), and the amount of accrued and unpaid interest to be paid;

 

(4) that the Holder may tender all or
any portion of the Securities registered in the name of such Holder and that any portion of a Security tendered must be tendered in an
integral multiple of $1,000 principal amount;

 

    21

     

    

 

(5) the place or places where Securities
are to be surrendered for tender pursuant to the Offer to Purchase;

 

(6) that interest on any Security not
tendered or tendered but not purchased by the Company pursuant to the Offer to Purchase shall continue to accrue;

 

(7) that on the Purchase Date the Purchase
Price shall become due and payable upon each Security being accepted for payment pursuant to the Offer to Purchase and that interest thereon
shall cease to accrue on and after the Purchase Date;

 

(8) that each Holder electing to tender
all or any portion of a Security pursuant to the Offer to Purchase shall be required to surrender such Security at the place or places
specified in the Offer prior to the close of business on the Expiration Date (such Security being, if the Company or the Trustee so requires,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed
by the Holder thereof or his attorney duly authorized in writing);

 

(9) that Holders shall be entitled to
withdraw all or any portion of Securities tendered if the Company (or its Paying Agent) receives, not later than the close of business
on the fifth Business Day next preceding the Expiration Date, a facsimile transmission or letter setting forth the name of the Holder,
the principal amount of the Security the Holder tendered, the certificate number of the Security the Holder tendered and a statement that
such Holder is withdrawing all or a portion of his tender;

 

(10) that (a) if Securities purchasable
at an aggregate Purchase Price less than or equal to the Purchase Amount are duly tendered and not withdrawn pursuant to the Offer to
Purchase, the Company shall purchase all such Securities and (b) if Securities purchasable at an aggregate Purchase Price in excess of
the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase Securities on a pro rata
basis based on the Purchase Price therefor, with such adjustments as may be deemed appropriate so that only Securities in denominations
of $2,000 principal amount or integral multiples of $1,000 in excess thereof shall be purchased; and

 

(11) that in the case of a Holder whose
Security is purchased only in part, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security
without service charge, a new Security or Securities, of any authorized denomination as requested by such Holder, in an aggregate principal
amount equal to and in exchange for the unpurchased portion of the Security so tendered.

 

An Offer to Purchase shall be governed by and effected in accordance
with the provisions of this Indenture pertaining to the type of Offer to which it relates.

 

“Officers’
Certificate” means a certificate signed by two of the following: the Chairman of the Board of Directors, the Chief
Executive Officer, the President or a Vice President, the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’
Certificate given pursuant to Section 10.13 shall be the principal executive, financial or accounting officer of the
Company.

 

    22

     

    

 

“Opinion of Counsel” means a written
opinion of counsel, in form reasonably acceptable to the Trustee, who may be counsel for the Company.

 

“Outstanding,” when used with
respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture,
except:

 

(i) Securities theretofore cancelled
by the Trustee or delivered to the Trustee for cancellation;

 

(ii) Securities for whose payment or
redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company)
in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities; provided, however, that, if such securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(iii) Securities which have been paid
pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to
this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to
it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; and

 

(iv) Securities as to which (a) Legal
Defeasance has been effected pursuant to Section 12.02 or (b) Covenant Defeasance has been effected pursuant to 12.03, to the extent
set forth therein;

 

provided, however, that in determining whether the Holders
of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding (it being understood that
Securities to be acquired by the Company pursuant to an Offer or other offer to purchase shall not be deemed to be owned by the Company
until legal title to such Securities passes to the Company), except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with
respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company
or of such other obligor.

 

    23

     

    

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of (and premium, if any) or interest on any Securities on behalf of the Company. The Company
has initially appointed the Trustee as its Paying Agent pursuant to Section 10.02.

 

“Permitted Liens” means:

 

(a) any Lien existing as of the Issue
Date;

 

(b) Liens securing Indebtedness incurred
by the Company and Restricted Subsidiaries pursuant to Credit Facilities; provided, however, that immediately after giving
effect to any such incurrence, the aggregate principal amount of all Indebtedness secured by Liens pursuant to this clause (b) and then
outstanding shall not exceed the greater of (i) $8,800,000,000 and (ii) 85.0% of Consolidated Net Tangible Assets;

 

(c) any Lien securing Acquired Indebtedness
created prior to (and not created in connection with, or in contemplation of) the assumption of such Acquired Indebtedness by the Company
or any Restricted Subsidiary, if such Lien does not attach to any property or assets of the Company or any Restricted Subsidiary other
than the property or assets subject to the Lien prior to such assumption (plus improvements, accessions, proceeds or dividends or distributions
in respect thereof);

 

(d) Liens in favor of the Company or
a Restricted Subsidiary;

 

(e) Liens on and pledges of the assets
or Capital Stock of any Unrestricted Subsidiary securing any Indebtedness or other obligations of such Unrestricted Subsidiary and Liens
on the Capital Stock or assets of Foreign Subsidiaries securing Indebtedness of Foreign Subsidiaries incurred to finance the working capital
of such Foreign Subsidiaries;

 

(f) Liens for taxes not delinquent or
statutory Liens for taxes, the nonpayment of which, individually or in the aggregate, would not reasonably be expected to have a material
adverse effect on the Company and its Restricted Subsidiaries or that are being contested in good faith by appropriate proceedings and
as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be required pursuant to
GAAP;

 

(g) statutory Liens of landlords and
Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by law for sums not yet delinquent
for a period of more than 60 days or being contested in good faith and by appropriate proceedings or that would not reasonably be expected
to have a material adverse effect on the Company and its Restricted Subsidiaries;

 

(h) Liens incurred or deposits made
in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social
security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government or other
contracts, performance and return-of- money bonds and other similar obligations (in each case, exclusive of obligations for the
payment of borrowed money);

 

    24

     

    

 

(i) (A) mortgages, liens, security interests,
restrictions, encumbrances or any other matters of record that have been placed by any developer, landlord or other third party on property
over which the Company or any Restricted Subsidiary has easement rights or on any leased property and subordination or similar agreements
relating thereto and (B) any condemnation or eminent domain proceedings affecting any real property;

 

(j) judgment Liens not giving rise to
an Event of Default so long as any appropriate legal proceedings which may have been duly initiated for the review or appeal of such judgment
shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired;

 

(k) easements, rights-of-way, zoning
restrictions, utility agreements, covenants, restrictions and other similar charges, encumbrances or title defects or leases or subleases
granted to others, in respect of real property not interfering in the aggregate in any material respect with the ordinary conduct of the
business of the Company or any of its Restricted Subsidiaries;

 

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

 

(m) Liens securing Indebtedness arising
from (i) the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds
in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days
of incurrence and (ii) customer deposits and advance payments received in the ordinary course of business from customers for goods or
services purchased or rented in the ordinary course of business;

 

(n) Liens securing Indebtedness of the
Company or any Restricted Subsidiary under equipment purchase or lines of credit, or for Capitalized Lease Obligations or Purchase Money
Obligations; provided that, the aggregate principal amount of all Indebtedness secured by Liens pursuant to this clause (n) at
any time outstanding shall not exceed the greater of $780,000,000 and 7.5% of Consolidated Net Tangible Assets, if such Indebtedness has
been incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment
of the Company or any Restricted Subsidiary; provided, however, that the Lien may not extend to any other property owned
by the Company or any Restricted Subsidiary at the time the Lien is incurred (other than assets and property affixed or appurtenant thereto),
and the Indebtedness (other than any interest thereon) secured by the Lien may not be incurred more than 180 days after the later
of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject
to the Lien;

 

    25

     

    

 

(o) Liens securing reimbursement obligations
with respect to commercial letters of credit which encumber documents and other property relating to such letters of credit and products
and proceeds thereof;

 

(p) Liens securing refinancing Indebtedness
of:

 

(x) the Company, to the extent the proceeds
thereof are used to renew, refund, refinance, amend, extend, defease or discharge:

 

(A) the Securities (to the extent such
Securities have been secured pursuant to Section 10.09),

 

(B) any Existing Indebtedness secured
by Liens,

 

(C) any Acquired Indebtedness secured
by Liens pursuant to clause (c) of this definition; or

 

(D) any Indebtedness secured by Liens
pursuant to clauses (dd) or (ee) of this definition; and

 

(y) any Restricted Subsidiary, to the extent
the proceeds thereof are used to renew, refund, refinance, amend, extend, defease or discharge:

 

(A) the Securities (to the extent such
Securities have been secured pursuant to Section 10.09),

 

(B) any Existing Indebtedness secured
by Liens,

 

(C) any Acquired Indebtedness secured
by Liens pursuant to clause (c) of this definition; or

 

(D) any Indebtedness secured by Liens
pursuant to clauses (dd) or (ee) of this definition; provided, however, that:

 

(1) the principal amount of Indebtedness
secured by a Lien pursuant to this clause (p) (or, if such Indebtedness provides for an amount less than the principal amount thereof
to be due and payable upon a declaration of acceleration of the maturity thereof, the original issue price of such Indebtedness) shall
not exceed the sum of the principal amount of Indebtedness so refinanced, plus the amount of any accrued and unpaid interest and any premium
required to be paid in connection with such refinancing pursuant to the terms of such Indebtedness or the amount of any premium reasonably
determined by the Company as necessary to accomplish such refinancing by means of a tender offer or privately negotiated purchase, plus
the amount of expenses in connection therewith, plus an amount equal to any existing commitment unutilized and letters of credit undrawn
thereunder; and

 

(2) in the case of Indebtedness incurred
by the Company secured by Liens pursuant to this clause (p) to refinance Subordinated Indebtedness, such Indebtedness;

 

(I) has no scheduled principal payment
prior to the 91st day after the Maturity Date; and

 

(II) has an Average Life to Stated Maturity
greater than the remaining Average Life to Stated Maturity of the Securities issued under this Indenture;

 

    26

     

    

 

(q) Liens encumbering deposits made to
secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or any of its Restricted Subsidiaries,
including rights of offset and set-off;

 

(r) Liens securing Hedging Obligations
entered into in the ordinary course of business and not for speculative purposes;

 

(s) customary Liens on assets of
a Special Purpose Vehicle arising in connection with a Securitization Transaction;

 

(t) any interest or title of a lessor,
sublessor, licensee or licensor under any lease, sublease, sublicense or license agreement not prohibited by this Indenture;

 

(u) Liens attaching solely to cash earnest
money deposits in connection with any letter of intent or purchase agreement in connection with an acquisition permitted under the terms
of this Indenture;

 

(v) Liens on cash set aside at the time
of the incurrence of any Indebtedness or government securities purchased with such cash, in either case to the extent that such cash or
government securities prefund the payment of interest on such Indebtedness and are held in an escrow account or similar arrangement to
be applied for such purpose;

 

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

 

(x) any encumbrance or restriction (including,
but not limited to, put and call agreements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any
joint venture or similar agreement;

 

(y) Liens on insurance proceeds or unearned
premiums incurred in the ordinary course of business in connection with the financing of insurance premiums;

 

(z) Liens created in favor of the Trustee
for the Securities;

 

(aa) Liens arising by operation
of law in the ordinary course of business;

 

    27

     

    

 

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

 

(cc) Liens relating to pooled deposit
or sweep accounts to permit satisfaction of overdraft, cash pooling or similar obligations incurred in the ordinary course of business;

 

(dd) Liens incurred by the Company or
any Restricted Subsidiary; provided that at the time any such Lien is incurred, the obligations secured by such Lien, when added
to all other obligations secured by Liens incurred pursuant to this clause (dd), shall not exceed the greater of $780,000,000 and
7.50% of Consolidated Net Tangible Assets; and

 

(ee) Liens securing Indebtedness;
provided that on the date of the incurrence of such Indebtedness after giving effect to such incurrence (or on the date of the
initial borrowing of such Indebtedness after giving pro forma effect to the incurrence of the entire committed amount of such Indebtedness,
in which case such committed amount may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further
compliance with this clause (ee)), no Event of Default shall have occurred and be continuing and the Senior Secured Indebtedness Leverage
Ratio shall not exceed 4.25:1.00.

 

For purposes of determining compliance with this
definition, (x) a Lien need not be incurred solely by reference to one category of Permitted Liens described in this definition but may
be incurred under any combination of such categories (including in part under one such category and in part under any other such category),
(y) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted Liens, the Company
shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition,
and (z) in the event that a portion of Indebtedness secured by a Lien could be classified as secured in part pursuant to clause (ee) above
(giving effect to the incurrence of such portion of such Indebtedness), the Company, in its sole discretion, may classify such portion
of such Indebtedness (and any Obligations in respect thereof) as having been secured pursuant to clause (ee) above and thereafter the
remainder of such Indebtedness as having been secured pursuant to one or more of the other clauses of this definition.

 

If any Lien securing Indebtedness is incurred in
connection with the refinancing of Indebtedness and the Lien securing the Indebtedness being refinanced was initially incurred in reliance
on a basket measured by reference to a percentage of Consolidated Net Tangible Assets at the time of incurrence, and such refinancing
would cause the percentage of Consolidated Net Tangible Assets restriction to be exceeded if calculated based on the Consolidated Net
Tangible Assets on the date of such refinancing, such percentage of Consolidated Net Tangible Assets restriction shall not be deemed to
be exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness
being refinanced, plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses (including accrued
and unpaid interest) incurred or payable in connection with such refinancing. The principal amount of Indebtedness outstanding secured
by Liens shall be determined after giving effect to the application of proceeds of any such Indebtedness to refinance any such other Indebtedness.

 

    28

     

    

 

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

 

“Position Representation” has
the meaning specified in Section 5.02.

 

“principal” of a Security means
the principal of the Security plus the premium, if any, payable on that Security which is due or overdue or is to become due at the relevant
time.

 

“Prospectus” means the Prospectus,
dated July 30, 2021, as supplemented by the Prospectus Supplement, dated July 30, 2021, with respect to the Securities, including all
documents incorporated by reference therein as of the date of the Prospectus Supplement.

 

“Purchase Amount” means, with
respect to an Offer to Purchase, the maximum aggregate amount payable by the Company for Securities under the terms of such Offer to Purchase,
if such Offer to Purchase were accepted in respect of all Securities.

 

“Purchase Date” shall have the
meaning set forth in the definition of “Offer to Purchase.”

 

“Purchase Money Obligations” means
any Indebtedness incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real or personal)
or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets or the acquisition
of the Capital Stock of any Person owning such property or assets, or otherwise; provided that such Indebtedness is incurred within
180 days after such acquisition.

 

“Purchase Price” shall have the
meaning set forth in the definition of “Offer to Purchase.”

 

“Quotation Agent” means a Reference
Treasury Dealer selected by the Company.

 

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

 

“Receivables Securitization Transaction”
means any sale, discount, assignment, conveyance, participation, contribution to capital, grant of security interest in, pledge or other
transfer by the Company or any Subsidiary of the Company of accounts receivable, lease receivables or other payment obligations owing
to the Company or such Subsidiary of the Company or any interest in any of the foregoing, together in each case with any collections and
other proceeds thereof, any collection or deposit account related thereto, and any collateral, guarantees or other property or claims
supporting or securing payment by the obligor thereon of, or otherwise related to, or subject to leases giving rise to, any such receivables.

 

“Record Expiration Date” has the
meaning specified in Section 1.04.

 

    29

     

    

 

“Redeemable Capital Stock” means
any class or series of Capital Stock that, either by its terms, by the terms of any security into which it is convertible or exchangeable
or by contract or otherwise, is or upon the happening of an event or passage of time would be, required to be redeemed prior to the Maturity
Date or is redeemable at the option of the holder thereof at any time prior to the Maturity Date, or is convertible into or exchangeable
for debt securities at any time prior to the Maturity Date; provided, however, that Capital Stock shall not constitute Redeemable
Capital Stock solely because the holders thereof have the right to require the Company to repurchase or redeem such Capital Stock upon
the occurrence of a “change of control” or an “asset sale.”

 

“Redemption Date,” when used with
respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

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

 

“Reference Treasury Dealer” means
each of three nationally recognized investment banking firms selected by the Company that are primary U.S. Government securities dealers.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and
asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the
Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day immediately preceding
such Redemption Date.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date means the January 1 or July 1 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date.

 

“Relevant Transaction” has the
meaning specified in Section 1.19.

 

“Required Filing Dates” has the
meaning specified in Section 10.12.

 

“Responsible Officer,” when used
with respect to the Trustee, means any officer within the Corporate Trust Office, including any vice president, any assistant vice president,
any assistant secretary, any assistant treasurer, or any other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.

 

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

 

“Reversion Date” has the meaning
specified in Section 10.14(b).

 

    30

     

    

 

“RS Special Purpose Vehicle” means
a trust, bankruptcy remote entity or other special purpose entity which is a Subsidiary of the Company or Holdings (or, if not a Subsidiary
of the Company or Holdings, the common equity of which is wholly owned, directly or indirectly, by the Company or Holdings) and which
is formed for the purpose of, and engages in no material business other than, acting as an issuer or a depositor in a Receivables Securitization
Transaction (and, in connection therewith, owning accounts receivable, lease receivables, other rights to payment, leases and related
assets and pledging or transferring any of the foregoing or interests therein).

 

“RSC Merger” means the merger
of RSC Holdings Inc. with and into Holdings, as effected on and subsequent to April 30, 2012.

 

“RSC Merger Transactions” means
the transactions necessary to effect the RSC Merger, including (a) the RSC Merger, (b) the merger of all of the U.S. Subsidiaries of RSC
Holdings Inc. and their successors in interest into one or more Subsidiaries of Holdings, (c) the mergers of one or more U.S. Subsidiaries
of Holdings into one or more other U.S. Subsidiaries of Holdings, (d) the merger, amalgamation, consolidation and/or liquidation of RSC
Holdings Inc.’s Foreign Subsidiaries into one or more Foreign Subsidiaries of the Company, (e) the issuance of debt securities and
borrowings under the ABL Credit Agreement in connection with the RSC Merger, (f) the amendment and increase of the ABL Credit Agreement
in connection with the RSC Merger, (g) the amendment and refinancing of the Existing Securitization Facility in connection with the RSC
Merger and (h) any other transactions contemplated in connection with the RSC Merger and any other financing transactions in connection
with the RSC Merger.

 

“S&P” means Standard &
Poor’s Ratings Services, and any successor to its rating agency business.

 

“Sale/Leaseback Transaction” means
an arrangement relating to property owned by the Company or a Restricted Subsidiary on the Issue Date or thereafter acquired by the Company
or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or a Restricted
Subsidiary leases it from such Person.

 

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

 

“Securities” means the securities
issued on the Issue Date under this Indenture and any Additional Securities.

 

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

 

“Securities Custodian” has the
meaning specified in the Appendix.

 

“Securitization Transaction” means
an Equipment Securitization Transaction or a Receivables Securitization Transaction.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.05.

 

“Senior Secured Indebtedness Leverage Ratio”
means, with respect to any Person, on any date of determination, a ratio (i) the numerator of which is the aggregate principal amount
(or accreted value, as the case may be) of Indebtedness that is secured by a Lien of such Person and its Restricted Subsidiaries on a
consolidated basis outstanding on such date, less the amount of cash and Cash Equivalents that would be stated on the consolidated balance
sheet of such Person and held by such Person or its Restricted Subsidiaries, as determined in accordance with GAAP, as of the date of
determination, and (ii) the denominator of which is the Consolidated Cash Flow Available for Fixed Charges of such Person for the four
full fiscal quarters (such four full fiscal quarter period being referred to herein as the “Four Quarter Period”), treated
as one period, for which financial information in respect thereof is available immediately preceding the date of such calculation.

 

The Senior Secured Indebtedness Leverage Ratio shall
be calculated after giving pro forma effect to:

 

		(a)	the incurrence, repayment, defeasance, retirement or discharge of any Indebtedness by the Company and its Restricted Subsidiaries
since the first day of the Four Quarter Period as if such Indebtedness was incurred, repaid, defeased, retired or discharged at the beginning
of the Four Quarter Period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall
be computed based upon the average daily balance of such Indebtedness during the Four Quarter Period or such shorter period for which
such facility was outstanding (or, if such facility was created after the end of the Four Quarter Period, based upon the average daily
balance of such Indebtedness during the period from the date of creation of such facility to the date of such calculation or such shorter
period)); and

 

		(b)	any sale or other disposition of assets (including any disposal, abandonment or discontinuance of operations), other than in the ordinary
course of business, or Asset Acquisition occurring since the first day of the Four Quarter Period (including to the date of calculation)
as if such acquisition or disposition occurred at the beginning of such Four Quarter Period.

