Document:

EX-4.2

 Exhibit 4.2 
  

 
  

tw telecom holdings inc., 
 Company 
 tw telecom inc., 

Parent Company 

THE SUBSIDIARY GUARANTORS PARTIES HERETO 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

Trustee 
  

 
 Indenture

 Dated as of August 26, 2013 
  

 
 6.375% Senior
Notes due 2023 
  
  

 

 CROSS-REFERENCE TABLE 

 

			
	 TIA Sections
	  	Indenture Sections
	 § 310 (a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (b)
	  	7.03; 7.08
	 § 311 (a)
	  	7.03
	 (b)
	  	7.03
	 § 312 (a)
	  	2.04
	 (b)
	  	11.02
	 (c)
	  	11.02
	 § 313 (a)
	  	7.06
	 (b)(2)
	  	7.07
	 (c)
	  	7.05; 7.06; 11.02
	 (d)
	  	7.06
	 § 314 (a)
	  	7.05; 11.02
	 (a)(4)
	  	4.17; 11.02
	 (c)(1)
	  	11.03
	 (c)(2)
	  	11.03
	 (e)
	  	4.17; 11.04
	 § 315 (a)
	  	7.02
	 (b)
	  	7.05; 11.02
	 (c)
	  	7.02
	 (d)
	  	7.02
	 (e)
	  	6.11
	 § 316 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (b)
	  	6.07
	 (c)
	  	9.03
	 § 317 (a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.04
	 § 318 (a)
	  	11.01
	 (c)
	  	11.01

 Note: The Cross-Reference Table shall not for any purpose be deemed to be a part of the Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE ONE	  
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 SECTION 1.01.
	 	Definitions	  	 	1	  
	 SECTION 1.02.
	 	Incorporation by Reference of Trust Indenture Act	  	 	31	  
	 SECTION 1.03.
	 	Rules of Construction	  	 	31	  
	
	ARTICLE TWO	  
	THE NOTES	  
			
	 SECTION 2.01.
	 	Form and Dating	  	 	32	  
	 SECTION 2.02.
	 	Restrictive Legends	  	 	33	  
	 SECTION 2.03.
	 	Execution, Authentication and Denominations	  	 	36	  
	 SECTION 2.04.
	 	Registrar and Paying Agent	  	 	37	  
	 SECTION 2.05.
	 	Paying Agent to Hold Money in Trust	  	 	38	  
	 SECTION 2.06.
	 	Transfer and Exchange	  	 	38	  
	 SECTION 2.07.
	 	Book-Entry Provisions for Global Notes	  	 	39	  
	 SECTION 2.08.
	 	Special Transfer Provisions	  	 	41	  
	 SECTION 2.09.
	 	Replacement Notes	  	 	45	  
	 SECTION 2.10.
	 	Outstanding Notes	  	 	45	  
	 SECTION 2.11.
	 	Temporary Notes	  	 	46	  
	 SECTION 2.12.
	 	Cancellation	  	 	47	  
	 SECTION 2.13.
	 	CUSIP Numbers	  	 	47	  
	 SECTION 2.14.
	 	Defaulted Interest	  	 	47	  
	 SECTION 2.15.
	 	Issuance of Additional Notes	  	 	47	  
	
	ARTICLE THREE	  
	REDEMPTION	 
			
	 SECTION 3.01.
	 	Right of Redemption	  	 	47	  
	 SECTION 3.02.
	 	Notices to Trustee	  	 	48	  
	 SECTION 3.03.
	 	Selection of Notes to Be Redeemed	  	 	48	  
	 SECTION 3.04.
	 	Notice of Redemption	  	 	49	  
	 SECTION 3.05.
	 	Effect of Notice of Redemption	  	 	50	  
	 SECTION 3.06.
	 	Deposit of Redemption Price	  	 	50	  
	 SECTION 3.07.
	 	Payment of Notes Called for Redemption	  	 	50	  
	 SECTION 3.08.
	 	Notes Redeemed in Part	  	 	51	  
	
	ARTICLE FOUR	  
	COVENANTS	  
			
	 SECTION 4.01.
	 	Payment of Notes	  	 	51	  
	 SECTION 4.02.
	 	Maintenance of Office or Agency	  	 	51	  
	 SECTION 4.03.
	 	Limitation on Indebtedness	  	 	52	  
	 SECTION 4.04.
	 	Limitation on Restricted Payments	  	 	57	  

 Note: The Table of Contents shall not for any purpose be deemed to be a part of the Indenture. 

							
	 SECTION 4.05.
	 	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	61	  
	 SECTION 4.06.
	 	Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries	  	 	63	  
	 SECTION 4.07.
	 	Limitation on Issuances of Guarantees by Restricted Subsidiaries	  	 	64	  
	 SECTION 4.08.
	 	Limitation on Transactions with Stockholders and Affiliates	  	 	65	  
	 SECTION 4.09.
	 	Limitation on Liens	  	 	66	  
	 SECTION 4.10.
	 	Limitation on Sale-Leaseback Transactions	  	 	66	  
	 SECTION 4.11.
	 	Limitation on Asset Sales	  	 	67	  
	 SECTION 4.12.
	 	Repurchase of Notes upon a Change of Control Triggering Event	  	 	69	  
	 SECTION 4.13.
	 	Existence	  	 	69	  
	 SECTION 4.14.
	 	Payment of Taxes and Other Claims	  	 	69	  
	 SECTION 4.15.
	 	Maintenance of Properties and Insurance	  	 	70	  
	 SECTION 4.16.
	 	Notice of Defaults	  	 	70	  
	 SECTION 4.17.
	 	Compliance Certificates	  	 	70	  
	 SECTION 4.18.
	 	Commission Reports and Reports to Holders	  	 	71	  
	 SECTION 4.19.
	 	Waiver of Stay, Extension or Usury Laws	  	 	71	  
	 SECTION 4.20.
	 	Future Subsidiary Guarantors	  	 	71	  
	 SECTION 4.21.
	 	Suspension of Covenants	  	 	72	  
	
	ARTICLE FIVE	  
	SUCCESSOR CORPORATION	  
			
	 SECTION 5.01.
	 	When Company and the Parent Company May Merge, Etc	  	 	73	  
	 SECTION 5.02.
	 	Successor Substituted	  	 	74	  
	
	ARTICLE SIX	  
	DEFAULT AND REMEDIES	  
			
	 SECTION 6.01.
	 	Events of Default	  	 	75	  
	 SECTION 6.02.
	 	Acceleration	  	 	76	  
	 SECTION 6.03.
	 	Other Remedies	  	 	77	  
	 SECTION 6.04.
	 	Waiver of Past Defaults	  	 	77	  
	 SECTION 6.05.
	 	Control by Majority	  	 	78	  
	 SECTION 6.06.
	 	Limitation on Suits	  	 	78	  
	 SECTION 6.07.
	 	Rights of Holders to Receive Payment	  	 	79	  
	 SECTION 6.08.
	 	Collection Suit by Trustee	  	 	79	  
	 SECTION 6.09.
	 	Trustee May File Proofs of Claim	  	 	79	  
	 SECTION 6.10.
	 	Priorities	  	 	80	  
	 SECTION 6.11.
	 	Undertaking for Costs	  	 	80	  
	 SECTION 6.12.
	 	Restoration of Rights and Remedies	  	 	80	  
	 SECTION 6.13.
	 	Rights and Remedies Cumulative	  	 	80	  
	 SECTION 6.14.
	 	Delay or Omission Not Waiver	  	 	81	  

							
	ARTICLE SEVEN	  
	TRUSTEE	  
			
	 SECTION 7.01.
	 	General	  	 	81	  
	 SECTION 7.02.
	 	Certain Rights of Trustee	  	 	81	  
	 SECTION 7.03.
	 	Individual Rights of Trustee	  	 	83	  
	 SECTION 7.04.
	 	Trustee’s Disclaimer	  	 	84	  
	 SECTION 7.05.
	 	Notice of Default	  	 	84	  
	 SECTION 7.06.
	 	Reports by Trustee to Holders	  	 	84	  
	 SECTION 7.07.
	 	Compensation and Indemnity	  	 	84	  
	 SECTION 7.08.
	 	Replacement of Trustee	  	 	85	  
	 SECTION 7.09.
	 	Successor Trustee by Merger, Etc	  	 	86	  
	 SECTION 7.10.
	 	Eligibility	  	 	86	  
	 SECTION 7.11.
	 	Money Held in Trust	  	 	87	  
	
	ARTICLE EIGHT	  
	DISCHARGE OF INDENTURE	  
			
	 SECTION 8.01.
	 	Termination of Company’s Obligations	  	 	87	  
	 SECTION 8.02.
	 	Defeasance and Discharge of Indenture	  	 	88	  
	 SECTION 8.03.
	 	Defeasance of Certain Obligations	  	 	90	  
	 SECTION 8.04.
	 	Application of Trust Money	  	 	91	  
	 SECTION 8.05.
	 	Repayment to Company	  	 	91	  
	 SECTION 8.06.
	 	Reinstatement	  	 	91	  
	
	ARTICLE NINE	  
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  
			
	 SECTION 9.01.
	 	Without Consent of Holders	  	 	92	  
	 SECTION 9.02.
	 	With Consent of Holders	  	 	93	  
	 SECTION 9.03.
	 	Revocation and Effect of Consent	  	 	94	  
	 SECTION 9.04.
	 	Notation on or Exchange of Notes	  	 	94	  
	 SECTION 9.05.
	 	Trustee to Sign Amendments, Etc	  	 	94	  
	 SECTION 9.06.
	 	Conformity with Trust Indenture Act	  	 	95	  
	
	ARTICLE TEN	  
	NOTE GUARANTEES	  
			
	 SECTION 10.01.
	 	Note Guarantees	  	 	95	  
	 SECTION 10.02.
	 	Limitation on Guarantor Liability	  	 	96	  
	 SECTION 10.03.
	 	Execution and Delivery of Note Guarantees	  	 	96	  
	 SECTION 10.04.
	 	Release of Subsidiary Guarantor	  	 	97	  
	
	ARTICLE ELEVEN	  
	MISCELLANEOUS	  
			
	 SECTION 11.01.
	 	Trust Indenture Act of 1939	  	 	98	  
	 SECTION 11.02.
	 	Notices	  	 	98	  
	 SECTION 11.03.
	 	Certificate and Opinion as to Conditions Precedent	  	 	99	  
	 SECTION 11.04.
	 	Statements Required in Certificate or Opinion	  	 	99	  
	 SECTION 11.05.
	 	Acts of Holders	  	 	100	  
	 SECTION 11.06.
	 	Rules by Trustee, Paying Agent or Registrar	  	 	101	  

							
	 SECTION 11.07.
	 	Payment Date Other Than a Business Day	  	 	101	  
	 SECTION 11.08.
	 	Governing Law	  	 	102	  
	 SECTION 11.09.
	 	No Adverse Interpretation of Other Agreements	  	 	102	  
	 SECTION 11.10.
	 	No Recourse Against Others	  	 	102	  
	 SECTION 11.11.
	 	Successors	  	 	102	  
	 SECTION 11.12.
	 	Duplicate Originals	  	 	102	  
	 SECTION 11.13.
	 	Separability	  	 	103	  
	 SECTION 11.14.
	 	Table of Contents, Headings, Etc	  	 	103	  
	 SECTION 11.15
	 	USA PATRIOT Act	  	 	103	  
		
	 EXHIBIT A Form of Note
	  	 	A-1	  
	 EXHIBIT B Form of Certificate to Be Delivered in Connection with Transfers to Non-QIB Accredited
Investors
	  	 	B-1	  
	 EXHIBIT C Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation
S
	  	 	C-1	  

 INDENTURE, dated as of August 26, 2013, among tw telecom holdings inc., a
Delaware corporation (the “Company”), tw telecom inc. (the “Parent Company”), the Subsidiary Guarantors (as defined herein) parties hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee (the “Trustee”).

 RECITALS 
 The Company and the Guarantors have duly authorized the execution and delivery of this Indenture to provide for the issuance initially of $350 million aggregate principal amount of the Company’s
6.375% Senior Notes due 2023 (the “Notes”) issuable as provided in this Indenture. All things necessary to make this Indenture a valid agreement of the Company and the Guarantors, in accordance with its terms, have been done, and the
Company has done all things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee hereunder and duly issued by the Company, valid obligations of the Company as hereinafter provided, and the
Guarantors have done all things necessary to make the Parent Guarantee and the Subsidiary Guarantees valid obligations of the Guarantors as hereinafter provided. 
 AND THIS INDENTURE FURTHER WITNESSETH 
 For and in consideration of the premises
and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows. 
 ARTICLE ONE 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01. Definitions. 
 “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary or assumed in connection with an Asset Acquisition by a Restricted
Subsidiary and not Incurred in connection with, or in anticipation of, such Person becoming a Restricted Subsidiary or such Asset Acquisition; provided, however, that Indebtedness of such Person which is redeemed, defeased, retired or
otherwise repaid at the time of or immediately upon consummation of the transactions by which such Person becomes a Restricted Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness. 

“Adjusted Consolidated Net Income” means, for any period, aggregate net income (or loss) of any Person and its Restricted
Subsidiaries for such period determined in conformity with GAAP; provided, however, that the following items shall be excluded in computing Adjusted Consolidated Net Income (without duplication): 

 (1) the net income (or loss) of any other Person that is not a Restricted
Subsidiary, except (A) with respect to net income, to the extent of the amount of dividends or other distributions actually paid to such Person or any of its Restricted Subsidiaries by such other Person during such period and (B) with
respect to net losses, to the extent of the amount of Investments made by such Person or any of its Restricted Subsidiaries in such other Person during such period; 

(2) solely for the purposes of calculating the amount of Restricted Payments that may be made pursuant to clause
(4)(C) of Section 4.04(a) (and in such case, except to the extent includible pursuant to clause (1) above), the net income (or loss) of any other Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or
consolidated with such Person or any of its Restricted Subsidiaries or all or substantially all of the property and assets of such other Person are acquired by such Person or any of its Restricted Subsidiaries; 

(3) the net income of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar
distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to
such Restricted Subsidiary; 
 (4) any gains or losses (on an after-tax basis) attributable to Asset Sales;

 (5) solely for purposes of calculating the amount of Restricted Payments that may be made pursuant to clause
(4)(C) of Section 4.04(a), any amount paid or accrued as dividends (other than dividends to the extent paid or payable in shares of Capital Stock (other than Disqualified Stock) of such Person) on Preferred Stock of such Person or any
Restricted Subsidiary owned by Persons other than such Person and any of its Restricted Subsidiaries; 
 (6) all
extraordinary gains and extraordinary losses (on an after-tax basis); and 
 (7) any compensation expense paid or
payable solely with Capital Stock (other than Disqualified Stock) of such Person or any options, warrants or other rights to acquire Capital Stock (other than Disqualified Stock). 

“Adjusted Consolidated Net Tangible Assets” means the total amount of assets of the Parent Company and its Restricted
Subsidiaries (less applicable depreciation, amortization and other valuation reserves), except to the extent resulting from write-ups of capital assets (excluding write-ups in connection with accounting for acquisitions in conformity with GAAP),
after deducting therefrom: 
 (1) all current liabilities of the Parent Company and its Restricted Subsidiaries
(excluding intercompany items); and 

  
 2 

 (2) all goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other like intangibles, all as set forth on the most recent quarterly or annual consolidated balance sheet of the Parent Company and its Restricted Subsidiaries, prepared in conformity with GAAP and filed with the Commission
or provided to the Trustee or posted pursuant to Section 4.18. 
 “Adjusted Net Cash Proceeds” has the meaning
provided in Section 4.11. 
 “Affiliate” means, as applied to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and
“under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise. 
 “Agent” means any Registrar, co-Registrar, Paying Agent, authenticating agent
or agent for service of notices and demands. 
 “Agent Members” has the meaning provided in Section 2.07.

 “Applicable Premium” means, with respect to any Note on any applicable redemption date, the excess of: (1) the
present value at such redemption date of (i) the redemption price of such Note at September 1, 2018 (such redemption price being described in the first paragraph of section 5 of the Notes, exclusive of any accrued interest) plus
(ii) all required interest payments due on such Note through September 1, 2018 (but excluding accrued and unpaid interest and liquidated damages, if any, to the date of redemption), computed using a discount rate equal to the Treasury Rate
as of such redemption date plus 50 basis points; over (2) the then outstanding principal amount of such Note on such redemption date. 
 “Asset Acquisition” means: 
 (1) an investment by the
Parent Company, the Company or any Restricted Subsidiary in any other Person pursuant to which such Person shall become a Restricted Subsidiary or shall be merged into or consolidated with the Parent Company, the Company or any Restricted
Subsidiary; or 
 (2) an acquisition by the Parent Company, the Company or any Restricted Subsidiary of the
property and assets of any Person other than the Parent Company, the Company or any Restricted Subsidiary that constitute substantially all of a division or line of business of such Person. 

“Asset Disposition” means the sale or other disposition by the Parent Company, the Company or any Restricted Subsidiary (other
than to the Parent Company, the Company or another Restricted Subsidiary) of: 

  
 3 

 (1) all or substantially all of the Capital Stock of any Restricted
Subsidiary; or 
 (2) all or substantially all of the assets that constitute a division or line of business of
the Company or any of the other Restricted Subsidiaries. 
 “Asset Sale” means any sale, transfer or other disposition
(including by way of merger, consolidation or sale-leaseback transaction) in one transaction or a series of related transactions by the Parent Company, the Company or any Restricted Subsidiary to any Person other than the Company or any other
Restricted Subsidiary of: 
 (1) all or any of the Capital Stock of any Restricted Subsidiary; 

(2) all or substantially all of the property and assets of an operating unit or business of the Parent Company, the
Company or any Restricted Subsidiary; or 
 (3) any other property and assets (other than the Capital Stock or
other Investment in an Unrestricted Subsidiary) of the Parent Company, the Company or any Restricted Subsidiary outside the ordinary course of business of the Parent Company, the Company or such Restricted Subsidiary and, in each case, that is not
governed by the provisions of this Indenture applicable to mergers, consolidations and sales of all or substantially all of the assets of the Parent Company or the Company; provided, however, that “Asset Sale” shall not
include: 
 (A) sales or other dispositions of inventory, receivables and other current assets; 

(B) sales, transfers or other dispositions of assets constituting a Restricted Payment permitted to be made under
Section 4.04; 
 (C) sales, transfers or other dispositions of assets with a fair market value (as certified
in an Officers’ Certificate) not in excess of $20 million in any transaction or series of related transactions; 
 (D) sales or other dispositions of assets for consideration at least equal to the fair market value of the assets sold or disposed of, to the extent that the consideration received would constitute
property, assets or securities of the kind described in clause (1)(B) of Section 4.11(b); or 
 (E) for
avoidance of doubt, issuances of Capital Stock of the Parent Company. 
 “Average Life” means, at any date of
determination with respect to any Indebtedness, the quotient obtained by dividing 

  
 4 

 (1) the sum of the products of (A) the number of years from such date
of determination to the dates of each successive scheduled principal payment of such Indebtedness and (B) the amount of such principal payment by 
 (2) the sum of all such principal payments. 
 “Board of Directors” means
the Board of Directors of the Company, the Parent Company or any Subsidiary Guarantor, or any duly authorized committee thereof or Person acting in a similar capacity, as applicable. 

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

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in The City of New York, or in
the city of the Corporate Trust Office of the Trustee, are authorized by law to close. 
 “Capital Stock” means, with
respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Closing Date or issued thereafter, including all Common
Stock and Preferred Stock. 
 “Capitalized Lease” means, as applied to any Person, any lease of any property (whether
real, personal or mixed) of which the discounted present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 

“Capitalized Lease Obligations” means the discounted present value of the rental obligations under a Capitalized Lease.

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

(1) the Company becomes aware that any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting
Stock of the Parent Company; provided, however, that for purposes of this clause (1), (i) such other Person shall be deemed to have “beneficial ownership” of any Voting Stock of a Person held by any other Person
(the “parent entity”), if such other Person is the beneficial owner (as defined above in this clause (1)), directly or indirectly, of more than 50% of the voting power of the Voting Stock of such parent entity, and (ii) no Change
of Control shall be deemed to occur if all or substantially all of the Persons that were the “beneficial owners” of the Voting Stock of the Parent Company immediately prior to a transaction

  
 5 

 
permitted under Section 5.01 are the “beneficial owners” of more than 50% of the then-outstanding shares of Voting Stock of the entity resulting from such transaction (including an
entity that, as a result of such transaction, owns the Parent Company or all or substantially all of the Parent Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership
immediately prior to such transaction; 
 (2) individuals who on the Closing Date constitute the Board of
Directors of the Parent Company (together with any new Directors whose election by such Board of Directors or whose nomination by such Board of Directors for election by the stockholders or members, as the case may be, of the Parent Company was
approved by a vote of at least two-thirds of the members of such Board of Directors then in office who either were members of such Board of Directors on the Closing Date or whose election or nomination for election was previously so approved) cease
for any reason to constitute a majority of the members of such Board of Directors then in office; or 
 (3) the
Company shall cease to be a Subsidiary of the Parent Company. 
 “Change of Control Triggering Event” means the
occurrence of both a Change of Control and a Rating Decline. 
 “Closing Date” means August 26, 2013. 

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

“Common Stock” means, with respect to any Person, such Person’s equity other than Preferred Stock of such Person, whether
outstanding on the Closing Date or issued thereafter, including all series and classes of such common stock, including any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) thereof.

 “Company” means tw telecom holdings inc. 

“Company Order” means a written request or order signed in the name of the Company (i) by its Chairman, a Vice
Chairman, its Chief Executive Officer, its Chief Financial Officer, its President or a Vice President and (ii) by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary and delivered to the Trustee; provided,
however, that such written request or order may be signed by any two of the officers listed in clause (i) above in lieu of being signed by one of such officers listed in such clause (i) and one of the officers listed in clause (ii)
above. 

  
 6 

 “Consolidated EBITDA” means, for any period and with respect to any Person,
Adjusted Consolidated Net Income of such Person for such period: 
 (1) plus, to the extent such amount was
deducted in calculating such Adjusted Consolidated Net Income (without duplication), or minus, to the extent such amount was added in calculating such Adjusted Consolidated Net Income (without duplication): 

(A) Consolidated Interest Expense; 

(B) income taxes (other than income taxes (either positive or negative) attributable to extraordinary gains or losses or
Asset Sales); 
 (C) depreciation expense; 

(D) amortization expense; 
 (E) accretion expense; 
 (F) all other non-cash items reducing
Adjusted Consolidated Net Income (other than items that will require cash payments and for which an accrual or reserve is, or is required by GAAP to be, made), and all non-cash items increasing Adjusted Consolidated Net Income, all as determined on
a consolidated basis for such Person and its Restricted Subsidiaries in conformity with GAAP; and 
 (G) any
non-recurring fees, expenses or charges (other than depreciation or amortization expense) or gains or losses related to any offering of Capital Stock of the Parent Company, Permitted Investment, asset acquisition, disposition, recapitalization or
the Incurrence of Indebtedness permitted to be Incurred hereunder (whether or not successful), including (a) such fees, expenses or charges related to the offering of the Notes and (b) any such fees, expenses or charges relating to any
amendment or other modification of the Notes or any refinancing or refunding thereof; and 
 (2) solely for
purposes of calculating the amount of Restricted Payments that may be made pursuant to clause (4)(C) of Section 4.04(a), less (to the extent not otherwise reduced in accordance with GAAP) the aggregate amount of deposits made by such
Person and its Restricted Subsidiaries after the Original High Yield Closing Date in connection with proposed Asset Acquisitions that are forfeited by such Person or any of its Restricted Subsidiaries; provided, however, that if any
Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary, Consolidated EBITDA shall be reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to: 

(A) the amount of the Adjusted Consolidated Net Income attributable to such Restricted Subsidiary multiplied by;

  
 7 

 (B) the percentage ownership interest in the income of such Restricted
Subsidiary not owned on the last day of such period by such Person or any of its Restricted Subsidiaries. 
 “Consolidated
Interest Expense” means, for any period and with respect to any Person, the aggregate amount of interest in respect of Indebtedness (including amortization or accretion of original issue discount on any Indebtedness and the interest portion of
any deferred payment obligation, calculated in accordance with the effective interest method of accounting; all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing; the net
costs associated with Interest Rate Agreements; and interest on Indebtedness that is Guaranteed or secured by such Person or any of its Restricted Subsidiaries) and all but the principal component of rentals in respect of Capitalized Lease
Obligations, in each case that is paid, accrued or scheduled to be paid or to be accrued by such Person and its Restricted Subsidiaries during such period; excluding, however, 

(1) in calculating Consolidated EBITDA, any amount of such interest of any Restricted Subsidiary if the net income of such
Restricted Subsidiary is excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (3) of the definition thereof (but only in the same proportion as the net income of such Restricted Subsidiary is excluded from the
calculation of Adjusted Consolidated Net Income pursuant to clause (3) of the definition thereof) and 
 (2)
any premiums, fees and expenses (and any amortization thereof) payable in connection with the offering of the Notes, all as determined on a consolidated basis (without taking into account Unrestricted Subsidiaries) in conformity with GAAP.

