Document:

Note Purchase Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
  

 
  

UTi WORLDWIDE INC. 
 U.S.$150,000,000 4.10% Senior Unsecured Guaranteed Notes, Series A, due February 1, 2022 
 U.S.$50,000,000 3.50% Senior Unsecured Guaranteed Notes, Series B, due February 1, 2020 
  

 

NOTE PURCHASE AGREEMENT 

 
  

Dated as of January 25, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
	 SECTION 1. AUTHORIZATION OF NOTES
	  	 	1	  
			
	 Section 1.1.
	 	Authorization of Notes	  	 	1	  
	 Section 1.2.
	 	Guarantee Agreement	  	 	1	  
		
	 SECTION 2. SALE AND PURCHASE OF
NOTES
	  	 	2	  
		
	 SECTION 3. CLOSING
	  	 	2	  
		
	 SECTION 4. CONDITIONS TO CLOSING
	  	 	2	  
			
	 Section 4.1.
	 	Representations and Warranties	  	 	2	  
	 Section 4.2.
	 	Performance; No Default	  	 	3	  
	 Section 4.3.
	 	Compliance Certificates	  	 	3	  
	 Section 4.4.
	 	Opinions of Counsel	  	 	3	  
	 Section 4.5.
	 	Purchase Permitted By Applicable Law, Etc	  	 	4	  
	 Section 4.6.
	 	Sale of Other Notes	  	 	4	  
	 Section 4.7.
	 	Payment of Special Counsel Fees	  	 	4	  
	 Section 4.8.
	 	Private Placement Number	  	 	4	  
	 Section 4.9.
	 	Changes in Corporate Structure	  	 	4	  
	 Section 4.10.
	 	Acceptance of Appointment to Receive Service of Process	  	 	4	  
	 Section 4.11.
	 	Funding Instructions	  	 	5	  
	 Section 4.12.
	 	Proceedings and Documents	  	 	5	  
	 Section 4.13.
	 	Subsidiary Guarantee Agreement	  	 	5	  
	 Section 4.14.
	 	Approvals	  	 	5	  
		
	 SECTION 5. REPRESENTATIONS AND WARRANTIES
OF THE OBLIGORS
	  	 	5	  
			
	 Section 5.1.
	 	Organization; Power and Authority	  	 	6	  
	 Section 5.2.
	 	Authorization, Etc	  	 	6	  
	 Section 5.3.
	 	Disclosure	  	 	6	  
	 Section 5.4.
	 	 Organization and Ownership of Shares of Subsidiaries; Affiliates
	  	 	7	  
	 Section 5.5.
	 	Financial Statements; Material Liabilities	  	 	7	  
	 Section 5.6.
	 	Compliance with Laws, Other Instruments, Etc	  	 	7	  
	 Section 5.7.
	 	Governmental Authorizations, Etc	  	 	8	  
	 Section 5.8.
	 	Litigation; Observance of Agreements, Statutes and Orders	  	 	8	  
	 Section 5.9.
	 	Taxes	  	 	8	  
	 Section 5.10.
	 	Title to Property; Leases	  	 	9	  
	 Section 5.11.
	 	Licenses, Permits, Etc	  	 	9	  
	 Section 5.12.
	 	Compliance with ERISA; Non-U.S. Plans	  	 	9	  
	 Section 5.13.
	 	Private Offering by the Company	  	 	11	  
	 Section 5.14.
	 	Use of Proceeds; Margin Regulations	  	 	11	  

  
 -i-

							
	 Section 5.15.
	 	 Existing Indebtedness; Future Liens
	  	 	11	  
	 Section 5.16.
	 	 Foreign Assets Control Regulations, Etc
	  	 	12	  
	 Section 5.17.
	 	 Status under Certain Statutes
	  	 	14	  
	 Section 5.18.
	 	 Environmental Matters
	  	 	14	  
	 Section 5.19.
	 	 Ranking of Obligations
	  	 	14	  
	 Section 5.20.
	 	 Obligor Group
	  	 	14	  
	 Section 5.21.
	 	 CASS Reserve
	  	 	14	  
	 Section 5.22.
	 	 Labor Matters
	  	 	15	  
	 Section 5.23.
	 	 Insolvency
	  	 	15	  
		
	 SECTION 6. REPRESENTATIONS OF THE
PURCHASER
	  	 	15	  
			
	 Section 6.1.
	 	 Purchase for Investment
	  	 	15	  
	 Section 6.2.
	 	 Source of Funds
	  	 	16	  
	 Section 6.3.
	 	 Accredited Investor
	  	 	17	  
	 Section 6.5.
	 	 Original Notes
	  	 	17	  
		
	 SECTION 7. INFORMATION AS TO
COMPANY
	  	 	18	  
			
	 Section 7.1.
	 	 Financial and Business Information
	  	 	18	  
	 Section 7.2.
	 	 Officer’s Certificate
	  	 	21	  
	 Section 7.3.
	 	 Visitation
	  	 	22	  
	 Section 7.4.
	 	 Limitation on Disclosure Obligation
	  	 	22	  
		
	 SECTION 8. PAYMENT AND PREPAYMENT OF
THE NOTES
	  	 	23	  
			
	 Section 8.1.
	 	 Required Prepayments
	  	 	23	  
	 Section 8.2.
	 	 Optional Prepayments with Make-Whole Amount
	  	 	23	  
	 Section 8.3.
	 	 Prepayment for Tax Reasons
	  	 	24	  
	 Section 8.4.
	 	 Prepayment of Notes upon Change of Control
	  	 	25	  
	 Section 8.5.
	 	 Allocation of Partial Prepayments
	  	 	26	  
	 Section 8.6.
	 	 Maturity; Surrender, Etc
	  	 	27	  
	 Section 8.7.
	 	 Purchase of Notes
	  	 	27	  
	 Section 8.8.
	 	 Make-Whole Amount and Modified Make-Whole Amount
	  	 	27	  
	 Section 8.9.
	 	 Prepayment in Connection with Sales of Assets
	  	 	28	  
	 Section 8.10.
	 	 Accrued Interest Payment
	  	 	29	  
		
	 SECTION 9. AFFIRMATIVE COVENANTS
	  	 	29	  
			
	 Section 9.1.
	 	 Compliance with Law
	  	 	29	  
	 Section 9.2.
	 	 Insurance
	  	 	29	  
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	30	  
	 Section 9.4.
	 	 Payment of Taxes and Claims
	  	 	30	  
	 Section 9.5.
	 	 Corporate Existence, Etc
	  	 	30	  
	 Section 9.6.
	 	 Books and Records
	  	 	30	  
	 Section 9.7.
	 	 Priority of Obligations
	  	 	31	  
	 Section 9.8.
	 	 [Reserved]
	  	 	31	  
	 Section 9.9.
	 	 Dividend Capture from South Africa.
	  	 	31	  

  
 -ii-

							
	 Section 9.10.
	 	 Additional Obligors and Collateral
	  	 	31	  
	 Section 9.11.
	 	 Release of Subsidiary Guarantors
	  	 	32	  
	 Section 9.12.
	 	 Group Structure
	  	 	32	  
	 Section 9.13.
	 	 CASS Agreement
	  	 	33	  
	 Section 9.14.
	 	 Additional Restrictions
	  	 	33	  
	 Section 9.15.
	 	 Post-Closing Obligations
	  	 	34	  
	 Section 9.16.
	 	 2009 Notes
	  	 	34	  
		
	 SECTION 10. NEGATIVE COVENANTS
	  	 	34	  
			
	 Section 10.1.
	 	 Transactions with Affiliates
	  	 	34	  
	 Section 10.2.
	 	 Restricted Payments
	  	 	35	  
	 Section 10.3.
	 	 Consolidated Total Debt Coverage
	  	 	35	  
	 Section 10.4.
	 	 Priority Debt
	  	 	35	  
	 Section 10.5.
	 	 Liens
	  	 	35	  
	 Section 10.6.
	 	 Subsidiary Indebtedness
	  	 	37	  
	 Section 10.7.
	 	 Merger, Consolidation, Etc
	  	 	39	  
	 Section 10.8.
	 	 Sale of Assets
	  	 	39	  
	 Section 10.9.
	 	 Line of Business
	  	 	41	  
	 Section 10.10.
	 	 Terrorism Sanctions Regulations
	  	 	41	  
	 Section 10.11.
	 	 Subsidiaries in South Africa
	  	 	41	  
	 Section 10.12.
	 	 Minimum Debt Service Ratio
	  	 	41	  
	 Section 10.13.
	 	 Capital Leases
	  	 	42	  
		
	 SECTION 11. EVENTS OF DEFAULT
	  	 	42	  
		
	 SECTION 12. REMEDIES ON DEFAULT,
ETC
	  	 	45	  
			
	 Section 12.1.
	 	 Acceleration
	  	 	45	  
	 Section 12.2.
	 	 Other Remedies
	  	 	45	  
	 Section 12.3.
	 	 Rescission
	  	 	45	  
	 Section 12.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc
	  	 	46	  
	 Section 12.5.
	 	 Executive Proceedings
	  	 	46	  
		
	 SECTION 13. TAX INDEMNIFICATION
	  	 	47	  
		
	 SECTION 14. REGISTRATION; EXCHANGE; SUBSTITUTION
OF NOTES
	  	 	50	  
			
	 Section 14.1.
	 	 Registration of Notes
	  	 	50	  
	 Section 14.2.
	 	 Transfer and Exchange of Notes
	  	 	50	  
	 Section 14.3.
	 	 Replacement of Notes
	  	 	51	  
	 Section 14.4.
	 	 Representations of Transferee
	  	 	51	  
		
	 SECTION 15. PAYMENTS ON NOTES
	  	 	51	  
			
	 Section 15.1.
	 	 Place of Payment
	  	 	51	  
	 Section 15.2.
	 	 Home Office Payment
	  	 	51	  

  
 -iii-

							
	 SECTION 16. EXPENSES, ETC
	  	 	52	  
			
	 Section 16.1.
	 	 Transaction Expenses
	  	 	52	  
	 Section 16.2.
	 	 Certain Taxes
	  	 	52	  
	 Section 16.3.
	 	 Survival
	  	 	53	  
		
	 SECTION 17. SURVIVAL OF REPRESENTATIONS
AND WARRANTIES; ENTIRE AGREEMENT
	  	 	53	  
		
	 SECTION 18. AMENDMENT AND WAIVER
	  	 	53	  
			
	 Section 18.1.
	 	 Requirements
	  	 	53	  
	 Section 18.2.
	 	 Solicitation of Holders of Notes
	  	 	54	  
	 Section 18.3.
	 	 Binding Effect, Etc
	  	 	54	  
	 Section 18.4.
	 	 Notes Held by Obligors, Etc
	  	 	54	  
		
	 SECTION 19. NOTICES; ENGLISH
LANGUAGE
	  	 	54	  
		
	 SECTION 20. REPRODUCTION OF
DOCUMENTS
	  	 	55	  
		
	 SECTION 21. CONFIDENTIAL INFORMATION
	  	 	56	  
		
	 SECTION 22. SUBSTITUTION OF
PURCHASER
	  	 	57	  
		
	 SECTION 23. SUBSIDIARY GUARANTEE
AGREEMENT
	  	 	57	  
			
	 Section 23.1.
	 	Guarantee and Indemnity	  	 	57	  
	 Section 23.2.
	 	 Continuing Guarantee
	  	 	57	  
	 Section 23.3.
	 	 Reinstatement
	  	 	58	  
	 Section 23.4.
	 	 Waiver of Defenses
	  	 	58	  
	 Section 23.5.
	 	 Immediate Recourse
	  	 	60	  
	 Section 23.6.
	 	 Appropriations.
	  	 	60	  
	 Section 23.7.
	 	 Non-competition
	  	 	60	  
	 Section 23.8.
	 	 Release of Subsidiary Guarantors’ Right of Contribution
	  	 	61	  
	 Section 23.9.
	 	 Releases
	  	 	61	  
	 Section 23.10.
	 	 Marshaling
	  	 	62	  
	 Section 23.11.
	 	 Liability
	  	 	63	  
	 Section 23.12.
	 	 Character of Obligation
	  	 	63	  
	 Section 23.13.
	 	 Election to Perform Obligations
	  	 	64	  
	 Section 23.14.
	 	 No Election
	  	 	64	  
	 Section 23.15.
	 	 Severability
	  	 	65	  
	 Section 23.16.
	 	 Other Enforcement Rights
	  	 	65	  
	 Section 23.17.
	 	 Restoration of Rights and Remedies
	  	 	65	  
	 Section 23.18.
	 	 Survival
	  	 	65	  
	 Section 23.19.
	 	 Miscellaneous
	  	 	65	  

  
 -iv-

							
	 Section 23.20.
	 	 Limitation
	  	 	66	  
	 Section 23.21.
	 	 Written Notice
	  	 	66	  
	 Section 23.22.
	 	 Unenforceability of Obligations
	  	 	66	  
	 Section 23.23.
	 	 Contribution
	  	 	67	  
	 Section 23.24.
	 	 Additional Security
	  	 	67	  
	 Section 23.25.
	 	 Limitations – Belgium
	  	 	67	  
	 Section 23.26.
	 	 Limitations – Spain
	  	 	67	  
	 Section 23.27.
	 	 Limitations – Hong Kong
	  	 	67	  
	 Section 23.28.
	 	 Limitations – Germany
	  	 	68	  
	 Section 23.29.
	 	 Limitations – the Netherlands
	  	 	69	  
	 Section 23.30.
	 	 U.S. Guarantors
	  	 	69	  
	 Section 23.31.
	 	 Limitations - UK
	  	 	71	  
	 Section 23.32.
	 	 Limitation on Pyramid Freight
	  	 	71	  
	 Section 23.33.
	 	 Limitations – Singapore
	  	 	71	  
	 Section 23.34.
	 	 Irish Obligors
	  	 	71	  
	 Section 23.35.
	 	 Guarantor Intent
	  	 	71	  
		
	 SECTION 24. MISCELLANEOUS
	  	 	71	  
			
	 Section 24.1.
	 	 Successors and Assigns
	  	 	71	  
	 Section 24.2.
	 	 Payments Due on Non-Business Days
	  	 	72	  
	 Section 24.3.
	 	 Accounting Terms
	  	 	72	  
	 Section 24.4.
	 	 Severability
	  	 	72	  
	 Section 24.5.
	 	 Construction, Etc
	  	 	73	  
	 Section 24.6.
	 	 Counterparts
	  	 	73	  
	 Section 24.7.
	 	 Governing Law
	  	 	73	  
	 Section 24.8.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	73	  
	 Section 24.9.
	 	 Obligation to Make Payment in Dollars
	  	 	74	  

  
 -v-

					
	 SCHEDULE A
	  	—	  	Information Relating to Purchasers
			
	 SCHEDULE B
	  	—	  	Defined Terms
			
	 SCHEDULE 8.1
	  	—	  	Amortization
			
	 EXHIBIT 1-A
	  	—	  	Form of 4.10% Senior Unsecured Guaranteed Note, Series A, due February 1, 2022
			
	 EXHIBIT 1-B
	  	—	  	Form of 3.50% Senior Unsecured Guaranteed Note, Series B, due February 1, 2020
			
	 EXHIBITS 4.4(a)(i), (ii), (iii) and (iv)
	  	—	  	Form of Opinion of U.S. Counsel to the Obligors
			
	 EXHIBITS 4.4(a)(v), and (vi)
	  	—	  	Form of Opinion of British Virgin Islands Counsel
			
	 EXHIBIT 4.4(a)(vii)
	  	—	  	Form of Opinion of Australian Counsel
			
	 EXHIBIT 4.4(a)(viii)
	  	—	  	Form of Opinion of Canadian Counsel
			
	 EXHIBIT 4.4(a)(ix)
	  	—	  	Form of Opinion of Belgian Counsel
			
	 EXHIBIT 4.4(a)(x)
	  	—	  	Form of Opinion of German Counsel
			
	 EXHIBIT 4.4(a)(xi)
	  	—	  	Form of Opinion of Hong Kong Counsel
			
	 EXHIBIT 4.4(a)(xii)
	  	—	  	Form of Opinion of Dutch Counsel
			
	 EXHIBIT 4.4(a)(xiii)
	  	—	  	Form of Opinion of Spanish Counsel
			
	 EXHIBIT 4.4(a)(xiv)
	  	—	  	Form of Opinion of English Counsel
			
	 EXHIBIT 4.4(a)(xv)
	  	—	  	Form of Opinion of Guernsey Counsel
			
	 EXHIBIT 4.4(a)(xvi)
	  	—	  	Form of Opinion of Singapore Counsel
			
	 EXHIBIT 4.4(a)(xvii)
	  	—	  	Form of Opinion of Arizona Counsel
			
	 EXHIBIT 4.4(a)(xix)
	  	—	  	Form of Opinion of Japan Counsel
			
	 EXHIBIT 4.4(b)
	  	—	  	Form of Opinion of Special Counsel to the Purchasers
			
	 EXHIBIT 9.10
	  	—	  	Form of Joinder Agreement

  
 -vi-

					
	 EXHIBIT 14.4
	  	—	  	Certificate of Transferee
			
	 SCHEDULE 5.3
	  	—	  	Disclosure Materials
			
	 SCHEDULE 5.4
	  	—	  	Subsidiaries of the Company and Ownership of Subsidiary Stock
			
	 SCHEDULE 5.5
	  	—	  	Financial Statements
			
	 SCHEDULE 5.7
	  	—	  	Governmental Authorizations
			
	 SCHEDULE 5.9
	  	—	  	Liability for Taxes
			
	 SCHEDULE 5.15
	  	—	  	Existing Indebtedness and Liens
			
	 SCHEDULE 5.22
	  	—	  	Collective Bargaining Agreements

  
 -vii-

 UTi WORLDWIDE INC. 

c/o UTi, Services, Inc. 
 100 OCEANGATE, SUITE 1500 
 LONG
BEACH, CALIFORNIA 90802 
 U.S.$150,000,000 4.10% Senior Unsecured Guaranteed Notes, Series A, due
February 1, 2022 
 U.S.$50,000,000 3.50% Senior Unsecured Guaranteed Notes, Series B, due February 1, 2020 

January 25, 2013 
 To Each of
the Purchasers Listed in 
 Schedule A Hereto: 
 Ladies and Gentlemen: 
 UTi Worldwide Inc., a BVI Business Company incorporated
under the laws of the British Virgin Islands with BVI company number 141257 (the “Company”) and each of the Subsidiary Guarantors jointly and severally agree with each of the purchasers whose names appear at the end hereof (each a
“Purchaser” and collectively the “Purchasers”) as follows: 
 SECTION 1.
AUTHORIZATION OF NOTES. 
 Section 1.1. Authorization of Notes. The
Company will authorize the issue and sale of (i) U.S.$150,000,000 aggregate principal amount of its 4.10% Senior Unsecured Guaranteed Notes, Series A, due February 1, 2022 (the “Series A Notes”) and
(ii) U.S.$50,000,000 aggregate principal amount of its 3.50% Senior Unsecured Guaranteed Notes, Series B, due February 1, 2020 (the “Series B Notes,” and together with the Series A Notes, the “Notes,” such
term to include any such notes issued in substitution therefor pursuant to Section 14). The Series A Notes and the Series B Notes shall be substantially in the forms set out in Exhibits 1-A and 1-B, respectively. Certain capitalized and other
terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 

Section 1.2. Subsidiary Guarantee Agreement. The payment and performance of all obligations of the Company hereunder and
under the other Financing Agreements, including, without limitation, the payment of the principal of, interest on, and Make-Whole Amount and Modified Make-Whole Amount, if any, with respect to the Notes and all other amounts owing hereunder are
fully and unconditionally guaranteed by the Subsidiary Guarantors as provided in the Subsidiary Guarantee Agreement set forth in Section 23. 

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 SECTION 2. SALE AND PURCHASE
OF NOTES. 
 Subject to the terms and conditions of this Agreement, the Company will issue and sell
to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount and of the series specified opposite such Purchaser’s name in Schedule A at the purchase price of
100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other
Purchaser hereunder. The Series A Notes and the Series B Notes are each herein sometimes referred to as Notes of a “series”. 

SECTION 3. CLOSING. 
 The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 10:00 a.m., Chicago
time, at a closing (the “Closing”) on January 25, 2013 or on such other Business Day thereafter on or prior to January 29, 2013 as may be agreed upon by the Company and the Purchasers. At the Closing, the Company will
deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note of such series (or such greater number of Notes of such series in denominations of at least U.S.$100,000 as such Purchaser may request) dated the date
of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of, in the case of the Series A Notes, the Original Notes to be canceled by the Company upon
consummation of the transaction and delivery of the Series A Notes at Closing, and, in the case of the Series B Notes, immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for
the account of the Company to account number 5800502238 at Bank of America, 135 South LaSalle Street, Chicago, Illinois 60661, Account Name: UTi, United States Inc., ABA (Wire): 026-009-593, ABA (ACH): 071-000-039, Swift Code: BOFAUS3N. If at the
Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser
shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 

SECTION 4. CONDITIONS TO CLOSING. 

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the
fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 

Section 4.1. Representations and Warranties. The representations and warranties of the Obligors in the Financing Agreements
to which they are a party shall be correct when made and at the time of the Closing. 