 

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For purposes of this definition, whenever pro
forma effect is to be given to any Investment, acquisition, disposition or other transaction, or the amount of income or earnings
relating thereto and the amount of Consolidated Interest Expense associated with any Indebtedness incurred or repaid, repurchased,
redeemed, defeased or otherwise acquired, retired or discharged in connection therewith, the pro forma calculations in respect
thereof (including, without limitation, in respect of anticipated cost savings or synergies relating to any such Investment,
acquisition, disposition or other transaction that have been or are expected to be realized) shall be as determined in good faith by
the chief financial officer or an authorized officer of the Company. If any Indebtedness bears a floating rate of interest and is
being given pro forma effect, the interest expense on such Indebtedness shall be calculated as if the rate in effect on the date of
determination had been the applicable rate for the entire period (taking into account any Interest Rate Protection Agreement
applicable to such Indebtedness). If any Indebtedness bears, at the option of the Company or a Restricted Subsidiary, a rate of
interest based on a prime or similar rate, a eurocurrency interbank offered rate or other fixed or floating rate, and such
Indebtedness is being given pro forma effect, the interest expense on such Indebtedness shall be calculated by applying such
optional rate as the Company or such Restricted Subsidiary may designate. If any Indebtedness that is being given pro forma effect
was incurred under a revolving credit facility, the interest expense on such Indebtedness shall be computed based upon the average
daily balance of such Indebtedness during the applicable period. Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate determined in good faith by a responsible financial or accounting officer of the Company to be the rate
of interest implicit in such Capitalized Lease Obligation in accordance with GAAP, subject to the definition of Capitalized Lease
Obligation hereunder.

 

If such Person or any of its Restricted Subsidiaries
directly or indirectly guarantees Indebtedness of a third person, the above clause shall give effect to the incurrence of such guaranteed
Indebtedness as if such Person or such Subsidiary had directly incurred or otherwise assumed such guaranteed Indebtedness.

 

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

 

“Significant Subsidiary” of any
Person means a Restricted Subsidiary of such Person which would be a significant subsidiary of such Person as determined in accordance
with the definition in Rule 1-02(w) of Article 1 of Regulation S-X promulgated by the Commission and as in effect on the
Issue Date.

 

“Special Purpose Vehicle” means
an ES Special Purpose Vehicle or an RS Special Purpose Vehicle.

 

“Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.

 

“Stated Maturity” means,
when used with respect to any Security or any installment of interest thereon, the date specified in such Security as the fixed date
on which the principal of such Security or such installment of interest is due and payable, and when used with respect to any other
Indebtedness, means the date specified in the instrument governing such Indebtedness as the fixed date on which the principal of
such Indebtedness, or any installment of interest thereon, is due and payable.

 

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“Subordinated Indebtedness” means,
with respect to a Person, Indebtedness of such Person (whether outstanding on the Issue Date or thereafter incurred) which is subordinate
or junior in right of payment to the Securities or a Guarantee of the Securities by such Person, as the case may be, pursuant to a written
agreement to that effect.

 

“Subsidiary” means, with respect
to any Person:

 

(i) a corporation a majority of
whose Voting Stock is at the time, directly or indirectly, owned by such Person, by one or more Subsidiaries of such Person or by such
Person and one or more Subsidiaries thereof; and

 

(ii) any other Person (other than
a corporation), including a partnership, limited liability company, business trust or joint venture, in which such Person, one or more
Subsidiaries thereof or such Person and one or more Subsidiaries thereof, directly or indirectly, at the date of determination thereof,
has a majority ownership interest entitled to vote in the election of directors, managers or trustees thereof (or other Person performing
similar functions). For purposes of this definition, any directors’ qualifying shares or investments by foreign nationals mandated
by applicable law shall be disregarded in determining the ownership of a Subsidiary.

 

“Subsidiary Guarantee” means a
Guarantee by a Subsidiary Guarantor of the Company’s obligations with respect to the Securities.

 

“Subsidiary Guarantors” means
the Subsidiaries of the Company named in Schedule A, together with any additional Domestic Restricted Subsidiaries that execute
Guaranty Agreements in accordance with Section 10.11 of this Indenture, and, in each case, their respective successors and assigns.

 

“Surviving Entity” has the meaning
specified in Section 8.01(1)(y).

 

“Suspended Covenants” has the
meaning specified in Section 10.14(a).

 

“Suspension Event” has the meaning
specified in Section 10.14(a)(y).

 

“Suspension Period” has the meaning
specified in Section 10.14(c).

 

“Transactions” means the issuance
of the Securities and the Guarantees.

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed; provided, however, that in
the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required
by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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“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 such successor Trustee.

 

“Unrestricted Subsidiary” means
(a) United Rentals Receivables LLC II and any other Special Purpose Vehicles and (b) each Subsidiary of the Company designated as such
by the Company from time to time; provided that a Subsidiary shall only be designated as an Unrestricted Subsidiary pursuant to
this clause (b) if the Company has also designated such Subsidiary as an “Unrestricted Subsidiary” (or any substantially similar
designation) pursuant to the ABL Credit Agreement and any debt securities of the Company then outstanding that provide for designation
of an “Unrestricted Subsidiary” or a substantially similar term. As of the Issue Date, United Rentals Receivables LLC II is
the only Unrestricted Subsidiary. The Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary for purposes of
this Indenture at any time if the Company has also designated such Subsidiary as a “Restricted Subsidiary” (or any substantially
similar designation) pursuant to the ABL Credit Agreement and any debt securities of the Company then outstanding that provides for designation
of a “Restricted Subsidiary” or a substantially similar term.

 

“U.S. Government Obligations”
means securities that are (a) direct obligations of the United States of America for the timely payment of which its full faith and
credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the timely payment of which are unconditionally guaranteed as full faith and credit obligations of the United States
of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such U.S. Government
Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account
of the holder of such depositary receipt; provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the
U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depositary
receipt.

 

“Verification Covenant” has the
meaning specified in Section 5.02.

 

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

 

“Voting Stock” means any class
or classes of Capital Stock pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect
a majority of the board of directors, managers or trustees of any Person (irrespective of whether or not, at the time, stock of any other
class or classes shall have, or might have, voting power by reason of the happening of any contingency).

 

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SECTION 1.02. Compliance Certificates and
Opinions. Upon any application or request by the Company or a Guarantor to the Trustee to take any action under any provision of
this Indenture, the Company or the Guarantor shall furnish to the Trustee such certificates and opinions as may be required under
the Trust Indenture Act or this Indenture. Each such certificate or opinion shall be given in the form of an Officers’
Certificate, if to be given by an officer of the Company or a Guarantor, or an Opinion of Counsel, if to be given by counsel, and
shall comply with the requirements of the Trust Indenture Act and any other requirement set forth in this Indenture.

 

Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:

 

(i)                       
a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

(ii)                       a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(iii)                      a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(iv)                     a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

SECTION 1.03. Form of Documents Delivered to Trustee.
In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer of the Company
or a Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be
based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Company or a Guarantor stating that the information with respect to such factual matters is in the possession of the Company or such Guarantor,
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.

 

Where any Person is required to make, give or execute
two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

 

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SECTION 1.04. Acts of Holders; Record Dates.
Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by an agent or proxy duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company
or a Guarantor, as applicable. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent or proxy shall be sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.04.

 

The fact and date of the execution by any Person
of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public
or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity,
such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems
sufficient.

 

The ownership of Securities shall be proved exclusively
by the Security Register for all purposes.

 

Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted
or suffered to be done by the Trustee, the Company or a Guarantor in reliance thereon, whether or not notation of such action is made
upon such Security.

 

The Company may set any day as a record date
for the purpose of determining the Holders of Outstanding Securities entitled to give or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders of
Securities; provided, however, that the Company may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next
paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities on such record date, and no
other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided, however,
that no such action shall be effective hereunder unless taken on or prior to the applicable Record Expiration Date by Holders of the
requisite principal amount of Outstanding Securities on such record date. Nothing in this paragraph shall prevent the Company from
setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person be cancelled and of no effect), nor shall anything
in this paragraph be construed to render ineffective any action taken pursuant to or in accordance with any other provision of this
Indenture by Holders of the requisite principal amount of Outstanding Securities on the date such action is taken. Promptly after
any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Record Expiration Date to be given to the Trustee in writing and to each Holder of
Securities in the manner set forth in Section 1.06.

 

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The Trustee may but need not set any day as a record
date for the purpose of determining the Holders of Outstanding Securities entitled to join in the giving or making of (i) any Notice
of Default, (ii) any declaration of acceleration referred to in Section 5.02, (iii) any request to institute proceedings referred
to in Section 5.07(ii) or (iv) any direction referred to in Section 5.12. If any record date is set pursuant to this paragraph,
the Holders of Outstanding Securities on such record date, and no other Holders, shall be entitled to join in such notice, declaration,
request or direction, whether or not such Holders remain Holders after such record date; provided, however, that no such
action shall be effective hereunder unless taken on or prior to the applicable Record Expiration Date by Holders of the requisite principal
amount of Outstanding Securities on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting
a new record date for any action (whereupon the record date previously set shall automatically and without any action by any Person be
cancelled and of no effect), nor shall anything in this paragraph be construed to render ineffective any action taken pursuant to or in
accordance with any other provision of this Indenture by Holders of the requisite principal amount of Outstanding Securities on the date
such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall
cause notice of such record date, the matter(s) to be submitted for potential action by Holders and the applicable Record Expiration Date
to be given to the Company in writing and to each Holder of Securities in the manner set forth in Section 1.06.

 

With respect to any record date set pursuant to this
Section 1.04, the party hereto that sets such record date may designate any day as the “Record Expiration Date”
and from time to time may change the Record Expiration Date to any earlier or later day; provided, however, that no such
change shall be effective unless notice of the proposed new Record Expiration Date is given to the other party hereto in writing, and
to each Holder of Securities in the manner set forth in Section 1.06, on or before the existing Record Expiration Date. If a Record
Expiration Date is not designated with respect to any record date set pursuant to this Section 1.04, the party hereto that set such
record date shall be deemed to have initially designated the 180th day after such record date as the Record Expiration Date with respect
thereto, subject to its right to change the Record Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Record
Expiration Date shall be later than the 180th day after the applicable record date.

 

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

 

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SECTION 1.05. Notices to Trustee, the Company
or a Guarantor. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided
or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 

(i)                       
the Trustee by any Holder or by the Company or a Guarantor shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing and delivered electronically or mailed, first-class postage prepaid, to or with the Trustee at its Corporate Trust
Office, Attention: Corporate Trust Services – Administrator for United Rentals, or

 

(ii)                       
the Company or a Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and delivered electronically or mailed, first-class postage prepaid, to the Company or such Guarantor
addressed to it at the address of the Company’s principal office specified in the first paragraph of this instrument, or at any
other address previously furnished in writing to the Trustee by the Company.

 

SECTION 1.06. Notice to Holders; Waiver. Where
this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing (including facsimile and electronic transmissions in PDF format) and delivered electronically or mailed, first-class
postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, or, in the case of a Global
Security, sent in accordance with the procedures of the Depositary, not later than the latest date (if any), and not earlier than the
earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given electronically or by mail,
neither the failure to deliver electronically, mail or receive such notice, nor any defect in any such notice, to any particular Holder
shall affect the sufficiency or validity of such notice. Where this Indenture provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

 

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 electronically or 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 1.07. Conflict with Trust Indenture Act.
If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture
Act to be part of and govern this Indenture, such provision of the Trust Indenture Act shall control. If any provision of this Indenture
modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, such provision shall be deemed to be
so modified or excluded, as the case may be.

 

SECTION 1.08. Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.

 

SECTION 1.09. Successors and Assigns. Without
limiting Articles VIII and XIII, all covenants and agreements in this Indenture by each of the Company or the Guarantors shall
bind their respective successors and assigns, whether so expressed or not.

 

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SECTION 1.10. Separability Clause. In case
any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 1.11. Benefits of Indenture. Nothing
in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors
hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

SECTION 1.12. Governing Law. This Indenture,
the Securities and the Guarantees shall be governed by and construed in accordance with the laws of the State of New York, without regard
to the conflicts of law principles thereof.

 

SECTION 1.13. Legal Holidays. In any case
where any Interest Payment Date, Redemption Date, Purchase Date or Stated Maturity of any Security shall not be a Business Day, then (notwithstanding
any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made on
such date, but may be made on the next succeeding Business Day with the same force and effect (including with respect to the accrual of
interest) as if made on the Interest Payment Date, Redemption Date, Purchase Date, or at the Stated Maturity, and no interest shall accrue
on such payment for the intervening period.

 

SECTION 1.14. Waiver of Jury Trial. EACH OF
THE COMPANY, THE GUARANTORS, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION
CONTEMPLATED HEREBY.

 

SECTION 1.15. 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 strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

SECTION 1.16. U.S.A. Patriot Act. The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they shall provide the Trustee with such information as it may reasonably request in order for
the Trustee to satisfy the requirements of the U.S.A. Patriot Act. The Trustee acknowledges that it has received all information
required pursuant to this Section 1.16 as of the date hereof.

 

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SECTION 1.17. Copies of Transaction Documents.
Upon written request from a Holder, the Company shall provide copies of this Indenture or the related Prospectus Supplement to such Holder.

 

SECTION 1.18. Financial Calculations for Limited
Condition Transactions. When calculating the availability under any basket or ratio under this Indenture in connection with any Limited
Condition Transaction and any actions or transactions related thereto (including the incurrence of Liens and the use of proceeds thereof
and repayments), in each case, at the option of the Company (the Company’s election to exercise such option, an “LCT Election”),
the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or
any requirement or condition therefor is complied with or satisfied (including as to the absence of any Event of Default)) under this
Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive agreements for such Limited Condition
Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice, declaration of a dividend or similar event),
and if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto (including
the incurrence of Liens and the use of proceeds thereof and repayments) and any related pro forma adjustments, the Company or any of its
Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in
compliance with such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related
requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes; provided that (a) compliance
with such ratio, test or basket (and any related requirements and conditions) shall not be determined or tested at any time after the
applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including the incurrence
of Liens and the use of proceeds thereof and repayments) and (b) Consolidated Cash Flow Available for Fixed Charges for purposes of the
Senior Secured Indebtedness Leverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin contained
in any financing commitment documentation with respect to such Indebtedness or, if no such indicative interest margin exists, as reasonably
determined by the Company in good faith.

 

For the avoidance of doubt, if the Company has
made an LCT Election, (i) if any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test
Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of
fluctuations in any such ratio, test or basket, including due to fluctuations in Consolidated Cash Flow Available for Fixed Charges
or Consolidated Net Tangible Assets, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been
complied with as a result of such fluctuations (and no Default or Event of Default shall be deemed to have occurred due to such
failure to comply), and (ii) in calculating the availability under any ratio, test or basket in connection with any action or
transaction unrelated to such Limited Condition Transaction following the relevant LCT Test Date and prior to the earlier of the
date on which such Limited Condition Transaction is consummated and the date that the definitive agreement or date for redemption,
purchase or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes, as
applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested
giving pro forma effect to such Limited Condition Transaction.

 

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SECTION 1.19. Certain Compliance Calculations.
Notwithstanding anything to the contrary in this Indenture with respect to any amounts incurred or transactions entered into (or consummated)
in reliance on a provision of this Indenture under a restrictive covenant that does not require compliance with a financial ratio or test
(including, without limitation, any Senior Secured Indebtedness Leverage Ratio test) (any such amounts, the “Fixed Amounts”)
substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this
Indenture that requires compliance with any such financial ratio or test (any such amounts, the “Incurrence Based Amounts”),
in a single transaction or action or series of related transactions or actions (for the purposes of this Section 1.19, a “Relevant
Transaction”), the Fixed Amounts (and any cash proceeds thereof and the uses of such proceeds) shall be disregarded in the calculation
of the financial ratio or test applicable to the Incurrence Based Amounts in connection with such Relevant Transaction.

 

ARTICLE
II

Security Forms

 

SECTION 2.01. Form and Dating. Provisions
relating to the Securities are set forth in the Appendix, which is hereby incorporated in and expressly made a part of this Indenture.
The Securities and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto,
which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements
required by law, stock exchange rule, agreements to which the Company or any Guarantor is subject, if any, or usage (provided that any
such notation, legend or endorsement is in a form acceptable to the Company). Each Security shall be dated the date of its authentication.

 

ARTICLE
III

The Securities

 

SECTION 3.01. Title and Terms. The aggregate
principal amount of Securities which may be authenticated and delivered under this Indenture on the Issue Date is limited to $750,000,000
principal amount. Additional Securities may be issued, authenticated and delivered pursuant to Section 3.13, and Securities may be
authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 3.04,
3.05, 3.06, 9.06 or 11.08 or in connection with an Offer pursuant to Section 10.10.

 

The Securities shall be known and designated as
the “3.750% Senior Notes due 2032” of the Company. Their Stated Maturity for payment of principal shall be January 15,
2032. Interest on the Securities shall accrue at the rate of 3.750% per annum and shall be payable semiannually in arrears on each
January 15 and July 15, commencing January 15, 2022 to the Holders of record of Securities at the close of business on January 1 and
July 1, respectively, immediately preceding such Interest Payment Date. Subject to Section 3.13(3), interest on the Securities
shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from August 13, 2021.
Interest on the Securities shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

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The principal of (and premium, if any) and interest
on the Securities shall be payable at the Corporate Trust Office of the Trustee in the Borough of Manhattan, The City of New York, or
such other office maintained by the Trustee for such purpose and at any other office or agency maintained by the Company for such purpose;
provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register, or wire transfer or other electronic means.

 

The Securities shall be redeemable as provided in
Article XI and in the Securities.

 

The Securities shall be subject to satisfaction and
discharge as provided in Article IV and to Legal Defeasance and/or Covenant Defeasance as provided in Article XII.

 

SECTION 3.02. Denominations. The Securities
issued on the Issue Date shall be issued only in registered form without coupons, in denominations of $2,000 and integral multiples of
$1,000 in excess thereof.

 

SECTION 3.03. Execution and Authentication.
The terms and provisions contained in the Securities annexed hereto as Exhibit A shall constitute, and are hereby expressly
made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby.

 

The Securities shall be executed on behalf of the
Company by its Chairman of the Board of Directors, its Chief Executive Officer, its President or one of its Vice Presidents, its Chief
Operating Officer, its Chief Financial Officer or any authorized signatory that is not a corporation. The signature of any of these officers
on the Securities may be manual or facsimile.

 

Securities bearing the manual or facsimile signatures
of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices
at the date of such Securities.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities executed by the Company to the Trustee for authentication, together
with a Company Order for the authentication and delivery of such Securities, which shall specify the amount of the Securities to be authenticated
and the date on which the original issue of Securities is to be authenticated and the Trustee in accordance with such Company Order shall
authenticate and deliver such Securities as provided in this Indenture and not otherwise.

 

Each Security shall be dated the date of its authentication.

 

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No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder.

 

Authentication by counterpart shall satisfy the requirements
of this Section 3.03 and the requirements of the Securities.

 

This Indenture shall be valid, binding, and enforceable
against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature;
(ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures
in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic
signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in
each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all
purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall
be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature,
or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. This Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution
or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character
of the writings.

 

SECTION 3.04. Temporary Securities. Pending
the preparation of Definitive Securities, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the Definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities are issued, the Company shall
cause Definitive Securities to be prepared without unreasonable delay. After the preparation of Definitive Securities, the temporary Securities
shall be exchangeable for Definitive Securities upon surrender of the temporary Securities at any office or agency of the Company designated
pursuant to Section 10.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Securities
of authorized denominations and of a like tenor. Until so exchanged, the temporary Securities shall in all respects be entitled to the
same benefits under this Indenture as Definitive Securities.

 

SECTION 3.05. Registration, Registration of
Transfer and Exchange. The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register
maintained in such office and in any other office or agency designated pursuant to Section 10.02 being herein sometimes
collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as the
Company may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is
hereby appointed (a) the initial “Security Registrar” for the purpose of registering Securities and
transfers of Securities as herein provided and (b) the Securities Custodian with respect to the Global Securities.

 

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The Securities shall be issued in registered form
and shall be transferable only upon the surrender of a Security for registration of transfer and in compliance with the Appendix. 
When a Security is presented to the Security Registrar with a request to register a transfer, the Security Registrar shall register the
transfer as requested if its requirements therefor are met.  When Securities are presented to the Security Registrar with a request
to exchange them for an equal principal amount of Securities of other denominations, the Security Registrar shall make the exchange as
requested if the same requirements are met. To permit registration of transfers and exchanges, the Company shall execute and the Trustee
shall authenticate Securities at the Security Registrar’s request.