 “Consolidated Leverage Ratio” means, on any Transaction Date and with respect to any Person, the ratio of:

 (1) the aggregate amount of Indebtedness of such Person and its Restricted Subsidiaries on a consolidated
basis outstanding on such Transaction Date to; 
 (2) the aggregate amount of Consolidated EBITDA for such Person
and its Restricted Subsidiaries for the then most recent four fiscal quarters for which such Person’s (or, in the case of the Company, the Parent Company’s) financial statements have been filed with the Commission or provided to the
Trustee or posted pursuant to Section 4.18 (such four fiscal quarter period being the “Four Quarter Period”); provided, that in making the foregoing calculation: 

(A) pro forma effect shall be given to any Indebtedness to be Incurred or repaid on the Transaction Date; 

  
 8 

 (B) pro forma effect shall be given to Asset Dispositions and Asset
Acquisitions (including giving pro forma effect to the application of proceeds of any Asset Disposition) that occur from the beginning of the Four Quarter Period through the Transaction Date (the “Reference Period”), as if they had
occurred and such proceeds had been applied on the first day of such Reference Period; and 
 (C) pro forma
effect shall be given to asset dispositions and asset acquisitions (including giving pro forma effect to the application of proceeds of any asset disposition) that have been made by any Person that has become a Restricted Subsidiary or has been
merged with or into such Person or any Restricted Subsidiary during such Reference Period and that would have constituted Asset Dispositions or Asset Acquisitions had such transactions occurred when such Person was a Restricted Subsidiary as if such
asset dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions that occurred on the first day of such Reference Period; 

provided that to the extent that clause (B) or (C) of this sentence requires that pro forma effect be given to an Asset Acquisition or
Asset Disposition, such pro forma calculation shall be based upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of business of the Person, that is acquired or disposed of for which
financial information is available. For purposes of the foregoing, if cost savings and other operating expense reductions and improvements have been realized with respect to an acquisition or disposition of assets or other transaction being given
pro forma effect or are reasonably expected to be realized, such savings, reductions and improvements may be included in the pro forma calculations to the extent permitted to be reflected in pro forma financial statements under Article 11 of
Regulation S-X promulgated by the Commission, except that any such pro forma calculation may include cost savings and other operating expense reductions and improvements for such period attributable to the transaction to which pro forma effect is
being given (including cost savings and other operating expense reductions and improvements attributable to execution or termination of any contract, reduction of costs related to administrative functions and networks, the termination of any
employees or the closing of any facility) that have been realized or for which all steps necessary for the realization of which have been taken or are reasonably expected to be taken within twelve months following such transaction; provided,
however, that such adjustments are set forth in an Officers’ Certificate which states (i) the amount of such adjustment or adjustments and (ii) that such adjustment or adjustments are based on the reasonable good faith beliefs
of the officers executing such Officers’ Certificate.  
 “Corporate Trust Office” means the office of the
Trustee at which the corporate trust business of the Trustee shall, at any particular time, be administered, which office is, at the date of this Indenture, located at 10 South Wacker Drive, 13th Floor, Chicago, Illinois 60606, Attention: Corporate
Trust 

  
 9 

 
Services, except that, with respect to presentation of the Notes for payment or registration of transfers or exchanges and the location of the Security Register and Registrar, such term means the
office or agency of the Trustee in Minneapolis, Minnesota, which at the date of original execution of this Indenture is located at 608 Second Avenue South, N9303-121, Minneapolis, Minnesota 55479, Attention: Corporate Trust Operations. 

“Credit Agreement” means the Second Amended and Restated Credit Agreement dated as of April 17, 2013, among the Company,
the Parent Company, Wells Fargo Bank, National Association, Credit Suisse AG, Cayman Islands Branch, Morgan Stanley Senior Funding, Inc. and the other lenders party thereto, together with the documents related thereto (including the term loans and
revolving loans thereunder, any Guarantees and security documents), as amended, extended, renewed, restated, replaced, supplemented or otherwise modified, whether through one or more additional credit agreements or one or more indentures, notes,
note purchase agreements or otherwise (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions), from time to time, and any agreement (and related document) governing Indebtedness Incurred to
refinance, in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding under such Credit Agreement or a successor Credit Agreement, whether by the same or any other lender or group of lenders or holders.

 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement. 
 “Default” means any event that is, or after notice or passage of time or both would be, an Event of
Default. 
 “Depositary” means The Depository Trust Company, its nominees, and their respective successors.

 “Director” means a Director on the Board of Directors of the Parent Company or the Company or the general partner,
sole member, manager or similar Person of any Subsidiary Guarantor, as applicable. 
 “Disqualified Stock” means any
class or series of Capital Stock of any Person that by its terms or otherwise is: 
 (1) required to be redeemed
prior to the Stated Maturity of the Notes; 
 (2) redeemable at the option of the holder of such class or series
of Capital Stock at any time prior to the Stated Maturity of the Notes; or 
 (3) convertible into or
exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity prior to the Stated Maturity of the Notes; 

  
 10 

 provided, however, that any Capital Stock that would not constitute Disqualified Stock but for
provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the Stated Maturity of the
Notes shall not constitute Disqualified Stock if the “asset sale” or “change of control” provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the provisions contained in
Sections 4.11 and 4.12 and such Capital Stock, or the agreements or instruments governing the redemption rights thereof, specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision prior to the
Company’s repurchase of such Notes as are required to be repurchased pursuant to Sections 4.11 and 4.12.  

“Distribution Compliance Period” has the meaning assigned to it by Rule 903(b)(2) of Regulation S. 

“Domestic Restricted Subsidiary” means any Restricted Subsidiary other than (a) a Foreign Restricted Subsidiary or
(b) a Subsidiary of a Foreign Restricted Subsidiary. 
 “Equity Offering” means an offering of Common Stock of
the Parent Company for cash pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements contained therein. 
 “Excess Proceeds” has the meaning provided in Section 4.11. 

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

“Exchange Notes” means additional Notes and the related additional Guarantees to be issued by the Company and the Guarantors,
respectively, under this Indenture, which shall be registered under the Securities Act and substantially identical (except with respect to transfer restrictions and liquidated damages) to and treated as the same class as the outstanding Notes and
related Guarantees and shall be offered to Holders of Notes in exchange for Notes pursuant to the Registration Rights Agreement and this Indenture. 
 “Exchange Offer” means an offer that may be made by the Company pursuant to the Registration Rights Agreement to exchange Notes bearing the Private Placement Legend for the Exchange Notes.

 “fair market value” means the price that would be paid 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, as determined in good faith by the Board of Directors, whose determination shall be conclusive if evidenced by a Board Resolution. 

  
 11 

 “Foreign Restricted Subsidiaries” means any Restricted Subsidiary which is not
organized under the laws of the United States of America or any State thereof or the District of Columbia. 
 “GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the Closing Date, including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession. All ratios and
computations contained or referred to in this Indenture shall be computed in conformity with GAAP applied on a consistent basis. 
 “Global Notes” has the meaning provided in Section 2.01. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to
keep-well, to purchase assets, goods, securities or services (unless such purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or
otherwise); or 
 (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness
of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business.
The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantors” means the Parent Company
and the Subsidiary Guarantors. 
 “Holder” or “Noteholder” means the registered holder of any Note.

 “IAI Global Note” has the meaning provided in Section 2.01. 

“Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable
for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence” of Acquired Indebtedness; provided, however, that neither the accrual of interest nor
the accretion of original issue discount shall be considered an Incurrence of Indebtedness.  

  
 12 

 “Indebtedness” means, with respect to any Person at any date of determination
(without duplication): 
 (1) all indebtedness of such Person for borrowed money; 

(2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all obligations of such Person in respect of letters of credit or other similar instruments (including reimbursement
obligations with respect thereto, but excluding obligations with respect to letters of credit (including trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (5), (6) or
(7) below) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement); 
 (4) all obligations of such Person to pay the deferred
and unpaid purchase price of property or services, which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such services, except Trade Payables;

 (5) all Capitalized Lease Obligations of such Person; 

(6) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is
assumed by such Person; provided, however, that the amount of such Indebtedness shall be the lesser of (A) the fair market value of such asset at such date of determination and (B) the amount of such Indebtedness; 

(7) all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such
Person; 
 (8) to the extent not otherwise included in this definition, obligations under Currency Agreements and
Interest Rate Agreements; and 
 (9) Indebtedness or obligations of a Person for cash management services
benefiting such Person. 
 The amount of Indebtedness of any Person at any date shall be the outstanding balance at such
date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation, provided 

  
 13 

 (A) that the amount outstanding at any time of any Indebtedness issued with
original issue discount is the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at the time of its issuance as determined in conformity with GAAP, 

(B) that money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to prefund the payment of
the interest on such Indebtedness shall not be deemed to be “Indebtedness” so long as such money is held to secure the payment of such interest, and 
 (C) that Indebtedness shall not include any liability for federal, state, local or other taxes. 
 “Indenture” means this Indenture as originally executed or as it may be amended or supplemented from time to time by one or more indentures supplemental to this Indenture entered into pursuant
to the applicable provisions of this Indenture. 
 “Institutional Accredited Investor” means an institution that is an
“accredited investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Interest Payment Date” means each semiannual interest payment date on March 1 and September 1 of each year,
commencing March 1, 2014. 
 “Interest Rate Agreement” means any interest rate protection agreement, interest
rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement.

 “Investment” in any Person means any direct or indirect advance, loan or other extension of credit (including by
way of Guarantee or similar arrangement but excluding advances to customers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable on the balance sheet of the Parent Company, the Company or any
Restricted Subsidiary) 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 or acquisition of Capital Stock, bonds, notes,
debentures or other similar instruments issued by, such Person and shall include: 
 (1) the designation of a
Restricted Subsidiary as an Unrestricted Subsidiary; and 
 (2) the fair market value of the Capital Stock (or
any other Investment) held by the Parent Company, the Company or any Restricted Subsidiary, of (or in) any Person that has ceased to be a Restricted Subsidiary, including by reason of any transaction permitted by clause (3) of
Section 4.06; provided that the fair market value of the Investment remaining in any Person that has ceased to be a Restricted Subsidiary shall not exceed the aggregate amount of Investments previously made in such Person valued at the
time such Investments were made less the net reduction of such Investments. 

  
 14 

 For purposes of the definition of “Unrestricted Subsidiary” and Section 4.04:

 (1) “Investment” shall include the fair market value of the assets (net of liabilities (other than
liabilities to the Parent Company, the Company or any Restricted Subsidiary)) of any Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; 

(2) the fair market value of the assets (net of liabilities (other than liabilities to the Parent Company, the Company or
any Restricted Subsidiary)) of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is designated a Restricted Subsidiary shall be considered a reduction in outstanding Investments; and 

(3) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of
such transfer. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or equivalent) by
Moody’s and BBB- (or equivalent) by S&P, or an equivalent rating by any other Rating Agency. 
 “Lenders”
means, at any time, the parties to any Credit Agreement then holding or beneficially owning (or committed to provide) bonds, loans, letters of credit or other extensions of credit that constitute (or when provided will constitute) Priority Lien Debt
outstanding under such Credit Agreement. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or
charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest). 
 “liquidated damages” means any additional interest on the Notes that shall be due and payable pursuant to the terms of the Registration Rights Agreement. All references in this Indenture and the
Notes to interest on the Notes shall include any applicable liquidated damages, if any. 
 “Moody’s” means
Moody’s Investors Service, Inc. and its successors. 
 “Net Cash Proceeds” means, 

(1) with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash or cash equivalents, including
payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents (except to the extent such obligations are financed or sold

  
 15 

 
with recourse to the Parent Company, the Company or any Restricted Subsidiary) and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of

 (A) brokerage commissions and other fees and expenses (including fees and expenses of counsel and investment
bankers) related to such Asset Sale, 
 (B) provisions for all taxes (whether or not such taxes will actually be
paid or are payable) as a result of such Asset Sale without regard to the consolidated results of operations of the Parent Company and its Restricted Subsidiaries, taken as a whole, 

(C) payments made to repay Indebtedness or any other obligation outstanding at the time of such Asset Sale that either
(i) is secured by a Lien on the property or assets sold or (ii) is required to be paid as a result of such sale, and 
 (D) appropriate amounts to be provided by the Parent Company, the Company or any Restricted Subsidiary as a reserve against any liabilities associated with such Asset Sale, including pension and other
post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as determined in conformity with GAAP; and 

(2) with respect to any issuance or sale of Capital Stock, the proceeds of such issuance or sale in the form of cash or
cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents (except to the extent such
obligations are financed or sold with recourse to the Parent Company, the Company or any Restricted Subsidiary) and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of attorneys’ fees,
accountants’ fees, underwriters’ or initial purchasers’ fees, discounts or commissions and brokerage, consultant and other fees incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof.

 “Non-U.S. Person” means a Person who is not a “U.S. person”, as defined in Regulation S. 

“Note Guarantee” means the Parent Guarantee and each Subsidiary Guarantee. 

“Notes” means any of the securities, as defined in the first paragraph of the recitals hereof, that are authenticated and
delivered under this Indenture. For all purposes of this Indenture, the term “Notes” shall include the Notes initially issued on the Closing Date and any other Notes issued after the Closing Date. For purposes of this Indenture, all Notes
shall vote together as one series of Notes under this Indenture. 

  
 16 

 “Obligor” means a Person obligated as an issuer or guarantor of the Notes.

 “Offering Circular” means (i) the Confidential Offering Circular dated August 12, 2013, pursuant to which
the Notes issued on the Closing Date were offered to investors, and (ii) with respect to any additional Notes issued after the Closing Date, one or more similar offering documents, pursuant to which such additional Notes are offered to
investors. 
 “Offer to Purchase” means an offer to purchase Notes by the Company from the Holders commenced by
mailing or delivering a notice to the Trustee and each Holder stating: 
 (1) the covenant pursuant to which the
offer is being made and that all Notes validly tendered will be accepted for payment on a pro rata basis; 
 (2)
the purchase price and the date of purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the “Payment Date”); 

(3) that any Note not tendered will continue to accrue interest pursuant to its terms; 

(4) that, unless the Company defaults in the payment of the purchase price, any Note accepted for payment pursuant to the
Offer to Purchase shall cease to accrue interest on and after the Payment Date; 
 (5) that Holders electing to
have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note, together with the form entitled “Option of the Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the
address specified in the notice prior to the close of business on the Business Day immediately preceding the Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a
telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered; provided, however, that each Note purchased and each new Note issued shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof; and 

  
 17 

 (8) in the event of an Offer to Purchase as a result of the occurrence of a
Change of Control Triggering Event exclusively, the circumstances and relevant facts regarding such Change of Control Triggering Event, including information with respect to pro forma historical income, cash flow and capitalization, after giving
effect to the Change of Control Triggering Event. 
 On the Payment Date, the Company shall: 

(A) accept for payment on a pro rata basis the Notes or portions thereof tendered pursuant to an Offer to Purchase;

 (B) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions thereof
so accepted; and 
 (C) deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so
accepted together with an Officers’ Certificate specifying the Notes or portions thereof accepted for payment by the Company. 
 The Paying Agent shall promptly mail to the Holders of Notes so accepted payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail (or cause to be
transferred by book entry) to such Holders a new Note equal in principal amount to any unpurchased portion of the Note surrendered, subject to Depositary procedures; provided, however, that each Note purchased and each new Note issued
shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date. The Trustee shall act as the Paying
Agent for an Offer to Purchase. The Company will comply with Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable, in the event that the Company is required
to repurchase Notes pursuant to an Offer to Purchase.  
 “Officer” means, with respect to the Company or the
Parent Company, as the case may be, (i) the Chairman of the Board, the Chief Executive Officer, the President, any Vice President or the Chief Financial Officer, and (ii) the Treasurer or any Assistant Treasurer, or the Secretary or any
Assistant Secretary. 
 “Officers’ Certificate” means a certificate signed by one Officer listed in clause
(i) of the definition thereof and one Officer listed in clause (ii) of the definition thereof or two Officers listed in clause (i) of the definition thereof, and delivered to the Trustee. Each Officers’ Certificate (other than
certificates provided pursuant to Section 4.17 or TIA Section 314(a)(4)) shall include the statements provided for in Section 11.04. 
 “Offshore Global Note” has the meaning provided in Section 2.01. 

“Offshore Physical Note” has the meaning provided in Section 2.01. 

  
 18 

 “Opinion of Counsel” means a written opinion signed by legal counsel, who may be
an employee of or counsel to the Company, and that meets the requirements of Section 11.04 hereof, if applicable, or other counsel acceptable to the Trustee, and delivered to the Trustee. 

“Original High Yield Closing Date” means July 21, 1998. 

“Parent Company” means tw telecom inc. 
 “Parent Guarantee” means the Guarantee by the Parent Company of the Company’s obligations under this Indenture and the Notes pursuant to Article Ten. 

“Paying Agent” has the meaning provided in Section 2.04, except that, for the purposes of Article Eight, the Paying Agent
shall not be the Company or a Subsidiary of the Company or an Affiliate of any of them. The term “Paying Agent” includes any additional Paying Agent. 
 “Payment Date” has the meaning provided in the definition of Offer to Purchase. 
 “Permitted Investment” means: 
 (1) an Investment in the
Parent Company, the Company or a Restricted Subsidiary or a Person which will, upon the making of such Investment, become a Restricted Subsidiary or be merged or consolidated with or into, or transfer or convey all or substantially all its assets to
the Parent Company, the Company or a Restricted Subsidiary; 
 (2) Temporary Cash Investments; 

(3) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be
treated as expenses in accordance with GAAP; 
 (4) stock, obligations or securities received in settlement of
Indebtedness Incurred in the ordinary course of business, upon foreclosure of a Lien created in the ordinary course of business or in satisfaction of judgments, including in connection with a bankruptcy proceeding; 

(5) Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers’
compensation, performance and other similar deposits; 
 (6) Interest Rate Agreements and Currency Agreements
designed solely to protect the Parent Company, the Company or any Restricted Subsidiary against fluctuations in interest rates or foreign currency exchange rates; 

  
 19 

 (7) loans or advances to the Parent Company’s or the Company’s
officers or employees or those of any Restricted Subsidiary that do not in the aggregate exceed $2 million at any time outstanding; and 
 (8) Investments in any Person that is not the Parent Company’s or the Company’s Affiliate or a Related Person that do not exceed, in the aggregate with all other Permitted Investments made
pursuant to this clause (8) and then outstanding, the greater of (A) $100 million and (B) 5% of Adjusted Consolidated Net Tangible Assets (determined as of the date closest to the determination date for which a consolidated balance
sheet of the Parent Company and its Subsidiaries has been filed with the Commission or provided to the Trustee or posted pursuant to Section 4.18); provided, however, that such Person’s primary business is related, ancillary
or complementary to the businesses of the Parent Company, the Company and the Restricted Subsidiaries on the date of such Investment. 
 “Permitted Liens” means 
 (1) Liens to secure
Indebtedness permitted under clause (10) of Section 4.03(b); 
 (2) Liens for taxes, assessments,
governmental charges or claims that are being contested in good faith by appropriate legal proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity
with GAAP shall have been made; 
 (3) statutory and common law Liens of landlords and carriers, warehousemen,
mechanics, suppliers, materialmen, repairmen or other similar Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith by appropriate legal proceedings promptly instituted and
diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made; 
 (4) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security; 

(5) Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or regulatory
obligations, bankers’ acceptances, surety and appeal bonds, government contracts, performance and return-of-money bonds and other obligations of a similar nature incurred in the ordinary course of business (exclusive of obligations for the
payment of borrowed money); 
 (6) easements, rights-of-way, municipal and zoning ordinances and similar charges,
encumbrances, title defects or other irregularities that do not materially interfere with the business of the Parent Company, the Company and the Restricted Subsidiaries, taken as a whole; 

  
 20 

 (7) Liens (including extensions and renewals thereof) upon real or personal
property acquired after the Closing Date; provided, however, that 
 (A) such Lien is created
solely for the purpose of securing Indebtedness Incurred, in accordance with Section 4.03, to finance the cost (including the cost of design, development, acquisition, construction, installation, improvement, transportation or integration and
all transaction costs related to the foregoing) of the item of property or assets subject thereto and such Lien is created prior to, at the time of or within six months after the later of the acquisition, the completion of construction or the
commencement of full operation of such property, 
 (B) the principal amount of the Indebtedness secured by such
Lien does not exceed 100% of such cost, and 
 (C) any such Lien shall not extend to or cover any property or
assets other than such item of property or assets and any improvements on such item; 
 (8) leases or subleases
granted to others that do not materially interfere with the business of the Parent Company, the Company and the Restricted Subsidiaries, taken as a whole; 
 (9) Liens encumbering property or assets under construction arising from progress or partial payments by a customer of the Parent Company, the Company or the Restricted Subsidiaries relating to such
property or assets; 
 (10) any interest or title of a lessor in the property subject to any Capitalized Lease or
operating lease; 
 (11) Liens arising from filing Uniform Commercial Code financing statements regarding leases;

 (12) Liens on property of, or on shares of Capital Stock or Indebtedness of, any Person existing at the time
such Person becomes, or becomes a part of, any Restricted Subsidiary; provided, however, that such Liens do not extend to or cover any property or assets of the Parent Company, the Company or any Restricted Subsidiary other than the
property or assets acquired; 
 (13) Liens in favor of the Parent Company, the Company or any Restricted
Subsidiary; 
 (14) Liens arising from the rendering of a final judgment or order against the Parent Company, the
Company or any Restricted Subsidiary that does not give rise to an Event of Default; 

  
 21 

 (15) Liens securing reimbursement obligations with respect to letters of
credit that encumber documents and other property relating to such letters of credit and the products and proceeds thereof; 
 (16) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

(17) Liens encumbering customary initial deposits and margin deposits, and other Liens that are within the general
parameters customary in the industry and incurred in the ordinary course of business, in each case, securing Indebtedness under Interest Rate Agreements and Currency Agreements and forward contracts, options, future contracts, futures options or
similar agreements or arrangements designed solely to protect the Parent Company, the Company or any Restricted Subsidiary from fluctuations in interest rates or foreign currency exchange rates; 

(18) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
entered into by the Parent Company, the Company or any Restricted Subsidiary in the ordinary course of business in accordance with the past practices of the Parent Company, the Company or such Restricted Subsidiary, as applicable, prior to the
Closing Date; 
 (19) Liens on or sales of receivables; 

(20) Liens created for the benefit of, or to secure, the Notes or the Parent Guarantee or a Subsidiary Guarantee;

 (21) Liens that secure Indebtedness with an aggregate principal amount not in excess of $10 million at any
time outstanding; 
 (22) Liens existing on the Closing Date (other than Liens securing Indebtedness under the
Credit Agreement, which shall be deemed to be Incurred pursuant to clause (26) below); 
 (23) Liens
securing Indebtedness which is Incurred to refinance secured Indebtedness which is permitted to be Incurred under clause (3) of Section 4.03(b); provided, however, that such Liens do not extend to or cover any property or
assets of the Parent Company, the Company or any Restricted Subsidiary other than the property or assets securing the Indebtedness being refinanced; 
 (24) Liens on the Capital Stock of, or any property or assets of, a Restricted Subsidiary (other than the Company or any Subsidiary Guarantor) securing Indebtedness of such Restricted Subsidiary permitted
under Section 4.03; 

  
 22 

 (25) Liens on any assets of the Parent Company, the Company or any
Restricted Subsidiary; provided that effective provision shall have been made for all the Notes and all other amounts due under this Indenture to be directly secured equally and ratably with (or, if the obligation or liability to be secured
by such Lien is subordinated in right of payment to the Notes, prior to) the obligation or liability secured by such Liens; and 
 (26) other Liens to secure Indebtedness; provided that the amount of outstanding Indebtedness secured by Liens Incurred pursuant to this clause (26) does not exceed the greater of
(1) $900 million and (2) the product of 4.0 times the aggregate amount of Consolidated EBITDA for the Parent Company and its consolidated Restricted Subsidiaries for the then most recent four fiscal quarters for which the Parent
Company’s financial statements have been filed with the Commission or provided to the Trustee or posted pursuant to Section 4.18 (with Consolidated EBITDA being determined on a pro forma basis calculated in a manner consistent with the
calculation thereof for purposes of the definition of Consolidated Leverage Ratio). 
 “Person” means an individual, a
corporation, a partnership, a limited liability company, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Physical Note” means a certificated Note bearing, if required, the appropriate securities legend set forth in
Section 2.02. 
 “Preferred Stock” means, with respect to any Person, Capital Stock issued by such Person that is
entitled to preference or priority over one or more series or classes of other Capital Stock issued by such Person upon any distribution of such Person’s property and assets, whether by dividend or upon liquidation. 

“principal” of a debt security, including the Notes, means the principal amount due on the Stated Maturity as shown on such
debt security. 
 “Priority Lien Debt” means Indebtedness under clauses (1) and (10) of
Section 4.03(b). 
 “Priority Lien Documents” means the documentation relating to any Priority Lien Debt
including all Credit Agreements, the Priority Lien Security Documents and all other agreements governing, securing or relating to any Priority Lien Obligations. 
 “Priority Lien Obligations” means the Priority Lien Debt and all other Obligations of the Company, the Parent Company or any Subsidiary Guarantor under the Priority Lien Documents. 

  
 23 

 “Priority Lien Security Documents” means one or more security agreements, pledge
agreements, collateral assignment, mortgages, deed of trust or other grants or transfers for security executed and delivered by the Company, the Parent Company or any Subsidiary Guarantor creating a Lien upon property owned or to be acquired by the
Company, the Parent Company or such Subsidiary Guarantor in favor of any holder or holders of Priority Lien Debt, or any trustee, agent or representative acting for any such holders, as security for any Priority Lien Obligations. 

“Private Placement Legend” means the legend initially set forth on the Notes in the form set forth in Section 2.02.

