Document:

EX-4.5

 Exhibit 4.5 

EXECUTION VERSION 
  

 
  

INDENTURE 
 Dated as of
May 15, 2013 
 between 

TOPS HOLDING II CORPORATION 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 8.750% / 9.500% SENIOR
NOTES DUE 2018 
  
  

 

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	   (a)(2)
	  	7.10
	   (a)(3)
	  	N.A.
	   (a)(4)
	  	N.A.
	   (a)(5)
	  	7.10
	   (b)
	  	7.10
	   (c)
	  	N.A.
	 311(a)
	  	7.11
	   (b)
	  	7.11
	   (c)
	  	N.A.
	 312(a)
	  	2.05
	   (b)
	  	12.03
	   (c)
	  	12.03
	 313(a)
	  	7.06
	   (b)(1)
	  	N.A.
	   (b)(2)
	  	7.06; 7.07
	   (c)
	  	7.06; 12.02
	   (d)
	  	7.06
	 314(a)
	  	12.02; 12.05
	   (c)(1)
	  	12.04
	   (c)(2)
	  	12.04
	   (c)(3)
	  	N.A.
	   (e)
	  	12.05
	   (f)
	  	N.A.
	 315(a)
	  	7.01
	   (b)
	  	7.05; 12.02
	   (c)
	  	7.01
	   (d)
	  	7.01
	   (e)
	  	6.14
	 316(a)(last sentence)
	  	2.09
	   (a)(1)(A)
	  	6.05
	   (a)(1)(B)
	  	6.04
	   (a)(2)
	  	N.A.
	   (b)
	  	6.07
	   (c)
	  	2.12; 9.04
	 317(a)(1)
	  	6.08
	   (a)(2)
	  	6.12
	   (b)
	  	2.04
	 318(a)
	  	12.01
	   (b)
	  	N.A.
	   (c)
	  	12.01

  

	N.A.	means not applicable. 

	*	This Cross-Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	ARTICLE 1	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
		
	 Section 1.01 Definitions
	  	 	1	  
	 Section 1.02 Other Definitions
	  	 	28	  
	 Section 1.03 Incorporation by Reference of Trust Indenture Act
	  	 	29	  
	 Section 1.04 Rules of Construction
	  	 	30	  
	 Section 1.05 Acts of Holders
	  	 	30	  
		
	ARTICLE 2	  			
		
	THE NOTES	  			
		
	 Section 2.01 Form and Dating; Terms
	  	 	31	  
	 Section 2.02 Execution and Authentication
	  	 	33	  
	 Section 2.03 Registrar and Paying Agent
	  	 	34	  
	 Section 2.04 Paying Agent to Hold Money in Trust
	  	 	34	  
	 Section 2.05 Holder Lists
	  	 	34	  
	 Section 2.06 Transfer and Exchange
	  	 	34	  
	 Section 2.07 Replacement Notes
	  	 	48	  
	 Section 2.08 Outstanding Notes
	  	 	48	  
	 Section 2.09 Treasury Notes
	  	 	48	  
	 Section 2.10 Temporary Notes
	  	 	48	  
	 Section 2.11 Cancellation
	  	 	49	  
	 Section 2.12 Defaulted Interest
	  	 	49	  
	 Section 2.13 CUSIP and ISIN Numbers
	  	 	49	  
	 Section 2.14 Issuance of PIK Interest
	  	 	50	  
		
	ARTICLE 3	  			
		
	REDEMPTION	  			
		
	 Section 3.01 Notices to Trustee
	  	 	50	  
	 Section 3.02 Selection of Notes to Be Redeemed or Purchased
	  	 	50	  
	 Section 3.03 Notice of Redemption
	  	 	51	  
	 Section 3.04 Effect of Notice of Redemption
	  	 	52	  
	 Section 3.05 Deposit of Redemption or Purchase Price
	  	 	52	  
	 Section 3.06 Notes Redeemed or Purchased in Part
	  	 	52	  
	 Section 3.07 Optional Redemption
	  	 	52	  
	 Section 3.08 Mandatory Redemption
	  	 	53	  

  
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	 	  	Page	 
	ARTICLE 4	  			
		
	COVENANTS	  			
		
	 Section 4.01 Payment of Principal, Premium and Interest
	  	 	53	  
	 Section 4.02 Corporate Existence
	  	 	53	  
	 Section 4.03 Limitation on Indebtedness
	  	 	54	  
	 Section 4.04 Limitation on Restricted Payments
	  	 	57	  
	 Section 4.05 Limitation on Transactions with Affiliates
	  	 	63	  
	 Section 4.06 Limitation on Liens
	  	 	64	  
	 Section 4.07 Limitation on Sale of Assets
	  	 	65	  
	 Section 4.08 Future Guarantees
	  	 	66	  
	 Section 4.09 Purchase of Notes upon a Change of Control
	  	 	67	  
	 Section 4.10 Reserved
	  	 	69	  
	 Section 4.11 Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	69	  
	 Section 4.12 Limitation on Unrestricted Subsidiaries
	  	 	70	  
	 Section 4.13 Provision of Financial Information
	  	 	72	  
	 Section 4.14 Statement by Officers as to Default
	  	 	73	  
		
	ARTICLE 5	  			
		
	SUCCESSORS	  			
		
	 Section 5.01 Consolidation, Merger or Sale of Assets
	  	 	73	  
	 Section 5.02 Successor Substituted
	  	 	75	  
		
	ARTICLE 6	  			
		
	DEFAULTS AND REMEDIES	  			
		
	 Section 6.01 Events of Default
	  	 	75	  
	 Section 6.02 Acceleration
	  	 	77	  
	 Section 6.03 Other Remedies
	  	 	78	  
	 Section 6.04 Waiver of Past Defaults
	  	 	78	  
	 Section 6.05 Control by Majority
	  	 	78	  
	 Section 6.06 Limitation on Suits
	  	 	78	  
	 Section 6.07 Rights of Holders of Notes to Receive Payment
	  	 	78	  
	 Section 6.08 Collection Suit by Trustee
	  	 	79	  
	 Section 6.09 Restoration of Rights and Remedies
	  	 	79	  
	 Section 6.10 Rights and Remedies Cumulative
	  	 	79	  
	 Section 6.11 Delay or Omission Not Waiver
	  	 	79	  
	 Section 6.12 Trustee May File Proofs of Claim
	  	 	79	  
	 Section 6.13 Priorities
	  	 	80	  
	 Section 6.14 Undertaking for Costs
	  	 	80	  
		
	ARTICLE 7	  			
		
	TRUSTEE	  			
		
	 Section 7.01 Duties of Trustee
	  	 	80	  
	 Section 7.02 Rights of Trustee
	  	 	81	  
	 Section 7.03 Individual Rights of Trustee
	  	 	83	  
	 Section 7.04 Trustee’s Disclaimer
	  	 	83	  
	 Section 7.05 Notice of Defaults
	  	 	83	  
	 Section 7.06 Reports by Trustee to Holders of the Notes
	  	 	83	  

  
 -ii- 

					
	 	  	Page	 
	 Section 7.07 Compensation and Indemnity
	  	 	83	  
	 Section 7.08 Replacement of Trustee
	  	 	84	  
	 Section 7.09 Successor Trustee by Merger, Etc.
	  	 	85	  
	 Section 7.10 Eligibility; Disqualification
	  	 	85	  
	 Section 7.11 Preferential Collection of Claims Against the Company
	  	 	86	  
		
	ARTICLE 8	  			
		
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  			
		
	 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	86	  
	 Section 8.02 Legal Defeasance and Discharge
	  	 	86	  
	 Section 8.03 Covenant Defeasance
	  	 	86	  
	 Section 8.04 Conditions to Legal or Covenant Defeasance
	  	 	87	  
	 Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	88	  
	 Section 8.06 Repayment to the Company
	  	 	88	  
	 Section 8.07 Reinstatement
	  	 	88	  
		
	ARTICLE 9	  			
		
	AMENDMENT, SUPPLEMENT AND WAIVER	  			
		
	 Section 9.01 Without Consent of Holders of Notes
	  	 	89	  
	 Section 9.02 With Consent of Holders of Notes
	  	 	90	  
	 Section 9.03 Compliance with Trust Indenture Act
	  	 	91	  
	 Section 9.04 Effect of Consents
	  	 	91	  
	 Section 9.05 Notation on or Exchange of Notes
	  	 	91	  
	 Section 9.06 Trustee to Sign Amendments, Etc.
	  	 	91	  
		
	ARTICLE 10	  			
		
	GUARANTEES	  			
		
	 Section 10.01 Guarantee
	  	 	92	  
	 Section 10.02 Limitation on Guarantor Liability
	  	 	93	  
	 Section 10.03 Execution and Delivery
	  	 	94	  
	 Section 10.04 Subrogation
	  	 	94	  
	 Section 10.05 Benefits Acknowledged
	  	 	94	  
	 Section 10.06 Release of Guarantees
	  	 	94	  
		
	ARTICLE 11	  			
		
	SATISFACTION AND DISCHARGE	  			
		
	 Section 11.01 Satisfaction and Discharge
	  	 	95	  
	 Section 11.02 Application of Trust Money
	  	 	96	  

  
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	 	  	Page	 
	ARTICLE 12	  			
		
	MISCELLANEOUS	  			
		
	 Section 12.01 Trust Indenture Act Controls
	  	 	96	  
	 Section 12.02 Notices
	  	 	96	  
	 Section 12.03 Communication by Holders of Notes with Other Holders of Notes
	  	 	97	  
	 Section 12.04 Certificate and Opinion as to Conditions Precedent
	  	 	97	  
	 Section 12.05 Statements Required in Certificate or Opinion
	  	 	98	  
	 Section 12.06 Rules by Trustee and Agents
	  	 	98	  
	 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	98	  
	 Section 12.08 Governing Law; Waiver of Jury Trial
	  	 	98	  
	 Section 12.09 Force Majeure
	  	 	98	  
	 Section 12.10 Successors
	  	 	99	  
	 Section 12.11 Severability
	  	 	99	  
	 Section 12.12 Counterpart Originals
	  	 	99	  
	 Section 12.13 Table of Contents, Headings, Etc.
	  	 	99	  
	 Section 12.14 Qualification of Indenture
	  	 	99	  
	 Section 12.15 USA Patriot Act
	  	 	99	  

  

			
	EXHIBITS	  	
		
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Certificate of Transfer
	Exhibit B-1	  	Form of Certificate for Acquiring Institutional Accredited Investor
	Exhibit C	  	Form of Certificate of Exchange
	Exhibit D	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
 -iv- 

 INDENTURE, dated as of May 15, 2013, between Tops Holding II Corporation, a Delaware
corporation, as issuer (the “Company”), and U.S. Bank National Association, a national banking association duly organized and existing under the laws of the United States of America, as Trustee (the “Trustee”). 

W I T N E S S E T H 

WHEREAS, the Company has duly authorized the creation of an issue of $150,000,000 aggregate principal amount of 8.750% / 9.500% Senior Notes
due 2018 (the “Initial Notes”); 
 WHEREAS, the Company has duly authorized the execution and delivery of this Indenture;

 WHEREAS, all things necessary (i) to make the Notes, when executed by the Company and authenticated and delivered hereunder and duly
issued by the Company, the valid obligations of the Company, and (ii) to make this Indenture a valid agreement of the Company, all in accordance with their respective terms, have been done; and 

NOW, THEREFORE, the Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the
Holders of the Notes (including Holders of any Additional Notes and any PIK Notes, in each case that are actually issued). 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A attached hereto, bearing the Global Note
Legend, the OID Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes
sold in reliance on Rule 144A. 
 “Acquired Indebtedness” means, with respect to any specified Person, Indebtedness of any
other Person (1) existing at the time such other Person is consolidated or merged with or into, or became a Subsidiary of, such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such
other Person consolidating or merging with or into, or becoming a Subsidiary of, such specified Person, or (2) assumed in connection with the acquisition of assets from such other Person, whether or not such Indebtedness is incurred in
connection with, or in contemplation of such acquisition, as the case may be. Notwithstanding the foregoing, Acquired Indebtedness shall not include Indebtedness of such other Person that is extinguished, retired or repaid substantially concurrently
with such other Person becoming a Restricted Subsidiary of, or at the time it is consolidated or merged with or into, such specified Person. 

“Additional Interest” means all “Additional Interest” then owing pursuant to the Registration Rights Agreement.

 “Additional Notes” means additional Notes (other than the Initial Notes and other than Exchange Notes issued in exchange
for such Initial Notes) issued from time to time under this Indenture in accordance with Sections 2.01, 4.03 and 4.06, it being understood that any Notes issued in exchange for or replacement of any Initial Notes shall not be Additional Notes. 

 “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. For the purposes of this definition, “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. 
 “Agent” means any Registrar or Paying Agent. 

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

(1) 1.0% of the principal amount of the Note, or 

(2) the excess of: 

(a) the present value at such Redemption Date of (i) the redemption price of the Note at June 15, 2015 (such
redemption price being set forth in the table appearing in Section 3.07(b)), plus (ii) all required interest payments due on the Note through June 15, 2015 (assuming such interest is Cash Interest) (excluding accrued but unpaid
interest to the date of redemption), computed using a discount rate equal to the Treasury Rate as of such date of redemption plus 50 basis points; over 

(b) the principal amount of the Note. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 
 “Asset
Sale” means any sale, issuance, conveyance, transfer, lease or other disposition (including, without limitation, by way of merger, consolidation or sale and leaseback transaction) (collectively, a “transfer”), directly or
indirectly, in one or a series of related transactions, of: 
 (1) any Capital Stock of any Restricted Subsidiary; 

(2) all or substantially all of the properties and assets of any division or line of business of the Company or any Restricted
Subsidiary; or 
 (3) any other properties or assets (including any transfer by written contract by the Company or any
Restricted Subsidiary to any other Person of any of their rights to receive all or a portion of the proceeds from the sale by the Company or any Restricted Subsidiary of any such asset or properties) of the Company or any Restricted Subsidiary other
than in the ordinary course of business. 
 For the purposes of this definition, the term “Asset Sale” shall not include any
transfer of properties and assets: 
 (A) that is governed by the provisions of Section 5.01; 

(B) that is by the Company to any Restricted Subsidiary or by any Restricted Subsidiary to the Company or any Restricted
Subsidiary or that is the issuance of Capital Stock by a Restricted Subsidiary to the Company or to another Restricted Subsidiary (other than a Securitization Entity); 

  
 -2- 

 (C) that would be a Restricted Payment permitted to be made pursuant to
Section 4.04 or a Permitted Investment; 
 (D) that is a disposition of Receivables and Related Assets in a Qualified
Securitization Transaction; 
 (E) that are obsolete, damaged or worn out equipment or otherwise unsuitable for use in the
ordinary course of business; 
 (F) that is the disposition of Capital Stock of, or other Investments in, an Unrestricted
Subsidiary; 
 (G) that is the sale or other disposition of cash or Cash Equivalents or the voluntary termination of Hedging
Obligations; 
 (H) that is the sale, transfer or disposition deemed to occur in connection with creating or granting any
Liens permitted by Section 4.06; 
 (I) the Fair Market Value of which in the aggregate does not exceed $5.0 million in
any transaction or series of related transactions; 
 (J) consisting of the licensing of any intellectual property in the
ordinary course of business of the Company and its Restricted Subsidiaries; 
 (K) to the extent allowable under
Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any boot thereon) for use in a Permitted Business; 

(L) that is a transfer of property subject to casualty or condemnation proceedings (including in lieu thereof) upon the receipt
of the net cash proceeds therefor; provided such net cash proceeds are deemed to be Net Cash Proceeds and are applied in accordance with Section 4.07; 

(M) that is a foreclosure on assets or a disposition of Investments or receivables in connection with the compromise,
settlement or collection thereof or in bankruptcy or similar proceedings; or 
 (N) that is a surrender or waiver of contract
rights or the settlement, release or surrender of contract, tort or other claims of any kind. 
 “Average Life to Stated
Maturity” means, as of the date of determination with respect to any Indebtedness, the quotient obtained by dividing (1) the sum of the product of (a) the number of years from the date of determination to the date or dates of each
successive scheduled principal payment of such Indebtedness multiplied by (b) the amount of each such principal payment by (2) the sum of all such principal payments. 

“Bankruptcy Law” means Title 11, United States Bankruptcy Code of 1978, as amended, or any similar United States federal or
state law or foreign law relating to bankruptcy, insolvency, receivership, winding up, liquidation, reorganization or relief of debtors or any amendment to, succession to or change in any such law. 

  
 -3- 

 “Board of Directors” means the Board of Directors or comparable governing body
of the Company or any Guarantor, as the case may be, or any duly authorized committee of such board or comparable governing body. 

“Business Day” means each day which is not a Saturday, a Sunday or a day on which banking institutions in The City of New
York, the city in which the principal corporate trust office of the Trustee is located or at a place of payment are authorized or required by law, regulation or executive order to remain closed. 

“Capital Lease Obligation” of any Person means any obligation of such Person and its Restricted Subsidiaries on a
consolidated basis under any capital lease of (or other agreement conveying the right to use) real or personal property which, in accordance with GAAP, is required to be recorded as a capitalized lease obligation. 

“Capital Stock” of any Person means any and all shares, interests, participations, rights in or other equivalents (however
designated) of such Person’s capital stock, other equity interests whether now outstanding or issued after the Issue Date, partnership interests (whether general or limited), limited liability company interests, any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, including any Preferred Stock, and any rights, warrants or options exchangeable for or convertible
into such Capital Stock (other than debt securities convertible into Capital Stock). 
 “Cash Equivalents” means: 

(1) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or
instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition; 

(2) certificates of deposit, time deposits and Eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $500.0 million; 

(3) repurchase obligations for underlying securities of the types described in clauses (1) and (2) entered into with
any financial institution meeting the qualifications specified in clause (2) above; 
 (4) securities with maturities of
24 months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (2) above; 

(5) commercial paper rated at least P-2 by Moody’s Investors Service, Inc. (“Moody’s”) or at least
A-2 by Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (“S&P”) (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another rating agency) and in each case maturing within one year after the date of creation thereof; 
 (6) marketable
short-term money market and similar securities having a rating of least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another rating agency) and in each case maturing within 24 months after the date of creation thereof; 

  
 -4- 

 (7) repurchase agreements and reverse repurchase agreements relating to
marketable direct obligations issued or unconditionally guaranteed by the United States or issued by any agency thereof and backed by the full faith and credit of the United States maturing within 365 days from the date of acquisition; 

(8) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or
the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency); and

 (9) investment funds investing 95% of their assets in cash and securities of the types described in clauses
(1) through (8) above. 
 “Cash Management Services” means any one or more of the following types of services or
facilities provided to the Company or any of its Subsidiaries: (a) ACH transactions, (b) cash management services, including, without limitation, controlled disbursement services, treasury, depository, overdraft and electronic funds
transfer services, (c) foreign exchange facilities, (d) credit card processing services, (e) purchase cards and (f) credit or debit cards. 

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

(1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other
than a Permitted Holder, becomes 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 shares 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% of the total outstanding Voting Stock of the Company; 

(2) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of
Directors of the Company (together with any new directors whose election to such board or whose nomination for election by the stockholders of the Company was approved by a vote of a majority of the directors then still in office who were either
directors at the beginning of such period or whose election or nomination for election was previously so approved), cease for any reason to constitute a majority of such Board of Directors then in office; 

(3) the Company consolidates with or merges with or into any Person or sells, assigns, conveys, transfers, leases or otherwise
disposes of all or substantially all of its and its Restricted Subsidiaries’ assets to any Person, other than a Permitted Holder, or any Person consolidates with or merges into or with the Company, in any such event pursuant to a transaction in
which the outstanding Voting Stock of the Company is converted into or exchanged for cash, securities or other property, other than any such transaction where: 

(A) the outstanding Voting Stock of the Company is converted into or exchanged for (1) Voting Stock of the surviving
corporation which is not Redeemable Capital Stock or (2) cash, securities and other property (other than Capital Stock of the surviving corporation) in an amount which could be paid by the Company as a Restricted Payment under Section 4.04
(and such amount shall be treated as a Restricted Payment for purposes of Section 4.04); and 

  
 -5- 

 (B) immediately after such transaction, no “person” or
“group,” other than a Permitted Holder, 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% of the total outstanding Voting Stock of the surviving corporation; or 

(4) the Company ceases to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision) directly or indirectly 100% of the issued and outstanding Capital Stock of Opco (or any successor thereto to the extent Opco is consolidated into or merged with or into such Person in accordance with the terms of this Indenture) other
than in a transaction which complies with Section 5.01. 
 “Clearstream” means Clearstream Banking,
Société Anonyme. 
 “Commodity Price Protection Agreement” means any forward contract, commodity swap,
commodity option or other similar agreement or arrangement relating to, or the value of which is dependent upon, fluctuations in commodity prices. 

“Company” means Tops Holding II Corporation, a corporation incorporated under the laws of the State of Delaware, until a
successor Person shall have become the Company pursuant to the applicable provisions of this Indenture. 
 “Consolidated
EBITDA” means for any period, the sum, without duplication, of (A) Consolidated Net Income (Loss), (B) in each case to the extent deducted in computing Consolidated Net Income (Loss) for such period, (i) Consolidated Interest
Expense, (ii) Consolidated Income Tax Expense, (iii) Consolidated Non-cash Charges, (iv) the amount of management fees and expense reimbursement accrued by such Person to the Permitted Holders pursuant to the Sponsor Management
Agreement, (v) the amount of any expenses in connection with any actual or proposed Investment, incurrence or repayment of Indebtedness, issuance of Capital Stock or acquisition or disposition outside the ordinary course of business,
(vi) expenses incurred to the extent covered by indemnification provisions in any agreement in connection with an acquisition (including the acquisition of the Company) to the extent reimbursed in cash and such indemnification payments are not
otherwise included in Consolidated EBITDA and (vii) commissions, discounts, yield and other fees and expenses (including interest expense) related to any Qualified Securitization Transaction, in each case, for such period, of such Person and
its Restricted Subsidiaries all determined in accordance with GAAP and (C) proceeds from any business interruption insurance to the extent not otherwise included in Consolidated Net Income, and less (D) all non-cash items increasing
Consolidated Net Income for such period (other than the accrual of revenue and other than non cash items to the extent they represent the reversal of an accrual of, or cash reserve for, anticipated charges made in any prior period or which will
result in the receipt of cash in a future period); provided, that with respect to any period ending prior to the Issue Date, Consolidated EBITDA shall be calculated after giving effect, without duplication, to the adjustments set forth in the
calculation of “Indenture Adjusted EBITDA” in the Offering Memorandum. 
 “Consolidated Fixed Charge Coverage
Ratio” of any Person means, for any period of the most recent four fiscal quarters for which internal consolidated financial statements of such Person are available (the “Four Quarter Period”), the ratio of: 

  
 -6- 

 (a) Consolidated EBITDA for such Four Quarter Period to 

(b) Consolidated Interest Expense for such Four Quarter Period (but excluding from Consolidated Interest Expense for this
purpose the accretion of original issue discount on the Notes issued on the Issue Date), 
 in the case of each of clauses (a) and (b) after
giving pro forma effect to: 
 (1) the incurrence of the Indebtedness giving rise to the need to make such
calculation and (if applicable) the application of the net proceeds therefrom, including to refinance other Indebtedness, as if such Indebtedness was incurred, and the application of such proceeds occurred, on the first day of such Four Quarter
Period; 
 (2) the incurrence, repayment or retirement of any other Indebtedness by such Person and its Restricted
Subsidiaries since the first day of such Four Quarter Period as if such Indebtedness was incurred, repaid or retired at the beginning of such 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 such Four Quarter Period); 

(3) in the case of Acquired Indebtedness or any acquisition occurring at the time of the incurrence of such Indebtedness, the
related acquisition, assuming such acquisition had been consummated on the first day of such Four Quarter Period; 
 (4)
(i) any acquisition or disposition by such Person and its Restricted Subsidiaries of any company or any business or any assets out of the ordinary course of business, whether by merger, stock purchase or sale or asset purchase or sale, or any
related repayment of Indebtedness and (ii) any cost savings initiatives, in each case since the first day of such Four Quarter Period, and prior to the date of determination, assuming such acquisition or disposition had been consummated on the
first day of such Four Quarter Period; and 
 (5) if since the beginning of such Four Quarter Period, any Person that
subsequently became a Restricted Subsidiary or was merged with or into such Person or any of its Restricted Subsidiaries since the beginning of such Four Quarter Period shall have made any acquisition, disposition, merger or consolidation that would
have required adjustment pursuant to this definition, such acquisition, disposition, merger or consolidation assuming such acquisition, disposition, merger or consolidation had occurred on the first day of such Four Quarter Period; 

provided that: 
 (1) in
making such computation, the Consolidated EBITDA and Consolidated Interest Expense attributable to discontinued operations will be excluded; 

(2) in making such computation, the Consolidated Interest Expense attributable to interest on any Indebtedness computed on a
pro forma basis and (A) bearing a floating interest rate shall be computed as if the rate in effect on the date of computation had been the applicable rate for the entire Four Quarter Period and (B) which was not outstanding
during the Four Quarter Period which bears, at the option of such Person, a fixed or floating rate of interest, shall be computed by applying at the option of such Person either the fixed or floating rate, in each case taking into account any
Interest Rate Agreements; 

  
 -7- 

 (3) in making such computation, the Consolidated Interest Expense of such Person
attributable to interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable Four Quarter Period; and

 (4) whenever pro forma effect is to be given to an acquisition, disposition or cost savings initiative, such
pro forma calculation shall be made in good faith by a responsible financial or accounting officer of such Person. Any such pro forma calculation may include adjustments appropriate, in the reasonable determination of
such Person, as set forth in an Officer’s Certificate, to reflect (A) operating expense reductions and other operating improvements or synergies reasonably expected to result from any acquisition, disposition or cost savings initiative and
(B) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote (5) to the “Summary Historical Consolidated Financial and Operating Data of Tops Holding
Corporation” under “Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such Four Quarter Period; provided that (x) such operating expense reductions and
other operating improvements or synergies are reasonably identifiable and factually supportable, (y) in the case of any actions in connection with an acquisition or disposition, such actions are reasonably expected to be taken no later than six
months after such transaction and (z) in connection with any cost savings initiatives not in connection with an acquisition or disposition, the maximum amount of any increase to Consolidated EBITDA for any period pursuant to this definition as
a result of such initiatives shall not exceed 15% of Consolidated EBITDA for such period (prior to any increase thereto pursuant to this definition). 

“Consolidated Income Tax Expense” of any Person means, for any period, the provision for federal, state, local and foreign
income taxes of such Person and its consolidated Restricted Subsidiaries for such period as determined in accordance with GAAP. 

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

(a) the interest expense of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, including,
without limitation, 
 (1) amortization of debt discount, 

(2) the net cost (benefit) associated with Interest Rate Agreements (including amortization of discounts), 

(3) the interest portion of any deferred payment obligation, 

(4) all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers acceptance and

 (5) accrued interest, 

and excluding (i) accretion or accrual of discounted liabilities not constituting Indebtedness, (ii) any expense resulting from the
discounting of Indebtedness in connection with the application of recapitalization accounting or, if applicable, purchase accounting, (iii) any additional interest payable pursuant to the Registration Rights Agreement and any comparable
“additional interest” with respect to other securities and (iv) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses; plus 

  
 -8- 

 (b) (1) the interest component of the Capital Lease Obligations paid, accrued
and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period and 
 (2) all
capitalized interest of such Person and its Restricted Subsidiaries, plus 
 (c) the interest expense under any Guaranteed
Debt of such Person and any Restricted Subsidiary to the extent not included under clause (a) above, whether or not paid by such Person or its Restricted Subsidiaries, plus 

(d) dividend requirements of the Company with respect to Redeemable Capital Stock and of any Restricted Subsidiary with respect
to Preferred Stock (except, in either case, dividends payable solely in shares of Qualified Capital Stock of the Company or such Restricted Subsidiary, as the case may be), less 

(e) interest income of such Person and its Restricted Subsidiaries. 

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

(1) all extraordinary gains or losses net of taxes (less all fees and expenses relating thereto); 

(2) the portion of net income (or loss) of such Person and its Restricted Subsidiaries on a consolidated basis allocable to
minority interests in unconsolidated Persons or Unrestricted Subsidiaries to the extent that cash dividends or distributions have not actually been received by such Person or one of its consolidated Restricted Subsidiaries; 

(3) any gain or loss, net of taxes, realized upon the termination of any employee pension benefit plan and any non-cash charges
incurred relating to the underfunded portion of any pension plan; 
 (4) gains or losses, net of taxes (less all fees and
expenses relating thereto), in respect of dispositions of assets other than in the ordinary course of business; 
 (5) solely
for purposes of determining the amount available for Restricted Payments pursuant to Section 4.04(a)(3)(A), 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, any agreement or applicable law (other than any restriction or prohibition permitted by Section 4.11),
except to the extent of the amount of dividends or other distributions actually paid to the Company or any Restricted Subsidiary; 

(6) any net gain or loss arising from the acquisition of any securities or extinguishment or conversion of any Indebtedness or
Hedging Obligations of such Person; 

  
 -9- 

 (7) any non-cash goodwill or asset impairment charges, any non-cash write downs
attributable to joint ventures of such Person or any of its Restricted Subsidiaries and the amortization of intangibles, in each case pursuant to GAAP; 

(8) any non-cash charges resulting from the application of SFAS No. 123 and any other non-cash compensation charges or
other non-cash expenses or charges arising from the grant of or issuance or repricing of stock, stock options or other equity based awards or any amendment, modification, substitution or change of any such stock, stock options or other equity based
awards; 
 (9) all deferred financing costs written off, and premiums paid, in connection with any early extinguishment of
Indebtedness; 
 (10) the cumulative effect of a change in accounting principles during such period and any amounts
attributable to LIFO (“last in-first out”) inventory adjustments; 
 (11) unrealized gains and losses from Hedging
Obligations or “embedded derivatives” that require the same accounting treatment as Hedging Obligations; 
 (12)
any purchase accounting adjustments (including, without limitation, the impact of writing up inventory, deferred marketing and deferred financing costs or deferred revenue at fair value), amortizations, impairments, write-offs, or non-cash charges
with respect to purchase accounting with respect to any acquisition, disposition, merger, consolidation, amalgamation or similar transactions; and 

(13) any unusual or non-recurring items and any restructuring charges or reserves, including, without limitation, in connection
with an acquisition made after the Issue Date (which, for the avoidance of doubt, shall include retention, severance, systems establishment costs, excess pension charges, contract and lease termination costs and costs to consolidate facilities and
relocate employees). 
 Notwithstanding the foregoing, for the purposes of Section 4.04 only, there shall be excluded from Consolidated
Net Income any income arising from any sale or other disposition of Restricted Investments made by such Person and its Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from such Person and its Restricted
Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by such Person or any of its Restricted Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted
Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under such covenant pursuant to Section 4.04(a)(3)(E). 