  
 -2-

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 Section 4.2. Performance; No Default. The Obligors shall have performed and
complied in all material respects with all agreements and conditions contained in this Agreement and the other Financing Agreements to which they are a party required to be performed or complied with by each of them prior to or at the Closing and
after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14) no Default or Event of Default shall have occurred and be continuing. No Obligor nor any Subsidiary shall have
entered into any transaction since October 31, 2012 that would have been prohibited by Section 10 had such Section applied since such date. 
 Section 4.3. Compliance Certificates. 
 (a) Officer’s
Certificate. Each Obligor shall have delivered to such Purchaser an Officer’s Certificate (or a certificate from a person authorized by the board of directors (or equivalent governing body) of the Obligor to sign documents on behalf of the
Obligor in connection with this Agreement), dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 
 (b) Secretary’s or Director’s Certificate. Each Obligor shall have delivered to such Purchaser a certificate of its Secretary or an Assistant Secretary or a Director (or another
appropriate person authorized by the board of directors (or equivalent governing body) of the Obligor to sign documents on behalf of the Obligor in connection with this Agreement), dated the date of the Closing, certifying as to the resolutions
attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Financing Agreements to which it is a party. 
 Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and substance reasonably satisfactory to such Purchaser, dated the date of the Closing (a) from
(i) Paul Hastings LLP, U.S. counsel for certain of the Obligors, (ii) Tonkon Torp LLP, Oregon, counsel for certain of the Obligors, (iii) Dibble Law Offices, South Carolina counsel for certain of the Obligors, (iv) Poore,
Roth & Robinson, P.C., Montana counsel for certain of the Obligors, (v) Harney Westwood & Riegels, British Virgin Islands counsel for certain of the Obligors, (vi) Walkers, British Virgin Islands counsel for the
Purchasers, (vii) Piper Alderman, Australian counsel, (viii) WeirFoulds LLP, Ontario, Canadian counsel, (ix) Gerard & Associates, Belgium counsel, (x) Lexton Rechtsanwalte, German counsel, (xi) Baker &
McKenzie. Hong Kong counsel, (xii) Boekel De Nerée, Dutch counsel, (xiii) Garrido-Lestache Burdiel Abogados, Spanish counsel, (xiv) Eversheds, English counsel, (xv) Mourant Ozannes, Guernsey counsel,
(xvi) Baker & McKenzie. Wong & Leow, Singapore counsel, (xvii) Snell & Wilmer LLP, Arizona counsel, and (xix) Paul Hastings LLP, Japanese counsel, substantially in the respective forms set forth in
Exhibits 4.4(a)(i) through 4.4(a)(xvii) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Obligors hereby instruct their counsel to deliver such
opinions to the Purchasers) and (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.4(b) and, in each case, covering such other
matters incident to such transactions as such Purchaser may reasonably request. 

  
 -3-

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the
Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance
Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board
of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was in effect on the date hereof. If requested by
such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

Section 4.6. Sale of Other Notes. Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each
other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A. 

Section 4.7. Payment of Special Counsel Fees. Without limiting the provisions of Section 16.1, the Company shall have
paid on or before the Closing the fees, charges and disbursements of the Purchasers’ special counsel and British Virgin Islands counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the
Company at least two Business Day prior to the Closing. 
 Section 4.8. Private Placement Number. A Private
Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each series of Notes. 
 Section 4.9. Changes in Corporate Structure. No Obligor shall have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or
succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5. 

Section 4.10. Acceptance of Appointment to Receive Service of Process. Such Purchaser shall have received evidence of the
acceptance by Corporation Service Company of the appointment and designation provided for by Section 24.8(e) for the period from the date of the Closing to February 1, 2023 (and the payment in full of all fees in respect thereof).

  
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 Section 4.11. Funding Instructions. At least two Business Days prior to the
date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (a) the name and address of the
transferee bank, (b) such transferee bank’s ABA number and (c) the account name and number into which the cash purchase price for the Series B Notes is to be deposited. 

Section 4.12. Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated
by the Financing Agreements and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel in their reasonable discretion shall
have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
 Section 4.13. Subsidiary Guarantee Agreement. Each Subsidiary Guarantor shall have executed and delivered (and each Purchaser shall have received an original copy thereof) the Subsidiary
Guarantee Agreement, and the Subsidiary Guarantee Agreement shall be in full force and effect. 
 Section 4.14.
Approvals. All necessary government, regulatory and third-party approvals necessary in order for the Company and each Subsidiary Guarantor to execute, deliver and perform each Financing Agreement to which they are a party shall have been
obtained and the Company shall have delivered evidence thereof reasonably satisfactory to the Purchasers. 
 SECTION 5.
REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS. 
 Each Obligor, jointly and severally, represents and warrants to each Purchaser that: 
 Section 5.1. Organization; Power and Authority. Each Obligor is a corporation or other legal entity duly incorporated or organized, validly existing and, where legally applicable, in good
standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation or other legal entity, where applicable, and, where legally applicable, is in good standing in each jurisdiction in which such qualification
is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Obligor has the corporate
(or other organizational) power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver the Financing Agreements to which
it is a party and to perform the provisions hereof and thereof. 

  
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 Section 5.2. Authorization, Etc. The Financing Agreements to which each
Obligor is a party have been duly authorized by all necessary corporate or other entity action on the part of each Obligor, and each Financing Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid
and binding obligation of each Obligor party thereto enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3. Disclosure. This Agreement, the SEC Reports, and the documents, certificates or other writings delivered to the
Purchasers by or on behalf of the Obligors in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (this Agreement, the SEC Reports, and such documents, certificates
or other writings identified in Schedule 5.3 and financial statements identified in Schedule 5.5 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since January 31, 2012 there has been no
change in the financial condition, operations, business, properties or prospects of the Company, or any Subsidiary except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. There is no
fact known to any Obligor that could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 
 Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete and correct lists of each Obligor’s
(i) Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by each Obligor and
each other Subsidiary and whether such Subsidiary will on the date of the Closing be a Subsidiary Guarantor, (ii) Affiliates, other than Subsidiaries, and (iii) directors and senior officers. 

(b) All of the outstanding or issued shares of capital stock, shares or similar equity interests of each Subsidiary shown in Schedule 5.4
as being owned by each Obligor and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by each Obligor or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4).

  
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 (c) Each Subsidiary (other than the Obligors) identified in Schedule 5.4 is a
corporation or other legal entity duly incorporated or organized, validly existing and, where legally applicable, in good standing under the laws of its jurisdiction of incorporation or organization, and is duly qualified as a foreign corporation,
where applicable, or other legal entity and, where legally applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good
standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other organizational power and authority, as the case may be, to own or hold under lease the
properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure to have such power or authority could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. 
 (d) No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or
other restriction (other than the 2013 Agreements and the agreements listed on Schedule 5.4 under the heading “Agreements Restricting Dividends” and customary limitations imposed by applicable law or similar statutes) restricting the
ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to any Obligor or any of its Subsidiaries that owns outstanding or issued shares of capital stock, shares or similar equity interests of
such Subsidiary. 
 (e) A group structure chart included in Schedule 5.4 shows all members of the Group (and all Joint Ventures
and minority interests held by any member of the Group). 
 (f) Except as set forth on Schedule 5.4 with respect to
qualifying directors shares, 100% of the issued share capital of each Obligor (other than the Company) is directly or indirectly wholly owned by the Company. 
 (g) In the case of each borrower or guarantor under the South African Facilities, Schedule 5.4 shows the shareholders of and their percentage shareholdings in each obligor under the South African
Facilities and the shareholders of or partners in such entities. 
 Section 5.5. Financial Statements; Material
Liabilities. (a) The Obligors have delivered to each Purchaser copies of the consolidated financial statements of the Company listed on Schedule 5.5. All of said financial statements (including in each case the related schedules and notes)
fairly present in all material respects the consolidated financial position of the Obligors and their Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the
respective periods so specified and have been prepared in accordance with applicable generally accepted accounting principles (which shall be GAAP in the case of the Company) consistently applied throughout the periods involved except as set forth
in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments and the absence of footnotes). The Obligors and their Subsidiaries do not have any Material liabilities that are not disclosed on such
financial statements or otherwise disclosed in the Disclosure Documents. 
 Section 5.6. Compliance with Laws, Other
Instruments, Etc. The execution, delivery and performance by each Obligor of the Financing Agreements to which it is a party will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any
Lien in respect of any property of any Obligor or any Subsidiary under, any Material indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, memorandum and articles of association, regulations or by-laws, or
any other Material agreement or instrument to which any Obligor or any Subsidiary is bound or by which any Obligor or any Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any
of the terms, conditions or provisions of any Material order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to any Obligor or any Subsidiary or (c) violate any provision of any Material statute or
other Material rule or regulation of any Governmental Authority applicable to any Obligor or any Subsidiary. 

  
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 Section 5.7. Governmental Authorizations, Etc. Except as disclosed in
Schedule 5.7, assuming that the representations of the Purchasers in Sections 6.1, 6.3 and 6.4 are true and correct, no consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required
in connection with the execution, delivery or performance by any Obligor of the Financing Agreements to which it is a party, including, without limitation, any thereof required in connection with the obtaining of Dollars to make payments under any
Financing Agreement and the payment of such Dollars to Persons resident in the United States of America, except for the filing of a notice on Form D and Form 8-K with the SEC. Except as disclosed in Schedule 5.7, it is not necessary to
ensure the legality, validity, enforceability or admissibility into evidence in the Applicable Jurisdiction of any Financing Agreement that any thereof or any other document be filed, recorded or enrolled with any Governmental Authority, or that any
such agreement or document be stamped with any stamp, registration or similar transaction tax. 
 Section 5.8.
Litigation; Observance of Agreements, Statutes and Orders. (a) There are no actions, suits, investigations or proceedings pending or, to the knowledge of any Obligor, threatened against or affecting any Obligor or any Subsidiary or any
property of any Obligor or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 (b) No Obligor nor any Subsidiary is (i) in default under any term of any agreement or instrument to which it is a party
or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority (iii) is in violation of any applicable law, ordinance, rule or regulation (including, without
limitation, Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16) of any Governmental Authority, which default or violation, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. 
 Section 5.9. Taxes. Except as set forth on
Schedule 5.9, the Obligors and their Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments
levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which is not
individually or in the aggregate Material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which such Obligor or a Subsidiary, as the case may be,
has established adequate reserves in accordance with applicable generally accepted accounting principles (which shall be GAAP in the case of the Company). No Obligor knows of any basis for any other tax or assessment that could reasonably be
expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of each Obligor and its Subsidiaries in respect of Federal, state or other taxes for all fiscal periods are adequate. 

  
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 No liability for any Tax, directly or indirectly, imposed, assessed, levied or collected
by or for the account of any Governmental Authority of any Applicable Jurisdiction or any political subdivision thereof will be incurred by any Obligor or any holder of a Note as a result of the execution or delivery of the Financing Agreements and,
except as specified in Schedule 5.9, no deduction or withholding in respect of Taxes imposed by or for the account of any Applicable Jurisdiction or, to the knowledge of any Obligor, any other Taxing Jurisdiction, is required to be made from any
payment by any Obligor under the Financing Agreements except for any such liability, withholding or deduction imposed, assessed, levied or collected by or for the account of any such Governmental Authority of any Applicable Jurisdiction arising out
of circumstances described in clause (a), (b) or (c) of Section 13. 
 Section 5.10. Title to Property;
Leases. Each Obligor and its Subsidiaries have good and sufficient title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred
to in Section 5.5 or purported to have been acquired by any Obligor or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this
Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects. 
 Section 5.11. Licenses, Permits, Etc. (a) Each Obligor and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software,
service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others. 
 (b) To the knowledge of each Obligor, no product of such Obligor or any of its Subsidiaries infringes in any material respect any license, permit, franchise, authorization, patent, copyright, proprietary
software, service mark, trademark, trade name or other right owned by any other Person. 
 (c) To the knowledge of each Obligor,
there is no Material violation by any Person of any right of such Obligor or any of its Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by such Obligor or any
of its Subsidiaries. 
 Section 5.12. Compliance with ERISA; Non-U.S. Plans. (a) Each Obligor and each ERISA
Affiliate have operated and administered each “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and
could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No Obligor nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of
the Code 

  
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relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that, in either case, would, individually or in the aggregate,
reasonably be expected to result in the incurrence of any such liability by any Obligor or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of any Obligor or any ERISA Affiliate, in either case
pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the
amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. 
 (b) The
present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding
purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities. The present value of the accrued benefit liabilities (whether or not
vested) under each Non-U.S. Plan that is funded, determined as of the end of each Obligor’s most recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such Non-U.S. Plan
allocable to such benefit liabilities by more than U.S.$10,000,000 (or its equivalent in any other currency) and the aggregate amount of such excess benefit liabilities for all such Non-U.S. Plans did not exceed U.S.$10,000,000 (or its equivalent in
any other currency). The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. 

(c) Each Obligor and its ERISA Affiliates have not incurred (i) withdrawal liabilities (and are not subject to contingent withdrawal
liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material or (ii) any obligation in connection with the termination of or withdrawal from any Non-U.S Plan that
individually or in the aggregate is Material. 
 (d) The expected postretirement benefit obligation (determined as of the last
day of each Obligor’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by
section 4980B of the Code) of each Obligor and its Subsidiaries is not Material. 
 (e) The execution and delivery of the
Financing Agreements and the issuance and sale of the Notes hereunder will not involve any non-exempt transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section
4975(c)(1)(A)-(D) of the Code. The representation by each Obligor to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2
as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser. 

  
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 (f) All Non-U.S. Plans have been established, operated, administered and maintained in
compliance with all laws, regulations and orders applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums, contributions and any other amounts required by applicable
Non-U.S. Plan documents or applicable laws to be paid or accrued by each Obligor and its Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue could not be reasonably expected to have a Material Adverse Effect.

 Section 5.13. Private Offering by the Company. No Obligor nor anyone acting on its behalf has offered the Notes,
the Subsidiary Guarantee Agreement or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers, each of which has been
offered the Notes at a private sale for investment. No Obligor nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes or the Subsidiary Guarantee Agreement to the registration
requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 
 Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the cash proceeds of the sale of the Notes to pay off in full the 2009 Notes and other indebtedness of the
Company and its Subsidiaries, for working capital purposes of the Company and its Subsidiaries, and for other general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the
purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as
to involve any Obligor in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 1% of the value of the
consolidated assets of any Obligor and its Subsidiaries and no Obligor has any present intention that margin stock will constitute more than 1% of the value of such assets. As used in this Section, the terms “margin stock” and
“purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 

Section 5.15. Existing Indebtedness; Future Liens. (a) Schedule 5.15 sets forth a complete and correct list of all
Indebtedness of (or the commitment to extend credit to) the Obligors and their Subsidiaries other than Indebtedness under this Agreement, the Global Credit Facilities and certain items of Indebtedness which individually are not in excess of
U.S.$5,000,000 (or its equivalent in any other currency) and in the aggregate are not in excess of U.S.$15,000,000 (or its equivalent in any other currency), each as of October 31, 2012 (including the principal amount outstanding and collateral
therefor, if any, and the Guaranty thereof, if any) since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of such Obligors or their Subsidiaries. No
Obligor nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of any Obligor or such Subsidiary and no event or condition exists with respect to any
Indebtedness of any Obligor or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to 

  
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cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment except for such defaults (other than payment defaults), events or
conditions in a single credit facility in an amount less than U.S.$5,000,000 (or its equivalent in any other currency) or under multiple credit facilities which in the aggregate are less than U.S.$15,000,000 (or its equivalent in any other currency)
that would not, individually or in the aggregate, have a Material Adverse Effect. 
 (b) No Obligor nor any Subsidiary has agreed
or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.5. 

(c) Except as set forth in Schedule 5.15, no Obligor nor any Subsidiary is a party to, or otherwise subject to any provision contained in,
any instrument evidencing Indebtedness of such Obligor or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter, memorandum and articles of association or other organizational document)
other than this Agreement, the Global Credit Facilities and the South African Facilities which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of such Obligor. 

Section 5.16. Foreign Assets Control Regulations, Etc. (a) Neither the Company nor any Controlled Entity is (i) a
Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, United States Department of the Treasury (“OFAC”) (an “OFAC Listed
Person”), (ii) an agent, department, or instrumentality of, or is otherwise controlled by, acting on behalf of or, to the Company’s actual knowledge, beneficially owned by, directly or indirectly, (x) any OFAC Listed Person
or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program, or (iii) otherwise blocked, subject to sanctions under or engaged in any activity in violation of other United States
economic sanctions, including but not limited to, the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act (“CISADA”) or any similar law or
regulation with respect to Iran or any other country, the Sudan Accountability and Divestment Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the United States or any enabling legislation or
executive order relating to any of the foregoing (collectively, “U.S. Economic Sanctions”) (each OFAC Listed Person and each other Person, entity, organization and government of a country described in clause (i),
clause (ii) or clause (iii), a “Blocked Person”). Neither the Company nor any Controlled Entity has been notified that its name appears or may in the future appear on any list prepared by any state of Persons that engage
in investment or other commercial activities in Iran or any other country that is subject to U.S. Economic Sanctions. 
 (b)
No part of the proceeds from the sale of the Notes hereunder constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (i) in
connection with any investment in, or any transactions or dealings with, any Blocked Person, or (ii) otherwise in violation of U.S. Economic Sanctions. 

  
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 (c) Neither the Company nor any Controlled Entity (i) has been found in violation
of, charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes under the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy
Act), the USA PATRIOT Act or any other United States law or regulation governing such activities (collectively, “Anti-Money Laundering Laws”) or any U.S. Economic Sanctions violations, (ii) to the Company’s actual
knowledge, is under investigation by any Governmental Authority for possible violation of Anti-Money Laundering Laws or any U.S. Economic Sanctions violations, (iii) has been assessed civil penalties under any Anti-Money Laundering Laws or
any U.S. Economic Sanctions, or (iv) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws. The Company has taken reasonable measures appropriate to the circumstances (and which otherwise comply
with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable current and future Anti-Money Laundering Laws and U.S. Economic Sanctions. 

(d) (1) Neither the Company nor any Controlled Entity (i) has been charged with, or convicted of bribery or any other anti-corruption
related activity under any applicable law or regulation in a U.S. or any non-U.S. country or jurisdiction, including but not limited to, the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010 (collectively,
“Anti-Corruption Laws”), (ii) to the Company’s actual knowledge, is under investigation by any U.S. or non-U.S. Governmental Authority for possible violation of Anti-Corruption Laws, (iii) has been assessed
civil or criminal penalties under any Anti-Corruption Laws or (iv) has been or is currently the target of sanctions imposed by the United Nations or the European Union; 
 (2) To the Company’s actual knowledge, neither the Company nor any Controlled Entity has, within the last five years, directly or indirectly offered, promised, given, paid or authorized the offer,
promise, giving or payment of anything of value to a Governmental Official or a commercial counterparty for the purposes of: (i) influencing any act, decision or failure to act by such Government Official in his or her official capacity or such
commercial counterparty, (ii) inducing a Governmental Official to do or omit to do any act in violation of the Governmental Official’s lawful duty, or (iii) inducing a Governmental Official or a commercial counterparty to use his or
her influence with a government or instrumentality to affect any act or decision of such government or entity; in each case in order to obtain, retain or direct business or to otherwise secure an improper advantage; and 

(3) No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any improper payments,
including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage. The Company has taken reasonable measures appropriate to the circumstances (and otherwise
comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable current and future Anti-Corruption Laws. 

  
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 Section 5.17. Status under Certain Statutes. No Obligor nor any Subsidiary
is subject to regulation under the Investment Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. 

Section 5.18. Environmental Matters. (a) No Obligor nor any Subsidiary has knowledge of any claim or has received any
notice of any claim, and no proceeding has been instituted raising any claim against any Obligor or any of its Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging
any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 
 (b) No Obligor nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from,
occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect.

 (c) No Obligor nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or
operated by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that could reasonably be expected to result in a Material Adverse Effect; and 

(d) All buildings on all real properties now owned, leased or operated by any Obligor or any Subsidiary are in compliance with applicable
Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect. 

Section 5.19. Ranking of Obligations. The Company’s payment obligations under the Notes when issued and the payment
obligations of the Subsidiary Guarantors under the Subsidiary Guarantee Agreement rank at least pari passu, without preference or priority, with all other unsecured and unsubordinated Indebtedness of such Obligor, as the case may be.

 Section 5.20. Obligor Group. Each Subsidiary of the Company which is a borrower or guarantor under the Global
Credit Facilities as of the date hereof is a Subsidiary Guarantor hereunder. 
 Section 5.21. CASS Reserve. Each
member of the Group, that is a party to the CASS Agreement, has timely paid all accounts payable due and owing to CASS in accordance with the terms and provisions of the CASS Agreement, except any such accounts payable which are being diligently
contested in good faith by appropriate proceedings and for which adequate reserves in accordance with generally accepted accounting principles in the jurisdiction of incorporation of that member of the Group shall have been set aside on its books
and records. 

  
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 Section 5.22. Labor Matters. (a) No member of the Group is subject to
any collective bargaining or similar agreement, other than those companies set out in Schedule 5.22 (Collective Bargaining Agreements). 
 (b) There are no existing or threatened strikes, slowdowns, lockouts or other similar labor disputes involving any member of the Group that singly or in the aggregate have or are reasonably likely to have
a Material Adverse Effect. 
 (c) Hours worked by and payment made to employees of each member of the Group are not in violation
of the United States Fair Labor Standards Act of 1938 (if applicable) or any other applicable law, rule or regulation dealing with such matters, except to the extent such violations would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. 
 Section 5.23. Insolvency. As at the date of this Agreement: 

(a) no Obligor is unable, or is deemed to be unable for the purposes of any applicable law, or admits or has admitted its
inability, to pay its debts as and when they fall due or has suspended, or announced an intention to suspend, making payments on any of its debts; 
 (b) no Obligor, by reason of actual or anticipated financial difficulties, has begun negotiations with one or more of its creditors with a view to rescheduling or restructuring any of its Indebtedness;

 (c) the value of the assets of the Obligors on a combined basis exceeds the value of their liabilities on a
combined basis (including contingent liabilities), and 
 (d) no moratorium has been declared in respect of any
Indebtedness of any Obligor. 
 SECTION 6. REPRESENTATIONS OF THE
PURCHASER. 
 Section 6.1. Purchase for Investment. Each Purchaser severally represents that it is
purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of
such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes and the Subsidiary Guarantee Agreement have not been registered under the Securities Act and may
be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the
Obligors are not required to register the Notes or the Subsidiary Guarantee Agreement. 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 Section 6.2. Source of Funds. Each Purchaser severally represents that at
least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by it hereunder: 

(a) the Source is an “insurance company general account” (as the term is defined in the United States Department
of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the National Association of Insurance
Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by
or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of
the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is an insurance company separate account that is maintained solely in connection with such Purchaser’s
fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any
annuitant)) are not affected in any manner by the investment performance of the separate account; or 
 (c) the
Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in
writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment
fund; or 
 (d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of
PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by
the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by
the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor any person
controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM
and (ii) the names of any 

  
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employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this
clause (d); or 
 (e) the Source constitutes assets of a “plan(s)” (within the meaning of
Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM exemption), the conditions of Part I(a), (g) and
(h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d) of the INHAM Exemption) owns a 10% or more interest in the Company and
(i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or 

(f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more
employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in
section 3 of ERISA. 
 Section 6.3. Accredited Investor. Each Purchaser severally represents that it is and at all
times relevant to the offer to sell the Notes was an “accredited investor” as defined in Rule 501 promulgated under the Securities Act. 
 Section 6.4 Information Regarding the Company. Each Purchaser acknowledges that (a) the Company has made available, a reasonable time prior to the date of this Agreement, information and
the opportunity to ask questions and receive answers regarding the Obligors and the Notes and (b) the Purchaser has been furnished with such information as the Purchaser has requested including, without limitation, the Disclosure Documents.