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

“Rating Agency” means S&P and Moody’s or, if S&P or Moody’s or both shall not make a rating on the Notes
publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Board of Directors) which shall be substituted for S&P or Moody’s or both,
as the case may be. 
 “Rating Categories” means: 

(a) with respect to S&P, any of the following categories: BB, B, CCC, CC, C and D (or equivalent successor
categories); 
 (b) with respect to Moody’s, any of the following categories: Ba, B, Caa, Ca, C and D (or
equivalent successor categories); and 
 (c) the equivalent of any such category of S&P or Moody’s used
by another Rating Agency. 
 In determining whether the rating of the Notes has decreased by one or more gradations, gradations
within Rating Categories (+ and – for S&P; 1, 2 and 3 for Moody’s; or the equivalent gradations for another Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as
from BB– to B+, will constitute a decrease of one gradation). 
 “Rating Decline” means (i) a decrease of
one or more gradations (including gradations within Rating Categories as well as between Rating Categories) in the rating of the Notes by both Moody’s and S&P, after which decrease the rating of the Notes by Moody’s and S&P is
below the lower of the rating of the Notes by Moody’s and S&P, respectively, in effect (x) immediately preceding the date of public notice of the occurrence of a Change of Control or of the intention by the Company, the Parent Company
or a stockholder of the Company or the Parent Company, as applicable, to effect a Change of Control and (y) on the Closing Date, or (ii) a withdrawal of the rating of the Notes by Moody’s and S&P, in each case, directly as a
result of a Change of Control; provided, however, that such decrease or withdrawal occurs on, or within 45 days following, the date of public notice of the occurrence of a Change of Control or of the intention by the Company, the
Parent Company or a stockholder of the Company or the Parent Company, as applicable, to effect a Change of Control, 

  
 24 

 
which period shall be extended so long as the rating of the Notes relating to the Change of Control as noted by the Rating Agency is under publicly announced consideration for downgrade by the
applicable Rating Agency. 
 “Redemption Date” means, when used with respect to any Note to be redeemed, the date
fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price” means, when used with respect to any
Note to be redeemed, the price at which such Note is to be redeemed pursuant to this Indenture. 
 “Registrar” has the
meaning provided in Section 2.04. 
 “Registration Rights Agreement” means (i) the Registration Rights
Agreement, dated the Closing Date, among the Company, the Parent Company, the Subsidiary Guarantors and the representatives of the initial purchasers of Notes specified therein, and (ii) with respect to any additional Notes issued after the
Closing Date, one or more similar agreements among the Company, the Parent Company, the Subsidiary Guarantors, the representatives of the initial purchasers of such additional Notes and/or the other parties thereto, relating to rights given by the
Company to purchasers of such additional Notes to register such additional Notes under the Securities Act. 
 “Registration
Statement” means the Registration Statement as defined and described in the Registration Rights Agreement. 
 “Regular
Record Date” for the interest payable on any Interest Payment Date means the February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 

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

“Regulation S Global Note” has the meaning provided in Section 2.01. 

“Related Person” means, as applied to any Person, any other Person directly or indirectly owning 

(1) 10% or more of the outstanding Common Stock of such Person (or, in the case of a Person that is not a corporation, 10%
or more of the outstanding equity interest in such Person) or 
 (2) 10% or more of the combined outstanding
voting power of the Voting Stock of such Person, and all Affiliates of any such other Person. 
 “Responsible
Officer”, when used with respect to the Trustee, means any officer of the Trustee with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom
such matter is referred because of his or her knowledge of and familiarity with the particular subject. 

  
 25 

 “Restricted Payments” has the meaning provided in Section 4.04. 

“Restricted Security” means a Note that constitutes a “Restricted Security” within the meaning of Rule
144(a)(3) under the Securities Act; provided, however, that the Trustee shall be entitled to request and conclusively rely on an Opinion of Counsel with respect to whether any Note constitutes a Restricted Security. 

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

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

“Rule 144A Global Note” has the meaning provided in Section 2.01. 

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

“Security Register” has the meaning provided in Section 2.04. 

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

 “Significant Subsidiary” means, at any date of determination, any Restricted Subsidiary that, together with its
Subsidiaries, 
 (1) for the Parent Company’s most recent fiscal year, accounted for more than 10% of the
consolidated revenue of the Parent Company and its Restricted Subsidiaries; or 
 (2) as of the end of such
fiscal year, was the owner of more than 10% of the consolidated assets of the Parent Company and its Restricted Subsidiaries, all as set forth on the most recently available consolidated financial statements of the Parent Company for such fiscal
year. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
and its successors. 
 “Stated Maturity” means, 

(1) with respect to any Indebtedness, the date specified in such Indebtedness as the fixed date on which the final
installment of principal of such Indebtedness is due and payable; and 
 (2) with respect to any scheduled
installment of principal of or interest on any Indebtedness, the date specified in such Indebtedness as the fixed date on which such installment is due and payable. 
 “Strategic Subordinated Indebtedness” means the Parent Company’s or the Company’s Indebtedness Incurred to finance the acquisition of a Person which will, upon the making of such
acquisition, become a Restricted Subsidiary or be 

  
 26 

 
merged or consolidated with or into, or transfer or convey all or substantially all of its assets to, the Parent Company, the Company or a Restricted Subsidiary, which Indebtedness by its terms,
or by the terms of any agreement or instrument pursuant to which such Indebtedness is Incurred: 
 (1) is
expressly made subordinate in right of payment to the Parent Guarantee or the Notes, as applicable; and 
 (2) in
the case of Indebtedness Incurred by the Company, provides that no payment of principal, premium or interest on, or any other payment with respect to, such Indebtedness may be made prior to the payment in full of all of the Company’s
obligations under the Notes; provided, however, that such Indebtedness may provide for and be repaid at any time from the proceeds of the sale of the Parent Company’s or the Company’s Capital Stock (other than Disqualified
Stock) or other Indebtedness of the Parent Company or the Company which by its terms, or by the terms of any agreement or instrument pursuant to which such other Indebtedness is Incurred, meets clauses (1) and (2) above after the
Incurrence of such Indebtedness. 
 “Subsidiary” means, with respect to any Person, any corporation, association or
other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and/or one or more other Subsidiaries of such Person. 

“Subsidiary Guarantee” means a Guarantee on the terms set forth in Article Ten of this Indenture by a Subsidiary Guarantor of
the Company’s obligations under this Indenture and the Notes. 
 “Subsidiary Guarantor” means each
Domestic Restricted Subsidiary (other than the Company) and any other Person that becomes a Subsidiary Guarantor pursuant to Section 4.20; provided, however, that the following Subsidiaries shall not be Subsidiary Guarantors:

 (1) Subsidiaries, whether now existing or hereafter formed, for which proper regulatory approvals for the
incurrence of obligations under the related Subsidiary Guarantees have not been or cannot be obtained; 
 (2)
Subsidiaries, in the aggregate, whose assets are less than 5% of the consolidated assets of the Parent Company and its consolidated Subsidiaries (including the Company) as shown on the most recent consolidated financial statements of the Parent
Company; and 
 (3) Subsidiaries whose Capital Stock or substantially all of whose assets have been permissively
disposed of under the terms of the Priority Lien Documents. 
 “Temporary Cash Investment” means any of the following:

  
 27 

 (1) direct obligations of the United States of America or any agency thereof
or obligations fully and unconditionally guaranteed by the United States of America or any agency thereof; 
 (2)
time deposit accounts, certificates of deposit and money market deposits maturing within one year of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any state
thereof or any foreign country recognized by the United States of America, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $500 million (or the foreign currency equivalent thereof) and has
outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act); 

(3) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause
(1) above entered into with a bank meeting the qualifications described in clause (2) above; 
 (4)
commercial paper, maturing not more than one year after the date of acquisition, issued by a corporation (other than an Affiliate of the Parent Company) organized and in existence under the laws of the United States of America, any state thereof or
any foreign country recognized by the United States of America with a rating at the time as of which any Investment therein is made of “P-1” (or higher) according to Moody’s or “A-1” (or higher) according to S&P;

 (5) securities with maturities of six months or less from the date of acquisition issued or fully and
unconditionally guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or Moody’s; 

(6) corporate debt securities with maturities of eighteen months or less from the date of acquisition and with a rating at
the time as of which any Investment therein is made of “A3” (or higher) according to Moody’s or “A-” (or higher) according to S&P; 
 (7) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank organized under the laws of the United States or any
state thereof and having a combined capital and surplus of not less than $500 million; 
 (8) direct obligations
of a foreign government recognized by the United States of America with a maturity not more than twelve months from the date of acquisition and rated at least “A” by S&P; and 

  
 28 

 (9) money market funds sponsored by a registered broker-dealer or mutual
fund distributor at least 95% of the assets of which are invested in the foregoing. 
 “TIA” or “Trust
Indenture Act” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as in effect on the date this Indenture was executed, except as provided in Section 9.06; provided, however, that, in the event
the Trust Indenture Act is amended after such date, “Trust Indenture Act” or “TIA” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

“Trade Payables” means, with respect to any Person, any accounts payable or any other Indebtedness or monetary obligation to
trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition of goods or services. 

“Transaction Date” means, with respect to the Incurrence of any Indebtedness by the Parent Company or the Company, the date
such Indebtedness is to be Incurred and, with respect to any Restricted Payment, the date such Restricted Payment is to be made. 
 “Treasury Rate” means, as of the applicable 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 such 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 such redemption to September 1, 2018; provided, however, that if the period from such redemption date to September 1, 2018 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.  
 “Trustee” means the party named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions of Article Seven of this Indenture and thereafter
means such successor. 
 “United States Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended and as
codified in Title 11 of the United States Code, as amended from time to time hereafter, or any successor federal bankruptcy law. 
 “Unrestricted Subsidiary” means 
 (1) any Subsidiary of
the Company or the Parent Company (other than a Subsidiary that is the Company) that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Company or the Parent Company, as applicable, in the
manner provided below; and 

  
 29 

 (2) any Subsidiary of an Unrestricted Subsidiary. 

The Board of Directors of the Company or the Parent Company may designate any Restricted Subsidiary (including any newly acquired
or newly formed Subsidiary but excluding, in the case of any such designation by the Parent Company, the Company) of the Company or the Parent Company, as applicable, to be an Unrestricted Subsidiary unless such Subsidiary owns any of the Capital
Stock of, or owns or holds any Lien on any property of, the Company or the Parent Company, as applicable, or any Restricted Subsidiary of the Company or the Parent Company, as applicable; provided, however, that  

(A) any Guarantee by the Company or the Parent Company or any Restricted Subsidiary of any Indebtedness of the Subsidiary
being so designated shall be deemed an “Incurrence” of such Indebtedness and an “Investment” by the Company, the Parent Company or such Restricted Subsidiary at the time of such designation; 

(B) either (i) the Subsidiary to be so designated has total assets of $1,000 or less or (ii) if such Subsidiary
has assets greater than $1,000, such designation would be permitted under Section 4.04; and 
 (C) if
applicable, the Incurrence of Indebtedness and the Investment referred to in clause (A) of this proviso would be permitted under Sections 4.03 and 4.04. 
 The Board of Directors of the Company or the Parent Company may designate any Unrestricted Subsidiary of the Company or the Parent Company, as applicable, to be a Restricted Subsidiary;
provided, however, that  
 (i) no Default or Event of Default shall have occurred and be
continuing at the time of or after giving effect to such designation; and 
 (ii) all Liens and Indebtedness of
such Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred at such time, have been permitted to be Incurred (and shall be deemed to have been Incurred) for all purposes of this Indenture. 

Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution
giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S. Government Obligations” means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or
(ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the 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 issuer thereof at any time prior to the Stated 

  
 30 

 
Maturity of the Notes, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of
interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt; provided, however, 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 such U.S. Government Obligation or the specific payment of interest on or principal of such U.S. Government
Obligation evidenced by such depository receipt. 
 “Voting Stock” means, with respect to any Person, Capital Stock of
any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person. 
 “Wholly Owned” means, with respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of such Subsidiary (other than any director’s qualifying shares or
Investments by foreign nationals mandated by applicable law) by such Person or one or more Wholly Owned Subsidiaries of such Person or any combination thereof. 
 SECTION 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means
the Notes, the Parent Guarantee and the Subsidiary Guarantees; 
 “indenture security holder” means a Holder or a
Noteholder; 
 “indenture to be qualified” means this Indenture; and 

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

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by a rule
of the Commission and not otherwise defined herein have the meanings assigned to them therein. 
 SECTION 1.03. Rules of
Construction. Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it;

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

 (iii) “or” is not exclusive; 

  
 31 

 (iv) “including” means including without limitation, 

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

(vi) provisions apply to successive events and transactions; 

(vii) “herein”, “hereof” and other words of similar import refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision; 
 (viii) all ratios and computations based on GAAP
contained in this Indenture shall be computed in accordance with the definition of GAAP set forth in Section 1.01; and 
 (ix) all references to Sections or Articles and other subdivisions refer to Sections or Articles and other subdivisions of this Indenture unless otherwise indicated. 

ARTICLE TWO 
 THE
NOTES 
 SECTION 2.01. Form and Dating. The Notes and the Trustee’s certificate of authentication shall be
substantially in the form annexed hereto as Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture. The Notes may have notations, legends or endorsements required by
law, stock exchange agreements to which the Company is subject or usage. The Company shall approve the form of the Notes and any notation, legend or endorsement on the Notes. Each Note shall be dated the date of its authentication. 

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

Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of one or more permanent global Notes in
registered form, substantially in the form set forth in Exhibit A (collectively, the “144A Global Note”), deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as
hereinafter provided, and shall bear the legends set forth in Section 2.02, as applicable. 
 Notes offered and sold in
offshore transactions in reliance on Regulation S shall be issued initially in the form of one or more global Notes in registered form, substantially in the form set forth in Exhibit A (collectively, the “Regulation S Global Note”),
deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided, and shall bear the legends set forth in Section 2.02, as applicable. 

  
 32 

 Notes subsequently resold in the secondary market to Institutional Accredited Investors
shall be issued initially in the form of one or more permanent global Notes in registered form, substantially in the form set forth in Exhibit A (collectively, the “IAI Global Note”, and together with the 144A Global Note and the
Regulation S Global Note, the “Global Notes”), deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided, and shall bear the legends set forth in
Section 2.02, as applicable. 
 The aggregate principal amount of the Global Notes may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, as hereinafter provided. Notes issued in exchange for interests in a Global Note pursuant to Section 2.08 may be issued in the form of permanent
certificated Notes in registered form in substantially the form set forth in Exhibit A, and bearing the legends set forth in Section 2.02, as applicable, (the “Physical Notes”), only in the limited circumstances described in
Section 2.07. 
 The definitive Notes shall be typed, printed, lithographed or engraved or produced by any combination of
these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes may be listed, all as determined by the Officers executing such Notes, as evidenced by their execution of such Notes.

 SECTION 2.02. Restrictive Legends. (a) Each Global Note and each Physical Note shall bear the following legend
(the “Private Placement Legend”) on the face thereof until after the expiration of the applicable holding period with respect thereto set forth in Rule 144 of the Securities Act, unless otherwise agreed by the Company and the Holder
thereof or if such legend is no longer required pursuant to Section 2.08(f) of this Indenture: 
 “THIS NOTE (OR ITS
PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER. 

  
 33 

 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO THE COMPANY OR THE PARENT COMPANY, (II) IN THE UNITED STATES 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, (III) INSIDE THE UNITED STATES TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),(2),(3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND,
IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (IV) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH OF CASES (I) THROUGH (VI), IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.” 
 Additionally,
each Regulation S Global Note must bear the following legend on the face thereof: 
 “THIS NOTE (OR ITS PREDECESSOR) WAS
ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN 

  
 34 

 
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE
SECURITIES ACT. 
 UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF NOTES WITHIN
THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.” 

(b) Each Global Note authenticated and delivered hereunder shall also bear the following legend on the face thereof: 

“THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE 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) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE

  
 35 

 
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 2.07 AND 2.08 OF THE INDENTURE.” 

SECTION 2.03. Execution, Authentication and Denominations. Subject to Article Four and applicable law, the aggregate principal
amount of Notes which may be authenticated and delivered under this Indenture is unlimited. The Notes shall be executed by an Officer of the Company. The signature of these Officers on the Notes may be by facsimile or manual signature in the name
and on behalf of the Company. 
 If an Officer whose signature is on a Note no longer holds that office at the time the Trustee
or authenticating agent authenticates the Note, the Note shall be valid nevertheless. 
 A Note shall not be valid until the
Trustee or authenticating agent manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

At any time and from time to time after the execution of this Indenture, the Trustee or an authenticating agent shall upon receipt
of a Company Order authenticate for original issue Global Notes in the aggregate principal amount specified in such Company Order; provided that the Trustee shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel
of the Company and the Guarantors in connection with such authentication of such Notes that such Notes, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion
of Counsel, will constitute valid and legally binding obligations of the Company and the Guarantors, as applicable, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.  

Such Company Order shall specify the amount of Global Notes to be authenticated and the date on which the original issue of Notes is to
be authenticated and, in case of an issuance of Notes pursuant to Section 2.15, shall certify that such issuance is in compliance with Article Four. 

  
 36 

 The Trustee may appoint an authenticating agent 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 authenticating agent. An authenticating agent has the same rights as an Agent to deal with
the Company or an Affiliate of the Company. 
 The Notes shall be issuable only in registered form without coupons and only in
denominations of $2,000 in principal amount or any integral multiple of $1,000 in excess thereof. 
 SECTION 2.04. Registrar
and Paying Agent. The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”), an office or agency where Notes may be presented for payment (the
“Paying Agent”) and an office or agency where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served, which shall be at the Corporate Trust Office of the Trustee. The Company shall cause the
Registrar to keep a register of the Notes and of their transfer and exchange (the “Security Register”). The Security Register shall be in written form or any other form capable of being converted into written form within a reasonable time.
The Company may have one or more co-Registrars and one or more additional Paying Agents. 
 The Company shall enter into
an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall give prompt written notice to the Trustee of the name and
address of any such Agent and any change in the address of such Agent. If the Company fails to maintain a Registrar, Paying Agent and/or agent for service of notices and demands, the Trustee shall act as such Registrar, Paying Agent and/or agent for
service of notices and demands. The Company may remove any Agent upon written notice to such Agent and the Trustee; provided that no such removal shall become effective until (i) the acceptance of an appointment by a successor Agent to
such Agent as evidenced by an appropriate agency agreement entered into by the Company and such successor Agent and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as such Agent until the appointment of
a successor Agent in accordance with clause (i) of this proviso. The Company or any Affiliate of the Company may act as Paying Agent, Registrar or co-Registrar, and/or agent for service of notice and demands. 

The Company initially appoints the Trustee as Registrar, Paying Agent, and agent for service of notice and demands. The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish
to the Trustee as of each Regular Record Date and at such other times as the Trustee may reasonably request the names and addresses of Holders as they appear in the Security Register, including the aggregate principal amount of Notes held by each
Holder. At the option of the Company, payment of principal and interest may be made by check mailed to the address of the Holders as such address appears in the Security Register. 

  
 37 

 Liquidated damages will be payable in arrears on each Interest Payment Date following
accrual in the same manner as regular interest on the Notes. If liquidated damages are payable on the Notes, the Company shall provide an Officers’ Certificate to the Trustee on or before the Regular Record Date for each Interest Payment Date
such liquidated damages are payable setting forth the accrual period and the amount of such liquidated damages in reasonable detail. The Trustee may provide a copy of such Officers’ Certificate or other notice received from the Company relating
to liquidated damages to any Holder upon request. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such liquidated damages are payable. If
the Company has paid liquidated damages directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officers’ Certificate setting forth the particulars of such payment. 

SECTION 2.05. Paying Agent to Hold Money in Trust. Not later than 11:00 a.m. (New York City time) on each due date of the
principal, premium, if any, and interest on any Notes, the Company shall deposit with the Paying Agent money in immediately available funds sufficient to pay such principal, premium, if any, and interest so becoming due. The Company shall require
each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest
on the Notes (whether such money has been paid to it by the Company or any other Obligor on the Notes), and such Paying Agent shall promptly notify the Trustee of any default by the Company (or any other Obligor on the Notes) in making any such
payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request to a
Paying Agent, require such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent shall have no further liability for the money so paid over to the Trustee. If the Company or
any Affiliate of the Company acts as Paying Agent, it will, on or before each due date of any principal of, premium, if any, or interest on the Notes, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money
sufficient to pay such principal, premium, if any, or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this Indenture, and will promptly notify the Trustee of its action or
failure to act. 
 SECTION 2.06. Transfer and Exchange. A Holder may transfer a Note only by written application to the
Registrar stating the name of the proposed transferee and otherwise complying with the terms of this Indenture. No such registration of transfer shall be effected until, and such transferee shall succeed to the rights of a Holder only upon, final
acceptance and registration of the transfer 

  
 38 

 
by the Registrar in the Security Register. Prior to the registration of any transfer by a Holder as provided herein, the Company, the Trustee, and any agent of the Company shall treat the person
in whose name the Note is registered as the owner thereof for all purposes whether or not the Note shall be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary. Furthermore, any Holder of a
Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected only through a book entry system maintained by the Holder of such Global Note (or its agent) and that ownership of
a beneficial interest in the Note shall be required to be reflected in a book entry. When Notes are presented to the Registrar or a co-Registrar with a request to register the transfer or to exchange them for an equal principal amount of Notes of
other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transaction are met (including that such Notes are duly endorsed or accompanied by a written instrument of
transfer in form satisfactory to the Trustee and Registrar duly executed by the Holder thereof or by an attorney who is authorized in writing to act on behalf of the Holder). To permit registrations of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate Notes at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange or redemption of the Notes, 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 other similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.08 or 9.04). 

The Registrar shall not be required (i) to issue, register the transfer of or exchange any Note during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of Notes selected for redemption under Section 3.03 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or
exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 SECTION 2.07. Book-Entry Provisions for Global Notes. (a) The Global Notes initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be
delivered to the Trustee as custodian for such Depositary and (iii) bear legends as set forth in Section 2.02, as applicable. 
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee
as its custodian, or under any Global Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

  
 39 

 (b) Transfers of Global Notes shall be limited to transfers in whole, but not in part, to
the Depositary, its successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred in accordance with the rules and procedures of the Depositary and the provisions of Section 2.08. In addition,
Physical Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in Global Notes if (i) (A) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global
Notes, or (B) the Depositary has ceased to be a clearing agency registered under the Exchange Act, and, in each case, a successor Depositary is not appointed by the Company within 90 days of such notice, (ii) the Company, at its option,
notifies the Trustee in writing that it elects to cause the issuance of Physical Notes, (iii) if an Event of Default has occurred and is continuing and the Registrar has received a request therefor from the Depositary or the Company or
(iv) upon prior written notice given to the Trustee by or on behalf of the Depositary in accordance with the provisions of this Indenture. 
 (c) Any beneficial interest in one of the Global Notes that is transferred to a person who takes delivery in the form of an interest in another Global Note will, upon transfer, cease to be an interest in
such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it
remains such an interest. 
 (d) In connection with any transfer or exchange of a portion of the beneficial interests in a
Global Note to beneficial owners pursuant to paragraph (b) of this Section 2.07, the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of such
Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Physical Notes of authorized
denominations in an aggregate principal amount equal to the principal amount of the beneficial interest in the Global Note so transferred. 
 (e) In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to paragraph (b) of this Section 2.07, such Global Note shall be deemed to be surrendered to the
Trustee for cancellation, and (i) the Company shall execute and (ii) the Trustee shall, upon written instructions from the Company, authenticate and deliver to each beneficial owner identified by the Depositary in exchange for its
beneficial interest in such Global Note, an equal aggregate principal amount of Physical Notes of authorized denominations. 

(f) Any Physical Note delivered in exchange for an interest in a Global Note pursuant to paragraph (b), (d) or (e) of this
Section shall, except as otherwise provided by Section 2.08, bear the legend regarding transfer restrictions applicable to such Note set forth in Section 2.02. 

  
 40 

 (g) The registered Holder of a Global Note may grant proxies and otherwise authorize any
person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

SECTION 2.08. Special Transfer Provisions. 
 (a) Transfers to Non-QIB Institutional Accredited Investors. The following provisions shall apply with respect to the registration of any proposed transfer of a Restricted Security to any
Institutional Accredited Investor which is not a QIB (excluding Non-U.S. Persons): 
 (i) The Registrar shall
register the transfer of any Restricted Security, whether or not such Note bears the Private Placement Legend, if (x) the requested transfer is after the expiration of the applicable holding period with respect thereto set forth in Rule 144 of
the Securities Act; provided, however, that neither the Company nor any Affiliate of the Company has held any beneficial interest in such Note, or portion thereof, at any time on or prior to the expiration of the applicable holding
period with respect thereto set forth in Rule 144 of the Securities Act or (y) the proposed transferee has delivered to the Registrar a certificate substantially in the form of Exhibit B hereto and any legal opinions and certifications as may
be reasonably requested by the Trustee and the Company. 
 (ii) If the proposed transferee is an Agent Member and
the Restricted Securities to be transferred consist of Physical Notes which after transfer are evidenced by an interest in the IAI Global Note, upon receipt by the Registrar of the Physical Note and (x) written instructions given in accordance
with the Depositary’s and the Registrar’s procedures and (y) the certificate, if required, referred to in clause (y) of paragraph (i) above (and any legal opinion or other certifications), the Registrar shall register and
transfer and reflect on its books and records the date and an increase in the principal amount of the IAI Global Note in an amount equal to the principal amount of Physical Notes to be transferred, and the Registrar shall cancel the Physical Notes
so transferred. 
 (iii) If the proposed transferor is an Agent Member seeking to transfer an interest in a
Global Note, upon receipt by the Registrar of (x) written instructions given in accordance with the Depositary’s and the Registrar’s procedures and (y) the certificate, if required, referred to in clause (y) of paragraph
(i) above, the 

  
 41 

 
Registrar shall register the transfer and reflect on its books and records the date and (A) a decrease in the principal amount of the Global Note from which such interests are to be
transferred in an amount equal to the principal amount of the Notes to be transferred and (B) an increase in the principal amount of the IAI Global Note in an amount equal to the principal amount of the Notes to be transferred. 