 

All Securities issued upon any registration of transfer
or exchange pursuant to the terms of 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 Securities surrendered upon such registration of transfer or exchange.

 

No service charge shall be made for any registration
of transfer or exchange of Securities except as provided in Section 3.06, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.04, 9.06 or 11.08 or in accordance with any Change of Control Offer pursuant to Section 10.10,
and in any such case not involving any transfer.

 

Neither the Company nor the Security Registrar shall
be required (i) to issue, register the transfer of or exchange any Security during a period beginning at the opening of business
15 days before the day of the delivery of a notice of redemption of Securities selected for redemption under Section 11.05 and
ending at the close of business on the day of such delivery, (ii) to register the transfer of or exchange any Security so selected
for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part or (iii) to register the
transfer of any Securities other than Securities having a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.

 

Prior to the due presentation for registration of
transfer of any Security, the Company, the Guarantors, the Trustee, the Paying Agent, and the Security Registrar may deem and treat the
Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal
of and interest, if any, on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of
the Company, any Subsidiary Guarantor, the Trustee, the Paying Agent, or the Security Registrar shall be affected by notice to the contrary.

 

Any Holder of a Global Security shall, by acceptance
of such Global Security, agree that transfers of beneficial interest in such Global Security may be effected only through a book-entry
system maintained by (a) the Holder of such Global Security (or its agent) or (b) any Holder of a beneficial interest in such
Global Security, and that ownership of a beneficial interest in such Global Security shall be required to be reflected in a book entry.
The transferor shall also provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with
any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code
Section 6045. In connection with any proposed transfer outside the book entry only system, the Company or DTC shall be required to provide
or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations,
including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on any
such information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

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The Trustee and the Security Registrar 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 Global Security (including any transfers between or among
Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

SECTION 3.06. Mutilated, Destroyed, Lost and Stolen
Securities. If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Security of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company and the
Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity
as may be required by them to save each of them and any agent of each of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute, and upon its written request
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal
amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or stolen
Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such
Security.

 

Upon the issuance of any new Security under this
Section 3.06, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

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Every new Security issued pursuant to this Section 3.06
in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether
or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities duly issued hereunder.

 

The provisions of this Section 3.06 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.

 

SECTION 3.07. Payment of Interest; Rights Preserved.
Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to
the Person in whose name that Security (or one or more predecessor securities) is registered at the close of business on the Regular Record
Date for such interest payment.

 

Any interest on any Security which is payable, but
is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case, as provided in paragraph (1) or (2) below:

 

(1) The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names the Securities (or their respective predecessor Securities) are registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner:
the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security and the date
of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior
to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause (1) provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest
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 15 days
after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special
Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be given to each Holder in the manner specified in Section 1.06, not less than 10 days
prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having
been so delivered or mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities (or their respective predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following
clause (2).

 

(2) The Company may make payment of
any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this clause (2), such manner of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of this Section 3.07
and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

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SECTION 3.08. Persons Deemed Owners. Prior
to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall
treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
of (and premium, if any) and (subject to Section 3.07) interest on such Security and for all other purposes whatsoever, whether or
not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

 

SECTION 3.09. Cancellation. All Securities
surrendered for payment, redemption, registration of transfer or exchange or tendered and accepted pursuant to any Change of Control Offer
pursuant to Section 10.10 shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly
cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by
the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 3.09,
except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be cancelled by the Trustee in its
customary manner.

 

SECTION 3.10. Computation of Interest. Interest
on the Securities shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

SECTION 3.11. CUSIP and ISIN Numbers. The
Company in issuing the Securities may use “CUSIP” and “ISIN” numbers (if then generally in use), and, if so, the
Trustee shall use the CUSIP or ISIN numbers in notices of redemption or repurchase as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities
or as contained in any notice of a redemption or repurchase and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Company
shall promptly notify the Trustee of any change in the CUSIP or ISIN numbers.

 

SECTION 3.12. Deposits of Monies. Except
to the extent payment of interest is made by the Company’s check pursuant to Section 3.01, prior to 11:00 a.m., New York
City time, on each Interest Payment Date, Redemption Date, Stated Maturity, and Purchase Date, the Company shall deposit with the
Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date,
Redemption Date, Stated Maturity and Purchase Date, as the case may be, in a timely manner which permits the Paying Agent to remit
payment to the Holders on such Interest Payment Date, Redemption Date, Stated Maturity, and Purchase Date, as the case may be.

 

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SECTION 3.13. Issuance of Additional Securities.
The Company shall be entitled to issue Additional Securities under this Indenture which shall have identical terms as the Securities issued
on the Issue Date, other than with respect to the date of issuance and issue price; provided, however, that no Additional
Securities shall be issued that are not fungible for U.S. Federal tax purposes with any other securities issued under this Indenture.
The Securities issued on the Issue Date and any Additional Securities shall be treated as a single class for all purposes under this Indenture
and shall vote and consent, together with any Outstanding Securities as one class, on all matters that require their vote or consent under
this Indenture, except in the case of any matter that affects only the Outstanding Securities.

 

With respect to any Additional Securities, the Company
shall set forth in a resolution of its Board of Directors and an Officers’ Certificate, a copy of each of which shall be delivered
to the Trustee, the following information:

 

(1) whether such Additional Securities
shall be issued as part of a new or existing series of Securities and the title of such Additional Securities (which shall distinguish
the Additional Securities of the series from Securities of any other series);

 

(2) the aggregate principal amount of
such Additional Securities which are to be authenticated and delivered under this Indenture, which may be in an unlimited aggregate principal
amount;

 

(3) the issue price and issuance date
of such Additional Securities, including the date from which interest on such Additional Securities shall accrue; and

 

(4) if applicable, that such Additional
Securities shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective depositaries
for such Global Securities, the form of any legend or legends which shall be borne by such Global Securities in addition to or in lieu
of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.3
of the Appendix in which any such Global Security may be exchanged in whole or in part for Additional Securities registered, or any transfer
of such Global Security in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global
Security or a nominee thereof.

 

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ARTICLE
IV

Satisfaction and Discharge

 

SECTION 4.01. Satisfaction and Discharge of Indenture.
This Indenture shall be discharged and shall cease to be of further effect (except as to any surviving rights of registration of transfer
or exchange of the Securities herein expressly provided for), and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture, when:

 

(1) either:

 

(A)            
all the Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen
and which have been replaced or repaid as provided in Section 3.06 and (ii) Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust,
as provided in Section 10.03) have been delivered to the Trustee for cancellation; or

 

(B)             
all Securities not theretofore delivered to the Trustee for cancellation (other than Securities which have been destroyed, lost
or stolen and which have been replaced or repaid as provided in Section 3.06),

 

(i)                
have become due and payable,

 

(ii)             
will become due and payable at their Stated Maturity within one year, or

 

(iii)           
will become due and payable within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal of and premium, if any, and interest on the
Securities to the date of deposit (in the case of the Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment
thereof at maturity or redemption, as the case may be;

 

(2) the Company has paid or caused to
be paid all other sums payable hereunder by the Company or the Guarantors; and

 

(3) the Company has delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for herein relating
to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge of this Indenture pursuant
to this Article IV, the obligations of the Company to the Trustee under Section 6.07, the obligations of the Company to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of
clause (1) of this Section 4.01, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03
shall survive such satisfaction and discharge.

 

SECTION 4.02. Application of Trust Money.
Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to
Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has
been deposited with the Trustee.

 

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ARTICLE
V

Remedies

 

SECTION 5.01. Events of Default. “Event
of Default,” wherever used herein, means any one of the following events (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):

 

(1) default in the payment of the principal
of or premium, if any, when due and payable, on any of the Securities (at Stated Maturity, upon optional redemption, required purchase
or otherwise);

 

(2) default in the payment of an installment
of interest, if any, on any of the Securities, when due and payable, for 30 days;

 

(3) default in the performance of, or
breach of, the provisions set forth in Article VIII;

 

(4) failure to comply with any of its
obligations set forth in Section 10.10 in connection with a Change of Control (other than a default with respect to the failure to
purchase the Securities), for a period of 30 days after written notice of such failure has been given to the Company by the Trustee or
the Holders of at least 30.0% in aggregate principal amount of the Outstanding Securities;

 

(5) default in the performance of, or
breach of, any covenant or agreement of the Company or the Guarantors under this Indenture (other than a default in the performance or
breach of a covenant or agreement which is specifically dealt with in clauses (1), (2), (3) or (4)) and such default or breach shall
continue for a period of 60 days after written notice has been given, by certified mail:

 

(A)            
to the Company by the Trustee; or

 

(B)             
to the Company and the Trustee by the Holders of at least 30.0% in aggregate principal amount of the Outstanding Securities;

 

(6) default or defaults under one or
more agreements, instruments, mortgages, bonds, debentures or other evidences of Indebtedness under which the Company or any Significant
Subsidiary then has outstanding Indebtedness in excess of $200,000,000, in each case, either individually or in the aggregate, and either:

 

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(A)            
 such Indebtedness is already due and payable in full; or

 

(B)             
such default or defaults have resulted in the acceleration of the maturity of such Indebtedness;

 

provided that no Default or Event of Default shall
be deemed to occur with respect to any such accelerated Indebtedness that is paid or is otherwise acquired or retired within 20 Business
Days after such acceleration;

 

(7) one or more judgments, orders or
decrees of any court or regulatory or administrative agency of competent jurisdiction for the payment of money in excess of $200,000,000,
in each case, either individually or in the aggregate, shall be entered against the Company or any Significant Subsidiary or any of their
respective properties and shall not be discharged and there shall have been a period of 90 days after the date on which any period
for appeal has expired and during which a stay of enforcement of such judgment, order or decree, shall not be in effect;

 

(8) the entry of a decree or order by
a court having jurisdiction in the premises:

 

(A)            
for relief in respect of the Company or any Significant Subsidiary in an involuntary case or proceeding under the Bankruptcy Code
or any other federal, state or foreign bankruptcy, insolvency, reorganization or similar law; or

 

(B)             
adjudging the Company or any Significant Subsidiary bankrupt or insolvent, or seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company or any Significant Subsidiary under the Bankruptcy Code or any other similar federal, state
or foreign law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company
or any Significant Subsidiary or of any substantial part of any of their properties, or ordering the winding up or liquidation of any
of their affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days;

 

(9) the institution by the Company
or any Significant Subsidiary of a voluntary case or proceeding under the Bankruptcy Code or any other similar federal, state or
foreign law or any other case or proceedings to be adjudicated a bankrupt or insolvent, or the consent by the Company or any
Significant Subsidiary to the entry of a decree or order for relief in respect of the Company or any Significant Subsidiary in any
involuntary case or proceeding under the Bankruptcy Code or any other similar federal, state or foreign law or to the institution of
bankruptcy or insolvency proceedings against the Company or any Significant Subsidiary, or the filing by the Company or any
Significant Subsidiary of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or any other
similar federal, state or foreign law, or the consent by it to the filing of any such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of any of the Company
or any Significant Subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts generally as they become due; or

 

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(10) any of the Guarantees of the Securities
by a Guarantor that is a Significant Subsidiary ceases to be in full force and effect or any of such Guarantees is declared to be null
and void and unenforceable or any of such Guarantees is found to be invalid or any of the Guarantors denies its liability under its Guarantee
(other than by reason of release of a Guarantor in accordance with the terms of this Indenture) and such event continues for 10 Business
Days.

 

SECTION 5.02. Acceleration of Maturity; Rescission
and Annulment. If an Event of Default (other than those covered by clause (8) or (9) of Section 5.01 with respect to the
Company or any Restricted Subsidiary that is a Significant Subsidiary) shall occur and be continuing, the Trustee, acting at the direction
of the Holders of not less than 30.0% in aggregate principal amount of Securities then Outstanding, by written notice to the Company specifying
the respective Event of Default and that such notice is a “notice of acceleration,” may declare the principal of, premium,
if any, and accrued and unpaid interest, if any, on all of the Outstanding Securities due and payable immediately; provided that
a notice of Event of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two years
prior to such notice of Event of Default.

 

Any notice of Event of Default, notice of acceleration
or instruction to the Trustee to provide a notice of Event of Default, notice of acceleration or to take any other action (a “Noteholder
Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written
representation from each such Holder to the Company and the Trustee that such Holder is not (or, in the case such Holder is DTC or its
nominee, that such Holder is being instructed solely by beneficial owners that have represented to such Holder that they are not) Net
Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to a notice
of Event of Default shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to exist or
the Securities are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, provide the
Company with such other information as the Company may reasonably request from time to time in order to verify the accuracy of such Directing
Holder’s Position Representation within five Business Days of request therefor (a “Verification Covenant”). In
any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided
by the beneficial owner of the Securities in lieu of DTC or its nominee.

 

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If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Securities, the Company determines in good faith that there is a reasonable basis to
believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee evidence
that the Company has filed papers with a court of competent jurisdiction seeking a determination that such Directing Holder was, at
such time, in breach of its Position Representation and seeking to invalidate any Event of Default that resulted from the applicable
Noteholder Direction, the cure period with respect to such Event of Default shall be automatically stayed pending a final and
non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Securities, the Company provides to the Trustee an Officers’ Certificate stating
that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to any Event of Default that
resulted from the applicable Noteholder Direction shall be automatically stayed pending satisfaction of such Verification Covenant.
Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction being
disregarded; and, if, without the participation of such Holder, the percentage of Securities held by the remaining Holders that
provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder
Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred.

 

If an Event of Default specified in clause (8)
or (9) of Section 5.01 with respect to the Company or any Restricted Subsidiary that is a Significant Subsidiary occurs and is continuing,
then the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Outstanding Securities shall become and be
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of Securities.

 

After a declaration of acceleration under this Indenture,
but before a judgment or decree for payment of the money due has been obtained by the Trustee, the Holders of a majority in aggregate
principal amount of the Outstanding Securities, by written notice to the Company and the Trustee, may rescind such declaration if:

 

(1) the Company or any Guarantor has
paid or deposited with the Trustee a sum sufficient to pay:

 

(A)            
all sums paid or advanced by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel;

 

(B)            
all overdue interest on all Securities;

 

(C)            
the principal of and premium, if any, on any Securities which have become due otherwise than by such declaration of acceleration
and interest thereon at the rate borne by the Securities; and

 

(D)            
to the extent that payment of such interest is lawful, interest upon overdue interest and overdue principal at the rate borne by
the Securities which has become due otherwise than by such declaration of acceleration;

 

(2) the rescission would not conflict
with any judgment or decree of a court of competent jurisdiction; and

 

(3) all Events of Default, other than
the non-payment of principal of, premium, if any, and interest on the Securities that have become due solely by such declaration of
acceleration, have been cured or waived.

 

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No such rescission shall affect any subsequent default
or impair any right consequent thereto.

 

SECTION 5.03. Collection of Indebtedness and Suits
for Enforcement by Trustee. The Company and each Guarantor covenants that if

 

(i)                       
default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues
for a period of 30 days; or

 

(ii)                       
default is made in the payment of the principal of (or premium, if any, on) any Security on the due date for payment thereof, including,
with respect to any Security required to have been purchased pursuant to a Change of Control Offer made by the Company, at the Purchase
Date thereof, the Company or such Guarantor shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities,
the whole amount then due and payable on such Securities for principal (and premium, if any) and interest, and, to the extent that payment
of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest, at
the rate provided by the Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

In addition to the rights and powers set forth in
Section 317(a) of the Trust Indenture Act, the Trustee shall be entitled to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee and of the Holders of the Securities allowed in any judicial proceeding relative
to the Company, any Guarantor or any other obligor upon the Securities, its creditors, or its property, and to collect and receive any
moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and
expenses; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Holders to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay
to the Trustee any amount due it for compensation and expenses, including counsel fees incurred by it up to the date of such distribution.

 

If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial
proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

SECTION 5.04. Trustee May File Proofs of
Claim. In case of any judicial proceeding relative to the Company, a Guarantor (or any other obligor upon the Securities), any
of their property or any of their creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or
otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the
Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys 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 judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 6.07.

 

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No provision of this Indenture shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding; provided, however, that 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’ or other similar committee.

 

SECTION 5.05. Trustee May Enforce Claims Without
Possession of Securities. All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by
the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such
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, distributions and advances of the Trustee, its agents and counsel,
be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

SECTION 5.06. Application of Money Collected.
Any money collected by the Trustee pursuant to this Article V shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, upon presentation
of the Securities and the notation thereon of 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 6.07;

 

SECOND: To the payment of the amounts
then due and unpaid for principal of (and premium, if any) and interest on the Securities in respect of which or for the benefit of which
such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities
for principal (and premium, if any) and interest, respectively;

 

THIRD: To the payment of any and all
other amounts due under this Indenture, the Securities or the Guarantees; and

 

FOURTH: To the Company (or such other
Person as a court of competent jurisdiction may direct).

 

SECTION 5.07. Limitation on Suits. Subject
to Section 5.08, no Holder of any Security shall have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

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(i)                        
such Holder has previously given written notice to the Trustee of a continuing Event of Default;

 

(ii)                       
the Holders of not less than 30.0% in principal amount of the Outstanding Securities shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(iii)                      
such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

(iv)                      
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and

 

(v)                       
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority in principal amount of the Outstanding Securities; it being understood and intended that no one or more Holders shall have
any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the
rights of any other Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions
or forbearances are unduly prejudicial to such Holders), or to obtain or to seek to obtain priority or preference over any other Holders
or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders.

 

SECTION 5.08. Unconditional Right of Holders to
Receive Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 3.07)
interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption
Date or, in the case of a Change of Control Offer made by the Company and required to be accepted as to such Security, on the relevant
Purchase Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.

 

SECTION 5.09. Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, each Guarantor, the Trustee and the Holders shall be restored severally
and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted, subject to the determination in such proceeding.

 

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SECTION 5.10. Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the
last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

 

SECTION 5.11. Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article V or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

SECTION 5.12. Control by Holders. The Holders
of a majority in aggregate principal amount of the Outstanding Securities 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 under this
Indenture; provided that;

 

(i)                       
such direction shall not be in conflict with any rule of law or with this Indenture, and

 

(ii)                       
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 

SECTION 5.13. Waiver of Past Defaults. The
Holders of not less than a majority in aggregate principal amount of the Outstanding Securities may on behalf of the Holders of all the
Securities waive any past default hereunder and its consequences, except a default

 

(i)                       
in the payment of the principal of (or premium, if any) or interest on any Security (including any Security which is required to
have been purchased pursuant to a Change of Control Offer which has been made by the Company); or

 

(ii)                       
in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the
Holder of each Outstanding Security affected.

 

Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon. In the case of any such waiver, the Company,
the Guarantors or any other obligor under the Securities, the Trustee and the Holders shall be restored to their former positions and
rights hereunder and under the Securities, respectively.

 

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If a Default for a failure to report or failure to
deliver a required certificate in connection with another Default (the “Initial Default”) occurs, then, at the time
such Initial Default is cured, such Default for a failure to report or failure to deliver a required certificate in connection with another
Default that resulted solely because of that Initial Default will also be cured without any further action. Any Default or Event of Default
for the failure to comply with the time periods prescribed in Section 7.04 or otherwise to deliver any notice or certificate pursuant
to any other provision of this Indenture shall be deemed to be cured upon the delivery of any such report required by such covenant or
such notice or certificate, as applicable, even though such delivery is not within the prescribed period specified in this Indenture.
Any time period in this Indenture to cure any actual or alleged Default or Event of Default may be extended or stayed by a court of competent
jurisdiction.

 

SECTION 5.14. Undertaking for Costs. In any
suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit
(including reasonable counsel fees and expenses), and may assess costs against any such party litigant, in the manner and to the extent
provided in the Trust Indenture Act; provided that neither this Section 5.14 nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company or a Guarantor,
in any suit instituted by the Trustee, in any suit instituted by any Holder or group of Holders, holding in the aggregate more than 10.0%
in principal amount of the Outstanding Securities, or in any suit instituted by any Holder for the enforcement of the payment of the principal
of (or premium, if any) or interest on any Security on or after the Stated Maturity expressed in such Security (or, in the case of redemption,
on or after the Redemption Date or, in the case of a Change of Control Offer, made by the Company and required to be accepted as to such
Security, on the applicable Purchase Date, in each case as applicable).

 

SECTION 5.15. Waiver of Stay or Extension Laws.
The Company and each Guarantor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead,
or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any
time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company and each Guarantor (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it shall not hinder,
delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power
as though no such law had been enacted.

 

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ARTICLE
VI

The Trustee

 

SECTION 6.01. Certain Duties and Responsibilities.
(a) Except during the continuance of an Event of Default,

 

(i)                       
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)                       
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by the 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 mathematical calculations or other facts stated therein).