 Section 6.5. Original Notes. Each Purchaser represents and warrants that as of the date of this Agreement, such
Purchaser is the sole beneficial owner of, or the investment adviser, agent, affiliate, manager or other representative for the sole beneficial owners of the principal amount of the Original Notes, in an amount equal to the principal amount of
Series A Notes listed opposite such Purchaser’s name on Schedule A hereto, with full power and authority to dispose of such Original Notes, to vote and consent to matters concerning the Original Notes, to exchange, tender, sell,
assign and transfer the Original Notes in accordance with this Agreement, and to bind the beneficial owner of such Original 

  
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Notes to this Agreement; there are no liens, restrictions, charges or other encumbrances created by such Holder on the Original Note tendered hereby by such Purchaser; and in connection with the
exchange of the Original Notes for Series A Notes, no make-whole amount or other premium shall be due and payable on the Original Notes. 

SECTION 7. INFORMATION AS TO COMPANY. 

Section 7.1. Financial and Business Information. The Company shall deliver to each holder of Notes that is an Institutional
Investor (and for purposes of this Agreement the information required by this Section 7.1 shall be deemed delivered on the date of delivery of such information in the English language or the date of delivery of an English translation thereof):

 (a) Quarterly Statements — promptly after the same are available and in any event within 45 days
(or such shorter period as is 15 days greater than the period applicable to the filing of the Company’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of whether the Company is subject to the
filing requirements thereof) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of 

(i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and 

(ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its
Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 
 setting forth in each case in comparative form the figures for the corresponding period in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly
financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes
resulting from year-end adjustments; provided that delivery within the time period specified above of copies of the Company’s Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to
satisfy the requirements of this Section 7.1(a) as they pertain to consolidated statements; provided further that the Company shall be deemed to have made such delivery of such Form 10-Q if it shall have timely made such
Form 10-Q available on “EDGAR” and shall have given each Purchaser notice within the time period required for the delivery of such 10-Q (or 10-K, as the case may be) of such availability on Edgar in connection with each delivery (such
availability and notice thereof being referred to as “Electronic Delivery”); 

  
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 (b) Annual Statements — promptly after the same are
available and in any event within 90 days (or such shorter period as is 15 days greater than the period applicable to the filing of the Company’s Annual Report on Form 10-K (the “Form 10-K”) with the SEC regardless of
whether the Company is subject to the filing requirements thereof) after the end of each fiscal year of the Company, duplicate copies of 
 (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and 
 (ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries for such year, 

setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance
with GAAP and accompanied 
 (A) by an opinion thereon of an independent registered public accounting firm of
recognized international standing, which opinion shall state that such financial statements present fairly, in all material respects, the consolidated financial position of the companies being reported upon and their consolidated results of
operations and cash flows and have been prepared in conformity with GAAP, and that the audit of such registered public accounting firm was performed in accordance with the standards of the Public Accounting Oversight Board (United States), and that
such audit provides a reasonable basis for such opinion in the circumstances, and 
 (B) a report of such
registered public accounting firm accountants stating that they have reviewed this Agreement and stating further whether, in connection with their audit, they have become aware of any condition or event that then constitutes a Default or Event of
Default or that caused them to believe the Company failed to comply with the terms, conditions, provisions or conditions of Sections 10.3, 10.4, 10.12 and 10.13 in as far as they related to financial and accounting matters, and if they are
aware that any such condition or event then exists, specifying the nature and period of the existence thereof (it being understood that such accountants shall not be liable to any Purchaser, directly or indirectly, for any failure to obtain
knowledge of any Default or Event of Default); and 
 provided that the delivery within the time period specified above of
the Company’s Form 10-K for such fiscal year (together with the Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the requirements therefor and filed
with the SEC, together with the accountants’ report described in clause (B) above (the “Accountants’ Certificate”), shall be deemed to satisfy the requirements of this Section 7.1(b), provided further that
the Company shall be deemed to have made such delivery of such Form 10-K if it shall have timely made Electronic Delivery thereof, in which event the Company shall separately deliver concurrently with such Electronic Delivery, the
Accountants’ Certificate; 

  
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 (c) SEC and Other Reports — promptly upon their becoming
available, one copy of (i) each financial statement, report, circular, notice or proxy statement or similar document (including any form of compliance certificate related to the Global Credit Facilities and any consolidation working papers)
sent by any Obligor to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public
securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto filed by any Obligor or any
Subsidiary with the SEC or any similar Governmental Authority or securities exchange and of all press releases and other statements made available generally by any Obligor to the public concerning developments that are Material; provided that
the Company shall be deemed to have made deliveries required under this Section 7.1(c)(ii) if it shall have timely made Electronic Delivery thereof (with notice of such Electronic Delivery to each of the holders of Notes within five
(5) Business Days of the filing thereof); 
 (d) Notice of Default or Event of Default or Litigation or
Arbitration — (i) promptly and in any event within five Business Days after a Responsible Officer becomes aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with
respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence
thereof and what action the Obligors are taking or propose to take with respect thereto; 
 (ii) promptly and in
any event within five Business Days after a Responsible Officer becomes aware of any current, threatened or pending litigation, arbitration or administrative proceedings which has, or would, if adversely determined have, a Material Adverse Effect, a
written notice specifying the details of such litigation, arbitration or administrative proceeding; 
 (e)
Employee Benefit Matters — promptly and in any event within five Business Days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that any Obligor
or an ERISA Affiliate proposes to take with respect thereto: 
 (i) with respect to any Plan, any reportable
event, as defined in section 4043(b) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 

  
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 (ii) the taking by the PBGC of steps to institute, or the threatening by
the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by any Obligor or any ERISA Affiliate of a notice from a Multiemployer Plan that
such action has been taken by the PBGC with respect to such Multiemployer Plan; or 
 (iii) any event,
transaction or condition that could result in the incurrence of any liability by any Obligor or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the
imposition of any Lien on any of the rights, properties or assets of any Obligor or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such
liabilities or Liens then existing, could reasonably be expected to have a Material Adverse Effect; or 
 (iv)
receipt of notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; 

(f) Notices from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies
of any notice to any Obligor or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect; and 

(g) Requested Information — with reasonable promptness, such other data and information relating to the
business, operations, affairs, financial condition, assets or properties of any Obligor or any of its Subsidiaries (including, but without limitation, actual copies of the Company’s Form 10-Q and Form 10-K) or relating to the ability of any
Obligor to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such holder of Notes, including information readily available to any Obligor explaining such Obligor’s financial statements
if such information has been requested by the SVO in order to assign or maintain a designation of the Notes. 

Section 7.2. Officer’s Certificate. Each set of financial statements delivered to a holder of Notes pursuant to
Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth: 
 (a) Covenant Compliance — the information (including detailed calculations) required in order to establish whether the Obligors were in compliance with the requirements of Section 9.10,
10.3 through and including 10.6, 10.8, 10.12 and 10.13, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum
amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); and 

  
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 (b) Event of Default — a statement that such Senior
Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Obligors and their Subsidiaries from the beginning of the quarterly or
annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default
or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of any Obligor or any Subsidiary to comply with any Environmental Law), specifying the nature and period of
existence thereof and what action the Obligors shall have taken or proposes to take with respect thereto. 

Section 7.3. Visitation. The Obligors shall permit the representatives of each holder of Notes that is an Institutional
Investor: 
 (a) No Default — if no Default or Event of Default then exists, at the expense of such
holder and upon reasonable prior notice to the Obligors, to visit the principal executive office of the Obligors, to discuss the affairs, finances and accounts of the Obligors and their Subsidiaries with any Obligor’s officers, and (with the
consent of the Obligors, which consent will not be unreasonably withheld) their independent public accountants, and (with the consent of the Obligors, which consent will not be unreasonably withheld) to visit the other offices and properties of any
Obligor and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and 
 (b) Default — if a Default or Event of Default then exists, at the expense of the Obligors to visit and inspect any of the offices or properties of any Obligor or any Subsidiary, to examine
all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by
this provision the Obligors authorize said accountants to discuss the affairs, finances and accounts of the Obligors and their Subsidiaries), all at such times and as often as may be requested. 

Section 7.4. Limitation on Disclosure Obligation. The Obligors shall not be required to disclose the following information
pursuant to Section 7.1(d)(ii), 7.1(g) or 7.3: 
 (a) information that the Obligors determine after
consultation with counsel qualified to advise on such matters that, notwithstanding the confidentiality requirements of Section 21, it would be prohibited from disclosing by applicable law or regulations without making public disclosure
thereof; or 

  
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 (b) information that, notwithstanding the confidentiality requirements
of Section 21, the Obligors are prohibited from disclosing by the terms of an obligation of confidentiality contained in any agreement with any non-Affiliate binding upon the Obligors and not entered into in contemplation of this clause (b),
provided that the Obligors shall use commercially reasonable efforts to obtain consent from the party in whose favor the obligation of confidentiality was made to permit the disclosure of the relevant information and provided further that the
Obligors have received a written opinion of counsel confirming that disclosure of such information without consent from such other contractual party would constitute a breach of such agreement. 

Promptly after a request therefor from any holder of Notes that is an Institutional Investor, the Obligors will provide such holder with a written
opinion of counsel (which may be addressed to the Obligors) relied upon as to any requested information that the Obligors are prohibited from disclosing to such holder under circumstances described in this Section 7.4. 

SECTION 8. PAYMENT AND PREPAYMENT OF THE
NOTES. 
 Section 8.1. Required Prepayments. The Company will prepay the Notes at par and without
payment of the Make-Whole Amount or any premium on the dates and in the amounts set forth in Schedule 8.1 hereto, provided that upon any partial prepayment of any series of Notes pursuant to Sections 8.2, 8.3, 8.4 or 8.9, the principal
amount of each required prepayment of such series of Notes becoming due under this Section 8.1 on and after the date of such prepayment shall be reduced in the same proportion as the aggregate unpaid principal amount of such series of Notes is
reduced as a result of such prepayment. 
 Section 8.2. Optional Prepayments with Make-Whole Amount. The Company
may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part, of the Notes of any series, in a minimum principal amount of not less than $1,000,000, and integral multiples of $100,000 thereafter in the
case of a partial prepayment, at 100% of the principal amount so prepaid plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company will give each holder of Notes written notice of each optional
prepayment under this Section 8.2 not less than 5 days and not more than 30 days prior to the date fixed for such prepayment. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes
and series to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.5), and the interest to be paid on the prepayment date with respect to such principal amount
being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting
forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified
prepayment date. In the event the Company shall incorrectly compute the Make-Whole Amount payable in 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 
connection with any Note to be prepaid pursuant to this Section 8.2, the holder of such Note shall not be bound by such incorrect computation, but instead, shall be entitled to receive an
amount equal to the correct Make-Whole Amount, if any, computed in compliance with the terms of this Agreement. Notwithstanding the foregoing, so long as any Default or Event of Default shall have occurred and be continuing, all prepayments under
this Section 8.2 shall be applied to all Notes as set forth in Section 8.5. 
 Section 8.3. Prepayment for Tax
Reasons. If at any time as a result of a Change in Tax Law (as defined below) the Company is or becomes obligated to make any Additional Payments (as defined below) in respect of any payment of interest on account of any of the Notes in an
aggregate amount for all affected Notes equal to 5% or more of the aggregate amount of such interest payment on account of all of the Notes, the Company may give the holders of all affected Notes irrevocable written notice (each, a “Tax
Prepayment Notice”) of the prepayment of such affected Notes on a specified prepayment date (which shall be a Business Day not less than 30 days nor more than 60 days after the date of such notice) and the circumstances giving rise to the
obligation of the Company to make any Additional Payments and the amount thereof and stating that all of the affected Notes shall be prepaid on the date of such prepayment at 100% of the principal amount so prepaid together with interest accrued
thereon to the date of such prepayment plus an amount equal to the Modified Make-Whole Amount for each such Note, except in the case of an affected Note if the holder of such Note shall, by written notice given to the Company no more than 20 days
after receipt of the Tax Prepayment Notice, reject such prepayment of such Note (each, a “Rejection Notice”). Such Tax Prepayment Notice shall be accompanied by a certificate of a Senior Financial Officer as to the estimated
Modified Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. The form of Rejection Notice shall also accompany the Tax
Prepayment Notice and shall state with respect to each Note covered thereby that execution and delivery thereof by the holder of such Note shall operate as a permanent waiver of such holder’s right to receive the Additional Payments arising as
a result of the circumstances described in the Tax Prepayment Notice in respect of all future payments of interest on such Note (but not of such holder’s right to receive any Additional Payments that arise out of circumstances not described in
the Tax Prepayment Notice or which exceed the amount of the Additional Payment described in the Tax Prepayment Notice), which waiver shall be binding upon all subsequent transferees of such Note. The Tax Prepayment Notice having been given as
aforesaid to each holder of the affected Notes, the principal amount of such Notes together with interest accrued thereon to the date of such prepayment plus the Modified Make-Whole Amount shall become due and payable on such prepayment date, except
in the case of Notes the holders of which shall timely give a Rejection Notice as aforesaid. Two Business Days prior to such prepayment, the Company shall deliver to each holder of a Note being so prepaid a certificate of a Senior Financial Officer
specifying the calculation of such Modified Make-Whole Amount as of such prepayment date. In the event the Company shall incorrectly compute the Modified Make-Whole Amount payable in connection with any Note to be prepaid pursuant to this
Section 8.3, the holder of such Note shall not be bound by such incorrect computation, but instead, shall be entitled to receive an amount equal to the correct Modified Make-Whole Amount, if any, computed in compliance with the terms of this
Agreement. 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 No prepayment of the Notes pursuant to this Section 8.3 shall affect the obligation
of the Company to pay Additional Payments in respect of any payment made on or prior to the date of such prepayment. For purposes of this Section 8.3, any holder of more than one affected Note may act separately with respect to each affected
Note so held (with the effect that a holder of more than one affected Note may accept such offer with respect to one or more affected Notes so held and reject such offer with respect to one or more other affected Notes so held). 

The Company may not offer to prepay or prepay Notes pursuant to this Section 8.3 (a) if a Default or Event of Default then
exists, (b) until the Company shall have taken commercially reasonable steps to mitigate the requirement to make the related Additional Payments or (c) if the obligation to make such Additional Payments directly results or resulted from
actions taken by the Company or any Subsidiary (other than actions required to be taken under applicable law), and any Tax Prepayment Notice given pursuant to this Section 8.3 shall certify to the foregoing and describe such mitigation steps,
if any. 
 For purposes of this Section 8.3: “Additional Payments” means additional amounts required to be
paid to a holder of any Note pursuant to Section 13 by reason of a Change in Tax Law; and a “Change in Tax Law” means (individually or collectively with one or more prior changes) (i) an amendment to, or change in, any
law, treaty, rule or regulation of the British Virgin Islands after the date of the Closing, or an amendment to, or change in, an official interpretation or application of such law, treaty, rule or regulation of the British Virgin Islands after the
date of the Closing, which amendment or change is in force and continuing and meets the opinion and certification requirements described below or (ii) in the case of any other jurisdiction that becomes a Taxing Jurisdiction with respect to the
Company after the date of the Closing, an amendment to, or change in, any law, treaty, rule or regulation of such jurisdiction, or an amendment to, or change in, an official interpretation or application of such law, treaty, rule or regulation, in
any case after such jurisdiction shall have become a Taxing Jurisdiction with respect to the Company, which amendment or change is in force and continuing and meets such opinion and certification requirements. No such amendment or change shall
constitute a Change in Tax Law unless the same would in the opinion of the Company (which shall be evidenced by an Officer’s Certificate of the Company and supported by a written opinion of counsel having recognized expertise in the field of
taxation in the Taxing Jurisdiction, both of which shall be delivered to all holders of the Notes prior to or concurrently with the Tax Prepayment Notice in respect of such Change in Tax Law) affect the deduction or require the withholding of any
Tax imposed by such Taxing Jurisdiction on any payment payable on the Notes. 
 Section 8.4. Prepayment of Notes upon
Change of Control. 
 (a) Condition to Company Action. Within fifteen (15) Business Days after a Responsible
Officer has knowledge of the occurrence of a Change of Control, the Company shall have given to each holder of Notes written notice containing and constituting an offer to prepay Notes as described in subparagraph (b) of this Section 8.4,
accompanied by the certificate described in subparagraph (e) of this Section 8.4. 

  
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 (b) Offer to Prepay Notes. The offer to prepay Notes contemplated by subparagraph
(a) of this Section 8.4 shall be an offer to prepay, in accordance with and subject to this Section 8.4, all, but not less than all, the Notes held by each holder (in this case only, “holder” in respect of any Note
registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on the date specified in such offer (the “Proposed Prepayment Date”) that is not less than 30 days and not more than 60 days
after the date of such offer (if the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment Date shall be the first Business Day which is at least 45 days after the date of such offer). 

(c) Acceptance; Rejection. A holder of Notes may accept the offer to prepay made pursuant to this Section 8.4 by causing a
notice of such acceptance to be delivered to the Company at least 15 days prior to the Proposed Prepayment Date. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.4 shall be deemed to constitute a
rejection of such offer by such holder. 
 (d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this
Section 8.4 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment, but without Make-Whole Amount. The prepayment shall be made on the Proposed Prepayment Date. 

(e) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.4 shall be accompanied by a
certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 8.4; (iii) the principal
amount of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.4 have been fulfilled; and
(vi) in reasonable detail, the nature and date or proposed date of the Change of Control. 
 Section 8.5.
Allocation of Partial Prepayments. In the case of each partial prepayment of a series of Notes pursuant to Section 8.1, the principal amount of such series of Notes to be prepaid shall be allocated among all of the Notes of such series at
the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal
amount of the series of Notes to be prepaid shall be allocated among all of the Notes of such series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for
prepayment; provided, however, that so long as any Default or Event of Default has occurred and is continuing, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes (without regard to series) at the time
outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 

  
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 Section 8.6. Maturity; Surrender, Etc. In the case of each prepayment of
Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount
accrued to such date and the applicable Make-Whole Amount or Modified Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole
Amount or Modified Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be
issued in lieu of any prepaid principal amount of any Note. 
 Section 8.7. Purchase of Notes. The Company will not
and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes.
The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment or prepayment of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

 Section 8.8. Make-Whole Amount and Modified Make-Whole Amount. The terms “Make-Whole Amount” and
“Modified Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of
such Called Principal, provided that neither the Make-Whole Amount nor the Modified Make-Whole Amount may in any event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:

 “Applicable Percentage” In the case of a computation of the Modified Make-Whole Amount for
purposes of Section 8.3 means 1.00% (100 basis points), and in the case of a computation of the Make-Whole Amount for any other purpose means .50% (50 basis points). 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid
pursuant to Section 8.2 or 8.3 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
 “Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from
their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is
payable) equal to the Reinvestment Yield with respect to such Called Principal. 
 “Reinvestment
Yield” means, with respect to the Called Principal of any Note, the sum of the (x) Applicable Percentage plus (y) the yield to maturity implied by (i) the yields reported as of 10:00 A.M. (New York City time) on the second
Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1 on Bloomberg 

  
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Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such
Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day
for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for U.S.
Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. In the case of each determination under clause (i) or clause (ii), as the case may be, of the preceding
paragraph, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the
applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable U.S. Treasury security with the maturity closest to and less than such Remaining Average Life. The Reinvestment
Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

“Remaining Average Life” means, with respect to any Called Principal, the number of years (calculated to
the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called
Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. 

“Remaining Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of
such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is
not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be
paid on such Settlement Date pursuant to Section 8.2, 8.3 or 12.1. 
 “Settlement Date”
means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or 8.3 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as
the context requires. 
 Section 8.9. Prepayment in Connection with Sales of Assets. If the Company makes an offer
to prepay the Notes pursuant to Section 10.8, the Company will give written notice thereof to the holders of all outstanding Notes, which notice shall (i) refer specifically to this Section 8.9 and describe in reasonable detail the
Disposition giving rise to such offer to prepay the Notes, (ii)

  
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specify the principal amount of each Note being offered to be prepaid which amount shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts not theretofore called for prepayment, (iii) specify a date not less than 30 days and not more than 60 days after the date of such notice (the “Disposition Prepayment Date”) and specify
the Disposition Response Date (as defined below), and (iv) offer to prepay on the Disposition Prepayment Date the amount specified in (ii) above with respect to each Note together with interest accrued thereon to the Disposition Prepayment
Date. Each holder of a Note shall notify the Company of such holder’s acceptance or rejection of such offer by giving written notice of such acceptance or rejection to the Company (provided, however, that any holder who fails to so
notify the Company shall be deemed to have rejected such offer) on a date at least 5 days prior to the Disposition Prepayment Date (such date 5 days prior to the Disposition Prepayment Date being the “Disposition Response Date”),
and the Company shall prepay on the Disposition Prepayment Date the amount specified in (ii) above with respect to each Note held by the holders who have accepted such offer in accordance with this Section 8.9. 