(b) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed
transfer of a Restricted Security to a QIB: 
 (i) The Registrar shall register the transfer of any Restricted
Security, whether or not such Note bears the Private Placement Legend, if (x) the requested transfer is after the expiration of the applicable holding period with respect thereto set forth in Rule 144(d) of the Securities Act; provided,
however, that neither the Company nor any Affiliate of the Company has held any beneficial interest in such Note, or portion thereof, at any time on or prior to the expiration of the applicable holding period with respect thereto set forth in
Rule 144(d) of the Securities Act or (y) such transfer is being made by a proposed transferor who has checked the box provided for on the applicable Global Note stating, or has otherwise advised the Company and the Registrar in writing, that
the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided for on the applicable Global Note stating, or has otherwise advised the Company and the Registrar in writing, that it is
purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance
on Rule 144A and acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its
foregoing representations in order to claim the exemption from registration provided by Rule 144A; 
 (ii) If the
proposed transferee is an Agent Member and the Notes to be transferred consist of Physical Notes which after transfer are to be evidenced by an interest in the 144A Global Note, upon receipt by the Registrar of the Physical Note and written
instructions given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall register the transfer and reflect on its book and records the date and an increase in the principal amount of the 144A Global Note
in an amount equal to the principal amount of Physical Notes to be transferred, and the Registrar shall cancel the Physical Notes so transferred; and 

  
 42 

 (iii) If the proposed transferor is an Agent Member seeking to transfer an
interest in the IAI Global Note or the Regulation S Global Note, upon receipt by the Registrar of written instructions given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall register the transfer and
reflect on its books and records the date and (A) a decrease in the principal amount of the IAI Global Note or the Regulation S Global Note, as the case may be, in an amount equal to the principal amount of the Notes to be transferred and
(B) an increase in the principal amount of the 144A Global Note in an amount equal to the principal amount of the Notes to be transferred. 
 (c) Transfers to Non-U.S. Persons. The following provisions shall apply with respect to any transfer of a Restricted Security to a Non-U.S. Person under Regulation S: 

(i) the Registrar shall register any proposed transfer of a Restricted Security to a Non-U.S. Person upon receipt of a
certificate substantially in the form of Exhibit C from the proposed transferor and such certifications, legal opinions and other information as the Trustee or the Company may reasonably request; and 

(ii) (a) if the proposed transferor is an Agent Member holding a beneficial interest in the 144A Global Note or the
IAI Global Note or the Note to be transferred consists of Physical Notes, upon receipt by the Registrar of (x) the documents required by clause (i) and (y) instructions in accordance with the Depositary’s and the Registrar’s
procedures, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the 144A Global Note or the IAI Global Note, as the case may be, in an amount equal to the principal amount of the beneficial
interest in the 144A Global Note or the IAI Global Note, as the case may be, to be transferred or cancel the Physical Notes to be transferred, and (b) if the proposed transferee is an Agent Member, upon receipt by the Registrar of instructions
given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Note in an amount equal to the
principal amount of the 144A Global Note, the IAI Global Note or the Physical Notes, as the case may be, to be transferred. 

  
 43 

 (d) Exchange Offer. Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Company shall issue and, upon receipt of a Company Order in accordance with Section 2.03, the Trustee shall authenticate one or more Global Notes and/or Physical Notes not bearing the
Private Placement Legend in an aggregate principal amount equal to the principal amount of the beneficial interests in the Global Notes or Physical Notes, as the case may be, tendered for acceptance in accordance with the Exchange Offer and accepted
for exchange in the Exchange Offer. 
 (e) Restrictions on Transfer and Exchange of Global Notes.
Notwithstanding any other provisions of this Indenture, a Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

(f) Private Placement Legend. Upon the transfer, exchange or replacement of Notes not bearing the Private Placement
Legend, unless otherwise required by applicable law, the Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Registrar shall
deliver only Notes that bear the Private Placement Legend unless (i) there is delivered to the Trustee an Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the effect that neither such legend nor the related
restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act or (ii) such Note has been offered and sold (including pursuant to the Exchange Offer) pursuant to an effective registration
statement under the Securities Act. 
 (g) General. By its acceptance of any Note bearing the Private
Placement Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note only as provided in this Indenture. The
Registrar shall not register a transfer of any Note unless such transfer complies with the restrictions on transfer of such Note set forth in this Indenture. In connection with any transfer of Notes, each Holder agrees by its acceptance of the Notes
to furnish the Registrar or the Company such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or a transaction not subject to, the
registration requirements of the Securities Act; provided that the Registrar shall not be required to determine (but may rely on a determination made by the Company with respect to) the sufficiency of any such certifications, legal opinions
or other information. 
 (h) The Trustee and Registrar shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restriction on transfer imposed under this Indenture or under applicable law with respect 

  
 44 

 
to any transfer of interest in any Note (including transfers between or among 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.

 The Registrar shall retain copies of all letters, notices and other written communications received pursuant to
Section 2.07 or this Section 2.08. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the
Registrar. 
 SECTION 2.09. Replacement Notes. If a mutilated Note is surrendered to the Trustee or if the Holder claims
that the Note has been lost, destroyed or wrongfully taken, then, in the absence of notice to the Company or the Trustee that such Note has been acquired by a protected purchaser, the Company shall issue and the Trustee shall authenticate a
replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding; provided that the requirements of this Section 2.09 are met. If required by the Trustee or the Company, an indemnity bond must be
furnished that is sufficient in the judgment of both the Trustee and the Company to protect the Company, the Trustee or any Agent from any loss that any of them may suffer if a Note is replaced. The Company may charge such Holder for its expenses
and the expenses of the Trustee in replacing a Note. In case any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay such Note instead of issuing a new Note
in replacement thereof. 
 Every replacement Note is an additional obligation of the Company and shall be entitled to the
benefits of this Indenture. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies against the Company and the Trustee with respect to the replacement or payment of mutilated, destroyed, lost or wrongfully taken Notes. 
 SECTION 2.10. Outstanding Notes. Notes outstanding at any time are all Notes that have been authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation and
those described in this Section 2.10 as not outstanding. 
 If a Note is replaced pursuant to Section 2.09, it ceases
to be outstanding unless and until the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a protected purchaser (as defined in the New York Uniform Commercial Code). 

  
 45 

 If the Paying Agent (other than the Company or an Affiliate of the Company) holds on a
maturity date or Redemption Date money sufficient to pay Notes payable on that date, then on and after that date such Notes cease to be outstanding and interest on them shall cease to accrue. 

A Note does not cease to be outstanding because the Company or one of its Affiliates holds such Note; provided,
however, that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company or any other
Obligor upon the Notes or any Affiliate of the Company or of such other Obligor shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes which the Trustee has actual knowledge to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other Obligor upon the Notes or any Affiliate of the Company or of such other Obligor.

 SECTION 2.11. Temporary Notes. Until definitive Notes are ready for delivery, the Company may prepare and execute
and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officers executing
the temporary Notes, as evidenced by their execution of such temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary
Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for such purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Notes, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall be
entitled to the same benefits under this Indenture as definitive Notes. 
 SECTION 2.12. Cancellation. The Company at any
time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously
authenticated hereunder which the Company has not issued and sold. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee (and no one else) shall
cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of them in accordance with its normal procedure. 

  
 46 

 SECTION 2.13. CUSIP Numbers. The Company in issuing the Notes may use
“CUSIP” or “ISIN” numbers (if then generally in use), and the Company and the Trustee shall use such “CUSIP” or “ISIN” numbers in notices, including notices of redemption or exchange, as a convenience to
Holders; provided that any such notice shall state that no representation is made as to the correctness of such CUSIP or ISIN number either as printed on the Notes or as contained in any notice of redemption or exchange and that reliance may
be placed only on the other identification numbers printed on the Notes; and provided, further, that failure to use CUSIP or ISIN numbers in any notice or notice of redemption or exchange shall not affect the validity or sufficiency of
such notice. The Company shall promptly notify the Trustee of any change in “CUSIP” or “ISIN” number for the Notes. 
 SECTION 2.14. Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it shall pay, or shall deposit with the Paying Agent money in immediately available funds sufficient
to pay, the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date. A special record date, as used in this Section 2.14 with respect to
the payment of any defaulted interest, shall mean the 15th day next preceding the date fixed by the Company for the payment of defaulted interest, whether or not such day is a Business Day. At least 15 days before the subsequent special record date,
the Company shall mail to each Holder and to the Trustee a notice that states the subsequent special record date, the payment date and the amount of defaulted interest to be paid. 

SECTION 2.15. Issuance of Additional Notes. The Company may, subject to Article Four of this Indenture and applicable law, issue
additional Notes under this Indenture. The Notes issued on the Closing Date and any additional Notes subsequently issued under this Indenture shall be treated as a single class for all purposes under this Indenture. 

ARTICLE THREE 

REDEMPTION 

SECTION 3.01. Right of Redemption. (a) On or after September 1, 2018 and prior to maturity, the Company may, at its
option, in whole or in part, at any time or from time to time, redeem any of the Notes upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s last address as it appears in the Security
Register or otherwise delivered in accordance with DTC procedures. The Notes will be redeemable at the following Redemption Prices (expressed in percentages of principal amount), plus accrued and unpaid interest, if any, to the Redemption Date
(subject to the right of Holders of record on the relevant Regular Record Date that is on or prior to the Redemption Date to receive interest due on an Interest Payment Date), if redeemed during the 12-month period commencing on September 1 of
the following years: 

  
 47 

					
	 Year
	  	Redemption Price	 
	 2018
	  	 	103.188	% 
	 2019
	  	 	102.125	% 
	 2020
	  	 	101.063	% 
	 2021 and thereafter
	  	 	100.000	% 

 (b) In addition, prior to September 1, 2016, the Company may, at its option, at any time or from
time to time, redeem up to 35% of the aggregate principal amount of the Notes (including additional Notes issued after the Closing Date, if any) originally issued with the net proceeds from one or more Equity Offerings at a Redemption Price of
106.375% of their principal amount, plus accrued and unpaid interest, if any, to the Redemption Date (subject to the rights of Holders of record on the relevant Regular Record Date that is on or prior to the Redemption Date to receive interest due
on an Interest Payment Date); provided, however,  
 (i) that Notes representing at least 65% of the
aggregate principal amount of the Notes (including additional Notes issued after the Closing Date, if any) originally issued remain outstanding immediately after each such redemption; and 

(ii) that notice of each such redemption is mailed within 90 days after the closing of the related Equity Offering. 

(c) Prior to September 1, 2018, the Company shall be entitled at its option to redeem all or a portion of the Notes at a redemption
price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, the applicable redemption date (subject to the right of Holders on the relevant record date to receive
interest due on the relevant interest payment date). 
 SECTION 3.02. Notices to Trustee. If the Company elects to redeem
Notes pursuant to Section 3.01(a), (b) or (c), it shall notify the Trustee in writing of the Redemption Date, the Redemption Price and the principal amount of Notes to be redeemed and the clause of this Indenture pursuant to which
redemption shall occur. 
 The Company shall give each notice provided for in this Section 3.02 in an Officers’
Certificate at least 45 days before the Redemption Date (unless a shorter period shall be satisfactory to the Trustee). 

SECTION 3.03. Selection of Notes to Be Redeemed. In the case of any partial redemption of the Notes, and the Notes are Global
Notes, they will be selected for redemption in accordance with DTC procedures. If the Notes are not Global Notes, the Trustee will select the Notes for redemption: 

  
 48 

 (i) in compliance with the requirements of the principal national securities exchange, if
any, on which the Notes are listed; or 
 (ii) if the Notes are not listed, by lot or by such other method as the Trustee in its
sole discretion deems to be fair and appropriate. However, no Note of $2,000 in principal amount or less shall be redeemed in part. 
 The Trustee shall make the selection from the Notes outstanding and not previously called for redemption. Notes in denominations of $2,000 in principal amount may only be redeemed in whole. The Trustee
may select for redemption portions (equal to $2,000 in principal amount or any integral multiple of $1,000 in excess thereof) of Notes that have denominations larger than $2,000 in principal amount. Provisions of this Indenture that apply to Notes
called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Company and the Registrar promptly in writing of the Notes or portions of Notes to be called for redemption. 

SECTION 3.04. Notice of Redemption. With respect to any redemption of Notes pursuant to Section 3.01, at least 30 days but
not more than 60 days before a Redemption Date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Notes are to be redeemed. 
 The notice shall identify the Notes to be redeemed and shall state: 

(i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) the name and address of the
Paying Agent; 
 (iv) that Notes called for redemption must be surrendered to the Paying Agent in order to
collect the Redemption Price; 
 (v) that, unless the Company defaults in making the redemption payment, interest
on Notes called for redemption ceases to accrue on and after the Redemption Date and the only remaining right of the Holders is to receive payment of the Redemption Price plus accrued and unpaid interest to the Redemption Date upon surrender of the
Notes to the Paying Agent; 
 (vi) that, if any Note is being redeemed in part, the portion of the principal
amount (equal to $2,000 in principal amount or any integral multiple of $1,000 in excess thereof) of such Note to be redeemed and that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to
the unredeemed portion thereof will be issued upon cancellation of the original Note; and 

  
 49 

 (vii) that, if any Note contains a CUSIP or ISIN number as provided in
Section 2.13, no representation is being made as to the correctness of the CUSIP or ISIN number either as printed on the Notes or as contained in the notice of redemption and that reliance may be placed only on the other identification numbers
printed on the Notes. 
 At the Company’s request (which request may be revoked by the Company at any time prior to the
time at which the Trustee shall have given such notice to the Holders), made in writing to the Trustee at least 45 days (or such shorter period as shall be satisfactory to the Trustee) before a Redemption Date, the Trustee shall give the notice of
redemption in the name and at the expense of the Company. If, however, the Company gives such notice to the Holders, the Company shall concurrently deliver to the Trustee an Officers’ Certificate stating that such notice has been given.

 SECTION 3.05. Effect of Notice of Redemption. Once notice of redemption is mailed, Notes called for redemption become
due and payable on the Redemption Date and at the Redemption Price. Upon surrender of any Notes to the Paying Agent, such Notes shall be paid at the Redemption Price, plus accrued and unpaid interest, if any, to the Redemption Date. 

Notice of redemption shall be deemed to be given when mailed, whether or not the Holder receives the notice. In any event, failure to
give such notice, or any defect therein, shall not affect the validity of the proceedings for the redemption of Notes held by Holders to whom such notice was properly given. 
 SECTION 3.06. Deposit of Redemption Price. On or prior to 11:00 a.m. Eastern Time on any Redemption Date, the Company shall deposit with the Paying Agent (or, if the Company is acting as the Paying
Agent, shall segregate and hold in trust as provided in Section 2.05) money sufficient to pay the Redemption Price of and accrued and unpaid interest on all Notes to be redeemed on that date other than Notes or portions thereof called for
redemption on that date that have been delivered by the Company to the Trustee for cancellation. 
 SECTION 3.07. Payment of
Notes Called for Redemption. If notice of redemption has been given in the manner provided above, the Notes or portion of Notes specified in such notice to be redeemed shall become due and payable on the Redemption Date at the Redemption Price
stated therein, together with accrued and unpaid interest to such Redemption Date, and on and after such date (unless the Company shall default in the payment of such Notes at the Redemption Price and accrued and unpaid interest to the Redemption
Date, in which case the principal, until paid, shall bear interest from the Redemption Date at the rate prescribed in the Notes), such Notes shall cease to accrue interest. Upon surrender of any Note for redemption in accordance with a notice of
redemption, such Note shall be paid and redeemed by the Company at the Redemption Price, together with accrued and unpaid interest, if any, to the Redemption Date; provided that installments of interest whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders registered as such at the close of business on the relevant Regular Record Date. 

  
 50 

 SECTION 3.08. Notes Redeemed in Part. Upon surrender of any Note that is redeemed in
part, the Company shall execute and the Trustee shall authenticate and deliver to the Holder without service charge, a new Note equal in principal amount to the unredeemed portion of such surrendered Note. 

ARTICLE FOUR 

COVENANTS 

SECTION 4.01. Payment of Notes. The Company shall pay the principal of, premium, if any, and interest on the Notes on the dates
and in the manner provided in the Notes and this Indenture. An installment of principal, premium, if any, or interest shall be considered paid on the date due if the Trustee or Paying Agent (other than the Company, a Subsidiary of the Company or any
Affiliate of any of them) holds on that date at 11:00 a.m. Eastern Time money designated for and sufficient to pay the installment. If the Company or any Affiliate of the Company acts as Paying Agent, an installment of principal, premium, if any, or
interest shall be considered paid on the due date if the entity acting as Paying Agent complies with the last sentence of Section 2.05. As provided in Section 6.09, upon any bankruptcy or reorganization procedure relative to the Company,
the Trustee shall serve as the Paying Agent, if any, for the Notes. 
 The Company shall pay interest on overdue principal and
premium, if any, and interest on overdue installments of interest, to the extent lawful, at the rate per annum specified in the Notes. 
 The Company shall be responsible for making calculations called for under the Notes, including determination of the Redemption Price, premium, if any, and any other amounts payable on the Notes. The
Company will make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders of the Notes. The Company shall provide a schedule of its calculations to the Trustee when applicable, and the
Trustee is entitled to rely conclusively on the accuracy of the Company’s calculations without independent verification. 

SECTION 4.02. Maintenance of Office or Agency. The Company shall maintain in the Borough of Manhattan, The City of New York, or
Minneapolis, Minnesota an office or agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 11.02. 

  
 51 

 The Company may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in the Borough of Manhattan, The City of New York, or Minneapolis, Minnesota for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. 
 The Company hereby initially designates the Corporate Trust
Office of the Trustee as such office of the Company in accordance with Section 2.04. 
 SECTION 4.03. Limitation on
Indebtedness. (a) The Parent Company and the Company shall not, and shall not permit any Restricted Subsidiary to, Incur any Indebtedness; provided, however, that the Parent Company, the Company or any Subsidiary Guarantor may
Incur Indebtedness if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, (A) in the case of the Parent Company Incurring Indebtedness, the Consolidated Leverage Ratio of the
Parent Company would be greater than zero and less than 6.0:1, and (B) in the case of the Company or a Subsidiary Guarantor Incurring Indebtedness, the Consolidated Leverage Ratio of the Company would be greater than zero and less than 4.5:1.

 (b) Notwithstanding the foregoing, the Parent Company, the Company and any Restricted Subsidiary (except as specified below)
may Incur each and all of the following: 
 (1) Indebtedness Incurred under Credit Agreements (including, for
avoidance of doubt, refinancings, successive refinancings and replacements) outstanding at any time in an aggregate principal amount not to exceed the greater of (A) $900 million and (B) the product of 4.0 times the aggregate amount of
Consolidated EBITDA for the Parent Company and its consolidated Restricted Subsidiaries for the then most recent four fiscal quarters for which the Parent Company’s financial statements have been filed with the Commission or provided to the
Trustee or posted pursuant to Section 4.18 (with Consolidated EBITDA being determined on a pro forma basis calculated in a manner consistent with the calculation thereof for purposes of the definition of Consolidated Leverage Ratio);

 (2) Indebtedness owed: 

(A) to the Parent Company or the Company evidenced by a promissory note; or 

(B) to any Restricted Subsidiary; provided, however, that any event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other than to the Parent Company, the Company or another Restricted Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such
Indebtedness not permitted by this clause (2); 

  
 52 

 (3) Indebtedness issued in exchange for, or the net proceeds of which are
used to refinance or refund (including, for avoidance of doubt, repurchases upon consummation of a tender offer for), Indebtedness Incurred under (i) clause (1) of this Section 4.03(b) to the extent, and solely to the extent, of the
excess, if any, of (a) the aggregate amount of Indebtedness Incurred pursuant to clause (1) and outstanding immediately prior to such refinancing or refunding over (b) the maximum amount of Indebtedness that could be Incurred pursuant
to clause (1) (disregarding, for purposes of this determination, Indebtedness that is outstanding under clause (1)) immediately prior to such refinancing or refunding, or (ii) Section 4.03(a), this clause (3) or clause (5), (8),
(9), (12) or (13) of this Section 4.03(b), in each case in an amount not to exceed the amount so refinanced or refunded (plus premiums, accrued interest, fees and expenses); provided, however, that (x) to the extent
such refinancing Indebtedness directly or indirectly refinances Indebtedness of a Restricted Subsidiary Incurred pursuant to clause (8) of this Section 4.03(b), such refinancing Indebtedness shall be Incurred only by such Subsidiary, and
(y) Indebtedness the proceeds of which are used to refinance or refund the Notes or Indebtedness that is pari passu with, or subordinated in right of payment to, the Notes shall only be permitted under this clause (3) if:

 (A) in case the Notes are refinanced in part or the Indebtedness to be refinanced is pari passu
with the Notes, the Parent Guarantee or any Subsidiary Guarantee, such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is outstanding, is pari passu with, or
subordinate in right of payment to, the remaining Notes, the Parent Guarantee or such Subsidiary Guarantee, as applicable; 
 (B) in case the Indebtedness to be refinanced is subordinated in right of payment to the Notes, the Parent Guarantee or any Subsidiary Guarantee, such new Indebtedness, by its terms or by the terms of any
agreement or instrument pursuant to which such new Indebtedness is issued or remains outstanding, is expressly made subordinate in right of payment to the Notes, the Parent Guarantee or such Subsidiary Guarantee, as applicable, at least to the
extent that the Indebtedness to be refinanced is subordinated to the Notes, the Parent Guarantee or such Subsidiary Guarantee, as applicable; and 
 (C) such new Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the Stated Maturity of the Indebtedness to be refinanced or refunded, and the Average
Life of such new Indebtedness is at least equal to the remaining Average Life of the Indebtedness to be refinanced or refunded; and provided, further, that in no event may (i) the Parent

  
 53 

 
Company’s Indebtedness be refinanced by means of any Indebtedness of any of its Restricted Subsidiaries pursuant to this clause (3) or (ii) the Company’s Indebtedness be
refinanced by means of any Indebtedness of any of its Restricted Subsidiaries pursuant to this clause (3); 
 (4)
Indebtedness: 
 (A) in respect of performance, surety or appeal bonds provided in the ordinary course of
business; 
 (B) under Currency Agreements and Interest Rate Agreements; provided, however, that
such agreements: 
 (i) are designed solely to protect the Company, the Parent Company or the Restricted
Subsidiaries of either against fluctuations in foreign currency exchange rates or interest rates; and 
 (ii) do
not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder; or 

(C) arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or from
Guarantees or letters of credit, surety bonds or performance bonds securing any of the Company’s or the Parent Company’s obligations or those of any of the Restricted Subsidiaries of either pursuant to such agreements, in any case Incurred
in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of
financing such acquisition), in a principal amount not to exceed the gross proceeds actually received by the Company, the Parent Company or any Restricted Subsidiary, as applicable, in connection with such disposition; 

(5) Indebtedness of the Company or the Parent Company and Guarantees thereof, to the extent the net proceeds thereof are
promptly: 
 (A) used to purchase Notes tendered in an Offer to Purchase made as a result of a Change of Control
Triggering Event; or 
 (B) deposited to defease the Notes pursuant to Article Eight, 

(6) Guarantees of the Notes (including the Parent Guarantee and the Subsidiary Guarantees) and Guarantees of Indebtedness
of the Parent Company or the Company by the Parent Company, the Company or any Restricted Subsidiary; provided that the Guarantee by any Restricted Subsidiary of such Indebtedness (other than the Notes) is permitted by and made in accordance
with Section 4.07; 

  
 54 

 (7) Indebtedness Incurred to finance or refinance the cost (including the
cost of design, development, acquisition, construction, installation, improvement, transportation or integration and all transaction costs related to the foregoing) to acquire equipment, inventory or network assets (including acquisitions by way of
Capitalized Lease Obligations and acquisitions of the Capital Stock of a Person that becomes a Restricted Subsidiary to the extent of the fair market value of the equipment, inventory or network assets so acquired, plus goodwill associated
therewith) by the Parent Company, the Company or a Restricted Subsidiary after the Closing Date; provided, however, that the aggregate principal amount of such Indebtedness outstanding at any time may not exceed $300 million;

 (8) Acquired Indebtedness; provided, however, that on the date on which the applicable Person
becomes a Restricted Subsidiary or on which the applicable Indebtedness is assumed in connection with an Asset Acquisition, and after giving effect to the Incurrence of such Indebtedness, both the Parent Company and the Company would have been able
to Incur at least $1.00 of Indebtedness under Section 4.03(a); 
 (9) Strategic Subordinated Indebtedness;

 (10) Indebtedness or related obligations of the Parent Company, the Company or any Subsidiary Guarantor under
(A) Currency Agreements, Interest Rate Agreements or cash management or similar treasury or custodial arrangements with any Lender or any Affiliate of a Lender or (B) Currency Agreements, Interest Rate Agreements (up to a maximum of $50
million at any one time outstanding measured by termination value) or cash management or similar treasury or custodial arrangements with any Person that is not a Lender or an Affiliate of any Lender; 

(11) the Parent Company’s or the Company’s subordinated Indebtedness (in addition to Indebtedness permitted
under clauses (1) through (10) above and clauses (13) and (14) below) in an aggregate principal amount outstanding at any time not to exceed $200 million; 

(12) the Notes issued on the Closing Date, and any Notes exchanged therefor under the terms of this Indenture; 

(13) any Indebtedness existing on the Closing Date (other than Indebtedness described in clause (1), (2), (6) or
(12) above); and 
 (14) other Indebtedness (in addition to Indebtedness permitted under clauses
(1) through (13) above) in an aggregate principal amount outstanding at any time not to exceed $150 million. 

  
 55 

 (c) Notwithstanding any other provision of this Section 4.03, the maximum amount of
Indebtedness that the Parent Company, the Company or a Restricted Subsidiary may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to the result of fluctuations in the
exchange rates of currencies. 
 (d) For purposes of determining any particular amount of Indebtedness under this
Section 4.03: 
 (1) Guarantees, Liens or obligations with respect to letters of credit supporting
Indebtedness otherwise included in the determination of such particular amount shall not be included; and 
 (2)
any Liens granted pursuant to clause (25) of the definition of Permitted Liens shall not be treated as Indebtedness. 

(e) For purposes of determining compliance with this Section 4.03, in the event that an item of Indebtedness meets the
criteria of more than one of the types of Indebtedness described in the above clauses, the Parent Company or the Company, as applicable, in its sole discretion, shall classify such item of Indebtedness and only be required to include the amount and
type of such Indebtedness in one of such clauses, and from time to time may reclassify such item of Indebtedness to the extent that such reclassified Indebtedness could be Incurred at the time of such reclassification pursuant to the clause or
clauses into which such Indebtedness is reclassified; provided, however, that Indebtedness outstanding on the Closing Date under the Credit Agreement will be treated as Incurred on the Closing Date under clause (1) of
Section 4.03(b) above and may not subsequently be reclassified.  
 (f) For purposes of determining compliance
with 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, provided, however, that:  
 (1) the dollar-equivalent principal amount of any such Indebtedness outstanding on the Closing Date shall be calculated based on the relevant currency exchange rate in effect on the Closing Date; and

 (2) if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and
such refinancing would cause the applicable dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such dollar-denominated restriction shall be deemed not to have
been exceeded so long as the principal amount of such refinancing Indebtedness, converted into the currency in which the Indebtedness being refinanced is denominated at the currency exchange rate in effect on the date of such refinancing, does not
exceed the principal amount of such Indebtedness being refinanced (plus premiums, accrued interest, fees and expenses). 