 

(b)                       
In case 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.

 

(c)                       
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent misconduct, its own
negligent failure to act or its own willful misconduct except that no provision of this Indenture shall require the Trustee to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers under this Indenture, unless the Trustee has received security and indemnity satisfactory to it against
any loss, liability or expense. The Trustee shall not be liable for any error of judgment unless it is proved that the Trustee was negligent
in the performance of its duties hereunder.

 

(d)                       
Whether or not therein expressly so 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 6.01.

 

(e)                       
None of the Trustee or any agent of the Trustee shall have any responsibility or liability for any actions taken or not taken by
the Depositary.

 

SECTION 6.02. Notice of Defaults. If a
Default or an Event of Default occurs and is continuing and is known to the Trustee, the Trustee shall deliver to all Holders, as
their names and addresses appear in the Security Register, notice of such Default or Event of Default hereunder known to the Trustee
within 90 days after obtaining such knowledge, unless such Default shall have been cured or waived; provided, however,
that, except in the case of a Default or an Event of Default in the payment of the principal of, premium, if any, or interest on any
Security, the Trustee shall be protected in withholding such notice to the Holders if and so long as it in good faith determines
that the withholding of such notice is in the interest of the Holders.

 

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SECTION 6.03. Certain Rights of Trustee. Subject
to the provisions of Section 6.01:

 

(a) the Trustee may conclusively rely
as to the truth of the statements and correctness of the opinions expressed therein and shall be fully protected in acting or refraining
from acting upon any resolution, Officers’ Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b) any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors of
the Company may be sufficiently evidenced by a Board Resolution of the Company;

 

(c) whenever in the administration of
this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively
rely upon an Officers’ Certificate;

 

(d) the Trustee may consult with counsel
of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

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

 

(f) the Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled (subject to reasonable confidentiality arrangements as may
be proposed by the Company or any Guarantor) to make reasonable examination (upon prior notice and during regular business hours) of the
books, records and premises of the Company or a Guarantor, personally or by agent or attorney at the sole cost of the Company and shall
incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 

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(g) the Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or custodians or nominees
and the Trustee shall not be responsible for the supervision of, or any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder;

 

(h) the Trustee shall not be liable for
any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion
or rights or powers conferred upon it by this Indenture;

 

(i) the rights, privileges, protections,
immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the
Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder;

 

(j) the Trustee shall not be deemed to
have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Securities and this Indenture;

 

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

 

(l) the Trustee may request that the
Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture; and

 

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

 

SECTION 6.04. Not Responsible for Recitals or
Issuance of Securities. The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication,
shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be
accountable for the use or application by the Company of Securities or the proceeds thereof.

 

SECTION 6.05. May Hold Securities. The Trustee,
any Authenticating Agent, any Paying Agent, any Security Registrar, any Securities Custodian or any other agent of the Company or any
Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and
6.13, may otherwise deal with the Company or a Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar, Securities Custodian or such other agent.

 

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SECTION 6.06. Money Held in Trust. Money 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 received by it hereunder except as otherwise agreed in writing with the Company.

 

SECTION 6.07. Compensation and Reimbursement.
The Company agrees (1) to pay to the Trustee from time to time such compensation as the Company and the Trustee shall from time to time
agree in writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust); (2) except as otherwise expressly provided herein, to promptly reimburse the Trustee
upon its request for all reasonable and documented expenses, disbursements and advances incurred or made by the Trustee in accordance
with any provision of this Indenture (including the reasonable and documented compensation and the reasonable and documented expenses
and disbursements of its agents and counsel), except any such expense, disbursement or advance as may have been caused by its negligence
or willful misconduct; and (3) to indemnify the Trustee, its directors, officers, agents and employees for, and to hold them harmless
against, any and all loss, damage, claim, liability or expense incurred without negligence or bad faith on its part, including taxes (other
than taxes based upon, measured by or determined by the revenue or income of the Trustee), arising out of or in connection with the acceptance
or administration of this trust, including the costs and expenses of defending itself against any claim (whether asserted by the Company,
a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

The Trustee shall have a lien prior to the Securities
as to all property and funds held by it hereunder for any amount owing to it pursuant to this Section 6.07, except with respect to
funds held in trust for the benefit of the Holders of particular Securities.

 

When the Trustee incurs expenses or renders services
in connection with an Event of Default specified in Section 5.01(8) or Section 5.01(9), the expenses (including the reasonable
charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under
any applicable federal or state bankruptcy, insolvency or other similar law.

 

Notwithstanding any provisions of this Indenture,
the provisions of this Section 6.07 shall survive the resignation or removal of the Trustee and any satisfaction and discharge of
this Indenture.

 

SECTION 6.08. Conflicting Interests. If the
Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture.

 

SECTION 6.09. Corporate Trustee Required;
Eligibility. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust
Indenture Act to act as such and has, or is a wholly owned subsidiary of a bank holding company that has, a combined capital and
surplus of at least $50,000,000 and a Corporate Trust Office in the Borough of Manhattan, The City of New York. If such Person
publishes reports of condition at least annually, pursuant to law or to the requirements of a federal or state supervising or
examining authority, then for the purposes of this Section 6.09 and to the extent permitted by the Trust Indenture Act, 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 6.09, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VI.

 

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SECTION 6.10. Resignation and Removal; Appointment
of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article VI
shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of
Section 6.11.

 

(b)                       
The Trustee may resign at any time by giving written notice thereof to the Company. If an instrument of acceptance by a successor
Trustee in accordance with the applicable requirements of Section 6.11 shall not have been delivered to the Company and the resigning
Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the
Company, any court of competent jurisdiction for the appointment of a successor Trustee.

 

(c)                       
The Trustee may be removed at any time by Act of the Holders of a majority in principal amount of the Outstanding Securities, delivered
to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee in accordance with the applicable requirements
of Section 6.11 shall not have been delivered to the Company and the Trustee being removed within 30 days after the giving of
such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee.

 

(d)                       
If at any time:

 

(i)                       
the Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who has
been a bona fide Holder of a Security for at least six months, or

 

(ii)                      
the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Company,
any Guarantor or by any such Holder, or

 

(iii)                     
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 any such case, (A) the Company or any
Guarantor, in each case by a Board Resolution, may remove the Trustee, or (B) subject to Section 5.14, any Holder who has
been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

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(e)                       
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, the Company, by a Board Resolution, shall promptly appoint a successor Trustee. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority
in principal amount of the Outstanding Securities delivered to the Company and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the
successor Trustee and supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by
the Company or the Holders and accepted appointment in accordance with the applicable requirements of Section 6.11, any Holder who
has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee.

 

(f)                       
The Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to
all Holders in the manner provided in Section 1.06. Each notice shall include the name of the successor Trustee and the address of
its Corporate Trust Office.

 

(g)                       
The resignation or removal of the Trustee pursuant to this Section 6.10 shall not affect the obligation of the Company to
indemnify the Trustee pursuant to Section 6.07(3) in connection with the exercise or performance by the Trustee prior to its resignation
or removal of any of its powers or duties hereunder.

 

(h)                       
No Trustee under this Indenture shall be liable for any action or omission of any successor Trustee.

 

SECTION 6.11. Acceptance of Appointment by Successor.
Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. Upon request of
any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee all such rights, powers and trusts.

 

No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article VI.

 

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SECTION 6.12. Merger, Conversion, Consolidation
or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided, however,
that such corporation shall be otherwise qualified and eligible under this Article VI, without the execution or filing of any
paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

 

SECTION 6.13. Preferential Collection of Claims
Against the Company or a Guarantor. If and when the Trustee shall be or become a creditor of the Company or a Guarantor (or any other
obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims
against the Company or such Guarantor (or any such other obligor).

 

SECTION 6.14. Appointment of Authenticating Agent.
The Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate Securities
issued upon original issue and upon exchange, registration of transfer or partial redemption or partial purchase or pursuant to Section 3.06,
and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities
by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery
on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business
under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section 6.14, the combined capital and surplus of such Authenticating
Agent 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 an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section 6.14.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent; provided
that such corporation shall be otherwise eligible under this Section 6.14, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent.

 

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An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof 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 such Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section 6.14, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall
give notice of such appointment in the manner provided in Section 1.06, to all Holders as their names and addresses appear in the
Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 6.14.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section 6.14.

 

If an appointment is made pursuant to this Section 6.14,
the Securities may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate
of authentication in the following form:

 

This is one of the Securities described in the within-mentioned
Indenture.

 

	Dated: ________________________	Wells Fargo Bank, National Association, as Trustee
	 	 
	 	By	 
	 	As Authenticating Agent
	 
	 	By	                          
	 	Authorized Signatory

 

ARTICLE
VII

Holders’ Lists and Reports by Trustee and Company

 

SECTION 7.01. Company to Furnish Trustee Names
and Addresses of Holders. The Company shall furnish or cause to be furnished to the Trustee a list of the names and addresses of the
Holders in such form as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company of any such
request, as of a date not more than 15 days prior to the time such list is furnished; excluding from any such list names and addresses
received by the Trustee in its capacity as Security Registrar.

 

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SECTION 7.02. Preservation of Information;
Communications to Holders. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and
addresses of Holders received by the Trustee in its capacity as Security Registrar, if so acting.

 

(b)                       
The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities,
and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.

 

(c)                       
Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company,
any Guarantor nor the Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to
the names and addresses of Holders made pursuant to the Trust Indenture Act.

 

SECTION 7.03. Reports by Trustee. (a) Within
60 days after June 15 of each year commencing June 15, 2022, the Trustee shall transmit to Holders such reports concerning the Trustee
and its actions under this Indenture to the extent required pursuant to the Trust Indenture Act at the times and in the manner provided
pursuant thereto.

 

(b)                       
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which the Securities are listed, with the Commission and with the Company. The Company shall promptly notify the Trustee in writing
when the Securities are listed on any stock exchange and of any delisting thereof.

 

SECTION 7.04. Reports by Company. The Company
shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture
Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13
or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission.

 

Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of the same 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 hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

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ARTICLE
VIII

Consolidation, Merger, Sale of Assets, etc.

 

SECTION 8.01. Company May Consolidate, Etc.
Only on Certain Terms. The Company shall not, directly or indirectly, in any transaction or series of transactions, merge or
consolidate with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its
properties and assets as an entirety to, any Person or Persons, and the Company shall not permit any Restricted Subsidiary to
enter into any such transaction or series of transactions if such transaction or series of transactions, in the aggregate, would
result in a sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the properties and
assets of the Company or the Company and its Restricted Subsidiaries, taken as a whole, to any other Person or Persons, unless at
the time and after giving effect thereto:

 

(1) either:

 

(x) if the transaction or transactions
is a merger or consolidation, the Company, or such Restricted Subsidiary, as the case may be, shall be the surviving Person of such merger
or consolidation; or

 

(y) the Person formed by such consolidation
or into which the Company, or such Restricted Subsidiary, as the case may be, is merged or to which the properties and assets of the Company
or such Restricted Subsidiary, as the case may be, substantially as an entirety, are transferred (any such surviving Person or transferee
Person being the “Surviving Entity”) 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 shall expressly assume pursuant to a supplemental indenture executed and
delivered to the Trustee, in form and substance reasonably satisfactory to the Trustee, all the obligations of the Company or such Restricted
Subsidiary, as the case may be, under this Indenture and the Securities; and

 

(2) immediately after giving effect to
such transaction or series of transactions on a pro forma basis (including any Indebtedness incurred or anticipated to be incurred in
connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be
continuing.

 

In connection with any consolidation, merger, transfer,
lease, assignment or other disposition contemplated by the foregoing provisions of this Section 8.01, the Company shall deliver,
or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, merger, transfer, lease, assignment or other disposition and the supplemental
indenture in respect thereof (required under clause (1)(y) of this Section 8.01) comply with the requirements of this Indenture.

 

SECTION 8.02. Successor Substituted. Except
as otherwise provided by Section 13.05, upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or
disposition of all or substantially all of the properties and assets of the Company in accordance with Section 8.01, the successor
Person formed by such consolidation or into which the Company or a Restricted Subsidiary, as the case may be, is merged or the successor
Person to which such sale, assignment, conveyance, transfer, lease or disposition is made shall succeed to, and be substituted for, and
may exercise every right and power of the Company under the Securities and this Indenture with the same effect as if such successor had
been named as the Company in the Securities and this Indenture and, except in the case of a lease, the Company or such Restricted Subsidiary
shall be released and discharged from its obligations thereunder.

 

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For all purposes of this Indenture and the Securities
(including the provisions of this Article VIII and Section 10.09), Subsidiaries of any Surviving Entity shall, upon consummation
of such transaction or series of related transactions, become Restricted Subsidiaries unless and until designated as Unrestricted Subsidiaries.

 

ARTICLE
IX

Amendments; Waivers; Supplemental Indentures

 

SECTION 9.01. Amendments, Waivers and Supplemental
Indentures Without Consent of Holders. Without the consent of any Holders, the Company and the Trustee, at any time and from time
to time, may together amend, modify, waive or supplement this Indenture, the Securities or the Guarantees for any of the following purposes:

 

(i)                       
to evidence the succession of another Person to the Company or a Guarantor and the assumption by any such successor of the covenants
of the Company or such Guarantor in this Indenture and in the Securities or such Guarantor’s Guarantee and to evidence the assumption
of obligations under this Indenture and a Guarantee;

 

(ii)                      
to add to the covenants of the Company or a Guarantor for the benefit of the Holders, or to surrender any right or power herein
conferred upon the Company or a Guarantor;

 

(iii)                     
to secure the Securities or to release or discharge security for the Securities in accordance with the terms of this Indenture;

 

(iv)                     
to comply with any requirements of the Commission in order to effect or maintain the qualification of this Indenture under the
Trust Indenture Act;

 

(v)                      
to cure any ambiguity, omission or mistake, to correct or supplement any provision in this Indenture which may be defective or
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this
Indenture which shall not be inconsistent with the provisions of this Indenture;

 

(vi)                     
to make any change that does not adversely affect the rights of the Holders;

 

(vii)                    
to conform any provision of this Indenture to any provision under the heading “Description of the Notes” in
the Prospectus;

 

(viii)                   
to add Guarantees or release or discharge Guarantees in accordance with the terms of this Indenture;

 

(ix)                      
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(x)                       
 to make such provisions as necessary (as determined in good faith by the Company) for the issuance of Additional Securities; or

 

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(xi)                      
to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the requirements
hereof.

 

provided, however, that the Company shall have delivered
to the Trustee an Opinion of Counsel and Officers’ Certificate stating that such action pursuant to clauses (i), (ii), (iii), (iv),
(v), (vii) or (viii) above is not prohibited by this Indenture. The Trustee shall not be obligated to enter into any such amendment, waiver
or supplemental indenture that adversely affects its own rights, duties or immunities under this Indenture or otherwise.

 

SECTION 9.02. Modifications, Amendments and Supplemental
Indentures with Consent of Holders. With the consent of the Holders of a majority in principal amount of the Outstanding Securities,
by Act of said Holders delivered to the Company and the Trustee, the Company and the Guarantors, when authorized by Board Resolutions,
and the Trustee may together modify, amend or supplement this Indenture, the Securities or the Guarantees, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights
of the Holders under this Indenture; provided, however, that no such modification, amendment or supplemental indenture may,
without the consent of the Holder of each Outstanding Security affected thereby:

 

(i)                       
reduce the principal amount of, extend the Stated Maturity of or alter the redemption provisions of, the Securities;

 

(ii)                      
change the currency in which any Securities or any premium or the interest thereon is payable;

 

(iii)                      
reduce the percentage in principal amount of Outstanding Securities that must consent to an amendment, supplement or waiver or
consent to take any action under this Indenture, the Securities or any Guarantee;

 

(iv)                     
impair the right to institute suit for the enforcement of any payment on or with respect to the Securities or any Guarantee;

 

(v)                      
waive a default in payment with respect to the Securities or any Guarantee; or

 

(vi)                     
reduce or change the rate or time for payment of interest on the Securities.

 

It shall not be necessary for any Act of Holders
under this Section 9.02 to approve the particular form of any proposed modification, amendment or supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

 

The Trustee shall join with the Company and
each Guarantor in the execution of such amended or supplemental indenture unless such amended or 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 amendment or supplemental indenture.

 

SECTION 9.03. Execution of Supplemental Indentures.
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be given, and (subject to Section 6.01) shall be fully protected
in conclusively relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that such supplemental indenture is the valid and legally binding obligation
of the Company and the Guarantors, as applicable, enforceable in accordance with its terms, subject to customary limitations and exceptions.
The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise; provided that the Trustee shall enter into and execute all other supplemental
indentures which satisfy all applicable conditions under this Article IX.

 

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SECTION 9.04. Effect of Supplemental Indentures.
Upon the execution of any supplemental indenture under this Article IX, this Indenture shall be modified in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

 

SECTION 9.05. Conformity with Trust Indenture
Act. Every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture
Act as then in effect.

 

SECTION 9.06. Reference in Securities to Supplemental
Indentures. Securities authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX
may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture; provided that any failure by the Trustee to make such notation shall not affect the validity of the matter provided
for in such supplemental indenture or any Security or Guarantee hereunder. If the Company shall so determine, new Securities or Guarantees
so modified as to conform, in the opinion of the Trustee, the Guarantors and the Company, to any such supplemental indenture may be prepared
and executed by the Company or Guarantor and authenticated and delivered by the Trustee in exchange for Outstanding Securities.

 

SECTION 9.07. Waiver of Certain
Covenants. The Company may omit in any particular instance to comply with any covenant or condition set forth in
Section 8.01, Sections 10.04 to 10.11, inclusive, and Section 10.13, and pursuant to Section 9.01(ii), if before the
time for such compliance the Holders of a majority in principal amount of the Outstanding Securities shall, by Act of such Holders,
either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver
shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in
full force and effect; provided, however, with respect to an Offer as to which an Offer to Purchase has been delivered
electronically or mailed, no such waiver may be made or shall be effective against any Holder tendering Securities pursuant to such
Offer, and the Company may not omit to comply with the terms of such Offer as to such Holder.

 

SECTION 9.08. No Liability for Certain Persons.
No director, officer, employee, or stockholder of Holdings or the Company, nor any director, officer or employee of any Subsidiary Guarantor,
as such, shall have any liability for any obligations of the Company or any Guarantor under the Securities, the Guarantees or this Indenture
based on or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability.
The foregoing waiver and release is an integral part of the consideration for the issuance of the Securities and the Guarantees.

 

ARTICLE
X

Covenants

 

SECTION 10.01. Payment of Principal, Premium and
Interest. The Company shall pay the principal of (and premium, if any) and interest on the Securities in accordance with the terms
of the Securities and this Indenture. The Company shall deposit or cause to be deposited with the Trustee or its nominee, no later than
11:00 a.m. New York City time on the date of the Stated Maturity of any Security or no later than 11:00 a.m. New York City time on the
due date for any installment of interest, all payments so due, which payments shall be in immediately available funds on the date of such
Stated Maturity or due date, as the case may be.

 

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SECTION 10.02. Maintenance of Office or Agency.
The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Securities may be presented or
surrendered for payment, where Securities may be surrendered for registration of transfer or exchange and where notices and demands to
or upon the Company or any Guarantor in respect of the Securities, the Guarantees and this Indenture may be served. The Company shall
give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. 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 a Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. In the event any such notice or
demands are so made or served on the Trustee, the Trustee shall promptly forward copies thereof to the Company.

 

The Company may also from time to time designate
one or more other offices or agencies (in or outside the Borough of Manhattan, The City of New York) where the Securities may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that
no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough
of Manhattan, The City of New York, for such purposes. The Company shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency.

 

The Company hereby initially designates the Trustee
as Paying Agent and Security Registrar, and the Corporate Trust Office of the Trustee in the Borough of Manhattan, The City of New York,
located at 150 East 42nd Street, 40th Floor, New York, New York 10017, Attention: Corporate Trust Services – Administrator for United
Rentals, as one such office or agency of the Company for each of the aforesaid purposes.

 

SECTION 10.03. Money for Security Payments to
be Held in Trust. If the Company shall at any time act as its own Paying Agent, it shall, on or before 11:00 a.m. New York City time
on each due date of the principal of (and premium, if any) or interest on any of the Securities, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided and shall promptly notify the Trustee of its action or failure
so to act.

 

Whenever the Company shall have one or more Paying
Agents, the Company shall, prior to 11:00 a.m. New York City time on each due date of the principal of (and premium, if any) or interest
on any Securities, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due,
such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company shall promptly notify
the Trustee of its action or failure so to act.