Section 8.10. Accrued Interest Payment. On February 1, 2013 the Company shall pay to the holders of the Series A
Notes $2,309,041.67 allocated on a pro rata basis based upon the outstanding principal amounts of Series A Notes held at Closing by each holder of Series A Notes representing accrued interest on the Original Notes for the period from
August 24, 2012 through and including January 24, 2013. 
 SECTION 9. AFFIRMATIVE
COVENANTS. 
 Each Obligor, jointly and severally, covenants that so long as any of the Notes are outstanding:

 Section 9.1. Compliance with Law. Without limiting Section 10.10, the Obligors will, and will cause each of
their Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA Patriot Act and the other laws and regulations that are
referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their
respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises
and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 9.2. Insurance. The Obligors will, and will cause each of their Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective
properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary
in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 

  
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 Section 9.3. Maintenance of Properties. The Obligors will, and will cause
each of their Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection
therewith may be properly conducted at all times, provided that this Section shall not prevent the Obligors or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the
conduct of its business and the Obligors have concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.4. Payment of Taxes and Claims. The Obligors will, and will cause each of their Subsidiaries to, file all tax
returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets,
income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of any Obligor or any
Subsidiary, provided that no Obligor nor any Subsidiary need pay any such tax, assessment, charge or levy if (i) the amount, applicability or validity thereof is contested by such Obligor or such Subsidiary on a timely basis in good faith and
in appropriate proceedings, and the Obligors or a Subsidiary has established adequate reserves therefor in accordance with applicable generally accepted accounting principles (which shall be GAAP in the case of the Company) on the books of such
Obligor or such Subsidiary or (ii) the non-filing and nonpayment of all such taxes, assessments, charges and levies in the aggregate could not reasonably be expected to have a Material Adverse Effect. 

Section 9.5. Corporate Existence, Etc. Except as permitted by Sections 10.7 and 10.8 and not prohibited by the next sentence
in the case of any Subsidiary Guarantor, the Obligors will at all times preserve and keep in full force and effect their corporate existence. Except as permitted by Sections 10.7 and 10.8, the Obligors will at all times preserve and keep in full
force and effect the existence of each of their Subsidiaries (except that (i) Subsidiaries which are not members of the South African Group may (A) merge into an Obligor and (B) amalgamate with entities that concurrently therewith
become Obligors pursuant to Section 9.10 and (ii) Subsidiaries which are members of the South African Group (other than Pyramid Freight BVI) may merge with other members of the South African Group (other than Pyramid Freight BVI)) and all
rights and franchises of the Obligors and their Subsidiaries unless, in the good faith judgment of the Obligors, the termination of or failure to preserve and keep in full force and effect such existence, right or franchise could not, individually
or in the aggregate, have a Material Adverse Effect. 
 Section 9.6. Books and Records. The Obligors will, and will
cause each of their Subsidiaries to, maintain proper books of record and account in conformity with applicable generally accepted accounting principles and all applicable requirements of any Governmental Authority having legal or regulatory
jurisdiction over such Obligor or such Subsidiary, as the case may be. 

  
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 Section 9.7. Priority of Obligations. The Obligors will ensure that their
payment obligations under the Financing Agreements will at all times rank at least pari passu, without preference or priority, with all other unsecured and unsubordinated Indebtedness of the Obligors, including, without limitation, the respective
obligations of the Company and the Subsidiary Guarantors under (i) the Global Credit Facilities and (ii) any other Primary Credit Facility. Notwithstanding the foregoing, in the event that the Company is required to cash collateralize the
letters of credit under the Global Credit Facilities, the Company may provide up to U.S.$15,000,000 (or its equivalent in any other currency) as cash collateral to collateralize such letters of credit without providing collateral to the holders of
the Notes, provided no Event Default has occurred or would result from the provision of such cash collateral. 

Section 9.8. [Reserved].  
 Section 9.9. Dividend Capture from South Africa. The Obligors will ensure that cash distributions are made to Pyramid Freight BVI in accordance with the general distribution principles applied
by the Company in respect of cash distributions made out of South Africa taking into account at any time the requirements of any applicable South African exchange control regulations, the local financial needs of the South African Group and any
projected financial requirements of the South African Group. 
 Section 9.10. Additional Obligors. (a) The
Company will cause any Subsidiary of the Company, whether now owned or hereafter formed or acquired, that becomes a borrower, guarantor or obligor with respect to, or otherwise provides credit support for, any Material Indebtedness, substantially
concurrently to become a Subsidiary Guarantor (an “Additional Guarantor”) under the Subsidiary Guarantee Agreement by executing a joinder agreement to this Agreement in the form set out in Part 1 of Exhibit 9.10 (the
“Joinder Agreement”) and in any such event the Company will cause such Subsidiary to deliver the relevant documents and evidence listed in Part 2 of Exhibit 9.10. 

(b) As from the date of the Joinder Agreement, the relevant Subsidiary shall become an Obligor and Subsidiary Guarantor under this
Agreement. 
 (c) The Company agrees that: 

(i) within 10 days following execution of a Joinder Agreement it will provide at least one original and to each holder a
copy of that Joinder Agreement (with evidence as to payment of any applicable stamp duty or similar tax); and 

(ii) immediately on execution of any such Joinder Agreement it will provide to each holder a legal opinion (from legal
counsel approved by the Required Holders acting reasonably) confirming (1) the due execution and delivery of such Joinder Agreement, and the validity and enforceability of the obligations of the relevant Subsidiary Guarantor under such Joinder
Agreement and this Agreement subject to such exceptions, assumptions and qualifications as are substantially similar to those delivered 

  
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with respect to the obligations of the Subsidiary Guarantors as of the date of Closing and (2) such other matters as the Required Holders may reasonably request so long as such opinions are
substantially similar in scope to the opinions delivered in connection with the Closing of this Agreement. The Company shall cause such additional Subsidiary Guarantor to deliver such other closing showings as may be reasonably requested by the
Required Holders substantially similar in scope to the closing showings delivered by the original Subsidiary Guarantors at the Closing. 
 Notwithstanding the foregoing, each of (i) the South African Subsidiaries (other than Pyramid Freight BVI to the extent permitted pursuant to Section 23.32 hereunder), to the extent that they do
not become an obligor or guarantor under any Global Credit Facility, and (ii) any other Subsidiary to the extent it does not become an obligor or guarantor under any Global Credit Facility and to the extent not permitted by applicable law to
execute and deliver a Joinder Agreement to become a Subsidiary Guarantor, shall not be required to deliver a Joinder Agreement hereunder. 
 Section 9.11. Release of Subsidiary Guarantors; Substitution of Subsidiary Guarantors. Upon notice by the Company to each holder of a Note (which notice shall contain a certification by the
Company as to the applicable matters specified below), a Subsidiary shall cease to be an Obligor under this Agreement (i) if such Subsidiary has been, or will be concurrently, liquidated, dissolved or otherwise disposed of, or otherwise ceases
to exist by way of merger or otherwise, in each case to the extent not prohibited by this Agreement or (ii) in connection with the execution and delivery of a Joinder Agreement from a successor Subsidiary and compliance with
Section 9.10, provided, that, both immediately before and after giving effect to any such release (and execution and delivery of such Joinder Agreement, if any) no Default or Event of Default shall have occurred and be continuing, or
would have existed, on a pro forma basis, if such release (and Joinder Agreement, if any) had been effective as of the end of the most recent fiscal quarter. 
 Notwithstanding anything to the contrary in this Agreement, no Subsidiary Guarantor will be released from its obligations as an Obligor under this Agreement unless concurrently with such release one or
more replacement Subsidiary Guarantors are added to this Agreement pursuant to Section 9.10 that have total assets and earnings before interest, taxes, depreciation and amortization in each case no less than those of the Subsidiary Guarantor
being released and are located in jurisdictions reasonably acceptable to the Required Holders. 
 Section 9.12. Group
Structure. The Company will maintain its group structure in accordance with the group structure chart set forth in Schedule 5.4, except for changes which, individually or in the aggregate could not reasonably be expected to have a Material
Adverse Effect. In no event shall any Subsidiary incorporated in any country other than South Africa be owned directly or indirectly by any member of the South African Group except that special purpose entities formed on terms reasonably
satisfactory to the Required Holders which do not have any Indebtedness which is recourse to the Company or any Subsidiary (other than a member of the South African Group or Pyramid Freight BVI) may be owned by a member of the South African Group.

  
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 Section 9.13. CASS Agreement. The Company will ensure that all amounts
payable under the CASS Agreement are promptly paid when due unless such payment is being diligently contested in good faith by a member of the Group by appropriate proceedings and for which adequate reserves in accordance with generally accepted
accounting principles of the relevant member of the Group have been set aside on its books. 
 Section 9.14. Additional
Restrictions. If at any time the Company or any Subsidiary Guarantor is a party to or shall enter into any agreement, instrument or other document with respect to any Indebtedness that provides for more than U.S.$15,000,000 (or its equivalent in
any other currency) in principal amount of borrowings or availability, including, without limitation, any agreement existing on the date of Closing (a “Reference Agreement”), or any amendment or modification to any such Reference
Agreement (or waiver or consent modifying the terms of any Reference Agreement), which Reference Agreement includes financial covenants (whether expressed in ratios or as numerical or dollar thresholds in respect of future financial performance or
condition), including such financial covenants which are expressed as “events of default”, in each case which are not otherwise included in this Agreement (herein referred to as “New Covenants”) or which would be more
beneficial to the holders of the Notes than relevant similar covenants or like provisions contained in this Agreement (herein referred to as “Improved Covenants” and, together with New Covenants, “Additional
Covenants”), then such Additional Covenants and all related provisions and definitions shall be deemed incorporated by reference into Section 7.2(a), Section 10 and Section 11(c) of this Agreement, mutatis mutandi, as
if set forth fully in this Agreement. The Company shall: 
 (1) provide a copy of such Additional Covenants and
all related provisions and definitions to the holders of the Notes promptly upon entering into the Reference Agreement or the relevant amendment or modification thereof (if entered into after the date hereof), including with such copy a notice to
the holders of the date on which such Additional Covenants became or will become effective, provided that the failure of the Company to provide a copy of such Additional Covenants to the holders shall not adversely affect the automatic
incorporation of the Additional Covenants into this Agreement as provided above in this Section 9.14; and 

(2) as promptly as possible following delivery of such copy, provide the draft of a statement of incorporation (a
“Memorialization”) to be executed by the Company and the holders, which Memorialization shall set out the terms of the Additional Covenants and related provisions and definitions as incorporated into this Agreement, with all appropriate
changes required in connection with incorporating the Additional Covenants mutatis mutandi. 
 If the Company fails to provide a draft of a
Memorialization, then any holder may produce a draft for the consideration of the Company and the other holders. Any Memorialization executed and delivered by the Company and by the Required Holders (or all holders if pursuant to Section 18.1
the relevant amendment would require the consent of all holders) shall be good and sufficient evidence of the terms of any such Additional Covenant as incorporated into this Agreement, provided that the failure of the holders and the Company
to execute and deliver any Memorialization shall not adversely affect the automatic incorporation of the Additional Covenants into this Agreement as provided above in this Section 9.14. 

  
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 If (A) any Additional Covenant that has been incorporated herein pursuant to this
Section 9.14 is subsequently amended or modified in the relevant Reference Agreement with the effect that such Additional Covenant is made less restrictive on the Company, such Additional Covenant, as amended or modified, shall not be deemed
incorporated by reference into this Agreement and (B) any Additional Covenant that has been incorporated herein pursuant to this Section 9.14 is subsequently removed or terminated from the relevant Reference Agreement or the Company and
its Subsidiary Guarantors are otherwise no longer required to comply therewith under the relevant Reference Agreement, the Company and its Subsidiaries, beginning on the effective date such Additional Covenant is removed or terminated from the
relevant Reference Agreement or the Company and its Subsidiary Guarantors are otherwise no longer required to comply with such Additional Covenant, shall still remain obligated to comply with such Additional Covenant hereunder, in each of cases
(A) and (B) above, until such time as the Required Holders have agreed in their sole discretion to amend, modify, remove or terminate such Additional Covenant to conform to the Reference Agreement. 

Section 9.15. Post-Closing Obligations. Within 30 days from the date of Closing, or such other date to which the Purchasers
expressly agree, the Company, on behalf of itself, each Spanish Obligor, and the Purchasers shall have formalized the ratification of the position of the Spanish Obligors as Subsidiary Guarantors under this Agreement into a public document
(escritura pública) for the purposes of article 517, paragraph 2, number 4 of the Spanish Civil Procedure Law (Ley 1/2000 de 7 de enero, Ley de Enjuiciamiento Civil) (the “Civil Procedural Law”) before a Spanish
notary public, at the expense of the Company. Within two Business Days from the execution of the notarial deed, the Company shall have supplied to each Purchaser an authorized copy (primera copia autorizada) of that deed. 

Section 9.16. 2009 Notes. Not later than January 29, 2013, a portion of the proceeds of the issuance of the
Series B Notes shall be used to pay off in full all amounts outstanding under the 2009 Notes. 
 SECTION 10.
NEGATIVE COVENANTS. 
 Each Obligor, jointly and severally, covenants that so long as any of the
Notes are outstanding: 
 Section 10.1. Transactions with Affiliates. The Obligors will not and will not permit any
Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate
(other than the Obligors or another Subsidiary which is not a member of the South African Group (except for Pyramid Freight BVI with respect to assets which are and remain assets outside of South Africa)), except in the ordinary course and pursuant
to the reasonable requirements of such Obligor’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Obligors or such Subsidiary than would be obtainable in a comparable arm’s-length transaction
with a Person not an Affiliate. 

  
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 Section 10.2. Restricted Payments. 

(a) Limitation. The Company will not, and will not permit any of its Subsidiaries to, at any time, declare or make, or incur any
liability to declare or make, any Restricted Payment unless immediately after giving effect to such action no Default or Event of Default would exist. The foregoing restriction shall not apply to (i) payment of Restricted Payments which
were declared prior to the existence of any Default or Event of Default, (ii) Restricted Payments paid to the Company or any Wholly-Owned Subsidiary or (iii) Restricted Payments pursuant to agreements entered into to obtain or maintain
BBBEE status. 
 (b) Time of Payment. Except in the case of board authorized share redemptions, repurchases and buybacks
pursuant to which the Company would redeem or otherwise repurchase or acquire any of its share capital pursuant to open market and other transactions, the Company will not, nor will it permit any of its Subsidiaries to, authorize a Restricted
Payment that is not payable within 60 days of authorization. 
 Section 10.3. Consolidated Total Debt Coverage. The
Company will ensure that the ratio of Consolidated Total Debt at any time to Consolidated EBITDA for the Measurement Period then or most recently ended, is not greater than 3.25 to 1.00. 

Section 10.4. Priority Debt. The Obligors will not permit Priority Debt at any time to exceed 15% of Consolidated Net Worth
determined as of the end of the then most recently ended fiscal quarter. 
 Section 10.5. Liens. The Obligors will
not, and will not permit any of their Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including, without
limitation, any document or instrument in respect of goods or accounts receivable) of the Company or any such Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom or assign or otherwise convey any right to
receive income or profits, except: 
 (a) any Lien arising by operation of law (other than in connection with
ERISA) and in the ordinary course of business; 
 (b) Liens for taxes, assessments or other governmental charges
or levies which are not yet due and payable or the payment of which is not at the time required by Section 9.4; 

  
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 (c) attachments, appeal bonds, judgments and other similar Liens for
sums not exceeding in aggregate U.S.$5,000,000 (or its equivalent in any other currency) arising in connection with any court or similar proceedings, provided the execution or other enforcement of such Liens is effectively stayed and the claims
secured thereby are being actively contested in good faith and by appropriate proceedings; 
 (d) easements,
rights of way, restrictions, minor defects or irregularities in title and other similar Liens not interfering in any material respect with the ordinary conduct of the business of any member of the Group; 

(e) any Lien in favor of CASS arising under the CASS Agreement in the ordinary course of business; 

(f) any Lien arising as a result of a Capital Lease permitted to exist under Section 10.13 in an amount not to exceed
U.S.$90,000,000 (or its equivalent in any other currency) at any one time; 
 (g) Liens that constitute purchase
money security interests on any property securing debt incurred for the purpose of financing all or any part of the cost of acquiring such property, provided that (i) any such Lien attaches to such property within 60 days of the acquisition
thereof and attaches solely to the property so acquired and (ii) the aggregate principal amount of all Indebtedness secured by any such Liens shall not, at any time, exceed 15% of Consolidated Tangible Assets; 

(h) any Lien comprising a netting or set-off arrangement entered into by a member of the Group in the ordinary course of
its banking arrangements for the purpose of netting debit and credit balances; 
 (i) any Lien, other than cash
pool related Liens, on assets described under the column captioned “Lien or other Security” on Schedule 5.15, securing in each case, Indebtedness under a facility existing on the date hereof with a commitment amount not exceeding the
applicable amount set forth under the column captioned “Working Capital or Omnibus Facility Limit” in Schedule 5.15 and, in each case, any refinancings or renewals thereof so long as the aggregate amount of each such refinancing or
renewal does not exceed the applicable “Working Capital or Omnibus Facility Limit” listed therein; 

(j) Liens securing obligations of a Subsidiary (other than a member of the South African Group or Pyramid Freight BVI) to
the Company or to another Subsidiary (other than a member of the South African Group or Pyramid Freight BVI); and Liens securing obligations of a member of the South African Group or Pyramid Freight BVI (to the extent that such Liens attach only to
assets located in South Africa) to another member of the South African Group or Pyramid Freight BVI; 
 (k) any
Lien constituted by the Cession in Security Agreement and, in respect of any Subsidiary formed under the laws of New Zealand or Australia, any “security interest” as defined in section 17(1)(b) of the Personal Property Securities Act
1999 (NZ) and Section 12(3) of the Personal Property Securities Act 2009 (Australia) which does not secure payment or performance of any obligation; 

  
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 (l) any Lien on an asset, or an asset of any person, acquired by a
member of the Group after the date of this Agreement, provided that (i) the aggregate amount covered by any such Lien does not exceed U.S.$10,000,000 (or its equivalent in any other currency) at any time, (ii) such Lien is only in
place for the period of six (6) months from the date of acquisition and (iii) the principal amount secured by that Lien has not been incurred or increased in contemplation of, or since, the acquisition; 

(m) any arrangement constituted by retention of title in connection with the acquisition of goods from a supplier provided
the goods are acquired in the ordinary course of business on the normal commercial terms of the supplier, which terms must not provide for retention of title when all goods supplied have been paid for in full; and 

(n) if and so long as on the date such Liens are granted no Default or Event of Default exists hereunder or would result
hereunder, including, without limitation, under Section 10.4, Liens securing Indebtedness of the Company or any Subsidiary in addition to those described in clauses (a) through (m) above. 

For the purposes of this Section 10.5, any Person becoming a Subsidiary after the date of this Agreement shall be deemed to have
incurred all of its then outstanding Liens at the time it becomes a Subsidiary, and any Person extending, renewing or refunding any Indebtedness secured by any Lien shall be deemed to have incurred such Lien at the time of such extension, renewal or
refunding. 
 Notwithstanding the foregoing or any other provision of this Agreement, the Company will not, and will not permit
any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on any assets of the Company or any Subsidiary securing any Primary Credit Facility except as set
forth in the second sentence of Section 9.7, unless the Notes are also concurrently equally and ratably secured pursuant to documentation, including, without limitation, an intercreditor agreement, reasonably satisfactory to the Required
Holders. 
 Section 10.6. Subsidiary Indebtedness. In addition to and not in limitation of any other applicable
restrictions herein, including Sections 10.3 and 10.4, the Company will not, at any time, permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee, have outstanding, or otherwise become or remain directly or indirectly
liable with respect to, any Indebtedness other than: 
 (a) Indebtedness of members of the South African Group
(other than Pyramid Freight BVI) not to exceed 800,000,000 South African Rand (or its equivalent in any other currency) at any time; and, Indebtedness consisting solely of put rights or mandatorily redeemable interests with respect to equity issued
by any member of the South African Group to enable such Subsidiary to maintain BBBEE status; 

  
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 (b) any unsecured Indebtedness of any Subsidiary Guarantor consisting of
direct obligations or Guaranties; 
 (c) Indebtedness of any Subsidiary of the Company (other than a member of
the South African Group or Pyramid Freight BVI) in an aggregate amount not to exceed U.S.$60,000,000 (or its equivalent in any other currency) at any time; 
 (d) Indebtedness incurred under any Capital Lease permitted to exist under Section 10.13 in an amount not to exceed U.S.$90,000,000 (or its equivalent in any other currency) at any one time;

 (e) Indebtedness of a Subsidiary (other than a member of the South African Group or Pyramid Freight BVI) owed
to an Obligor or a Wholly-Owned Subsidiary (other than a member of the South African Group or Pyramid Freight BVI); 
 (f) Indebtedness owed by a member of the South African Group or Pyramid Freight BVI to another member of the South African Group or Pyramid Freight BVI; 

(g) unsecured Indebtedness of any Subsidiary (other than a member of the South African Group or Pyramid Freight BVI) owed
to a member of the South African Group or Pyramid Freight BVI so long as such Indebtedness is contractually subordinated to such Subsidiary Guarantors’ obligations hereunder on terms reasonably satisfactory to the Required Holders; 

(h) unsecured Indebtedness of a member of the South African Group or Pyramid Freight BVI owed to the Company or a
Subsidiary (other than a member of the South African Group or Pyramid Freight BVI) in an amount not to exceed U.S.$10,000,000 (or its equivalent in any other currency); 

(i) secured Indebtedness of any Subsidiary to the extent that the Lien securing such Indebtedness would be permitted
pursuant to Section 10.5(g) or 10.5(h); 
 (j) Indebtedness under earnout arrangements in an aggregate
amount of up to U.S.$65,000,000 (or its equivalent in any other currency) at any one time to the extent such indebtedness remains contingent in accordance with the terms of the earnout arrangements; 

(k) any Indebtedness incurred under the Financing Agreements; 

(l) existing Indebtedness in an amount not to exceed U.S.$55,000,000 of Pyramid Freight BVI to Goddard Company Limited;
and 
 (m) Indebtedness of a Subsidiary in addition to that otherwise permitted by the foregoing provisions,
provided that on the date such Subsidiary incurs or otherwise becomes liable with respect to any such Indebtedness, and immediately after giving effect to the incurrence thereof, no Default or Event of Default exists hereunder, including, without
limitation, under Section 10.4. 