“Consolidated Net Tangible Assets” means, at any time, Total Assets at such time minus the sum of (1) all current
liabilities of the Company and its Restricted Subsidiaries on a consolidated basis in accordance with GAAP and (2) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other intangibles of the Company and
its Restricted Subsidiaries on a consolidated basis in accordance with GAAP, all as determined by the Company’s most recent consolidated balance sheet and computed on a pro forma basis to give effect to any acquisition or
disposition of assets outside the ordinary course of business made after such balance sheet date and on or prior to the date of determination. 

“Consolidated Non-cash Charges” of any Person means, for any period, the aggregate depreciation, amortization and other
non-cash charges of such Person and its Restricted Subsidiaries on a consolidated basis for such period, as determined in accordance with GAAP (excluding any non-cash charge which requires an accrual or reserve for cash charges for any future
period). 

  
 -10- 

 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee
specified in Section 12.02 or such other address as to which the Trustee may give notice to the Holders and the Company. 

“Credit Agreement” means the Amended and Restated Credit Agreement dated December 14, 2012 among Opco, Tops Markets,
LLC, the guarantors party thereto, the various lenders and agents party thereto and Bank of America, N.A. as Administrative Agent, together with any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and
any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including
any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder, alters the maturity thereof or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the
same or any other agent, lender, group of lenders or investors. 
 “Credit Facility” means one or more credit or debt
facilities (including, without limitation, any credit or debt facilities provided under the Credit Agreement), commercial paper facilities or other debt instruments, indentures or agreements, providing for revolving credit loans, term loans, notes,
securities, letters of credit or other debt obligations, in each case, as amended, restated, modified, renewed, refunded, restructured, supplemented, replaced or refinanced in whole or in part from time to time, including without limitation any
amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting one or more parties thereto
(whether or not such added or substituted parties are banks or other lenders). 
 “Currency Agreements” means foreign
exchange contracts, currency swap agreements or other similar agreements or arrangements designed to protect against the fluctuations in currency values. 

“Custodian” means the Paying Agent and Registrar, as custodian with respect to the Notes in global form, or any successor
entity thereto. 
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of
Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06(c), (e) or (f), substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture.

 “Designated Non-cash Consideration” means the Fair Market Value, as set forth in an Officer’s Certificate, of
non-cash consideration received by the Company or any of its Restricted Subsidiaries in connection with an Asset Sale. 

  
 -11- 

 “Disinterested Director” means, with respect to any transaction or series of
related transactions, a member of the Board of Directors of the Company who does not have any material direct or indirect financial interest in or with respect to such transaction or series of related transactions. 

“EDS” means HP Enterprise Services, LLC (formerly Electronic Data Systems Corporation and Electronic Data Systems, LLC). 

“Equity Offering” means any public offering or private sale for cash of common stock or Preferred Stock (other than
Redeemable Capital Stock) of the Company or, to the extent the proceeds are contributed to the Company, a direct or indirect parent company of the Company (other than public offerings with respect to a registration statement on Form S-4 (or any
successor form covering substantially the same transactions), Form S-8 (or any successor form covering substantially the same transactions) or otherwise relating to equity securities issuable under any employee benefit plan of the Company). 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated by the SEC thereunder. 
 “Exchange Notes” means any notes issued in exchange for the Notes pursuant to
Section 2.06(f). 
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Existing Opco Notes” means the 8.875% senior secured notes due 2017 issued by Opco and Tops Markets, LLC. 

“Existing Opco Notes Indenture” means the indenture dated December 20, 2012 by and among Opco, Tops Markets, LLC, the
other parties thereto and U.S. Bank National Association, as trustee, relating to the Existing Opco Notes. 
 “Fair Market
Value” means, with respect to any asset or property, the sale value that would be obtained in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no
compulsion to buy. Fair Market Value shall be determined by the Board of Directors of the Company acting in good faith if the Fair Market Value exceeds $15.0 million, otherwise, by the principal financial officer of the Company acting in good faith.

 “Foreign Subsidiary” means any Restricted Subsidiary of the Company that (x) is not organized under the laws of the
United States of America or any State thereof or the District of Columbia, or (y) was organized under the laws of the United States of America or any State thereof or the District of Columbia that has no material assets other than Capital Stock
of one or more foreign entities of the type described in clause (x) above and is not a guarantor of Indebtedness under the Credit Agreement. 

“Franchise Deposits” means the net balances paid by the franchisees of the Company or its Restricted Subsidiaries under the
terms of their respective franchise agreements. 
 “Generally Accepted Accounting Principles” or “GAAP”
means generally accepted accounting principles in the United States as in effect as of the Issue Date, including those set forth in: 

  
 -12- 

 (1) the Financial Accounting Standards Board’s FASB Accounting Standards
Codification; and 
 (2) the rules and regulations of the SEC with respect to generally accepted accounting principles,
including those governing the inclusion of financial statements in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written
statements from the accounting staff of the SEC, except, with respect to any reports or financial information required to be delivered pursuant to Section 4.13 which shall be prepared in accordance with GAAP as in effect on the date thereof.
Any reference to any financial measure for the Company and any of its specified Subsidiaries, for any period that includes any period prior to the date Opco became a Subsidiary of the Company, shall be based on such financial measure for Opco and
such other specified Subsidiaries for such period. 
 For purposes of this definition, the term “consolidated” with respect to any
Person means such Person consolidated with its Restricted Subsidiaries but does not include any Unrestricted Subsidiary. 
 “Global
Note Legend” means the legend set forth in Section 2.06(g)(ii), which is required to be placed on all Global Notes issued under this Indenture. 

“Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes,
substantially in the form of Exhibit A hereto, issued in accordance with Section 2.01, 2.06(b), 2.06(d), 2.06(f) or 2.06(j). 

“Government Securities” means securities that are: 

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

 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in either
case, are not callable or redeemable at the option of the Company, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such Government Securities or
a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities
evidenced by such depository receipt. 
 “Guarantee” means the guarantee by any Guarantor of the Company’s Indenture
Obligations. 
 “Guaranteed Debt” of any Person means, without duplication, all Indebtedness of any other Person referred
to in the definition of “Indebtedness” below guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement: 

  
 -13- 

 (1) to pay or purchase such Indebtedness or to advance or supply funds for the
payment or purchase of such Indebtedness; 
 (2) to purchase, sell or lease (as lessee or lessor) property, or to purchase or
sell services, primarily for the purpose of enabling the debtor to make payment of such Indebtedness or to assure the holder of such Indebtedness against loss; 

(3) to supply funds to, or in any other manner invest in, the debtor (including any agreement to pay for property or services
without requiring that such property be received or such services be rendered); 
 (4) to maintain working capital or equity
capital of the debtor, or otherwise to maintain the net worth, solvency or other financial condition of the debtor or to cause such debtor to achieve certain levels of financial performance; or 

(5) otherwise to assure a creditor against loss; 

provided that the term “Guaranteed Debt” shall not include (i) endorsements for collection or deposit, in either case in the ordinary
course of business or (ii) any guarantee by the Company or any of its Restricted Subsidiaries of obligations in respect of customers for check cashing and short term lending products in the ordinary course of business consistent with industry
standards. 
 “Guarantor” means any Subsidiary of the Company which becomes a guarantor of the Notes after the Issue Date,
including any Person that is required after the Issue Date to execute a Guarantee of the Notes pursuant to Section 4.08 until such Person’s Guarantee is released in accordance with this Indenture or until a successor replaces such Person
pursuant to Section 5.01 and, thereafter, shall mean such successor. 
 “Hedging Obligations” means the obligations
under Currency Agreements, Commodity Price Protection Agreements and Interest Rate Agreements. 
 “Holder” means the Person
in whose name a Note is registered in the Note Register. 
 “Indebtedness” means, with respect to any Person, without
duplication: 
 (1) all indebtedness 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 arising in the ordinary course of business, but including, without limitation, all obligations, contingent or otherwise, of such Person in connection with any letters of
credit issued under letter of credit facilities, acceptance facilities or other similar facilities; 
 (2) all obligations of
such Person evidenced by bonds, notes, debentures or other similar instruments; 
 (3) 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 payables arising in the ordinary course of business; 
 (4) all obligations under
Interest Rate Agreements, Currency Agreements or Commodity Price Protection Agreements of such Person (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such
obligation that would be payable by such Person at such time); 

  
 -14- 

 (5) all Capital Lease Obligations of such Person; 

(6) all Indebtedness referred to in clauses (1) through (5) above 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 or with respect to property (including, without limitation, accounts and contract rights) owned by such Person, other
than a pledge of Capital Stock of an Unrestricted Subsidiary to secure Indebtedness of such Unrestricted Subsidiary, even though such Person has not assumed or become liable for the payment of such Indebtedness; provided the amount of
Indebtedness will be the lesser of the Fair Market Value of such property on the date of determination and the amount of Indebtedness of such other Person; 

(7) all Guaranteed Debt of such Person; 

(8) all Redeemable Capital Stock issued by such Person or Preferred Stock of a Restricted Subsidiary (other than the Company)
of such Person that is not a Guarantor valued at the greater of its voluntary or involuntary maximum fixed repurchase price plus accrued and unpaid dividends; 

(9) all amounts outstanding and other obligations of such Person in respect of a Qualified Securitization Transaction; and 

(10) attributable debt with respect to sale and leaseback transactions. 

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 to this Indenture, and if such price is based
upon, or measured by, the Fair Market Value of such Redeemable Capital Stock, such Fair Market Value to be determined in good faith by the Board of Directors of the issuer of such Redeemable Capital Stock. 

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

“Indenture Obligations” means the obligations of the Company and any other obligor under this Indenture or under the Notes,
including any Guarantor, to pay principal of, premium, if any, and interest when due and payable, and all other amounts due or to become due under or in connection with this Indenture, the Notes and the performance of all other obligations to the
Trustee and the holders under this Indenture and the Notes, according to the respective terms thereof. 
 “Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
 “Initial
Notes” has the meaning set forth in the recitals hereto. 
 “Initial Purchasers” means Merrill Lynch, Pierce,
Fenner & Smith Incorporated and Morgan Stanley & Co. LLC. 

  
 -15- 

 “Insolvency or Liquidation Proceeding” means: 

(1) any case commenced by or against the Company or any Guarantor under any Bankruptcy Law for the relief of debtors, any other
proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any Guarantor, any receivership or assignment for the benefit of creditors relating to the Company or any Guarantor or
any similar case or proceeding relative to the Company or any Guarantor or its creditors, as such, in each case whether or not voluntary; 

(2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company or any
Guarantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
 (3) any other
proceeding of any type or nature in which substantially all claims of creditors of the Company or any Guarantor are determined and any payment or distribution is or may be made on account of such claims. 

“Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act, who is not also a QIB. 
 “Interest Payment Date” means
June 15 and December 15 of each year until Maturity. 
 “Interest Rate Agreements” means interest rate protection
agreements (including, without limitation, interest rate swaps, caps, floors, collars and similar agreements) and/or other types of interest rate hedging agreements or arrangements designed to protect against or manage exposure to fluctuations in
interest rates in respect of Indebtedness of the Company or any Restricted Subsidiary. 
 “Investment” means, with respect
to any Person, directly or indirectly, any advance, loan (including guarantees), or other extension of credit or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the
account or use of others), or any purchase, acquisition or ownership by such Person of any Capital Stock, bonds, notes, debentures or other securities issued by any other Person and all other items that would be classified as investments on a
balance sheet (excluding the footnotes) prepared in accordance with GAAP. “Investment” shall exclude direct or indirect advances to customers or suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as
accounts receivable, prepaid expenses or deposits on the Company’s or any Restricted Subsidiary’s balance sheet, endorsements for collection or deposit arising in the ordinary course of business and extensions of trade credit on
commercially reasonable terms in accordance with normal trade practices. If the Company or any Restricted Subsidiary sells or otherwise disposes of any Capital Stock of any direct or indirect Restricted Subsidiary such that, after giving effect to
any such sale or disposition, such Person is no longer a Restricted Subsidiary (other than the sale of all of the outstanding Capital Stock of such Subsidiary), the Company will be deemed to have made an Investment on the date of such sale or
disposition equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.04. 

“Issue Date” means the original issue date of the Notes under this Indenture. 

“Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes
for use by such Holders in connection with the Exchange Offer. 

  
 -16- 

 “Lien” means any mortgage or deed of trust, charge, pledge, lien (statutory or
otherwise), privilege, security interest, assignment, easement, hypothecation, claim, preference, priority or other encumbrance upon or with respect to any property of any kind (including any conditional sale, capital lease or other title retention
agreement, any leases in the nature thereof, and any agreement to give any security interest), real or personal, movable or immovable, now owned or hereafter acquired; provided that in no event shall an operating lease be deemed to constitute
a Lien. A Person will be deemed to own subject to a Lien any property which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation or other title retention agreement.

 “Maturity” means, when used with respect to the Notes, the date on which the principal of the Notes becomes due and
payable as therein provided or as provided in this Indenture, whether at Stated Maturity, the offer date or the Redemption Date and whether by declaration of acceleration, Offer in respect of Excess Proceeds, Change of Control Offer in respect of a
Change of Control, call for redemption or otherwise. 
 “Moody’s” means Moody’s Investors Service, Inc. and any
successor to its rating agency business. 
 “Net Cash Proceeds” means: 

(a) with respect to any Asset Sale by any Person, the proceeds thereof (without duplication in respect of all Asset Sales) in
the form of cash or Cash Equivalents including payments in respect of deferred payment obligations when received in the form of, or stock or other assets when disposed of for, cash or Cash Equivalents (except to the extent that such obligations are
financed or sold with recourse to the Company or any Restricted Subsidiary) net of: 
 (1) brokerage commissions and other
reasonable fees and expenses (including, without limitation, fees and expenses of counsel and investment bankers) related to such Asset Sale, 

(2) provisions for all taxes payable as a result of such Asset Sale, 

(3) payments made to retire Indebtedness where payment of such Indebtedness is secured by the assets or properties the subject
of such Asset Sale, 
 (4) in the case of an Asset Sale by a Restricted Subsidiary, distributions and other payments made to
minority shareholders, partners or members of such Restricted Subsidiary as a result of such Asset Sale, 
 (5) amounts
required to be paid to any Person (other than the Company or any Restricted Subsidiary) owning a beneficial interest in the assets subject to the Asset Sale, and 

(6) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in
accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment
benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale; and 

  
 -17- 

 (b) with respect to any issuance or sale of Subordinated Indebtedness, or Capital
Stock, or debt securities or Capital Stock that have been converted into or exchanged for Capital Stock as referred to in Section 4.04, the proceeds of such issuance or sale in the form of cash or Cash Equivalents including payments in respect
of deferred payment obligations when received in the form of, or stock or other assets when disposed of for, cash or Cash Equivalents (except to the extent that such obligations are financed or sold with recourse to the Company or any Restricted
Subsidiary), net of attorneys’ fees, accountants’ fees and brokerage, consultation, underwriting and other fees and expenses actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof.

 “Non-recourse Indebtedness” means, with respect to any Person, Indebtedness of such Person as to which the Company and
any Restricted Subsidiary may not be directly or indirectly liable (by virtue of the Company or any such Restricted Subsidiary being the primary obligor on, guarantor of, or otherwise liable in any respect to, such Indebtedness except for a Lien on
the Capital Stock of an Unrestricted Subsidiary to the creditors thereof which is not recourse to any other assets of the Company or a Restricted Subsidiary), and which, upon the occurrence of a default with respect to such Indebtedness, does not
result in, or permit any holder of any Indebtedness of the Company or any Restricted Subsidiary to declare, a default on such Indebtedness of the Company or any Restricted Subsidiary or cause the payment of Indebtedness of the Company or any
Restricted Subsidiary to be accelerated or payable prior to its Stated Maturity. 
 “Non-U.S. Person” means a Person who is
not a U.S. Person. 
 “Notes” means the Initial Notes, PIK Notes, Exchange Notes and any Additional Notes. 

“Obligations” means any principal, premium, interest (including any interest accruing subsequent to the filing of a petition
in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the offering memorandum, dated March 8, 2013, relating to the sale of the Initial Notes.

 “Officer” means the chairman of the Board of Directors, the chief executive officer, chief financial officer, the
president, any executive vice president, senior vice president or vice president, the treasurer or the secretary of the Company. 

“Officer’s Certificate” means a certificate signed on behalf of any Person by an Officer of such Person, who must be the
principal executive officer, the principal financial officer or the principal accounting officer of such Person that meets the requirements set forth in this Indenture. 

“OID Legend” means the legend set forth in Section 2.06(g)(iv) to be placed on all Notes issued under this Indenture
that have more than a de minimis amount of original issue discount for U.S. federal income tax purposes. 
 “Opco”
means Tops Holding LLC (f/k/a Tops Holding Corporation), a Delaware limited liability company and a wholly owned subsidiary of the Company. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may
be an employee of or counsel to the Company or the Trustee. 

  
 -18- 

 “Pari Passu Indebtedness” means any Indebtedness of the Company or any Guarantor
that is not contractually subordinated to the Notes or the Guarantees. 
 “Participant” means, with respect to the
Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Business” means the business conducted by the Company and its Restricted Subsidiaries on the Issue Date and any
business similar, reasonably related, complementary, incidental or ancillary thereto, including reasonably related extensions or expansions thereof. 

“Permitted Holders” means (i) each of the Sponsors, (ii) each member of management of the Company who are holders
of Capital Stock of the Company and (iii) any “group” (within the meaning of Section 13(d) or Section 14(d) of the Exchange Act or any successor provision) of which any of the foregoing Persons is a member, provided
that in the case of such “group” and without giving effect to the existence of such “group” or any other “group,” such Sponsors and members of management, collectively, have beneficial ownership, directly or indirectly,
of more than 50% of the total voting power of the Voting Stock of the Company or any of its direct or indirect parent entities held by such “group.” Any person or group whose acquisition of beneficial ownership constitutes a Change of
Control in respect of which a Change of Control offer is made in accordance with the requirements of Section 4.09 will thereafter, together with its Affiliates, constitute a Permitted Holder. 

“Permitted Investment” means: 

(1) Investments in the Company or any Restricted Subsidiary (other than a Securitization Entity) or any Person which, as a
result of such Investment, (a) becomes a Restricted Subsidiary (other than a Securitization Entity) or (b) is merged or consolidated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the
Company or any Restricted Subsidiary (other than a Securitization Entity); 
 (2) Investments in Cash Equivalents; 

(3) Investments acquired by the Company or any Restricted Subsidiary in connection with an Asset Sale permitted by
Section 4.07 to the extent such Investments are non-cash proceeds as permitted under such covenant; 
 (4) Investments
by the Company or a Restricted Subsidiary in a Securitization Entity in connection with a Qualified Securitization Transaction, which Investment is in the good faith determination of the Company necessary or advisable to effect such Qualified
Securitization Transaction; 
 (5) (x) Investments in existence on the Issue Date and (y) an Investment in any Person to
the extent such Investment replaces or refinances an Investment covered by clause (x) above or this clause (y) in an amount not exceeding the amount of the Investment being replaced or refinanced; provided, however, that the
Investment under clause (y) is on terms and conditions not materially less favorable to the Company and its Restricted Subsidiaries taken as a whole than the Investment being replaced or refinanced; 

(6) Investments acquired in exchange for the issuance of Capital Stock (other than Redeemable Capital Stock) of the Company or
acquired with the net cash proceeds received by the Company after the Issue Date from the issuance and sale of Capital Stock (other than Redeemable Capital Stock) of the Company; provided that such Net Cash Proceeds are used to make such
Investment within 30 days of the receipt thereof and the amount of all such Net Cash Proceeds will be excluded from Section 4.04(a)(3)(B); 

  
 -19- 

 (7) Investments in prepaid expenses, negotiable instruments held for collection
and lease, utility and worker’s compensation, performance and other similar deposits provided to third parties in the ordinary course of business; 

(8) loans or advances to employees of the Company for bona fide business purposes of the Company and any Restricted
Subsidiaries (including, without limitation, travel, entertainment and moving expenses) made in compliance with applicable law; 

(9) any Investments received in good faith in settlement or compromise of obligations of trade creditors or customers that were
incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or as a result of a foreclosure by the Company or a Restricted
Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

(10) other Investments in the aggregate amount outstanding at any one time not to exceed $25.0 million; 

(11) Hedging Obligations permitted under Section 4.03(b)(6); 

(12) guarantees of Indebtedness permitted under Section 4.03(b)(5); 

(13) Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment; and 

(14) advances to, or guarantees of Indebtedness of, employees not in excess of $2.5 million outstanding at any one time, in the
aggregate. 
 In connection with any assets or property contributed or transferred to any Person as an Investment, such property and assets
shall be equal to the Fair Market Value at the time of Investment. 
 “Permitted Lien” means: 

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

(b) any Lien with respect to the Credit Agreement or any other Credit Facility so long as the aggregate principal amount
outstanding under the Credit Agreement or any successor Credit Facility does not exceed the principal amount which could be borrowed under clause (1) of the definition of “Permitted Indebtedness”; 

(c) any Lien arising by reason of: 

(1) any judgment, decree or order of any court, so long as such Lien is promptly adequately bonded and any appropriate legal
proceedings which may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired; 

  
 -20- 

 (2) taxes, assessments or other governmental charges or claims not yet delinquent
or which are being contested in good faith; 
 (3) security for payment of workers’ compensation or other insurance and
other social security legislation; 
 (4) good faith deposits in connection with tenders, leases, contracts (other than
contracts for the payment of money); 
 (5) zoning restrictions, easements, licenses, reservations, title defects, rights of
others for rights of way, utilities, sewers, electric lines, telephone or telegraph lines, and other similar purposes, provisions, covenants, conditions, waivers, restrictions on the use of property or minor irregularities of title (and with respect
to leasehold interests, mortgages, obligations, liens and other encumbrances incurred, created, assumed or permitted to exist and arising by, through or under a landlord or owner of the leased property, with or without consent of the lessee), none
of which materially impairs the use of any parcel of property material to the operation of the business of the Company or any Restricted Subsidiary or the value of such property for the purpose of such business; 

(6) deposits to secure public or statutory obligations or levies, or in lieu of surety or appeal bonds; 

(7) operation of law in favor of mechanics, carriers, warehousemen, landlords, materialmen, laborers, employees or suppliers,
for sums which are not yet delinquent or are being contested in good faith by negotiations or by appropriate proceedings which suspend the collection thereof; 

(8) receipt of progress payments and advances from customers in the ordinary course of business to the extent the same creates
a Lien on the related inventory and proceeds thereof; 
 (9) operation of law in favor of customs and revenue authorities to
secure the payment of customs duties in connection with the importation of goods; 
 (10) operation of law under Article 4 of
the UCC in connection with the collection of items provided for therein or under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods; or 

(11) consignment or similar arrangements for the sale by the Company or its Restricted Subsidiaries of goods through third
parties in the ordinary course of business; 
 (d) any Lien securing Acquired Indebtedness created prior to (and not created
in connection with, or in contemplation of) the incurrence of such Indebtedness by the Company or any Restricted Subsidiary and which does not extend to any assets other than the assets acquired; 

(e) any Lien to secure the performance bids, trade contracts, leases (including, without limitation, statutory and common law
landlord’s liens), subleases, warranty obligations, tenders, liability to insurance carriers, statutory obligations, surety and appeal bonds, letters of credit and other obligations of a like nature and incurred in the ordinary course of
business of the Company or any Restricted Subsidiary; 

  
 -21- 

 (f) any Lien securing obligations under Cash Management Services, Interest Rate
Agreements, Currency Agreements and Commodity Price Protection Agreements; 
 (g) any Lien securing Capital Lease Obligations
or Purchase Money Obligations incurred in accordance with this Indenture (including, but not limited to, clause (7) of the definition of “Permitted Indebtedness”); 

(h) leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of the
Company or any Restricted Subsidiary; 
 (i) banker’s Liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with a depositary institution which are within the general parameters customary in the banking industry; 

(j) Liens on property, assets or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary;
provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary; provided, further, that any such Lien may not extend
to any other property owned by the Company or any Restricted Subsidiary and assets fixed or appurtenant thereto; 
 (k) Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary (other than a Securitization Entity); 

(l) Liens securing the Notes and any Guarantees; 

(m) Liens on assets transferred to a Securitization Entity or on assets of a Securitization Entity, in either case incurred in
connection with a Qualified Securitization Transaction; 
 (n) Liens on the assets of a Restricted Subsidiary that is not a
Guarantor securing Indebtedness of a Restricted Subsidiary that is not a Guarantor incurred in accordance with Section 4.03; 

(o) Liens securing Indebtedness and other obligations of any Restricted Subsidiary (including any guarantee thereof by the
Company); 
 (p) any extension, renewal, refinancing or replacement, in whole or in part, of any Lien described in the
foregoing clauses (a) through (o) and this clause (p) so long as no additional collateral is granted as security thereby and the amount of Indebtedness secured thereby is not increased except by an amount equal to the lesser of
(i) the stated amount of any premium or other payment contractually required to be paid in connection with such a refinancing pursuant to the terms of the Obligations being extended, renewed, refinanced or replaced or (ii) the amount of
premium or other payment actually paid at such time to extend, renew, refinance or replace the Obligations, plus, in either case, the amount of accrued interest, fees and expenses of the Company and its Restricted Subsidiaries incurred in connection
with such refinancing; 
 (q) Liens on property or assets securing Indebtedness used to defease or to satisfy and discharge
the Notes; and 
 (r) in addition to the items referred to in clauses (a) through (q) above, Liens on property or
assets of the Company or any Restricted Subsidiary securing obligations in an aggregate amount which, when taken together with the aggregate amount of all other Liens securing obligations incurred pursuant to this clause (r) and then
outstanding, will not exceed $15.0 million. 

  
 -22- 

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

“plan of reorganization” means any plan of reorganization, plan of liquidation, agreement for composition, or other type of
plan of arrangement proposed in or in connection with any Insolvency or Liquidation Proceeding. 
 “Preferred Stock” means,
with respect to any Person, any Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or
dissolution of such Person, over the Capital Stock of any other class in such Person. 
 “Private Placement Legend” means
the legend set forth in Section 2.06(g)(i) to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Purchase Money Obligation” means any Indebtedness secured by a Lien on assets related to the business of the Company or a
Restricted Subsidiary and any additions and accessions thereto, which are purchased or constructed by the Company or a Restricted Subsidiary at any time after the Issue Date; provided that: 

(1) the security agreement or conditional sales or other title retention contract pursuant to which the Lien on such assets is
created (collectively a “Purchase Money Security Agreement”) shall be entered into within 360 days after the purchase or substantial completion of the construction of such assets and shall at all times be confined solely to the
assets so purchased, constructed or acquired, any additions and accessions thereto and any proceeds therefrom; 
 (2) at no
time shall the aggregate principal amount of the outstanding Indebtedness secured thereby be increased, except in connection with the purchase or construction of additions, improvements and accessions thereto and except in respect of fees and other
obligations in respect of such Indebtedness; and 
 (3) (A) the aggregate outstanding principal amount of Indebtedness
secured thereby (determined on a per asset basis in the case of any additions, improvements and accessions) shall not at the time such Purchase Money Security Agreement is entered into exceed 100% of the purchase price or cost of construction to the
Company or its Restricted Subsidiaries of the assets subject thereto or (B) the Indebtedness secured thereby shall be with recourse solely to the assets so purchased or acquired, any additions and accessions thereto and any proceeds therefrom.

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

“Qualified Capital Stock” of any Person means any and all Capital Stock of such Person other than Redeemable Capital Stock.

 “Qualified Securitization Transaction” means any transaction or series of transactions that may be entered into by the
Company or any Restricted Subsidiary pursuant to which (a) the Company or any Restricted Subsidiary may sell, convey or otherwise transfer to a Securitization Entity its interests in Receivables and Related Assets and (b) such
Securitization Entity transfers to any other Person, or grants a security interest in, such Receivables and Related Assets, pursuant to a transaction customary in the industry which is used to achieve a transfer of financial assets under GAAP. 

  
 -23- 

 “Receivables and Related Assets” means any account receivable (whether now
existing or arising thereafter) of the Company or any Restricted Subsidiary, and any assets related thereto including all collateral securing such accounts receivable, all contracts and contract rights and all guarantees or other obligations in
respect of such accounts receivable, proceeds of such accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions
involving accounts receivable. 
 “Record Date” for the interest or Additional Interest, if any, payable on any applicable
Interest Payment Date means the June 1 or December 1 (whether or not a Business Day) immediately preceding such Interest Payment Date. 

“Redeemable Capital Stock” means any Capital Stock that, either by its terms or by the terms of any security into which it is
convertible or exchangeable (at the option of the holders thereof), is or upon the happening of an event or passage of time would be, required to be redeemed (at the option of the holders thereof) prior to the Stated Maturity of the Notes (other
than upon a change of control of or sale of assets by the Company or any Restricted Subsidiary in circumstances where the holders of the notes would have similar rights), or is convertible into or exchangeable for, debt securities at any time prior
to the Stated Maturity of the Notes at the option of the holder thereof; provided, however, that (1) only the portion of such Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so
redeemable at the option of the holder thereof prior to such date shall be deemed to be Redeemable Capital Stock and (2) with respect to any Capital Stock issued to any employee or to any plan for the benefit of employees of the Company or its
Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Redeemable Capital Stock solely because it may be required to be repurchased by the Company or one of its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations or as a result of such employees’ terminations, resignation, death or disability and (3) if any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations
thereunder by delivery of Capital Stock that is not Redeemable Capital Stock, such Capital Stock shall not be deemed to be Redeemable Capital Stock. 