 

The Company shall cause each Paying Agent other than
the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the
provisions of this Section 10.03, that such Paying Agent shall: (i) comply with the provisions of the Trust Indenture Act applicable
to it as Paying Agent and (ii) during the continuance of any default by the Company (or any other obligor upon the Securities) in
the making of any payment in respect of the Securities, upon the written request of the Trustee, forthwith pay to the Trustee all sums
held in trust by such Paying Agent as such.

 

The Company may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to
the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which
such sums were held by such Paying Agent; and, upon such payment by any Paying Agent (other than the Company) to the Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

 

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Any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any
Security and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable
shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the
Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any
such repayment, shall at the expense of the Company cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining shall be repaid to the Company.

 

SECTION 10.04. Existence; Activities. Subject
to Article VIII, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its
existence, rights (charter and statutory) and material franchises; provided, however, that the Company shall not be required
to preserve any such right or franchise if the Board of Directors of the Company in good faith shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole.

 

SECTION 10.05. [Reserved].

 

SECTION 10.06. Payment of Taxes and Other Claims.
The Company shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all material taxes,
assessments and governmental charges levied or imposed upon the Company or any of its Restricted Subsidiaries or upon the income, profits
or property of the Company or any of its Restricted Subsidiaries, and (2) all lawful material claims for labor, materials and supplies
which, if unpaid, would by law become a lien upon property of the Company or any of its Restricted Subsidiaries that is not a Permitted
Lien; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any
such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.

 

SECTION 10.07. [Reserved].

 

SECTION 10.08. [Reserved].

 

SECTION 10.09. Limitation on Liens. (a) The
Company shall not, and shall not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Lien (the “Initial
Lien”) of any kind (except for Permitted Liens) securing any Indebtedness, unless the Securities are equally and ratably secured
(except that Liens securing Subordinated Indebtedness shall be expressly subordinate to Liens securing the Securities to the same extent
such Subordinated Indebtedness is subordinate to the Securities).

 

(b)                      
Any Lien created for the benefit of the Holders pursuant to Section 10.09(a) shall provide by its terms that such Lien shall
be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien.

 

(c)                       For
the purposes of determining compliance with, and the outstanding principal amount of Indebtedness secured by a Lien for purposes of,
this Section 10.09, in the event that such Lien meets the criteria of more than one type of Permitted Lien, the Company, in its
sole discretion, shall classify, and may from time to time reclassify, such Lien and only be required to include the amount and type
of Indebtedness secured by such Lien in one or a combination of Permitted Liens; provided that Liens securing Indebtedness
outstanding on the Issue Date under the ABL Credit Agreement shall be treated as incurred pursuant to clause (b) of the definition
of “Permitted Liens”.

 

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(d)                      
Except as provided in clause (e) below with respect to Liens securing Indebtedness denominated in a foreign currency, the amount
of any Indebtedness secured by a Lien outstanding as of any date shall be:

 

(i)                       
the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(ii)                      
the principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

(iii)                     
in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A)            
the Fair Market Value of such assets at the date of determination; and

 

(B)             
the amount of the Indebtedness of the other Person.

 

(e)                       For
purposes of determining compliance with any dollar-denominated restriction on the incurrence of Liens securing Indebtedness
denominated in a foreign currency, the dollar-equivalent principal amount of such Indebtedness secured by Liens pursuant thereto
shall be calculated based on the relevant currency exchange rate in effect on the date that such Indebtedness was incurred, in the
case of term Indebtedness secured by Liens, or first committed, in the case of revolving credit Indebtedness secured by Liens; provided
that (x) the dollar-equivalent principal amount of any such Indebtedness secured by Liens outstanding on the Issue Date shall be
calculated based on the relevant currency exchange rate in effect on the Issue Date, (y) if such Indebtedness is incurred to
refinance other Indebtedness denominated in a foreign currency (or in a different currency from such Indebtedness so being
incurred), and such refinancing would cause the applicable dollar-denominated restriction on Liens to be exceeded if calculated at
the relevant currency exchange rate in effect on the date of such refinancing, such dollar-denominated restriction shall be deemed
not to have been exceeded so long as the principal amount of such refinancing Indebtedness secured by Liens, calculated as described
in the following sentence, does not exceed (i) the outstanding or committed principal amount (whichever is higher) of such
Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses
incurred in connection with such refinancing and (z) the dollar-equivalent principal amount of Indebtedness secured by Liens
denominated in a foreign currency and incurred pursuant to a Credit Facility shall be calculated based on the relevant currency
exchange rate in effect on, at the Company’s option, (i) the Issue Date, (ii) any date on which any of the respective
commitments under such Credit Facility shall be reallocated between or among facilities or subfacilities thereunder, or on which
such rate is otherwise calculated for any purpose thereunder or (iii) the date of such incurrence. The principal amount of any
Indebtedness secured by Liens incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness
being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing.

 

SECTION 10.10. Change of Control. (a) On or
before the 30th day after the date of the occurrence of a Change of Control, the Company shall make an Offer to Purchase (a “Change
of Control Offer”) on a Business Day not more than 60 nor less than 10 days following the delivery to each Holder of the
notice described in paragraph (b) below (the “Change of Control Purchase Date”), all of the then Outstanding Securities
tendered at a purchase price in cash (the “Change of Control Purchase Price”) equal to 101% of the principal amount
thereof plus accrued and unpaid interest, if any, thereon to the Change of Control Purchase Date. The Company shall be required to purchase
all Securities tendered into the Change of Control Offer and not withdrawn.

 

(b)                     
Within 30 days following any Change of Control, the Company shall deliver a notice to each Holder describing the transaction or
transactions that constitute the Change of Control and stating all other information as set forth in the definition of “Offer to
Purchase.”

 

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(c)                      
On the Change of Control Purchase Date, the Company shall (i) accept for payment Securities or portions thereof (not less
than $2,000 principal amount and integral multiples of $1,000 in excess thereof) tendered pursuant to the Change of Control Offer, (ii) deposit
with the Paying Agent money, in immediately available funds, sufficient to pay the purchase price of all Securities or portions thereof
so tendered and accepted and (iii) deliver to the Trustee the Securities so accepted together with an Officers’ Certificate
setting forth the Securities or portions thereof tendered to and accepted for payment by the Company. The Paying Agent shall promptly
mail or deliver to the Holders of Securities so accepted payment in an amount equal to the purchase price, and the Trustee shall promptly
authenticate and make available for delivery to such Holders a new Security of like tenor equal in principal amount to any unpurchased
portion of the Security surrendered. Any Securities not so accepted shall be promptly mailed or delivered by the Company to the Holder
thereof. The Company shall publicly announce the results of the Change of Control Offer not later than the third Business Day following
the Change of Control Purchase Date.

 

(d)                     
The Company shall not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements applicable to a Change of Control Offer
made by the Company and purchases all Securities validly tendered and not withdrawn under such Change of Control Offer or (2) notice of
redemption for all outstanding Securities has been given pursuant to Section 11.01, unless and until there is a default in payment
of the applicable Redemption Price.

 

(e)                      
The Company shall comply with Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder,
to the extent such laws or regulations are applicable, in the event that a Change of Control occurs and the Company is required to purchase
Securities as described above.

 

(f)                      
 Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned
upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change
of Control Offer is made.

 

SECTION 10.11. Additional Subsidiary Guarantors.
The Company shall cause each Domestic Restricted Subsidiary, other than (unless otherwise determined by the Company) any Foreign Subsidiary
Holding Company or Subsidiary of a Foreign Subsidiary, that guarantees any Indebtedness of the Company or of any other Restricted Subsidiary
incurred pursuant to the ABL Credit Agreement to, within a reasonable time thereafter, execute and deliver to the Trustee a Guaranty Agreement
pursuant to which such Domestic Restricted Subsidiary will Guarantee payment of the Securities on the same terms and conditions as those
set forth in this Indenture (subject to any limitations that apply to the guarantee of Indebtedness giving rise to the requirement to
deliver a Guaranty Agreement pursuant to this Section 10.11). This Section 10.11 shall not apply to any of the Company’s
Subsidiaries that have been properly designated as an Unrestricted Subsidiary.

 

SECTION 10.12. Reporting Requirements. For
so long as the Securities are outstanding, whether or not the Company is subject to Section 13(a) or 15(d) of the Exchange Act, or
any successor provision thereto, the Company shall file with the Commission (if permitted by Commission practice and applicable law and
regulations) the annual reports, quarterly reports and other documents which the Company would have been required to file with the Commission
pursuant to such Section 13(a) or 15(d) or any successor provision thereto if the Company were so subject, such documents to be filed
with the Commission on or prior to the respective dates (the “Required Filing Dates”) by which the Company would have
been required so to file such documents if the Company were so subject. If, notwithstanding the preceding sentence, filing such documents
by the Company with the Commission is not permitted by Commission practice or applicable law or regulations, the Company shall transmit
(or cause to be transmitted) electronically or by mail to all Holders, as their names and addresses appear in the Security Register, copies
of such documents within 30 days after the Required Filing Date (or make such documents available on a website maintained by the
Company or Holdings).

 

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SECTION 10.13. Compliance Certificates. The
Company shall deliver to the Trustee, prior to April 30 in each year commencing with the year beginning on January 1, 2022, an Officers’
Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided
hereunder), and if the Company shall be in default, specifying all such defaults and the nature and status thereof of which he may have
knowledge.

 

SECTION 10.14. Suspension of Covenants. (a)
During any period of time that:

 

(x) the Securities have Investment
Grade Ratings from both Rating Agencies, and

 

(y) no Default has occurred and is
continuing (the occurrence of the events described in the foregoing clause (x) and this clause (y) being collectively referred to as
a “Suspension Event”), the Company and its Restricted Subsidiaries shall not be subject to Sections 10.10
and 10.11 of this Indenture (collectively, the “Suspended Covenants”).

 

(b)                      
In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time
as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies
withdraw their Investment Grade Rating or downgrade the rating assigned to the Securities below an Investment Grade Rating, then the Company
and its Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events.

 

(c)                      
The period of time between the occurrence of a Suspension Event and the Reversion Date is referred to in this Indenture as the
 “Suspension Period.”

 

(d)                      
In the event that during the Suspension Period, a transaction is announced or the Company enters into an agreement to effect a
transaction, in each case that would result in a Change of Control, and either (i) one or both of the Rating Agencies indicate that if
consummated, such transaction (alone or together with any related transactions) would cause such Rating Agency to withdraw its Investment
Grade Rating or downgrade the rating assigned to the Securities below an Investment Grade Rating or (ii) one or both of the Rating Agencies
withdraws its Investment Grade Rating or downgrades the rating assigned to the Securities below an Investment Grade Rating within 60 days
following the consummation of such transaction (which period shall be extended so long as the rating of the Securities is under publicly
announced consideration for possible downgrade by any of the Rating Agencies as a result of such transaction) and such Rating Agency announces,
publicly confirms or informs the Trustee upon the Company’s written request that the withdrawal or reduction was the result of such
transaction, then the Company and its Restricted Subsidiaries will be subject to Section 10.10 with respect to such transaction and
the obligations under Section 10.10 will be reinstated until the occurrence of a Suspension Event.

 

(e)                      
Upon the Reversion Date, the obligation to grant Guarantees pursuant to Section 10.11 shall be reinstated (and the Reversion
Date shall be deemed to be the date on which any guaranteed Indebtedness was incurred for purposes of Section 10.11).

 

(f)                      
During the Suspension Period, at the Company’s request, the Guarantee of a Subsidiary Guarantor shall be released from all
obligations under its Guarantee pursuant to Section 13.05(vii). Any Guarantees that were released pursuant to Section 13.05(vii)
shall be required to be reinstated reasonably promptly to the extent such Guarantees would otherwise be required to be provided hereunder.

 

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(g)                      
Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default shall be deemed to have occurred
as a result of any failure to comply with the Suspended Covenants during any Suspension Period and the Company and any subsidiary shall
be permitted, following a Reversion Date, without causing a Default or Event of Default or breach of any of the Suspended Covenants (notwithstanding
the reinstatement thereof), to honor, comply with or otherwise perform any contractual commitments or obligations entered into during
a Suspension Period following a Reversion Date and to consummate the transactions contemplated thereby.

 

(h)                     
 The Company shall give the Trustee prompt written notice of any Suspension Event. In the absence of such notice the Trustee shall
assume and be fully protected in so assuming the Suspended Covenants apply and are in full force and effect. The Company shall give the
Trustee prompt written notice of any occurrence of a Reversion Date. After any such notice of the occurrence of a Reversion Date the Trustee
shall assume the Suspended Covenants apply and are in full force and effect. For the avoidance of doubt, the Trustee shall have no obligation
to discover or verify the existence or termination of any Suspension Event or Reversion Date.

 

ARTICLE
XI

Redemption of Securities

 

SECTION 11.01. Right of Redemption. The Securities
may be redeemed at the election of the Company, in the amounts, at the times, at the Redemption Prices (together with any applicable accrued
and unpaid interest to the Redemption Date), and subject to the conditions specified in the form of Security and hereinafter set forth.
The Company also shall redeem the Securities in the amounts, at the times, at the Redemption Prices (together with any applicable accrued
and unpaid interest to the Redemption Date), and subject to the conditions specified in the form of Security and hereinafter set forth.

 

SECTION 11.02. Applicability of Article. Redemption
of Securities at the election of the Company, as permitted by this Indenture and the provisions of the Securities, shall be made in accordance
with such provisions and this Article XI.

 

SECTION 11.03. Election to Redeem; Notice to Trustee.
The election of the Company to redeem any Securities pursuant to Section 11.01 shall be evidenced by a Board Resolution.  In
the event of any redemption at the election of the Company pursuant to Section 11.01, the Company shall notify the Trustee at least
five Business Days prior (or such shorter period as may be acceptable to the Trustee) to the date on which notice is required to
be delivered or mailed or caused to be delivered or mailed to Holders pursuant to Section 11.05 of such Redemption Date and of the
principal amount of Securities to be redeemed.

 

SECTION 11.04. Selection and Notice of Redemption.
In the event that less than all of the Securities are to be redeemed at any time, selection of such Securities for redemption shall be
made on a pro rata basis (subject to the rules of the Depositary) unless otherwise required by law or applicable stock exchange requirements;
provided, however, that Securities shall only be redeemable in principal amounts of $2,000 or an integral multiple of $1,000
in excess thereof.

 

The Trustee shall promptly notify the Company and
each Security Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption,
the principal amount thereof to be redeemed.

 

For all purposes of this Indenture and of the
Securities, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case
of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been
or is to be redeemed.

 

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SECTION 11.05. Notice of Redemption. Notice
of redemption shall be delivered electronically or by first class mail, postage prepaid, mailed not less than 10 nor more than 60 days
prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register, except that
redemption notices may be delivered electronically or mailed more than 60 days prior to the Redemption Date if the notice of redemption
is issued in connection with (i) a satisfaction and discharge of Securities in accordance with Article IV or (ii) a defeasance
in accordance with Article XII.

 

All notices of redemption shall identify the Securities
to be redeemed (including, if used, CUSIP or ISIN numbers) and shall state, as applicable:

 

(i)                       
the Redemption Date;

 

(ii)                      
the Redemption Price;

 

(iii)                      
if less than all the Outstanding Securities are to be redeemed, the identification (and, in the case of partial redemption, the
principal amounts) of the particular Securities to be redeemed;

 

(iv)                     
that on the Redemption Date, the Redemption Price, and accrued interest to, but excluding, the Redemption Date, will become due
and payable upon each such Security to be redeemed and that interest thereon will cease to accrue on and after such Redemption Date;

 

(v)                      
the place or places where such Securities are to be surrendered for payment of the Redemption Price, accrued interest to, but excluding,
the Redemption Date; and

 

(vi)                     
if the redemption is being made pursuant to the provisions of the Securities regarding an Equity Offering, a brief description
of the transaction or transactions giving rise to such redemption, the aggregate purchase price thereof and the net cash proceeds therefrom
available for such redemption, the date or dates on which such transaction or transactions were completed and the percentage of the aggregate
principal amount of Outstanding Securities being redeemed.

 

Notice of redemption of Securities to be redeemed
pursuant to Section 11.01 shall be given by the Company or, at the Company’s request and provision of such notice information
to the Trustee five days prior (or such shorter period as may be acceptable to the Trustee) to the delivery or mailing of such notice,
by the Trustee in the name and at the expense of the Company.

 

Notices of redemption pursuant to
Section 11.01 may be subject to the satisfaction of one or more conditions precedent established by the Company in its sole
discretion. If a redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such
condition, and if applicable, shall state that, in the Company’s discretion, the Redemption Date may be delayed until such
time (including more than 60 days after the date the notice of redemption was delivered) as any or all conditions shall be
satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not
have been satisfied by the Redemption Date, or by the Redemption Date as so delayed. In addition, the Company may provide in any
notice of redemption for the Securities that payment of the Redemption Price and the performance of the Company’s obligations
with respect to such redemption may be performed by another Person.

 

SECTION 11.06. Deposit of Redemption Price.
Prior to or by 11:00 a.m. New York City time on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money
sufficient to pay the Redemption Price, of, and (except if the Redemption Date shall be an Interest Payment Date) any applicable accrued
interest on, all the Securities which are to be redeemed on that date.

 

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SECTION 11.07. Securities Payable on Redemption
Date. Notice of redemption having been given as provided in Section 11.05, the Securities so to be redeemed shall, on the Redemption
Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default
in the payment of the Redemption Price and any applicable accrued interest), interest shall cease to accrue on such Securities or portions
thereof. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company
at the Redemption Price, together with any applicable accrued and unpaid interest to the Redemption Date; provided, however,
that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more predecessor securities, registered as such at the close of business on the relevant record dates according to their terms
and the provisions of Section 3.07.

 

If any Security called for redemption in accordance
with the election of the Company made pursuant to Section 11.01 shall not be so paid upon surrender thereof for redemption, the principal
(and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate provided by the Security.

 

SECTION 11.08. Securities Redeemed in Part.
Any Security which is to be redeemed only in part shall be surrendered at an office or agency of the Company designated for that purpose
pursuant to Section 10.02 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing),
and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a
new Security or Securities, of any authorized denomination as requested by such Holder, in aggregate principal amount at Stated Maturity
equal to and in exchange for the unredeemed portion of the principal amount at Stated Maturity of the Security so surrendered.

 

ARTICLE
XII

Legal Defeasance and
Covenant Defeasance

 

SECTION 12.01. Option to Effect Legal Defeasance
or Covenant Defeasance. The Company may at any time, at the option of its Board of Directors evidenced by a Board Resolution set forth
in an Officers’ Certificate, elect to have either Section 12.02 or 12.03 be applied to all Outstanding Securities upon compliance
with the conditions set forth below in this Article XII.

 

SECTION 12.02. Legal Defeasance and Discharge.
Upon the Company’s exercise under Section 12.01 of the option applicable to this Section 12.02, the Company and each of
the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 12.04, be deemed to have been discharged
from their obligations with respect to all Outstanding Securities (including the Guarantees) on the date the conditions set forth below
are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the
Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding Securities (including the
Guarantees), which shall thereafter be deemed to be “outstanding” only for the purposes of Section 12.05 and the other
Sections of this Indenture referred to in clauses (i) and (ii) below, and to have satisfied all their other obligations under such Securities,
the Guarantees and this Indenture (and the Trustee, on written demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(i)                       
the rights of Holders of Outstanding Securities to receive payments in respect of the principal of, or interest or premium, if
any, on, such Securities when such payments are due from the trust referred to in Section 12.04;

 

(ii)                      
the Company’s obligations with respect to such Securities under Article II, Article III and Section 10.02;

 

(iii)                     
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations
in connection therewith; and

 

(iv)                     
this Article XII.

 

Subject to compliance with this Article XII,
the Company may exercise its option under this Section 12.02 notwithstanding the prior exercise of its option under Section 12.03.

 

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SECTION 12.03. Covenant Defeasance. Upon
the Company’s exercise under Section 12.01 of the option applicable to this Section 12.03, the Company and each of
the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 12.04, be released from each of their
obligations under the covenants contained in Sections 10.06, 10.09, 10.10, 10.11, 10.12, and any covenant provided pursuant to
Section 9.01(ii) with respect to the Outstanding Securities on and after the date the conditions set forth in
Section 12.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Securities shall thereafter be
deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For
this purpose, Covenant Defeasance means that, with respect to the Outstanding Securities and Guarantees, the Company and the
Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any
reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 5.01, but, except as specified above, the remainder of this Indenture
and such Securities and Guarantees shall be unaffected thereby. In addition, upon the Company’s exercise under
Section 12.01 of the option applicable to this Section 12.03, subject to the satisfaction of the conditions set forth in
Section 12.04, Sections 5.01(3) through 5.01(5) shall not constitute Events of Default.