  
 56 

 The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if
Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the foreign currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date
of such refinancing. 
 (g) Neither the Company nor the Parent Company nor any Subsidiary Guarantor shall incur any
Indebtedness that pursuant to its terms is subordinate or junior in right of payment to any Indebtedness unless such Indebtedness is subordinated in right of payment to the Notes, the Parent Guarantee or the relevant Subsidiary Guarantee, as
applicable, to the same extent; provided that Indebtedness will not be considered subordinate or junior in right of payment to any other Indebtedness solely by virtue of being unsecured or secured to a greater or lesser extent or with greater
or lower priority.  
 SECTION 4.04. Limitation on Restricted Payments. (a) The Parent Company and the
Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly: 
 (1) declare or
pay any dividend or make any distribution on or with respect to its Capital Stock (other than (A) dividends or distributions payable solely in shares of the Parent Company’s or the Company’s Capital Stock (other than Disqualified
Stock) or in options, warrants or other rights to acquire shares of such Capital Stock (other than Disqualified Stock); and (B) pro rata dividends or distributions on Common Stock of Restricted Subsidiaries held by minority stockholders) held
by Persons other than the Company, the Parent Company or any Restricted Subsidiary; 
 (2) purchase, redeem,
retire or otherwise acquire for value any shares of Capital Stock of: 
 (A) the Parent Company or an
Unrestricted Subsidiary (including options, warrants or other rights to acquire such shares of Capital Stock but excluding, for avoidance of doubt, Indebtedness convertible into Capital Stock) held by any Person; or 

(B) a Restricted Subsidiary (including options, warrants or other rights to acquire such shares of Capital Stock but
excluding, for avoidance of doubt, Indebtedness convertible into Capital Stock) held by any Affiliate of the Parent Company (other than a Wholly Owned Restricted Subsidiary) or any holder (or any Affiliate of such holder) of 5% or more of the Parent
Company’s Capital Stock; 
 (3) make any voluntary or optional principal payment, or voluntary or optional
redemption, repurchase, defeasance, or other acquisition or retirement for value, of any Indebtedness that is subordinated in right of payment to the Notes, the Parent Guarantee or any Subsidiary Guarantee; or 

  
 57 

 (4) make any Investment, other than a Permitted Investment, in any Person

 (such payments or any other actions described in clauses (1) through (4) above being collectively referred to as
“Restricted Payments”) if, at the time of, and after giving effect to, the proposed Restricted Payment: 
 (A) a Default or Event of Default shall have occurred and be continuing; 
 (B) the Parent Company could not Incur at least $1.00 of Indebtedness under Section 4.03(a); or 
 (C) the aggregate amount of all Restricted Payments (the amount, if other than in cash, to be determined in good faith by the Board of Directors, whose determination shall be conclusive and evidenced by a
Board Resolution) made after the Original High Yield Closing Date shall exceed the sum of: 
 (i) the amount by
which Consolidated EBITDA of the Parent Company exceeds 150% of Consolidated Interest Expense of the Parent Company, in each case, determined on a cumulative basis during the period (taken as one accounting period) beginning on the first day of the
fiscal quarter immediately following the Original High Yield Closing Date and ending on the last day of the last fiscal quarter preceding the Transaction Date for which reports have been filed with the Commission or provided to the Trustee or posted
pursuant to Section 4.18; plus 
 (ii) the aggregate Net Cash Proceeds and the fair market value of all
non-cash proceeds received by the Parent Company or the Company after the Original High Yield Closing Date from the issuance and sale permitted by this Indenture of its Capital Stock (other than Disqualified Stock) to a Person who is not the Parent
Company’s or the Company’s Subsidiary, including an issuance or sale permitted by this Indenture of Indebtedness of the Parent Company or the Company for cash subsequent to the Original High Yield Closing Date upon the conversion of such
Indebtedness into the Parent Company’s or the Company’s Capital Stock (other than Disqualified Stock), or from the issuance to a Person who is not the Parent Company’s or the Company’s Subsidiary of any options, warrants or other
rights to acquire Capital Stock of the Parent Company or the Company (in each case, exclusive of any Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder, or

  
 58 

 
are required to be redeemed, prior to the Stated Maturity of the Notes), in each case, except to the extent such Net Cash Proceeds and non-cash proceeds are used to make Restricted Payments
pursuant to clause (3), (4), (6) or (7) of Section 4.04(b); plus 
 (iii) an amount equal to the
net reduction in Investments (other than reductions in Permitted Investments or Investments made pursuant to clause (6) of Section 4.04(b)) in any Person resulting from payments of interest on Indebtedness, dividends, repayments of loans
or advances, or other transfers of assets, in each case to the Parent Company, the Company or any Restricted Subsidiary or from the Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or
proceeds are included in the calculation of Adjusted Consolidated Net Income), or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of “Investments”), not to
exceed, in each case, the amount of Investments previously made by the Parent Company, the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary. 
 (b) The foregoing provision shall not be violated by reason of: 

(1) the payment of any dividend within 60 days after the date of declaration thereof if, at said date of declaration, such
payment would comply with the foregoing Section 4.04(a); 
 (2) the redemption, purchase, defeasance or
other acquisition or retirement for value of Indebtedness that is subordinated in right of payment to the Notes, the Parent Guarantee or any Subsidiary Guarantee, including premium, if any, and accrued and unpaid interest, with the proceeds of, or
in exchange for, Indebtedness Incurred under clause (3) or (11) of Section 4.03(b); 
 (3) the
repurchase, redemption or other acquisition of the Parent Company’s Capital Stock or that of an Unrestricted Subsidiary (or options, warrants or other rights to acquire such Capital Stock) in exchange for, or out of the proceeds of a
substantially concurrent offering of, shares of Capital Stock (other than Disqualified Stock) of the Parent Company (or options, warrants or other rights to acquire such Capital Stock), except to the extent such proceeds are used to make Restricted
Payments pursuant to clause (4)(C)(ii) of Section 4.04(a), or clause (4), (6) or (7) of this Section 4.04(b); 
 (4) the making of any principal payment or the repurchase, redemption, retirement, defeasance or other acquisition for value of any Indebtedness which is subordinated in right of payment to the Notes, the
Parent Guarantee or any Subsidiary Guarantee, in exchange for, or out of the proceeds of a 

  
 59 

 
substantially concurrent sale of, shares of Capital Stock (other than Disqualified Stock) of the Parent Company or the Company, as applicable (or options, warrants or other rights to acquire such
Capital Stock), except to the extent such proceeds are used to make Restricted Payments pursuant to clause (4)(C)(ii) of Section 4.04(a) or clause (3), (6) or (7) of this Section 4.04(b); 

(5) payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a
consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all of the Parent Company’s or the Company’s property and assets;

 (6) Investments that are not Permitted Investments in an amount that does not exceed, in the aggregate with
all other Investments made pursuant to this clause (6) and then outstanding, the sum of: 
 (A) $20 million,
plus 
 (B) the amount of Net Cash Proceeds and the fair market value of all non-cash proceeds received by
the Parent Company or the Company after the Original High Yield Closing Date from the sale of its Capital Stock (other than Disqualified Stock) to a Person who is not a Subsidiary of the Parent Company, except to the extent such Net Cash Proceeds or
non-cash proceeds are used to make Restricted Payments pursuant to clause (4)(C)(ii) of Section 4.04(a), or clause (3), (4) or (7) of this Section 4.04(b), plus 

(C) the net reduction in Investments made pursuant to this clause (6) resulting from distributions on or repayments
of such Investments or from the Net Cash Proceeds or non-cash proceeds from the sale of any such Investment (except in each case to the extent any such payment or proceeds is included in the calculation of Adjusted Consolidated Net Income) or from
such Person becoming a Restricted Subsidiary (valued in each case as provided in the definition of “Investments”); provided, however, that the net reduction in any Investment shall not exceed the amount of such Investment;

 (7) Investments acquired in exchange for Capital Stock (other than Disqualified Stock) of the Parent Company
or the Company (except to the extent such acquired property has been used to make Restricted Payments pursuant to clause (4)(C)(ii) of Section 4.04(a), or clause (3), (4) or (6) of this Section 4.04(b)); 

(8) other Restricted Payments in an aggregate amount not to exceed $50 million; and 

(9) the repurchase, redemption or other acquisition of the Parent Company’s or the Company’s Capital Stock (or
options, warrants or other 

  
 60 

 
rights to acquire such Capital Stock) from Persons who are or were formerly the Parent Company’s or the Company’s Directors, officers or employees or those of any Restricted Subsidiary;
provided, however, that the aggregate amount of all such repurchases made in any calendar year pursuant to this clause (9) shall not exceed $5 million; and provided, further that any shares of the Parent
Company’s Capital Stock that are acquired in connection with forfeitures, net share settlements or similar arrangements under the Parent Company’s stock plan or other employee benefit plan shall be disregarded for purposes of the foregoing
$5 million limit; 
 provided, further, however, that except in the case of clauses (1) and (3) of this
Section 4.04(b), no Default or Event of Default shall have occurred and be continuing or occur as a consequence of the actions or payments set forth therein.  
 (c) Each Restricted Payment permitted pursuant to Section 4.04(b) (other than the Restricted Payment referred to in clause (2) thereof, an exchange of Capital Stock for Capital Stock or
Indebtedness referred to in clause (3) or (4) thereof and an Investment referred to in clause (6) or (7) thereof) shall be included in calculating whether the conditions of clause (4)(C) of Section 4.04(a) have
been met with respect to any subsequent Restricted Payments. The Net Cash Proceeds and the fair market value of non-cash proceeds from any issuance of Capital Stock referred to in clauses (3), (4), (6) and (7) shall be excluded in
calculating whether the conditions of clause (4)(C) of Section 4.04(a) have been met with respect to any subsequent Restricted Payments. In the event the proceeds of an issuance of the Parent Company’s or the Company’s Capital
Stock are used for the redemption, purchase or other acquisition of the Notes, or Indebtedness that is pari passu with the Notes, then the Net Cash Proceeds of such issuance shall be included in clause (4)(C) of Section 4.04(a) only
to the extent such proceeds are not used for such redemption, purchase or other acquisition of Indebtedness.  
 SECTION
4.05. Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. (a) The Company shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause or suffer to exist or become effective
any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to: 
 (1) pay
dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary owned by the Company or any other Restricted Subsidiary; 

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

(3) make loans or advances to the Company or any other Restricted Subsidiary; or 

  
 61 

 (4) transfer any of its property or assets to the Company or any other
Restricted Subsidiary. 
 (b) The provisions of Section 4.05(a) shall not restrict any encumbrances or restrictions:

 (1) existing on the Closing Date or any other agreements in effect on the Closing Date, and any extensions,
refinancings, renewals or replacements of such agreements; provided, however, that the encumbrances and restrictions in any such extensions, refinancings, renewals or replacements are no less favorable in any material respect to the
Holders than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed or replaced; 
 (2) existing under or by reason of applicable law or required by any regulatory authority having jurisdiction over the Company or any Restricted Subsidiary; 

(3) existing with respect to any Person or the property or assets of such Person acquired by the Company or any Restricted
Subsidiary, existing at the time of such acquisition and not incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or assets of any Person other than such Person or the property or
assets of such Person so acquired, and any extensions, renewals or replacements of such encumbrances or restrictions; provided, however, that the encumbrances and restrictions in any such extensions, renewals or replacements are no
less favorable in any material respect to the Holders than those encumbrances or restrictions that are then in effect and that are being extended, renewed or replaced; 

(4) in the case of clause (4) of Section 4.05(a): 

(A) that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease,
license, conveyance or contract or similar property or asset; 
 (B) existing by virtue of any transfer of,
agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Company or any Restricted Subsidiary not otherwise prohibited by this Indenture; or 

(C) arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not,
individually or in the aggregate, reduce the value of property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary; 

(5) with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale
or disposition of all or substantially all of the Capital Stock of, or property and assets of, such Restricted Subsidiary; or 

  
 62 

 (6) contained in the terms of any Indebtedness or any agreement pursuant to
which such Indebtedness was issued if: 
 (A) the encumbrance or restriction either: (i) applies only in the
event of a payment default or non-compliance with respect to a financial covenant contained in such Indebtedness or agreement; or (ii) is contained in a Credit Agreement; 

(B) the encumbrance or restriction is not materially more disadvantageous to the Holders of the Notes than is customary in
comparable financings (as determined by the Company); and 
 (C) the Company determines on the date of the
Incurrence of such Indebtedness that any such encumbrance or restriction would not be expected to materially impair the Company’s ability to make principal or interest payments on the Notes. 

Nothing contained in this Section 4.05 shall prevent the Company or any Restricted Subsidiary from: (1) creating, incurring, assuming or
suffering to exist any Liens otherwise permitted in Section 4.09 or (2) restricting the sale or other disposition of property or assets of the Company or any of its Restricted Subsidiaries that secure Indebtedness of the Company or any of
its Restricted Subsidiaries. 
 SECTION 4.06. Limitation on the Issuance and Sale of Capital Stock of Restricted
Subsidiaries. The Parent Company and the Company shall not sell, and shall not permit any Restricted Subsidiary, directly or indirectly, to issue or sell, any shares of Capital Stock of a Restricted Subsidiary (including options, warrants or
other rights to purchase shares of such Capital Stock) except: 
 (1) to the Parent Company, the Company or a
Wholly Owned Restricted Subsidiary; 
 (2) issuances of director’s qualifying shares or sales to foreign
nationals of shares of Capital Stock of foreign Restricted Subsidiaries, to the extent required by applicable law; 
 (3) if, immediately after giving effect to such issuance or sale, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person remaining after giving
effect to such issuance or sale would have been permitted to be made under Section 4.04 if made on the date of such issuance or sale; or 
 (4) issuances or sales of Common Stock of a Restricted Subsidiary; provided, however, that the Company or such Restricted Subsidiary applies the Net Cash Proceeds, if any, of any such sale
in compliance with Section 4.11. 

  
 63 

 SECTION 4.07. Limitation on Issuances of Guarantees by Restricted Subsidiaries.
(a) The Parent Company and the Company shall not permit any Restricted Subsidiary, directly or indirectly, to Guarantee any Indebtedness of the Parent Company which is pari passu with or subordinate in right of payment to the Parent
Guarantee or to Guarantee any of the Company’s Indebtedness which is pari passu with or subordinate in right of payment to the Notes (any such Indebtedness being the “Guaranteed Indebtedness”), unless: 

(1) such Restricted Subsidiary simultaneously executes and delivers a supplemental indenture to this Indenture providing
for a Subsidiary Guarantee of payment of the Notes by such Restricted Subsidiary; 
 (2) such Restricted
Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Parent Company or the Company, as applicable, or any Restricted
Subsidiary as a result of any payment by such Restricted Subsidiary under its Subsidiary Guarantee; provided, however, that this paragraph shall not be applicable to any Guarantee of any Restricted Subsidiary that existed at the time
such Person became a Restricted Subsidiary and was not Incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary; and 
 (3) if the Guaranteed Indebtedness is Indebtedness of the Parent Company, the Company would have been permitted to Incur such Guaranteed Indebtedness pursuant to clause (B) of Section 4.03(a).
If the Guaranteed Indebtedness is: 
 (A) pari passu with the Notes or the Parent Guarantee, as
applicable, then the Guarantee of such Guaranteed Indebtedness shall be pari passu with, or subordinated to, the Subsidiary Guarantee; or 
 (B) subordinated to the Notes or the Parent Guarantee, as applicable, then the Guarantee of such Guaranteed Indebtedness shall be subordinated to the Subsidiary Guarantee at least to the extent that the
Guaranteed Indebtedness is subordinated to the Notes or the Parent Guarantee, as applicable. 
 (b) Notwithstanding
Section 4.07(a), any Subsidiary Guarantee by a Restricted Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon: 

(1) any sale, exchange or transfer, to any Person not an Affiliate of the Parent Company or the Company, of all of the
Parent Company’s, the Company’s and each Restricted Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary (which sale, exchange or transfer is not prohibited by this Indenture); or

  
 64 

 (2) the release or discharge of the Guarantee which resulted in the creation
of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee. 
 SECTION 4.08.
Limitation on Transactions with Stockholders and Affiliates. The Parent Company and the Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, enter into, renew or extend any transaction (including the
purchase, sale, lease or exchange of property or assets, or the rendering of any service) with a Related Person or with any of the Parent Company’s or the Company’s Affiliates, unless: 

(1) the terms of such transaction are fair and reasonable and no less favorable to the Parent Company, the Company or such
Restricted Subsidiary than could be obtained, at the time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction
with a Person that is not such a Related Person or an Affiliate; 
 (2) if such transaction involves an amount in
excess of $25 million, a majority of the disinterested members of the Board of Directors has determined in good faith that the criteria set forth in clause (1) are satisfied and have approved such transaction; and 

(3) if such transaction involves an amount in excess of $75 million, the Parent Company, the Company or a Restricted
Subsidiary delivers to the Trustee a written opinion of a nationally recognized investment banking firm stating that the transaction is fair to the Parent Company, the Company or such Restricted Subsidiary from a financial point of view. Such
nationally recognized investment banking firm may have other relationships with the Parent Company, the Company, such Restricted Subsidiary or any Affiliate thereof. 
 The foregoing limitation does not limit and shall not apply to: 

(1) any transaction solely between the Parent Company or the Company and any Wholly Owned Restricted Subsidiary or solely
between Wholly Owned Restricted Subsidiaries; 
 (2) the payment of customary directors’ fees,
indemnification and similar arrangements, consulting fees, employee salaries, bonuses or employment agreements, compensation or employee benefit arrangements and incentive arrangements with any officer, Director or employee of the Parent Company,
the Company or any Restricted Subsidiary entered into in the ordinary course of business; 

  
 65 

 (3) any transaction (i) with respect to the lease, sharing or other use
of conduit, cable, fiber lines or facilities, equipment, transmission or network capacity, right-of-way or other access rights, between the Parent Company, the Company or any Restricted Subsidiary and any other Person or (ii) between the Parent
Company, the Company or any Restricted Subsidiary and customers, clients, suppliers, lessors or purchasers or sellers of goods or services, in each case with respect to transactions under this clause (ii) in the ordinary course of business and
otherwise in compliance with the terms of this Indenture; provided, however, that such transaction is on terms that: 
 (A) if applicable, are consistent with the past practices of the Parent Company, the Company or such Restricted Subsidiary; and 

(B) are no less favorable, taken as a whole, to the Parent Company, the Company or the relevant Restricted Subsidiary than
those that could have been obtained in a comparable transaction by the Parent Company, the Company or such Restricted Subsidiary with an unrelated Person (or, in the event that there are no comparable transactions involving unrelated Persons to
apply for comparative purposes, is otherwise on terms that, taken as a whole, the Parent Company or the Company, as applicable, has determined to be fair to the Parent Company or the Company or the relevant Restricted Subsidiary); or 

(4) any Restricted Payments not prohibited by Section 4.04. 

SECTION 4.09. Limitation on Liens. The Parent Company and the Company shall not, and shall not permit any Restricted Subsidiary
to, create, incur, assume or suffer to exist any Lien on any of its assets or properties of any character (including licenses), or any shares of Capital Stock or Indebtedness of any Restricted Subsidiary, except Permitted Liens. 

SECTION 4.10. Limitation on Sale-Leaseback Transactions. The Parent Company and the Company shall not, and shall not permit any
Restricted Subsidiary to, enter into any sale-leaseback transaction involving any of its assets or properties whether now owned or hereafter acquired, whereby the Parent Company, the Company or a Restricted Subsidiary sells or transfers such assets
or properties and then or thereafter leases such assets or properties or any part thereof or any other assets or properties which the Parent Company, the Company or such Restricted Subsidiary, as the case may be, intends to use for substantially the
same purpose or purposes as the assets or properties sold or transferred. 
 The foregoing restriction shall not apply to any
sale-leaseback transaction if: 
 (1) the lease is for a period, including renewal rights, of not in excess
of five years; 

  
 66 

 (2) the lease secures or relates to industrial revenue or pollution
control bonds; 
 (3) the transaction is solely between the Parent Company or the Company and any Wholly
Owned Restricted Subsidiary or solely between Wholly Owned Restricted Subsidiaries; 
 (4) the Parent Company,
the Company or such Restricted Subsidiary applies an amount not less than the net proceeds received from such sale in compliance with Section 4.11; or 
 (5) such sale-leaseback transaction involves the sale and leaseback of the Parent Company’s headquarters and assets appurtenant thereto. 

SECTION 4.11. Limitation on Asset Sales. (a) The Parent Company and the Company shall not, and shall not permit any
Restricted Subsidiary to, consummate any Asset Sale, unless: 
 (1) the consideration received by the Parent
Company, the Company or the Restricted Subsidiary is at least equal to the fair market value of the assets sold or disposed of; and 
 (2) at least 75% of the consideration received consists of cash, Temporary Cash Investments or the assumption of Indebtedness of the Parent Company (other than Indebtedness that is subordinated to the
Parent Guarantee), the Company (other than Indebtedness that is subordinated to the Notes) or a Restricted Subsidiary (other than Indebtedness that is subordinated to the relevant Subsidiary Guarantee) and unconditional release of the Parent
Company, the Company or the Restricted Subsidiary from all liability on the Indebtedness assumed; provided, however, that this clause (2) shall not apply to the lease, sharing, assignment or other use of conduit, cable, fiber
lines or facilities, rights of way or other access rights or the assignment of transmission or network capacity. 
 (b) In the
event and to the extent that the Net Cash Proceeds received by the Parent Company, the Company or any Restricted Subsidiary from one or more Asset Sales occurring on or after the Closing Date in any period of 12 consecutive months exceed 10% of
Adjusted Consolidated Net Tangible Assets (determined as of the date closest to the commencement of such 12-month period for which a consolidated balance sheet of the Parent Company and its Subsidiaries has been filed with the Commission or provided
to the Trustee or posted pursuant to Section 4.18), then the Parent Company and the Company shall or shall cause the relevant Restricted Subsidiary to: 
 (1) within 12 months after the date Net Cash Proceeds so received exceed 10% of Adjusted Consolidated Net Tangible Assets: 

  
 67 

 (A) apply an amount equal to such excess Net Cash Proceeds less any
amounts invested within 6 months prior to such Asset Sale in property or assets of a nature or type or that are used in a business (or in a company having property and assets of a nature or type, or engaged in a business) similar or related to the
nature or type of the property and assets of, or the business of, the Parent Company, the Company and its Restricted Subsidiaries on the date of such Asset Sale (the “Adjusted Net Cash Proceeds”) to permanently repay unsubordinated
Indebtedness of the Parent Company, the Company or any Subsidiary Guarantor, in each case owing to a Person other than the Parent Company, the Company or any Restricted Subsidiary; or 

(B) invest an equal amount, or the amount of Adjusted Net Cash Proceeds not so applied pursuant to clause (A) (or
enter into a definitive agreement committing to so invest within 12 months after the date of such agreement), in property or assets (other than current assets) of a nature or type or that are used in a business (or in a company having property and
assets of a nature or type, or engaged in a business) similar or related to the nature or type of the property and assets of, or the business of, the Parent Company, the Company and the Restricted Subsidiaries existing on the date of such investment
(as determined in good faith by the Board of Directors, whose determination shall be conclusive and evidenced by a Board Resolution); and 
 (2) apply (no later than the end of the 12-month period referred to in clause (1)) such excess Adjusted Net Cash Proceeds (to the extent not applied pursuant to clause (1)) as provided in
Section 4.11(c). 
 The amount of such excess Net Cash Proceeds required to be applied (or to be committed to be applied) during such
12-month period as set forth in clause (1) of the preceding sentence and not applied as so required by the end of such period shall constitute “Excess Proceeds”. 
 (c) If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds not theretofore subject to an Offer to Purchase pursuant to this Section 4.11 totals at least $100
million, the Company shall commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase from the Holders on a pro rata basis an aggregate principal amount of Notes and, to the extent permitted or required by
the terms thereof, any other Indebtedness of the Company or the Parent Company that is pari passu with the Notes or the Parent Guarantee, equal to the Excess Proceeds on such date, at a purchase price equal to 100% of the principal amount of
the Notes and such other Indebtedness, if applicable, on the relevant Payment Date, plus, in each case, accrued interest (if any) to the Payment Date. If any Excess Proceeds remain after consummation of an Offer to Purchase, the Company may use
those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered in response to such Offer to Purchase exceeds the amount of Excess
Proceeds, the Trustee will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis, subject to DTC procedures if the Notes are Global Notes. Upon completion of the Offer to Purchase, the amount of Excess
Proceeds will be reset to zero. 

  
 68 

 SECTION 4.12. Repurchase of Notes upon a Change of Control Triggering Event. The
Company shall commence, within 30 days of the occurrence of a Change of Control Triggering Event, and consummate an Offer to Purchase for all Notes then outstanding, at a purchase price equal to 101% of the principal amount thereof on the relevant
Payment Date, plus accrued interest and liquidated damages (if any) to the Payment Date. The Company shall provide notice of a Change of Control Triggering Event to each Holder, with a copy to the Trustee. 