“Redemption Date” when used with respect to any Note to be redeemed pursuant to any provision in this Indenture means the
date fixed for such redemption pursuant to this Indenture. 
 “Registration Rights Agreement” means (1) with respect
to the Notes issued on the Issue Date, the Registration Rights Agreement, to be dated the Issue Date, between the Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated and (2) with respect to any Additional Notes, any
registration rights agreement among the Company, any Guarantors and the other parties thereto relating to the registration by the Company and any Guarantors of such Additional Notes under the Securities Act. 

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

“Regulation S Global Note” means a Regulation S Temporary Global Note or a Regulation S Permanent Global Note, as
appropriate. 
 “Regulation S Permanent Global Note” means a Global Note substantially in the form of Exhibit A-1
hereto, bearing the Global Note Legend, the OID Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal
amount of the Notes sold in reliance on Regulation S. 

  
 -24- 

 “Regulation S Temporary Global Note” means a temporary Global Note in the form
of Exhibit A-2, bearing the OID Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
 “Regulation S
Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(v) to be placed on the Regulation S Temporary Global Note. 

“Replacement Assets” means (1) properties or assets to replace the properties or assets that were the subject of an
Asset Sale, (2) properties and assets that will be used in businesses of the Company or any Restricted Subsidiary, as the case may be, existing at the time such assets are sold or (3) Capital Stock of a Person, the principal portion of
whose assets consist of such property or assets. 
 “Responsible Officer” means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who
at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement
Legend and the OID Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend and the OID
Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” means any Subsidiary of the Company that has not been designated by the Board of Directors of the
Company by a board resolution delivered to the Trustee as an Unrestricted Subsidiary pursuant to and in compliance with Section 4.12. Any reference to a Restricted Subsidiary of Opco means any Restricted Subsidiary that is a Subsidiary of Opco.

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

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

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s, a division of The McGraw-Hill
Companies, Inc., and any successor to its rating agency business. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “Secured Indebtedness” means any Indebtedness of the Company secured by a Lien. 

  
 -25- 

 “Securities Act” means the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations promulgated by the SEC thereunder. 
 “Securitization Entity” means a Subsidiary of
the Company to which the Company or any Subsidiary of the Company transfers Receivables and Related Assets that engages in no activities other than in connection with the financing of Receivables and Related Assets and that is designated by the
Company’s Board of Directors (as provided below) as a Securitization Entity and: 
 (a) no portion of the Indebtedness
or any other obligations (contingent or otherwise) of which: 
 (1) is guaranteed by the Company or any Restricted Subsidiary
(excluding guarantees (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings); 

(2) is recourse to or obligates the Company or any Restricted Subsidiary (other than such Securitization Entity) in any way
other than pursuant to Standard Securitization Undertakings; or 
 (3) subjects any property or asset of the Company or any
Restricted Subsidiary (other than such Securitization Entity), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 

(b) with which neither the Company nor any Restricted Subsidiary (other than such Securitization Entity) has any material
contract, agreement, arrangement or understanding other than on terms not materially less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company, other
than fees payable in the ordinary course of business in connection with servicing accounts receivable; and 
 (c) to which
neither the Company nor any Restricted Subsidiary (other than such Securitization Entity) has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

Any designation of a Subsidiary as a Securitization Entity shall be evidenced to the Trustee by delivering to the Trustee a certified copy of
the resolution of the Board of Directors of the Company giving effect to the designation and an Officer’s Certificate certifying that the designation complied with the preceding conditions and was permitted by this Indenture. 

“Securitization Fees” means reasonable distributions or payments made directly or by means of discounts with respect to any
participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Entity in connection with any Qualified Securitization Transaction. 

“Securitization Repurchase Obligation” means any obligation of a seller of Receivables and Related Assets in a Qualified
Securitization Transaction to repurchase Receivables and Related Assets arising as a result of a breach of a representation, warranty or covenant or otherwise that are customary for an accounts receivable securitization transaction, including,
without limitation, as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to
the seller. 

  
 -26- 

 “Senior Indebtedness” means Indebtedness that is not Subordinated Indebtedness.

 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement.

 “Significant Subsidiary” means, at any time, any Restricted Subsidiary that qualifies at such time as a
“significant subsidiary” within the meaning of Regulation S-X promulgated by the SEC (as in effect on the Issue Date). 

“Sponsor Management Agreement” means the management agreement between certain of the management companies associated with the
Sponsors and Opco or any of its direct or indirect parent entities. 
 “Sponsors” means Morgan Stanley Capital Partners V
U.S. Holdco LLC, HSBC Private Equity Partners USA, LP, HSBC Private Equity Partners II USA, LP, and each of their respective Affiliates but not including, however, any of their respective portfolio companies. 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the
Company or any Restricted Subsidiary that are reasonably customary in an accounts receivable securitization transaction, including without limitation, those relating to the servicing of the assets of a Securitization Entity; it being understood that
any Securitization Repurchase Obligation that is customary in a Qualified Securitization Transaction shall be deemed to be a Standard Securitization Undertaking. 

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

“Subordinated Indebtedness” means Indebtedness of the Company or a Guarantor that is contractually subordinated in right of
payment to the Notes or a Guarantee, as the case may be. 
 “Subsidiary” of a Person means: 

(1) any corporation more than 50% of the outstanding voting power of the Voting Stock of which is owned or controlled, directly
or indirectly, by such Person or by one or more other Subsidiaries of such Person, or by such Person and one or more other Subsidiaries thereof; or 

(2) any limited partnership of which such Person or any Subsidiary of such Person is a general partner; or 

(3) any other Person in which such Person, or one or more other Subsidiaries of such Person, or such Person and one or more
other Subsidiaries, directly or indirectly, has more than 50% of the outstanding voting power of the partnership or similar interests. 

“Total Assets” of the Company means, as of any date, the total amount of assets of the Company and its Restricted
Subsidiaries on a consolidated basis as of such date in accordance with GAAP (but excluding amounts attributable to Investments in or assets of any Unrestricted Subsidiary). 

  
 -27- 

 “Transactions” means the issuance of the Notes, the payment of a distribution to
the holders of the Capital Stock of the Company on, or within 30 days of, the Issue Date, as described in the Offering Memorandum, and any fees and expenses related to any of the foregoing. 

“Transfer Agent” means the Person specified in Section 2.03 as the Transfer Agent, and any and all successors thereto,
to receive on behalf of the Registrar any Notes or Exchange Notes for transfer or exchange pursuant to this Indenture. 
 “Treasury
Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from
the Redemption Date to June 15, 2015; provided, however, that if the period from the Redemption Date to June 15, 2015 is less than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year will be used. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939,
as amended, or any successor statute. 
 “Trustee” means U.S. Bank National Association, as trustee, until a successor
replaces it in accordance with Section 7.08 and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive
Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 

“Unrestricted Global Note” means a permanent Global Note, substantially in the form of Exhibit A attached hereto, that
bears the Global Note Legend and the OID Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary,
representing Notes that do not bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means any Subsidiary of the
Company designated as such pursuant to and in compliance with Section 4.12. 
 “U.S. Person” means a U.S. person as
defined in Rule 902(k) under the Securities Act. 
 “Voting Stock” of a Person means Capital Stock of such Person of the
class or classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors, managers or trustees of such Person (irrespective of whether or not at the time
Capital Stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency). 
 Section 1.02
Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.09
	 “Change of Control Purchase Date”
	  	4.09
	 “Change of Control Purchase Notice”
	  	4.09

  
 -28- 

			
	 Term
	  	Defined in
Section
	 “Change of Control Purchase Price”
	  	4.09
	 “Covenant Defeasance”
	  	8.03
	 “Designation Amount”
	  	4.12
	 “Determination Date”
	  	Exhibit A
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.07
	 “incur”
	  	4.03
	 “Legal Defeasance”
	  	8.02
	 “Material Indebtedness”
	  	6.01
	 “Note Register”
	  	2.03
	 “Offer”
	  	4.07
	 “Paying Agent”
	  	2.03
	 “Permitted Indebtedness”
	  	4.03
	 “Permitted Payment”
	  	4.04
	 “PIK Interest”
	  	Exhibit A
	 “PIK Notes”
	  	2.01
	 “PIK Payment”
	  	2.01
	 “refinancing”
	  	4.04
	 “Registrar”
	  	2.03
	 “Restricted Payment”
	  	4.04
	 “Surviving Entity”
	  	5.01
	 “Surviving Guarantor Entity”
	  	5.01
	 “Tax Group”
	  	4.04

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

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

“indenture securities” means the Notes; 

“indenture security holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes, means the Company and any successor obligor upon the Notes and on the Guarantees, if any, any
Guarantors and any successor obligor upon the Guarantees. 
 All other terms used in this Indenture that are defined by the Trust Indenture
Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them. 

  
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 Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

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

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

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

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

(f) provisions apply to successive events and transactions; 

(g) references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time; 
 (h) unless the context otherwise requires, any reference
to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; 

(i) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not any particular Article, Section, clause or other subdivision; and 
 (j) “including”
means “including without limitation.” 
 Section 1.05 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Proof of execution of any such instrument or of a writing appointing any such agent, or the
holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.05. 

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

  
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 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Note. 
 (e) The Company may, in the circumstances permitted by the Trust Indenture
Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent
authorized or permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to
such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. 

(f) Without limiting the generality of the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do
so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action
taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

(g) Without limiting the generality of the foregoing, a Holder, including DTC, that is the Holder of a Global Note may make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and DTC, as the Holder of a Global Note, may provide
its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

(h) The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note held
by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be
made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction,
notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given or
taken more than 90 days after such record date. 
 ARTICLE 2 

THE NOTES 
 Section 2.01 Form and Dating;
Terms. 
 (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof (other than PIK Notes which may be issued in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof). 

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

Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note will be exchanged for
beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note.
The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee,
as the case may be, in connection with transfers of interest as hereinafter provided. 
 (c) Terms. The aggregate principal amount of
Notes that may be authenticated and delivered under this Indenture is unlimited. 
 The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Indenture and 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. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

The Notes shall be subject to repurchase by the Company pursuant to an Offer as provided in Section 4.07 or a Change of Control Offer as
provided in Section 4.09. The Notes shall not be redeemable, other than as provided in Article 3. 
 Additional Notes and PIK Notes
ranking pari passu with the Initial Notes may be created and issued from time to time by the Company without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall
have the same terms as to status, redemption or otherwise (other than with respect to the purchase price thereof and the date from which the interest accrues) as the Initial Notes; provided that the Company’s ability to issue Additional
Notes shall be subject to the Company’s compliance with Section 4.03 and Section 4.06. The Notes and any PIK Notes or any Additional Notes shall be substantially identical other than the issuance dates, offering price, transfer
restrictions and, if applicable, the date from which interest shall accrue. Except as described under Article 9, the Initial Notes, any Additional Notes and any PIK Notes subsequently issued under this Indenture will be treated as a single class for
all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase, and shall vote together with any Exchange Notes. 

  
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Unless the context requires otherwise, references to “Notes” for all purposes of this Indenture include any Additional Notes and any PIK Notes that are actually issued and any
references to “principal amount of the Notes” include any increase in the principal amount of the outstanding Notes as a result of the issuance of Additional Notes and any PIK Payment. Any Additional Notes shall be issued with the benefit
of an indenture supplemental to this Indenture. 
 (d) Euroclear and Clearstream Procedures Applicable. The provisions of the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall
be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream. 

(e) PIK Payments. In connection with the payment of PIK Interest in respect of the Notes, the Company may, upon compliance with the
conditions set forth in the Notes, without the consent of the Holders and without regard to any restrictions or limitations set forth in Section 4.03, elect to either increase the outstanding principal amount of the Global Notes or issue
additional certificated Notes (“PIK Notes”) under this Indenture on the same terms and conditions as the Initial Notes (in each case, a “PIK Payment”). In the event that the Company shall be entitled to pay PIK
Interest for any Interest Period, then the Company shall deliver a written notice to the Trustee following the Determination Date but prior to the commencement of the relevant Interest Period, which notice shall state the total amount of interest to
be paid on such Interest Payment Date and the amount of such interest to be paid as PIK Interest. The Trustee shall promptly deliver a copy of the notice to the Holders. Interest for the first Interest Period commencing on the Issue Date shall be
payable entirely in Cash Interest. Interest for the final Interest Period ending at stated maturity shall be payable entirely in Cash Interest. 

Section 2.02 Execution and Authentication. 

At least one Officer shall execute the Notes on behalf of the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be
valid. 
 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form provided for in Exhibit A attached hereto, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture. 

On the Issue Date, the Trustee shall, upon receipt of the Company’s order (an “Authentication Order”), authenticate and
deliver the Initial Notes. In addition, at any time, from time to time, the Trustee shall upon an Authentication Order authenticate and deliver any (i) Additional Notes, (ii) PIK Notes and (iii) Exchange Notes or private exchange
notes for issue only in an Exchange Offer or a private exchange, respectively, pursuant to a Registration Rights Agreement, for a like principal amount of Initial Notes. Such Authentication Order shall specify the amount of the Notes to be
authenticated and, in the case of any issuance of Additional Notes pursuant to Section 2.01, shall certify that such issuance is in compliance with Section 4.03 and Section 4.06. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company. 

  
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 Section 2.03 Registrar and Paying Agent. 

The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”), including an office or agency for such purposes in the City of New York, which shall initially be the corporate trust
office of the Trustee located in the City of New York. The Registrar shall keep a register of the Notes (“Note Register”) and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder.
The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. Either the
Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints The Depository Trust Company
(“DTC”) to act as Depositary with respect to the Global Notes. 
 The Company initially appoints the Trustee to act as the
Paying Agent, Registrar and Transfer Agent for the Notes and the Registrar to act as Custodian with respect to the Global Notes. 
 Section 2.04
Paying Agent to Hold Money in Trust. 
 The Company shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or Additional Interest, if any, or interest on the Notes, and will notify the Trustee of
any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by
it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or any of its Subsidiaries) shall have no further liability for the money. If the Company or any of its Subsidiaries acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to Company, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee is not
the Registrar, the Company shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with Trust Indenture Act Section 312(a). 

Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred, in
whole and not in part, only to another nominee of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the Depositary
(x) notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased 

  
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to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days, (ii) there shall have occurred and be
continuing a Default with respect to the Notes or (iii) the Company in its sole discretion executes and delivers an Officer’s Certificate stating that such Global Note shall be so exchangeable. Upon the occurrence of any of the preceding
events in (i), (ii) or (iii) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the
Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding
events in (i), (ii) or (iii) above and pursuant to Section 2.06(c), (e) or (f). A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however, beneficial
interests in a Global Note may be transferred and exchanged as provided in Sections 2.06(b), (c), (f) and (j). 
 (b) Transfer and
Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes
also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser).
Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to
the Registrar to effect the transfers described in this Section 2.06(b)(i). 
 (ii) All Other Transfers and Exchanges
of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i), the transferor of such beneficial interest must deliver to the Registrar either
(A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note
in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or
(B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or
exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903; provided, further, that in no event shall a beneficial interest in an Unrestricted Global Note

  
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be credited, or an Unrestricted Definitive Note be issued, to a Person who is an affiliate (as defined in Rule 144) of the Company. Upon consummation of an Exchange Offer by the Company in
accordance with Section 2.06(f), the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such
beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities
Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h). 
 (iii)
Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted
Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) and the Registrar receives the following: 

(A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 

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

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) and: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement
and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; 
 (D) the Registrar receives the following: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

  
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 (2) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act; or 
 (E)
such transfer is effected pursuant to an automatic exchange in accordance with Section 2.06(j) of this Indenture. 
 If
any such transfer is effected pursuant to subparagraph (B), (D) or (E) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B), (D) or
(E) above. 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who
take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial
Interests for Definitive Notes. 
 (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any
holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted
Definitive Note, then, upon the occurrence of any of the events in paragraph (i), (ii) or (iii) of Section 2.06(a) and receipt by the Registrar of the following documentation: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the
form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial
interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

  
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 (E) if such beneficial interest is being transferred to the Company or any of its
Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; 

(F) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof; or 

(G) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3)(d) thereof, if applicable; 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(h), and the Company shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note
issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend, the OID Legend and the Regulation S Temporary Global Note Legend, as applicable, and shall be subject to
all restrictions on transfer contained therein. 
 (ii) Beneficial Interests in Regulation S Temporary Global Note to Definitive
Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C), a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive
Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an
exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (iii) Beneficial Interests in
Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in subsection (i), (ii) or (iii) of Section 2.06(a) and if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement
and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the
distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B)
such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

(C) such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with the
Registration Rights Agreement; 

  
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 (D) the Registrar receives the following: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act; or 
 (E) such transfer is effected pursuant to an
automatic exchange in accordance with Section 2.06(j) of this Indenture. 
 (iv) Beneficial Interests in Unrestricted Global Notes
to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in subsection (i), (ii) or (iii) of Section 2.06(a) and satisfaction of the conditions set forth in Section 2.06(b)(ii), the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Company shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a
Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in
whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to
exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

  
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 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person
in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Company or any of its Restricted Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the
Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global Note, in the case of clause (B) above, the
applicable 144A Global Note and, in the case of clause (C) above, the applicable Regulation S Global Note. 
 (ii) Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 
 (A) such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; 
 (D) the Registrar receives the following: 

(1) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global
Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(2) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

  
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 and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act; or 
 (E)
such transfer is effected pursuant to an automatic exchange in accordance with Section 2.06(j) of this Indenture. 
 Upon satisfaction
of the conditions of any of the subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of
a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or
(iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and
Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to
the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following
provisions of this Section 2.06(e): 
 (i) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable. 

  
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 (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any
Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement
and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the Exchange
Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such transfer is effected
pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such transfer
is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; 

(D) the Registrar receives the following: 

(1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to
the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act; or 
 (E) such transfer is effected pursuant to an automatic exchange in accordance with
Section 2.06(j) of this Indenture. 
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A
Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of an
Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes accepted for exchange in the Exchange Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate
principal amount of the applicable Restricted Global Notes to 

  
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be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and mail to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive
Notes in the applicable principal amount. Any Notes that remain outstanding after the consummation of an Exchange Offer, and Exchange Notes issued in connection with an Exchange Offer, shall be treated as a single class of securities under this
Indenture. 
 (g) Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this
Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 
 (i) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution therefor) shall bear the legend in substantially the following form: 
 “THIS NOTE (OR
ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE NOTE EVIDENCED HEREBY MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTE EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT: 

(A) SUCH NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY: 

(i)(a) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 903 OR 904 UNDER THE SECURITIES ACT, (d) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1),(2),(3) OR (7) OF THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”)) THAT,
PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS
THAN $100,000, AN OPINION 

  
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OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, OR (e) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL AND OTHER CERTIFICATIONS AND DOCUMENTS IF THE COMPANY SO REQUESTS), 

(ii) TO THE COMPANY, OR 

(iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT 

AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND
IN EACH CASE SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THIS NOTE BY THE HOLDER OR BY ANY INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL; AND 

(B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE NOTE EVIDENCED HEREBY OF
THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note
issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii), (f) or (j) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement
Legend. 
 (ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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 

  
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ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (iii) IAI Note
Legend. Each Definitive Note held by an Institutional Accredited Investor shall bear a legend in substantially the following form: 

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

(iv) OID Legend. Each Note issued hereunder that has more than a de minimis amount of original issue discount for
U.S. federal income tax purposes shall bear a legend in substantially the following form: 
 “THIS NOTE IS ISSUED WITH ORIGINAL ISSUE
DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTES BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION
TO THE COMPANY AT THE FOLLOWING ADDRESS: TOPS HOLDING II CORPORATION, C/O TOPS HOLDING LLC (F/K/A TOPS HOLDING CORPORATION), PO BOX 1027, BUFFALO, NEW YORK 14240-1027 ATTENTION: CHIEF FINANCIAL OFFICER.” 

(v) Regulation S Temporary Global Note Legend. Each temporary Note that is a Global Note issued pursuant to Regulation S
shall bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW. 

  
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 NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF
PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE.” 
 (h)
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be
made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction. If the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 
 (ii) No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 4.07, 4.09 and 9.05). 

(iii) Neither the Registrar nor the Company shall be required to register the transfer of or exchange any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Notes and Definitive Notes issued upon any
registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes
surrendered upon such registration of transfer or exchange. 
 (v) The Company shall not be required (A) to issue, to register the
transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of mailing of notice of redemption of Notes for redemption under Section 3.02 and ending at the close of business on the day of
such mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a
Note between a Record Date and the next succeeding Interest Payment Date. 
 (vi) Prior to due presentment for the registration of a transfer
of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest
(including Additional Interest, if any) on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

  
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 (vii) Upon surrender for registration of transfer of any Note at the office or agency of the
Company designated pursuant to Section 2.03, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or
denominations of a like aggregate principal amount. 
 (viii) At the option of the Holder, Notes may be exchanged for other Notes of any
authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.06. 

(ix) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by facsimile. 
 (x) 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 Note (including transfers between or among Depository participants or
beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and
to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (j) Automatic Exchange from
Restricted Global Note to Unrestricted Global Note. At the option of the Company and upon compliance with the following procedures, beneficial interests in a Restricted Global Note shall be exchanged for beneficial interests in an Unrestricted
Global Note. In order to effect such exchange, the Company shall provide written notice to the Trustee instructing the Trustee to (i) direct the Depositary to transfer the specified amount of the outstanding beneficial interests in a particular
Restricted Global Note to an Unrestricted Global Note and provide the Depositary with all such information as is necessary for the Depositary to appropriately credit and debit the relevant Holder accounts and (ii) provide prior written notice
to all Holders of such exchange, which notice must include the date such exchange is proposed to occur, the CUSIP number of the relevant Restricted Global Note and the CUSIP number of the Unrestricted Global Note into which such Holders’
beneficial interests will be exchanged. As a condition to any such exchange pursuant to this Section 2.06(j), the Trustee shall be entitled to receive from the Company, and rely upon conclusively without any liability, an Officer’s
Certificate and an Opinion of Counsel, in form and in substance reasonably satisfactory to the Trustee, to the effect that such transfer of beneficial interests to the Unrestricted Global Note shall be effected in compliance with the Securities Act.
The Company may request from Holders such information it reasonably determines is required in order to be able to deliver such Officer’s Certificate and Opinion of Counsel. Upon such exchange of beneficial interests pursuant to this
Section 2.06(j), the Registrar shall reflect on its books and records the date of such transfer and a decrease and increase, respectively, in the principal amount of the applicable Restricted Global Note and the Unrestricted Global Note,
respectively, equal to the principal amount of beneficial interests transferred. Following any such transfer pursuant to this Section 2.06(j) of all of the beneficial interests in a Restricted Global Note, such Restricted Global Note shall be
cancelled. 

  
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 Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the ownership and
destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. An indemnity bond must be supplied by the
Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company and/or the Trustee may
charge for their expenses in replacing a Note. 
 Every replacement Note is a contractual obligation of the Company and shall be entitled to
all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes.

 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it
for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant to
Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 

If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to
accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a Redemption Date or maturity
date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.09 Treasury Notes. 
 In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except that
for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned
which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is
not the Company or any obligor upon the Notes or any Affiliate of the Company or of such other obligor. 
 Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order,
shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee.
Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 

  
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 Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all
of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 
 Section 2.11 Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes in accordance with its customary procedures (subject to the record retention requirement of the Exchange Act). The Company may not issue new Notes to replace
Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes. The Company shall notify the Trustee in writing of the amount of defaulted
interest proposed to be paid on each Note and the date of the proposed payment, 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 provided
in this Section 2.12. The Trustee shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted
interest. The Trustee shall promptly notify the Company of such special record date. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the
Company) shall mail or cause to be mailed, first-class postage prepaid, to each Holder a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to
be paid. 
 Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

Section 2.13 CUSIP and ISIN Numbers. 

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

  
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 Section 2.14 Issuance of PIK Interest. 

(a) Any PIK Interest on the Notes with respect to Notes represented by one or more Global Notes registered in the name of, or held by, the
Depositary or its nominee on the relevant Record Date, is payable by increasing the principal amount of the outstanding Global Note by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole
dollar) as provided in writing by the Company to the Trustee, at least three (3) Business Days prior to such Interest Payment Date, which shall be recorded in the registrar’s books and records and in the schedule to the Global Note in
accordance with this Indenture. On the applicable Interest Payment Date, the Trustee shall record such increase on the schedule to the Global Note and the registrar shall record such increase in the registrar’s books and record. Following an
increase in the principal amount of the outstanding Global Notes as a result of a PIK Payment, the Notes will bear interest on such increased principal amount from and after the date of such PIK Payment. 

(b) Any PIK Interest on the Notes with respect to Notes represented by certificated notes is payable by issuing PIK Notes in certificated form
in an aggregate principal amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar). The Trustee shall, at the written order of the Company pursuant to Section 2.02 hereof,
authenticate and deliver such PIK Notes in certificated form for original issuance to the Holders as of the relevant Record Date, as shown by the records of the register of Holders. Any PIK Notes issued in certificated form will be dated as of the
applicable Interest Payment Date and will bear interest from and after such date. 
 ARTICLE 3 

REDEMPTION 
 Section 3.01 Notices to
Trustee. 
 If the Company elects to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least 15 Business
Days (or such shorter period as is agreed to by the Trustee) before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 3.03 but not more than 60 days before a Redemption Date, an Officer’s
Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes to be redeemed
and (iv) the redemption price. 
 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Notes to be
redeemed or purchased (a) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed, (b) or otherwise, on a pro
rata basis, by lot or by such other method as the Trustee shall deem fair and reasonable and in any event in accordance with the procedures of the Depositary. In the event of partial redemption or purchase by lot, the particular Notes to be
redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the Redemption Date by the Registrar and Paying Agent from the outstanding Notes not previously called for redemption or
purchase. 
 The Registrar and Paying Agent shall promptly notify the Company in writing of the Notes selected for redemption or purchase
and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes redeemed in part shall be 

  
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redeemed only in integral multiples of $1,000 (or if a PIK Payment has been made, only in integral multiples of $1.00), and no Notes of $2,000 or less (or if a PIK Payment has been made, no Notes
of $1.00 or less) shall be redeemed in part, except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or in integral multiples of $1,000 in excess thereof (or if a
PIK Payment has been made, even if not $1.00 or any integral multiples of $1.00 in excess thereof), shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to
portions of Notes called for redemption. 
 Section 3.03 Notice of Redemption. 

The Company shall mail or cause to be mailed by first-class mail notices of redemption at least 30 days but not more than 60 days before the
Redemption Date to each Holder of Notes to be redeemed at such Holder’s registered address or otherwise in accordance with the procedures of the Depository, except that redemption notices may be mailed more than 60 days prior to a Redemption
Date if the notice is issued in connection with Article 8 or Article 10. Notices of redemption may not be conditional, except that any notice of redemption pursuant to Section 3.07(c) may, at the Company’s discretion, be subject to one or
more conditions, including, without limitation, completion of an Equity Offering. 
 The notice shall identify the Notes to be redeemed
(including CUSIP and/or ISIN numbers) and shall state: 
 (a) the Redemption Date; 

(b) the redemption price; 

(c) if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and
that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed will be issued in the name of the
Holder of the Notes upon cancellation of the original Note; 
 (d) the name and address of the Paying Agent; 

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

(f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the Redemption Date; 
 (g) the paragraph or subparagraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and 
 (h) that no representation is made as to the
correctness or accuracy of the CUSIP and/or ISIN number, if any, listed in such notice or printed on the Notes. 
 At the Company’s
request, the Trustee shall give the notice of redemption in the name of the Company and at its expense; provided that the Company shall have delivered to the Trustee, at least 5 Business Days before notice of redemption is required to be
mailed or caused to be mailed to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to
be stated in such notice as provided in the preceding paragraph. 

  
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 Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable on the
Redemption Date at the redemption price. The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any
defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05, on and after the Redemption Date,
interest ceases to accrue on Notes or portions thereof called for redemption. 
 Section 3.05 Deposit of Redemption or Purchase Price. 

Prior to 10:00 a.m. (New York City time) on the redemption or purchase date, the Company shall deposit with the Trustee or with the Paying
Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest (including Additional Interest, if any) on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to
the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased. 

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest shall cease to
accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption
or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because of
the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest accrued to the redemption
or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes. 
 Section 3.06 Notes Redeemed or Purchased in
Part. 
 Upon surrender of a Note that is redeemed or purchased in part, the Company shall issue and the Trustee shall authenticate for
the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased; provided that each new
Note will be in a principal amount of $2,000 (or, if a PIK Payment has been made, in denominations of $1.00) or an integral multiple of $1,000 (or, if a PIK Payment has been made, an integral multiple of $1.00) in excess thereof. It is understood
that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note. 

Section 3.07 Optional Redemption. 

(a) At any time prior to June 15, 2015, the Company, at its option, may redeem all or a portion of the Notes, on not less than 30 nor more
than 60 days’ prior notice, in amounts of $1,000 or an integral multiple thereof, at a price equal to 100.00% of the aggregate principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if
any, to (but not including) the Redemption Date, subject to Section 3.05. 

  
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 (b) On or after June 15, 2015, the Company, at its option, may redeem all or a portion of
the Notes, on not less than 30 nor more than 60 days’ prior notice, in amounts of $1,000 or an integral multiple thereof, at the following redemption prices (expressed as percentages of the principal amount), together with accrued and unpaid
interest, if any, to (but not including) the Redemption Date subject to Section 3.05, if redeemed during the 12-month period (or in the case of the final period, 6-month) beginning on the dates indicated below: 

 

					
	 Date
	  	Redemption
Price	 
	 June 15, 2015
	  	 	102.000	% 
	 June 15, 2016
	  	 	101.000	% 
	 June 15, 2017 and thereafter
	  	 	100.000	% 

 (c) At any time prior to June 15, 2015, the Company, at its option, may use the net proceeds of one or
more Equity Offerings to redeem any or all of the Notes issued under this Indenture (including any Additional Notes and any PIK Notes) on not less than 30 nor more than 60 days prior notice at a redemption price equal to 102.000% of the aggregate
principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to (but not including) the Redemption Date subject to Section 3.05; provided that such redemption is completed within 120 days of the closing of the Equity
Offering. 
 (d) In addition to the Company’s rights to redeem the Notes as set forth above, the Company may purchase Notes in
open-market transactions, tender offers or otherwise. 
 Section 3.08 Mandatory Redemption. 