 

SECTION 12.04. Conditions to Legal or Covenant
Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 12.02 or 12.03:

 

(i)                         
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
U.S. Government Obligations, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized
investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, or interest and premium, if any, on,
the Outstanding Securities on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Company
must specify whether the Securities are being defeased to such stated date for payment or to a particular Redemption Date;

 

(ii)                    
     in the case of an election under Section 12.02, the Company must deliver to the Trustee an Opinion of
Counsel confirming that:

 

(1) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling; or

 

(2) since the date of this Indenture, there
has been a change in the applicable federal income tax law,

 

in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the Outstanding Securities shall not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and shall be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(iii)                       
in the case of an election under Section 12.03, the Company must deliver to the Trustee an Opinion of Counsel confirming that
the Holders of the Outstanding Securities shall not recognize income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;

 

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(iv)                       
 no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit shall not result in a breach or violation
of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any
Guarantor is bound;

 

(v)                        
such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company
or any of its Subsidiaries is bound;

 

(vi)                       
the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders of Securities over the other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding any creditors of the Company or others; and

 

(vii)                      
the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

SECTION 12.05. Deposited Money and Government
Securities to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 12.06, all money and non-callable U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 12.05, the “Trustee”) pursuant to Section 12.04 in respect of the Outstanding Securities shall be
held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such
Securities of all sums due and to become due thereon in respect of principal, premium and interest, but such money need not be segregated
from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section 12.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law
is for the account of the Holders of the Outstanding Securities.

 

Notwithstanding anything in this Article XII
to the contrary, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or non-callable
U.S. Government Obligations held by it as provided in Section 12.04 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 12.04(i)),
are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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SECTION 12.06. Repayment to Company. Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on, any Security and remaining unclaimed for two years after such principal, premium or interest has become due and
payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder
of such Security shall thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense of the
Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication,
any unclaimed balance of such money then remaining shall be repaid to the Company.

 

SECTION 12.07. Reinstatement. If the Trustee
or Paying Agent is unable to apply any U.S. dollars or non-callable U.S. Government Obligations in accordance with Section 12.02
or 12.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s and the Guarantors’ obligations under this Indenture and the Securities and
the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.02 or 12.03 until such time
as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 12.02 or 12.03, as the case may be;
provided, however, that, if the Company makes any payment of principal of or any premium or interest on any Security following
the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such
payment from the money held by the Trustee or Paying Agent.

 

ARTICLE
XIII

Guarantee

 

SECTION 13.01. Guarantee. Each Guarantor hereby
unconditionally and irrevocably guarantees on a senior unsecured basis, jointly and severally, to each Holder and to the Trustee and its
successors and assigns (a) the full and prompt payment (within applicable grace periods) of principal of and interest on the Securities
when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Company under this
Indenture and the Securities and (b) the full and prompt performance within applicable grace periods of all other obligations of
the Company under this Indenture and the Securities (all the foregoing being hereinafter collectively called the “Guaranty Obligations”).
Each Guarantor further agrees that the Guaranty Obligations may be extended or renewed, in whole or in part, without notice or further
assent from such Guarantor, and that such Guarantor shall remain bound under this Article XIII notwithstanding any extension or renewal
of any Guaranty Obligation.

 

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To the extent that any Subsidiary Guarantor
shall be required to pay any amounts on account of the Securities pursuant to a Guarantee in excess of an amount calculated as the
product of (i) the aggregate amount payable by the Subsidiary Guarantors on account of the Securities pursuant to their
respective Guarantees times (ii) the proportion (expressed as a fraction) that such Subsidiary Guarantor’s net assets
(determined in accordance with GAAP) at the date enforcement of the Subsidiary Guarantees is sought bears to the aggregate net
assets (determined in accordance with GAAP) of all Subsidiary Guarantors at such date, then such Subsidiary Guarantor shall be
reimbursed by the other Subsidiary Guarantors for the amount of such excess, pro rata, based upon the respective net assets
(determined in accordance with GAAP) of such other Subsidiary Guarantors at the date enforcement of the Subsidiary Guarantees is
sought. This paragraph is intended only to define the relative rights of Subsidiary Guarantors as among themselves, and nothing set
forth in this paragraph is intended to or shall impair the joint and several obligations of the Subsidiary Guarantors under their
respective Subsidiary Guarantees.

 

The Guarantors shall have the right to seek contribution
from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under any Guarantee;
provided, however, that if a Default has occurred and is continuing, the right to receive payment in respect of such right
of contribution shall be suspended until the payment in full of all Guaranty Obligations hereunder.

 

Each Guarantor waives presentation to, demand of
payment from and protest to the Company of any of the Guaranty Obligations and also waives notice of protest for nonpayment. Each Guarantor
waives notice of any default under the Securities or the Guaranty Obligations. The obligations of each Guarantor hereunder shall not be
affected by (a) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against
the Company or any other Person under this Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal
of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities
or any other agreement; (d) the release of any security held by any Holder or the Trustee for the Guaranty Obligations or any of
them; (e) the failure of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the Guaranty Obligations;
or (f) any change in the ownership of any Guarantor (subject to Section 13.05).

 

Each Guarantor further agrees that its Guarantee
herein constitutes a guaranty of payment, performance and compliance when due (and not a guaranty of collection) and waives any right
to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranty Obligations.

 

To the fullest extent permitted by law, the
obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranty
Obligations or otherwise. Without limiting the generality of the foregoing, to the fullest extent permitted by law, the obligations
of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to
assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Guaranty Obligations,
or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent
vary the risk of such Guarantor or would otherwise operate as a discharge of each Guarantor as a matter of law or equity.

 

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Each Guarantor further agrees that its Guarantee
herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal
of or interest on any Guaranty Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy
or reorganization of the Company or otherwise.

 

In furtherance of the foregoing and not in limitation
of any other right which any Holder or the Trustee has at law or in equity against each Guarantor by virtue hereof, upon the failure of
the Company to pay the principal of or interest on any Guaranty Obligation when and as the same shall become due, whether at maturity,
by acceleration, by redemption or otherwise (within applicable grace periods), or to perform or comply with any other Guaranty Obligation
(within applicable grace periods), each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith
pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of
such Guaranty Obligations, (ii) accrued and unpaid interest on such Guaranty Obligations (but only to the extent not prohibited by
law) and (iii) all other monetary Guaranty Obligations to the Holders and the Trustee.

 

Each Guarantor agrees that it shall not be entitled
to any right of subrogation in relation to the Holders in respect of any Guaranty Obligations guaranteed hereby until payment in full
of all Guaranty Obligations. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee,
on the other hand, (x) the maturity of the Guaranty Obligations guaranteed hereby may be accelerated as provided in Article V
for the purposes of its Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the Guaranty Obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such Guaranty Obligations
as provided in Article V, such Guaranty Obligations (whether or not due and payable) shall forthwith become due and payable by each
Guarantor for the purposes of this Section 13.01.

 

Each Guarantor also agrees to pay any and all costs
and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under
this Section 13.01.

 

SECTION 13.02. Limitation on Liability. Any
term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the obligations guaranteed hereunder
by each Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to
such Guarantor, voidable under applicable federal or state law relating to fraudulent conveyance or fraudulent transfer.

 

SECTION 13.03. Execution and Delivery of Guarantees.
The Guarantees to be endorsed on the Securities shall be in the form set forth in Exhibit B. Each of the Guarantors hereby agrees
to execute its Guarantee in such form, to be endorsed on each Security authenticated and delivered by the Trustee.

 

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Each Guarantee shall be executed on behalf of each
respective Guarantor by any one of such Guarantor’s Chairman of the Board of Directors, Vice Chairman of the Board of Directors,
President, Chief Financial Officer, Vice Presidents or any authorized signatories for any Guarantors that are not corporations. The signature
of any or all of these officers on the Guarantee may be manual or facsimile.

 

A Guarantee bearing the manual or facsimile signatures
of individuals who were at any time the proper officers of a Guarantor shall bind such Guarantor, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the authentication and delivery of the Security on which such Guarantee is endorsed
or did not hold such offices at the date of such Guarantee.

 

Each Guarantee shall be registered, transferred,
exchanged and cancelled, and shall be held in definitive or global form, in the same manner and together with the Security to which it
relates, in accordance with Article III.

 

The delivery of any Security by the Trustee, after
the authentication thereof hereunder, shall constitute due delivery of the Guarantee endorsed thereon on behalf of the Guarantors. Each
of the Guarantors hereby jointly and severally agrees that its Guarantee set forth in Section 13.01 shall remain in full force and
effect notwithstanding any failure to endorse a Guarantee on any Security.

 

SECTION 13.04. Guarantors May Consolidate, Etc.,
on Certain Terms. Nothing contained in this Indenture or in any of the Securities or any Guarantee shall prevent any consolidation
or merger of a Guarantor with or into the Company or a Guarantor or the merger of a wholly owned Restricted Subsidiary with and into a
Guarantor or shall prevent any sale or conveyance of the assets of a Guarantor as an entirety or substantially as an entirety or the Capital
Stock of a Guarantor to the Company or a Guarantor.

 

SECTION 13.05. Release of Guarantors.
The Guarantee of a Subsidiary Guarantor shall automatically be released from all obligations under its Guarantee endorsed on the
Securities and under this Article XIII without need for any further act or the execution or delivery or any document: (i) upon
the sale or other disposition (including by way of consolidation or merger) of all of the Capital Stock of such Subsidiary Guarantor
to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary; provided
such sale or disposition is not prohibited by this Indenture; (ii) upon the sale or disposition of all or substantially all of the
assets of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after
giving effect to such transaction) the Company or a Restricted Subsidiary; provided such sale or disposition is not
prohibited by this Indenture; (iii) upon the liquidation or dissolution of such Guarantor; provided that no Default or Event
of Default shall occur as a result thereof or has occurred and is continuing; (iv) upon Legal Defeasance or Covenant Defeasance in
accordance with Article XII or satisfaction and discharge in accordance with Article IV; (v) if the Company properly
designates any Restricted Subsidiary that is a Subsidiary Guarantor under this Indenture as an Unrestricted Subsidiary; (vi) upon
receipt of the consent of Holders of the requisite percentage of Securities in accordance with Article IX; (vii) at the
Company’s request, during any Suspension Period; or (viii) (A) if such Subsidiary Guarantor is released from its obligations
under Guarantees of payment by the Company of Indebtedness of the Company under the ABL Credit Agreement or (B) at such time as such
Subsidiary Guarantor does not have any other Indebtedness outstanding that would have required such Subsidiary Guarantor to enter
into a Guaranty Agreement pursuant to Section 10.11. Upon delivery by the Company to the Trustee of an Officers’
Certificate to the effect that such transaction was made in accordance with the provisions hereof, the Trustee shall execute any
documents reasonably required in order to evidence the release of such Guarantor from its obligations under its Guarantee endorsed
on the Securities and under this Article XIII.

 

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SECTION 13.06. Successors and Assigns. This
Article XIII shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors
and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the
rights and privileges conferred upon that party in this Indenture and the Securities shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions of this Indenture.

 

SECTION 13.07. No Waiver, etc. Neither a failure
nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this Article XIII
shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right,
power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not
exclusive of any other rights, remedies or benefits which either may have under this Article XIII at law, in equity, by statute or
otherwise.

 

SECTION 13.08. Modification, etc. No modification,
amendment or waiver of any provision of this Article XIII, nor the consent to any departure by a Guarantor therefrom, shall in any
event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. No notice to or demand on a Guarantor in any case shall entitle such Guarantor
or any other guarantor to any other or further notice or demand in the same, similar or other circumstances.

 

This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all 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.

 

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

 

	 	Very truly yours,
	 	 
	 	United Rentals (North America), Inc.
	 	 
	 	By:	/s/ Irene Moshouris
	 	Name:	 Irene Moshouris
	 	Title:	 Senior Vice President and Treasurer
	 	 
	 	United Rentals, Inc.
	 	 
	 	By:	/s/ Irene Moshouris
	 	Name:	 Irene Moshouris
	 	Title:	Senior Vice President and Treasurer
	 	 
	 	United Rentals (Delaware), Inc.
	 	 
	 	By:	 /s/ Irene Moshouris
	 	Name:	Irene Moshouris
	 	Title:	 Vice President and Treasurer
	 	 
	 	United Rentals Highway Technologies Gulf, LLC
	 	 
	 	By:	/s/ Irene Moshouris
	 	Name:	Irene Moshouris
	 	Title:	 Vice President and Treasurer

 

    

     

    

 

	 	United Rentals Realty, LLC,
	 	by United Rentals (North America), Inc., its Sole Member
	 	 
	 	By:	 /s/ Irene Moshouris
	 	Name:	 Irene Moshouris
	 	Title:	 Senior Vice President and Treasurer
	 	 

 

    

     

    

 

	 	Wells Fargo Bank, National Association, as Trustee
	 	 
	 	By:	/s/ Patrick Giordano
	 	Name:	 Patrick Giordano
	 	Title:	 Vice President

 

    

     

    

 

SCHEDULE A

 

	Subsidiary Guarantor	 	Place of Formation
	 	 	 
	United Rentals (Delaware), Inc.	 	Delaware
	 	 	 
	United Rentals Highway Technologies Gulf, LLC	 	Delaware
	 	 	 
	United Rentals Realty, LLC	 	Delaware

 

    

     

    

 

APPENDIX

 

PROVISIONS RELATING TO THE SECURITIES

 

1.              Definitions

 

1.1       Definitions.

 

For the purposes of this Appendix the following
terms shall have the meanings indicated below (and other capitalized terms shall have their respective meanings as defined in the Indenture):

 

“Definitive Security” means a certificated
Security that does not include the Global Securities Legend.

 

“Depositary” means The Depository Trust
Company, its nominees and their respective successors.

 

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

 

“Securities Custodian” means the custodian
with respect to a Global Security (as appointed by the Depositary) or any successor Person thereto, who shall initially be the Trustee.

 

“Underwriters” means (i) with respect
to the Securities issued on the Issue Date, the underwriters listed in the Underwriting Agreement and (ii) with respect to each issuance
of Additional Securities, the Persons purchasing such Additional Securities under the related underwriting agreement.

 

“Underwriting Agreement” means (a)
the underwriting agreement, dated July 30, 2021, among the Company, the Guarantors and Morgan Stanley & Co. LLC, as representative
of the Underwriters, and (b) any other similar underwriting agreement relating to Additional Securities.

 

1.2       Other
Definitions.

 

	Term:	 	Defined in Section:
	“Agent Members”	 	2.1(c)
	“Global Security”	 	2.1(b)

 

2.             The Securities

 

2.1       Form.

 

(a)       The
Securities issued on the date hereof shall be offered and sold by the Company pursuant to an Underwriting Agreement. Additional Securities
offered after the date hereof may be offered and sold by the Company from time to time pursuant to one or more Underwriting Agreements
in accordance with applicable law.

 

(b)       Global
Securities. The Securities shall be issued initially in the form of one or more global Securities in definitive, fully
registered form (collectively, the “Global Securities”) without interest coupons and bearing the Global Securities
Legend, which shall be deposited on behalf of the Holders of the Securities represented thereby with the Securities Custodian, and
registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the
Trustee as provided in this Indenture. The aggregate principal amount of the Global Securities may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary or its nominee and on the schedules thereto as
hereinafter provided.

 

    

     

    

 

(c)       Book-Entry
Provisions. This Section 2.1(c) shall apply only to a Global Security deposited with or on behalf of the Depositary.

 

The Company shall execute and the Trustee shall,
in accordance with this Section 2.1(c) and Section 2.2 and pursuant to an order of the Company signed by one officer of the Company, authenticate
and deliver initially one or more Global Securities that (i) shall be registered in the name of the Depositary for such Global Security
or Global Securities or the nominee of such Depositary and (ii) shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary’s instructions or held by the Trustee as Securities Custodian.

 

Members of, or participants in, the Depositary
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the
Depositary or by the Trustee as Securities Custodian or under such Global Security, and the Depositary may be treated by the Company,
the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to
any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent
Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest
in any Global Security.

 

(d)       Definitive
Securities. Except as provided in Section 2.3 or 2.4, owners of beneficial interests in Global Securities shall not be entitled to
receive physical delivery of certificated Securities.

 

2.2       Authentication.
The Trustee shall authenticate and make available for delivery upon a Company Order of the Company signed by one Officer of the Company
(a) Securities for original issue on the date hereof in an aggregate principal amount of $750,000,000 and (b) subject to the terms of
this Indenture, Additional Securities in an unlimited aggregate principal amount. Such order shall specify the amount of the Securities
to be authenticated, the date on which the original issue of Securities is to be authenticated and, in the case of an issuance of Additional
Securities pursuant to Section 3.13 of the Indenture after the Issue Date, shall certify that such issuance is in compliance with
this Indenture.

 

2.3       Transfer
and Exchange.

 

(a)       Transfer
and Exchange of Definitive Securities. When Definitive Securities are presented to the Security Registrar with a request:

 

(i)       to
register the transfer of such Definitive Securities; or

 

    

     

    

 

(ii)       to
exchange such Definitive Securities for an equal principal amount of Definitive Securities of other authorized denominations,

 

the Security Registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Securities
surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory
to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing.

 

(b)       Restrictions
on Transfer of a Definitive Security for a Beneficial Interest in a Global Security. A Definitive Security may not be exchanged for
a beneficial interest in a Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of
a Definitive Security, duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company
and the Security Registrar, together with written instructions directing the Trustee to make, or to direct the Securities Custodian to
make, an adjustment on its books and records with respect to such Global Security to reflect an increase in the aggregate principal amount
of the Securities represented by the Global Security, such instructions to contain information regarding the Depositary account to be
credited with such increase, then the Trustee shall cancel such Definitive Security and cause, or direct the Securities Custodian to cause,
in accordance with the standing instructions and procedures existing between the Depositary and the Securities Custodian, the aggregate
principal amount of Securities represented by the Global Security to be increased by the aggregate principal amount of the Definitive
Security to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Global Security equal to the principal amount of the Definitive Security so canceled. If no Global Securities are then
outstanding and the Global Security has not been previously exchanged for certificated securities pursuant to Section 2.4, the Company
shall issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officers’ Certificate, a new
Global Security in the appropriate principal amount.

 

(c)       Transfer
and Exchange of Global Securities.

 

(i)       The
transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance with
this Indenture and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Security shall deliver
a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of
the Depositary to be credited with a beneficial interest in such Global Security or another Global Security and such account shall be
credited in accordance with such order with a beneficial interest in the applicable Global Security and the account of the Person making
the transfer shall be debited by an amount equal to the beneficial interest in the Global Security being transferred.

 

(ii)       If
the proposed transfer is a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global
Security, the Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the
Global Security to which such interest is being transferred in an amount equal to the principal amount of the interest to be so
transferred, and the Security Registrar shall reflect on its books and records the date and a corresponding decrease in the
principal amount of the Global Security from which such interest is being transferred.

 

    

     

    

 

(iii)       Notwithstanding
any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global Security may not be transferred as
a whole except 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.

 

(d)       Cancelation
or Adjustment of Global Security. At such time as all beneficial interests in a Global Security have either been exchanged for Definitive
Securities, transferred, redeemed, repurchased or canceled, such Global Security shall be returned by the Depositary to the Trustee for
cancelation or retained and canceled by the Trustee. At any time prior to such cancelation, if any beneficial interest in a Global Security
is exchanged for Definitive Securities, transferred in exchange for an interest in another Global Security, redeemed, repurchased or canceled,
the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall be made on the books and
records of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the
Trustee or the Securities Custodian, to reflect such reduction.

 

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

 

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

 

(ii)       No
service charge shall be made for any registration of transfer or exchange of Securities except as provided in Section 3.06 of this
Indenture, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Sections 3.04, 9.06 or 11.08
of this Indenture or in accordance with any Change of Control Offer pursuant to Section 10.10 of this Indenture, and in any such
case not involving any transfer.

 

(iii)       Prior
to the due presentation for registration of transfer of any Security, the Company, the Trustee, the Paying Agent or the Security Registrar
may deem and treat the Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving
payment of principal of and interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue,
and none of the Company, the Trustee, the Paying Agent or the Security Registrar shall be affected by notice to the contrary.

 

(iv)       All
Securities issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled
to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange.

 

    

     

    

 

(f)         No
Obligation of the Trustee.

 

(i)       The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant in the
Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member
thereof, with respect to any ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial
owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under
or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under
the Securities shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global
Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depositary subject to the applicable
rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depositary with respect to its members, participants and any beneficial owners.