SECTION 4.13. Existence. Subject to Articles Four and Five of this Indenture, the Parent Company and the Company shall do or cause
to be done all things necessary to preserve and keep in full force and effect their respective existences and the existence of each of their Restricted Subsidiaries in accordance with the respective organizational documents of the Parent Company,
the Company and each Restricted Subsidiary and the rights (whether pursuant to charter, partnership certificate, agreement, statute or otherwise), licenses and franchises of the Parent Company, the Company and each Restricted Subsidiary;
provided that neither the Company nor the Parent Company shall be required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, if the maintenance or preservation thereof is no longer desirable in
the conduct of the business of the Parent Company, the Company and their Restricted Subsidiaries taken as a whole. Neither the foregoing nor any other provision of this Indenture shall prohibit the conversion by the Company or any Restricted
Subsidiary from a corporation to a limited liability company or vice-versa or from a limited partnership to a corporation or limited liability company. 
 SECTION 4.14. Payment of Taxes and Other Claims. The Parent Company and the Company shall pay or discharge and shall cause each of their Restricted Subsidiaries to pay or discharge, or cause to be
paid or discharged, before the same shall become delinquent: 
 (1) all material taxes, assessments and
governmental charges levied or imposed upon: 
 (A) the Parent Company, the Company or any such Restricted
Subsidiary; 
 (B) the income or profits of the Parent Company, the Company or any such Restricted Subsidiary
which is a corporation; or 
 (C) the property of the Parent Company, the Company or any such Restricted
Subsidiary; and 
 (2) all material lawful claims for labor, materials and supplies that, if unpaid, might by law
become a lien upon the property of the Parent Company, the Company or any such Restricted Subsidiary; provided that 

  
 69 

 
neither the Parent Company nor the Company shall be required to pay or discharge, or cause to be paid or discharged, any such tax, assessment, charge or claim the amount, applicability or
validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established. 
 SECTION 4.15. Maintenance of Properties and Insurance. The Parent Company and the Company shall cause all properties used or useful in the conduct of their business or the business of any of the
Restricted Subsidiaries to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof,
all as in the judgment of the Parent Company and the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided that nothing in this Section 4.15
shall prevent the Parent Company, the Company or any Restricted Subsidiary from discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the
Parent Company, the Company or such Restricted Subsidiary having managerial responsibility for any such property, desirable in the conduct of the business of the Parent Company, the Company or such Restricted Subsidiary. 

The Parent Company and the Company shall provide or cause to be provided, for themselves and the Restricted Subsidiaries, insurance
(including appropriate self-insurance) against loss or damage of the kinds customarily insured against by corporations similarly situated and owning like properties with reputable insurers or with the government of the United States of America, or
an agency or instrumentality thereof, in such amounts, with such deductibles and by such methods as the Parent Company and the Company in good faith shall determine to be reasonable and appropriate in the circumstances. 

SECTION 4.16. Notice of Defaults. In the event that any Officer of the Parent Company or the Company becomes aware of any Default
or Event of Default, the Parent Company or the Company, as applicable, shall promptly deliver to the Trustee an Officers’ Certificate specifying such Default or Event of Default. 

SECTION 4.17. Compliance Certificates. The Parent Company shall deliver to the Trustee, within 90 days after the end of each
fiscal year, an Officers’ Certificate (that need not comply with Section 11.04) stating whether or not the signers know of any Default or Event of Default that occurred during such fiscal year, and that a review has been conducted of the
activities of each of the Parent Company, the Company and the Restricted Subsidiaries and the Company’s, the Parent Company’s and the Restricted Subsidiaries’ performance under this Indenture and that the Parent Company, the Company
and the Restricted Subsidiaries have complied with all conditions and covenants under this Indenture. If any of the Officers of the Parent Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall
describe any such Default or Event of Default and its status. 

  
 70 

 SECTION 4.18. Commission Reports and Reports to Holders. Whether or not the Parent
Company is then required to file reports with the Commission, the Parent Company shall file with the Commission all reports and other information that it would be required to file with the Commission by Section 13(a) or 15(d) under the Exchange
Act if it were subject thereto. The Parent Company shall supply the Trustee and each Holder, without cost to any Holder, copies of such reports and other information or post such reports and other information on the Parent Company’s primary
website within 15 days after the date it would have been required to file such reports or other information with the Commission had it been subject to such Sections; provided, however, that the copies of such reports mailed to Holders
may omit exhibits which the Company shall supply to any Holder at such Holder’s request. The Parent Company also shall comply with the other provisions of TIA Section 314(a). Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of any such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates delivered to the Trustee pursuant to Section 4.17). 

SECTION 4.19. Waiver of Stay, Extension or Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it
shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of
the principal of, premium, if any, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and (to the extent that it may
lawfully do so) the Company hereby expressly waives all benefit or advantage of any such law and covenant that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted. 
 SECTION 4.20. Future Subsidiary Guarantors. The Company and
the Parent Company shall cause each Person that becomes a Domestic Restricted Subsidiary of the Company or the Parent Company following the Closing Date (and is eligible to be a Subsidiary Guarantor pursuant to the definition thereof) and any other
entity that Guarantees any Indebtedness of the Company or the Parent Company or any Domestic Restricted Subsidiaries of the Company or the Parent Company to execute and deliver to the Trustee supplemental indentures pursuant to which such Domestic
Restricted Subsidiary or other entity shall guarantee the payment and performance of the Notes at the time such Person becomes a Domestic Restricted Subsidiary or Guarantees any such Indebtedness, as applicable. 

  
 71 

 SECTION 4.21. Suspension of Covenants. Following the first day (the “Suspension
Date”) that: 
  

	 	(1)	the Notes have an Investment Grade Rating from both of the Rating Agencies, and 

 

	 	(2)	no Default has occurred and is continuing under this Indenture, 

 the Parent Company, the Company and the other Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.10 and 4.11 and clause (3) of Section 5.01
(collectively, the “Suspended Covenants”). In addition, the Subsidiary Guarantees of the Subsidiary Guarantors shall also be suspended as of the Suspension Date. In the event that the Parent Company, the Company and the other Restricted
Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating or
downgrades the rating assigned to the Notes below an Investment Grade Rating, then the Parent Company, the Company and the other Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events and
the Subsidiary Guarantees shall be reinstated. The period of time between the Suspension Date and the Reversion Date is referred to in this Indenture as the “Suspension Period”. Notwithstanding that the Suspended Covenants may be
reinstated, no Default or Event of Default shall be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the Suspension Period. The Company shall notify the Trustee of the occurrence of any Suspension Date
or Reversion Date. 
 On the Reversion Date, all Indebtedness Incurred during the Suspension Period will be classified to have been Incurred
pursuant to Section 4.03(a) or Section 4.03(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and
outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 4.03(a) or Section 4.03(b), such Indebtedness shall be deemed to have been outstanding on the Closing Date, so
that it is classified as permitted under clause (13) of Section 4.03(b). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 shall be made as though such covenant had
been in effect prior to, but not during, the Suspension Period (and, for avoidance of doubt, all Consolidated EBITDA and other amounts attributable to the Suspension Period that would otherwise increase the amount of Restricted Payments available to
be made pursuant to Section 4.04 shall be excluded in determining the amount of Restricted Payments available to be made following the Reversion Date). For purposes of determining compliance with Section 4.11, on the Reversion Date, the
Net Cash Proceeds from all Asset Sales not applied in accordance with such covenant shall be deemed to be reset to zero. 

  
 72 

 ARTICLE FIVE 
 SUCCESSOR CORPORATION 
 SECTION 5.01. When Company and the Parent Company May
Merge, Etc. Neither the Company nor the Parent Company shall consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially an
entirety in one transaction or a series of related transactions) to, any Person or permit any Person to merge with or into the Company or the Parent Company, as applicable, unless: 

(1) the Company or the Parent Company, as applicable, shall be the continuing Person, or the Person (if other than the
Company or the Parent Company, as applicable) formed by such consolidation or into which the Company or the Parent Company, as applicable, is merged or that acquired or leased its property and assets shall be a corporation organized and validly
existing under the laws of the United States of America or any jurisdiction thereof and shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, all of the obligations of the Company or the Parent Company, as
applicable, on all of the Notes or the Parent Guarantee, as applicable, and under this Indenture; 
 (2)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (3) immediately after giving effect to such transaction on a pro forma basis the Company or the Parent Company, as applicable, or any Person becoming the successor Obligor of the Notes, as the case may
be, could Incur at least $1.00 of Indebtedness under Section 4.03(a); provided, however, that this clause (3) shall not apply to: 
 (A) a consolidation, merger or sale of all (but not less than all) of the assets of the Company or the Parent Company, as applicable, if all of the Liens and Indebtedness of the Company or the Parent
Company, as applicable, or of any Person becoming the successor Obligor on the Notes, as the case may be, and their Restricted Subsidiaries outstanding immediately after such transaction would, if Incurred at such time, have been permitted to be
Incurred (and all such Liens and Indebtedness, other than the Liens and Indebtedness of the Company or the Parent Company, as applicable, and their Restricted Subsidiaries outstanding immediately prior to the transaction, shall be deemed to have
been Incurred) for all purposes of this Indenture; or 
 (B) a consolidation, merger or sale of all or
substantially all of the assets of the Company or the Parent Company, as applicable, if immediately after giving effect to such transaction on a pro forma basis, the Company or the Parent Company, as applicable, or any Person becoming the successor
Obligor on the Notes shall have a Consolidated Leverage Ratio equal to or less than the Consolidated Leverage Ratio of the Company or the Parent Company, as applicable, immediately prior to such transaction; and 

  
 73 

 (4) the Company or the Parent Company, as applicable, delivers to the
Trustee an Officers’ Certificate (attaching the arithmetic computations to demonstrate compliance with clause (3) above) and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental
indenture comply with this provision and that all conditions precedent provided for herein relating to such transaction have been complied with; 
 provided, however, that clause (3) above does not apply if, in the good faith determination of the Board of Directors of the Company or the Parent Company, as applicable, whose
determination shall be evidenced by a Board Resolution, the principal purpose of such transaction is to change the state of incorporation of the Company or the Parent Company, as applicable; and provided further, however, that
any such transaction shall not have as one of its purposes the evasion of the foregoing limitations. In addition, clause (3) shall not apply to any consolidation, merger, sale, conveyance, transfer, lease or other disposition of assets between
or among the Parent Company, the Company and any Restricted Subsidiaries. 
 SECTION 5.02. Successor Substituted. Upon
any consolidation or merger, or any sale, conveyance, transfer, lease or other disposition of all or substantially all of the property and assets of the Company or the Parent Company, as applicable, in accordance with Section 5.01 of this
Indenture, the successor Person formed by such consolidation or into which the Company or the Parent Company, as applicable, is merged or to which such sale, conveyance, transfer, lease or other disposition is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under this Indenture or of the Parent Company under the Parent Guarantee, with the same effect as if such successor Person had been named as the Company or the Parent Company,
as applicable, herein; provided that the Company or the Parent Company, as applicable, shall not be released from their obligations or covenants under this Indenture, including with respect to the payment of the principal of, premium, if any,
or interest on the Notes, in the case of: 
 (1) a sale, transfer, assignment, conveyance or other disposition
(unless such sale, transfer, assignment, conveyance or other disposition is of all the assets of the Company or the Parent Company as an entirety or substantially as an entirety) or 

(2) a lease. 

  
 74 

 ARTICLE SIX 
 DEFAULT AND REMEDIES 
 SECTION 6.01. Events of Default. Any of the
following events shall constitute an “Event of Default” hereunder: 
 (1) default in the payment of
principal of (or premium, if any, on) any Note when the same becomes due and payable at maturity, upon acceleration, redemption or otherwise; 
 (2) default in the payment of interest on any Note when the same becomes due and payable, and such default continues for a period of 30 days; 

(3) default in the performance or breach of the provisions of this Indenture applicable to mergers, consolidations and
transfers of all or substantially all of the assets of the Parent Company, the Company or the Restricted Subsidiaries or the failure to make or consummate an Offer to Purchase in accordance with Section 4.11 or 4.12; 

(4) the Company or the Parent Company defaults in the performance of or breaches any other covenant or agreement of the
Company or the Parent Company, as applicable, in this Indenture or under the Notes (other than a default specified in clause (1), (2) or (3) above), and such default or breach continues for a period of 30 consecutive days after written
notice by the Trustee to the Company or to the Company and the Trustee by the Holders of 25% or more in aggregate principal amount of the Notes; 
 (5) there occurs with respect to any issue or issues of Indebtedness of the Parent Company, the Company or any Significant Subsidiary having an outstanding principal amount of $50 million or more in the
aggregate for all such issues of all such Persons, whether such Indebtedness now exists or shall hereafter be created, (A) an event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its
Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such acceleration and/or (B) the failure to make a principal payment at the final (but not any
interim) fixed maturity and such defaulted payment shall not have been made, waived or extended within 30 days of such payment default; 
 (6) any final judgment or order (not covered by insurance) for the payment of money in excess of $70 million in the aggregate for all such final judgments or orders against all such Persons (treating any
deductibles, self-insurance or retention as not so covered) shall be rendered against the Parent Company, the Company or any Significant Subsidiary and shall not be paid or discharged, and there shall be any period of 30 consecutive days following
entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $70 million during which a stay of enforcement of such final
judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 

  
 75 

 (7) a court having jurisdiction in the premises enters a decree or order
for: 
 (A) relief in respect of the Parent Company, the Company or any Significant Subsidiary in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect; 
 (B)
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Parent Company, the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Parent Company,
the Company or any Significant Subsidiary; or 
 (C) the winding up or liquidation of the affairs of the Parent
Company, the Company or any Significant Subsidiary and, in each case, such decree or order shall remain unstayed and in effect for a period of 30 consecutive days; 

(8) the Parent Company, the Company or any Significant Subsidiary: 

(A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or consents to the entry of an order for relief in an involuntary case under any such law; 
 (B)
consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Parent Company, the Company or any Significant Subsidiary or for all or substantially all of the
property and assets of the Parent Company, the Company or any Significant Subsidiary; or 
 (C) effects any
general assignment for the benefit of creditors; or 
 (9)(a) Subsidiary Guarantees provided by Subsidiary
Guarantors that individually or together would constitute a Significant Subsidiary cease to be in full force and effect (other than in accordance with the terms of such Subsidiary Guarantees or the terms of this Indenture) or any Subsidiary
Guarantor denies or disaffirms its obligations under its Subsidiary Guarantee; or (b) the Parent Guarantee ceases to be in full force and effect or the Parent Company denies or disaffirms its obligations under the Parent Guarantee. 

SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default specified in clause (7) or (8) of
Section 6.01 that occurs with respect to the Parent Company, the Company or a Significant Subsidiary) occurs and is 

  
 76 

 
continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Company (and to the Trustee if
such notice is given by the Holders), may declare the principal of, premium, if any, and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal, premium, if any, and accrued interest shall
be immediately due and payable. 
 In the event of a declaration of acceleration because an Event of Default set forth in clause
(5) of Section 6.01 has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to clause (5) of Section 6.01
shall be remedied or cured by the Parent Company, the Company or the relevant Significant Subsidiary or waived by the holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. 

If an Event of Default specified in clause (7) or (8) of Section 6.01 above occurs with respect to the Parent Company, the
Company or any Significant Subsidiary, the principal of, premium, if any, and accrued interest on the Notes then outstanding shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any
Holder. 
 The Holders of at least a majority in principal amount of the outstanding Notes, by written notice to the Company and
to the Trustee, may waive all past Defaults with respect to the Notes and rescind and annul a declaration of acceleration and its consequences if (1) all existing Events of Default, other than the nonpayment of the principal of, premium, if
any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived and (2) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. Promptly
following any such rescission, the Company shall pay to the Trustee all amounts owing to the Trustee under Section 7.07 related to such Event of Default and acceleration, including all sums paid or advanced by the Trustee hereunder and the
reasonable compensation, expenses and disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.03.
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may, and at the direction of the Holders of at least a majority in aggregate principal amount of the outstanding Notes shall, subject to Section 6.05, pursue
any available remedy by proceeding at law or in equity to collect the payment of principal of, premium, if any, or 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.

 SECTION 6.04. Waiver of Past Defaults. Subject to Sections 6.02, 6.07 and 9.02, the Holders of at least a majority in
aggregate principal amount of the outstanding Notes, by notice to the Trustee, may waive an existing Default or Event of Default and its consequences, except a Default in the payment of 

  
 77 

 
principal of, premium, if any, or interest on any Note as specified in clause (1) or (2) of Section 6.01 or in respect of a covenant or provision of this Indenture which cannot be
modified or amended without the consent of the Holder of each outstanding Note affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION 6.05. Control by Majority. The Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred on the Trustee pursuant to this Indenture. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee
in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with
any such direction received from Holders of Notes. 
 SECTION 6.06. Limitation on Suits. A Holder may not institute any
proceeding, judicial or otherwise, with respect to this Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

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

(2) the Holders of at least 25% in aggregate principal amount of outstanding Notes shall have made a written request to
the Trustee to pursue such remedy; 
 (3) such Holder or Holders offer the Trustee indemnity satisfactory to the
Trustee against any costs, liability or expense; 
 (4) the Trustee does not comply with the request within 60
days after receipt of the request and the offer of indemnity; and 
 (5) during such 60-day period, the Holders
of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
 For purposes of Section 6.05 of this Indenture and this Section 6.06, the Trustee shall comply with TIA Section 316(a) in making any determination of whether the Holders of the required
aggregate principal amount of outstanding Notes have concurred in any request or direction of the Trustee to pursue any remedy available to the Trustee or the Holders with respect to this Indenture or the Notes or otherwise under the law.

  
 78 

 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over such other Holder. The Trustee shall mail all Holders any notice it receives from Holders under this Section 6.06. 
 SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of the principal of, premium, if any,
or interest on, such Note or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.08. Collection Suit by Trustee. If an Event of Default in payment of principal, premium or interest specified in clause
(1), (2) or (3) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as Trustee of an express trust against the Company, the Guarantors or any other Obligor of the Notes or the Parent
Guarantee or the Subsidiary Guarantees for the whole amount of principal, premium, if any, and accrued interest remaining unpaid, together with interest on overdue principal, premium, if any, and, to the extent that payment of such interest is
lawful, interest on overdue installments of interest, in each case at the rate specified in the Notes, 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, and any amounts due to the Trustee under Section 7.07. 

SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for 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) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor of the Notes), their creditors or their property and shall be entitled and empowered to collect and receive any monies, securities
or other property payable or deliverable upon conversion or exchange of the Notes or upon any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due 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. Nothing herein contained shall be deemed to empower 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 thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding; provided, however, that the Trustee may vote for the election of a trustee in bankruptcy or similar person and be a member of a creditors’ or other similar committee. 

  
 79 

 SECTION 6.10. Priorities. After an Event of Default, any money or other property
distributable in respect of the Company’s or the Guarantors’ obligations under this Indenture shall be paid in the following order: 
 First: to the Trustee for all amounts due or reasonably anticipated to become due under Section 7.07; 
 Second: to Holders for amounts then due and unpaid for principal of, premium, if any, and interest on the Notes in respect of which or for the benefit of which such money has been collected, ratably,
without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Company or any other Obligors of the Notes, as their interests may appear, or as a court of competent
jurisdiction may direct. 
 The Trustee, upon prior written notice to the Company, may fix a record date and payment date for
any payment to Holders pursuant to this Section 6.10. 
 SECTION 6.11. Undertaking for Costs. In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require any party litigant in such suit to file an undertaking to pay the
costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the outstanding Notes. 

SECTION 6.12. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then, and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, Trustee and the Holders shall continue as though no such proceeding had
been instituted. 
 SECTION 6.13. Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or wrongfully taken Notes in Section 2.09, 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. 

  
 80 

 SECTION 6.14. Delay or Omission Not Waiver. No delay or omission of the Trustee or of
any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article Six 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. 
 ARTICLE SEVEN 
 TRUSTEE 

SECTION 7.01. General. The duties and responsibilities of the Trustee shall be as provided by the TIA and as set forth herein
(including, if an Event of Default has occurred and is continuing, the duty and responsibility to use the same degree of care and skill in the Trustee’s exercise of the rights and powers vested in it under this Indenture as a prudent person
would exercise under the circumstances in the conduct of such person’s own affairs). Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. The Trustee shall not be liable with respect to any action taken or omitted to be taken in accordance with the direction of a majority in aggregate principal amount of the Notes outstanding relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture. Whether or not herein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article Seven. 
 SECTION 7.02. Certain Rights of Trustee. Subject to TIA Sections 315(a) through (d): 
 (i) the Trustee may rely, and shall be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper person; 

(ii) before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel, which shall conform to Section 11.04. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion; 

  
 81 

 (iii) the Trustee may act through its attorneys and agents and shall not be
responsible for the misconduct or negligence of any attorney or agent appointed with due care by it hereunder; 

(iv) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance
with such request or direction; 
 (v) 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 discretion or rights or powers conferred upon it by this Indenture; provided that the Trustee’s conduct does not constitute negligence or bad faith; 

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

(vii) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company personally or by agent or
attorney; 
 (viii) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a
Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

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

  
 82 

 (x) the Trustee shall not be charged with knowledge of any Default or Event
of Default under this Indenture with respect to the Notes unless either (1) a Responsible Officer of the Trustee assigned to the Corporate Trust Services department of the Trustee (or any successor division or department of the Trustee) shall
have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or any other Obligor on the Notes or by any Holder of the Notes; 

(xi) the rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be
compensated, reimbursed and 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; and 

(xii) the Trustee shall not 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 control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God,
and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 
 (xiii) the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty; 

(xiv) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture; and 
 (xv) in no event shall the Trustee be responsible or liable for any 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. 
 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 their
respective Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to TIA Sections 310(b) and 311. To the extent permitted by the Trust Indenture Act, the
Trustee shall not be deemed to have a conflicting interest with respect to any other indenture of the Company or the Guarantors. 

  
 83 

 SECTION 7.04. Trustee’s Disclaimer. The Trustee (i) makes no representation
as to the validity or adequacy of this Indenture or the Notes, the Parent Guarantee or the Subsidiary Guarantees, (ii) shall not be accountable for the Company’s use or application of the proceeds from the Notes and (iii) shall not be
responsible for any statement in the Offering Circular or in the Indenture or in the Notes other than its certificate of authentication. 
 SECTION 7.05. Notice of Default. If any Default or any Event of Default occurs and is continuing and if such Default or Event of Default is known to the Trustee, the Trustee shall mail to each
Holder in the manner and to the extent provided in TIA Section 313(c) notice of the Default or Event of Default within 90 days after it occurs, unless such Default or Event of Default has been cured or waived; provided, however,
that, except in the case of a default in the payment of the principal of, premium, if any, or interest on any Note, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders. 
 SECTION 7.06. Reports by Trustee to Holders. Within 60 days after each August 15, beginning with August 15, 2014, the Trustee shall mail to each Holder as provided in TIA
Section 313(c) a brief report dated as of such August 15, if required by TIA Section 313(a). 
 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 Commission and each stock exchange on which the Notes are listed in accordance with TIA Section 313(d). The Company shall promptly
notify the Trustee when the Notes are listed on any stock exchange or of any delisting thereof. 
 SECTION 7.07. Compensation
and Indemnity. The Company shall pay to the Trustee such compensation as shall be agreed upon in writing for its services hereunder. The compensation of the Trustee shall not be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee upon request for all reasonable disbursements, expenses and advances incurred or made by the Trustee without negligence or bad faith on its part. Such expenses shall include the reasonable compensation
and expenses of the Trustee’s agents and counsel. 
 The Company and the Guarantors shall, jointly and severally, indemnify
the Trustee for, and hold it harmless against, any loss or liability or expense incurred by it without gross negligence or bad faith on its part in connection with the acceptance or administration of this Indenture and its duties under this
Indenture and the Notes, including the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or 

  
 84 

 
any of its officers in connection with the exercise or performance of any of its powers or duties under this Indenture and the Notes. 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, unless the Company or any Guarantor is materially prejudiced thereby. The Company shall defend the claim and
the Trustee shall cooperate in the defense. Unless otherwise set forth herein, the Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor shall be required
to pay for any settlement made without their consent, which consent shall not be unreasonably withheld. Neither the Company nor any Guarantor shall be required to reimburse any expense or indemnity against loss or liability incurred by the Trustee
through gross negligence or bad faith. 
 To secure the Company’s payment obligations 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, in its capacity as Trustee, except money or property held in trust to pay principal of, premium, if any, and interest on particular Notes.

 If the Trustee incurs expenses or renders services after the occurrence of an Event of Default specified in clause
(7) or (8) of Section 6.01, the expenses and the compensation for the services will be intended to constitute expenses of administration under Title 11 of the United States Bankruptcy Code or any applicable federal or state law for
the relief of debtors. 
 The provisions of this Section 7.07 shall survive the resignation or removal of the Trustee and
the termination of this Indenture. 
 The Trustee shall comply with the provisions of TIA Section 313(b)(2) to the extent
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 at any time by so notifying the Company in writing at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the outstanding
Notes may remove the Trustee by so notifying the Trustee in writing and may appoint a successor Trustee with the consent of the Company. The Company may remove the Trustee if: (i) the Trustee is no longer eligible under Section 7.10;
(ii) the Trustee is adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. 

  
 85 

 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 outstanding Notes may appoint a successor Trustee to replace the
successor Trustee appointed by the Company. If the successor Trustee does not deliver its written acceptance required by the next succeeding paragraph of this Section 7.08 within 30 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company or the Holders of a majority in principal amount of the outstanding Notes may, at the expense of the Company, petition any court of competent jurisdiction for 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. Immediately after
the delivery of such written acceptance, subject to the lien provided in Section 7.07, (i) the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, (ii) the resignation or removal of the
retiring Trustee shall become effective and (iii) the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder. No successor
Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 If the Trustee is no longer eligible under Section 7.10 or shall fail to comply with TIA Section 310(b), any Holder who satisfies the requirements of TIA Section 310(b) may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.08, the Trustee shall resign
immediately in the manner and with the effect provided in this Section. 
 The Company or successor Trustee shall give notice of
any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 

Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligation under Section 7.07
shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger, Etc. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking
association without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein; provided, that such corporation shall be otherwise qualified and eligible under this
Article. 
 SECTION 7.10. Eligibility. This Indenture shall always have a Trustee who satisfies the requirements of TIA
Section 310(a)(1). The Trustee shall have a combined capital and surplus of at least $50 million as set forth in its most recent 

  
 86 

 
published annual report of condition that is subject to the requirements of applicable federal or state supervising or examining authority. If at any time the Trustee shall cease to be eligible
in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in this Article. 
 SECTION 7.11. Money Held in Trust. 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 and except for money held in trust under Article Eight of this Indenture. 
 ARTICLE EIGHT 
 DISCHARGE OF INDENTURE 

SECTION 8.01. Termination of Company’s Obligations. This Indenture will be discharged and will cease to be of further effect
as to all Notes issued thereunder when: 
 (1) either: 

(A) all Notes previously authenticated and delivered (other than destroyed, lost or stolen Notes that have been replaced,
Notes that are paid pursuant to Section 4.01 and Notes for whose payment money or securities have theretofore been deposited in trust and thereafter repaid to the Company, as provided in Section 8.05) have been delivered to the Trustee for
cancellation and the Company or any other Obligor has paid all sums payable under this Indenture, or 
 (B) the
Notes mature within one year or all of them are to be called for redemption within one year under arrangements satisfactory to the Trustee for giving the notice of redemption and the Company or any other Obligor has irrevocably deposited with the
Trustee, under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, as trust funds in trust solely for the benefit of the Holders for that purpose, money or U.S. Government Obligations sufficient
(accompanied by a report delivered to the Trustee from a nationally recognized firm of independent public accountants (which may be the regularly employed accountants of the Company) regarding the calculation of the amount deposited in comparison to
the interest, premium, maturity and other terms of this Indenture), without consideration of any reinvestment of interest, to pay principal, premium, if any, and interest on the Notes to the date of maturity or redemption, as the case may be, and to
pay all other sums payable under this Indenture; 

  
 87 

 (2) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company or any other Obligor is a party or by which the Company or
any other Obligor is bound; and 
 (3) the Company has delivered irrevocable instructions to the Trustee to apply
the deposited money toward the payment of the Notes at maturity or the Redemption Date, as applicable. 
 In addition, the
Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge of this Indenture have been satisfied. 