  
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 For the purpose of this Section 10.6, any Person becoming a Subsidiary after the date of the
Closing shall be deemed, at the time it becomes such a Subsidiary, to have incurred all of its then outstanding Indebtedness. 

Section 10.7. Merger, Consolidation, Etc. The Company will not consolidate with or merge with any other Person or convey,
transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: 
 (a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an
entirety, as the case may be, shall be a solvent corporation, limited liability company or other legal entity organized and existing under the laws of the United States or any State thereof (including the District of Columbia) or any other Permitted
Jurisdiction, and, if the Company is not such corporation, limited liability company or other legal entity, (i) such corporation, limited liability company or other legal entity shall have executed and delivered to each holder of any Notes its
assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes and (ii) such corporation, limited liability company or other legal entity shall have caused to be delivered to each
holder of any Notes an opinion of internationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are
enforceable in accordance with their terms and comply with the terms hereof; and 
 (b) immediately before and
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing. 
 No such
conveyance, transfer or lease of substantially all of the assets of the Company shall have the effect of releasing the Company or any successor corporation, limited liability company or other legal entity that shall theretofore have become such in
the manner prescribed in this Section 10.7 from its liability under this Agreement or the Notes. 
 Section 10.8.
Sale of Assets. Except as permitted by Section 10.7, the Obligors will not, and will not permit any Subsidiary to, sell, lease, transfer or otherwise dispose of, including by way of merger (collectively, a “Disposition”),
any assets, including capital stock of Subsidiaries, in one or a series of transactions, to any Person, other than: 
 (a) Dispositions in the ordinary course of business; 
 (b)
Dispositions by a Subsidiary to the Company or a Wholly-Owned Subsidiary which is not a member of the South African Group or Pyramid Freight BVI and Dispositions by a Subsidiary which is a member of the South African Group to a Subsidiary which is a
member of the South African Group or Pyramid Freight BVI; 

  
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 (c) Dispositions not otherwise permitted by clause (a) or
(b) of this Section 10.8, provided that (i) the aggregate net book value of all assets so disposed of in any twelve-month period pursuant to this Section 10.8(c) does not exceed 10% of Consolidated Total Assets as of the
last day of the most recently ended fiscal quarter and (ii) after giving effect to such transaction, no Default or Event of Default shall exist; and 
 (d) Dispositions of stock or other interests or securities, by way of merger or otherwise, of a member of the South African Group to another Person in order to obtain or maintain BBBEE status. 

The Obligors may, or may permit a Subsidiary to, make a Disposition and the assets subject to such Disposition shall not be subject to or included in the
foregoing limitation and computation contained in clause (c)(i) of the preceding sentence if: 
 (A) (x) in the
case of a Disposition by a Person who is not a member of the South African Group, the net proceeds from such Disposition are reinvested in productive assets to be used in the existing business of the Company or a Subsidiary which is not (i) a
member of the South African Group or (ii) Pyramid Freight BVI (to the extent such assets are in South Africa) and (y) in the case of a Disposition by a Person who is a member of the South African Group, the net proceeds from such
Disposition are reinvested in productive assets to be used in the existing business of the Company or a Subsidiary; or 
 (B) (x) in the case of a Disposition by a Person who is not a member of the South African Group, the net proceeds from such Disposition are applied to the payment or prepayment of Senior Indebtedness,
including an offer to prepay the Notes on a pro rata basis with other Senior Indebtedness of the Company or any Subsidiary which is not a member of the South African Group or Pyramid Freight BVI (other than Senior Indebtedness in respect of any
revolving credit or similar credit facility providing the Company or any Subsidiary with the right to obtain loans or other extensions of credit from time to time, except to the extent that in connection with such payment of Senior Indebtedness the
available credit under such credit facility is permanently reduced by an amount not less than the amount of such proceeds applied to the payment of Senior Indebtedness) and (y) in the case of a Disposition by a Person who is a member of the
South African Group, the net proceeds from such Disposition are applied to the payment or prepayment of Indebtedness of the Company or any Subsidiary owing to any Person that is not a Subsidiary or Affiliate and which is not expressed to be junior
or subordinate to any other Indebtedness of the Company or Subsidiary (other than Indebtedness in respect of any revolving credit or similar facility except to the extent that such facility is permanently reduced). 

  
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 For purposes of foregoing clause (B)(x), the Company shall offer to prepay the Notes in accordance with
Section 8.9 hereof. For purposes of the foregoing clauses (A) and (B), to the extent that the assets that are disposed of are assets owned by a Person other than a member of the South African Group or Pyramid Freight BVI, the proceeds of
such Disposition shall only be applied to acquire assets, or prepay debt of, an Obligor or a Subsidiary which is not a member of the South African Group or Pyramid Freight BVI. 

Notwithstanding the foregoing, at the time of any Disposition and after giving effect thereto, in no event shall Consolidated Total
Assets of the Company and its Subsidiaries (other than the South African Group and Pyramid Freight BVI) constitute less than 50% of Consolidated Total Assets. 
 Section 10.9. Line of Business. The Obligors will not and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Obligors and
their Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Obligors and their Subsidiaries, taken as a whole, are engaged on the date of this Agreement. 

Section 10.10. Terrorism Sanctions Regulations. The Company will not and will not permit any Controlled Entity (a) to
become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations or by the European Union, or (b) directly or indirectly
to have any investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would
cause any holder to be in violation of any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions, or (c) to engage, nor shall any Affiliate of either engage, in
any activity that could reasonably be expected to subject such Person or any holder to sanctions under CISADA or any similar law or regulation with respect to Iran or any other country that is subject to U.S. Economic Sanctions. 

Section 10.11. Subsidiaries in South Africa. No Subsidiary of the Company incorporated in South Africa may become an obligor
or guarantor under the Global Credit Facilities unless they also simultaneously become a guarantor under this Agreement. Neither the Company nor any Subsidiary of the Company (other than the South African Group (exclusive of Pyramid Freight BVI))
may become an obligor or guarantor under the South African Facilities. Except as permitted by Section 10.6 or otherwise outstanding on the date hereof, the Obligors will not at any time have any Indebtedness outstanding which is owed to a
member of the South African Group or Pyramid Freight BVI. 
 Section 10.12. Minimum Debt Service Ratio. The Company
will not permit the Debt Service Ratio to be, as of the end of any Measurement Period, less than 2.50 to 1.00. 

  
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 Section 10.13. Capital Leases. Capital Leases of the Company and its
Subsidiaries will not, at any time, exceed in the aggregate (i) U.S.$90,000,000 (or its equivalent in any other currency) plus (ii) such amounts as the Company and its Subsidiaries are permitted to have outstanding pursuant to
Section 10.4 hereof. 
 SECTION 11. EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) any Obligor defaults in the payment of (i) any principal or Make-Whole Amount or Modified Make-Whole Amount, if
any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise or (ii) the payment required pursuant to Section 8.10; or 

(b) any Obligor defaults in the payment of any interest on any Note or any amount payable pursuant to Section 13 for
more than five Business Days after the same becomes due and payable; or 
 (c) (i) any Subsidiary Guarantor
defaults in the performance of or compliance with any term contained in Section 23, or (ii) any Obligor defaults in the performance of or compliance with any term contained in Section 7.1(d) or Sections 10.2 through and including
10.8, 10.12 and 10.13; or 
 (d) any Obligor defaults in the performance of or compliance with any term contained
herein (other than those referred to in Sections 11(a), (b) and (c)) and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) any Obligor
receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 

(e) any representation or warranty made in writing by or on behalf of any Obligor or by any officer of any Obligor in any
Financing Agreement or in any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made; or 

(f) (i) any Obligor or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of
any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least U.S.$15,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace
provided with respect thereto, or (ii) any Obligor or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least U.S.$15,000,000
(or its equivalent in the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been
declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a

  
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consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity
interests), (x) any Obligor or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least
U.S.$15,000,000 (or its equivalent in the relevant currency of payment), or (y) one or more Persons have the right to require any Obligor or any Subsidiary so to purchase or repay such Indebtedness other than (in the case of each of clauses
(i) through (iii) immediately above) Indebtedness consisting of Capital Leases if the non-payment of such Indebtedness has resulted from the loss of the asset which is subject to the Capital Lease to the extent the obligations under that
Capital Lease are covered by insurance; or 
 (g) any Obligor or any Significant Subsidiary (i) is generally
not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in
bankruptcy, winding-up, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, winding-up, moratorium or other similar law of any jurisdiction, (iii) makes an assignment, composition or arrangement for the benefit
of its creditors, (iv) consents to the appointment of a liquidator, custodian, receiver, administrative receiver or administrator, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its
property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 
 (h) a court or Governmental Authority of competent jurisdiction enters an order appointing, without consent by any Obligor or any of its Significant Subsidiaries, a liquidator, custodian, receiver,
administrative receiver or administrator, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its assets or property, or constituting an order for relief or approving a petition for relief or
reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of any Obligor or any of its Significant
Subsidiaries, or any such petition shall be filed against any Obligor or any of its Significant Subsidiaries and such petition shall not be dismissed within 60 days; or 

(i) any event occurs with respect to any Obligor or any Significant Subsidiary which under the laws of any jurisdiction is
analogous to any of the events described in Section 11(g) or (h), including but not limited to, (x) a Dutch Obligor being declared bankrupt (failliet verklaard) or dissolved (ontbonden), (y) a redressement judiciaire,
cession totale de l'entreprise or liquidation judiciaire under Articles L.620-1 et seq. of the French Commercial Code and (z) a winding-up, administration or dissolution (and each of those terms) and including insolvency
proceedings (Insolvenzverfahren) in Germany, provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding described in
Section 11(g) or (h); or 

  
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 (j) a final judgment or judgments for the payment of money aggregating
in excess of U.S.$50,000,000 (or its equivalent in the relevant currency of payment) are rendered against one or more of any Obligor and its Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed
pending appeal, or are not discharged within 60 days after the expiration of such stay; or 
 (k) if (i) any
Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a
notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC
shall have notified any Obligor or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) the sum of (x) the aggregate “amount of unfunded benefit liabilities” (within the meaning of section
4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, plus (y) the amount (if any) by which the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate
current value of the assets of such Non-U.S. Plans allocable to such liabilities, shall exceed U.S.$50,000,000 (or its equivalent in any other currency), (iv) any Obligor or any ERISA Affiliate shall have incurred or is reasonably expected to
incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (v) any Obligor or any ERISA Affiliate withdraws from any Multiemployer Plan, (vi) any Obligor
or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of any Obligor or any Subsidiary thereunder, (vii) any Obligor or any
Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up or
(viii) any Obligor or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S.
Plans; and any such event or events described in clauses (i) through (viii) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect; or 

(l) an Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company other than as permitted
hereunder. 
 As used in Section 11(k), the terms “employee benefit plan” and “employee welfare benefit plan” shall
have the respective meanings assigned to such terms in section 3 of ERISA. 

  
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 SECTION 12. REMEDIES ON DEFAULT,
ETC. 
 Section 12.1. Acceleration. (a) If an Event of Default with respect to any Obligor
described in Section 11(g), (h) or (i) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause
(i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If any other Event of Default has occurred and is continuing, any holder or holders of more than 50% in principal amount of the Notes at the time outstanding may at any time at its or their option, by
notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 
 (c) If any Event
of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to any
Obligor, declare all the Notes held by it or them to be immediately due and payable. 
 Upon any Notes becoming due and payable
under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, without limitation,
interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case
without presentment, demand, protest or further notice, all of which are hereby waived. The Obligors acknowledge, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by
the Obligors (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Obligors in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide
compensation for the deprivation of such right under such circumstances. 
 Section 12.2. Other Remedies. If any
Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to
protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or in any other Financing Agreement, or for an
injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 
 Section 12.3. Rescission. At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the holders of not less than 51% in principal amount of the
Notes then outstanding, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount or Modified
Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount or Modified Make-Whole Amount, if any, and (to the extent
permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts that have become due solely by reason of such

  
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declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant
to Section 18, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of
Default or Default or impair any right consequent thereon. 
 Section 12.4. No Waivers or Election of Remedies,
Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right,
power or remedy conferred by this Agreement, any Note or any other Financing Agreement upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by
statute or otherwise. Without limiting the obligations of the Company under Section 16, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred
in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements and any registration duty. 

Section 12.5. Executive Proceedings. (a) At the discretion of the holders of the Notes, the ratification of the position
of each Spanish Obligor as a Subsidiary Guarantor under this Agreement shall be formalized in a Spanish public document (escritura pública), so that it has the status of a notarial document of loan for all purposes contemplated in
article 517, paragraph 2, number 4 of the Civil Procedural Law. 
 (b) Upon enforcement, the sum payable by any Spanish
Obligor shall be the principal amount outstanding under all Notes issued hereunder together with all accrued interest and Make-Whole Amount, if any, on such Notes. For the purposes of Articles 571 et seq. of the Civil Procedural Law, the
Obligors and the holders of the Notes expressly agree that such balances shall be considered as due, liquid and payable and may be claimed pursuant to the same provisions of such law. 

(c) For the purposes of Articles 571 et seq. of the Civil Procedural Law, it is expressly agreed by the Obligors and the
holders of the Notes that the determination of the debt to be claimed through the executive proceedings shall be effected by the holders of the Notes by means of the appropriate certificate evidencing the balances shown in the relevant account(s)
referred to in paragraph (b) above. By virtue of the foregoing, to exercise executive action by the holders of the Notes it will be sufficient to deliver (i) an original notarial first or authentic copy of this Agreement, (ii) the
notarial document (acta notarial) which incorporates the certificate issued by the holders of the Notes of the amount due by any Spanish Obligor including an excerpt of the credits and debits, including the interest applied, which appear in
the relevant account(s) referred to in paragraph (b) above, evidencing that the determination of the amounts due and payable by the Spanish Obligor has been calculated as agreed in this Agreement and that such amounts coincide with the balance
of such accounts, and (iii) a notarial document (acta notarial) evidencing that the Obligors have been served notice of the amount that is due and payable. 

  
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 (d) The amount of the balances so established shall be notified to the Obligors in an
attestable manner at least three days in advance of exercising the executive action set out in paragraph (c) above. 
 (e)
The Spanish Obligors hereby expressly authorize the holders of the Notes to request and obtain certificates and documents, including second or further copies of the deed in which the ratification of the position of the Spanish Obligors as Subsidiary
Guarantors under this Agreement is formalized, issued by the notary who has formalized the ratification of the position of the Spanish Obligors as Subsidiary Guarantors under this Agreement in order to evidence its compliance with the entries of his
registry-book and the relevant entry date for the purpose of article 517, paragraph 2, number 4 of the Civil Procedural Law. The cost of such certificates and documents will be for the account of the Obligors. 

SECTION 13. TAX INDEMNIFICATION. 

All payments whatsoever under the Financing Agreements will be made by the Obligors in lawful currency of the United States of America
free and clear of, and without liability for withholding or deduction for or on account of, any present or future Taxes of whatever nature imposed or levied by or on behalf of any jurisdiction other than the United States (or any political
subdivision or taxing authority of or in such jurisdiction) (hereinafter a “Taxing Jurisdiction”), unless the withholding or deduction of such Tax is compelled by law. 

If any deduction or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of any amounts to be paid
by any Obligor under the Financing Agreements, the Obligors will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted or otherwise paid before penalties attach thereto or interest accrues thereon and pay to each
holder of a Note such additional amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of the Financing Agreements after such deduction, withholding or payment (including, without limitation, any
required deduction or withholding of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under the terms of the Financing Agreements before the assessment of such Tax,
provided that no payment of any additional amounts shall be required to be made for or on account of: 

(a) any Tax that would not have been imposed but for the existence of any present or former connection between such holder
(or a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust, partnership or corporation or any Person other than the holder to whom the Notes or any amount payable
thereon is attributable for the purposes of such Tax) and the Taxing Jurisdiction, other than the mere holding of the relevant Note or the receipt of payments thereunder or in respect thereof, including, without limitation, such holder (or such
other Person described in the above parenthetical) being or having been a citizen or resident thereof, or being or having been present or engaged in trade or business therein or having or having had an establishment, office, fixed base or branch
therein, provided that this exclusion shall not apply with respect to a Tax that would not have been imposed but for an Obligor, after the date of the Closing, opening an office in, moving an office to, reincorporating in, or changing the
Taxing Jurisdiction from or through which payments on account of this Agreement or the Notes are made to, the Taxing Jurisdiction imposing the relevant Tax; 

  
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 (b) any Tax that would not have been imposed but for the delay or
failure by such holder (following a written request by an Obligor) in the filing with the relevant Taxing Jurisdiction of Forms (as defined below) that are required to be filed by such holder to avoid or reduce such Taxes (including for such purpose
any refilings or renewals of filings that may from time to time be required by the relevant Taxing Jurisdiction), provided that the filing of such Forms would not (in such holder’s reasonable judgment) impose any unreasonable burden (in
time, resources or otherwise) on such holder or result in any confidential or proprietary income tax return information being revealed, either directly or indirectly, to any Person and such delay or failure could have been lawfully avoided by such
holder, and provided further that such holder shall be deemed to have satisfied the requirements of this clause (b) upon the good faith completion and submission of such Forms (including refilings or renewals of filings) as may be
specified in a written request of an Obligor no later than 60 days after receipt by such holder of such written request (accompanied by copies of such Forms and related instructions, if any, all in the English language or with an English translation
thereof); or 
 (c) any combination of clauses (a) and (b) above; 

and provided further that in no event shall the Obligors be obligated to pay such additional amounts (i) to any holder of a Note not resident
in the United States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date of the Closing (the “Original Jurisdiction”) in excess of the amounts that the Obligors would be
obligated to pay if such holder had been a resident of the United States of America or the Original Jurisdiction, as applicable, for purposes of, and eligible for the benefits of, any double taxation treaty from time to time in effect between the
United States of America or the Original Jurisdiction, as applicable, and the relevant Taxing Jurisdiction, or (ii) to any holder of a Note registered in the name of a nominee if under the law of the relevant Taxing Jurisdiction (or the current
regulatory interpretation of such law) securities held in the name of a nominee do not qualify for an exemption from the relevant Tax and the Obligors shall have given timely notice of such law or interpretation to such holder. 

By acceptance of any Note, the holder of such Note agrees, subject to the limitations of clause (b) above, that it will from time to
time with reasonable promptness (x) duly complete and deliver to or as reasonably directed by an Obligor all such forms, certificates, documents and returns provided to such holder by such Obligor (collectively, together with instructions for
completing the same, “Forms”) required to be filed by or on behalf of such holder in order to avoid or reduce any such Tax pursuant to the provisions of an applicable statute, regulation or administrative practice of the relevant
Taxing Jurisdiction or of a tax treaty between the United States and such Taxing Jurisdiction and (y) provide an Obligor with such information with respect to such holder as such Obligor may reasonably request in order to complete any such
Forms, provided that nothing in this Section 13 shall require any holder to provide information with respect to any such Form or otherwise if in the opinion of such holder such Form or 

  
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disclosure of information would involve the disclosure of tax return or other information that is confidential or proprietary to such holder, and provided further that each such holder shall be
deemed to have complied with its obligation under this paragraph with respect to any Form if such Form shall have been duly completed and delivered by such holder to an Obligor or mailed to the appropriate taxing authority (which shall be deemed to
occur when such Form is submitted to the United States Internal Revenue Service in accordance with instructions contained in such Form), whichever is applicable, within 60 days following a written request of an Obligor (which request shall be
accompanied by copies of such Form and English translations of any such Form not in the English language) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment date. 

On or before the date of the Closing the Company will furnish each Purchaser with copies of the appropriate Form (and English translation
if required as aforesaid) currently required to be filed in the British Virgin Islands pursuant to clause (b) of the first paragraph of this Section 13, if any, and in connection with the transfer of any Note the Company will furnish the
transferee of such Note with copies of any Form and English translation then required. 
 If any payment is made by an Obligor
to or for the account of the holder of any Note after deduction for or on account of any Taxes, and increased payments are made by such Obligor pursuant to this Section 13, then, if such holder at its sole discretion determines that it has
received or been granted a refund of such Taxes, such holder shall, to the extent that it can do so without prejudice to the retention of the amount of such refund, reimburse to such Obligor such amount as such holder shall, in its sole discretion,
determine to be attributable to the relevant Taxes or deduction or withholding. Nothing herein contained shall interfere with the right of the holder of any Note to arrange its tax affairs in whatever manner it thinks fit and, in particular, no
holder of any Note shall be under any obligation to claim relief from its corporate profits or similar tax liability in respect of such Tax in priority to any other claims, reliefs, credits or deductions available to it or (other than as set forth
in clause (b) above) oblige any holder of any Note to disclose any information relating to its tax affairs or any computations in respect thereof. 
 The Obligors will furnish the holders of Notes, promptly and in any event within 60 days after the date of any payment by an Obligor of any Tax in respect of any amounts paid under the Financing
Agreements, the original tax receipt issued by the relevant taxation or other authorities involved for all amounts paid as aforesaid (or if such original tax receipt is not available or must legally be kept in the possession of an Obligor, a duly
certified copy of the original tax receipt or any other reasonably satisfactory evidence of payment), together with such other documentary evidence with respect to such payments as may be reasonably requested from time to time by any holder of a
Note. 
 If an Obligor is required by any applicable law, as modified by the practice of the taxation or other authority of any
relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which such Obligor would be required to pay any additional amount under this Section 13, but for any reason does not make such deduction or withholding
with the result that a liability in respect of such Tax is assessed directly against the holder of any Note, and such holder pays such liability, then such Obligor will promptly reimburse such holder for such payment (including any related interest
or penalties to the extent such interest or penalties arise by virtue of a default or delay by such Obligor) upon demand by such holder accompanied by an official receipt (or a duly certified copy thereof) issued by the taxation or other authority
of the relevant Taxing Jurisdiction. 