 

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

 

2.4       Definitive
Securities.

 

(a)       A
Global Security deposited with the Depositary or with the Trustee as Securities Custodian pursuant to Section 2.1 shall be transferred
to the beneficial owners thereof in the form of Definitive Securities in an aggregate principal amount equal to the principal amount of
such Global Security, in exchange for such Global Security, only if such transfer complies with Section 2.3 and (i) the Depositary notifies
the Company that it is unwilling or unable to continue as a Depositary for such Global Security or if at any time the Depositary ceases
to be a “clearing agency” registered under the Exchange Act, and a successor depositary is not appointed by the Company within
90 days of such notice or after the Company becomes aware of such cessation, or (ii) an Event of Default has occurred and is continuing
or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of certificated Securities
under this Indenture.

 

     

     

    

 

(b)       Any
Global Security that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall
authenticate and deliver, upon such transfer of each portion of such Global Security, an equal aggregate principal amount of
Definitive Securities of authorized denominations. Any portion of a Global Security transferred pursuant to this Section shall be
executed, authenticated and delivered only in denominations of $2,000 or integral multiples of $1,000 in excess thereof and
registered in such names as the Depositary shall direct.

 

(c)       Subject
to the provisions of Section 2.4(b), the registered Holder of a Global Security may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take
under this Indenture or the Securities.

 

(d)       In
the event of the occurrence of any of the events specified in Section 2.4(a)(i), (ii) or (iii), the Company shall promptly make available
to the Trustee a reasonable supply of Definitive Securities in fully registered form without interest coupons.

 

     

     

    

 

EXHIBIT A

 

[FORM OF SECURITY]

 

[Global Securities Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DEPOSITARY”), NEW YORK, NEW YORK, 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 SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DEPOSITARY, TO NOMINEES OF DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

     

     

    

 

United Rentals (North America), Inc.

 

3.750% Senior Note due 2032

 

	No.________	$_________

		 CUSIP NO. 911365 BP8

		ISIN NO. US911365BP80

 

United Rentals (North America), Inc., a corporation
duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum listed on the Schedule of Increases or Decreases in Global Security attached hereto on January 15, 2032, and
to pay interest thereon from August 13, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semiannually in arrears on January 15 and July 15 in each year, commencing January 15, 2022, at the rate of 3.750% per annum, until
the principal hereof is paid or duly provided for; provided, however, that any principal and premium, and any such installment
of interest, which is overdue shall bear interest at the rate of 3.750% per annum (to the extent that the payment of such interest shall
be legally enforceable), from the dates such amounts are due until they are paid or duly provided for. The interest so payable and punctually
paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security
(or one or more predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be the January 1 and July 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium, if any)
and interest on this Security shall be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan,
The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that, at the option of the Company, payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

    A-1 

     

    

 

IN WITNESS WHEREOF, the Company has caused this Security
to be duly executed.

 

	 	UNITED RENTALS (NORTH AMERICA),
    INC.
	 	 
	 	By:	         
	 	Name:
	 	Title:
	 	 
	 	Attest:
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: August 13, 2021

 

	WELLS FARGO BANK, NATIONAL
    ASSOCIATION,	 
	AS TRUSTEE	 
	 	 
	By:	              	 
	Authorized Signatory	 

 

    A-2 

     

    

 

Form of Reverse of Security

 

This Security is one of a duly authorized issue of
Securities of the Company designated as 3.750% Senior Notes due 2032 (herein called the “Securities”), limited in aggregate
principal amount on the Issue Date to $750,000,000 issued and to be issued under an Indenture, dated as of August 13, 2021 (herein called
the “Indenture,” which term shall have the meaning assigned to it in such instrument), among the Company, the Guarantors
named therein and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Guarantors named therein, the Trustee and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered. The Company shall be entitled to issue Additional
Securities pursuant to Section 3.13 of the Indenture. The Securities include the Securities issued on the Issue Date and any Additional
Securities. The Securities issued on the Issue Date and any Additional Securities are treated as a single class of securities under the
Indenture.

 

The terms of the Securities include those expressly
set forth in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust
Indenture Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture.
Notwithstanding anything to the contrary herein, the Securities are subject to all such terms, and Holders of Securities are referred
to the Indenture and the Trust Indenture Act for a statement of such terms.

 

Except as set forth below, the Company will not be
entitled to redeem this Security at its option prior to July 15, 2026.

 

This Security is redeemable at the Company’s
option, in whole or in part, at any time on or after July 15, 2026, at the Redemption Prices (expressed as percentages of principal amount)
set forth below, plus accrued and unpaid interest, if any, thereon to the Redemption Date (subject to the right of Holders of record on
the relevant Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month period beginning
on July 15 of each of the years indicated below:

 

	Year	 	 	Redemption
    
Price	 
	2026	 	 	 	101.875	%
	2027	 	 	 	101.250	%
	2028	 	 	 	100.625	%
	2029 and thereafter	 	 	 	100.000	%

 

In addition, at any time, or from time to time,
on or prior to July 30, 2024, the Company may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem up
to an aggregate of 40.0% of the principal amount of the Securities at a Redemption Price equal to 103.750% of the principal amount
of the Securities, plus accrued and unpaid interest, if any, thereon to the Redemption Date; provided, however, that
(1) at least 50.0% of the aggregate principal amount of Securities issued on the Issue Date (excluding Securities held by the
Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption and (2) the Redemption Date is
within 120 days of the consummation of any such Equity Offering.

 

    A-3 

     

    

 

Prior to July 15, 2026, the Company may at its option
redeem the Securities, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities plus the Applicable
Premium as of, and accrued and unpaid interest, if any, to, the Redemption Date (subject to the right of Holders on the relevant Record
Date to receive interest due on the relevant Interest Payment Date).

 

The Company may, at its option, elect to redeem the
Securities pursuant to more than one type of redemption described herein on a concurrent basis.

 

In connection with any tender offer or Change of
Control Offer, if Holders of not less than 90.0% in aggregate principal amount of the then Outstanding Securities validly tender and do
not validly withdraw such Securities in such offer and the Company, or any third party making such offer in lieu of the Company, purchases
all of the Securities validly tendered and not validly withdrawn by Holders, the Company or such third party will have the right, upon
not less than 10 and not more than 60 days’ prior notice, given not more than 60 days following such purchase date, to redeem all
the Securities that remain outstanding following such purchase, at a price equal to the price offered to each Holder in such offer (which
may be less than par), plus, to the extent not included in the offer payment, accrued and unpaid interest, if any, thereon, to, but excluding,
the date of such redemption, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
Interest Payment Date falling prior to or on the applicable date of redemption.

 

“Adjusted Treasury Rate”
means, with respect to any Redemption Date, (i) the yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on
actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or
after July 15, 2026, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding
to the nearest month, except that if the period from the redemption date to July 15, 2026 is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used) or
(ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date, in each case
calculated on the third Business Day immediately preceding the Redemption Date, plus 0.50%.

 

    A-4 

     

    

 

“Applicable Premium” means,
with respect to any Securities at any Redemption Date, the greater of

 

		(1)	1.00% of the principal amount of such Securities; and

 

		(2)	the excess of (a) the present value at such Redemption Date of (i) the Redemption Price of the Securities on July 15, 2026
as set forth in the table appearing above plus (ii) all required remaining scheduled interest payments due on such Securities
through July 15, 2026 (but excluding accrued and unpaid interest to the Redemption Date), computed using a discount rate equal to the
Adjusted Treasury Rate as of such Redemption Date, over (b) the principal amount of such Securities on such Redemption Date.

 

“Comparable Treasury Issue” means
the United States Treasury security selected by the Quotation Agent as having a maturity most nearly equal to the period from the Redemption
Date to July 15, 2026 that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of a maturity most nearly equal to July 15, 2026.

 

“Comparable Treasury Price” means,
with respect to any Redemption Date, if clause (ii) of the Adjusted Treasury Rate is applicable, the average of three, or such lesser
number as is given to the Company, Reference Treasury Dealer Quotations for such Redemption Date.

 

“Quotation Agent” means a Reference
Treasury Dealer selected by the Company.

 

“Reference Treasury Dealer” means
each of three nationally recognized investment banking firms selected by the Company that are primary U.S. Government securities dealers.

 

“Reference Treasury Dealer Quotations”
means with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and
asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the
Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day immediately preceding such
Redemption Date.

 

The Securities are not subject to any sinking fund.

 

The Indenture provides that, subject to Section 10.14,
the Company is obligated upon the occurrence of a Change of Control to make an offer to purchase all outstanding Securities at a
purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the date of purchase.

 

    A-5 

     

    

 

In the event of redemption or purchase of this Security
in part only pursuant to a Change of Control Offer, a new Security or Securities for the unredeemed or unpurchased portion hereof shall
be issued in the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for legal defeasance
at any time of the entire indebtedness of this Security or for covenant defeasance of certain restrictive covenants and Events of Default
with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default shall occur and be continuing,
there may be declared due and payable the principal of, premium, if any, and accrued and unpaid interest, if any, on all of the outstanding
Securities, in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of the Securities at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions of the
Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice
of a continuing Event of Default with respect to the Securities, the Holders of not less than 30.0% in aggregate principal amount of the
Securities at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee indemnity satisfactory to the Trustee and the Trustee shall not have received from the Holders
of a majority in aggregate principal amount of Securities at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to certain suits described in the Indenture, including any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein (or, in the
case of redemption, on or after the Redemption Date or, in the case of any purchase of this Security required to be made pursuant to a
Change of Control Offer, on or after the relevant Purchase Date).

 

No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the
coin or currency, herein prescribed.

 

    A-6 

     

    

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for
the same aggregate principal amount, shall be issued to the designated transferee or transferees.

 

This Security is issuable only in registered form
without coupons in denominations of $2,000 and any integral multiples of $1,000 thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of Securities of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security shall be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

 

Interest on this Security shall be computed on the
basis of a 360-day year comprised of twelve 30-day months.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the obligations of the Company under the Indenture and this Security are guaranteed pursuant to Guarantees
endorsed hereon as provided in the Indenture. Each Holder, by holding this Security, agrees to all of the terms and provisions of said
Guarantees. The Indenture provides that each Guarantor shall be released from its Guarantee upon compliance with certain conditions.

 

All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Indenture and this Security shall be governed
by and construed in accordance with the laws of the State of New York, without regard to the conflicts of laws principles thereof.

 

    A-7 

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

 

I or we assign and transfer this Security to

 

	(Print or type assignee’s name,
    address and zip code)	 
	
	 
	(Insert assignee’s soc. sec. or tax I.D. No.)	  

 

and irrevocably appoint __________________ agent to transfer this Security
on the books of the Company. The agent may substitute another to act for him.

 

____________________________________________________________

 

Date: ________________ Your Signature: _____________________

 

____________________________________________________________

Sign exactly as your name appears on the other side of this Security.

 

    A-8 

     

    

 

[TO BE ATTACHED TO GLOBAL SECURITY]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

The initial principal amount of this Global Security
is $_______. The following increases or decreases in this Global Security have been made:

 

	
    Date of

    Exchange

     
	Amount of decrease in

 Principal Amount of this

 Global Security	Amount of increase in

 Principal Amount of this

 Global Security	Principal amount of this

 Global Security following

 such decrease or increase	Signature of authorized

 signatory of Trustee or

 Securities Custodian

 

    A-9 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security purchased
in its entirety by the Company pursuant to Section 10.10 of the Indenture, check the below box:

 

Section 10.10 ̈

 

If you want to elect to have only a part of the principal
amount of this Security purchased by the Company pursuant to Section 10.10 of the Indenture, state the portion of such amount: $_____________

 

	Dated:	 	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the other side of this Security)

 

	Signature Guarantee:	 	 

 

(Signature must be guaranteed by a financial institution
that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange Medallion Program
(“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature
guarantee program as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, SEMP or MSP, all in accordance
with the Securities Exchange Act of 1934, as amended.)

 

    A-10 

     

    

 

EXHIBIT B

 

[FORM OF NOTATION ON SECURITY RELATING TO GUARANTEE]

GUARANTEE

 

Each of the undersigned guarantors (each a “Guarantor”
and together, the “Guarantors”), which term includes any successor under the Indenture (the “Indenture”)
referred to in the Security upon which this notation is endorsed, hereby unconditionally and irrevocably guarantees on a senior basis,
jointly and severally with each other Guarantor of the Securities, to each Holder and to the Trustee and its successors and assigns (a) the
full and prompt payment (within applicable grace periods) of principal of and interest on the Securities when due, whether at maturity,
by acceleration, by redemption or otherwise, and all other monetary obligations of the Company under the Indenture and the Securities
and (b) the full and prompt performance within applicable grace periods of all other obligations of the Company under the Indenture
and the Securities, subject to certain limitations set forth in the Indenture (all the foregoing being hereinafter collectively called
the “Guarantee Obligations”). The Guarantor further agrees that the Guarantee Obligations may be extended or renewed,
in whole or in part, without notice or further assent from such Guarantor, and that such Guarantor shall remain bound under Article XIII
of the Indenture notwithstanding any extension or renewal of any Guarantee Obligation. Capitalized terms used herein have the meanings
assigned to them in the Indenture unless otherwise indicated.

 

Subject to the terms of the Indenture, this Guarantee
shall be binding upon the Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the
Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges
herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms
and conditions hereof.

 

This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Security upon which this Guarantee is noted shall have been executed by
the Trustee under the Indenture by the signature of one of its authorized signatories.

 

Notwithstanding any other provision of the Indenture
or this Guarantee, under the Indenture and this Guarantee the maximum aggregate amount of the obligations guaranteed by the Guarantor
shall not exceed the maximum amount that can be guaranteed without rendering the Indenture or this Guarantee, as it relates to such Guarantor,
voidable under applicable federal or state law relating to fraudulent conveyance or fraudulent transfer. This Guarantee shall be governed
by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws provisions thereof.

 

[Signature page follows]

 

    B-1 

     

    

 

	 	United Rentals, Inc.
	 	 
	 	By:	             
	 	Name:
	 	Title:
	 	 
	 	United Rentals (Delaware),
    Inc.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	United Rentals Realty,
    LLC,
	 	by United Rentals (North
    America), Inc., its Sole Member
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	United Rentals Highway
    Technologies Gulf, LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    B-2decarbiv-ex41_19.htm

Exhibit 4.1

WARRANT AGREEMENT

between

DECARBONIZATION PLUS ACQUISITION CORPORATION IV

and

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

WARRANT AGREEMENT

Dated as of August 10, 2021

THIS WARRANT AGREEMENT (this “Agreement”), dated as of August 10, 2021, is by and between Decarbonization Plus Acquisition Corporation IV, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent,” also referred to herein as the “Transfer Agent”).

WHEREAS, on August 10, 2021, the Company entered into that certain Private Placement Warrants Purchase Agreement with Decarbonization Plus Acquisition Sponsor IV LLC, a Cayman Islands limited liability company (the “Sponsor”), pursuant to which the Sponsor, James AC McDermott, Jeffrey H. Tepper, Dr. Jennifer Aaker and Jane Kearns (each individually a “Purchaser” and, collectively, the “Purchasers”) will purchase an aggregate of 11,500,000 warrants (or up to 12,737,500 warrants if the Over-allotment Option (as defined below) in connection with the Offering (as defined below) is exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable) bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant;

WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor or an affiliate of the Sponsor or the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 may be convertible into up to an additional 1,500,000 Private Placement Warrants at a price of $1.00 per warrant;

WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised of one Ordinary Share (as defined below) and one-half of one Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 13,750,000 redeemable warrants (including up to 15,812,500 redeemable warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (each, an “Ordinary Share”), for $11.50 per Ordinary Share, subject to adjustment as described herein;

WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) the registration statement on Form S-1, (File No. 333-254259) (the “Registration Statement”) and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the Ordinary Shares included in the Units;

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants;

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights and immunities of the Company, the Warrant Agent and the holders of the Warrants; and

 

 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

1.Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

2.Warrants.

2.1Form of Warrant. Each Warrant shall be issued in registered form only. 

2.2Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a certificated Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

2.3Registration.

2.3.1Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”). If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A.

Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the board of directors of the Company (the “Board”), Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

2.3.2Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

2.4Detachability of Warrants. The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the fifty-second (52nd) day following the date of the Prospectus or, if such fifty-second (52nd) day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Credit Suisse Securities (USA) 

2

 

 

LLC and Citigroup Global Markets Inc., as representatives of the several underwriters, but in no event shall the Ordinary Shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a Current Report on Form 8-K with the SEC containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised or waived prior to the filing of the Current Report Form 8-K, and (B) the Company issues a press release and files with the SEC a Current Report on Form 8-K announcing when such separate trading shall begin.

2.5No Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of Units, each of which is comprised of one Ordinary Share and one-half of one Public Warrant. If, upon the detachment of Public Warrants from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder.

2.6Private Placement Warrants.  The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Purchasers or any of their Permitted Transferees (as defined below), the Private Placement Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination and (iii) shall not be redeemable by the Company pursuant to Sections 6.1 or 6.2 hereof; provided, however, that in the case of clause (ii), the Private Placement Warrants and any Ordinary Shares held by a Purchaser or a Permitted Transferee and issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof:

(a)to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any member(s) of the Sponsor or their affiliates, or any affiliates of the Sponsor;

(b)in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization;

(c)in the case of an individual, by virtue of laws of descent and distribution upon death of such individual;

(d)in the case of an individual, pursuant to a qualified domestic relations order;

(e)by virtue of the laws of the Sponsor’s operating agreement upon dissolution of the Sponsor;

(f)by private sales or transfers made in connection with the consummation of the Company’s initial Business Combination at prices no greater than the price at which the Private Placement Warrants were originally purchased;

(g)in the event of the Company’s liquidation prior to the completion of the Company’s initial Business Combination; or

(h)in the event of the Company’s completion of a liquidation, merger, share exchange, restructuring or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; provided, however, that, in the case of clauses (a) through (f), these transferees (the “Permitted Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. 

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3.Terms and Exercise of Warrants.

3.1Warrant Price. Each whole Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per Ordinary Share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.

3.2Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”) and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company's amended and restated memorandum and articles of association (as amended from time to time) (the “Memorandum and Articles”) if the Company fails to complete a Business Combination, and (z) other than with respect to the Private Placement Warrants then held by the Purchasers or their Permitted Transferees, the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant then held by the Purchasers or a Permitted Transferee) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant then held by a Purchaser or a Permitted Transferee) not exercised on or before the Expiration Date shall become null and void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.

3.3Exercise of Warrants.

3.3.1Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows:

(a)in lawful money of the United States, by wire transfer, in good certified check or good bank draft payable to the Warrant Agent;

(b)[reserved];

(c)with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by a Purchaser or a Permitted Transferee, or the Company’s officers and directors, by surrendering the Warrants in exchange for a number of Ordinary Shares equal to the quotient obtained by dividing (i) the product of (A) the number of Ordinary Shares underlying the Warrants and (B) the excess of the “Fair Market Value,” as defined in this subsection 3.3.1(c), over the exercise price of the Warrants by (ii) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares as reported for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent; or

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(d)as provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

(e)as provided in Section 7.4 hereof.

3.3.2Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 hereof. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire without value to the holder, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the Ordinary Shares underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4 hereof. If, by reason of any exercise of Warrants on a “cashless basis,” the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest whole number the number of Ordinary Shares to be issued to such holder.

3.3.3Valid Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable.

3.3.4Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Ordinary Shares is issued and who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the register of members of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such Ordinary Shares at the close of business on the next succeeding date on which the share transfer books or book-entry system are open.

3.3.5Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% or such other amount as the holder may specify (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the 

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preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case, the number of issued and outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of issued and outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

4.Adjustments.

4.1Share Dividends.

4.1.1Subdivisions. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued and outstanding Ordinary Shares is increased by a capitalization or share dividend payable in Ordinary Shares, or by a subdivision of Ordinary Shares or other similar event, then, on the effective date of such share capitalization, dividend, subdivision or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering to holders of the Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the “Fair Market Value” (as defined below) shall be deemed a share dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the average last reported sale price of the Ordinary Shares as reported for the ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares shall be issued at less than their par value.

4.1.2Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of the Company into which the Warrants are convertible), other than (i) as described in subsection 4.1.1 above, (ii) Ordinary Cash Dividends (as defined below), (iii) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination, (iv) to satisfy the redemption rights of the holders of Ordinary Shares in connection with a shareholder vote to approve an amendment to the Company’s Memorandum and Articles (A) in a manner that would affect the substance or timing of the Company’s obligation to redeem 100% of the Ordinary Shares if the Company has not consummated its initial Business Combination within eighteen (18) months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of the Ordinary Shares or pre-initial Business Combination activity, or (v) in connection with the redemption of the Ordinary Shares upon the Company’s failure to complete its initial Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value of any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the 

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number of Ordinary Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

4.2Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of issued and outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share subdivision or reclassification of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, reverse share subdivision, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued and outstanding Ordinary Shares.