The Company will not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

ARTICLE 4 
 COVENANTS 

Section 4.01 Payment of Principal, Premium and Interest. 

The Company shall duly and punctually pay the principal of, premium, if any, and interest on the Notes in accordance with the terms of the
Notes and this Indenture. 
 Section 4.02 Corporate Existence. 

Subject to Section 5.01, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect the
existence (corporate or otherwise) and related rights and franchises (charter and statutory) of the Company and each Restricted Subsidiary; provided, however, that the Company shall not be required to preserve any such right or
franchise or the existence (corporate or otherwise) of any such Restricted Subsidiary if the Board of Directors of the Company shall determine that the preservation thereof is no longer necessary or desirable in the conduct of the business of the
Company and its Restricted Subsidiaries as a whole and that the loss thereof could not reasonably be expected to have a material adverse effect on the ability of the Company to perform its obligations hereunder; and provided, further,
however, that the foregoing shall not prohibit a sale, transfer or conveyance of a Restricted Subsidiary or any of its assets in compliance with the terms of this Indenture. 

  
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 Section 4.03 Limitation on Indebtedness. 

(a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, create, issue, incur, assume, guarantee or
otherwise in any manner become directly or indirectly liable for, contingently or otherwise (collectively, “incur”), any Indebtedness (including any Acquired Indebtedness), unless (i) such Indebtedness is incurred by the
Company or any Restricted Subsidiary (other than Opco and its Restricted Subsidiaries) or constitutes Acquired Indebtedness of the Company or a Restricted Subsidiary (other than Opco or its Restricted Subsidiaries) and, in each case, the
Company’s Consolidated Fixed Charge Coverage Ratio for the most recent four full fiscal quarters for which internal consolidated financial statements are available immediately preceding the incurrence of such Indebtedness taken as one period is
at least equal to or greater than 2.0:1.0 or (ii) such Indebtedness is incurred by Opco or any of its Restricted Subsidiaries or constitutes Acquired Indebtedness of Opco or any of its Restricted Subsidiaries and, in each case, Opco’s
Consolidated Fixed Charge Coverage Ratio for the most recent four full fiscal quarters for which internal consolidated financial statements are available immediately preceding the incurrence of such Indebtedness taken as one period is at least equal
to or greater than 2.0:1.0. 
 (b) Notwithstanding Section 4.03(a), the Company and the Restricted Subsidiaries may incur the following
(collectively, the “Permitted Indebtedness”): 
 (1) Indebtedness of the Company or any Restricted
Subsidiary under any Credit Facility in an aggregate principal amount at any one time outstanding not to exceed the greater of: 

(a) $125.0 million, less, without duplication, (i) any permanent repayment thereof or permanent reduction in commitments
thereunder from the proceeds of one or more Asset Sales which are used to repay a Credit Facility pursuant to Section 4.07(b)(i) and (ii) the amount of Indebtedness outstanding at the date of determination pursuant to
Section 4.03(b)(8); or 
 (b) at the time of any incurrence the sum of (i) 90% of credit card receivables and
health care receivables of the Company and its Restricted Subsidiaries, (ii) 85% of trade receivables of the Company and its Restricted Subsidiaries, (iii) 85% of the appraised value of prescription lists of the Company and its Restricted
Subsidiaries and (iv) 90% of the net orderly liquidation value of the inventory of the Company and its Restricted Subsidiaries (based on the most recent third party appraisal of such inventory received by the Company), in the case of each of
clauses (i) through (iv), on a consolidated basis as of the end of the most recently ended fiscal quarter for which internal consolidated financial statements are available, in each case on a pro forma basis to give effect to any
acquisition after such balance sheet date and on or prior to such date of incurrence; 
 (2) Indebtedness pursuant to
(A) the Notes (excluding any Additional Notes) or any PIK Payment in accordance with the terms of this Indenture and any Guarantee with respect to the foregoing, and (B) any Exchange Notes issued in exchange for the Notes pursuant to the
Registration Rights Agreement and any Guarantee of the Exchange Notes; 
 (3) Indebtedness of the Company or any Restricted
Subsidiary outstanding on the Issue Date (including, without limitation, under Opco’s and its Restricted Subsidiaries’ existing lease with EDS and Indebtedness under the Existing Opco Notes (including the issuance of exchange notes and
related guarantees pursuant to the registration rights agreement with respect to the Existing Opco Notes), but excluding Indebtedness referred to in Section 4.03(b)(1) or (b)(2)); 

  
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 (4) Indebtedness of the Company or a Restricted Subsidiary owing to the Company
or a Restricted Subsidiary; provided that any disposition or transfer of any such Indebtedness to a Person (other than to the Company or a Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed
to be an incurrence of such Indebtedness not permitted by this clause (4); 
 (5) guarantees by the Company or any Restricted
Subsidiary of Indebtedness of the Company or any of its Restricted Subsidiaries (other than guarantees by the Company or any Guarantor of Acquired Indebtedness incurred in reliance on Section 4.03(a) of any Person that does not become a
Guarantor that is acquired by the Company or any Restricted Subsidiary other than guarantees of such Acquired Indebtedness by any other Person so acquired in connection therewith) which Indebtedness is permitted to be incurred under this
Section 4.03; 
 (6) Indebtedness of the Company or any Restricted Subsidiary pursuant to any: 

 

	 	(a)	Interest Rate Agreements; 

  

	 	(b)	Commodity Price Protection Agreements; and 

  

	 	(c)	Currency Agreements; 

 (7) Indebtedness of the Company or any Restricted
Subsidiary represented by Capital Lease Obligations or Purchase Money Obligations or other Indebtedness in connection with the acquisition or development of real or personal, movable or immovable, property, in each case incurred or assumed for the
purpose of financing or refinancing all or any part of the purchase price or cost of construction or improvement of property used in the business of the Company or such Restricted Subsidiary, in an aggregate principal amount not to exceed 10% of the
Company’s Consolidated Net Tangible Assets; 
 (8) Indebtedness incurred by a Securitization Entity in connection with a
Qualified Securitization Transaction that is Non-recourse Indebtedness with respect to the Company and its Restricted Subsidiaries (except for Standard Securitization Undertakings); 

(9) Indebtedness of the Company or any of its Restricted Subsidiaries (x) in connection with surety, performance, appeal
or similar bonds, completion guarantees, or similar instruments entered into in the ordinary course of business or from letters of credit or other obligations in respect of property, casualty or liability insurance, self-insurance, workers’
compensation obligations or similar arrangements or (y) consisting of the financing of insurance premiums or take-or-pay obligations contained in supply arrangements, in each case incurred in the ordinary course of business; 

(10) Indebtedness of the Company or any of its Restricted Subsidiaries arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts such amount need not be inadvertent) drawn against insufficient funds in the ordinary course of business; provided, however,
that such Indebtedness is extinguished within five Business Days of receipt by the Company or any Restricted Subsidiary of notice of such insufficient funds; 

(11) Indebtedness of the Company or any Restricted Subsidiary arising from agreements for indemnification or purchase price
adjustment obligations or similar obligations, or from guarantees or letters of credit, surety bonds or performance bonds securing any obligation of the Company or a Restricted Subsidiary pursuant to such an agreement, in each case, incurred or
assumed in connection with the acquisition or disposition of any business, assets or properties; 

  
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 (12) any renewals, extensions, substitutions, refundings, refinancing or
replacements (collectively, a “refinancing”) of any Indebtedness incurred pursuant to Section 4.03(a) and Section 4.03(b)(2), (b)(3) and (b)(15), including any successive refinancing so long as Indebtedness of the Company
or a Guarantor may only be refinanced with Indebtedness of the Company or a Guarantor and the aggregate principal amount of Indebtedness refinanced is not increased by such refinancing except by an amount equal to the lesser of (a) the stated
amount of any premium or other payment contractually required to be paid in connection with such a refinancing pursuant to the terms of the Indebtedness being refinanced or (b) the amount of premium or other payment actually paid at such time
to refinance the Indebtedness, plus, in either case, the amount of accrued interest, fees and expenses of the Company incurred in connection with such refinancing and (1) in the case of any refinancing of Indebtedness that is Subordinated
Indebtedness, such new Indebtedness is made subordinated to the Notes at least to the same extent as the Indebtedness being refinanced and (2) in the case of Pari Passu Indebtedness or Subordinated Indebtedness, as the case may be, such
refinancing does not reduce the Average Life to Stated Maturity of such Indebtedness; 
 (13) Indebtedness of the Company or
any of its Restricted Subsidiaries supported by a letter of credit outstanding in reliance on Section 4.03(b)(1) in a principal amount not in excess of the stated amount of such letter of credit; 

(14) Indebtedness of the Company and any Restricted Subsidiary to the extent the proceeds of such Indebtedness are deposited
and used to consummate a Legal Defeasance or Covenant Defeasance pursuant to Article 8 or to discharge this Indenture pursuant to Article 11; 

(15) Indebtedness of the Company or any Restricted Subsidiaries to officers, directors, employees and consultants of the
Company and its Restricted Subsidiaries, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Capital Stock of the Company to the extent permitted by Section 4.04(b)(9) upon termination,
disability or death; 
 (16) Indebtedness in respect of Franchise Deposits in an aggregate principal amount at any time
outstanding not to exceed the sum of (a) $5.0 million plus (b) the amount of any Franchise Deposits cash collateralized plus (c) $1.0 million for each franchise store of the Company or its Restricted Subsidiaries that becomes a
franchise store after the Issue Date; and 
 (17) Indebtedness of the Company or any Restricted Subsidiary in addition to
that described in Section 4.03(b)(1) through (16), and any refinancing of such Indebtedness, so long as the aggregate principal amount of all such Indebtedness shall not exceed $50.0 million outstanding at any one time. 

(c) For purposes of determining compliance with this Section 4.03: 

(1) In the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness,
or is permitted to be incurred pursuant to Section 4.03(a), the Company will be permitted to classify all or a portion of such item of Indebtedness on the date of its incurrence, or subject to Section 4.03(c)(2), later reclassify all or a
portion of such item of Indebtedness, in any manner that complies with this Section 4.03; 

  
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 (2) Indebtedness under the Credit Agreement which is in existence or available on
or prior to the Issue Date will be deemed to have been incurred on such date under Section 4.03(b)(1), and the Company will not be permitted to reclassify any portion of such Indebtedness thereafter; 

(3) Indebtedness permitted by this covenant need not be permitted solely by reference to one provision permitting such
Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.03 permitting such Indebtedness; 

(4) Accrual of interest, accretion or amortization of original issue discount and the payment of interest on any Indebtedness
in the form of additional Indebtedness with the same terms, and the payment of dividends on any Redeemable Capital Stock or Preferred Stock in the form of additional shares of the same class of Redeemable Capital Stock or Preferred Stock will not be
deemed to be an incurrence of Indebtedness for purposes of this Section 4.03; provided, in each such case, that the amount thereof as accrued is included in the Consolidated Fixed Charge Coverage Ratio of the Company or Opco, as
applicable; 
 (5) With respect to any dollar denominated restriction on the incurrence of Indebtedness denominated in a
foreign currency, the dollar equivalent principal amount of such Indebtedness incurred pursuant thereto shall be calculated based on the relevant currency exchange rate in effect on the date that such Indebtedness was incurred; 

(6) The outstanding principal amount of any particular Indebtedness shall be counted only once and any obligations arising
under any guarantee, Lien, letter of credit or similar instrument supporting such Indebtedness shall not be double counted; and 

(7) The amount of Indebtedness issued at a price less than the amount of the liability thereof shall be determined in
accordance with GAAP. 
 The Company will not, directly or indirectly, incur any Indebtedness that is or purports to be by its terms (or by
the terms of any agreement governing such Indebtedness) contractually subordinated or junior in right of payment to any Indebtedness (including Acquired Indebtedness) of the Company, as the case may be, unless such Indebtedness is also by its terms
(or by the terms of any agreement governing such Indebtedness) made expressly subordinate to the Notes to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Company. Indebtedness shall not be
considered subordinate or junior in right of payment by virtue of being secured to a greater or lesser extent or with different priority. 

Section 4.04 Limitation on Restricted Payments. 

(a) The Company will not, and will not cause or permit any Restricted Subsidiary to, directly or indirectly (each a “Restricted
Payment”): 
 (i) declare or pay any dividend on, or make any distribution to holders of, any shares of the
Company’s Capital Stock (other than dividends or distributions payable solely in shares of its Qualified Capital Stock or in options, warrants or other rights to acquire shares of such Qualified Capital Stock); 

(ii) purchase, redeem, defease or otherwise acquire or retire for value, directly or indirectly, shares of the Company’s
Capital Stock; 

  
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 (iii) make any principal payment on, or repurchase, redeem, defease, retire or
otherwise acquire for value, prior to any scheduled principal payment, sinking fund payment or maturity, any Subordinated Indebtedness (other than (x) Indebtedness permitted under Section 4.03(b)(4) or (y) the purchase, repurchase or
other acquisition of such Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition);

 (iv) declare or pay any dividend or distribution on any Capital Stock of any Restricted Subsidiary to any Person (other
than (a) dividends or distributions payable solely in shares of Capital Stock of such Restricted Subsidiary or in options, warrants or other rights to acquire shares of such Capital Stock, (b) to the Company or any of its Restricted
Subsidiaries or (c) dividends or distributions made by a Restricted Subsidiary on a pro rata basis to all stockholders of such Restricted Subsidiary); or 

(v) make any Investment (other than any Permitted Investments) 

(the amount of any such Restricted Payment, if other than cash, shall be the Fair Market Value of the assets proposed to be transferred), unless: 

(1) at the time of and after giving effect to such proposed Restricted Payment, no Default or Event of Default shall have
occurred and be continuing; 
 (2) at the time of and after giving effect to such Restricted Payment (x) in the case of
a Restricted Payment by the Company or any of its Restricted Subsidiaries (other than the issuers of the Existing Opco Notes and their Subsidiaries), the Company could incur $1.00 of additional Indebtedness (other than Permitted Indebtedness) under
Section 4.03(a)(i) or (y) in the case of a Restricted Payment by Opco or any of its Restricted Subsidiaries, Opco could incur $1.00 of additional Indebtedness (other than Permitted Indebtedness) under Section 4.03(a)(ii); and 

(3) after giving effect to the proposed Restricted Payment, the aggregate amount of all such Restricted Payments (other than
Permitted Payments described in Section 4.04(b)(2) through (10) and Section 4.04(b)(12) through (16)) declared (with respect to dividends) or made after December 20, 2012 does not exceed the sum of: 

(A) 50% of the aggregate Consolidated Net Income of the Company accrued on a cumulative basis during the period beginning on
October 7, 2012 (with the Consolidated Net Income of Opco substituting for the Consolidated Net Income of the Company for any period from October 7, 2012 to the Issue Date) and ending on the last day of the Company’s last fiscal
quarter ending prior to the date of the Restricted Payment for which internal financial statements of the Company are available (or, if such aggregate cumulative Consolidated Net Income shall be a loss, minus 100% of such loss); 

(B) 100% of the aggregate Net Cash Proceeds and the Fair Market Value of property received after the Issue Date by the Company
either (1) as capital contributions or (2) from the issuance or sale (other than to any of its Subsidiaries) of Qualified Capital Stock of the Company or any options, warrants or rights to purchase such Qualified Capital Stock of the
Company (except, in each case, to the extent such proceeds are used to purchase, redeem or otherwise retire Capital Stock or Subordinated Indebtedness as set forth in Section 4.04(b)(2) or (b)(3) and excluding the Net Cash Proceeds from the
issuance of Qualified Capital Stock financed, directly or indirectly, using funds borrowed from the Company or any Subsidiary until and to the extent such borrowing is repaid); 

  
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 (C) 100% of the aggregate Net Cash Proceeds received after the Issue Date by the
Company (other than from any of its Subsidiaries) upon the exercise of any options, warrants or rights to purchase Qualified Capital Stock of the Company (excluding the Net Cash Proceeds from the exercise of any options, warrants or rights to
purchase Qualified Capital Stock financed, directly or indirectly, using funds borrowed from the Company or any Subsidiary until and to the extent such borrowing is repaid); 

(D) the amount of reductions in the consolidated Indebtedness of the Company and its Restricted Subsidiaries upon conversion or
exchange of any such Indebtedness into or for Qualified Capital Stock of the Company; 
 (E) 100% of the aggregate amount
received in cash and the Fair Market Value of property received by the Company or a Restricted Subsidiary by means of (i) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Investments (other than Permitted
Investments or to the extent such Investment was a Restricted Payment made in Section 4.04(b)(16) of the next succeeding paragraph) made by the Company or its Restricted Subsidiaries and repurchases and redemptions of such Investments from the
Company or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Investments (other than Permitted Investments or to the extent such Investment was a Restricted Payment made in
Section 4.04(b)(16) of the next succeeding paragraph) by the Company or its Restricted Subsidiaries, in each case after the Issue Date; or (ii) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of the
stock of an Unrestricted Subsidiary (other than to the extent the Investment in such Unrestricted Subsidiary was made by the Company or a Restricted Subsidiary pursuant to Section 4.04(b)(16) of the next succeeding paragraph or to the extent
such Investment constituted a Permitted Investment) or a dividend or distribution from an Unrestricted Subsidiary after the Issue Date; 

(F) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary after the Issue Date, the Fair
Market Value of the Investment in such Unrestricted Subsidiary at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary, other than an Unrestricted Subsidiary to the extent the Investment in such Unrestricted
Subsidiary constituted a Permitted Investment; and 
 (G) any amount which previously qualified as a Restricted Payment that
was not a Permitted Payment on account of any guarantee entered into by the Company or any Restricted Subsidiary; provided that such guarantee has not been called upon and the obligation arising under such guarantee no longer exists. 

(b) The provisions of Section 4.04(a) shall not prohibit the following Restricted Payments (each a “Permitted Payment”):

 (1) the payment of any dividend or redemption of any Capital Stock or Subordinated Indebtedness within 60 days after the
date of declaration thereof or call for redemption, if at such date of declaration or call for redemption such payment or redemption was permitted by the provisions of Section 4.04(a) (the declaration of such payment will be deemed a Restricted
Payment under Section 4.04(a) as of the date of declaration, and the payment itself will be deemed to have been paid on such date of declaration and will not also be deemed a Restricted Payment under Section 4.04(a)) (it being understood
that any Restricted Payment made in reliance on this clause (1) shall reduce the amount available for Restricted Payments pursuant to Section 4.04(a)(3) above only once); 

  
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 (2) Restricted Payments made in exchange for (including any such exchange
pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional shares or scrip), or out of the Net Cash Proceeds of a substantially concurrent issuance and sale for cash (other
than to a Subsidiary) of, Qualified Capital Stock of the Company; provided that the Net Cash Proceeds from the issuance of such shares of Qualified Capital Stock are excluded from Section 4.04(a)(3)(B); 

(3) the repurchase, redemption, defeasance, retirement or acquisition for value or payment of principal of any Subordinated
Indebtedness in exchange for, or out of the Net Cash Proceeds of, a substantially concurrent issuance and sale for cash (other than to any Subsidiary) of any Qualified Capital Stock of the Company; provided that the Net Cash Proceeds from the
issuance of such shares of Qualified Capital Stock are excluded from Section 4.04(a)(3)(B); 
 (4) the repurchase,
redemption, defeasance, retirement, or acquisition for value or payment of principal of any Subordinated Indebtedness (other than Redeemable Capital Stock) (a “refinancing”) in exchange for, or out of the Net Cash Proceeds of, the
substantially concurrent issuance of new Subordinated Indebtedness of the Company; provided that any such new Subordinated Indebtedness: 

(a) shall be in a principal amount that does not exceed the principal amount so refinanced, plus the amount of premium or other
payment reasonably determined as necessary to refinance the Indebtedness, plus the amount of accrued interest, fees and expenses of the Company incurred in connection with such refinancing; 

(b) has an Average Life to Stated Maturity equal to or greater than the remaining Average Life to Stated Maturity of the
Subordinated Indebtedness being refinanced; 
 (c) has a Stated Maturity for its final scheduled principal payment no earlier
than the Stated Maturity for the final scheduled principal payment of the Subordinated Indebtedness being refinanced; and 

(d) is expressly subordinated in right of payment to the Notes at least to the same extent as the Subordinated Indebtedness to
be refinanced; 
 (5) the repurchase of Capital Stock deemed to occur upon (a) exercise of stock options to the extent
that shares of such Capital Stock represent a portion of the exercise price of such options and (b) the withholding of a portion of the Capital Stock granted or awarded to an employee to pay taxes associated therewith; 

(6) the payment of cash in lieu of the issuance of fractional shares or scrip in connection with the exercise of warrants,
options or other securities convertible into or exercisable for Capital Stock of the Company; 
 (7) the repurchase,
redemption, or other acquisition or retirement for value of Redeemable Capital Stock of the Company or a Guarantor made by exchange for, or out of the proceeds of the sale of, Redeemable Capital Stock; 

(8) so long as no Default or Event of Default exists or would occur, payments or distributions to stockholders pursuant to
appraisal rights required under applicable law in connection with any consolidation, merger or transfer of assets, that complies with Section 5.01; 

  
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 (9) the repurchase, retirement or other acquisition or retirement for value of
Qualified Capital Stock of the Company, or a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Capital Stock of any of its direct or indirect parent companies, held by any future, present or
former employee, director or consultant of the Company, any of its Subsidiaries or any of their respective direct or indirect parent companies pursuant to any management equity plan or stock option plan or any other management or employee benefit
plan or agreement; provided, however, that the aggregate Restricted Payments made under this clause (9) do not exceed in any calendar year $5.0 million (with unused amounts in any calendar year being carried over to the next two
succeeding calendar years); provided further that such amount in any calendar year may be increased by an amount not to exceed: 

(a) the cash proceeds from the sale of Qualified Capital Stock of the Company and, to the extent contributed to the capital of
the Company, Capital Stock of any of the direct or indirect parent companies of the Company, in each case to members of management, directors or consultants of the Company, any of its Subsidiaries or any of their respective direct or indirect parent
companies that occurs after the Issue Date, to the extent the Net Cash Proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments by virtue of Section 4.04(a)(3); plus 

(b) the cash proceeds of key man life insurance policies received by the Company or any of its Restricted Subsidiaries after
the Issue Date; less 
 (c) the amount of any Restricted Payments previously made with the cash proceeds described in clauses
(a) or (b) of this clause (9); 
 and provided further that cancellation of Indebtedness owing to the Company from members of
management of the Company and representing non-cash loans made by the Company to permit members of management to acquire Capital Stock of the Company, any of its Subsidiaries or its direct or indirect parent companies in connection with a repurchase
of Capital Stock of the Company or any of the Company’s direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant; 

(10) payments of dividends on Redeemable Capital Stock of the Company or any Restricted Subsidiary or Preferred Stock of a
Restricted Subsidiary issued in accordance with Section 4.03; 
 (11) the declaration and payment of dividends on the
Company’s common stock (or a Restricted Payment to any direct or indirect parent entity to fund a payment of dividends on such entity’s common stock), following the first public Equity Offering of such common stock after the Issue Date, of
up to 6% per annum of the Net Cash Proceeds received by (or, in the case of a Restricted Payment to a direct or indirect parent entity, contributed to the capital of) the Company in or from any such public Equity Offering; 

(12) Restricted Payments contemplated by the Offering Memorandum in connection with the Transactions; 

(13) the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness following an
Asset Sale or Change of Control pursuant to provisions similar to those set forth in Section 4.07 or Section 4.09 at a purchase price not to exceed 100% of the principal amount thereof (or 101% in the case of an offer as a result of a
Change of Control) plus accrued and unpaid interest to the date of purchase; provided that the Company has previously 

  
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made a Change of Control Offer or Asset Sale Offer, as the case may be, with respect thereto and all Notes tendered by holders in connection therewith have been repurchased to the extent required
by Section 4.07 or Section 4.09, as applicable; 
 (14) the declaration and payment of dividends or the payment of
other distributions by the Company or a Restricted Subsidiary to, or the making of loans or advances to, any of their respective direct or indirect parents in amounts required for any direct or indirect parent companies to pay, in each case without
duplication, 
 (a) franchise taxes and other fees, taxes and expenses of any corporate parent required to maintain its
corporate existence; 
 (b) for any taxable year in which the Company is a member of any consolidated, combined or similar
income tax group of which any corporate parent is the common parent (a “Tax Group”), federal, foreign, state or local income taxes (as applicable) of the Tax Group that are attributable to the income of the Company and/or any of its
Restricted Subsidiaries; provided that, in each taxable year, the amount of such payments (when aggregated with the amount of such taxes paid directly by the Company and its Restricted Subsidiaries) shall not exceed the amount that the
Company and its Restricted Subsidiaries would have been required to pay in respect of such federal, foreign, state or local income taxes on a standalone basis; 

(c) customary salary, bonus and other benefits payable to officers and employees of any direct or indirect parent company of
the Company to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Company and its Restricted Subsidiaries; 

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

(e) amounts payable to the Sponsors pursuant to the Sponsor Management Agreement as in effect on the Closing Date; 

(f) fees and expenses related to any equity or debt offering of such parent entity (whether or not successful); and 

(g) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities
convertible into or exchangeable for Capital Stock of any direct or indirect parent of the Company; 
 (15) distributions or
payments of Securitization Fees and purchases of Receivables and Related Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Transaction; and 

(16) other Restricted Payments in an amount not to exceed $15.0 million. 

For clarity purposes, all payments made pursuant to Section 4.04(b)(2) through (10) and Section 4.04(b)(12) through
(16) shall not reduce the amount that would otherwise be available for Restricted Payments under Section 4.04(a). 

  
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 Section 4.05 Limitation on Transactions with Affiliates. 

The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, enter into any transaction or
series of related transactions involving aggregate value in excess of $2.5 million (including, without limitation, the sale, purchase, exchange or lease of assets, property or services) with or for the benefit of any Affiliate of the Company (other
than the Company or a Restricted Subsidiary, including any Person that becomes a Restricted Subsidiary as a result of such transaction), unless: 

(1) such transaction or series of related transactions is on terms that are not materially less favorable to the Company or
such Restricted Subsidiary, as the case may be, than those that would be available in a comparable transaction in arm’s-length dealings with an unrelated third party; and 

(2) with respect to any transaction or series of related transactions involving aggregate value in excess of $15.0 million,
either: 
 (a) such transaction or series of related transactions has been approved by a majority of the Disinterested
Directors of the Board of Directors of the Company, or in the event there is only one Disinterested Director, by such Disinterested Director, or 

(b) the Company delivers to the Trustee a written opinion of an investment banking firm of national standing or other
recognized independent expert stating that the transaction or series of related transactions is fair to the Company or such Restricted Subsidiary from a financial point of view; 

provided, however, that this provision shall not apply to: 

(i) directors’ fees, consulting fees, employee salaries, bonuses or employment agreements, incentive arrangements,
compensation or employee benefit arrangements with any officer, director or employee of the Company or a Subsidiary of the Company, including under any stock option or stock incentive plans, customary indemnification arrangements with officers,
directors or employees of the Company or a Subsidiary of the Company, in each case entered into in the ordinary course of business; 

(ii) any Restricted Payments made in compliance with Section 4.04 or any Permitted Investment in a Person that is an
Affiliate solely as a result of the Company’s and its Restricted Subsidiaries’ Investments in such Person; 
 (iii)
any Qualified Securitization Transaction; 
 (iv) any issuance or sale of Qualified Capital Stock of the Company to
Affiliates; 
 (v) transactions among the Company and/or any Restricted Subsidiary and/or any entity that is an Affiliate
solely as a result of any Investment by the Company and/or such Restricted Subsidiary in such entity; 
 (vi) loans or
advances to employees or consultants of the Company in the ordinary course of business for bona fide business purposes of the Company and its Restricted Subsidiaries (including, without limitation, travel, entertainment and moving expenses) made in
compliance with applicable law; 

  
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 (vii) any transactions undertaken pursuant to any agreements (including, without
limitation, pursuant to the Sponsor Management Agreement) in existence on the Issue Date and described in this offering memorandum and any renewals, replacements or modifications of such contracts (pursuant to new transactions or otherwise) on terms
not materially less favorable when taken as a whole to the holders of the Notes than those in effect on the Issue Date; 

(viii) the existence of, or the performance by the Company or any of its Restricted Subsidiaries of their obligations under the
terms of, any stockholders agreement, principal investors agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date and any similar agreements which it may enter into
thereafter; provided, however, that the existence of, or the performance by the Company or any of its Restricted Subsidiaries of obligations under any future amendment to any such existing agreement or under any similar agreement
entered into after the Issue Date shall only be permitted by this clause (viii) to the extent that the terms of any such amendment or new agreement are not otherwise materially disadvantageous to the holders when taken as a whole; 

(ix) the Transactions; 

(x) transactions with Unrestricted Subsidiaries, customers, clients, suppliers, or purchasers or sellers of goods or services,
in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture which are fair to the Company and its Restricted Subsidiaries, in the reasonable determination of the Company’s Board of Directors or
the senior management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(xi) payments by the Company or any of its Restricted Subsidiaries to any of the Sponsors made for any financial advisory,
financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are approved in good faith by Disinterested Directors
constituting a majority of such Disinterested Directors; 
 (xii) payments or loans (or cancellation of loans) to employees
or consultants of the Company, any of its direct or indirect parent companies or any Restricted Subsidiary and employment agreements, severance arrangements, stock option plans and other similar arrangements with such employees or consultants which,
in each case, are approved by a majority of the Board of Directors of the Company in good faith; and 
 (xiii) Investments by
the Sponsors in debt securities of the Company or any of its Restricted Subsidiaries so long as (x) the Investment is being offered generally to other investors on the same or more favorable terms and (y) the Investment constitutes less
than 5.0% of the proposed or outstanding issue amount of such class of securities. 
 Section 4.06 Limitation on Liens. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to enter into, create, incur, assume
or suffer to exist any Liens of any kind that secure obligations under any Indebtedness, on or with respect to any of its properties other than Permitted Liens, unless in each case, (i) in the case of Liens securing Subordinated Indebtedness,
the Notes are secured by a Lien on such property that is senior in priority to such Liens; or (ii) in all other cases, the Notes are equally and ratably secured. 