  
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 If an Obligor makes payment to or for the account of any holder of a Note and such
holder is entitled to a refund of the Tax to which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall, as soon as practicable after receiving written request from such Obligor (which
shall specify in reasonable detail and supply the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as directed by the Obligors, subject, however, to the same limitations with respect to Forms as are
set forth above. 
 The obligations of the Obligors under this Section 13 shall survive the payment or transfer of any Note
and the provisions of this Section 13 shall also apply to successive transferees of the Notes. 
 SECTION 14.
REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

Section 14.1. Registration of Notes. The Company shall keep at its principal executive office a register for the registration
and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. Prior to due presentment
for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the
contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 

Section 14.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention
of the designated officer (all as specified in Section 19) for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered
holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other details for notices of each transferee of such Note or part thereof) within ten Business Days thereafter the
Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes of the same series (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid
principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1-A and 1-B respectively, as applicable. Each such new Note shall be dated and
bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp
tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall 

  
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not be transferred in denominations of less than U.S.$100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be
in a denomination of less than U.S.$100,000. Notwithstanding the foregoing, the Company shall not be required to register any transfer or exchange if such transfer or exchange would involve any non-exempt transaction that is subject to the
prohibitions of Section 406 of ERISA. 
 Section 14.3. Replacement of Notes. Upon receipt by the Company of
evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and
such loss, theft, destruction or mutilation), and 
 (a) in the case of loss, theft or destruction, of indemnity
reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least U.S.$50,000,000 (or its equivalent in any other applicable
currency) or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and cancellation thereof, 
 within ten Business Days
thereafter the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or
dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

Section 14.4. Representations of Transferee. Upon the transfer of any Note, each transferee must provide an executed
representation letter substantially in the form set forth in Exhibit 14.4. 
 SECTION 15. PAYMENTS
ON NOTES. 
 Section 15.1. Place of Payment. Subject to Section 15.2, payments of
principal, Make-Whole Amount or Modified Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Royal Bank of Scotland in such jurisdiction. The Company may at any
time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such
jurisdiction. 
 Section 15.2. Home Office Payment. So long as any Purchaser or its nominee shall be the holder of
any Note, and notwithstanding anything contained in Section 15.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount or Modified Make-Whole Amount, if any, and interest by
the method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such 

  
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Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that
upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company
at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 15.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its
election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 14.2. The Company will
afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the
Purchasers have made in this Section 15.2. 
 SECTION 16. EXPENSES, ETC. 

Section 16.1. Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Obligors will pay
all costs and expenses (including reasonable attorneys’ fees of one special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with such
transactions and in connection with any amendments, waivers or consents under or in respect of any Financing Agreement (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and
expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under any Financing Agreement or in responding to any subpoena or other legal process or informal investigative demand issued in connection
with any Financing Agreement, or by reason of being a holder of any Note, (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of any Obligor or any Subsidiary or in
connection with any work-out or restructuring of the transactions contemplated by any Financing Agreement and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial
information with the SVO, provided that such costs and expenses under this clause (c) shall not exceed U.S.$3,000 per series of Notes. The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, all
claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes). 

Section 16.2. Certain Taxes. Each Obligor agrees to pay all stamp, documentary or similar taxes or fees which may be payable
in respect of the execution and delivery or the enforcement of this Agreement, the Subsidiary Guarantee Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in any Applicable Jurisdiction or in any
jurisdiction where an Obligor is organized or where an Obligor has assets or of any amendment of, or waiver or consent under or with respect to, any Financing Agreement, and to pay any value added tax due and payable in respect of reimbursement of
costs and expenses by the Obligors pursuant to this Section 16 or any other tax of a similar nature which might be chargeable, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability
resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Obligors hereunder. 

  
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 Section 16.3. Survival. The obligations of the Obligors under this
Section 16 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of any Financing Agreement, and the termination of any Financing Agreement. 

SECTION 17. SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
ENTIRE AGREEMENT. 
 All representations and warranties contained herein shall survive the
execution and delivery of the Financing Agreements, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of
any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of any Obligor pursuant to any Financing Agreement shall be
deemed representations and warranties of such Obligor under such Financing Agreement. Subject to the preceding sentence, the Financing Agreements embody the entire agreement and understanding between each Purchaser and the Obligors and supersede all
prior agreements and understandings relating to the subject matter hereof. 
 SECTION 18. AMENDMENT
AND WAIVER. 
 Section 18.1. Requirements. This Agreement, the Notes and the other
Financing Agreements may be amended, and the observance of any term hereof, of the Notes or of any other Financing Agreement may be waived (either retroactively or prospectively), with (and only with) the written consent of the Obligors and the
Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 22, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser
in writing, and (b) no such amendment or waiver may, without the written consent of the holder of each Note at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission,
change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of interest or of the Make-Whole Amount or Modified Make-Whole Amount on, the Notes, (ii) change
the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver, or (iii) amend Section 8, 11(a), 11(b), 12, 13, 18, 21, 23 or 24.9. 

  
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 Section 18.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Company will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with
sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions
hereof, of the Notes or of any other Financing Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 18 to each holder of outstanding
Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b) Payment. No Obligor will directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or
provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently
paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment. 

Section 18.3. Binding Effect, Etc. Any amendment or waiver consented to as provided in this Section 18 applies equally
to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Obligors without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or
affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Obligors and the holder of any Note nor any delay in exercising any
rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or
supplemented. 
 Section 18.4. Notes Held by Obligors, Etc. Solely for the purpose of determining whether the
holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the Notes or any other Financing Agreement or have directed
the taking of any action provided herein or in the Notes or in any other Financing Agreement to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or
indirectly owned by any Obligor or any of its Affiliates shall be deemed not to be outstanding. 
 SECTION 19.
NOTICES; ENGLISH LANGUAGE. 
 All notices and communications provided for hereunder
shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized international commercial delivery service (charges prepaid), or (b) by a recognized international commercial
delivery service (with charges prepaid). Any such notice must be sent: 

  
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 (i) if to a Purchaser or its nominee, to such Purchaser or nominee at
the address specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

(ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
Company in writing, or 
 (iii) if to any Obligor, to the Company at its address set forth at the beginning
hereof to the attention of the Chief Financial Officer, or at such other single address as the Company shall have specified to the holder of each Note in writing. 
 Notices under this Section 19 will be deemed given only when actually received. 
 Each document, instrument, financial statement, report, notice or other communication delivered in connection with this Agreement shall be in English or accompanied by an English translation thereof.

 This Agreement and the other Financing Agreements have been prepared and signed in English and the parties hereto agree that
the English version hereof and thereof (to the maximum extent permitted by applicable law) shall be the only version valid for the purpose of the interpretation and construction hereof and thereof notwithstanding the preparation of any translation
into another language hereof or thereof, whether official or otherwise or whether prepared in relation to any proceedings which may be brought in an Applicable Jurisdiction or in any jurisdiction where an Obligor is organized or where an Obligor has
assets or any other jurisdiction in respect hereof or thereof. 
 SECTION 20. REPRODUCTION OF
DOCUMENTS. 
 This Agreement and all documents relating thereto, including, without limitation, (a) consents,
waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter
furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital or other similar process and such Purchaser may destroy any original document so reproduced. The Obligors agree and stipulate that,
to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction
was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 20 shall not prohibit the Obligors or any other
holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

  
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 SECTION 21. CONFIDENTIAL INFORMATION. 

For the purposes of this Section 21, “Confidential Information” means information delivered to any Purchaser by or on
behalf of any Obligor or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received
by such Purchaser as being confidential information of such Obligor or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure,
(b) subsequently becomes publicly known through no act or omission by such Purchaser or any person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by such Obligor or such
Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with
procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, trustees,
officers, employees and attorneys (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), and provided such Purchasers advise such Person of the confidential nature of such information,
(ii) its financial advisors, other professional advisors, agents and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 21, (iii) any other holder of any
Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the
provisions of this Section 21), (v) any Person from which it offers to purchase any security of an Obligor (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this
Section 21), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access
to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to
such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such
Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement and the other Financing Agreements.
Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 21 as though it were a party to this Agreement. On reasonable request by the Company in
connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will
enter into an agreement with the Company embodying the provisions of this Section 21. 

  
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 SECTION 22. SUBSTITUTION OF PURCHASER.

 Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed
to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such
Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such
Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt
by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 22), shall no longer be deemed to refer to such Affiliate, but shall refer to such original
Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 

SECTION 23. SUBSIDIARY GUARANTEE AGREEMENT. 

Section 23.1. Guarantee and Indemnity. Each Subsidiary Guarantor jointly and severally and irrevocably and unconditionally:

 (a) guarantees to each holder of Notes punctual performance by each Obligor of all its obligations under the
Financing Agreements; 
 (b) undertakes with each holder of Notes to pay as primary obligor and not as surety,
principal, Make-Whole Amount, Modified Make-Whole Amount, interest and all other amounts due under or in connection with any Financing Agreement including but not limited to the payment of principal, interest (including default interest and
post-petition interest) and the make-whole amount or swap breakage amounts or libor breakage amounts, if any, and the due and punctual payment of all other amounts payable (all such obligations so guaranteed are herein collectively referred to as
the “Guaranteed Obligations”), it must immediately on demand by the Required Holders pay that amount as if it were the principal obligor in respect of that amount; and 

(c) indemnifies each holder of Notes immediately on demand against any loss or liability suffered by that holder of Notes
if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal; the amount of the loss or liability under this indemnity will be equal to the amount the holder of Notes would otherwise have been entitled to recover. 

Section 23.2. Continuing Guarantee. (a) This guarantee is a continuing guarantee and will extend to the ultimate balance
of all sums payable by any Obligor under the Financing Agreements, regardless of any intermediate payment or discharge in whole or in part. 

  
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 (b) The obligations guaranteed by each Subsidiary Guarantor under this Section 23
and the losses and liabilities against which each Subsidiary Guarantor indemnifies the holders of Notes include, in each case, all amounts which arise under the Financing Agreements after a petition is filed by, or against, any Obligor under the US
Bankruptcy Code of 1978 (or in analogous circumstances under any applicable law in any other applicable jurisdiction) even if the liabilities or obligations do not accrue against such Obligor because of the automatic stay under section 362 of the US
Bankruptcy Code of 1978 (or because of any analogous provision under any applicable law in any other jurisdiction) or because any such obligation is not an allowed claim against such Obligor in any such bankruptcy proceedings or otherwise.

 Section 23.3. Reinstatement. (a) If any discharge (whether in respect of the obligations of any Obligor or
any security for those obligations or otherwise) or arrangement is made in whole or in part on the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation, administration or otherwise
without limitation, the liability of each Subsidiary Guarantor under this Section 23 will continue or be reinstated as if the discharge or arrangement had not occurred. 
 (b) Each holder of Notes may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 

Section 23.4. Waiver of Defenses. (a) The obligations of each Subsidiary Guarantor under this Section 23 will not
be affected by any act, omission or thing which, but for this provision, would reduce, release or prejudice any of its obligations under this Section 23 (whether or not known to it or any holder of Notes). This includes: 

(i) any time or waiver granted to, or composition with, any person; 

(ii) any release of any person under the terms of any composition or arrangement; 

(iii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or
enforce, any rights against, or security over assets of, any person; 
 (iv) any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; 
 (v) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person and including notice of an adverse change in the financial condition
of any Obligor or any other fact that might increase or expand any Subsidiary Guarantor’s risk hereunder; 

  
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 (vi) any amendment, novation, supplement, extension or reinstatement
(however fundamental and of whatever nature) of a Financing Agreement or any other document or security; 
 (vii)
any unenforceability, illegality, invalidity or non-provability of any obligation of any person under any Financing Agreement or any other document or security; 
 (viii) any insolvency or similar proceedings; 
 (ix) notice of
acceptance of this Subsidiary Guarantee Agreement; 
 (x) notice of any purchase of the Notes under this
Agreement, or the creation, existence or acquisition of any of the Guaranteed Obligations, subject to such Subsidiary Guarantor’s right to make inquiry of each holder of Notes to ascertain the amount of the Guaranteed Obligations at any
reasonable time; 
 (xi) notice of the amount of the Guaranteed Obligations, subject to such Subsidiary
Guarantor’s right to make inquiry of each holder of Notes to ascertain the amount of the Guaranteed Obligations at any reasonable time; 
 (xii) all other notices and demands to which such Subsidiary Guarantor might otherwise be entitled; 
 (xiii) the defense of the “single action” rule or any similar right or protection, and the right by statute or otherwise to require any holder of Notes to institute suit against the Company or
to exhaust its rights and remedies against the Company, the Subsidiary Guarantor being bound to the payment of each and all Guaranteed Obligations, whether now existing or hereafter accruing, as fully as if such Guaranteed Obligations were directly
owing to the holders of Notes by such Subsidiary Guarantor; and 
 (xiv) any other defense which the Subsidiary
Guarantor may have to the full and complete performance of its obligations hereunder. 
 (b) Each Spanish Obligor waives any
right of exclusion, order or division (beneficios de excusión, orden y división) under Article 1830 et seq. of the Spanish Civil Code. 
 (c) Each Belgian Obligor waives any right of discussion or division (bénéfice de discussion et de division) under article 2021 and 2026 of the Belgian Civil Code. 

(d) Each Guernsey Obligor waives any right it may have (whether by virtue of the droit de discussion or droit de division
or otherwise) to require: 
 (i) that the Purchasers, before enforcing their rights against it under this
Agreement, takes any action, exercises any recourse or seeks a declaration of bankruptcy against the Company or any other Person, makes any claim in a bankruptcy, liquidation, administration or insolvency of the Company or any other Person or
enforces or seeks to enforce any other right, claim, remedy or recourse against the Company or any other Person; 

  
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 (ii) that the Purchasers, in order to preserve any of their rights
against the Guernsey Obligor, joins the Guernsey Obligor as a party to any proceedings against the Company, or the Company as a party to any proceedings against the Guernsey Obligor or takes any other procedural steps; or 

(iii) that the Purchasers divide the liability of the Guernsey Obligor under this Agreement with any other Person.

 Section 23.5. Immediate Recourse. (a) Each Subsidiary Guarantor waives any right it may have of first
requiring any holder of Notes (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from that Subsidiary Guarantor under this Section 23. 

(b) This waiver applies irrespective of any law or any provision of a Financing Agreement to the contrary. 

Section 23.6. Appropriations. Until all amounts which may be or become payable by the Obligors under or in connection with
the Financing Agreements have been irrevocably paid in full, each holder of Notes (or any trustee or agent on its behalf) may without affecting the liability of any Subsidiary Guarantor under this Section 23: 

(a) (i) refrain from applying or enforcing any other moneys, security or rights held or received by that holder of
Notes (or any trustee or agent on its behalf) against those amounts; or 
 (ii) apply and enforce them in such
manner and order as it sees fit (whether against those amounts or otherwise); and 
 (b) hold in an
interest-bearing suspense account any moneys received from any Subsidiary Guarantor or on account of that Subsidiary Guarantor’s liability under this Section 23. 
 Section 23.7. Non-competition. Unless: 
 (a) all
amounts which may be or become payable by the Obligors under or in connection with the Financing Agreements have been irrevocably paid in full; or 
 (b) the Required Holders, acting reasonably, otherwise direct, 
 no Subsidiary
Guarantor will, after a claim has been made or by virtue of any payment or performance by it under this Section 23: 

  
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 (i) be subrogated to any rights, security or moneys held, received or
receivable by any holder of Notes (or any trustee or agent on its behalf); 
 (ii) be entitled to any right of
contribution or indemnity in respect of any payment made or moneys received on account of that Subsidiary Guarantor’s liability under this Section 23; 

(iii) claim, rank, prove or vote as a creditor of any Obligor or its estate in competition with any holder of Notes (or
any trustee or agent on its behalf); or 
 (iv) receive, claim or have the benefit of any payment, distribution
or security from or on account of any Obligor, or exercise any right of set-off as against any Obligor. 
 Each Subsidiary Guarantor must hold
in trust for and immediately pay or transfer to the holders on a pro rata basis any payment or distribution or benefit of security received by it contrary to this Section 23 or in accordance with any directions given by the Required Holders
under this Section 23. 
 Section 23.8. Release of Subsidiary Guarantors’ Right of Contribution. If any
Subsidiary Guarantor ceases to be a Subsidiary Guarantor in accordance with the terms of the Financing Agreements for the purposes of any sale or other disposal of that Subsidiary Guarantor: 

(a) that Subsidiary Guarantor will be released by each other Subsidiary Guarantor from any liability whatsoever to make a
contribution to any other Subsidiary Guarantor arising by reason of the performance by any other Subsidiary Guarantor of its obligations under the Financing Agreements; and 

(b) each other Subsidiary Guarantor will waive any rights it may have by reason of the performance of its obligations
under the Financing Agreements to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any right of any holder of Notes under any Financing Agreement or of any other security taken under, or in connection with,
any Financing Agreement where the rights or security are granted by or in relation to the assets of the retiring Subsidiary Guarantor. 
 Section 23.9. Releases. Each Subsidiary Guarantor consents and agrees that, without notice to or by such Subsidiary Guarantor and without impairing, releasing, abating, deferring, suspending,
reducing, terminating or otherwise affecting the obligations of such Subsidiary Guarantor hereunder, each holder of Notes, in the manner provided herein, by action or inaction, may: 

  
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 (a) compromise or settle, renew or extend the period of duration or the
time for the payment, or discharge the performance of, or may refuse to, or otherwise not, enforce, or may, by action or inaction, release all or any one or more parties to, this Agreement; 

(b) assign, sell or transfer, or otherwise dispose of, any one or more of the Notes; 

(c) grant waivers, extensions, consents and other indulgences to any Obligor in respect of this Agreement or the Notes;

 (d) amend, modify or supplement in any manner and at any time (or from time to time) this Agreement or the
Notes including, without limitation, by any increase in the principal amount of any Notes or any change in interest rates or Make-Whole Amount or Modified Make-Whole Amount or swap breakage determinations; 

(e) release or substitute any one or more of the endorsers or guarantors of the Guaranteed Obligations whether parties
hereto or not; 
 (f) sell, exchange, release or surrender any property at any time pledged or granted by the
Company or any Subsidiary Guarantor as security in respect of the Guaranteed Obligations in accordance with the agreement or instrument granting any such security; 

(g) exchange, enforce, waive, or release, by action or inaction, any security for the Guaranteed Obligations or any other
guarantee of any of the Notes; and 
 (h) do any other act or event which could have the effect of releasing the
Subsidiary Guarantor from the full and complete performance of its obligations hereunder. 
 Section 23.10.
Marshaling. Each Subsidiary Guarantor consents and agrees that: 
 (a) each holder of Notes shall be under no
obligation to marshal any assets in favor of any Subsidiary Guarantor or against or in payment of any or all of the Guaranteed Obligations; and 
 (b) to the extent the Company makes a payment or payments to any holder of Notes, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set
aside, or required, for any of the foregoing reasons or for any other reason, to be repaid or paid over to a custodian, trustee, receiver, or any other party under any bankruptcy law, common law, or equitable cause, then to the extent of such
payment or repayment, the obligation or part thereof intended to be satisfied thereby shall be revived and continued in full force and effect as if said payment or payments had not been made and each Subsidiary Guarantor shall be primarily liable
for such obligation. 

  
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 Section 23.11. Liability. Each Subsidiary Guarantor agrees that the
liability of each Subsidiary Guarantor in respect of this Section 23 shall be immediate, and shall not be contingent upon the exercise or enforcement by any holder of Notes of whatever remedies such holder may have against the Company or the
enforcement of any Lien or realization upon any security such holder may at any time possess. 
 Section 23.12.
Character of Obligation. The Guaranty set forth in this Section 23 is a primary and original obligation of each Subsidiary Guarantor and is an absolute, unconditional, continuing and irrevocable guarantee of payment and performance (and not
of collectability) and shall remain in full force and effect until the full, final and indefeasible payment in cash of the Guaranteed Obligations without respect to future changes in conditions, except as provided in Section 9.11. 

The obligations of each Subsidiary Guarantor under this Subsidiary Guarantee Agreement and the rights of the holders of Notes to enforce
such obligations by any proceedings, whether by action at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination, whether by reason of any claim of any character whatsoever or otherwise,
including, without limitation, claims of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense, set-off, counterclaim, recoupment or termination whatsoever. 

Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor hereunder shall not be discharged or
impaired or otherwise affected by: 
 (a) any default, failure or delay, willful or otherwise, in the performance
by any Obligor of any obligations of any kind or character whatsoever of such Obligor; 
 (b) any creditors’
rights, bankruptcy, receivership or other insolvency proceeding of any Obligor or any other Person or in respect of the property of any Obligor or any other Person or any merger, consolidation, reorganization, dissolution, liquidation or winding up
of any Obligor or any other Person; 
 (c) impossibility or illegality of performance on the part of any Obligor
of its obligations under any Financing Agreement or any other instruments or agreements; 
 (d) the validity or
enforceability of any Financing Agreement or any other instruments or agreements; 
 (e) in respect of any
Obligor or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to any Obligor or any other Person, or other impossibility of performance through fire, explosion, accident, labor
disturbance, floods, droughts, embargoes, wars (whether or not declared), civil commotions, acts of terrorism, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any federal or state
regulatory body or agency, change of law or any other causes affecting performance, or any other force majeure, whether or not beyond the control of any Obligor or any other Person and whether or not of the kind hereinbefore specified;

  
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 (f) any attachment, claim, demand, charge, lien, order, process,
encumbrance or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, debt, obligations or liabilities of any charter, foreseen
or unforeseen, and whether or not valid, incurred by or against any Person, or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by any Person, or against any sums payable under any Financing Agreement, so that
such sums would be rendered inadequate or would be unavailable to make the payments herein provided; 
 (g) any
order, judgment, decree, law, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other
action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect, the performance by any party of its respective obligations under any instruments; or 

(h) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Subsidiary
Guarantor in respect of the obligations of any Subsidiary Guarantor under this Subsidiary Guarantee Agreement. 