With respect to the foregoing clause (1)(A), the Company’s obligations under Section 7.07 shall survive. With respect to the
foregoing clause (1)(B), the Company’s obligations in Sections 2.02, 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 2.14, 4.01, 4.02, 7.07, 7.08, 8.04, 8.05 and 8.06 shall survive until the Notes are no longer outstanding. Thereafter, only the
Company’s obligations in Sections 7.07, 8.04, 8.05 and 8.06 shall survive. After any such irrevocable deposit and delivery of an Officers’ Certificate and an Opinion of Counsel, the Trustee upon request shall acknowledge in writing the
discharge of the Company’s obligations under the Notes and this Indenture except for those surviving obligations specified above. 
 SECTION 8.02. Defeasance and Discharge of Indenture. The Obligors will be deemed to have paid and will be discharged from any and all obligations in respect of the Notes on the 123rd day after the
date of the deposit referred to in clause (1) of this Section 8.02, and the provisions of this Indenture will no longer be in effect with respect to the Notes, and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same if: 
 (1) with reference to this Section 8.02, the Company has
irrevocably deposited with the Trustee, in trust, money and/or U.S. Government Obligations that through the payment of interest and principal in respect thereof in accordance with their terms will provide money in an amount sufficient (accompanied
by a report delivered to the Trustee from a nationally recognized firm of independent public accountants (which may be the regularly employed accountants of the Company) regarding the calculation of the amount deposited in comparison to the
interest, premium, maturity and other terms of this Indenture) to pay the principal of, premium, if any, and interest on the Notes on the Stated Maturity of such payments in accordance with the terms of this Indenture and the Notes; 

(2) the Company has delivered to the Trustee 

(A) either (i) an Opinion of Counsel to the effect that Holders will not recognize income, gain or loss for federal
income tax purposes as a result of the Company’s exercise of its option under this Section 8.02 and will be subject to federal income tax on the same amount and in the 

  
 88 

 
same manner and at the same times as would have been the case if such deposit and defeasance had not occurred, which Opinion of Counsel must be based upon (and accompanied by a copy of) a ruling
of the Internal Revenue Service (the “IRS”) to the same effect unless there has been a change in applicable federal income tax law after the Closing Date such that a ruling is no longer required or (ii) a ruling directed to the
Trustee received from the IRS to the same effect as the aforementioned Opinion of Counsel, and 
 (B) an Opinion
of Counsel to the effect that the creation of the defeasance trust does not violate the Investment Company Act of 1940 and, after the passage of 123 days following the deposit, the trust funds will not be subject to the effect of Section 547 of
the United States Bankruptcy Code or Section 15 of the New York Debtor and Creditor Law; 
 (3) immediately
after giving effect to such deposit on a pro forma basis, no Default or Event of Default shall have occurred and be continuing on the date of such deposit or during the period ending on the 123rd day after the date of such deposit, and such deposit
shall not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company, the Parent Company or any of their Subsidiaries is a party or by which the Company, the Parent
Company or any of their Subsidiaries is bound; and 
 (4) if at such time the Notes are listed on a national
securities exchange, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Notes will not be delisted as a result of such deposit, defeasance and discharge; and 

(5) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating
that all conditions precedent provided for herein relating to the defeasance contemplated by this Section 8.02 have been complied with. 
 Notwithstanding the foregoing, prior to the end of the 123-day period referred to in clause (2)(B) of this Section 8.02, none of the Company’s or the Parent Company’s obligations under
this Indenture shall be discharged. Subsequent to the end of such 123-day period with respect to this Section 8.02, the Company’s obligations in Sections 2.02, 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 2.14, 4.01, 4.02, 7.07, 7.08, 8.04,
8.05, 8.06 and the rights, powers, trusts, duties and immunities of the Trustee hereunder shall survive until the Notes are no longer outstanding. Thereafter, only the Company’s obligations in Sections 7.07, 8.04, 8.05 and 8.06 shall survive.
If and when a ruling from the IRS or an Opinion of Counsel referred to in clause (2)(A) of this Section 8.02 is able to be provided specifically without regard to, and not in reliance upon, the continuance of the Company’s obligations
under Section 4.01, then the Company’s obligations under such Section 4.01 shall cease upon delivery to the Trustee of such ruling or Opinion of Counsel and compliance with the other conditions precedent provided for herein relating
to the defeasance contemplated by this Section 8.02. 

  
 89 

 After any such irrevocable deposit and delivery of an Officers’ Certificate and an
Opinion of Counsel pursuant to clause (5) of this Section 8.02, the Trustee upon request shall acknowledge in writing the discharge of the Company’s obligations under the Notes and this Indenture except for those surviving obligations
in the immediately preceding paragraph. 
 SECTION 8.03. Defeasance of Certain Obligations. The provisions of this
Indenture will no longer be in effect with respect to clause (3) of Section 5.01 and Sections 4.03 through 4.12 and Section 4.20, and clause (3) of Section 6.01 with respect to clause (3) of Section 5.01, clause
(4) of Section 6.01 with respect to Sections 4.03 through 4.12 and Section 4.20, and clauses (5) and (6) of Section 6.01 shall be deemed not to be Events of Default, in each case, with respect to the outstanding Notes
if: 
 (1) with reference to this Section 8.03, the Company has irrevocably deposited with the Trustee, in
trust, money and/or U.S. Government Obligations that through the payment of interest and principal in respect thereof in accordance with their terms will provide money in an amount sufficient (accompanied by a report delivered to the Trustee from a
nationally recognized firm of independent public accountants (which may be the regularly employed accountants of the Company) regarding the calculation of the amount deposited in comparison to the interest, premium, maturity and other terms of this
Indenture) to pay the principal of, premium, if any, and interest on the Notes on the Stated Maturity of such payments in accordance with the terms of this Indenture and the Notes; 

(2) the Company has delivered to the Trustee an Opinion of Counsel to the effect that (A) the creation of the
defeasance trust does not violate the Investment Company Act of 1940, (B) after the passage of 123 days following the deposit, the trust funds will not be subject to the effect of Section 547 of the United States Bankruptcy Code or
Section 15 of the New York Debtor and Creditor Law, (C) the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance of certain covenants and Events of Default and will be
subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred and (D) the Trustee, for the benefit of the Holders, has a valid
first-priority security interest in the trust funds; 
 (3) immediately after giving effect to such deposit on a
pro forma basis, no Default or Event of Default shall have occurred and be continuing on the date of such deposit or during the period ending on the 123rd day after the date of such deposit, and such deposit shall not result in a breach or violation
of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company, the Parent Company or any of their Subsidiaries is a party or by which the Company, the Parent Company or any of their Subsidiaries is
bound; 

  
 90 

 (4) if at such time the Notes are listed on a national securities exchange,
the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Notes will not be delisted as a result of such deposit, defeasance and discharge; and 

(5) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating
that all conditions precedent provided for herein relating to the defeasance contemplated by this Section 8.03 have been complied with. 
 SECTION 8.04. Application of Trust Money. Subject to Sections 8.05 and 8.06, the Trustee or Paying Agent shall hold in trust money or U.S. Government Obligations deposited with it pursuant to
Section 8.01, 8.02 or 8.03, as the case may be, and shall apply the deposited money and the money from U.S. Government Obligations in accordance with the Notes and this Indenture to the payment of principal of, premium, if any, and interest on
the Notes; but such money need not be segregated from other funds except to the extent required by law. 
 SECTION 8.05.
Repayment to Company. Subject to Sections 7.07, 8.01, 8.02 and 8.03, the Trustee and the Paying Agent shall promptly pay to the Company upon request set forth in an Officers’ Certificate any excess money held by them at any time and
thereupon shall be relieved from all liability with respect to such money. The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal, premium, if any, or interest that remains
unclaimed for two years; provided that the Trustee or Paying Agent before being required to make any payment may cause to be published at the expense of the Company once in a newspaper of general circulation in The City of New York or mail to
each Holder entitled to such money at such Holder’s address (as set forth in the Security Register) notice that such money remains unclaimed and that after a date specified therein (which shall be at least 30 days from the date of such
publication or mailing) any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Holders entitled to such money must look to the Company for payment as general creditors unless an applicable law
designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 

SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with Section 8.01, 8.02 or 8.03, as the case may be, 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 obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01, 8.02 or 8.03, as the case may be,

  
 91 

 
until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with Section 8.01, 8.02 or 8.03, as the case may be;
provided that, if the Company has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 
 ARTICLE NINE

 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 SECTION 9.01. Without Consent of the Holders. The Company, the Parent Company and the Subsidiary Guarantors, when authorized by a resolution of their Boards of Directors (as evidenced by Board
Resolutions), and the Trustee may amend or supplement this Indenture or the Notes without notice to or the consent of any Holder: 
 (1) to cure any ambiguity, defect or inconsistency in this Indenture; provided that such amendments or supplements shall not, in the good faith opinion of the Board of Directors of the Parent Company as
evidenced by a Board Resolution, adversely affect the interests of the Holders in any material respect; 
 (2) to
comply with Article Five; 
 (3) to comply with any requirements of the Commission in connection with the
qualification of this Indenture under the TIA; 
 (4) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee; 
 (5) to provide for uncertificated Notes in addition to or in place of
certificated Notes; 
 (6) to add one or more additional Guarantees on the terms required by this Indenture;

 (7) to make any change that, in the good faith opinion of the Board of Directors of the Parent Company as
evidenced by a Board Resolution, does not materially and adversely affect the rights of any Holder; or 
 (8) to
conform the text of this Indenture, the Notes, the Parent Guarantee or any Subsidiary Guarantee to any provision in the section of the Offering Circular entitled “Description of 2023 Notes” to the extent that such provision in the section
of the Offering Circular entitled “Description of 2023 Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes, the Parent Guarantee or any Subsidiary Guarantee. 

  
 92 

 SECTION 9.02. With the Consent of Holders. Subject to Sections 6.04 and 6.07, the
Company, the Parent Company and the Subsidiary Guarantors, when authorized by their Boards of Directors (as evidenced by a Board Resolution), and the Trustee may modify or amend this Indenture and the Notes with the written consent of the Holders of
not less than a majority in aggregate principal amount of the Notes then outstanding. 
 Notwithstanding the foregoing
provisions of this Section 9.02, without the consent of each Holder affected, an amendment or waiver, including a waiver pursuant to Section 6.04, may not: 

(1) change the Stated Maturity of the principal of, or any installment of interest on, any Note; 

(2) reduce the principal amount of, or interest or premium, if any, on, any Note; 

(3) change the place or currency of payment of principal of, or interest or premium, if any, on, any Note; 

(4) impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case
of a redemption, on or after the Redemption Date) of any Note or the Parent Guarantee or any Subsidiary Guarantee; 
 (5) reduce the above-stated percentage of outstanding Notes, the consent of whose Holders is necessary to modify or amend this Indenture; 

(6) waive a default in the payment of principal of, or interest or premium, if any, on, the Notes or modify any provisions
of this Indenture relating to modification or amendment thereof; 
 (7) release the Parent Guarantee or any
Subsidiary Guarantee other than pursuant to the terms of this Indenture; or 
 (8) reduce the percentage or
aggregate principal amount of outstanding Notes, the consent of whose Holders is necessary for waiver of compliance with this Indenture or for waiver of defaults. 
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement 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 affected thereby a notice briefly describing the amendment, supplement or waiver. The Company will mail supplemental indentures to Holders upon request. 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 supplemental indenture or waiver. 

  
 93 

 SECTION 9.03. Revocation and Effect of Consent. Until an amendment or waiver becomes
effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the Note of the consenting Holder, even if notation of the consent is not made on
any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note or portion of its Note. Such revocation shall be effective only if the Trustee receives the notice of revocation before the date the amendment, supplement
or waiver becomes effective. An amendment, supplement or waiver shall become effective on receipt by the Trustee of written consents from the Holders of the requisite percentage in principal amount of the outstanding Notes. 

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 last two sentences of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies) and only those
Persons shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be Holders after such record date. No such consent shall be valid or effective for more
than 90 days after such record date. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Holder
unless it is of the type described in the second paragraph of Section 9.02. In case of an amendment or waiver of the type described in the second paragraph of Section 9.02, the amendment or waiver shall bind each Holder who has consented
to it and every subsequent Holder of a Note that evidences the same indebtedness as the Note of the consenting Holder. 

SECTION 9.04. Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Trustee may
require the Holder to deliver such Note to the Trustee. At the Company’s expense, the Trustee may place an appropriate notation on the Note about the changed terms and return it to the Holder and the Trustee may place an appropriate notation on
any Note thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue, and the Trustee shall authenticate, a new Note that reflects the changed terms. 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 9.05. Trustee to Sign Amendments, Etc. The Trustee shall be entitled to receive, and shall be fully protected in relying
upon, an Opinion of Counsel complying with Section 11.03 and stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article Nine is authorized or permitted by this Indenture and that it will be valid and
binding upon the Company. Subject to the preceding sentence, the Trustee shall sign such amendment, supplement or waiver if the same does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Trustee may, but shall
not be obligated to, execute any such amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

  
 94 

 SECTION 9.06. Conformity with Trust Indenture Act. Every supplemental indenture
executed pursuant to this Article Nine shall conform to the requirements of the TIA as then in effect. 
 ARTICLE TEN 

NOTE GUARANTEES 

SECTION 10.01. Note Guarantees. Subject to this Article Ten, each Guarantor hereby, jointly and severally, fully and
unconditionally guarantees to each Holder of a Note 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 hereunder or thereunder, that:

 (a) the principal of, and premium, if any, and interest on, the Notes will be promptly paid in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the overdue premium, if any, 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 will be
promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (b) in the case of any extension
of time of payment or renewal of any Notes or any of such other obligations, that the same will 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, such
Guarantor shall be obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 Subject to Section 10.02, each Guarantor hereby agrees that its 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 that 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 covenant that this Note Guarantee shall not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture. 
 If any Holder or the Trustee is required by any court or otherwise to return to
the Company, each Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or any Guarantor, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and effect. 

  
 95 

 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 Holders and the Trustee, (x) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article Six for the purposes of this Note Guarantee, notwithstanding any stay, 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 Six, such obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purpose of this Note
Guarantee. 
 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 this Note Guarantee does not constitute a fraudulent transfer or conveyance for purposes of the United States Bankruptcy Code, 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 each Guarantor hereby irrevocably agree that the obligations of each
Guarantor under this Note Guarantee and this Article Ten shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of each Guarantor that are relevant under such laws,
result in the obligations of such Guarantor under this Note Guarantee to not constitute a fraudulent transfer or conveyance. 

SECTION 10.03. Execution and Delivery of Note Guarantees. Each Guarantor hereby agrees that its execution and delivery of this
Indenture or any supplemental indentures pursuant to Sections 4.07 and 4.20 and this Section 10.03 shall evidence its Note Guarantee set forth in Section 10.01 without the need for any further notation on the Notes. 

Each of the Guarantors hereby agrees that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation relating to such Note Guarantee. 
 If an Officer of a Guarantor
whose signature is on this Indenture or any supplemental indenture no longer holds that office at the time the Trustee authenticates the Notes or at any time thereafter, such Guarantor’s Note Guarantee shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee
set forth in this Indenture on behalf of each Guarantor. 

  
 96 

 In the event that the Company or the Parent Company creates or acquires any new Restricted
Subsidiaries subsequent to the date of this Indenture, if required by Section 4.07 or 4.20, the Parent Company and the Company jointly and severally agree to cause such Restricted Subsidiaries to execute supplemental indentures to this
Indenture and Note Guarantees in accordance with Section 4.07 or 4.20 and this Article Ten, to the extent applicable. In addition, the Parent Company and the Company jointly and severally agree to use best efforts to obtain all regulatory
approvals required in respect of the granting of, and if such approvals are granted to cause the grant of, a Subsidiary Guarantee by each of tw telecom of hawaii l.p. and tw telecom of new jersey l.p. by a supplemental indenture to this Indenture on
or prior to the date that is 120 days following the Closing Date or as soon thereafter as practicable. 
 SECTION 10.04.
Release of Subsidiary Guarantor. (a) Any Subsidiary Guarantor shall be released and relieved of any obligations under its Subsidiary Guarantee, 
 (i) upon any sale or other disposition (in a transaction that complies with this Indenture) by the Parent Company, the Company and their Restricted Subsidiaries of their Capital Stock or other ownership
interests in such Subsidiary Guarantor such that such Subsidiary Guarantor immediately following such sale or disposition ceases to be a Subsidiary of any such entity; 

(ii) upon the sale of all or substantially all of the assets of such Subsidiary in a transaction that complies with this
Indenture; 
 (iii) if the Company properly designates that Subsidiary Guarantor as an Unrestricted Subsidiary
under this Indenture; or 
 (iv) upon the release or discharge of the Guarantee which resulted in the creation of
such Subsidiary Guarantee pursuant to Section 4.07(b) hereof, except a discharge or release by or as a result of payment under such Guarantee. 
 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that one of the foregoing requirements has been satisfied and the conditions to the
release of a Subsidiary Guarantor under this Section 10.04 have been met, the Trustee shall execute any documents reasonably required in order to evidence the release of such Subsidiary Guarantor from its obligations under its Subsidiary
Guarantee. If the Note Guarantee of any Subsidiary Guarantor is deemed to be released or is automatically released, the Company shall deliver to the Trustee an Officers’ Certificate stating the identity of the released Subsidiary Guarantor, the
basis for release in reasonable detail, and that such release complies with this Indenture. 

  
 97 

 (b) Any Subsidiary Guarantor not released, in accordance with the terms of
this Indenture, from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of, interest and premium, if any, on the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as
provided in this Article Ten. 
 ARTICLE ELEVEN 
 MISCELLANEOUS 
 SECTION 11.01. Trust Indenture Act of 1939. Prior to the
effectiveness of the Registration Statement, this Indenture shall incorporate and be governed by the provisions of the TIA that are required to be part of and to govern indentures qualified under the TIA. After the effectiveness of the Registration
Statement, this Indenture shall be subject to the provisions of the TIA that are required to be a part of this Indenture and shall, to the extent applicable, be governed by such provisions. 

SECTION 11.02. Notices. Any notice or communication shall be sufficiently given if in writing and delivered in person, mailed by
first-class mail or sent by facsimile transmission, or delivered by a national courier service that provides next day delivery, addressed as follows: 
 if to the Company or the Parent Company: 
 tw telecom inc.

 10475 Park Meadows Drive 

Littleton, CO 80124 
 Fax No.: (303) 803-9636 
 Attention: Tina A. Davis, Esq.

 if to the Trustee: 

Wells Fargo Bank, National Association 

10 South Wacker Drive, 13th Floor 
 Chicago, Illinois 60606 
 Fax No: (312) 726-2158 

Attention: Corporate Trust Services 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication mailed to a Holder shall be mailed to it at its address as it appears on the Security Register by first-class
mail or delivered by a national courier service that provides next day delivery and shall be sufficiently given to him if so mailed within the time prescribed. Any notice or communication shall also be so mailed to any Person described in TIA
Section 313(c), to the extent required by the TIA. Copies of any such communication or notice to a Holder shall also be mailed to the Trustee and each Agent at the same time. Where this Indenture or any Note provides for notice of any event

  
 98 

 
(including any notice of redemption or an Offer to Purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or
its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with its operational arrangements or other applicable Depositary procedures. 

Failure to mail notice or communication to a Holder as provided herein or any defect in any such notice or communication shall not affect
its sufficiency with respect to other Holders. Except for a notice to the Trustee, which is deemed given only when received, and except as otherwise provided in this Indenture, if a notice or communication is mailed in the manner provided in this
Section 11.02, it is duly given, whether or not the addressee receives it. 
 Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case
by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder. 
 Holders may communicate pursuant to TIA 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 TIA Section 312(c). 
 SECTION 11.03. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish
to the Trustee: 
 (i) an Officers’ Certificate stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(ii) an Opinion of Counsel stating that, in the opinion of such Counsel, all such conditions precedent have been complied
with. 
 SECTION 11.04. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture shall include: 

  
 99 

 (i) a statement that each person signing such certificate or opinion has
read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the
nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based; 
 (iii) a statement that, in the opinion of each such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not
such covenant or condition has been complied with; and 
 (iv) a statement as to whether or not, in the opinion
of each such person, such condition or covenant has been complied with; provided, however, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials.

 SECTION 11.05. 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 or may be
embodied in or evidenced by an electronic transmission which identifies the documents containing the proposal on which such consent is requested and certifies such Holders’ consent thereto and agreement to be bound thereby; and except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Company. Proof of execution of any such instrument or of a writing
appointing any such agent 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. 

(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 to 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 an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Security Register. 

  
 100

 (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 or the Holder of every Note issued upon the transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, suffered or omitted to be done by the
Trustee, any Paying Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 

(e) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other action,
the Company may, at its option, by Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have
no obligation to do so. Notwithstanding TIA Section 316(c), any such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not more than 30 days prior to the first solicitation of Holders
generally in connection therewith and no later than the date such solicitation is completed. 
 If such a record date is fixed,
such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for the
purposes of determining whether Holders of the requisite proportion of Notes outstanding have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the
Notes outstanding shall be computed as of the record date; provided that no such authorization, agreement or consent by the Holders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of
this Indenture not later than six months after the record date, and that no such authorization, agreement or consent may be amended, withdrawn or revoked once given by a Holder, unless the Company shall provide for such amendment, withdrawal or
revocation in conjunction with such solicitation of authorizations, agreements or consents or unless and to the extent required by applicable law. 
 (f) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind the Holder of every Note issued upon the registration of transfer thereof or
in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Trustee or the Company in reliance thereon whether or not notation of such action is made upon such Note. 

SECTION 11.06. Rules by Trustee, Paying Agent or Registrar. The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Paying Agent or Registrar may make reasonable rules for its functions. 
 SECTION 11.07. Payment Date Other Than
a Business Day. If an Interest Payment Date, Redemption Date, Payment Date, Stated Maturity or date of maturity of any Note shall not be a Business Day, then payment of principal of, 

  
 101

 
premium, if any, or interest on such Note, as the case may be, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on
the Interest Payment Date, Payment Date or Redemption Date, or at the Stated Maturity or date of maturity of such Note; provided that no interest shall accrue with respect to such payment for the period from and after such Interest Payment
Date, Payment Date, Redemption Date, Stated Maturity or date of maturity, as the case may be. 
 SECTION 11.08.
Governing Law. This Indenture, the Parent Guarantee, the Subsidiary Guarantees and the Notes shall be governed by the laws of the State of New York. The Trustee, the Company, the Guarantors and the Holders agree to submit to the jurisdiction
of the courts of the State of New York in any action or proceeding arising out of or relating to this Indenture, the Parent Guarantee, the Subsidiary Guarantees or the Notes. 
 SECTION 11.09. No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement of the Parent Company or the Company or any
Subsidiary of the Parent Company or the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 11.10. No Recourse Against Others. No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes, or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of the Parent Company, the Company or any Subsidiary Guarantor contained in this Indenture or in any of the Notes, or because of the creation of any Indebtedness
represented thereby, shall be had against any incorporator or against any past, present or future partner, stockholder, other equityholder, officer, director, employee or controlling person, as such, of either the Parent Company, the Company or any
Subsidiary Guarantor, or of any successor Persons, either directly or through the Parent Company, the Company or any Subsidiary Guarantor, or any successor Persons, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly understood that all such liability is, without impairing any Guarantee of the Notes, hereby expressly waived and released as a condition of, and as a consideration for, the execution of
this Indenture and the issue of the Notes. 
 SECTION 11.11. Successors. All agreements of the Parent Company, the
Company or the Subsidiary Guarantors in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successor. 