  
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 (b) Any Lien created for the benefit of holders of the Notes pursuant to this Section 4.06
will be deemed automatically and unconditionally released and discharged upon the release and discharge of each of the Liens triggering the obligation to secure the Notes. 

Section 4.07 Limitation on Sale of Assets. 

(a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, consummate an Asset Sale
unless (1) at least 75% of the consideration from such Asset Sale is received in cash, Cash Equivalents or Replacement Assets and (2) the Company or such Restricted Subsidiary receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value of the shares or assets subject to such Asset Sale. 
 For purposes of Section 4.07(a)(1) above, the
following will be deemed to be cash: 
 (A) the amount of any liabilities (other than Subordinated Indebtedness) of the
Company or any Restricted Subsidiary that is actually assumed by the transferee in such Asset Sale and from which the Company and the Restricted Subsidiaries are fully and unconditionally released (excluding any liabilities that are incurred in
connection with or in anticipation of such Asset Sale and contingent liabilities); 
 (B) the amount of any notes, securities
or other similar obligations received by the Company or any Restricted Subsidiary from such transferee that is converted, sold or exchanged within 180 days of the related Asset Sale by the Company or the Restricted Subsidiaries into cash in an
amount equal to the Net Cash Proceeds realized upon such conversion, sale or exchange; and 
 (C) the amount of any
Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in the Asset Sale; provided that the aggregate of such Designated Non-cash Consideration received in connection with Asset Sales (and still held)
shall not exceed the greater of (x) $10.0 million and (y) 2.0% of Consolidated Net Tangible Assets at any one time (with the Fair Market Value in each case being measured at the time received and without giving effect to subsequent changes
in value). 
 (b) All or a portion of an amount equal to the Net Cash Proceeds of any Asset Sale may be applied by the Company or a
Restricted Subsidiary to the extent the Company or such Restricted Subsidiary elects: 
 (i) to permanently repay
(x) Senior Indebtedness of the Company (other than Indebtedness owed to the Company or any of its Restricted Subsidiaries) and, in the case of Indebtedness under the Credit Agreement, to correspondingly reduce commitments with respect thereto
or (y) Indebtedness of a Restricted Subsidiary and, in the case of Indebtedness under the Credit Agreement, to correspondingly reduce commitments with respect thereto; provided, that if the Company shall so reduce Obligations under any
Senior Indebtedness that is not secured by a Lien permitted by this Indenture, the Company will, equally and ratably, reduce Obligations under the Notes by, at its option, (A) redeeming Notes, (B) making an offer (in accordance with the
procedures set forth below for an Offer (as defined below)) to all holders to purchase their Notes at a purchase price equal to 100% of the principal amount thereof; plus the amount of any accrued and unpaid interest on the principal amount
of Notes to be repurchased or (C) purchasing Notes through open market purchases (to the extent such purchases are at a price equal to or higher than 100% of the principal amount thereof) in a manner that complies with this Indenture and
applicable securities law; 

  
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 (ii) to acquire (or enter into a legally binding agreement to acquire), all or
substantially all of the assets of, or a majority of the Voting Stock of, a Permitted Business; 
 (iii) to make a capital
expenditure; or 
 (iv) to invest the Net Cash Proceeds (or enter into a legally binding agreement to invest) in Replacement
Assets. 
 Pending the final application of any such Net Cash Proceeds, the Company may temporarily reduce Indebtedness or otherwise invest
such Net Cash Proceeds in any manner that is not prohibited by this Indenture. If any such legally binding agreement to invest such Net Cash Proceeds is entered into and the Company shall have not consummated such investment (or a replacement
investment) within 180 days of the date of such binding agreement or within 365 days of such Asset Sale, whichever is later, such Net Cash Proceeds which were to be invested shall constitute “Excess Proceeds.” The amount of such Net
Cash Proceeds not used or invested in accordance with the preceding clauses (i) through (iv) within 365 days (or such later number of days as provided in the preceding sentence) of the Asset Sale constitutes “Excess Proceeds.”

 When the aggregate amount of Excess Proceeds exceeds $20.0 million, within 30 days thereof, or earlier at the option of the Company, the
Company will make an offer (an “Offer”) to all Holders of Notes and to all holders of other Pari Passu Indebtedness containing provisions similar to those set forth in this Section 4.07 with respect to asset sales, in each
case, equal to the Excess Proceeds. The offer price in any Offer will be equal to 100% of the principal amount of the Notes (and 100% of the principal amount or, if different, the accreted value of any Pari Passu Indebtedness) plus accrued and
unpaid interest to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture and such
remaining amount shall not be added to any subsequent Excess Proceeds for any purpose under this Indenture. If the aggregate principal amount of the Notes and principal amount or, if different, accreted value of the Notes and other Pari Passu
Indebtedness tendered into such Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and other Pari Passu Indebtedness to be purchased on a pro rata basis. Upon completion of each Offer, the amount of Excess
Proceeds will be reset at zero. 
 (c) Notwithstanding the foregoing, the Company will not be required to apply in accordance with this
Section 4.07 any Excess Proceeds received in respect of any Asset Sale by Opco or any of its Subsidiaries until such time as such entities are permitted in accordance with the terms of their Indebtedness to dividend or distribute an amount at
least equal to such Excess Proceeds to the Company. 
 (d) The Company will comply with the applicable tender offer rules, including Rule
14e-1 under the Exchange Act, and any other applicable securities laws or regulations in connection with an Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.07, the Company, or the
applicable Restricted Subsidiary, will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.07 by virtue of such conflict. 

Section 4.08 Future Guarantees. 
 (a)
The Notes will not be guaranteed by any of the Company’s Subsidiaries on the Issue Date. After the Issue Date, the Company will cause each Restricted Subsidiary that guarantees any Indebtedness of the Company within ten Business Days of the
date on which such Restricted Subsidiary guarantees such Indebtedness to execute and deliver a supplemental indenture in the form of Exhibit D  

  
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pursuant to which such Restricted Subsidiary will unconditionally guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any and interest on the
Notes and all other obligations under this Indenture on the same terms and conditions as those set forth in this Indenture. 
 Section 4.09 Purchase
of Notes upon a Change of Control. 
 (a) If a Change of Control occurs, each Holder of Notes will have the right to require the Company
to purchase all or any part (in integral multiples of $1,000 except that no Note will be purchased in part if the remaining principal amount of such Note would be less than $2,000 (or in the case any PIK Payment has been made, in integral multiples
of $1.00 except that no partial purchase will be permitted that would result in a Note having a remaining principal amount of less than $1.00)) of such Holder’s Notes pursuant to the offer described below (a “Change of Control
Offer”). In the Change of Control Offer, the Company will offer to purchase all of the Notes, at a purchase price (the “Change of Control Purchase Price”) in cash in an amount equal to 101.000% of the principal amount of
such Notes, plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Purchase Date”) (subject to the rights of Holders of record on the relevant Record Date to receive interest due on an Interest
Payment Date). 
 (b) Unless the Company has previously or concurrently mailed a notice of redemption with respect to all of the outstanding
Notes pursuant to Section 3.03 within 30 days of any Change of Control or, at the Company’s option, prior to such Change of Control but after it is publicly announced, the Company must notify the Trustee and give written notice (a
“Change of Control Purchase Notice”) of the Change of Control to each Holder of Notes, by first-class mail, postage prepaid, at its address appearing in the Note Register. The notice must state: 

(i) that a Change of Control has occurred or will occur, the date of such event, and that such Holder has the right to require
the Company to repurchase such Holder’s Notes at the Change of Control Purchase Price; 
 (ii) that the Change of
Control Offer is being made pursuant to this Section 4.09 and that all Notes properly tendered pursuant to the Change of Control Offer will be accepted for payment at the Change of Control Purchase Price; 

(iii) the Change of Control Purchase Date, which shall be fixed by the Company on a Business Day no earlier than 30 days nor
later than 60 days from the date such notice is mailed, or such later date as is necessary to comply with requirements under the Exchange Act; provided that the Change of Control Purchase Date may not occur prior to the Change of Control;

 (iv) the Change of Control Purchase Price; 

(v) that the Change of Control Purchase Price for any Notes which has been properly tendered and not withdrawn will be paid
promptly following the Change of Control Purchase Date; 
 (vi) that Holders electing to have any Notes purchased pursuant to
a Change of Control Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in
the notice prior to the close of business on the third Business Day preceding the Change of Control Purchase Date; 

  
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 (vii) that Holders shall be entitled to withdraw their tendered Notes and their
election to require the Company to purchase such Notes, provided that the Paying Agent receives, not later than the close of business on the 30th day following the date of the Change of Control Purchase Notice, a facsimile transmission or
letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(viii) that any Note not tendered will continue to accrue interest; and 

(ix) that, unless the Company defaults in the payment of the Change of Control Purchase Price, any Notes accepted for payment
pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Purchase Date. 
 (c) On the Change of
Control Purchase Date, the Company shall, to the extent permitted by law: 
 (i) accept for payment all Notes issued by it or
portions thereof properly tendered pursuant to the Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount
equal to the aggregate Change of Control Purchase Price in respect of all Notes or portions thereof so tendered; and 
 (iii)
deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Company. 

(d) Subject to applicable escheat laws, the Trustee and the Paying Agent shall return to the Company any cash that remains unclaimed, together
with interest or dividends, if any, thereon, held by them for the payment of the Change of Control Purchase Price; provided, however, that, (x) to the extent that the aggregate amount of cash deposited by the Company pursuant to
clause (ii) of clause (c) above exceeds the aggregate Change of Control Purchase Price of the Notes or portions thereof to be purchased, then the Trustee shall hold such excess for the Company and (y) unless otherwise directed by the
Company in writing, promptly after the Business Day following the Change of Control Purchase Date the Trustee shall return any such excess to the Company together with interest, if any, thereon. 

(e) The Company shall comply, to the extent applicable, with the applicable tender offer rules, including Rule 14e-1 under the Exchange Act,
and any other applicable securities laws or regulations in connection with a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.09, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.09 by virtue of such conflict. 

(f) Notwithstanding the foregoing, the Company will not be required to make a Change of Control Offer upon a Change of Control if a third party
makes the Change of Control Offer, in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.09 applicable to a Change of Control Offer made by the Company and purchases all the Notes validly
tendered and not withdrawn under such Change of Control Offer. 
 (g) The Company’s obligation to make a Change of Control Offer to
repurchase the Notes may be waived or modified with the written consent of the Holders of a majority in principal amount of the Notes then outstanding pursuant to Section 9.02. 

  
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 (h) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes
validly tender and do not withdraw such notes in a Change of Control offer and the Company, or any third party making a Change of Control offer in lieu of the Company, purchases all of the Notes validly tendered and not withdrawn by such holders,
the Company or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control offer described in this
Section 4.09, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101.000% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption. 

Section 4.10 Reserved. 
 Section 4.11
Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 (a) The Company will not, and will not cause or
permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions on its Capital Stock; 

(2) pay any Indebtedness owed to the Company or any other Restricted Subsidiary; 

(3) make any Investment in the Company or any other Restricted Subsidiary; or 

(4) transfer any of its properties or assets to the Company or any other Restricted Subsidiary. 

(b) Section 4.11(a) will not prohibit any: 

(1) encumbrance or restriction pursuant to an agreement or instrument (including, without limitation, the Credit Agreement (and
related security documents), the Notes, this Indenture, any Guarantees and the Existing Opco Notes Indenture (and related security documents)) in effect on the Issue Date or any agreement governing Indebtedness that contains encumbrances and
restrictions that are not materially more restrictive than those contained in this Indenture, any Guarantees, the Credit Agreement and the Existing Opco Notes Indenture (and related security documents); 

(2) encumbrance or restriction with respect to a Restricted Subsidiary that is not a Restricted Subsidiary on the Issue Date,
in existence at the time such Person becomes a Restricted Subsidiary and not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary, provided that such encumbrances and restrictions are not
applicable to any Restricted Subsidiary or the properties or assets of any Restricted Subsidiary other than such Subsidiary which is becoming a Restricted Subsidiary or such Subsidiary’s Subsidiaries; 

(3) encumbrance or restriction pursuant to any agreement governing any Indebtedness represented by Capital Lease Obligations or
Purchase Money Obligations permitted to be incurred under Section 4.03; 
 (4) encumbrance or restriction contained in
any Acquired Indebtedness or other agreement of any Person or related to assets acquired (whether by merger, consolidation or otherwise) by the Company or any Restricted Subsidiaries, so long as such encumbrance or restriction (A) was not
entered into in contemplation of the acquisition, merger or consolidation transaction, 

  
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and (B) is not applicable to any Person, or the properties or assets of any Person, other than the Person or such Person’s Subsidiaries, or the property or assets of the Person or such
Person’s Subsidiaries, so acquired; 
 (5) encumbrance or restriction existing under applicable law, rule, regulation or
order or any requirement of any regulatory body; 
 (6) in the case of Section 4.11(a)(4), Liens securing Indebtedness
otherwise permitted to be incurred under Section 4.06 that limit the right of the debtor to dispose of the assets subject to such Liens; 

(7) customary non-assignment provisions in leases, licenses or contracts; 

(8) customary restrictions contained in (A) asset sale agreements that limit the transfer of such assets pending the
closing of such sale and (B) any other agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending its sale or other disposition; 

(9) customary restrictions imposed by the terms of shareholders’, partnership or joint venture agreements;
provided, however, that such restrictions do not apply to any Restricted Subsidiaries other than the applicable company, partnership or joint venture; 

(10) restrictions contained in Indebtedness of Restricted Subsidiaries permitted to be incurred under this Indenture, so long
as such restrictions or encumbrances are customary for Indebtedness of the type incurred and which the Board of Directors of the Company determines in good faith will not adversely affect the Company’s ability to make payments of principal or
interest on the Notes; 
 (11) encumbrance or restriction with respect to a Securitization Entity in connection with a
Qualified Securitization Transaction; provided, however, that such encumbrances and restrictions are necessary or advisable to effect the transactions contemplated under such Qualified Securitization Transaction in the good faith
determination of the Company; 
 (12) restrictions on cash or other deposits or net worth imposed by customers or suppliers
under contracts entered into in the ordinary course of business; and 
 (13) encumbrance or restriction under any agreement
that amends, extends, renews, refinances or replaces the agreements containing the encumbrances or restrictions in the foregoing clauses (1) through (12), or in this clause (13); provided that the terms and conditions of any such
encumbrances or restrictions are no more restrictive in any material respect than those under or pursuant to the agreement evidencing the Indebtedness so extended, renewed, refinanced or replaced. 

Section 4.12 Limitation on Unrestricted Subsidiaries. 

The Company may designate after the Issue Date any Subsidiary as an “Unrestricted Subsidiary” under this Indenture only if: 

(a) no Default shall have occurred and be continuing at the time of or after giving effect to such designation; 

  
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 (b) either (i) such Subsidiary has total assets of less than $1,000 or
(ii) the Company would be permitted to make an Investment at the time of designation (assuming the effectiveness of such designation) pursuant to Section 4.04 in an amount (the “Designation Amount”) equal to the Fair
Market Value of the Company’s and its Restricted Subsidiaries’ Investments in such Subsidiary (including any guarantee of the obligations of such Unrestricted Subsidiary that will not be released concurrently with such designation but
excluding any amounts attributable to Investments made prior to the Issue Date); 
 (c) such Unrestricted Subsidiary does not
own any Capital Stock in any Restricted Subsidiary which is not simultaneously being designated an Unrestricted Subsidiary; 

(d) such Unrestricted Subsidiary is not liable, directly or indirectly, with respect to any Indebtedness other than
Non-recourse Indebtedness, provided that an Unrestricted Subsidiary may provide a Guarantee for the Notes; and 
 (e)
such Unrestricted Subsidiary is not a party to any agreement, contract, arrangement or understanding at such time with the Company or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are not
materially less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company or, in the event such condition is not satisfied, the value of such agreement,
contract, arrangement or understanding to such Unrestricted Subsidiary from and after the date of designation shall be deemed a Restricted Payment. 

In the event of any such designation, the Company shall be deemed to have made an Investment pursuant to Section 4.04 for all purposes of
this Indenture in an amount equal to the Designation Amount. For purposes of the foregoing, the designation of a Subsidiary of the Company as an Unrestricted Subsidiary shall be deemed to be the designation of all of the Subsidiaries of such
Subsidiary as Unrestricted Subsidiaries. Unless so designated as an Unrestricted Subsidiary, any Person that becomes a Subsidiary of the Company will be classified as a Restricted Subsidiary. 

The Company may revoke any designation of a Subsidiary as an Unrestricted Subsidiary if: 

(a) no Default shall have occurred and be continuing at the time of and after giving effect to such revocation; 

(b) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such revocation would, if
incurred at such time, have been permitted to be incurred for all purposes of this Indenture; and 
 (c) unless such
redesignated Subsidiary shall not have any Indebtedness outstanding (other than Indebtedness that would be Permitted Indebtedness), (x) if prior to such revocation the Company could incur $1.00 of additional Indebtedness pursuant to
Section 4.03(a) immediately after giving effect to such proposed revocation, and after giving pro forma effect to the incurrence of any such Indebtedness of such redesignated Subsidiary as if such Indebtedness was incurred on the
date of the revocation, the Company could incur $1.00 of additional Indebtedness pursuant to Section 4.03(a) or (y) if prior to such revocation the Company could not incur $1.00 of additional Indebtedness pursuant to Section 4.03(a)
the Company’s Consolidated Fixed Charge Coverage Ratio does not decline as a result of such revocation. 

  
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 All designations and revocations must be evidenced by a resolution of the Company’s Board of
Directors delivered to the Trustee certifying compliance with the foregoing provisions. 
 Section 4.13 Provision of Financial Information. 

(a) The Company shall furnish to the Trustee and, upon request, to beneficial owners and prospective investors of the Notes, a copy of all of
the information and reports referred to in clauses (1) and (2) below within 15 days after the time periods specified in the SEC’s rules and regulations (assuming the Notes were registered under Section 13(a) or Section 15(d)
of the Exchange Act): 
 (1) all quarterly and annual financial information that would be required to be contained in a
filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual
information only, a report on the annual financial statements by the Company’s certified independent accountants; provided that, prior to the Exchange Offer, such reports may be reports of Opco including or accompanied by a reasonably
detailed explanation of the differences between the assets, liabilities and results of operations of the Company and its Restricted Subsidiaries, on the one hand, and Opco and its Restricted Subsidiaries, on the other hand; and 

(2) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such
reports; 
 provided that if the Company files such reports electronically with the SEC within such time periods, the Company shall not be required
to furnish such reports as specified above. The Trustee shall have no responsibility whatsoever to determine if such electronic filing has occurred. 

(b) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates). 
 (c) After consummation of the Exchange Offer, whether or not required by the SEC, the Company
shall comply with the periodic reporting requirements of the Exchange Act and shall file the reports specified in Section 4.13(a) with the SEC within the time periods specified in Section 4.13(a) unless the SEC will not accept such a
filing. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company shall post the reports referred to in Section 4.13(a) on its website within the time periods that would apply if the
Company were required to file those reports with the SEC. 
 (d) For so long as any Notes are outstanding, the Company shall also: 

(1) within 15 Business Days after filing with the Trustee or the SEC, as the case may be, the annual and quarterly information
required pursuant to the preceding two paragraphs, hold a conference call for Holders of Notes, prospective investors and market makers (it being understood that prior to completion of the Exchange Offer, the Company may limit participants to the
extent it determines in good faith such limitations are prudent to ensure compliance with the Securities Act and other applicable securities laws) to discuss such reports and the results of operations for the relevant reporting period; and 

  
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 (2) employ commercially reasonable means expected to reach Persons entitled to
participate in such conference calls in accordance with the foregoing paragraph no fewer than three Business Days prior to the date of the conference call required to be held in accordance with clause (1) above, to announce the time and date of
such conference call and either including all information necessary to access the call or directing such Persons to contact the appropriate contact at the Company to obtain such information. 

(e) Notwithstanding the foregoing, so long as the direct or indirect parent company becomes a guarantor, the reports, information and other
documents required to be filed and provided in accordance with clauses (a) and (b) above will be those of such parent, rather than those of the Company, so long as such filings would satisfy the SEC’s requirements (assuming the Notes
were registered under Section (13)(a) or Section 15(d) of the Exchange Act). 
 (f) In addition, so long as any of the Notes remain
outstanding, the Company will make available to any prospective purchaser of Notes or beneficial owner of Notes in connection with any sale thereof the information required by Rule 144A(d)(4) under the Securities Act, until such time as the Company
has either exchanged the Notes for securities identical in all material respects which have been registered under the Securities Act or until such time as the Holders thereof have disposed of such Notes pursuant to an effective registration
statement under the Securities Act. 
 Section 4.14 Statement by Officers as to Default. 

(a) The Company will deliver to the Trustee, on or before a date not more than 120 days after the end of each fiscal year of the Company, an
Officer’s Certificate, as to compliance herewith, including whether or not, after a review of the activities of the Company during such year and of the Company’s and any Guarantor’s performance under this Indenture, to the best
knowledge, based on such review, of the signers thereof, the Company and any Guarantor have fulfilled all of their respective obligations and are in compliance with all conditions and covenants under this Indenture throughout such year, as the case
may be, and, if there has been a Default specifying each Default and the nature and status thereof and any actions being taken by the Company and any Guarantors with respect thereto. 

(b) When any Default or Event of Default has occurred and is continuing, the Company shall deliver to the Trustee by registered or certified
mail or facsimile transmission an Officer’s Certificate specifying such Default or Event of Default, within five Business Days after becoming aware of the occurrence of such Default or Event of Default. 

ARTICLE 5 
 SUCCESSORS 

Section 5.01 Consolidation, Merger or Sale of Assets. 

(a) The Company will not, in a single transaction or through a series of related transactions, consolidate with or merge with or into any other
Person or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets to any Person or group of Persons, unless at the time and after giving effect thereto: 

(1) either (a) the Company will be the continuing corporation or (b) the Person formed by or surviving such
consolidation or merger or the Person which acquires by sale, assignment, conveyance, transfer, lease or disposition all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries on a consolidated basis (the
“Surviving Entity”) 

  
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(i) shall be a corporation, limited liability company or partnership duly organized and validly existing under the laws of the United States of America, any state thereof or the District of
Columbia; provided that there shall be an obligor or a co-obligor that is a corporation and (ii) shall expressly assume by a supplemental indenture, in a form reasonably satisfactory to the Trustee, all the obligations of the Company
under the Notes and this Indenture and the Registration Rights Agreement, as the case may be, and the Notes and this Indenture and the Registration Rights Agreement will remain in full force and effect as so supplemented (and any Guarantees will be
confirmed as applying to such Surviving Entity’s obligations); 
 (2) after giving effect to such transaction, no
Default or Event of Default exists; 
 (3) after giving effect to such transaction, the Company (or the Surviving Entity if
the Company is not the continuing obligor under this Indenture) could (a) incur $1.00 of additional Indebtedness under the provisions of Section 4.03(a) or (b) the Consolidated Fixed Charge Coverage Ratio of the Company or the
Surviving Entity is equal to or greater than the Company’s Consolidated Fixed Charge Coverage Ratio immediately prior to such transaction; 

(4) at the time of the transaction, each Guarantor, if any, unless it is the other party to the transactions described above,
will have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and 

(5) at the time of the transaction, the Company or the Surviving Entity will have delivered, or caused to be delivered, to the
Trustee, in form and substance reasonably satisfactory to the Trustee, an Officer’s Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger, transfer, sale, assignment, conveyance, transfer, lease or other
transaction and the supplemental indenture in respect thereof comply with this Indenture and that all conditions precedent provided for in this Section 5.01(a) relating to such transaction have been complied with. 

Notwithstanding Sections 5.01(a)(2) and (a)(3), (x) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of
its properties and assets to another Restricted Subsidiary and (y) the Company may merge with an Affiliate that has no significant assets or liabilities and was formed solely for the purpose of changing the Company’s jurisdiction of
organization to another state of the United States. 
 (b) Each Guarantor will not, and the Company will not permit a Guarantor to, in a
single transaction or through a series of related transactions, consolidate with or merge with or into any other Person (other than the Company or any Guarantor) or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially
all of its properties and assets to any Person or group of Persons (other than the Company or any Guarantor), unless at the time and after giving effect thereto: 

(1) (a) either (i) the Guarantor will be the continuing corporation or limited liability company, as the case may be, in
the case of a consolidation or merger involving the Guarantor or (ii) the Person formed by or surviving such consolidation or merger or the Person which acquires by sale, assignment, conveyance, transfer, lease or disposition all or
substantially all of the properties and assets of the Guarantor on a consolidated basis (the “Surviving Guarantor Entity”) will be a corporation, limited liability company, limited liability partnership, partnership (whether general
or limited) or trust duly organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia and such Person expressly assumes, by a supplemental indenture, in a form reasonably satisfactory
to the Trustee, all the obligations of such Guarantor under its Guarantee of the Notes and this Indenture and the Registration Rights Agreement and such Guarantee, Indenture and Registration Rights Agreement will remain in full force and effect;

  
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 (b) after giving effect to such transaction, no Default or Event of Default
exists; and 
 (c) at the time of the transaction such Guarantor or the Surviving Guarantor Entity will have delivered, or
caused to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officer’s Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger, transfer, sale, assignment,
conveyance, lease or other transaction and the supplemental indenture in respect thereof comply with this Indenture and that all conditions precedent therein provided for relating to such transaction have been complied with; or 

(2) the transaction is made in compliance with Section 4.07. 

For purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of
the properties and assets of one or more Restricted Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Restricted Subsidiaries, would constitute all or substantially all of the properties and assets of
the Company on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of the Company. 

Section 5.02 Successor Substituted. 

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 or any Guarantor, if any, in accordance with Section 5.01, the successor Person formed by such consolidation or into which the Company or such Guarantor, 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 or such Guarantor, as the case may be, under this Indenture,
the Notes and/or the related Guarantee, as the case may be, and the Registration Rights Agreement, with the same effect as if such successor Person had been named as the Company or such Guarantor, as the case may be, herein, in the Notes and/or in
the Guarantee, as the case may be, and the Registration Rights Agreement, and the Company or such Guarantor, as the case may be, shall be discharged from all obligations and covenants under this Indenture and the Notes or its Guarantee, as the case
may be, and the Registration Rights Agreement; provided that in the case of a transfer by lease, the predecessor shall not be released from the payment of principal and interest on the Notes or its Guarantee, as the case may be. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. 

An “Event of Default” wherever used herein, means any one of the following events: 

(1) there shall be a default in the payment of any interest on any Note when it becomes due and payable, and such default shall
continue for a period of 30 days; 

  
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 (2) there shall be a default in the payment of the principal of (or premium, if
any, on) any Note at its Maturity (upon acceleration, optional redemption, required repurchase or otherwise); 
 (3) (a)
there shall be a default in the performance, or breach, of any covenant or agreement of the Company under this Indenture (other than a default in the performance, or breach, of a covenant or agreement which is specifically dealt with in clause
(1) or (2) above or in clause (b), (c) or (d) of this clause (3)) and such default or breach shall continue for a period of 60 days after written notice has been given, by certified mail, (1) to the Company by the
Trustee or (2) to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes; (b) there shall be a default in the performance or breach of the provisions described in
Section 5.01; (c) the Company shall have failed to make or consummate an Offer in accordance with the provisions of Section 4.07; or (d) the Company shall have failed to make or consummate a Change of Control Offer in accordance
with the provisions of Section 4.09; 
 (4) (a) any default in the payment of the principal or premium, if any, on any
Indebtedness when due under any of the agreements, indentures or instruments under which the Company or any Restricted Subsidiary then has outstanding Indebtedness (other than Indebtedness owed to the Company or a Restricted Subsidiary) in excess of
$25.0 million (“Material Indebtedness”) and such default shall have continued after giving effect to any applicable grace period and shall not have been cured or waived or (b) an event of default as defined in any of the
agreements, indentures or instruments described in subclause (a) of this clause (4) shall have occurred and the Material Indebtedness thereunder, if not already matured at its final maturity in accordance with its terms, shall have been
accelerated; 
 (5) one or more final, non-appealable judgments or orders of any court or regulatory or administrative agency
for the payment of money in excess of $25.0 million (net of any amounts to the extent that they are covered by insurance), either individually or in the aggregate, shall be rendered against the Company or any Restricted Subsidiary which has not been
discharged, fully bonded or stayed for a period of 60 consecutive days; 
 (6) there shall have been the entry of a decree or
order that remains unstayed and in effect for 60 consecutive days by a court of competent jurisdiction under any applicable Bankruptcy Law (a) for relief in an involuntary case or proceeding in respect of the Company, any Significant Subsidiary
or any group of Restricted Subsidiaries which collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary or (b) adjudging the Company, any
Significant Subsidiary or any group of Restricted Subsidiaries which collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary bankrupt or
insolvent or (c) seeking reorganization, arrangement, adjustment or composition under any applicable federal or state law of or in respect of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries which collectively (as
of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary or (d) appointing a custodian of the Company, any Significant Subsidiary or any group of
Restricted Subsidiaries which collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary or of substantially all of the assets of the Company or
such Significant Subsidiary, or ordering the winding up or liquidation of their affairs; or 

  
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 (7) the Company, any Significant Subsidiary or any group of Restricted
Subsidiaries which collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary (a) commences a voluntary case or proceeding in respect of
the Company, such Significant Subsidiary or such group of Restricted Subsidiaries under any applicable Bankruptcy Law or any other case or proceeding to be adjudicated bankrupt or insolvent, (b) consents to the entry of a decree or order for
debt relief in respect of the Company, such Significant Subsidiary or such group of Restricted Subsidiaries in an involuntary case or proceeding under any applicable Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or
proceeding against it, (c) files a petition or answer or consent seeking reorganization or debt relief in respect of the Company, such Significant Subsidiary or such group of Restricted Subsidiaries under any Bankruptcy Law or applicable
federal or state insolvency law, (d) consents to the filing of such petition for the appointment of, or taking possession by, a custodian of the Company, such Significant Subsidiary or such group of Restricted Subsidiaries or of substantially
all of the assets of the Company or such Significant Subsidiary, (e) makes an assignment for the benefit of creditors, (f) admits in writing its inability to pay its debts generally as they become due or (g) takes any corporate action
to authorize any such actions in this clause (7). 
 Section 6.02 Acceleration. 