Section 23.13. Election to Perform Obligations. Any election by any Subsidiary Guarantor to pay or otherwise perform any of
the obligations of any Obligor under any Financing Agreement, whether pursuant to this Section 23 or otherwise, shall not release such Obligor from such obligations (except to the extent such obligation is indefeasibly paid or performed) or any
of such Obligor’s other obligations under this Agreement. 
 Section 23.14. No Election. Each holder of Notes
shall have the right to seek recourse against each Subsidiary Guarantor to the fullest extent provided for in this Section 23 and elsewhere as provided in this Agreement, and against the Company, to the full extent provided for in this
Agreement. Each Subsidiary Guarantor hereby acknowledges that it has other undertakings in this Agreement and running in favor of each of the holders of Notes that are separate and apart from its obligations under this Section 23. No election
to proceed in one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of the right of such holder of Notes to proceed in any other form of action or proceeding or against other parties unless such
holder of Notes has expressly waived such right in writing. Specifically, but without limiting the generality of the foregoing, no action or proceeding by any holder of Notes against the Company or any Subsidiary Guarantor under any document or
instrument evidencing obligations of the Company or such Subsidiary Guarantor to such holder of Notes shall serve to diminish the liability of such Subsidiary Guarantor under this Agreement (including, without limitation, this Section 23)
except to the extent that such holder of Notes finally and unconditionally shall have realized payment of the Guaranteed Obligations by such action or proceeding, notwithstanding the effect of any such action or proceeding upon such Subsidiary
Guarantor’s right of subrogation against the Company. 

  
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 Section 23.15. Severability. Each of the rights and remedies granted under
this Section 23 to the holder of Notes in respect of the Notes held by such holder may be exercised by such holder without notice by such holder to, or the consent of or any other action by, any other holder of Notes. 

Section 23.16. Other Enforcement Rights. Each holder of Notes may proceed to protect and enforce the Subsidiary Guarantee
Agreement under this Section 23 by suit or suits or proceedings in equity, at law or in bankruptcy, and whether for the specific performance of any covenant or agreement contained in this Section 23 or in execution or aid of any power
herein granted or for the recovery of judgment for or in respect of the Guaranteed Obligations or for the enforcement of any other proper, legal or equitable remedy available under applicable law. 

Section 23.17. Restoration of Rights and Remedies. If any holder of Notes shall have instituted any proceeding to enforce any
right or remedy in this Section 23 and such proceeding shall have been discontinued or abandoned for any reason, or shall have been determined adversely to such holder, then and in every such case each such holder, the Company and each
Subsidiary Guarantor shall, except as may be limited or affected by any determination in such proceeding, be restored severally and respectively to their respective former positions hereunder and thereunder, and thereafter the rights and remedies of
such holder shall continue as though no such proceeding had been instituted. 
 Section 23.18. Survival. So long as
the Guaranteed Obligations shall not have been fully and finally performed and indefeasibly paid, the obligations of each Subsidiary Guarantor under this Section 23 shall survive the transfer and payment of any Note and the payment in full of
all the Notes. 
 Section 23.19. Miscellaneous. So long as the Guaranteed Obligations owed by the Company shall not
have been fully and finally performed and indefeasibly paid, each Subsidiary Guarantor (to the fullest extent that it may lawfully do so) expressly waives any claim of any nature arising out of any right of indemnity, contribution, reimbursement or
any similar right in respect of any payment made by such Subsidiary Guarantor on or with respect to such Guaranteed Obligations under this Section 23 or in connection with this Section 23 or otherwise, or any claim of subrogation arising
with respect to any such payment made under this Section 23 or otherwise, against any Obligor or the estate of such Obligor (including Liens on the property of such Obligor or the estate of such Obligor), in each case if, and for so long as,
such Obligor is the subject of any proceeding brought under any bankruptcy, reorganization, arrangement, insolvency, administration, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and
further agrees that it will not file any claims against such Obligor or the estate of such Obligor in the course of such proceeding in respect of the rights referred to in this Section 23, and further agrees that each holder of Notes may
specifically enforce the provisions of this Section 23. This clause creates a promise which is intended to create obligations enforceable at the suit of each holder of Notes. 

  
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 If an Event of Default exists, then the holders of Notes shall have the right to declare
all of the Guaranteed Obligations to be, and such Guaranteed Obligations shall thereupon become, forthwith due and payable, without any presentment, demand, protest or other notice of any kind, all of which have been expressly waived by the Company
and the Subsidiary Guarantors, and notwithstanding any stay, injunction or other prohibition preventing such declaration (or such Guaranteed Obligations from becoming automatically due and payable) as against the Company. In any such event, the
holders of Notes shall have immediate recourse to such Subsidiary Guarantor to the fullest extent set forth herein. 

Section 23.20. Limitation. Anything herein or in the Notes to the contrary notwithstanding, the liability of each Subsidiary
Guarantor under this Agreement shall in no event exceed an amount equal to the maximum amount which can be legally guaranteed by such Subsidiary Guarantor under applicable laws relating to the insolvency of debtors and fraudulent conveyance.

 Section 23.21. Written Notice. Notwithstanding any other provision of this Section 23, in the event of any
acceleration of the Notes in accordance with the provisions of Section 12 hereof, any requirement of written notice to, or demand of, the Subsidiary Guarantors pursuant to this Section 23 shall be deemed automatically satisfied upon such
acceleration without further action on the part of any holder (notwithstanding any stay, injunction or other prohibition preventing any notice, demand or acceleration). 
 Section 23.22. Unenforceability of Obligations. As a separate and continuing undertaking, each Subsidiary Guarantor unconditionally and irrevocably undertakes to each holder of Notes that,
should any Guaranteed Obligations not be recoverable against such Subsidiary Guarantor under this Subsidiary Guarantee Agreement on the footing of a guarantee for any reason, including, without limitation, a provision of this Subsidiary Guarantee
Agreement or an obligation (or purported obligation) of any Obligor to pay any Guaranteed Obligation being or becoming void, voidable, unenforceable or otherwise invalid, and whether or not that reason is or was known to any holder of Notes, and
whether or not that reason is: 
 (a) a defect in or lack of powers affecting any Obligor, or the irregular
exercise of those powers; or 
 (b) a defect in or lack of authority by a Person purporting to act on behalf of
any Obligor; or 
 (c) a dissolution, change in status, constitution or control, reconstruction or reorganization
of any Obligor (or the commencement of steps to effect the same), 

  
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 then such Subsidiary Guarantor will, as a separate and additional obligation under this Subsidiary
Guarantee Agreement, indemnify the holder of Notes concerned immediately on demand against the amount which such holder would otherwise have been able to recover (on a full indemnity basis). In this subsection 23.22 the expression “Guaranteed
Obligations” includes any Indebtedness which would have been included in that expression but for anything referred to in this clause. 
 Section 23.23. Contribution. To the extent of any payments made under this Subsidiary Guarantee Agreement, each Subsidiary Guarantor making such payment shall have a right of contribution from
the other Subsidiary Guarantors, but such Subsidiary Guarantor covenants and agrees that such right of contribution shall be subordinate in right of payment to the rights of the holders of the Notes for which full payment has not been made or
provided for and, to that end, such Subsidiary Guarantor agrees not to claim or enforce any such right of contribution unless and until all of the Notes and all other sums due and payable under the Agreement have been fully and irrevocably paid and
discharged. 
 Section 23.24. Additional Security. This guarantee is in addition to and is not in any way prejudiced
by any other security now or subsequently held by any holder of Notes. 
 Section 23.25. Limitations – Belgium.
This guarantee does not apply to any liability to the extent it would result in this guarantee constituting unlawful financial assistance under Articles 329, 430 and/or 629 of the Belgian Corporate Code (Code des Sociétés). 

Section 23.26. Limitations – Spain. This guarantee does not apply to any liability to the extent it would result in this
guarantee constituting unlawful financial assistance under Article 81 of the Spanish Joint Stock Company Law (Real Decreto Legislativo 1564/1989, de 22 de Diciembre, por el que se aprueba el Texto Refundido de la Ley de Sociedades
Anónimas) and/or under Article 40.5 of the Spanish Private Limited Companies Law (Ley 2/1995, de 23 de marzo, de Sociedades de Responsabilidad Limitada). Further, the maximum amount of any guarantee provided by a Spanish Obligor
shall be limited to the amount that would make the net worth of the Spanish Guarantor reduce to two thirds of its share capital, or, in any case, to the amount that would render the Spanish Obligor unable to pay its debts as they fall due or need to
enter into negotiations with its creditors and/or file for the opening of bankruptcy (concurso) proceedings minus one euro. 
 Section 23.27. Limitations – Hong Kong. This guarantee does not apply to any liability to the extent it would result in this guarantee constituting unlawful financial assistance within
the meaning of Section 47A of the Companies Ordinance (Cap.32 of the Laws of Hong Kong). 

  
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 Section 23.28. Limitations – Germany. (a) Each holder of Notes
agrees that its right to enforce any guarantee or indemnity granted by a Subsidiary Guarantor incorporated in Germany which is constituted in the form of a limited partnership (Kommanditgesellschaft) with a limited liability company
(Gesellschaft mit beschränkter Haftung) as general partner (GmbH & Co. KG) or a limited liability company (Gesellschaft mit beschränkter Haftung GmbH) (each a “Relevant German Obligor”) shall,
if and to the extent that such guarantee or indemnity is an up-stream or cross-stream security which secures liabilities of the Relevant German Obligor's shareholders or of an affiliated company (verbundenes Unternehmen) of any such
shareholder within the meaning of §15 of the German Stock Corporation Act (Aktiengesetz) of such Relevant German Obligor, at all times be limited if and to the extent that (i) the enforcement of the guarantee granted by the Relevant
German Obligor would cause the Relevant German Obligor’s, and, in the case of a GmbH & Co. KG, also such Relevant German Obligor’s general partner’s, assets (the calculation of which shall include all items set forth in
§266(2) A, B, and C of the German Commercial Code (Handelsgesetbuch) less the Relevant German Obligor’s or in the case of a GmbH & Co. KG, such Relevant German Obligor’s general partner’s, liabilities (the
calculation of which shall take into account the captions reflected in §266(3) B, C (but disregarding, for the avoidance of doubt, the Relevant German Obligor’s liabilities under this Agreement and D of the German Commercial Code) (the
“Net Asset”), being less than its respective registered share capital (Stammkapital) plus reserves for its own shares (Rücklage für eigene Anteile) (the aggregate of the registered share capital and the
shares for its own shares, the “Protected Capital”) (Begruendung einer Unterbilanz) or (ii) where the amount of the Relevant German Obligor's Net Assets (or the Net Assets of its general partner if the Relevant German
Obligor is a GmbH & Co. KG) are already less than its Protected Capital causing such amount to be further reduced (Vertiefung einer Unterbilanz). 
 (b) For the purposes of the calculation of the amounts to which enforcement is limited, the following balance sheet items shall be adjusted as follows: 

(i) the amount of any increase after the date of this Agreement of the Relevant German Obligor’s, or, in the case of
a German GmbH & Co. KG, its general partner's, registered share capital (1) which has been effected without the prior written consent of the Required Holders and which is made out of retained earnings (Kapitalerhöhug aus
Gesellschaftsmitteln) or (2) to the extent that it is not fully paid up shall be deducted from the share capital; and 
 (ii) loans and other contractual liabilities incurred in violation of any Financing Agreement shall be disregarded. 
 (c) The limitations set out in paragraphs (a) and (b) above shall only apply if: 
 (i) within five (5) Business Days following the receipt of notice of enforcement of the guarantee the managing directors of the Relevant German Obligor have confirmed in writing to the holders of
Notes (A) to what extent the guarantee is an up-stream or cross-stream security and (B) the amount which cannot be enforced due to it causing the Net Assets of the Relevant German Obligor to fall below its stated share capital and such
confirmation is supported by interim financial statements up to the end of the last completed calendar month (the “Management Determination”); or 

  
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 (ii) within ten (10) Business Days from the date the Required
Holders have contested the Management Determination the holders of Notes receive an up to date balance sheet drawn-up by a firm of auditors of international standard and repute together with a determination of the Net Assets. Such balance sheet and
determination of Net Assets shall be prepared in accordance with accounting principles pursuant to the German Commercial Code (Handelsgesetzbuch) and be based on the same principles that were applied when establishing the previous year's
balance sheet. 
 (d) Should the Relevant German Obligor fail to deliver such balance sheets and/or determinations of the Net
Assets within the time periods referred to above the holders of Notes shall be entitled to enforce the security granted under this Agreement subject only to paragraphs (a) and (b) above. 

(e) For the avoidance of doubt, nothing in this Agreement shall be interpreted as a restriction or limitation of: 

(i) the enforcement of the guarantee to the extent such guarantee guarantees obligations of a Subsidiary Guarantor
incorporated in Germany itself or obligations of any of its Wholly-Owned Subsidiaries or 
 (ii) the enforcement
of any claim of any holder of Notes against the Company (in such capacity) under this Agreement. 
 Section 23.29.
Limitations – the Netherlands. The guarantee and indemnities contained in this Section 23 do not apply to any liability to the extent that that liability would result in any Subsidiary Guarantor violating any applicable financial
assistance laws. 
 Section 23.30. U.S. Guarantors. (a) In this Subsection: 

“fraudulent transfer law” means any applicable bankruptcy and fraudulent transfer and conveyance statute and any related
case law of the United States of America or any State thereof (including the District of Columbia); and 
 terms
used in this Subsection are to be construed in accordance with the fraudulent transfer laws. 
 (b) Each U.S. Guarantor
acknowledges that: 
 (i) it will receive valuable direct or indirect benefits as a result of the transactions
financed by the Financing Agreements; 
 (ii) those benefits will constitute reasonably equivalent value and fair
consideration for the purpose of any fraudulent transfer law; and 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 (iii) each holder of Notes has acted in good faith in connection with
the guarantee given by that U.S. Guarantor and the transactions contemplated by the Financing Agreements. 
 (c) Each holder of
Notes agrees that each U.S. Guarantor’s liability under this Section 23 is limited so that no obligation of, or transfer by, any U.S. Guarantor under this Section 23 is subject to avoidance and turnover under any fraudulent transfer
law. 
 (d) Each U.S. Guarantor represents and warrants to each holder of Notes that: 

(i) the fair value of its consolidated assets is greater than the amount of its liabilities (including disputed,
contingent and unliquidated liabilities) as such value is established and liabilities evaluated in accordance with GAAP; 
 (ii) the present fair saleable value of its assets is not less than the amount that will be required to pay the probable liability on its or their debts as they become absolute and matured; 

(iii) it is able to realize upon its or their assets and pay its or their debts and other liabilities (including disputed,
contingent and unliquidated liabilities) as they mature in the normal course of business; 
 (iv) it has not
incurred and does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts and liabilities mature; 
 (v) it is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which its property would constitute unreasonably small capital; and 

(vi) it has not made a transfer or incurred an obligation under this Agreement or any other Financing Agreement with the
intent to hinder, delay or defraud any of its present or future creditors. 
 (e) Each acknowledgement, representation and
warranty: 
 (i) in Section 23.30(b) is made by each U.S. Guarantor on the date of this Agreement;

 (ii) in Section 23.30(d) is made on the date of this Agreement by each U.S. Guarantor on an individual
basis or in the case of a U.S. Guarantor that has Subsidiaries that are also Subsidiary Guarantors, on the basis of the consolidated assets and liabilities of that U.S. Guarantor and its Subsidiaries that are Subsidiary Guarantors. 

(iii) in this Section 23.30 is deemed to be repeated whenever a representation is deemed to by repeated under any
Financing Agreement; and 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 (iv) in this Section 23.30 is, when repeated, applied to the
circumstances existing at the time of repetition. 
 Section 23.31. Limitations - UK. This guarantee does
not apply to any liability to the extent that it would result in this Subsidiary Guarantee Agreement constituting unlawful financial assistance within the meaning of s151 of the Companies Act 1985. 

Section 23.32. Limitation on Pyramid Freight. Under this Section 23.32 the liability of Pyramid Freight BVI is limited
to the aggregate amount generated from any of its assets not located in South Africa. Notwithstanding any term of this Section 23.32, nothing in this Section will result in Pyramid Freight, South Africa being liable to apply assets located in
South Africa in respect of this Agreement. 
 Section 23.33. Limitations – Singapore. This Subsidiary Guarantee
Agreement does not apply to any liability to the extent it would result in this guarantee constituting unlawful financial assistance within the meaning of Section 76 of the Companies Act (Cap 50) of the Statutes of the Republic of Singapore.

 Section 23.34. Irish Obligors. Each holder of Notes agrees that the liability of each Irish Obligor under this
Section 23 does not apply or extend to any liability to the extent that it would result in this Subsidiary Guarantee Agreement constituting unlawful financial assistance within the meaning of Section 60 (as amended) of the Companies Act
1963 of Ireland. 
 Section 23.35. Guarantor Intent. Without prejudice to the generality of Section 23.4
(Waiver of Defenses), each Subsidiary Guarantor expressly confirms that it intends that this Subsidiary Guaranty Agreement shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the
Financing Agreements and/or any facility or amount made available under any of the Financing Agreements for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling
investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such
facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 

SECTION 24. MISCELLANEOUS. 
 Section 24.1. Successors and Assigns. All covenants and other agreements contained in this Agreement and the other Financing Agreements by or on behalf of any of the parties hereto bind and
inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 Section 24.2. Payments Due on Non-Business Days. Anything in this Agreement,
the Notes or in any other Financing Agreement to the contrary notwithstanding (but without limiting the requirement in Section 8.6 that notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment
of principal of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable
on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the
additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
 Section 24.3.
Accounting Terms. (a) All accounting terms used herein or in any other Financing Agreement which are not expressly defined in this Agreement or such other Financing Agreement have the meanings respectively given to them in accordance with
GAAP. Except as otherwise specifically provided herein, all computations made pursuant to this Agreement or in any other Financing Agreement shall be made in accordance with GAAP, and all financial statements shall be prepared in accordance with
GAAP. For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section 10 and the definition of “Indebtedness”) or any other Financing Agreement, any election by the Company to measure
any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting
Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

(b) If there is a change in GAAP after the date of this Agreement that will effect the calculation of any financial covenant contained in
Section 9 or Section 10, then after the announcement but prior to the implementation of any such changes the Company shall, in consultation with its independent accountants, negotiate in good faith with the holders of Notes for a period of
at least 90 days to make any necessary adjustments to such covenant or any component of financial computations used to calculate such covenant to provide the holders of the Notes with substantially the same protection as such covenant intended to
provide prior to the relevant change in GAAP. During such 90-day period and in the event that no agreement is reached by the end of such 90-day negotiation period, the Company’s compliance with such covenant shall be determined on the basis of
GAAP in effect at the date of this Agreement and each subsequent compliance certificate delivered to holders of Notes pursuant to Section 7.2 shall include detailed reconciliations reasonably satisfactory to the Required Holders as to the
effect of such change in GAAP with respect to the relevant covenants (including an independent auditors certificate if so reasonably requested by the Required Holders). 
 Section 24.4. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision
in any other jurisdiction. 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 Section 24.5. Construction, Etc. Each covenant contained herein and in any
other Financing Agreement shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein and in such other Financing Agreement, so that compliance with any one covenant shall not (absent
such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable
whether such action is taken directly or indirectly by such Person. 
 For the avoidance of doubt, all Schedules and Exhibits
attached to this Agreement and the other Financing Agreements shall be deemed to be a part hereof and thereof, as the case may be. 
 Section 24.6. Counterparts. This Agreement and the other Financing Agreements may be executed in any number of counterparts, each of which shall be an original but all of which together shall
constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
 Section 24.7. Governing Law. This Agreement and (except as otherwise expressly stated therein) the other Financing Agreements shall be construed and enforced in accordance with, and the rights
of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

Section 24.8. Jurisdiction and Process; Waiver of Jury Trial. (a) Each Obligor irrevocably submits to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement, the Notes or any other Financing Agreement. To the
fullest extent permitted by applicable law, each Obligor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now
or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b) Each Obligor agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the
nature referred to in Section 24.8(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York
(or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 (c) Each Obligor consents to process being served by or on behalf of any holder of a
Note in any suit, action or proceeding of the nature referred to in Section 24.8(a) by mailing a copy thereof by registered or certified or priority mail, postage prepaid, return receipt requested, or delivering a copy thereof in the manner for
delivery of notices specified in Section 19, to Corporation Service Company, as its agent for the purpose of accepting service of any process in the United States. Each Obligor agrees that such service upon receipt (i) shall be deemed in
every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.
Notices under this Section 24.8 shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d) Nothing in this Section 24.8 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or
limit any right that the holders of any of the Notes may have to bring proceedings against an Obligor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 (e) Each Obligor hereby irrevocably appoints Corporation Service Company to receive for it, and on its behalf, service of
process in the United States. 
 (f) THE PARTIES HERETO HEREBY
WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT
TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN
CONNECTION HEREWITH OR THEREWITH. 
 Section 24.9.
Obligation to Make Payment in Dollars. Any payment on account of an amount that is payable hereunder or under the Notes or under any other Financing Agreement in Dollars which is made to or for the account of any holder of Notes in any other
currency, whether as a result of any judgment or order or the enforcement thereof or the realization of any security or the liquidation of any Obligor, shall constitute a discharge of the obligation of the Obligors under this Agreement, the Notes or
such other Financing Agreements only to the extent of the amount of Dollars which such holder could purchase in the foreign exchange markets in London, England, with the amount of such other currency in accordance with normal banking procedures at
the rate of exchange prevailing on the London Banking Day following receipt of the payment first referred to above. If the amount of Dollars that could be so purchased is less than the amount of Dollars originally due to such holder, each Obligor
agrees, jointly and severally, to the fullest extent permitted by law, to indemnify and save harmless such holder from and against all loss or damage arising out of or as a result of such deficiency. This indemnity shall, to the fullest extent
permitted by law, constitute an obligation separate and independent from the other obligations contained in this Agreement, the Notes and the other Financing Agreements, shall give rise to a separate and independent cause of action, shall apply
irrespective of any indulgence granted by such holder from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder, under the Notes or under the other
Financing Agreements or under any judgment or order. As used herein the term “London Banking Day” shall mean any day other than Saturday or Sunday or a day on which commercial banks are required or authorized by law to be closed in London,
England. 
 * * * * * 

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Obligors. 
  