SECTION 11.12. Duplicate 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. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
 102

 SECTION 11.13. Separability. 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 11.14. 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 hereof and shall in no way modify or restrict any of the terms and provisions hereof. 
 SECTION 11.15. USA PATRIOT Act. The Company and the Guarantors acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order
to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this
Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 

  
 103

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

 

			
	tw telecom holdings inc.
		
	        by	 	/s/ Tina Davis
		 	Name: Tina Davis
		 	 Title: Senior Vice President

and General Counsel

  

			
	tw telecom inc.
		
	        by	 	/s/ Tina Davis
		 	Name: Tina Davis
		 	 Title: Senior Vice President

and General Counsel

  

			
	 tw holdings II llc

tw telecom of arizona llc
 tw telecom of colorado
llc
 tw telecom of idaho llc
 tw
telecom of iowa llc
 tw telecom of illinois llc
 tw telecom of minnesota llc
 tw telecom of new mexico llc

tw telecom of ohio llc
 tw telecom of oregon
llc
 tw telecom of south carolina llc

tw telecom of tennessee llc
 tw telecom of texas
llc
 tw telecom of utah llc
 tw telecom
of washington llc
 tw telecom data services llc
 tw telecom management co. llc

		
	        by:	 	tw telecom holdings inc., its sole member

  

			
	 tw telecom of california l.p.
 tw telecom of florida l.p.
 tw telecom of georgia l.p.

tw telecom of indiana l.p.
 tw telecom of new
york l.p.
 tw telecom of north carolina l.p.
 tw telecom of wisconsin l.p.
 tw telecom l.p. 

	
	        by: tw telecom holdings inc., its general partner
		
	        by	 	/s/ Tina Davis
		 	 Name: Tina Davis
 Title:
Senior Vice President
 and General Counsel

 
			
	 tw telecom of alabama llc
 tw telecom of arkansas ll
 tw telecom of d.c. llc

tw telecom of kansas city llc
 tw telecom of
kentucky llc
 tw telecom of louisiana llc
 tw telecom of maryland llc
 tw telecom of mississippi llc

tw telecom of nevada llc
 tw telecom of oklahoma
llc
 tw telecom of virginia llc

	
	        by: tw telecom management co. llc, its sole member
		
	        by	 	/s/ Tina Davis
		 	 Name: Tina Davis
 Title:
Senior Vice President
 and General Counsel

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Trustee
		
	 by
	 	/s/ Gregory S. Clarke
		 	Name: Gregory S. Clarke
		 	Title: Vice PresidentEX-4.3

 Exhibit 4.3 
 $450,000,000 
 tw telecom holdings inc. 

5.375% Senior Notes due 2022 
 REGISTRATION RIGHTS AGREEMENT 
 August 26, 2013 

CREDIT SUISSE SECURITIES (USA) LLC 
 MORGAN STANLEY & CO. LLC 

WELLS FARGO SECURITIES, LLC, 
     As Representatives of the Several Purchasers, 

        c/o Credit Suisse Securities (USA) LLC (“Credit Suisse”), 

            Eleven Madison Avenue, 
                 New York, N.Y. 10010-3629 
 Dear Sirs and Mesdames: 
 tw telecom holdings inc., a Delaware corporation
(the “Issuer”), proposes to issue and sell to the several initial purchasers named in Schedule A to the Purchase Agreement (collectively, the “Initial Purchasers”), upon the terms set forth in a purchase
agreement dated as of August 12, 2013 (the “Purchase Agreement”), $450,000,000 aggregate principal amount of its 5.375% Senior Notes due 2022 (the “Initial Securities”) to be unconditionally guaranteed (the
“Guarantees”) by tw telecom inc., the parent of the Company (“TWT Inc.”), and certain subsidiaries of TWT Inc. listed in Schedules C-1 and C-2 to the Purchase Agreement (together with TWT Inc.,
the “Guarantors”, and the Guarantors together with the Issuer, the “Company”). The Initial Securities will be issued pursuant to an Indenture dated as of August 26, 2013 (the “Indenture”),
among the Issuer, the Guarantors and Wells Fargo Bank, National Association (the “Trustee”). As an inducement to the Initial Purchasers, the Issuer and the Guarantors agree with the Initial Purchasers, for the benefit of the holders
of the Initial Securities (including the Initial Purchasers), the Exchange Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively the “Holders”), as follows: 

1. Registered Exchange Offer. The Company shall, at its own cost, prepare and, not later than 180 days after (or if the
180th day is not a business day, the first business day thereafter) the date of original issue of the Initial Securities (the “Issue Date”), file with the Securities and Exchange Commission (the “Commission”) a
registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with respect to a proposed offer (the
“Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer,
to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities (the “Exchange Securities”) of the Company issued under the Indenture and identical in all material
respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating to the matters described in Section 6 hereof) that would be registered under the Securities Act. The Company
shall use its reasonable best efforts to cause such Exchange Offer Registration Statement to become effective under the Securities Act within 270 days (or if the 270th day is not a business day, the first business day thereafter) after the Issue
Date of the Initial Securities and shall keep the Registered Exchange Offer open for not less than 20 business days (or longer, if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such
period being called the “Exchange Offer Registration Period”). 

 If the Company effects the Registered Exchange Offer, the Company will be entitled to close
the Registered Exchange Offer 20 business days after the commencement thereof provided that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer. 

Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the
Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in Section 6 hereof) electing to exchange the Initial Securities for Exchange Securities
(assuming that such Holder is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements with any person to participate in
the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or
restrictions under the Securities Act and without material restrictions under the securities laws of the several states of the United States. 
 The Company acknowledges that, pursuant to current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom,
(i) each Holder which is a broker-dealer electing to exchange Securities, acquired for its own account as a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is
required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section,
and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an
Initial Purchaser that elects to sell Exchange Securities acquired in exchange for Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the information required by Items 507 or 508 of Regulation
S-K under the Securities Act, as applicable, in connection with such sale. 
 The Company shall use its reasonable best efforts
to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of
the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must
be delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days and the date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is
extended pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement thereto, available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period
of not less than 90 days after the consummation of the Registered Exchange Offer. 
 If, upon consummation of the Registered
Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and
deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange (the “Private Exchange”) for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of the
Company issued under the Indenture and identical in all material respects (including the existence of restrictions on transfer under the Securities Act and the securities laws of the several states of the United States, but excluding provisions
relating to the matters described in Section 6 hereof) to the Initial Securities (the “Private Exchange Securities”). The Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively
called the “Securities”. 
 In connection with the Registered Exchange Offer, the Company shall: 

(a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents; 

  
 2 

 (b) keep the Registered Exchange Offer open for not less than 20
business days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 

(c) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of
Manhattan, The City of New York, which may be the Trustee or an affiliate of the Trustee; 
 (d) permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain open; and 

(e) otherwise comply with all applicable laws. 

As soon as reasonably practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the
Company shall: 
 (x) accept for exchange all the Securities validly tendered and not withdrawn pursuant to
the Registered Exchange Offer and the Private Exchange; 
 (y) deliver to the Trustee for cancellation all
the Initial Securities so accepted for exchange; and 
 (z) cause the Trustee to authenticate and deliver
promptly to each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 

The Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and
that all the Securities will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another on any matter. 

Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in the Private
Exchange will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from April 1, 2013. 

Each Holder participating in the Registered Exchange Offer shall be required to represent to the Company that at the time of the
consummation of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person to
participate in the distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company or if it is
an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to
engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 
 Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and any
supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and any amendment thereto does not, when it becomes effective, contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement,
and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. 

  
 3 

 2. Shelf Registration. If, (i) because of any change in law or in
applicable interpretations thereof by the staff of the Commission, the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Registered Exchange Offer is not consummated within 300
days of the Issue Date, (iii) any Initial Purchaser so requests with respect to the Initial Securities (or the Private Exchange Securities) not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer and held by it
following consummation of the Registered Exchange Offer or (iv) any Holder (other than an Exchanging Dealer) is not eligible to participate in the Registered Exchange Offer or, in the case of any Holder (other than an Exchanging Dealer) that
participates in the Registered Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the date of the exchange, the Company shall take the following actions: 

(a) The Company shall, at its cost, as promptly as practicable (but in no event more than 60 days after so required
or requested pursuant to this Section 2) file with the Commission and thereafter shall use its reasonable best efforts to cause to be declared effective (unless it becomes effective automatically upon filing) a registration statement (the
“Shelf Registration Statement” and, together with the Exchange Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer
Restricted Securities (as defined in Section 6 hereof) by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the
“Shelf Registration”); provided, however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be
bound by all the provisions of this Agreement applicable to such Holder. 
 (b) The Company shall use its
reasonable best efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of two years (or for such
longer period if extended pursuant to Section 3(j) below) from the Issue Date or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or
(ii) the earliest date that is no less than two years after the Issue Date and on which all such Securities (except for Securities held by an affiliate of the Company) are no longer subject to any restrictions on transfer under the Securities
Act, including those pursuant to Rule 144. The Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result
in Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless such action is required by applicable law. 
 (c) Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration Statement and the related prospectus and any amendment or supplement
thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission and
(ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading. 
 (d) Notwithstanding the foregoing provisions of this Section 2, if TWT Inc. furnishes to
each Holder a certificate signed by TWT Inc.’s chief executive officer stating that in the good faith judgment of TWT Inc.’s Board of Directors it would be materially detrimental to TWT Inc. and its stockholders for a Shelf Registration
Statement to be filed, become effective, or remain effective because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving TWT Inc.; (ii) require
premature disclosure of material information that TWT Inc. has a bona fide business purpose for preserving as confidential; or (iii) render TWT Inc. unable to comply with requirements under the Securities

  
 4 

 
Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), then the Company will have the right to defer taking action with respect to such filing, and any time
periods with respect to the filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than 120 days after the filing would otherwise be required; provided, however, that the Company may not invoke this right
more than once; and provided further that neither TWT Inc. nor the Company may register any securities for the its account or that of any stockholder during such 120 day period other than (x) a registration relating to the sale of
securities to employees of TWT Inc. or a subsidiary thereof pursuant to a stock option, stock purchase, or similar plan; (y) a registration relating to a Commission Rule 145 transaction; or (z) a registration on any form that does not
include substantially the same information as would be required to be included in a Shelf Registration Statement. 

3. Registration Procedures. In connection with any Shelf Registration contemplated by Section 2 hereof and, to the
extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 
 (a) The Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy of the Registration Statement and each amendment thereof and each supplement,
if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering) is participating in the Registered Exchange Offer or the Shelf Registration
Statement, the Company shall use its best efforts to reflect in each such document, when so filed with the Commission, such comments as such Initial Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto on
the cover, in Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the
Exchange Offer Registration Statement and include the information set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser, include the information
required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement; (iv) include within the prospectus contained in the Exchange Offer
Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect
to the potential “underwriter” status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a
“Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers based upon advice
of counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement (or, if
permitted by Commission Rule 430B(b), in a prospectus supplement that becomes a part thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d) and (f), the names of the Holders, who
propose to sell Securities pursuant to the Shelf Registration Statement, as selling securityholders. 

(b) The Company shall give written notice to the Initial Purchasers, the Holders of the Securities and any
Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an
instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when
the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 

(ii) of any request by the Commission for amendments or supplements to the Registration Statement or the prospectus
included therein or for additional information; 

  
 5 

 (iii) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use of the form on which the Registration Statement has been filed, and of
the happening of any event that causes the Company to become an “ineligible issuer,” as defined in Commission Rule 405. 
 (iv) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; and 
 (v) of the happening of any event that requires the
Company to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading. 
 (c) The Company shall make every reasonable effort to obtain the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Registration Statement. 

(d) If not otherwise available on the Commission’s EDGAR system or any successor system, upon the written
request of any Holder, the Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment or
supplement thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). The Company shall not, without the prior consent of the Initial
Purchasers, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Commission Rule 405. 
 (e) If not otherwise available on the Commission’s EDGAR system or any successor system, upon written request, the Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and
to any other Holder who so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such
Holder requests, all exhibits thereto (including those incorporated by reference). 
 (f) The Company shall,
during the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf
Registration Statement and any amendment or supplement thereto as such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of
the selling Holders of the Securities in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

(g) The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and
such other persons required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such
persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange
Offer Registration Statement. 

  
 6 

 (h) Prior to any public offering of the Securities, pursuant to any
Registration Statement, the Company shall register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection with the registration or qualification of the Securities for offer and sale
under the securities or “blue sky” laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such
jurisdictions of the Securities covered by such Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take
any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject. 
 (i) The Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any
Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration Statement.

 (j) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of
Section 3(b) above during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the
related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial Purchasers, the Holders of the Securities and any known
Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers, the
Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer Registration
Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the Holders of the Securities and any known
Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). During the period during which the Company is required to maintain an effective Shelf Registration Statement pursuant to this
Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its reasonable best efforts to cause to be declared effective (unless it becomes effective
automatically upon filing) within a period that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement relating to the
Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this Agreement. 

(k) Not later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP
number for the Exchange Securities or the Private Exchange Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the
case may be, in a form eligible for deposit with The Depository Trust Company. 
 (l) The Company will
comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in
accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal
year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. 

  
 7 

 (m) The Company shall cause the Indenture to be qualified under the
Trust Indenture Act of 1939, as amended, in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture,
the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 

(n) The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to
furnish to the Company such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude from such
registration the Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 
 (o) The Company shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take all such other action, if any, as any Holder of the
Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 
 (p) In the case of any Shelf Registration, the Company shall (i) make reasonably available for inspection by the Holders of the Securities, any underwriter participating in any disposition
pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the
Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent
in connection with the Shelf Registration Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that
the foregoing inspection and information gathering shall be coordinated on behalf of the Initial Purchasers by you and on behalf of the other parties, by one counsel designated by and on behalf of such other parties as described in Section 4
hereof. 
 (q) In the case of any Shelf Registration, the Company, if requested by any Holder of Securities
covered thereby, shall cause (i) its counsel to deliver an opinion and updates thereof relating to the Securities in customary form addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial
opinion, the effective date of such Shelf Registration Statement (it being agreed that the matters to be covered by such opinion shall include the due incorporation and good standing of the Company and its subsidiaries; the qualification of the
Company and its subsidiaries to transact business as foreign corporations; the due authorization, execution and delivery of the relevant agreement of the type referred to in Section 3(o) hereof; the due authorization, execution, authentication
and issuance, and the validity and enforceability, of the applicable Securities; the absence of material legal or governmental proceedings involving the Company and its subsidiaries; the absence of governmental approvals required to be obtained in
connection with the Shelf Registration Statement, the offering and sale of the applicable Securities, or any agreement of the type referred to in Section 3(o) hereof; the compliance as to form of such Shelf Registration Statement and any
documents incorporated by reference therein and of the Indenture with the requirements of the Securities Act and the Trust Indenture Act, respectively; and (A) as of the date of the opinion and as of the effective date of the Shelf Registration
Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Shelf Registration Statement and the prospectus included therein, as then amended or supplemented, and from any documents incorporated by reference
therein and (B) as of an applicable time identified by such Holders or managing underwriters, the absence from such prospectus taken together with any other documents identified by such Holders or managing underwriters, in the case of (A)
and (B), of an untrue statement of a material fact or the omission 

  
 8 

 
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any such incorporated documents, in the light of the
circumstances existing at the time that such documents were filed with the Commission under the Exchange Act); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters
of the applicable Securities and (iii) its independent public accountants to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type
customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72 or any successor
thereto. 
 (r) In the case of the Registered Exchange Offer, if requested by any Initial Purchaser or any
known Participating Broker-Dealer, the Company shall cause (i) its counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion in the form set forth in Section 7 of the Purchase Agreement with such
changes as are customary in connection with the preparation of a Registration Statement and (ii) its independent public accountants to deliver to such Initial Purchaser or such Participating Broker-Dealer a comfort letter, in customary form,
meeting the requirements as to the substance thereof as set forth in Section 7(a) of the Purchase Agreement, with appropriate date changes. 
 (s) If a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Initial Securities by Holders to the Company (or to such other Person as directed by the Company)
in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or caused to be marked, on the Initial Securities so exchanged that such Initial Securities are being canceled in exchange for
the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid or otherwise satisfied. 

(t) The Company will use its reasonable best efforts to (a) if the Initial Securities have been rated prior to
the initial sale of such Initial Securities, confirm such ratings will apply to the Securities covered by a Registration Statement, or (b) if the Initial Securities were not previously rated, cause the Securities covered by a Registration
Statement to be rated with the appropriate rating agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration Statement, or by the managing underwriters, if any. 

(u) In the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or
participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the Financial Industry Regulatory Authority, Inc.
(“FINRA”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules, including by (i) if such Rules, including Rule 2720, shall so require, engaging a “qualified independent underwriter” (as defined in Rule 2720) to participate in the preparation of the Registration
Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or
sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing such
information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 
 (v) The Company shall use its reasonable best efforts to take all other steps necessary to effect the registration of the Securities covered by a Registration Statement contemplated hereby.

 4. Registration Expenses. The Company shall bear all fees and expenses incurred in connection with the performance
of its obligations under Sections 1 through 3 hereof (excluding fees, if any, of counsel for the Initial Purchasers incurred in connection with the Registered Exchange Offer), whether or 

  
 9 

 
not the Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the event of a Shelf Registration, shall bear or reimburse the Holders of the Securities covered
thereby for the reasonable fees and disbursements of one firm of counsel designated by the Holders of a majority in principal amount of the Initial Securities covered thereby to act as counsel for the Holders of the Initial Securities in connection
therewith. 
 5. Indemnification. (a) The Company agrees to indemnify and hold harmless each Holder of the
Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such
controlling persons are referred to collectively as the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any
losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages,
liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus
or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer FWP”), relating to a Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that (i) the Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon
any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration
in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein and (ii) with respect to any untrue statement or omission or
alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating
Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus relating to such Securities was required to be delivered (including through satisfaction
of the conditions of Commission Rule 172) by such Holder or Participating Broker-Dealer under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer
results from the fact that there was not conveyed to such person, at or prior to the time of the sale of such Securities to such person, an amended or supplemented prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such
untrue statement or omission or alleged untrue statement or omission if the Company had previously furnished copies thereof to such Holder or Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition
to any liability which the Company may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their officers and directors and each person who controls such underwriters within the meaning of the Securities Act or
the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. 
 (b) Each Holder of the Securities, severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the Company within the meaning of the Securities Act
or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement
thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but
in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf
of such Holder specifically for inclusion therein; and, 

  
 10 

 
subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such
controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Company or
any of its controlling persons. 
 (c) Promptly after receipt by an indemnified party under this Section 5 of notice of
the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party
of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise
than under subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein
and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying party will not be liable to such indemnified party
under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such
settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and (ii) does not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of any indemnified party. 
 (d) If the indemnification provided for in this Section 5
is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the
one hand and the indemnified party on the other from the exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with
the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties 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 Company on the one hand or such Holder or such other
indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the
losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net
proceeds received by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders have 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. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and
each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 

  
 11 

 (e) The agreements contained in this Section 5 shall survive the sale of the
Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

6. Additional Interest Under Certain Circumstances. (a) Additional interest (the “Additional Interest”)
with respect to the Initial Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) through (v) below a “Registration Default”): 

(i) If on or prior to the 180th day following the date of original issuance of the Initial Securities, the Exchange
Offer Registration Statement nor a Shelf Registration Statement has been filed with the Commission; 

(ii) If on or prior to the 60th day following the occurrence of an event requiring the filing of a Shelf Registration
Statement, the Shelf Registration Statement has not been filed with the Commission; 
 (iii) If on or prior
to the 270th day following the date of original issuance of the Initial Securities, the Exchange Offer Registration Statement has not been declared effective by the Commission (unless an event requiring the filing of a Shelf Registration Statement
in lieu of an Exchange Offer Registration Statement has occurred); 
 (iv) If on or prior to the 300th day
following the date of original issuance of the Initial Securities, neither the Registered Exchange Offer has been consummated nor, if required in lieu thereof, the Shelf Registration Statement has been declared effective by the Commission; or

 (v) If after either the Exchange Offer Registration Statement or the Shelf Registration Statement is
declared (or becomes automatically) effective (A) such Registration Statement thereafter ceases to be effective; or (B) such Registration Statement or the related prospectus ceases to be usable (except as permitted in paragraph (b))
in connection with resales of Transfer Restricted Securities during the periods specified herein because either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would include any
untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, (2) it shall be necessary to amend such Registration
Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder, or (3) such Registration Statement is a Shelf Registration Statement that has expired before a replacement
Shelf Registration Statement has become effective. 
 Additional Interest shall accrue on the Initial Securities over and above the interest set
forth in the title of the Securities from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.25% per annum (the
“Additional Interest Rate”) for the first 90-day period immediately following such Registration Default. The Additional Interest Rate shall increase by an additional 0.25% per annum with respect to each subsequent 90-day period
until all Registration Defaults have been cured, up to a maximum aggregate Additional Interest Rate of 0.50% per annum. The Company shall not be required to pay Additional Interest for more than one Registration Default at any given time.

 (b) A Registration Default referred to in Section 6(a)(v)(B) hereof shall be deemed not to have occurred and be
continuing in relation to a Shelf Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to
incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y) other material
events, with respect to the Company that 

  
 12 

 
would need to be described in such Shelf Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or
supplement such Shelf Registration Statement and related prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable
in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 

(c) Any amounts of Additional Interest due pursuant to clause (i), (ii), (iii), (iv) or (v) of Section 6(a) above will
be payable in cash on the regular interest payment dates with respect to the Initial Securities. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Initial
Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of
which is 360. 
 (d) “Transfer Restricted Securities” means each Security until (i) the date on which
such Security has been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange Offer of an Initial
Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration
Statement, (iii) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, (iv) the earliest date that is no less than two years
after the Issue Date and on which all such Securities (except for Securities held by an affiliate of the Company) are no longer subject to any restrictions on transfer under the Securities Act including those pursuant to Rule 144. 

7. Rules 144 and 144A. The Company shall use its reasonable best efforts to file the reports required to be filed by it
under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the written request of any Holder of Initial Securities, make publicly available other information
so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company covenants that it will take such further action as any Holder of Initial Securities may reasonably request, all to the extent required from
time to time to enable such Holder to sell Initial Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Company
will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers upon written request. Upon the written request of any Holder of Initial Securities, the Company shall deliver
to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange
Act. 
 8. Underwritten Registrations. If any of the Transfer Restricted Securities covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering (“Managing Underwriters”) will be selected by the Holders of a majority
in aggregate principal amount of such Transfer Restricted Securities to be included in such offering. 
 No person may
participate in any underwritten registration hereunder unless such person (i) agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled
hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.

  
 13 

 9. Miscellaneous. 

(a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected by such amendment, modification, supplement, waiver or
consents. 
 (b) Notices. All notices and other communications provided for or permitted hereunder shall be made
in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 
 (1)
  if to a Holder of the Securities, at the most current address given by such Holder to the Company. 
 (2)
  if to the Initial Purchasers; 
 Credit Suisse Securities (USA) LLC 

Eleven Madison Avenue 
 New York, NY 10010-3629 
 Fax No.: (212) 325-4296 

Attention: Transactions Advisory Group 
 with a copy to: 
 Cravath, Swaine & Moore LLP 

Worldwide Plaza 

825 Eighth Avenue 
 New York, NY 10019-7475 
 Fax No.: (212) 474-3700 

Attention: Joseph D. Zavaglia 
 (3)   if to the Company, at its address as follows: 
 tw telecom
holdings inc. 
 10475 Park Meadows Drive 
 Littleton, CO 80124 
 Fax No.: (303) 803-9636 

Attention: Tina A. Davis, Esq. 
 with a copy to: 
 Faegre Baker Daniels LLP 

3200 Wells Fargo Center 
 1700 Lincoln Street 
 Denver, CO 80203 

Fax No.: (303) 607-3600 
 Attention: Douglas Wright, Esq. 
 All such notices and communications shall be
deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator,
if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery. 

(c) No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall it, on or after the
date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

(d) Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns. 

  
 14 

 (e) 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. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

(h) Severability. If 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. 

(i) Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of principal
amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such Securities)
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

  
 15 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in accordance with its terms. 

 

					
	 Very truly yours,
  

tw telecom holdings inc.

			
		 	 by
	 	 /s/ Tina Davis

		 		 	Name: Tina Davis
		 		 	 Title:   Senior Vice President
             and General Counsel

	
	 tw telecom inc. 

		 		 	
		 	 by
	 	 /s/ Tina Davis

		 		 	Name: Tina Davis
		 		 	 Title:   Senior Vice President
             and General Counsel

	
	 tw telecom of alabama llc
 tw telecom of arkansas llc
 tw telecom of d.c. llc

tw telecom of kansas city llc
 tw telecom of
kentucky llc
 tw telecom of louisiana llc
 tw telecom of maryland llc
 tw telecom of mississippi llc

tw telecom of nevada llc
 tw telecom of oklahoma
llc
 tw telecom of virginia llc

			
		 	 by:
	 	tw telecom management co. llc, its sole member
			
		 	 by
	 	 /s/ Tina Davis

		 		 	Name: Tina Davis
		 		 	 Title:   Senior Vice President
             and General Counsel

 
					
	
	 tw holdings II llc

tw telecom of arizona llc
 tw telecom of colorado
llc
 tw telecom of idaho llc
 tw
telecom of iowa llc
 tw telecom of illinois llc
 tw telecom of minnesota llc
 tw telecom of new mexico llc

tw telecom of ohio llc
 tw telecom of oregon
llc
 tw telecom of south carolina llc

tw telecom of tennessee llc
 tw telecom of texas
llc
 tw telecom of utah llc
 tw telecom
of washington llc
 tw telecom data services llc
 tw telecom management co. llc

			
		 	by:	 	tw telecom holdings inc., its sole member
	
	 tw telecom of california l.p.

tw telecom of florida l.p.

tw telecom of georgia l.p.

tw telecom of hawaii l.p.

tw telecom of indiana l.p.

tw telecom of new jersey l.p.

tw telecom of new york l.p.

tw telecom of north carolina l.p.

tw telecom of wisconsin l.p.

tw telecom l.p.

			
		 	 by:
	 	tw telecom holdings inc., its general partner
			
		 	 by
	 	 /s/ Tina Davis

		 		 	Name: Tina Davis
		 		 	 Title:   Senior Vice President
             and General Counsel

  
 17 

 The foregoing Registration Rights Agreement 

is hereby confirmed and accepted 
 as of the date first above written. 
 CREDIT SUISSE
SECURITIES (USA) LLC 

					
			
		 	 by
	 	 /s/ Tim Roepke

		 		 	Name:  Tim Roepke
		 		 	Title:    Director

 MORGAN STANLEY & CO. LLC 

					
			
		 	 by
	 	 /s/ Reagan C. Philipp

		 		 	Name:  Reagan C. Philipp
		 		 	Title:    Authorized Signatory

 WELLS FARGO SECURITIES, LLC 

					
			
		 	 by
	 	 /s/ Marc A. Birenbaum

		 		 	Name: Marc A. Birenbaum
		 		 	Title:   Managing Director

 Acting on behalf of themselves 
 and as the Representatives of 
 the several Purchasers. 

  
 18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]