If an Event of Default (other than as specified in Section 6.01(6) or (7) with respect to the Company) shall occur and be continuing
with respect to this Indenture, the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding may, and the Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any,
and accrued interest on all Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders of the Notes) and upon any such declaration, such principal, premium, if any, and interest shall
become due and payable immediately. If an Event of Default specified in Section 6.01(6) or (7) with respect to the Company occurs and is continuing, then all the Notes shall automatically become and be due and payable immediately in an
amount equal to the principal amount of the Notes, together with accrued and unpaid interest, if any, to the date the Notes become due and payable, without any declaration or other act on the part of the Trustee or any Holder. 

After a declaration of acceleration, 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 Notes outstanding by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 

(a) the Company has paid or deposited with the Trustee a sum sufficient to pay (1) all sums paid or advanced by the
Trustee under this Indenture and the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, (2) all overdue interest on all Notes then outstanding, (3) the principal of, and premium, if any,
on any Notes then outstanding which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Notes and (4) to the extent that payment of such interest is lawful, interest upon overdue
interest at the rate borne by the Notes; and 
 (b) all Events of Default, other than the non-payment of principal of,
premium, if any, and interest on the Notes which have become due solely by such declaration of acceleration, have been cured or waived. 
 No
such rescission shall affect any subsequent default or impair any right consequent thereon. 

  
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 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

Section 6.04 Waiver of Past Defaults. 

The Holders of not less than a majority in aggregate principal amount of the Notes outstanding may on behalf of the Holders of all outstanding
Notes waive any past Default under this Indenture and its consequences, except a Default (1) in the payment of the principal of, premium, if any, or interest on any Note (which may only be waived with the consent of each Holder of Notes
affected) or (2) in respect of a covenant or provision which under this Indenture cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment. 

Section 6.05 Control by Majority. 

The Holders of a majority in principal amount of the then total outstanding Notes may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is
unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability. 
 Section 6.06 Limitation
on Suits. 
 No Holder of any of the Notes has any right to institute any proceedings with respect to this Indenture or any remedy
thereunder, unless (a) such Holder has previously given notice to the Trustee of a continuing Event of Default; (b) the Holders of at least 25% in aggregate principal amount of the outstanding Notes have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as trustee under this Indenture and the Notes; (c) 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; (d) the Trustee has failed to institute such proceeding within 60 days after receipt of such notice; and (e) the Trustee, within such 60-day period, has not received
directions inconsistent with such written request by Holders of a majority in aggregate principal amount of the outstanding Notes. Such limitations do not, however, apply to a suit instituted by a Holder of a Note for the enforcement of the payment
of the principal of, premium, if any, or interest on such Note on or after the respective due dates expressed in such Note. 
 Section 6.07 Rights
of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, if any, and Additional Interest, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an Offer or a Change of Control Offer), or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

  
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 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in
its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and Additional Interest, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the
extent lawful, interest and 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. 

Section 6.09 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 proceedings or any other proceedings, the Company, the Trustee and the
Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies hereunder of the Trustee and the Holders shall continue as though no such proceeding has been instituted. 

Section 6.10 Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy. 
 Section 6.11 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Note 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 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 6.12 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes including any Guarantor), their creditors or their property and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter and to collect, receive and
distribute any money or other property payable or deliverable on any such claims and any custodian 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 to 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 7.07. To the extent that the payment of any such compensation, expenses, 

  
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disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.13 Priorities. 
 If the
Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 (i) to the
Trustee, Paying Agent, Registrar, Transfer Agent, their agents and attorneys for amounts due under Section 7.07, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee, Paying Agent,
Registrar or Transfer Agent and the costs and expenses of collection; 
 (ii) to Holders of Notes for amounts due and unpaid
on the Notes for principal, premium, if any, and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and Additional
Interest, if any, and interest, respectively; and 
 (iii) to the Company or to such party as a court of competent
jurisdiction shall direct, including a Guarantor, if applicable. 
 The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.13. 
 Section 6.14 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 or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
 ARTICLE 7

 TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If 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 its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

  
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 (b) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own grossly
negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 
 (i) this paragraph
does not limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any
error of judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders of the Notes unless the Holders have offered to the Trustee indemnity or security satisfactory to it
against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee
may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee. 
 (a)
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney at the 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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 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate
or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 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 from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney
appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be
authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 (f) None
of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or
powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. 

(g) 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 Notes and this Indenture. 

(h) 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. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, 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) In the event the Company is required to pay Additional Interest, the Company will provide written notice to the Trustee of the
Company’s obligation to pay Additional Interest no later than 15 days prior to the next Interest Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Company. The Trustee shall not at any time be
under any duty or responsibility to any Holders to determine whether the Additional Interest is payable and the amount thereof. 
 (k) The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. 
 (l) The Trustee
may request that the Company delivers 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. 

  
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 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue
as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11. 
 Section 7.04
Trustee’s Disclaimer. 
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be
responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the
sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default
within 90 days after it occurs. Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so long as a committee
of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is such a Default is received by the Trustee at the Corporate Trust Office of the Trustee. 

Section 7.06 Reports by Trustee to Holders of the Notes. 

Within 60 days after each May 15, beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by Trust
Indenture Act Section 313(c). 
 A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the
Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Company shall promptly notify the Trustee in writing when, if applicable, the Notes are listed on
any stock exchange and of any delisting thereof. 
 Section 7.07 Compensation and Indemnity. 

The Company and any Guarantors, jointly and severally, shall pay to the Trustee from time to time such compensation for its acceptance of this
Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company and any Guarantors, jointly and
severally, 

  
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shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses
shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 The Company and any
Guarantors, jointly and severally, shall indemnify the Trustee for, and hold the Trustee harmless against, any and all loss, damage, claims, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the
acceptance or administration of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company or any Guarantors (including this Section 7.07) or defending itself against
any claim whether asserted by any Holder, the Company or any Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the
reasonable and documented fees and expenses of such counsel. The Company and any Guarantors need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct
or gross negligence. 
 The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this
Indenture or the earlier resignation or removal of the Trustee. 
 Notwithstanding anything contrary in Section 4.06 hereto, to secure
the payment obligations of the Company and any Guarantors in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest
on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses or
renders services after an Event of Default specified in Section 6.01(6) or (7) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law. 
 The Trustee shall comply with the provisions of Trust Indenture Act Section 313(b)(2) to
the extent applicable. As used in this Section 7.07, the term “Trustee” shall also include each of the Paying Agent, Registrar, and Transfer Agent, as applicable. 

Section 7.08 Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and the Registrar, Paying Agent and Transfer Agent may resign with 60 days’ prior written notice and be discharged from the trust
hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing and may remove the Registrar, Paying Agent or
Transfer Agent by so notifying such Registrar, Paying Agent or Transfer Agent, as applicable, with 90 days’ prior written notice. The Company may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 

  
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 (c) a custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the
Company’s expense), the Company or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee;
provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee. 
 As used in this Section 7.08, the term “Trustee”
shall also include each of the Paying Agent, Registrar and Transfer Agent, as applicable. 
 Section 7.09 Successor Trustee by Merger, Etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee. 
 Section 7.10 Eligibility; Disqualification.

 There shall at all times be a Trustee hereunder that is a corporation or national banking association organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital
and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. 
 This Indenture shall always
have a Trustee who satisfies the requirements of Trust Indenture Act Sections 310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act Section 310(b). 

  
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 Section 7.11 Preferential Collection of Claims Against the Company. 

The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act
Section 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 

ARTICLE 8 
 LEGAL DEFEASANCE AND
COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, at its option and at any time,
elect to have either Section 8.02 or 8.03 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Company and any Guarantor
shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes and any Guarantees on the date the conditions set forth below are
satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to
be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture including
that of any Guarantors (and the Trustee, on 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: 
 (a) the rights of Holders of Notes to receive payments in respect of the principal of, premium, if any, and
interest on the Notes when such payments are due; 
 (b) the Company’s obligations with respect to Notes concerning
issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(c) the rights, powers, trusts, duties and immunities of the Trustee; and 

(d) this Section 8.02. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03. 
 Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Company and any Guarantors
shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12, 4.13 and 4.14, and clauses
(2) through (5) of Section 5.01(a) and Section 5.01(b), with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (“Covenant Defeasance”), any
Guarantees will be released pursuant to Section 10.06 and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, 

  
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consent or declaration or act of Holders (and the consequences of any default thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other
purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company 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 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be
unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(3) (as it
relates to the covenants specified above), 6.01(4), 6.01(5) and 6.01(6), (solely with respect to Restricted Subsidiaries that are Significant Subsidiaries) and 6.01(7) (solely with respect to Restricted Subsidiaries) shall not constitute Events of
Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either
Section 8.02 or 8.03 to the outstanding Notes: 
 (1) the Company must irrevocably deposit with the Trustee, in trust,
for the benefit of the Holders of the Notes, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants or a
nationally recognized investment banking firm, to pay and discharge the principal of, premium, if any, and interest due on the outstanding Notes on the Stated Maturity thereof or, to the extent the Company has previously provided a notice of
redemption with respect to the outstanding Notes, on the applicable Redemption Date; 
 (2) in the case of Legal Defeasance,
the Company shall have delivered to the Trustee an Opinion of Counsel from independent counsel in the United States stating that: 

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

(b) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel from independent counsel in the United States shall confirm that
(subject to customary assumptions, qualifications and exclusions) the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S.
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel from independent
counsel in the United States (subject to customary assumptions, qualifications and exclusions) confirming that the Holders of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to such 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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 (4) no Default or Event of Default shall have occurred and be continuing on the
date of such deposit; 
 (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or
constitute a Default under any other material agreement to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; and 

(6) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel from independent
counsel each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and
to become due thereon in respect of principal, premium and Additional Interest, if any, 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 Government
Securities deposited pursuant to Section 8.04 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 Notes. 

Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written
request of the Company any money or Government Securities held by it as provided in Section 8.04 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 8.04(2)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06 Repayment to the 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
and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium and Additional Interest, if any, 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 Note shall thereafter 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. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or Government Securities in accordance with Section 8.04 or 8.05, 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 

  
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the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.04 or 8.05 until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.04 or 8.05, as the case may be; provided that, if the Company makes any payment of principal of, premium and Additional Interest, if any, or
interest on any Note following the reinstatement of their obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02, the Company, any Guarantor, any other obligor under the Notes and the Trustee may amend or supplement this
Indenture, any Guarantee or Notes without the consent of any Holder: 
 (1) to evidence the succession of another Person to
the Company or any Guarantor, and the assumption by any such successor of the covenants of the Company or any Guarantor in this Indenture, the Notes and any Guarantee in accordance with Section 5.01; 

(2) to add to the covenants of the Company, any Guarantor or any other obligor upon the Notes for the benefit of the Holders of
the Notes or to surrender any right or power conferred upon the Company or any Guarantor or any other obligor upon the Notes, as applicable, in this Indenture, the Notes or any Guarantee; 

(3) to cure any ambiguity, or to correct or supplement any provision in this Indenture, the Notes or any Guarantee which may be
defective or inconsistent with any other provision in this Indenture, the Notes or any Guarantee; 
 (4) to make any other
provisions with respect to matters or questions arising under this Indenture, the Notes or any Guarantee; provided that, in each case, such provisions shall not materially adversely affect the interest of the Holders of the Notes; 

(5) to comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
Trust Indenture Act; 
 (6) in the event that the PIK Notes are issued in certificated form, to make appropriate amendments
to this Indenture to reflect an appropriate minimum denomination of certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes; 

(7) to evidence and provide the acceptance of the appointment of a successor Trustee under this Indenture; 

(8) to provide for the issuance of Additional Notes or PIK Notes in accordance with this Indenture; or 

(9) in the sole discretion of the Company, to conform any provision of this Indenture to the provisions of the
“Description of the Notes” contained in the Offering Memorandum to the extent such provision was intended to be a verbatim recital of a provision contained herein, as set forth in an Officer’s Certificate. 

  
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 The Holders of a majority in aggregate principal amount of the Notes outstanding may waive
compliance with certain restrictive covenants and provisions of this Indenture. 
 Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Company, any Guarantor party thereto, if any, and the Trustee may amend or supplement
this Indenture, the Notes and any Guarantees with the consent of the Holders of at least a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04, 6.06 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment of
the principal of, premium and Additional Interest, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, any Guarantees or the Notes may
be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection with a tender offer or exchange offer
for, or purchase of, the Notes). Section 2.08 and Section 2.09 shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02. 

Without the consent of each affected Holder of Notes, an amendment or waiver under this Section 9.02 may not (with respect to any Notes
held by a non-consenting Holder): 
 (1) change the Stated Maturity of the principal of, or any installment of interest on,
or change to an earlier date any Redemption Date (excluding any amendment or waiver of any minimum notice period for redemption which may be amended with the consent of the Company and the Holders of at least a majority of the Notes then
outstanding) of, or waive a default in the payment of the principal of, premium, if any, or interest on, any such Note or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or
change the coin or currency in which the principal of any such Note or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment after the Stated Maturity thereof (or, in the case
of redemption, on or after the Redemption Date) in each case other than the provisions with respect to Section 4.09 and an Offer pursuant to Section 4.07; 

(2) reduce the percentage in principal amount of such outstanding Notes, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver or compliance with certain provisions of this Indenture; 

(3) modify any of the provisions relating to supplemental indentures requiring the consent of Holders or relating to the waiver
of past defaults or relating to the waiver of certain covenants, except to increase the percentage of such outstanding Notes required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each such Note affected thereby; 
 (4) amend or modify any of the provisions of this Indenture
in any manner which subordinates the Notes issued thereunder in right of payment to any other Indebtedness of the Company or which subordinates any Guarantee in right of payment to any other Indebtedness of any Guarantor issuing any such Guarantee;
or 
 (5) release any Guarantee of a Significant Subsidiary except in compliance with the terms of this Indenture. 

  
 -90- 

 Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the
Trust Indenture Act as then in effect. 
 Section 9.04 Effect of Consents. 

An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder; provided that any
amendment or waiver that requires the consent of each affected Holder shall not become effective with respect to any non-consenting Holder. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any
amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to
such amendment, supplement, or waiver, whether or not such Persons continue to be Holders after such record date. 
 Section 9.05 Notation on or
Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter
authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.06 Trustee to Sign Amendments, Etc. 

The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment, supplement or waiver until the Board of Directors approves it. In executing any amendment, supplement or waiver, the Trustee shall
receive and (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.04, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such
amended or supplemental indenture is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Guarantors party thereto, enforceable against them in
accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). Notwithstanding the foregoing, no Opinion of Counsel will be required for the Trustee to execute any amendment or
supplement adding a new Guarantor under this Indenture. 
 It shall not be necessary for the consent of the Holders of Notes under this
Article 9 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. 

  
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 ARTICLE 10 

GUARANTEES 
 Section 10.01 Guarantee.

 If the Notes are Guaranteed pursuant to Section 4.08, each Guarantor shall, subject to this Article 10 and execution of related
supplemental indenture, hereby, jointly and severally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this
Indenture, the Notes or the obligations of the Company or thereunder, that: (a) the principal of, interest, premium and Additional Interest, if any, on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture. 
 Each Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and
effect. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Guarantee, notwithstanding any stay, 

  
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injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as
provided in Article 6, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee. 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 the Guarantees. 
 Each Guarantee shall
remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance
of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or Guarantees, whether as a “voidable preference,” “fraudulent transfer” or
otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed
reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 In case any provision of any Guarantee shall be
invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Each payment to be made by a Guarantor in respect of its Guarantee shall be made without set-off, counterclaim, reduction or diminution of any
kind or nature. 
 As used in this Section 10.01, the term “Trustee” shall also include each of the Paying Agent, Registrar
and Transfer Agent, as applicable. 
 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount
and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under this Article 13, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Each Guarantor that makes
a payment under its Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such
payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. 

  
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 Section 10.03 Execution and Delivery. 

To evidence its Guarantee set forth in Section 10.01, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such
Guarantor by the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Controller, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or any Assistant Secretary of the
Guarantor or the sole member of the Guarantor, as the case may be, or any other officers of such Guarantor or such sole member, as the case may be, acting at the direction of any such foregoing officer. Each Guarantor hereby agrees to execute a
Notation of Guarantee substantially in the form included in Exhibit A hereto on each Note authenticated and delivered by the Trustee. 

Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding the
absence of the endorsement of any notation of such Guarantee on the Notes. 
 If an Officer whose signature is on this Indenture no longer
holds that office at the time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless. 
 The delivery of any Note by
the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 

Section 10.04 Subrogation. 
 Each
Guarantor shall be subrogated to all rights of Holders of Notes against the Company in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01; provided that, if an Event of Default has occurred and is
continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in
full. 
 Section 10.05 Benefits Acknowledged. 

Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture
and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits. 
 Section 10.06
Release of Guarantees. 
 Notwithstanding any other provision of this Indenture, any Guarantee by a Restricted Subsidiary (and all
Liens securing the same) shall be automatically and unconditionally released and discharged upon: 
 (1) satisfaction and
discharge of this Indenture in compliance with Article 14; 
 (2) a Legal Defeasance or Covenant Defeasance of this
Indenture; 
 (3) such Subsidiary ceasing to constitute a Restricted Subsidiary in a transaction that complies with this
Indenture (whether upon a sale, exchange, transfer or disposition of Capital Stock in such Restricted Subsidiary (including by way of merger or consolidation), or the designation of such Restricted Subsidiary as an Unrestricted Subsidiary or the
sale or disposition of all of the assets of such Guarantor made in compliance with this Indenture); 
 (4) the merger or
dissolution of a Guarantor into the Company or another Guarantor or the transfer or sale of all or substantially all of the assets of a Guarantor to the Company or another Guarantor; or 

(5) in the case of any Guarantee provided pursuant to the last sentence of Section 4.08 such Subsidiary no longer
guaranteeing the payment of any Indebtedness of the Company or any other Guarantor. 

  
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 ARTICLE 11 

SATISFACTION AND DISCHARGE 
 Section 11.01
Satisfaction and Discharge. 
 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 Notes as is herein expressly provided) as to all Notes, when: 
 (1)
either (A) all such Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid or Notes whose payment has 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 for in this Indenture) have been delivered to the Trustee for cancellation or (B) all Notes not theretofore delivered to the Trustee for cancellation (a) have
become due and payable, (b) will become due and payable at their Stated Maturity within one year, or (c) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company; or 
 (2) the Company or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust an amount in United States dollars or Government Securities or a combination thereof sufficient to pay and discharge the entire indebtedness on the Notes not theretofore
delivered to the Trustee for cancellation, including principal of, premium, if any, and accrued interest at such Maturity, Stated Maturity or Redemption Date; 

(3) after giving effect thereto, no Default or Event of Default shall have occurred and be continuing under any Indebtedness of
the Company or any Restricted Subsidiary on the date of such deposit; 
 (4) such satisfaction and discharge will not result
in a breach or violation of, or constitute a default under any other material agreement or instrument to which the Company or any Restricted Subsidiary is a party or by which the Company or any Restricted Subsidiary is bound; 

(5) the Company or any Guarantor has paid or caused to be paid all other sums payable under this Indenture by the Company; and

 (6) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel from independent
counsel, each stating that all conditions precedent under this Section 11.01 relating to the satisfaction and discharge of such Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to clause
(2) of this Section 11.01, the provisions of Section 11.02 and Section 8.06 shall survive. 

  
 -95- 

 Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06, all money or Government Securities deposited with the Trustee pursuant to Section 11.01
shall be held in trust and applied by it, in accordance with the provisions of the Notes 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 and Additional Interest, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except
to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s
obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of principal of, premium and Additional
Interest, if any, or interest on any Notes because of the reinstatement of their obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the
Trustee or Paying Agent. 
 ARTICLE 12 

MISCELLANEOUS 
 Section 12.01 Trust
Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Trust Indenture
Act Section 318(c), the imposed duties shall control. 
 Section 12.02 Notices. 

Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in person or
mailed by first-class mail (registered or certified, return receipt requested), fax or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company and/or any Guarantor: 

Tops Holding II Corporation 
 c/o
Tops Holding LLC (f/k/a Tops Holding Corporation) 
 PO Box 1027 

Buffalo, New York 14240-1027 

Facsimile: (716) 635-5102 

Attention: Lynne A. Burgess, Senior Vice President and Secretary 

  
 -96- 

 If to the Trustee: 

U.S. Bank National Association 

100 Wall Street 
 Suite 1600 

New York, New York 10005 
 Fax
No.: (212) 509-3384 
 Attention: Beverly A. Freeney 

The Company, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof. 

Any notice or communication to a Holder shall be mailed by first-class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in Trust Indenture Act Section 313(c), to the extent
required by the Trust Indenture Act. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

Section 12.03 Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this
Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c). 

Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company or any Guarantor to the Trustee to take any action under this Indenture, the Company or any
Guarantor, as the case may be, shall furnish to the Trustee: 
 (a) an Officer’s Certificate in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the
proposed action have been satisfied; and 
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

  
 -97- 

 Section 12.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Trust Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section 314(e) and shall include: 

(a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance on an
Officer’s Certificate as to matters of fact); and 
 (d) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied with. 
 Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No director, officer, employee, member or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of
the Company or any Guarantor under the Notes, this Indenture, any Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes. 
 Section 12.08 Governing Law; Waiver of Jury Trial.
THIS INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED
HEREBY. 
 Section 12.09 Force Majeure. 

In no event shall the Trustee, Paying Agent, Registrar or Transfer Agent be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

  
 -98- 

 Section 12.10 Successors. 

All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee and the Paying Agent,
Registrar and Transfer Agent in this Indenture shall bind their respective successors. All agreements of any Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.06. 

Section 12.11 Severability. 
 In case
any provision in this Indenture or in the Notes 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 12.12 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. Delivery of an executed counterpart of a signature page to this Indenture by facsimile, email or other electronic means shall be effective as delivery of a manually executed counterpart of this Indenture. 

Section 12.13 Table of Contents, Headings, Etc. 

The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 12.14 Qualification of Indenture. 

The Company and any Guarantor shall qualify this Indenture under the Trust Indenture Act in accordance with and to the extent required by the
terms and conditions of the Registration Rights Agreement and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Company, any Guarantor and the Trustee) incurred in connection therewith, including, but
not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from the Company and any Guarantor any such Officer’s Certificates, Opinions
of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Indenture under the Trust Indenture Act. 

Section 12.15 USA Patriot Act. 
 The
parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee and Agents, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this agreement agree that they will provide the Trustee and the Agents with such information as they may
request in order to satisfy the requirements of the USA Patriot Act. 
 [Signatures on following pages] 

  
 -99- 

  

			
	TOPS HOLDING II CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page to
Indenture 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page to
Indenture 

 EXHIBIT A-1 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable,
pursuant to the provisions of the Indenture] 
 [Insert the IAI Note Legend, if applicable, pursuant to the provisions of the Indenture]

 [Insert the OID Legend, if applicable, pursuant to the provisions of the Indenture] 

  
 A-1-1 

 CUSIP
[                 ]
 ISIN
[                 ]1 

[RULE 144A][REGULATION S] GLOBAL NOTE 

8.750% / 9.500% Senior Notes due 2018 
  

			
	No.         	  	[$                    ]

 TOPS HOLDING II CORPORATION 

promise to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note
attached hereto] [of                      United States Dollars] on June 15, 2018. 

Interest Payment Dates: June 15 and December 15 

Record Dates: June 1 and December 1 

 

	1 	Rule 144A Note CUSIP: 89078X AA5 

 Rule 144A Note ISIN: US89078XAA54 

Regulation S Note CUSIP: U89096 AA6 

Regulation S Note ISIN: USU89096AA66 

Exchange Note CUSIP: 89078X AB3 

Exchange Note ISIN: US89078XAB38 

  
 A-1-2 

 IN WITNESS HEREOF, the Company has caused this instrument to be duly executed. 

 

			
	TOPS HOLDING II CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-1-3 

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

Dated: [            ] 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 A-1-4 

 [Back of Note] 

8.750% / 9.500% Senior Notes due 2018 

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

1. INTEREST. Tops Holding II Corporation, a Delaware corporation (the “Company”) promises to pay interest on the principal
amount of this Note as follows: at a rate of 8.750% per annum with respect to Cash Interest (as defined below) and 9.500% per annum with respect to any PIK Interest (as defined below) from May 15, 2013 until maturity and shall pay the
Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on June 15 and December 15 of each year, or if
any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that the first Interest Payment Date shall be December 15, 2013. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
and premium, if any, from time to time on demand at the interest rate on the Notes; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if
any, (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. Subject to the making of PIK Payments as
described herein, the Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. PIK Payments on the Notes will be made in denominations of $1.00 and any integral multiple of $1.00 in excess thereof.

 2. METHOD OF PAYMENT. The Company will pay interest on the Notes and Additional Interest, if any, to the Persons who are registered
Holders of Notes at the close of business on the June 1 or December 1 (whether or not a Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set
forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other
Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be 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. 
 Except as provided in the immediately succeeding sentence and the definition of “Applicable Amount,”
interest on the Notes shall be payable entirely in cash (“Cash Interest”). For any Interest Period after the initial Interest Period (other than the final Interest Period ending at stated maturity), if the Applicable Amount (as
defined below) as determined on the Determination Date (as defined below) for such Interest Period shall: 
 (i) equal or
exceed 75%, but be less than 100%, of the aggregate amount of Cash Interest that would otherwise be due on the relevant interest payment date, then the Company may, at its option, elect to pay interest on (a) 25% of the then outstanding
principal amount of the Notes by increasing the principal amount of the outstanding Notes or by issuing PIK Notes in a principal amount equal to such interest (such increased principal amount or PIK Notes, “PIK Interest”) and
(b) 75% of the then outstanding principal amount of the Notes as Cash Interest; 

  
 A-1-5 

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

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

As used herein: 

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

(i) (a) the maximum amount of all dividends and distributions that, as of the applicable Determination Date (and after giving
effect to any borrowing made on such date), would be permitted to be paid to the Company for the purpose of paying Cash Interest by all Restricted Subsidiaries (after giving effect to all corporate, shareholder or other comparable actions required
in order to make such payment, requirements of applicable law and all restrictions on the ability to make such dividends or distributions that are otherwise permitted by the covenant described under Section 4.11 (including, without limitation,
any restrictions and limitations in the Credit Agreement, the Existing Opco Notes Indenture, all other Indebtedness of the Company and its Subsidiaries in existence on the Issue Date or any future Indebtedness incurred in accordance with the
Indenture or any agreement that amends, modifies, renews, increases, supplements, refunds, replaces or refinances such Indebtedness)) pursuant to the “restricted payments” covenants (including any exceptions or “baskets” in
respect thereof) contained in the Existing Opco Notes Indenture, the Credit Agreement and any other instrument or agreement governing Indebtedness of any Restricted Subsidiary of the Company, the incurrence of which did not violate the Indenture,
net of all taxes attributable solely to such dividend or distribution, if any, and, in each case, without regard to whether any such Restricted Subsidiary shall have any funds available to make any such dividends or distributions, less
(b) $2.0 million (which amount pursuant to this clause (i) shall in no event be less than $0); and 

  
 A-1-6 

 (ii) (a) all cash and Cash Equivalents on hand at the Company as of such
Determination Date (other than any cash and Cash Equivalents on hand at the Company that were distributed to the Company by a Restricted Subsidiary in reliance on an exception under any agreement to which any of the Restricted Subsidiaries is a
party that allowed such distribution but only if such amounts have been distributed to the Company for a purpose other than paying Cash Interest (including, without limitation, any exception allowing amounts to be distributed to the Company solely
for the purpose of paying taxes and other corporate and administrative expenses attributable to the Company’s consolidated Subsidiaries)) less (b) $2.0 million (which amount pursuant to this clause (ii) shall in no event be less
than $0); provided that there shall be excluded from this clause (ii) any net proceeds from the Notes issued on the Issue Date pending the final application of such proceeds in connection with the Transactions and there shall be excluded
from this definition any cash and Cash Equivalents on hand to be used for payment of Cash Interest on the interest payment date next succeeding such Determination Date. 

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

(2) “Determination Date” shall mean, with respect to each Interest Period, the fifteenth calendar day
immediately prior to the first day of the relevant Interest Period; and 
 (3) “Interest Period” shall mean
the period commencing on and including an interest payment date and ending on and including the day immediately preceding the next succeeding interest payment date, with the exception that the first interest period shall commence on and include the
Issue Date and end on and include December 14, 2013 (the interest payment date for any interest period shall be the interest payment date occurring on the day immediately following the last day of such interest period). 

In the event that the Company shall determine to pay PIK Interest for any Interest Period, then the Company shall deliver a written notice to
the Trustee following the Determination Date but prior to the commencement of the relevant Interest Period, which notice shall state the total amount of interest to be paid on such interest payment date and the amount of such interest to be paid as
PIK Interest. The Trustee shall promptly deliver a copy of the notice to the holders. Interest for the first Interest Period commencing on the Issue Date shall be payable entirely in Cash Interest. Interest for the final Interest Period ending at
stated maturity shall be payable entirely in Cash Interest. 