4.3Adjustments in Exercise and Redemption Trigger Prices. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter. If, (x) in connection with the closing of the initial Business Combination, the Company issues additional Ordinary Shares or securities of the Company which are convertible into, or exchangeable or exercisable for, equity securities of the Company, including any securities issued by the Company which are pledged to secure any obligation of any holder to purchase equity securities of the Company, at an issue price or effective issue price of less than $9.20 per Ordinary Share, with such issue price or effective issue price to be determined in good faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Ordinary Shares of the Company issued prior to the Offering and held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination (net of redemptions), and (z) the volume weighted average last reported trading price of the Ordinary Shares during the twenty (20) day trading period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per Ordinary Share, (i) the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of higher of the Market Value and the Newly Issued Price, (ii) the $18.00 per Ordinary Share redemption trigger price described in Section 6.1 hereof shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and (iii) the $10.00 per Ordinary Share redemption price trigger described in Section 6.2 hereof will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

4.4Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding Ordinary Shares (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Company’s Memorandum and Articles or as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under 

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circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding Ordinary Shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided further, that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of Ordinary Shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the SEC, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each Ordinary Share shall be the volume weighted average last reported trading price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the ninety (90) day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average last reported trading price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in Ordinary Shares covered by subsection 4.1.1 hereof, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.  In no event will the Warrant Price be reduced to less than the par value per Ordinary Share issuable upon exercise of the Warrant.

4.5Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Ordinary Shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4 hereof, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

4.6No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional Ordinary Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall, upon such exercise, round down to the nearest whole number of Ordinary Shares to be issued to such holder.

4.7Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of Ordinary Shares as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or 

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countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

4.8Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants or investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

5.Transfer and Exchange of Warrants.

5.1Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

5.2Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

5.3Transfers of Fractions of Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange of Warrants which would require the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units.

5.4Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

5.5Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

5.6Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment Date.

6.Redemption.

6.1Redemption of Warrants for Cash When the Price Per Ordinary Share Equals or Exceeds $18.00. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption 

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Price (as defined below) of $0.01 per Warrant, provided that the last reported sales price of the Ordinary Shares has been at least $18.00 per Ordinary Share (subject to adjustment in compliance with Section 4 hereof), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third (3rd) trading day prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below) or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to Section 7.4 hereof.

6.2Redemption of Warrants for Ordinary Shares When the Price Per Ordinary Share Equals or Exceeds $10.00. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, (i) as described in Section 6.3 below, (ii) at a Redemption Price of $0.10 per Warrant upon a minimum of thirty (30) days prior written notice of redemption provided that during the 30-day Redemption Period Registered Holders will be able to exercise their Warrants on a cashless basis prior to the redemption and receive that number of Ordinary Shares determined by reference to the table below, based on the Redemption Date and the “Fair Market Value” (as such term is defined in this Section 6.2) of the Ordinary Shares, and (iii) if, and only if, the last reported sale price of the Ordinary Shares equals or exceeds $10.00 per Ordinary Share (subject to adjustment in compliance with Section 4 hereof) on the trading day prior to the date on which the Company sends the notice of redemption to the Registered Holders. During the 30-day Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 hereof and receive a number of Ordinary Shares determined by reference to the table below, based on the Redemption Date (as defined below) and the “Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section 6.2 the “Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares for the ten (10) trading days immediately following the date on which the notice of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall provide the Registered Holders with the Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described in the definition of “Fair Market Value” above ends.

	
Redemption Date
	
 
	
Fair Market Value of Class A Ordinary Shares
	
 

	
(period to expiration of warrants)
	
 
	
≤$10.00
	
 
	
 
	
$
	
11.00
	
 
	
 
	
$
	
12.00
	
 
	
 
	
$
	
13.00
	
 
	
 
	
$
	
14.00
	
 
	
 
	
$
	
15.00
	
 
	
 
	
$
	
16.00
	
 
	
 
	
$
	
17.00
	
 
	
 
	
≥$18.00
	
 

	
60 months
	
 
	
 
	
0.261
	
 
	
 
	
 
	
0.281
	
 
	
 
	
 
	
0.297
	
 
	
 
	
 
	
0.311
	
 
	
 
	
 
	
0.324
	
 
	
 
	
 
	
0.337
	
 
	
 
	
 
	
0.318
	
 
	
 
	
 
	
0.358
	
 
	
 
	
 
	
0.361
	
 

	
57 months
	
 
	
 
	
0.257
	
 
	
 
	
 
	
0.277
	
 
	
 
	
 
	
0.294
	
 
	
 
	
 
	
0.310
	
 
	
 
	
 
	
0.324
	
 
	
 
	
 
	
0.337
	
 
	
 
	
 
	
0.348
	
 
	
 
	
 
	
0.358
	
 
	
 
	
 
	
0.361
	
 

	
54 months
	
 
	
 
	
0.252
	
 
	
 
	
 
	
0.272
	
 
	
 
	
 
	
0.291
	
 
	
 
	
 
	
0.307
	
 
	
 
	
 
	
0.322
	
 
	
 
	
 
	
0.335
	
 
	
 
	
 
	
0.347
	
 
	
 
	
 
	
0.357
	
 
	
 
	
 
	
0.361
	
 

	
51 months
	
 
	
 
	
0.246
	
 
	
 
	
 
	
0.268
	
 
	
 
	
 
	
0.287
	
 
	
 
	
 
	
0.304
	
 
	
 
	
 
	
0.320
	
 
	
 
	
 
	
0.333
	
 
	
 
	
 
	
0.346
	
 
	
 
	
 
	
0.357
	
 
	
 
	
 
	
0.361
	
 

	
48 months
	
 
	
 
	
0.241
	
 
	
 
	
 
	
0.263
	
 
	
 
	
 
	
0.283
	
 
	
 
	
 
	
0.301
	
 
	
 
	
 
	
0.317
	
 
	
 
	
 
	
0.332
	
 
	
 
	
 
	
0.344
	
 
	
 
	
 
	
0.356
	
 
	
 
	
 
	
0.361
	
 

	
45 months
	
 
	
 
	
0.235
	
 
	
 
	
 
	
0.258
	
 
	
 
	
 
	
0.279
	
 
	
 
	
 
	
0.298
	
 
	
 
	
 
	
0.315
	
 
	
 
	
 
	
0.330
	
 
	
 
	
 
	
0.343
	
 
	
 
	
 
	
0.356
	
 
	
 
	
 
	
0.361
	
 

	
42  months
	
 
	
 
	
0.228
	
 
	
 
	
 
	
0.252
	
 
	
 
	
 
	
0.274
	
 
	
 
	
 
	
0.294
	
 
	
 
	
 
	
0.312
	
 
	
 
	
 
	
0.328
	
 
	
 
	
 
	
0.342
	
 
	
 
	
 
	
0.355
	
 
	
 
	
 
	
0.361
	
 

	
39 months
	
 
	
 
	
0.221
	
 
	
 
	
 
	
0.246
	
 
	
 
	
 
	
0.269
	
 
	
 
	
 
	
0.290
	
 
	
 
	
 
	
0.309
	
 
	
 
	
 
	
0.325
	
 
	
 
	
 
	
0.340
	
 
	
 
	
 
	
0.354
	
 
	
 
	
 
	
0.361
	
 

	
36 months
	
 
	
 
	
0.213
	
 
	
 
	
 
	
0.239
	
 
	
 
	
 
	
0.263
	
 
	
 
	
 
	
0.285
	
 
	
 
	
 
	
0.305
	
 
	
 
	
 
	
0.323
	
 
	
 
	
 
	
0.339
	
 
	
 
	
 
	
0.353
	
 
	
 
	
 
	
0.361
	
 

	
33 months
	
 
	
 
	
0.205
	
 
	
 
	
 
	
0.232
	
 
	
 
	
 
	
0.257
	
 
	
 
	
 
	
0.280
	
 
	
 
	
 
	
0.301
	
 
	
 
	
 
	
0.320
	
 
	
 
	
 
	
0.337
	
 
	
 
	
 
	
0.352
	
 
	
 
	
 
	
0.361
	
 

	
30 months
	
 
	
 
	
0.196
	
 
	
 
	
 
	
0.224
	
 
	
 
	
 
	
0.250
	
 
	
 
	
 
	
0.274
	
 
	
 
	
 
	
0.297
	
 
	
 
	
 
	
0.316
	
 
	
 
	
 
	
0.335
	
 
	
 
	
 
	
0.351
	
 
	
 
	
 
	
0.361
	
 

	
27 months
	
 
	
 
	
0.185
	
 
	
 
	
 
	
0.214
	
 
	
 
	
 
	
0.242
	
 
	
 
	
 
	
0.268
	
 
	
 
	
 
	
0.291
	
 
	
 
	
 
	
0.313
	
 
	
 
	
 
	
0.332
	
 
	
 
	
 
	
0.350
	
 
	
 
	
 
	
0.361
	
 

	
24 months
	
 
	
 
	
0.173
	
 
	
 
	
 
	
0.204
	
 
	
 
	
 
	
0.233
	
 
	
 
	
 
	
0.260
	
 
	
 
	
 
	
0.285
	
 
	
 
	
 
	
0.308
	
 
	
 
	
 
	
0.329
	
 
	
 
	
 
	
0.348
	
 
	
 
	
 
	
0.361
	
 

	
21 months
	
 
	
 
	
0.161
	
 
	
 
	
 
	
0.193
	
 
	
 
	
 
	
0.223
	
 
	
 
	
 
	
0.252
	
 
	
 
	
 
	
0.279
	
 
	
 
	
 
	
0.304
	
 
	
 
	
 
	
0.326
	
 
	
 
	
 
	
0.347
	
 
	
 
	
 
	
0.361
	
 

	
18 months
	
 
	
 
	
0.146
	
 
	
 
	
 
	
0.179
	
 
	
 
	
 
	
0.211
	
 
	
 
	
 
	
0.242
	
 
	
 
	
 
	
0.271
	
 
	
 
	
 
	
0.298
	
 
	
 
	
 
	
0.322
	
 
	
 
	
 
	
0.345
	
 
	
 
	
 
	
0.361
	
 

	
15 months
	
 
	
 
	
0.130
	
 
	
 
	
 
	
0.164
	
 
	
 
	
 
	
0.197
	
 
	
 
	
 
	
0.230
	
 
	
 
	
 
	
0.262
	
 
	
 
	
 
	
0.291
	
 
	
 
	
 
	
0.317
	
 
	
 
	
 
	
0.342
	
 
	
 
	
 
	
0.361
	
 

	
12 months
	
 
	
 
	
0.111
	
 
	
 
	
 
	
0.146
	
 
	
 
	
 
	
0.181
	
 
	
 
	
 
	
0.216
	
 
	
 
	
 
	
0.250
	
 
	
 
	
 
	
0.282
	
 
	
 
	
 
	
0.312
	
 
	
 
	
 
	
0.339
	
 
	
 
	
 
	
0.361
	
 

	
9 months
	
 
	
 
	
0.090
	
 
	
 
	
 
	
0.125
	
 
	
 
	
 
	
0.162
	
 
	
 
	
 
	
0.199
	
 
	
 
	
 
	
0.237
	
 
	
 
	
 
	
0.272
	
 
	
 
	
 
	
0.305
	
 
	
 
	
 
	
0.336
	
 
	
 
	
 
	
0.361
	
 

	
6 months
	
 
	
 
	
0.065
	
 
	
 
	
 
	
0.099
	
 
	
 
	
 
	
0.137
	
 
	
 
	
 
	
0.178
	
 
	
 
	
 
	
0.219
	
 
	
 
	
 
	
0.259
	
 
	
 
	
 
	
0.296
	
 
	
 
	
 
	
0.331
	
 
	
 
	
 
	
0.361
	
 

	
3 months
	
 
	
 
	
0.034
	
 
	
 
	
 
	
0.065
	
 
	
 
	
 
	
0.104
	
 
	
 
	
 
	
0.150
	
 
	
 
	
 
	
0.197
	
 
	
 
	
 
	
0.243
	
 
	
 
	
 
	
0.286
	
 
	
 
	
 
	
0.326
	
 
	
 
	
 
	
0.361
	
 

	
0 months
	
 
	
⸻
	
 
	
 
	
⸻
	
 
	
 
	
 
	
0.042
	
 
	
 
	
 
	
0.115
	
 
	
 
	
 
	
0.179
	
 
	
 
	
 
	
0.233
	
 
	
 
	
 
	
0.281
	
 
	
 
	
 
	
0.323
	
 
	
 
	
 
	
0.361
	
 

 

10

 

 

 

If the exact Fair Market Value and Redemption Date (as defined in this Section 6.2) are between two values in the table above or the Redemption Date is between two redemption dates in the table above, the number of Ordinary Shares to be issued for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line interpolation between the number of shares set forth for the higher and lower Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365-day year.

 

The share prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of Ordinary Shares issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof. The adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of Ordinary Shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of Ordinary Shares deliverable upon exercise of a Warrant as so adjusted. The number of Ordinary Shares in the table above shall be adjusted in the same manner and at the same time as the number of Ordinary Shares issuable upon exercise of a Warrant.

In no event shall the Warrants be exercisable in connection with a Make-Whole Exercise for more than 0.361 Ordinary Shares per whole Warrant (subject to adjustment).

6.3Date Fixed for, and Notice of, Redemption; Redemption Price. In the event that the Company elects to redeem the Warrants pursuant to Sections 6.1 and 6.2 hereof, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 or 6.2 hereof.

6.4Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or, if in connection with a redemption pursuant to Sections 6.2 or 7.4 hereof, on a “cashless basis” in accordance with such section) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. In the event that the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to Section 7.4 hereof, the notice of redemption shall contain the information necessary to calculate the number of Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in Section 7.4 hereof) in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

6.5Exclusion of Private Placement Warrants. The Company agrees that the redemption rights provided in Sections 6.1 and 6.2 hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Purchasers or their Permitted Transferees. However, once such Private Placement Warrants are transferred (other than to Permitted Transferees under Section 2.6 hereof), the Company may redeem such Private Placement Warrants pursuant to Sections 6.1 and 6.2 hereof, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.4 hereof. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants, and shall become Public Warrants under this Agreement.

7.Other Provisions Relating to Rights of Holders of Warrants.

7.1No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the general meetings of the Company or the appointment of directors of the Company or any other matter.

11

 

 

7.2Lost, Stolen, Mutilated or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

7.3Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

7.4Registration of Ordinary Shares; Cashless Exercise at Company’s Option.

7.4.1Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. Except as provided in subsection 7.4.2 below, for the avoidance of any doubt, unless and until all of the Warrants have been exercised, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1. 

7.4.2Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) as described in subsection 7.4.1 above and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary and (y) use its commercially reasonable efforts to register or qualify the Ordinary Shares issuable upon exercise of the Public Warrants under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available. To exercise the Warrants on a cashless basis, each Registered Holder would pay the Exercise Price by surrendering the Warrants in exchange for a number of Ordinary Shares equal to the lesser of (i) the quotient obtained by dividing (A) the product of (x) the number of the Ordinary Shares underlying the Warrants and (y) the excess of the “Fair Market Value” (as defined in this subsection 7.4.2) over the Exercise Price of the Warrants by (B) the Fair Market Value and (ii) the product of the number of Warrants surrendered and 0.361 (subject to adjustment). Solely for purposes of this subsection 7.4.2, the “Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares for the ten (10) trading days ending on the trading day prior to the date on which the notice of exercise is received by the Warrant Agent.

8.Concerning the Warrant Agent and Other Matters.

8.1Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such Ordinary Shares.

8.2Resignation, Consolidation or Merger of Warrant Agent.

8.2.1Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days 

12

 

 

after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties and obligations.

8.2.2Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Ordinary Shares not later than the effective date of any such appointment.

8.2.3Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.

8.3Fees and Expenses of Warrant Agent.

8.3.1Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

8.3.2Further Assurances. The Company agrees to perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.

8.4Liability of Warrant Agent.

8.4.1Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by a Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

8.4.2Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.

13

 

 

8.4.3Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and non-assessable.

8.5Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise of the Warrants.

8.6Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account.

9.Miscellaneous Provisions.

9.1Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.

9.2Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

Decarbonization Plus Acquisition Corporation IV

2744 Sand Hill Road, Suite 100

Menlo Park, CA 94025

Attention: Peter Haskopoulos

Email: phaskopoulos@riverstonellc.com

 

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

9.3Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The 

14

 

 

Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement, including under the Securities Act, shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive; provided, however, that the foregoing shall not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

9.4Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

9.5Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent. 

9.6Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

9.7Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

9.8Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 50% of the then outstanding Public Warrants; provided that if an amendment adversely affects the Private Placement Warrants in a different manner than the Public Warrants or vice versa, then the vote or written consent of the Registered Holders of 65% of the Public Warrants and 65% of the Private Placement Warrants, voting as separate classes, shall be required. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

9.9Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

Exhibit A — Form of Warrant Certificate

Exhibit B Legend — Private Placement Warrants

 

[Signature Page Follows]

 

15

 

 

 

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

 

	
DECARBONIZATION PLUS ACQUISITION CORPORATION IV

	
 
	
 
	
 

	
By:
	
 
	
/s/ Peter Haskopoulos

	
Name:
	
 
	
Peter Haskopoulos

	
Title:
	
 
	
Chief Financial Officer, Chief Accounting Officer and Secretary

	
 
	
 
	
 

	
 
	
 
	
 

	
CONTINENTAL STOCK TRANSFER &

	
TRUST COMPANY, as Warrant Agent

	
 
	
 
	
 

	
By:
	
 
	
/s/ Stacy Aqui

	
Name:
	
 
	
Stacy Aqui

	
Title:
	
 
	
Vice President

 

 

[Signature Page to the Warrant Agreement]

 

 

 

EXHIBIT A

[Form of Warrant Certificate]

[FACE]

Number

Warrants

 

THIS WARRANT SHALL BE NULL AND VOID IF NOT EXERCISED PRIOR TO
THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR
IN THE WARRANT AGREEMENT DESCRIBED BELOW

DECARBONIZATION PLUS ACQUISITION CORPORATION IV

Incorporated Under the Laws of the Cayman Islands

CUSIP [            ]

Warrant Certificate

This Warrant Certificate certifies that           , or registered assigns, is the registered holder of            warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value per share (“Ordinary Shares”), of Decarbonization Plus Acquisition Corporation IV, a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable by certified or official bank check payable to the Company (or through “cashless exercise” as provided for in the Warrant Agreement) upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

Each whole Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

The initial Exercise Price is equal to $11.50 per Ordinary Share. The Exercise Price is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void.

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place.

This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof.

 

 

 

	
DECARBONIZATION PLUS ACQUISITION CORPORATION IV

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
CONTINENTAL STOCK TRANSFER 

	
& TRUST COMPANY as Warrant Agent

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

 

 

 

 

[Form of Warrant Certificate]

[Reverse]

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of           , 2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through “cashless exercise” as provided for in the Warrant Agreement.

The Warrant Agreement provides that upon the occurrence of certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares to be issued to the holder of the Warrant.

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants.

Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith.

The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company.

 

 

 

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive            Ordinary Shares and herewith tenders payment for such Ordinary Shares to the order of Decarbonization Plus Acquisition Corporation IV (the “Company”) in the amount of $           in accordance with the terms hereof. The undersigned requests that the register of members of the Company be updated to reflect the issuance of such Ordinary Shares and a certificate for such Ordinary Shares be registered in the name of           , whose address is            and that such Ordinary Shares be delivered to            whose address is           . If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of           , whose address is            and that such Warrant Certificate be delivered to           , whose address is           .

In the event that the Warrant has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and the undersigned elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 6.2 of the Warrant Agreement.

In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement.

In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive            Ordinary Shares. If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of           , whose address is            and that such Warrant Certificate be delivered to           , whose address is           .

[Signature Page Follows]

 

 

 

 

Date:

 

	
	
 

	
(Signature)

	
 

	
 

	
 

	
 

	
(Address)

	
 

	
 

	
(Tax Identification Number)

 

Signature Guaranteed:

 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 (OR ANY SUCCESSOR RULE)) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

 

 

 

EXHIBIT B

LEGEND

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG DECARBONIZATION PLUS ACQUISITION CORPORATION IV (THE “COMPANY”), DECARBONIZATION PLUS ACQUISITION SPONSOR IV LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

No.            Warrants

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