  
 A-1-7 

 Notwithstanding anything to the contrary, the payment of accrued interest in connection with any
redemption or repurchase of the Notes as described under Sections 3.07, 4.07 and 4.09 will be made solely in cash. 
 If the Company pays a
portion of the interest on the Notes as Cash Interest and as PIK Interest, such Cash Interest and PIK Interest shall be paid to holders pro rata in accordance with their interests subject to the procedures of the Depositary Trust
Company. Principal of, premium, if any, and Cash Interest on the Notes will be payable at the office or agency of the Company maintained for such purpose within the United States or, at the option of the Company, payment of Cash Interest may be made
by check mailed to the holders of the Notes at their respective addresses set forth in the register of holders; provided that all payments of principal, premium, if any, and Cash Interest with respect to the Notes represented by one or more
global notes registered in the name of or held by the Depository Trust Company or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the holder or holders thereof. Until otherwise designated by the
Company, the Company’s office or agency will be the office of the Trustee maintained for such purpose. PIK Interest on the Notes will be payable (1) with respect to Notes represented by one or more global notes registered in the name of or
held by the Depositary Trust Company or its nominee, by increasing the principal amount of the outstanding global Note by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar) as
provided in writing by the Company to the Trustee, which shall be recorded in the registrar’s books and records and in the schedule to the global note in accordance with the Indenture, and (2) with respect to Notes represented by
certificated Notes, by issuing PIK Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar), and the Trustee will, at the written
order of the Company, authenticate and deliver such PIK Notes in certificated form for original issuance to the holders on the relevant record date, as shown by the records of the register of holders. Following an increase in the principal amount of
the outstanding global Notes as a result of a PIK Payment, the Notes will bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Notes issued in certificated form will be dated as of the applicable
interest payment date and will bear interest from and after such date. All Notes issued pursuant to a PIK Payment will mature on June 15, 2018 and will be governed by, and subject to the terms, provisions and conditions of, the Indenture and
will have the same rights and benefits as the Notes issued on the Issue Date. 
 3. PAYING AGENT AND REGISTRAR. Initially, U.S. Bank
National Association will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. The Company issued the Notes under an Indenture, dated as of May 15, 2013 (the “Indenture”), between the
Company and the Trustee. This Note is one of a duly authorized issue of notes of the Company designated as its 8.750% / 9.500% Senior Notes due 2018. The Company shall be entitled to issue Additional Notes and PIK Notes pursuant to Section 2.01
of the Indenture. The terms of the Notes include those stated 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”). The Notes are subject to
all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and
be controlling. 
 5. OPTIONAL REDEMPTION. 

(a) At any time prior to June 15, 2015, the Company, at its option, may redeem all or a portion of the Notes, on not less than 30 nor more
than 60 days’ prior notice, in amounts of $1,000 or an integral multiple thereof, at a price equal to 100.000% of the aggregate principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if
any, to (but not including) the Redemption Date, subject to the rights of holders of record on relevant Record Dates to receive interest due on an Interest Payment Date. 

  
 A-1-8 

 (b) On or after June 15, 2015, the Company, at its option, may redeem all or a portion of
the Notes, on not less than 30 nor more than 60 days’ prior notice, in amounts of $1,000 or an integral multiple thereof, at the following redemption prices (expressed as percentages of the principal amount), together with accrued and unpaid
interest, if any, to (but not including) the Redemption Date subject to the rights of holders of record on relevant Record Dates to receive interest due on an Interest Payment Date, if redeemed during the 12-month period (or in the case of the final
period, 6-month) beginning on the dates indicated below: 
  

					
	 Date
	  	Redemption
Price	 
	 June 15, 2015
	  	 	102.000	% 
	 June 15, 2016
	  	 	101.000	% 
	 June 15, 2017 and thereafter
	  	 	100.000	% 

 (c) At any time prior to June 15, 2015, the Company, at its option, may use the net proceeds of one or
more Equity Offerings to redeem any or all of the Notes issued under the Indenture (including any Additional Notes and any PIK Notes) on not less than 30 nor more than 60 days’ prior notice at a redemption price equal to 102.000% of the
aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to (but not including) the Redemption Date subject to the rights of holders of record on the relevant Record Dates to receive interest due on an Interest
Payment Date; provided that such redemption is within 120 days of the closing of the Equity Offering. 
 (d) If less than all of the
Notes are to be redeemed, the Trustee shall select the Notes to be redeemed in compliance with the requirements of the principal national security exchange, if any, on which the Notes are listed, or if the Notes are not listed, on a pro rata
basis, by lot and in any event in accordance with the procedures of the Depositary. Notes redeemed in part must be redeemed only in integral multiples of $1,000 and no Note with a principal amount of less than $2,000 will be redeemed in part. 

(e) In addition to the Company’s rights to redeem the Notes as set forth above, the Company may purchase Notes in open-market
transactions, tender offers or otherwise. 
 6. MANDATORY REDEMPTION. The Company shall not be required to make mandatory redemption or
sinking fund payments with respect to the Notes. 
 7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture, notice of
redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date (except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with
Article 8 or Article 11 of the Indenture) to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 (or, if a PIK Payment has been made, $1.00) may be redeemed in part but only in whole
multiples of $1,000 in excess thereof (or, if a PIK Payment has been made, in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof), unless all of the Notes held by a Holder are to be redeemed. On and after the Redemption
Date interest ceases to accrue on Notes or portions thereof called for redemption. 

  
 A-1-9 

 8. OFFERS TO REPURCHASE. 

(a) If a Change of Control occurs, each Holder of Notes will have the right to require the Company to purchase all or any part (in integral
multiples of $1,000 except that no purchase will be permitted that would result in a Note having a remaining principal amount of less than $2,000 (or, in the case any PIK Payment has been made, in integral multiples of $1.00 except that no partial
purchase will be permitted that would result in a Note having a remaining principal amount of less than $1.00)) of such Holder’s Notes pursuant to a Change of Control offer. In the Change of Control offer, the Company will offer to purchase all
of the Notes, at a purchase price in cash in an amount equal to 101.000% of the principal amount of such Notes, plus accrued and unpaid interest, if any, to (but not including) the date of purchase (subject to the rights of Holders of record on
relevant Record Dates to receive interest due on an Interest Payment Date). The Change of Control offer shall be made in accordance with Section 4.09 of the Indenture. 

(b) Under certain circumstances described in the Indenture, the Company will be required to apply the proceeds of Asset Sales to the repayment
of the Notes. The offer shall be made in accordance with Section 4.07 of the Indenture. 
 9. DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof (or, if a PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof).
The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Notes or portion of Notes selected for redemption, except for the unredeemed portion of any Notes
being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed. 

10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, any Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event of
Default (other than as specified in Section 6.01(6) or 6.01(7) of the Indenture with respect to the Company) shall occur and be continuing with respect to the Indenture, the Trustee or the Holders of not less than 25% in aggregate principal
amount of the Notes then outstanding may, and the Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any, and accrued interest on all Notes to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the holders of the Notes) and upon any such declaration, such principal, premium, if any, and interest shall become due and payable immediately. Notwithstanding the foregoing, in the case of an Event of
Default, as specified in Section 6.01(6) or 6.01(7) of the Indenture, occurs and is continuing, then all the Notes shall automatically become and be due and payable immediately in an amount equal to the principal amount of the Notes, together
with accrued and unpaid interest, if any, to the date the Notes become due and payable, without any declaration or other act on the part of the Trustee or any holder. Holders may not enforce the Indenture, the Notes or any Guarantees except as
provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the
Notes notice of any continuing Default 

  
 A-1-10 

 
(except a Default relating to the payment of principal, premium, if any, Additional Interest, if any, or interest) if it determines that withholding notice is in its interest. The Holders of a
majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its consequences under the Indenture except a continuing Default in
payment of the principal of, premium, if any, Additional Interest, if any, or interest on, any of the Notes held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required within five (5) Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Company proposes to take with respect thereto. 

13. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 14. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED
DEFINITIVE NOTES. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, including the
right to receive Additional Interest (as defined in the Registration Rights Agreement). 
 15. GOVERNING LAW. THE INDENTURE, THE NOTES AND
ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 16. CUSIP/ISIN NUMBERS. Pursuant to
a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee may use CUSIP/ISIN numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to the Company at the following address: 
 Tops Holding II Corporation 

c/o Tops Holding LLC (f/k/a Tops Holding Corporation) 

PO Box 1027 
 Buffalo, New York
14240-1027 
 Facsimile: (716) 635-5102 

Attention: Lynne A. Burgess, Senior Vice President and Secretary 

  
 A-1-11 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:           
                                         
                                         
                                         
                                         

                        
    (Insert assignee’ legal name) 
  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 

                          
                                         
                                         
                                         
                                         
                                         
                           

                          
                                         
                                         
                                         
                                         
                                         
                           

                          
                                         
                                         
                                         
                                         
                                         
                           

                          
                                         
                                         
                                         
                                         
                                         
                           

(Print or type assignee’s name, address and zip code) 

and irrevocably appoint                    
                                         
                                         
                                         
                                         
                             

to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date:
                                         
    
  

			
	Your Signature: 	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                         
            
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.07 or 4.09 of the Indenture, check the appropriate
box below: 
  ̈
Section 4.07              ̈ Section 4.09 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.07 or Section 4.09 of the
Indenture, state the amount you elect to have purchased: 

$                       
      
 Date:
                                        

  

			
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)
	
	Tax Identification No.:                              
                             

 Signature Guarantee*:
                                         
            
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-13 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $            . The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of
Exchange
	  	Amount of
decrease in
Principal Amount of
this Global Note	  	Amount of increase
in Principal
Amount of this
Global Note	  	Principal Amount of
this Global Note
following such
decrease or increase	  	Signature of
authorized signatory
of Trustee or 
Notes Registrar

  

 

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-1-14 

 Notation of Guarantee 

Pursuant to the Indenture, dated as of May 15, 2013 (the “Indenture”), between Tops Holding II Corporation (the
“Company”) and the Trustee, each Guarantor, subject to the provisions of the Indenture, hereby, jointly and severally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company thereunder, that: (a) the principal of, interest, premium and Additional Interest, if any, on the Notes shall
be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the
Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the
same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so
guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

 

			
	[                                ]
	as Guarantors
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-1-15 

 EXHIBIT A-2 

[Face of Regulation S Temporary Note] 

[Insert Regulation S Temporary Global Note Legend] 

[Insert the Global Note Legend] 

[Insert the Private Placement Legend] 

[Insert the OID Legend] 

[Insert the IAI Note Legend, if applicable, pursuant to the provisions of the Indenture] 

  
 A-2-1 

 CUSIP U89096 AA6 

ISIN USU89096AA66 
 [TEMPORARY
REGULATION S] 
 8.750% / 9.500% Senior Notes due 2018 
  

			
	No.         	  	[$                    ]

 TOPS HOLDING II CORPORATION 

promise to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the Regulation S
Temporary Global Note attached hereto] [of                      United States Dollars] on June 15, 2018. 

Interest Payment Dates: June 15 and December 15 

Record Dates: June 1 and December 1 

  
 A-2-2 

 IN WITNESS HEREOF, the Company has caused this instrument to be duly executed. 

 

			
	TOPS HOLDING II CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
  
  

 

  
 A-2-3 

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

Dated: [            ] 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
  

  
 A-2-4 

 [Back of Note] 

8.750% / 9.500% Senior Notes due 2018 

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

1. INTEREST. Tops Holding II Corporation, a Delaware corporation (the “Company”) promises to pay interest on the principal
amount of this Note as follows: at a rate of 8.750% per annum with respect to Cash Interest (as defined below) and 9.500% per annum with respect to any PIK Interest (as defined below) from May 15, 2013 until maturity and shall pay the
Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on June 15 and December 15 of each year, or if
any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that the first Interest Payment Date shall be December 15, 2013. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
and premium, if any, from time to time on demand at the interest rate on the Notes; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if
any, (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. Subject to the making of PIK Payments as
described herein, the Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. PIK Payments on the Notes will be made in denominations of $1.00 and any integral multiple of $1.00 in excess thereof.

 Until this Regulations S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall
not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all other respects be entitled to the same benefits as the other Notes under the Indenture. 

2. METHOD OF PAYMENT. The Company will pay interest on the Notes and Additional Interest, if any, to the Persons who are registered Holders of
Notes at the close of business on the June 1 or December 1 (whether or not a Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such
Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set forth in the
register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the
Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be 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. 
 Except as provided in the immediately succeeding sentence and the definition of “Applicable Amount,” interest on
the Notes shall be payable entirely in cash (“Cash Interest”). For any Interest Period after the initial Interest Period (other than the final Interest Period ending at stated maturity), if the Applicable Amount (as defined below)
as determined on the Determination Date (as defined below) for such Interest Period shall: 

  
 A-2-5 

 (i) equal or exceed 75%, but be less than 100%, of the aggregate amount of Cash
Interest that would otherwise be due on the relevant interest payment date, then the Company may, at its option, elect to pay interest on (a) 25% of the then outstanding principal amount of the Notes by increasing the principal amount of the
outstanding Notes or by issuing PIK Notes in a principal amount equal to such interest (such increased principal amount or PIK Notes, “PIK Interest”) and (b) 75% of the then outstanding principal amount of the Notes as Cash
Interest; 
 (ii) equal or exceed 50%, but be less than 75%, of the aggregate amount of Cash Interest that would otherwise be
due on the relevant interest payment date, then the Company may, at its option, elect to pay interest on (a) 50% of the then outstanding principal amount of the Notes as PIK Interest and (b) 50% of the then outstanding principal amount of
the Notes as Cash Interest; 
 (iii) equal or exceed 25%, but be less than 50%, of the aggregate amount of Cash Interest that
would otherwise be due on the relevant interest payment date, then the Company may, at its option, elect to pay interest on (a) 75% of the then outstanding principal amount of the Notes as PIK Interest and (b) 25% of the then outstanding
principal amount of the Notes as Cash Interest; or 
 (iv) be less than 25% of the aggregate amount of Cash Interest that
would otherwise be due on the relevant interest payment date, then the Company may, at its option, elect to pay interest on the Notes entirely as PIK Interest. 

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

As used herein: 

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

(i) (a) the maximum amount of all dividends and distributions that, as of the applicable Determination Date (and after giving
effect to any borrowing made on such date), would be permitted to be paid to the Company for the purpose of paying Cash Interest by all Restricted Subsidiaries (after giving effect to all corporate, shareholder or other comparable actions required
in order to make such payment, requirements of applicable law and all restrictions on the ability to make such dividends or distributions that are otherwise permitted by the covenant described under Section 4.11 (including, without limitation,
any restrictions and limitations in the Credit Agreement, the Existing Opco Notes Indenture, all other Indebtedness of the Company and its Subsidiaries in existence on the Issue Date or any future Indebtedness incurred in accordance with the
Indenture or any agreement that amends, modifies, renews, increases, supplements, refunds, replaces or refinances such Indebtedness)) pursuant to the “restricted payments” covenants (including any exceptions or “baskets” in
respect thereof) contained in the Existing Opco Notes Indenture, the Credit Agreement and any other instrument or agreement governing Indebtedness of any Restricted Subsidiary of the Company, the incurrence of which did not violate the Indenture,
net of all taxes attributable solely to such dividend or distribution, if any, and, in each case, without regard to whether any such Restricted Subsidiary shall have any funds available to make any such dividends or distributions, less
(b) $2.0 million (which amount pursuant to this clause (i) shall in no event be less than $0); and 

  
 A-2-6 

 (ii) (a) all cash and Cash Equivalents on hand at the Company as of such
Determination Date (other than any cash and Cash Equivalents on hand at the Company that were distributed to the Company by a Restricted Subsidiary in reliance on an exception under any agreement to which any of the Restricted Subsidiaries is a
party that allowed such distribution but only if such amounts have been distributed to the Company for a purpose other than paying Cash Interest (including, without limitation, any exception allowing amounts to be distributed to the Company solely
for the purpose of paying taxes and other corporate and administrative expenses attributable to the Company’s consolidated Subsidiaries)) less (b) $2.0 million (which amount pursuant to this clause (ii) shall in no event be less
than $0); provided that there shall be excluded from this clause (ii) any net proceeds from the Notes issued on the Issue Date pending the final application of such proceeds in connection with the Transactions and there shall be excluded
from this definition any cash and Cash Equivalents on hand to be used for payment of Cash Interest on the interest payment date next succeeding such Determination Date. 

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

(2) “Determination Date” shall mean, with respect to each Interest Period, the fifteenth calendar day
immediately prior to the first day of the relevant Interest Period; and 
 (3) “Interest Period” shall mean
the period commencing on and including an interest payment date and ending on and including the day immediately preceding the next succeeding interest payment date, with the exception that the first interest period shall commence on and include the
Issue Date and end on and include December 14, 2013 (the interest payment date for any interest period shall be the interest payment date occurring on the day immediately following the last day of such interest period). 

In the event that the Company shall determine to pay PIK Interest for any Interest Period, then the Company shall deliver a written notice to
the Trustee following the Determination Date but prior to the commencement of the relevant Interest Period, which notice shall state the total amount of interest to be paid on such interest payment date and the amount of such interest to be paid as
PIK Interest. The Trustee shall promptly deliver a copy of the notice to the holders. Interest for the first Interest Period commencing on the Issue Date shall be payable entirely in Cash Interest. Interest for the final Interest Period ending at
stated maturity shall be payable entirely in Cash Interest. 

  
 A-2-7 

 Notwithstanding anything to the contrary, the payment of accrued interest in connection with any
redemption or repurchase of the Notes as described under Sections 3.07, 4.07 and 4.09, will be made solely in cash. 
 If the Company pays a
portion of the interest on the Notes as Cash Interest and as PIK Interest, such Cash Interest and PIK Interest shall be paid to holders pro rata in accordance with their interests subject to the procedures of the Depositary Trust
Company. Principal of, premium, if any, and Cash Interest on the Notes will be payable at the office or agency of the Company maintained for such purpose within the United States or, at the option of the Company, payment of Cash Interest may be made
by check mailed to the holders of the Notes at their respective addresses set forth in the register of holders; provided that all payments of principal, premium, if any, and Cash Interest with respect to the Notes represented by one or more
global notes registered in the name of or held by the Depository Trust Company or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the holder or holders thereof. Until otherwise designated by the
Company, the Company’s office or agency will be the office of the Trustee maintained for such purpose. PIK Interest on the Notes will be payable (1) with respect to Notes represented by one or more global notes registered in the name of or
held by the Depositary Trust Company or its nominee, by increasing the principal amount of the outstanding global Note by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar) as
provided in writing by the Company to the Trustee, which shall be recorded in the registrar’s books and records and in the schedule to the global note in accordance with the Indenture, and (2) with respect to Notes represented by
certificated Notes, by issuing PIK Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar), and the Trustee will, at the written
order of the Company, authenticate and deliver such PIK Notes in certificated form for original issuance to the holders on the relevant record date, as shown by the records of the register of holders. Following an increase in the principal amount of
the outstanding global Notes as a result of a PIK Payment, the Notes will bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Notes issued in certificated form will be dated as of the applicable
interest payment date and will bear interest from and after such date. All Notes issued pursuant to a PIK Payment will mature on June 15, 2018 and will be governed by, and subject to the terms, provisions and conditions of, the Indenture and
will have the same rights and benefits as the Notes issued on the Issue Date. 
 3. PAYING AGENT AND REGISTRAR. Initially, U.S. Bank
National Association will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. The Company issued the Notes under an Indenture, dated as of May 15, 2013 (the “Indenture”), between the
Company and the Trustee. This Note is one of a duly authorized issue of notes of the Company designated as its 8.750% / 9.500% Senior Notes due 2018. The Company shall be entitled to issue Additional Notes and PIK Notes pursuant to Section 2.01
of the Indenture. The terms of the Notes include those stated 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”). The Notes are subject to
all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and
be controlling. 
 5. OPTIONAL REDEMPTION. 

(a) At any time prior to June 15, 2015, the Company, at its option, may redeem all or a portion of the Notes, on not less than 30 nor more
than 60 days’ prior notice, in amounts of $1,000 or an integral multiple thereof, at a price equal to 100.000% of the aggregate principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if
any, to (but not including) the Redemption Date, subject to the rights of holders of record on relevant Record Dates to receive interest due on an Interest Payment Date. 

  
 A-2-8 

 (b) On or after June 15, 2015, the Company, at its option, may redeem all or a portion of
the Notes, on not less than 30 nor more than 60 days’ prior notice, in amounts of $1,000 or an integral multiple thereof, at the following redemption prices (expressed as percentages of the principal amount), together with accrued and unpaid
interest, if any, to (but not including) the Redemption Date subject to the rights of holders of record on relevant Record Dates to receive interest due on an Interest Payment Date, if redeemed during the 12-month period (or in the case of the final
period, 6-month) beginning on the dates indicated below: 
  

					
	 Date
	  	Redemption
Price	 
	 June 15, 2015
	  	 	102.000	% 
	 June 15, 2016
	  	 	101.000	% 
	 June 15, 2017 and thereafter
	  	 	100.000	% 

 (c) At any time prior to June 15, 2015, the Company, at its option, may use the net proceeds of one or
more Equity Offerings to redeem any or all of the Notes issued under the Indenture (including any Additional Notes and any PIK Notes) on not less than 30 nor more than 60 days’ prior notice at a redemption price equal to 102.000% of the
aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to (but not including) the Redemption Date subject to the rights of holders of record on the relevant Record Dates to receive interest due on an Interest
Payment Date; provided that such redemption is within 120 days of the closing of the Equity Offering. 
 (d) If less than all of the
Notes are to be redeemed, the Trustee shall select the Notes to be redeemed in compliance with the requirements of the principal national security exchange, if any, on which the Notes are listed, or if the Notes are not listed, on a pro rata
basis, by lot and in any event in accordance with the procedures of the Depositary. Notes redeemed in part must be redeemed only in integral multiples of $1,000 and no Note with a principal amount of less than $2,000 will be redeemed in part. 

(e) In addition to the Company’s rights to redeem the Notes as set forth above, the Company may purchase Notes in open-market
transactions, tender offers or otherwise. 
 6. MANDATORY REDEMPTION. The Company shall not be required to make mandatory redemption or
sinking fund payments with respect to the Notes. 
 7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture, notice of
redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date (except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with
Article 8 or Article 11 of the Indenture) to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 (or, if a PIK Payment has been made, $1.00) may be redeemed in part but only in whole
multiples of $1,000 in excess thereof (or, if a PIK Payment has been made, in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof), unless all of the Notes held by a Holder are to be redeemed. On and after the Redemption
Date interest ceases to accrue on Notes or portions thereof called for redemption. 

  
 A-2-9 

 8. OFFERS TO REPURCHASE. 

(a) If a Change of Control occurs, each Holder of Notes will have the right to require the Company to purchase all or any part (in integral
multiples of $1,000 except that no purchase will be permitted that would result in a Note having a remaining principal amount of less than $2,000 (or, in the case any PIK Payment has been made, in integral multiples of $1.00 except that no partial
purchase will be permitted that would result in a Note having a remaining principal amount of less than $1.00)) of such Holder’s Notes pursuant to a Change of Control offer. In the Change of Control offer, the Company will offer to purchase all
of the Notes, at a purchase price in cash in an amount equal to 101.000% of the principal amount of such Notes, plus accrued and unpaid interest, if any, to (but not including) the date of purchase (subject to the rights of Holders of record on
relevant Record Dates to receive interest due on an Interest Payment Date). The Change of Control offer shall be made in accordance with Section 4.09 of the Indenture. 

(b) Under certain circumstances described in the Indenture, the Company will be required to apply the proceeds of Asset Sales to the repayment
of the Notes. The offer shall be made in accordance with Section 4.07 of the Indenture. 
 9. DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof (or, if a PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof).
The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Notes or portion of Notes selected for redemption, except for the unredeemed portion of any Notes
being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed. 

10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, any Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event of
Default (other than as specified in Section 6.01(6) or 6.01(7) of the Indenture with respect to the Company) shall occur and be continuing with respect to the Indenture, the Trustee or the Holders of not less than 25% in aggregate principal
amount of the Notes then outstanding may, and the Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any, and accrued interest on all Notes to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the holders of the Notes) and upon any such declaration, such principal, premium, if any, and interest shall become due and payable immediately. Notwithstanding the foregoing, in the case of an Event of
Default, as specified in Section 6.01(6) or 6.01(7) of the Indenture, occurs and is continuing, then all the Notes shall automatically become and be due and payable immediately in an amount equal to the principal amount of the Notes, together
with accrued and unpaid interest, if any, to the date the Notes become due and payable, without any declaration or other act on the part of the Trustee or any holder. Holders may not enforce the Indenture, the Notes or any Guarantees except as
provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the
Notes notice of any continuing Default 

  
 A-2-10 

 
(except a Default relating to the payment of principal, premium, if any, Additional Interest, if any, or interest) if it determines that withholding notice is in its interest. The Holders of a
majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its consequences under the Indenture except a continuing Default in
payment of the principal of, premium, if any, Additional Interest, if any, or interest on, any of the Notes held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required within five (5) Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Company proposes to take with respect thereto. 

13. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 14. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED
DEFINITIVE NOTES. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, including the
right to receive Additional Interest (as defined in the Registration Rights Agreement). 
 15. GOVERNING LAW. THE INDENTURE, THE NOTES AND
ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 16. CUSIP/ISIN NUMBERS. Pursuant to
a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee may use CUSIP/ISIN numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to the Company at the following address: 
 Tops Holding II Corporation 

c/o Tops Holding LLC (f/k/a Tops Holding Corporation) 

PO Box 1027 
 Buffalo, New York
14240-1027 
 Facsimile: (716) 635-5102 

Attention: Lynne A. Burgess, Senior Vice President and Secretary 

  
 A-2-11 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:           
                                         
                                         
                                         
                                         

                        
(Insert assignee’ legal name) 
  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 

and irrevocably appoint                    
                                         
                                         
                                         
                                         
                             

to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date:
                                 

 

			
		
	Your Signature: 	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                        

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.07 or 4.09 of the Indenture, check the appropriate
box below: 
  ̈
Section 4.07             ̈ Section 4.09 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.07 or Section 4.09 of the
Indenture, state the amount you elect to have purchased: 

$                     

Date:
                                 

 

			
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)
	
	Tax Identification No.:                              
                             

 Signature Guarantee*:
                         
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-13 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE REGULATION S TEMPORARY GLOBAL 

NOTE* 
 The initial outstanding
principal amount of this Regulation S Temporary Global Note is $            . The following exchanges of a part of this Regulation S Temporary Global Note for an interest in another
Regulation S Temporary Global Note or for a Definitive Note, or exchanges of a part of another Regulation S Temporary Global or Definitive Note for an interest in this Regulation S Temporary Global Note, have been made: 

 

									
	 Date of
Exchange
	  	Amount of
decrease in
Principal Amount of
this Regulation S
Temporary Global
Note	  	Amount of increase
in Principal
Amount of this
Regulation S Temporary
Global Note	  	Principal Amount of
this Regulation S Temporary
Global Note
following such
decrease or increase	  	Signature of
authorized signatory
of Trustee or 
Notes Registrar

  

 

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-2-14 

 Notation of Guarantee 

Pursuant to the Indenture, dated as of May 15, 2013 (the “Indenture”), between Tops Holding II Corporation (the
“Company”) and the Trustee, each Guarantor, subject to the provisions of the Indenture, hereby, jointly and severally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company thereunder, that: (a) the principal of, interest, premium and Additional Interest, if any, on the Notes shall
be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the
Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the
same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so
guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

 

			
	[                    ]
	as Guarantors
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-2-15 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Tops Holding II
Corporation 
 c/o Tops Holding LLC (f/k/a Tops Holding Corporation) 

PO Box 1027 
 Buffalo, New York 14240-1027 

Facsimile: (716) 635-5102 
 Attention: Lynne A. Burgess,
Senior Vice President and Secretary 
 U.S. Bank National Association 

100 Wall Street – Suite 1600 New York, 
 New York 10005 

Fax No.: (212) 509-3384 
 Attention: Beverly A. Freeney 

 

	 	Re:	8.750% / 9.500% Senior Notes due 2018 

 Reference is hereby made to the Indenture, dated
as of May 15, 2013 (the “Indenture”), between Tops Holding II Corporation and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
$                     in such Note[s] or interests (the “Transfer”), to
                     (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE
OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. 
 2.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S TEMPORARY GLOBAL NOTE, THE REGULATION S PERMANENT GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer
is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and
(x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes 

  
 B-1 

 
that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S
under the Securities Act (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period,
the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Temporary Global Note, the Regulation S Permanent Global Note and/or the Restricted Definitive Note
Indenture and the Securities Act. 
 3.  ̈ CHECK AND COMPLETE IF TRANSFEREE WILL TAKE
DELIVERY OF A BENEFICIAL INTEREST IN A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to
beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor
hereby further certifies that (check one): 
 (a)  ̈ such Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act; 
 or 

(b)  ̈ such Transfer is being effected to the Company or a subsidiary thereof;

 or 
 (c)  ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 

or 
 (d)  ̈ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or
Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial
interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit B-1 to the
Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of Transfer of less than $100,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to
this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Notes and in the Indenture and the Securities Act. 

  
 B-2 

 4.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 
 (a)
 ̈ CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 to a Person who is not an affiliate (as defined in Rule 144) of the
Company under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(b)  ̈ CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act to a Person who is not an affiliate (as defined in Rule 144) of the Company and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c)
 ̈ CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act
other than Rule 144, Rule 903 or Rule 904 to a Person who is not an affiliate (as defined in Rule 144) of the Company and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture. 
 5.  ̈ CHECK IF TRANSFEROR IS AN AFFILIATE OF THE
COMPANY. 
 6.  ̈ CHECK IF TRANSFEREE IS AN AFFILIATE OF THE COMPANY. 

  
 B-3 

 This certificate and the statements contained herein are made for your benefit and the benefit of
the Company. 
  

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                     

  
 B-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	 	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)]

  

	 	(a)	 ̈ a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP [            ]), or 

 

	 	(ii)	 ̈ Regulation S Global Note (CUSIP [            ]), or 

 

	 	(b)	 ̈ a Restricted Definitive Note. 

  

	 	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

 

	 	(a)	 ̈ a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP [            ]), or 

 

	 	(ii)	 ̈ Regulation S Global Note (CUSIP [            ]), or 

 

	 	(iii)	 ̈ Unrestricted Global Note (CUSIP [            ]), or 

 

	 	(b)	 ̈ a Restricted Definitive Note; or 

  

	 	(c)	 ̈ an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

  
 B-5 

 EXHIBIT B-1 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
 Tops
Holding II Corporation 
 c/o Tops Holding LLC (f/k/a Tops Holding Corporation) 

PO Box 1027 
 Buffalo, New York 14240-1027 

Facsimile: (716) 635-5102 
 Attention: Lynne A. Burgess,
Senior Vice President and Secretary 
 U.S. Bank National Association 

100 Wall Street – Suite 1600 
 New York, New York 10005 

Fax No.: (212) 509-3384 
 Attention: Beverly A. Freeney 

 

	 	Re:	8.750% / 9.500% Senior Notes due 2018 

 Reference is hereby made to the Indenture, dated
as of May 15, 2013 (the “Indenture”), between Tops Holding II Corporation and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of
$                    aggregate principal amount of Definitive Note, we confirm that: 

1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth
in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the
“Securities Act”). 
 2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and
that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the
Notes or any interest therein, we will do so only (A) to the Company, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional
“accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and, if such
transfer is in respect of a principal amount of Notes at the time of transfer of less than $100,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act,
(D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to an effective registration statement under the Securities Act, (F) in accordance with Rule 144 under the Securities Act
or (G) in accordance with another exemption from the registration requirements of the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note from us in a transaction meeting the requirements of clauses
(A) through (G) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 

  
 B-1-1 

 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is
an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 You and the Company are
entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	  
 [Insert Name of
Accredited Investor]

		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 

  
 B-1-2 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Tops Holding II
Corporation 
 c/o Tops Holding LLC (f/k/a Tops Holding Corporation) 

PO Box 1027 
 Buffalo, New York 14240-1027 

Facsimile: (716) 635-5102 
 Attention: Lynne A. Burgess,
Senior Vice President and Secretary 
 U.S. Bank National Association 

100 Wall Street – Suite 1600 
 New York, New York 10005 

Fax No.: (212) 509-3384 
 Attention: Beverly A. Freeney 

 

	 	Re:	8.750% / 9.500% Senior Notes due 2018 

 Reference is hereby made to the Indenture, dated
as of May 15, 2013 (the “Indenture”), between Tops Holding II Corporation and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $
                     in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies
that: 
 1) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

a)     ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act, (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States
and (v) the Owner is not an affiliate (as defined in Rule 144) of the Company. 
 b)     ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global
Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the

  
 C-1 

 
transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and
(v) the Owner is not an affiliate (as defined in Rule 144) of the Company. 
 c)     ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial
interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act, (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in
Rule 144) of the Company. 
 d)     ̈ CHECK IF EXCHANGE IS
FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note
is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the Unrestricted Definitive Note is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Company. 

2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES 
 a)     ̈ CHECK IF
EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

b)     ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE
NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ] Regulation S Global Note, with an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, 

  
 C-2 

 
and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

3)     ̈ CHECK IF OWNER IS AN AFFILIATE OF THE COMPANY. 

4)     ̈ CHECK IF OWNER IS EXCHANGING THIS NOTE IN CONNECTION WITH AN
EXPECTED TRANSFER TO AN AFFILIATE OF THE COMPANY. 
 This certificate and the statements contained herein are made for your benefit and the
benefit of the Company and are dated                     . 

 

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

  
 C-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among                     
(the “Guaranteeing Subsidiary”), a subsidiary of Tops Holdings II Corporation, a Delaware corporation (the “Company”) and U.S. Bank National Association, a national banking association organized and existing under
the bank of the United States of America, as trustee (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of
May 15, 2013, providing for the issuance of an unlimited aggregate principal amount of 8.750% / 9.500% Senior Notes due 2018 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the
“Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

(1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 
 (2) Agreement to be Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a
Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. 

(3) Guarantee. The Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, if
any, to Guarantee to each Holder of the Notes and the Trustee the Indenture Obligations pursuant to Article 10 of the Indenture. 

(4) No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing
Subsidiary shall have any liability for any obligations of the Company or the Guarantors (including the Guaranteeing Subsidiary), if any, under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees. 

  
 D-1 

 (5) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (6) Counterparts. The parties may sign any number
of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

(7) Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction
hereof. 
 (8) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 

(9) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth
in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Guarantee are knowingly made in contemplation of such benefits. 
 (10) Successors. All agreements of
the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its successors, except as otherwise provided in the Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

  
 D-2 

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

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3EX-4.6

 Exhibit 4.6 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 Tops Holding II
Corporation 
 and 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 

as the Representative of the several Initial Purchasers 

Dated as of May 15, 2013 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of May 15, 2013, by and among Tops Holding II
Corporation, a Delaware corporation (the “Issuer”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Representative”) as the representative of the several initial purchasers (the “Initial
Purchasers”) listed on Schedule A to the Purchase Agreement (as defined below), each of whom has agreed to purchase the Issuer’s 8.750% / 9.500% Senior Notes due 2018 (the “Notes”). 

This Agreement is made pursuant to the Purchase Agreement, dated May 8, 2013 (the “Purchase Agreement”), among the Issuer and
the Representative on behalf of itself and each of the other Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Transfer Restricted Securities, including the
Initial Purchasers. In order to induce the Initial Purchasers to purchase the Securities, the Issuer has agreed to provide the Initial Purchasers the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a
condition to the obligations of the Initial Purchasers set forth in Section 5(f) of the Purchase Agreement. 
 The parties hereby agree
as follows: 
 SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following
meanings: 
 Additional Interest: As defined in Section 5 hereof. 

Additional Notes: Has the meaning set forth in the Indenture. 

Advice: As defined in Section 6(c) hereof. 

Agreement: As defined in the preamble hereof. 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies
located in New York, New York are authorized or obligated to be closed. 
 Closing Date: The date of this Agreement. 

Commission: The U.S. Securities and Exchange Commission. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of
(i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously
effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Issuer to the Registrar under the Indenture of Exchange Securities
in the same aggregate principal amount as the aggregate principal amount of Transfer Restricted Securities that were tendered by Holders thereof pursuant to the Exchange Offer. 

 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 Exchange Date: As defined in Section 3 hereof. 

Exchange Offer: The registration by the Issuer under the Securities Act of the Exchange Securities pursuant to a Registration Statement
pursuant to which the Issuer offers the Holders of all outstanding Transfer Restricted Securities permitted under applicable law and Commission policy to participate in such offer the opportunity to exchange all such outstanding Transfer Restricted
Securities held by such Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 

Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus.

 Exchange Securities: The 8.750% / 9.500% Senior Notes due 2018, of the same series under the Indenture as the Notes and the
Guarantees attached thereto, to be issued to Holders in exchange for Transfer Restricted Securities (including, without limitation, Additional Notes). 

FINRA: Financial Industry Regulatory Authority. 

Guarantees: A guarantee of the Notes by a Guarantor. 

Guarantors: Any subsidiary of the Issuer that after the Closing Date becomes a guarantor of the Notes in accordance with the terms of
the Indenture. 
 Holders: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: The Indenture, dated as of May 15, 2013, by and among the Issuer and U.S. Bank National Association, as trustee (the
“Trustee”), pursuant to which the Securities are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof. 

Initial Purchasers: As defined in the preamble hereof. 

Initial Placement: The issuance and sale by the Issuer of the Securities to the Initial Purchasers pursuant to the Purchase Agreement.

 Issuer: As defined in the preamble hereof. 

Issuer Indemnified Party: As defined in Section 8(b) hereof. 

  
 -2- 

 Notes: As defined in the preamble hereof. 

Person: Any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust,
unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 Prospectus: The
prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

Purchase Agreement: As defined in the preamble hereof. 

Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Issuer relating to (a) an offering of Exchange Securities pursuant to an
Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included
therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Securities: The Notes and the Guarantees (if any). 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

Shelf Filing Deadline: As defined in Section 4(a) hereof. 

Shelf Registration Statement: As defined in Section 4(a) hereof. 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended, and the rules and regulations promulgated thereunder. 

Transfer Restricted Securities: The Securities; provided that the Securities shall cease to be Transfer Restricted Securities on
the earliest to occur of (i) the date on which a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement
or (ii) the date on which such Securities cease to be outstanding. 
 Underwritten Registration or Underwritten Offering: A
registration in which securities of the Issuer are sold to an underwriter for reoffering to the public. 
 SECTION 2.
Securities Subject to this Agreement. 
 (a) Transfer Restricted Securities. The securities entitled to
the benefits of this Agreement are the Transfer Restricted Securities. 

  
 -3- 

 (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of
Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities. 
 SECTION 3.
Registered Exchange Offer. 
 (a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy
(after the procedures set forth in Section 6(a) hereof have been complied with), the Issuer and any Guarantors shall use their commercially reasonable efforts to (i) cause to be filed with the Commission, a Registration Statement under the
Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) cause such Registration Statement to become effective, (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Registration
Statement as may be necessary in order to cause such Registration Statement to become effective, (B) if applicable, file a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause
all necessary filings in connection with the registration and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and
(iv) upon the effectiveness of such Registration Statement, commence the Exchange Offer. The Issuer and any Guarantors shall use their reasonable best efforts to Consummate the Exchange Offer not later than 365 calendar days following the
Closing Date (or, if such 365th day is not a Business Day, the next succeeding Business Day) (the “Exchange Date”). The Exchange Offer, if required pursuant to this Section 3(a)
shall be on the appropriate form permitting registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Transfer Restricted Securities held by Broker-Dealers as contemplated by
Section 3(c) hereof. 
 (b) If an Exchange Offer Registration Statement is required to be filed and declared effective pursuant to
Section 3(a) above, the Issuer and any Guarantors shall cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under
applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days after the date notice of the Exchange Offer is mailed to the Holders. The
Issuer shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. The Issuer shall use its
reasonable best efforts to cause the Exchange Offer to be Consummated on or before the Exchange Date. 
 (c) The Issuer shall indicate in a
“Plan of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Transfer Restricted Securities that were acquired for its own account as a result of
market-making activities or other trading activities (other than Transfer Restricted Securities acquired directly from the Issuer), may exchange such Transfer Restricted Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be
deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such
Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by 

  
 -4- 

 
the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information
with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Transfer
Restricted Securities held by any such Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 

The Issuer and any Guarantors shall use their commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Transfer Restricted Securities acquired by Broker-Dealers for their own accounts as a
result of market-making activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for
a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection
with market-making or other trading activities. 
 The Issuer shall provide sufficient copies of the latest version of such Prospectus to
Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 

SECTION 4. Shelf Registration. 

(a) Shelf Registration. If (i) the Issuer is not required to file an Exchange Offer Registration Statement or to consummate the
Exchange Offer solely because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), (ii) for any reason the Exchange Offer is not
Consummated by the Exchange Date or (iii) prior to the Exchange Date: (A) the Initial Purchasers request from the Issuer with respect to Transfer Restricted Securities not eligible to be exchanged for Exchange Securities in the Exchange
Offer, (B) with respect to any Holder of Transfer Restricted Securities such Holder notifies the Issuer that (i) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, (ii) such
Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such
resales by such Holder, or (iii) such Holder is a Broker-Dealer and holds Transfer Restricted Securities acquired directly from the Issuer or one of its affiliates or (C) in the case of the Initial Purchasers, the Initial Purchasers notify
the Issuer they will not receive Exchange Securities in exchange for Transfer Restricted Securities constituting any portion of the Initial Purchasers’ unsold allotment, the Issuer and any Guarantors shall: 

(x) cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment
to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”) as promptly as practicable (such date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for
resales of all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 

  
 -5- 

 (y) use their commercially reasonable efforts to cause such Shelf Registration
Statement to be declared effective by the Commission. 
 The Issuer and any Guarantors shall use their commercially reasonable
efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Transfer
Restricted Securities by the Holders of such Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, from the date on which the Shelf Registration Statement is declared effective by the Commission until the expiration of the two-year period after the Closing Date (or shorter period that will terminate when
all the Transfer Restricted Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement; provided that the Issuer may for a period of up to 60 days in any three-month period, not to
exceed 90 days in any calendar year, determine that the Shelf Registration Statement is not usable under certain circumstances relating to corporate developments, public filings with the Commission and similar events, and suspend the use of the
prospectus that is part of the Shelf Registration Statement). 
 (b) Provision by Holders of Certain Information in Connection with
the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the
Issuer in writing, within 20 Business Days after receipt of a request therefor, such information as the Issuer may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included
therein. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Issuer all information required to be disclosed in order to make the information previously furnished to the Issuer by such Holder
not materially misleading. 
 SECTION 5. Additional Interest. If (i) the Exchange Offer has not been Consummated by the
Exchange Date, (ii) any Shelf Registration Statement, if required hereby, has not been declared effective by the Commission 120 days after any obligation to file a shelf registration statement arises or (iii) any Registration Statement
required by this Agreement has been declared effective but ceases to be effective at any time at which it is required to be effective under this Agreement (each such event referred to in clauses (i) through (iii), a “Registration
Default”), the Issuer hereby agrees that the interest rate borne by the Transfer Restricted Securities shall be increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and
shall increase by 0.25% per annum at the end of each subsequent 90-day period (such increase, “Additional Interest”), but in no event shall such increase exceed 1.00% per annum. At the earlier of (i) the cure of all
Registration Defaults relating to the particular Transfer Restricted Securities or (ii) the second anniversary of the Closing Date, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to the original interest
rate borne by such Transfer Restricted Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall
again be increased pursuant to the foregoing provisions. 

  
 -6- 

 All obligations of the Issuer and any Guarantors set forth in the preceding paragraph that are
outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full.

 SECTION 6. Registration Procedures. 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, if required pursuant to Section 3(a) hereof, the
Issuer and any Guarantors shall comply with all of the provisions of Section 6(c) hereof, shall use their commerically reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with
the intended method or methods of distribution thereof, and shall comply with all of the following provisions: 
 (i) If in
the reasonable opinion of counsel to the Issuer there is a question as to whether the Exchange Offer is permitted by applicable law, the Issuer and any Guarantors hereby agree to seek a no-action letter or other favorable decision from the
Commission allowing the Issuer and any Guarantors to Consummate an Exchange Offer for such Transfer Restricted Securities. The Issuer and any Guarantors hereby agree to pursue the issuance of such a decision to the Commission staff level but shall
not be required to take commercially unreasonable action to effect a change of Commission policy. The Issuer and any Guarantors hereby agree, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the
Commission staff an analysis prepared by counsel to the Issuer setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the
Commission staff of such submission. 
 (ii) As a condition to its participation in the Exchange Offer pursuant to the terms
of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Issuer, prior to the Consummation thereof, a written representation to the Issuer (which may be contained in the letter of transmittal
contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Issuer, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to
participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. In addition, all such Holders of Transfer Restricted Securities
shall otherwise cooperate in the Issuer’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to
be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and 

  
 -7- 

 
Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman &
Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the
Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or
508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Transfer Restricted Securities acquired by such Holder directly from the Issuer. 

(b) Shelf Registration Statement. If required pursuant to Section 4, in connection with the Shelf Registration Statement, the
Issuer and any Guarantors shall comply with all the provisions of Section 6(c) hereof and shall use their commercially reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in
accordance with the intended method or methods of distribution thereof, and pursuant thereto the Issuer and any Guarantors will as expeditiously as possible prepare and file with the Commission a Registration Statement relating to the registration
on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof. 

(c) General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale
or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Transfer Restricted Securities by Broker-Dealers), the Issuer and any Guarantors shall:

 (i) use their commercially reasonable efforts to keep such Registration Statement continuously effective and provide all
requisite financial statements (including, if required by the Securities Act or any regulation thereunder, financial statements of any Guarantors) for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any
event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted Securities during the
period required by this Agreement, the Issuer shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B),
use their reasonable best efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

(ii) use their commercially reasonable efforts to prepare and file with the Commission such amendments and post-effective
amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all
Transfer Restricted Securities covered by such Registration 

  
 -8- 

 
Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to
comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iii) advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice
in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective,
(B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the
initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or
supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading. If at
any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from
qualification of the Transfer Restricted Securities under state securities or blue sky laws, each of the Issuer and any Guarantors shall use their commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest
possible time; 
 (iv) furnish without charge to the Initial Purchasers, each selling Holder named in any Registration
Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus
(including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Holders and underwriter(s) in connection with such sale, if any, for a
period of at least five (5) Business Days, and the Issuer will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (including all such documents incorporated by
reference) to which the Initial Purchasers of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within five (5) Business Days after the receipt thereof (such
objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of the Initial Purchasers or underwriters, if any, shall be deemed to be reasonable if such Registration Statement, amendment,
Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 

  
 -9- 

 (v) promptly prior to the filing of any document that is to be incorporated by
reference into a Registration Statement or Prospectus, provide copies of such document to the Initial Purchasers, each selling Holder named in any Registration Statement, and to the underwriter(s), if any, make the Issuer’s and any
Guarantors’ representatives available for discussion of such document and other customary due diligence matters, and include such information in such document prior to the filing thereof as such selling Holders or underwriter(s), if any,
reasonably may request; 
 (vi) make available at reasonable times for inspection by the Initial Purchasers, the managing
underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by the Initial Purchasers or any of the underwriter(s), all financial and other records, pertinent corporate
documents and properties of the Issuer and any Guarantors and cause the Issuer’s and any Guarantors’ officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant
in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing
underwriter(s), if any; 
 (vii) if requested by any selling Holders or the underwriter(s), if any, promptly incorporate in
any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein, including, without
limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to such underwriter(s), the purchase price
being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the
Issuer is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
 (viii)
cause the Transfer Restricted Securities covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of securities covered thereby or the
underwriter(s), if any; 
 (ix) furnish to the Initial Purchasers, each selling Holder and each of the underwriter(s), if
any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, all documents incorporated by reference therein and all exhibits
(including exhibits incorporated therein by reference); 

  
 -10- 

 (x) deliver to each selling Holder and each of the underwriter(s), if any,
without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Issuer and any Guarantors hereby consent to the use of the Prospectus and
any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement
thereto; 
 (xi) enter into such agreements (including an underwriting agreement), and make such representations and
warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration Statement contemplated by this Agreement, all to such extent as
may be requested by the Initial Purchasers or by any Holder of Transfer Restricted Securities or underwriter in connection with any sale or resale pursuant to any Registration Statement contemplated by this Agreement; and whether or not an
underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, the Issuer and any Guarantors shall: 

(A) furnish to the Initial Purchasers, each selling Holder and each underwriter, if any, in such substance and scope as they
may request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer or, if applicable, the effectiveness of the Shelf Registration Statement: 

(1) a certificate, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration
Statement, as the case may be, signed by (y) the President or any Vice President and (z) a principal financial or accounting officer of the Issuer and any Guarantors, confirming, as of the date thereof, the matters set forth in paragraphs
(i), (ii) and (iii) of Section 5(e) of the Purchase Agreement (as to the Issuer only) and such other matters as such parties may reasonably request; 

(2) an opinion, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration
Statement, as the case may be, of counsel for the Issuer and any Guarantors, covering the matters set forth in Section 5(c) of the Purchase Agreement and such other matters as such parties may reasonably request, and in any event including a
statement to the effect that such counsel has participated in conferences with officers and other representatives of the Issuer and any Guarantors, representatives of the independent public accountants for the Issuer and any Guarantors,
representatives of the underwriter(s), if any, and counsel to the underwriter(s), if any, in connection with the preparation of such Registration Statement and the related Prospectus and have considered the matters required to be stated therein and
the statements contained therein, although such counsel has not independently verified the accuracy, completeness or fairness of such statements; and that such counsel advises that, on the basis of the foregoing, no facts came to such

  
 -11- 

 
counsel’s attention that caused such counsel to believe that the applicable Registration Statement, at the time such Registration Statement or any post-effective amendment thereto became
effective, and, in the case of the Exchange Offer Registration Statement, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, or that the Prospectus contained in such Registration Statement as of its date and, in the case of the opinion dated the date of Consummation of the Exchange Offer, as of the date of Consummation, contained an
untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes no responsibility for,
and has not independently verified, the accuracy, completeness or fairness of the financial statements, notes and schedules and other financial data included in any Registration Statement contemplated by this Agreement or the related Prospectus; and

 (3) a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the
Issuer’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the
matters set forth in the comfort letters delivered pursuant to Section 5(a) of the Purchase Agreement, without exception; 

(B) set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions and
procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 
 (C)
deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with Section 6(c)(xi)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement
entered into by the Issuer or any Guarantors pursuant to this Section 6(c)(xi), if any. 
 If at any time the
representations and warranties of the Issuer and any Guarantors contemplated in Section 6(c)(xi)(A)(1) hereof cease to be true and correct, the Issuer or any Guarantors shall so advise the Initial Purchasers and the underwriters, if any, and
each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing; 
 (xii) prior to any
public offering of Transfer Restricted Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the
state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and all other acts or things necessary or advisable 

  
 -12- 

 
to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Shelf Registration Statement; provided, however, that neither the Issuer nor any
Guarantors shall be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions
relating to the Registration Statement, in any jurisdiction where it is not then so subject; 
 (xiii) shall issue, upon the
request of any Holder of Transfer Restricted Securities covered by the Shelf Registration Statement, Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Securities surrendered to
the Issuer by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be registered in the name of such Holder or in the name of the purchaser(s) of such Securities, as the case may be; in return, the Transfer
Restricted Securities held by such Holder shall be surrendered to the Issuer for cancellation; 
 (xiv) cooperate with the
selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted
Securities to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may request at least two (2) Business Days prior to any sale of Transfer Restricted Securities made by such Holders or
underwriter(s); 
 (xv) use their commercially reasonable efforts to cause the Transfer Restricted Securities covered by the
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer
Restricted Securities, subject to the proviso contained in Section 6(c)(xii) hereof; 
 (xvi) if any fact or event
contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other
required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements therein not misleading; 
 (xvii) provide a CUSIP number for all Securities not later than the effective date of
the Registration Statement covering such Securities and provide the Trustee under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with the Depository Trust Company and take all other action
necessary to ensure that all such Securities are eligible for deposit with the Depository Trust Company; 
 (xviii) cooperate
and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with
the rules and regulations of FINRA; 

  
 -13- 

 (xix) otherwise use their commercially reasonable efforts to comply with all
applicable rules and regulations of the Commission, and make generally available to their security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 of the Securities Act (which need not be
audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to
underwriters in such an offering, beginning with the first month of the Issuer’s first fiscal quarter commencing after the effective date of the Registration Statement; 

(xx) cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first
Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance
with the terms of the Trust Indenture Act; and to execute and use their reasonable best efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with
the Commission to enable such Indenture to be so qualified in a timely manner; 
 (xxi) cause all Securities covered by the
Registration Statement to be listed on each securities exchange or automated quotation system on which similar securities issued by the Issuer are then listed if requested by the Holders of a majority in aggregate principal amount of Securities or
the managing underwriter(s), if any; and 
 (xxii) provide promptly to each Holder upon request each document filed with the
Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act. 
 Each Holder agrees by acquisition of
a Transfer Restricted Security that, upon receipt of any notice from the Issuer of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted
Securities pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is advised in writing (the
“Advice”) by the Issuer that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Issuer, each Holder will
deliver to the Issuer (at the Issuer’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such
notice. In the event the Issuer shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period
from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies

  
 -14- 

 
of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into
account in determining whether Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Issuer’s option to suspend use of a Registration Statement pursuant to this
paragraph shall be treated as a Registration Default for purposes of Section 5 hereof. 
 SECTION 7. Registration
Expenses. 
 (a) All expenses incident to the Issuer’s and any Guarantors’ performance of or compliance with this
Agreement will be borne by the Issuer and any Guarantors, jointly and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including
filings made by the Initial Purchasers or Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all
fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of
Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Issuer, any Guarantors and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; (v) all
application and filing fees, if applicable, in connection with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent
certified public accountants of the Issuer and any Guarantors (including the expenses of any special audit and comfort letters required by or incident to such performance). 

The Issuer and any Guarantors will, in any event, bear their internal expenses (including, without limitation, all salaries and expenses of
their officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Issuer or any Guarantors. 

(b) In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Issuer and any Guarantors, jointly and severally, will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities being tendered in the Exchange Offer and/or resold
pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one
counsel, who shall be Cahill Gordon & Reindel llp or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared.

 SECTION 8. Indemnification. 

(a) The Issuer and any Guarantors, jointly and severally, agree to indemnify and hold harmless (i) each Holder, (ii) each Person, if
any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred 

  
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to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents
of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims,
damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or
any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based
upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged
untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Issuer by any of the Holders expressly for use therein. This indemnity agreement shall be in
addition to any liability which the Issuer or any of any Guarantors may otherwise have. 
 In case any action or proceeding
(including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Issuer or any Guarantors, such Indemnified Holder
(or the Indemnified Holder controlled by such controlling person) shall promptly notify the Issuer and any Guarantors in writing; provided, however, that the failure to give such notice shall not relieve any of the Issuer or any Guarantors of
their obligations pursuant to this Agreement. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such counsel shall be paid, as incurred, by the Issuer and any Guarantors
(regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder). The Issuer and any Guarantors shall not, in connection with any one such action or proceeding or separate but substantially
similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local
counsel) at any time for such Indemnified Holders. Any such firm for each Holder, any controlling person or the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person shall be
designated by the Holders. The Issuer and any Guarantors shall be liable for any settlement of any such action or proceeding effected with the Issuer’s and any Guarantors’ prior written consent, which consent shall not be withheld
unreasonably, and the Issuer and any Guarantors agree to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the written consent of
the Issuer and any Guarantors. The Issuer and any Guarantors shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or
threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination
includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding. 

  
 -16- 

 (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify
and hold harmless (i) the Issuer, any Guarantors and their respective directors, officers of the Issuer and any Guarantors who sign a Registration Statement, and (ii) any Person controlling (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) the Issuer or any of any Guarantors, and the respective officers, directors, partners, employees, representatives and agents of each such Person (any Person referred to in clause (i) or
(ii) may hereinafter be referred to as an “Issuer Indemnified Party”), to the same extent as the foregoing indemnity from the Issuer and any Guarantors to each of the Indemnified Holders, but only with respect to claims and actions
based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against an Issuer Indemnified Party in respect of which indemnity may
be sought against a Holder of Transfer Restricted Securities, such Holder shall have the rights and duties given the Issuer and any Guarantors, and the Issuer Indemnified Party shall have the rights and duties given to each Holder by the preceding
paragraph. 
 (c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a)
or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities, judgments or expenses in such proportion as is appropriate to reflect the
relative benefits received by the Issuer and any Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Issuer and any Guarantors shall be deemed to be equal to the total gross proceeds
to the Issuer from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities, judgments, actions or expenses,
and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Issuer and any Guarantors, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which
resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Issuer and any Guarantors, on the one hand, and of the Holders, on the other hand, shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer or any of any Guarantors, on
the one hand, or the Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the
losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such
party in connection with investigating or defending any action or claim. 

  
 -17- 

 The Issuer, any Guarantors, and each Holder of Transfer Restricted Securities agree that it would
not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount with respect to the Securities received by
such Holder exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are
several in proportion to the respective principal amount of Securities held by each of the Holders hereunder and not joint. 

SECTION 9. Rule 144A. The Issuer and any Guarantors hereby agree with each Holder, for so long as any Transfer Restricted
Securities remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or
beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act. 

SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and
executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 

SECTION 11. Selection of Underwriters. The Holders of Transfer Restricted Securities covered by the Shelf Registration Statement
who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders
of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Issuer. 

SECTION 12. Miscellaneous. 

(a) Remedies. The Issuer and any Guarantors hereby agree that monetary damages would not be adequate compensation for any loss incurred
by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

  
 -18- 

 (b) No Inconsistent Agreements. The Issuer and any Guarantors will not on or after the
date of this Agreement enter into any agreement with respect to their securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither the Issuer nor any Guarantors
has previously entered into any agreement granting any registration rights with respect to their securities to any Person that would conflict with this Agreement. The rights granted to the Holders hereunder do not in any way conflict with and are
not inconsistent with the rights granted to the holders of the Issuer’s or any of any Guarantors’ securities under any agreement in effect on the date hereof. 

(c) Adjustments Affecting the Securities. The Issuer will not take any action, or permit any change to occur, with respect to the
Securities that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 
 (d) Amendments and
Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Issuer has (i) in the case of Section 5 hereof and
this Section 12(d)(i) obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof (including Section 8 hereof as it relates to the Holders), obtained
the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer Restricted Securities held by the Issuer or its Affiliates). Notwithstanding the foregoing, a waiver or
consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose
securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities being tendered or registered; provided, however, that, with
respect to any matter that directly or indirectly affects the rights of the Initial Purchasers hereunder, the Issuer shall obtain the written consent of the Initial Purchasers with respect to which such amendment, qualification, supplement, waiver,
consent or departure is to be effective. 
 (e) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; 
 (ii) If to the Issuer or any Guarantors; and 

Tops Holding II Corporation 
 c/o
Tops Holding LLC (f/k/a Tops Holding Corporation) 
 P.O. Box 1027 

Buffalo, New York 14210 1027 

Facsimile: (716) 635-5909 

Attention: Lynne Burgess, Senior Vice President, General Counsel and Secretary 

  
 -19- 

 with a copy to: 

Shearman & Sterling LLP 

599 Lexington Avenue 
 New York,
New York 10022 
 Facsimile: (646) 848-7658 

Attention: Michael Benjamin, Esq. 

(iii) If to the Representative: 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 

50 Rockefeller Plaza New York, 

New York 10020 
 Facsimile:
(917) 267-7085 
 Attention: HY Legal Department 

with a copy to: 
 Cahill
Gordon & Reindel LLP 
 80 Pine Street 

New York, New York 10005 

Facsimile: (212) 378-2544 

Attention: Corey Wright, Esq. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
(5) Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing
overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the
same to the Trustee at the address specified in the Indenture. 
 (f) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that
this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder. 

(g) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 

  
 -20- 

 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (j) Severability. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby. 
 (k) Entire Agreement. This Agreement is intended by the
parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Issuer with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter. 
 (l) Additional Guarantors. If required pursuant to the
terms of the Indenture, the Issuer shall cause any of its subsidiaries that become a Guarantor prior to the Consummation of the Exchange Offer to become a party to this Agreement. 

  
 -21- 

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

  

			
	Tops Holding II Corporation
		
	By:	 	  

		 	Name:
		 	Title:

  
 -22- 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted by the Initial
Purchasers as of the date first above written. 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 

  Acting on behalf of itself 
   and as the
Representative of 
   the several Initial Purchasers 
  

					
	By:	 	Merrill Lynch, Pierce, Fenner & Smith Incorporated
			
		 	By:	 	  

		 		 	Managing Director

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