			
	Very truly yours,
	
	UTi WORLDWIDE INC.
		
	By	 	/s/ Craig Braun        
		 	Duly Authorized Signatory (acting pursuant to, and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)

  
 -75-

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 
			
	UTI (AUST) PTY LIMITED
		
	By	 	/s/ Craig Braun        
		 	Authorized Signatory

  

			
	UTI BELGIUM N.V.
		
	By	 	/s/ Craig Braun        
		 	Authorized Signatory

  

			
	UTI LOGISTICS N.V.
		
	By	 	/s/ Craig Braun        
		 	Authorized Signatory

  

			
	GODDARD COMPANY LIMITED
		
	By	 	/s/ Craig Braun        
		 	Duly Authorized Signatory (acting pursuant to, and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)

  

			
	PYRAMID FREIGHT (PROPRIETARY) LIMITED
		
	By	 	/s/ Craig Braun        
		 	Duly Authorized Signatory (acting pursuant to, and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)

  
 -76-

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

			
	UTI INTERNATIONAL INC.
		
	By	 	/s/ Craig Braun
		 	Duly Authorized Signatory (acting pursuant to, and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)
	
	UTI NETWORKS LIMITED
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI, CANADA, INC.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI CANADA CONTRACT LOGISTICS INC.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI DEUTSCHLAND GMBH
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI (HK) LIMITED
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory

  
 -77-

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

			
	UTI GLOBAL SERVICES B.V.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI NEDERLAND B.V.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI TECHNOLOGY SERVICES PTE. LTD.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI WORLDWIDE (SINGAPORE) PTE LTD
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	SERVICIOS LOGISTICOS INTEGRADOS SLI SA
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI IBERIA S.A.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory

  
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	UTI Worldwide Inc.	  	Note Purchase Agreement

  

			
	UTI WORLDWIDE (UK) LIMITED
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	UTI INVENTORY MANAGEMENT SOLUTIONS INC.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	CONCENTREK, INC.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	INTRANSIT, INC.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	MARKET TRANSPORT, LTD.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory
	
	SAMMONS TRANSPORTATION, INC.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory

  
 -79-

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 
			
	UTI, UNITED STATES, INC.
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory

  

			
	UTI INTEGRATED LOGISTICS, LLC
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory

  

			
	KABUSHIKI KAISHA UTI
		
	By	 	/s/ Craig Braun
		 	Authorized Signatory

  
 -80-

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 This Agreement is hereby accepted and agreed to as of the date thereof. 

 

			
	 THE PRUDENTIAL INSURANCE COMPANY OF

      AMERICA

		
	By	 	/s/ Cornelia Cheng
		 	      Vice President

  

					
	 PRUDENTIAL RETIREMENT INSURANCE AND

      ANNUITY COMPANY

		
	BY:	 	Prudential Investment Management, Inc.,
 as investment
manager

			
		 	By	 	/s/ Cornelia Cheng
		 		 	      Vice President

  

					
	GIBRALTAR LIFE INSURANCE CO., LTD.
		
	By:	 	Prudential Investment Management
 (Japan), Inc., as Investment
Manager

		
	By:	 	Prudential Investment Management, Inc.,
 as
Sub-Adviser

			
		 	By	 	/s/ Cornelia Cheng
		 		 	      Vice President

  

					
	 THE PRUDENTIAL LIFE INSURANCE COMPANY,

      LTD.

		
	By:	 	Prudential Investment Management
 (Japan), Inc., as Investment
Manager

		
	By:	 	Prudential Investment Management, Inc.,
 as
Sub-Adviser

			
		 	By	 	/s/ Cornelia Cheng
		 		 	      Vice President

  
 -81-

			
	UTI Worldwide Inc.	  	Note Purchase Agreement

  

 
					
	 THE LINCOLN NATIONAL LIFE INSURANCE

      COMPANY

		
	By:	 	Prudential Private Placement Investors,
 L.P, (as Investment
Advisor)

		
	By:	 	Prudential Private Placement Investors,
 Inc. (as its General
Partner)

			
		 	By	 	/s/ Cornelia Cheng
		 		 	      Vice President

  
 -82-

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 “2009 Notes” means those certain 8.06% Senior Unsecured Guaranteed Notes due August 9, 2014 issued
by the Company on July 9, 2009. 
 “2013 Agreements” means this Agreement, the Global Credit Facilities
and the South African Facilities. 
 “action” taken in connection with insolvency proceedings includes a Dutch
entity having filed a notice under Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990). 

“Additional Guarantor” is defined in Section 9.10. 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or
indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to any Obligor, shall include any Person beneficially owning or holding, directly or indirectly, 10%
or more of any class of voting or equity interests of such Obligor or any Subsidiary or any Person of which such Obligor and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or
equity interests. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 
 “Anti-Corruption Laws” is defined in Section 5.16(d)(1). 

“Anti-Money Laundering Laws” is defined in Section 5.16(c). 

“Applicable Jurisdiction” means the United States of America or any State thereof, the British Virgin Islands,
Australia, Canada or any province thereof, Germany, Guernsey, Hong Kong, the Netherlands, Spain, Belgium, Ireland, Singapore, and the United Kingdom. 
 “Bank of the West Facility” means the Credit Agreement dated as of June 24, 2011 between the Company, the subsidiary guarantors thereunder and the Bank of the West.

 “BBBEE” means Broad Based Black Economic Empowerment or any successor legislation in South Africa.

 “Belgium Facility” shall mean the credit facility between KBC Bank NV (or an affiliate or subsidiary
thereof) and the Company and/or one or more of its Subsidiaries, which is expected to include an approximately EUR 10,000,000 revolving credit facility and an approximately EUR 15,000,000 guarantee facility. 

SCHEDULE B 
 (to Note Purchase Agreement) 

 “Blocked Person” is defined in Section 5.16(a). 

“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are
required or authorized to be closed. 
 “Capital Lease” means, at any time, a lease with respect to which the
lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “CASS” means the Cargo Air Settlement System of Cargo Network Services Corp., a Subsidiary of the International Air Transport Association. 

“CASS Agreement” means that certain Cargo Agency and Authorized Intermediary Agreement, dated
31st December, 2001 between The Cargo Network Services Corporation and UTi, United States, Inc., as such is amended, restated or replaced from time to time.  
 “Cession in Security Agreement” means the cession in security agreement between Pyramid Freight, South Africa and Nedbank Limited to secure the obligations of members of the
South African Group under the South African Facilities.  
 “Change of Control” means any of the
following events or circumstances: 
 (i) if any person (as such term is used in section 13(d) and section
14(d)(2) of the Exchange Act as in effect on the date of the Closing) or related persons constituting a group (as such term is used in Rule 13d-5 under the Exchange Act), become the “beneficial owners” (as such term is used in Rule 13d-3
under the Exchange Act as in effect on the date of the Closing), directly or indirectly, of more than 50% of the total voting power of all classes then outstanding of the Company’s voting stock, or 

(ii) the acquisition after the date of the Closing by any person (as such term is used in section 13(d) and section
14(d)(2) of the Exchange Act as in effect on the date of the Closing) or related persons constituting a group (as such term is used in Rule 13d-5 under the Exchange Act as in effect on the date of the Closing) of (a) the power to elect, appoint
or cause the election or appointment of at least a majority of the members of the board of directors of the Company, through beneficial ownership of the capital stock of the Company or otherwise, or (b) all or substantially all of the
properties and assets of the Company. 
 “CISADA” means the Comprehensive Iran Sanctions, Accountability and
Divestment Act. 
 “Closing” is defined in Section 3. 

  
 B-2

 “Code” means the Internal Revenue Code of 1986, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time. 
 “Company” means UTi Worldwide
Inc., a BVI Business Company incorporated under the laws of the British Virgin Islands with BVI company number 141257 or any successor that becomes such in the manner prescribed in Section 10.7. 

“Confidential Information” is defined in Section 21. 

“Consolidated EBITDA” means the consolidated net Pre-taxation Profits of the Group for a Measurement Period: 

(a) including the net Pre-taxation Profits of a member of the Group or business or assets acquired by a member of the
Group during that Measurement Period for the part of that Measurement Period when it was not a member of the Group and/or the business or assets were not owned by a member of the Group; but 

(b) excluding the net Pre-taxation Profits attributable to any member of the Group or to any business or assets sold
during that Measurement Period, and 
 (c) excluding any non-cash impairments or write-ups of intangible assets,
and all as adjusted by: 
 (i) adding back Consolidated Interest Payable; and 

(ii) adding back depreciation and amortization. 
 “Consolidated Fixed Charges” means the sum of (a) Consolidated Interest Payable and (b) all scheduled principal payments (excluding payments on revolving borrowings which can be
re-borrowed) on Indebtedness for the 12 months immediately succeeding such date. 
 “Consolidated Interest
Payable” means all interest and other financing charges (whether, in each case, paid, payable or capitalized) incurred by the Group during a Measurement Period. 
 “Consolidated Net Worth” means at any time the aggregate of: 
 (a) the amount paid up or credited as paid up on the issued share capital of the Company; and 
 (b) the net amount standing to the credit (or debit) of the consolidated reserves of the Group, based on the latest published consolidated balance sheet of the Company (the “latest balance
sheet”) but adjusted by: 

  
 B-3

 (i) deducting any amount attributable to any mandatorily redeemable
preference shares redeemable before the Final Maturity Date; 
 (ii) deducting any dividend or other distribution
proposed, declared or made by the Company (except to the extent it has been taken into account in the latest balance sheet); and 
 (iii) deducting any amount attributable to an upward revaluation of assets after the date of the Original Financial Statements or, in the case of assets of a company which becomes a member of the Group
after that date, the date on which that company becomes a member of the Group. 
 “Consolidated Tangible
Assets” means Consolidated Total Assets less all intangible assets of the Group. 
 “Consolidated Total
Assets” means, at any time, the total assets of the Group as of such time determined in accordance with GAAP, after eliminating all amounts properly attributable to minority interests, if any, in the stock and surplus of Subsidiaries.

 “Consolidated Total Debt” means, without duplication, (a) all Indebtedness of the Group on a
consolidated basis plus 
 (b) any liability arising from any deferred payment agreements arranged primarily as a method of
raising finance or financing the acquisition of an asset; and 
 (c) any Guaranty of a member of the Group with respect to
liabilities of the type referred to in clause (b) above. 
 “Controlled Entity” means any of the
Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates. As used in this definition, “Control” or “Controlled” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Debt Service Ratio” means, for any Measurement Period the ratio of (a) Consolidated EBITDA less distributions, dividends and redemptions on account of or with respect to capital
stock or other equity interests of the Company or any Subsidiary (other than those (i) required to be paid under agreements entered into with Persons in order to obtain or maintain BBBEE status and (ii) received by the Company or a
Subsidiary during such Measurement Period) to (b) Consolidated Fixed Charges. 
 “Default” means an event
or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” means, with respect to any series of Notes, that rate of interest that is the greater of (i) 2% per annum above the rate of interest stated in clause (a) of
the first paragraph of the Notes of such series and (ii) 2% per annum over the rate of interest publicly announced by Royal Bank of Scotland in New York, New York as its “base” or “prime” rate. 

  
 B-4

 “disposal” where it relates to a German Obligor includes: 

(i) the entry into an agreement upon a priority notice (Auflassungsvormerkung); 

(ii) an agreement on the transfer of title to a property (Auflassung); and 

(iii) the partition of its ownership in a property (Grundstücksteilung). 

“Disposition” is defined in Section 10.8. 
 “Disposition Prepayment Date” is defined in Section 8.9. 

“Disposition Response Date” is defined in Section 8.9. 

“Distribution” includes if a member of the Group (i) declares, makes or pays any dividend (or interest on any
unpaid dividend), charge, fee or other distribution (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital), including, without limitation, any redemption or acquisition of any share capital; or
(ii) repays or distributes any dividend or share premium reserve. 
 “Dollars” or “$” or
“U.S.$” means lawful money of the United States of America. 
 “duly authorized” where it
relates to a Dutch Obligor, includes without limitation: 
 (i) any action required to comply with the Works
Councils Act of the Netherlands (Wet op de ondernemingsraden); and 
 (ii) obtaining an unconditional
positive advice (advies) from the competent works council(s). 
 “Dutch Civil Code” means the
Burgerlijk Wetboek. 
 “Dutch Obligor” means an Obligor incorporated or formed in the Netherlands.

 “Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations,
ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the
environment, including but not limited to those related to Hazardous Materials. 

  
 B-5

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with any Obligor under section 414 of the Code. 
 “Event of Default” is defined in Section 11. 

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

“Final Maturity Date” means February 1, 2022. 

“financial assistance” where it relates to a Dutch Obligor means any act contemplated by: 

(i) (for a besloten vennootschap) the articles of association of a Dutch Obligor; or 

(ii) (for a naamloze vennootschap) Article 2:98(c) of the Dutch Civil Code. 

“Financing Agreements” means the Notes, this Agreement and the Subsidiary Guarantee Agreement in each case, as amended,
restated, modified, supplemented, replaced or refinanced from time to time. 
 “Form 10-K” is defined in
Section 7.1(b). 
 “Form 10-Q” is defined in Section 7.1(a). 

“French Commercial Code” means the Code de Commerce. 

“GAAP” means generally accepted accounting principles, standards and practices as in effect from time to time in the
United States, provided that from and after the date on which the Company is required or elects to adopt International Financial Reporting Standards (“IFRS”), GAAP shall mean IFRS as in effect from time to time. 

“German Facility” shall mean the credit facility between Commerzbank AG (or an affiliate or subsidiary thereof) and
the Company and/or one or more of its Subsidiaries, which is expected to include a revolving credit facility of approximately EUR 17,000,000. 
 “Global Credit Facilities” shall mean the (a) Bank of the West Facility, (b) the Nedbank Facility, (c) the RBS Facility (d) the German Facility and (e) the
Belgium Facility, as amended, restated, modified, supplemented, replaced or refinanced from time to time, and any subsequent agreement or agreements entered into by one or more members of the Group which are similar to the Global Credit Facilities
or which constitute, taken as a whole, the Group’s main credit facilities. 

  
 B-6

 “Governmental Authority” means 

(a) the government of 
 (i) the Applicable Jurisdiction or any State or other political subdivision of either thereof, or 
 (ii) any other jurisdiction in which any Obligor or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of any Obligor or any Subsidiary, or

 any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such
government. 
 “Group” means the Company and its Subsidiaries. 

“guarantee” where it relates to a French Subsidiary includes any cautionnement, aval and any garantie
which is independent from the debt to which it relates. 
 “Guaranty” means, with respect to any Person, any
obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in
any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: 
 (a) to purchase such indebtedness or obligation or any property constituting security therefor; 
 (b) to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working capital or other balance sheet condition or any income
statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation; 
 (c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the
indebtedness or obligation; or 
 (d) otherwise to assure the owner of such indebtedness or obligation against
loss in respect thereof. 
 In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or
other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 

“Guernsey Obligor” means an Obligor incorporated or formed in the Bailiwick of Guernsey. 

  
 B-7

 “Hazardous Material” means any and all pollutants, toxic or hazardous
wastes or other substances that pose a hazard to health and safety, the removal of which is required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release,
discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law, including, without limitation, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum
products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 
 “holder”
means, with respect to any Note the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 14.1. 
 “IFRS” means International Financial Reporting Standards as in effect from time to time which are adopted by the International Accounting Standards Board. 

“inability to pay its debts” where it relates to a French Subsidiary includes that person being in a state of
cessation des paiements. Where it relates to a German Obligor includes that person being in a state of illiquidity (Zahlungsunfähigkeit) or being overindebted (Überschuldung) or being at risk of being unable to pay its debts
as they fall due (drohende Zahlungsunfähigkeit) all within the meaning of §17-§19 (each inclusive) German Insolvency Code. 
 “Indebtedness” with respect to any Person means, at any time, without duplication, 
 (a) (i) its liabilities for borrowed money and (ii) its redemption obligations in respect of mandatorily redeemable Preferred Stock redeemable before the Final Maturity Date; 

(b) its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable
arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 

(c) (i) all liabilities which would appear on its balance sheet in accordance with GAAP in respect of Capital Leases and
(ii) all liabilities which would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases; 

(d) all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or
not it has assumed or otherwise become liable for such liabilities); 
 (e) all liabilities in respect of letters
of credit or instruments serving a similar function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); and 

  
 B-8

 (f) any Guaranty of such Person with respect to liabilities of a type
described in any of clauses (a) through (e) hereof. 
 Indebtedness of any Person shall include all obligations of such Person of the
character described in clauses (a) through (f) to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP. For the avoidance of doubt, any obligation
relating to the obligations of a member of the Group arising in the ordinary course of its trade for purposes other than to raise financing including, without limitation, contingent trade related reimbursement obligations, bonds and undrawn letters
of credit issued to customs or tax authorities in the ordinary course of business not constituting debt for borrowed money, shall be excluded from the calculation of Indebtedness. 

“insolvent” where it relates to a German Obligor includes illiquidity (Zahlungsunfähigkeit) an imminent inability
to pay debts as they fall due (drohende Zahlungsunfähigkeit) and overindebtedness (Überschuldung). 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with
one or more of its affiliates) more than U.S.$2,000,000 of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment
company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Joinder Agreement” is defined in Section 9.10. 

“Joint Venture” means any joint venture entity, partnership or similar person, the ownership of or other interest in
which does not require any member of the Group to consolidate the results of such person with their own as a Subsidiary. 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other
encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such
Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements).  

“Lien” where it relates to a Dutch Obligor includes any mortgage (hypotheek), pledge (pandrecht),
retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkte recht),
created for the purpose of granting security (goederenrechtelijk zekerheidsrecht). 
 “Make-Whole
Amount” is defined in Section 8.8. 
 “Material” means material in relation to the business,
operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole. 

  
 B-9

 “Material Adverse Effect” means a material adverse effect on (a) the
business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, or (b) the ability of any Obligor to perform its obligations under any Financing Agreement, or (c) the validity
or enforceability of any Financing Agreement. 
 “Material Indebtedness” means any arrangement with respect to
Indebtedness of any member of the Group to a creditor (other than a member of the Group) the principal amount of which is at least U.S.$15,000,000 (or the equivalent in any other currency). 

“Measurement Period” means a period of 12 months ending on the last day of a financial quarter year of the Company.

 “Modified Make-Whole Amount” is defined in Section 8.8. 

“moratorium” where it relates to a Dutch Obligor includes surséance van betaling and “granted a
moratorium” includes surséance verleend. 
 “Multiemployer Plan” means any
“multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA) to which any Obligor or any ERISA Affiliate contributes or has made contributions at any time within the immediately preceding five plan years. 

“NAIC” means the National Association of Insurance Commissioners or any successor thereto. 

“Nedbank Facility” means that certain Amended and Restated Letter of Credit and Cash Draw Agreement among the Company,
the subsidiary guarantors thereunder and Nedbank Limited dated as of June 24, 2011. 
 “Non-U.S. Plan”
means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by any Obligor or any Subsidiary primarily for the benefit of employees of such Obligor or one or more Subsidiaries
residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and
(b) is not subject to ERISA or the Code. 
 “Notes” is defined in Section 1. 

“Obligors” means the Company and the Subsidiary Guarantors. 

“OFAC” is defined in Section 5.16(a). 
 “OFAC Listed Person” is defined in Section 5.16(a). 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing.
A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

  
 B-10

 “Officer’s Certificate” means a certificate of a Senior Financial
Officer or of any other officer of the Company or any other applicable Obligor, as the context indicates, whose responsibilities extend to the subject matter of such certificate. 

“Original Financial Statements” means the Form 10-K of the Company for the fiscal year ended January 31, 2011.

 “Original Notes” means those certain 3.67% Senior Unsecured Guaranteed Notes due August 24, 2018 issued
by the Company on June 24, 2011. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA or any successor thereto. 
 “Permitted Jurisdiction” means (a) the United States of
America or any State thereof, (b) the British Virgin Islands and (c) any other country that on the April 30, 2004 was a member of the European Union (other than Greece, Italy, Portugal, Spain or Turkey). 

“Person” means an individual, partnership, corporation, company, body corporate, limited liability company, association,
trust, unincorporated organization, business entity or Governmental Authority. 
 “Plan” means an
“employee pension plan” (as defined in section 3(2) of ERISA) subject to Title IV of ERISA, but excluding Multiemployer Plans, that is or, within the preceding five years, has been established or maintained, or to which contributions are
or, within the preceding five years, have been made or required to be made, by any Obligor or any ERISA Affiliate or with respect to which such Obligor or any ERISA Affiliate may have any liability. 

“Preferred Stock” means any class of capital stock of a Person that is preferred over any other class of capital stock
(or similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. 
 “Pre-taxation Profits” means net income adding back minority interest expense and provision for income tax. 
 “Primary Credit Facility” shall mean any credit, letter of credit facility or other borrowing facility of any type entered into by the Company or any Subsidiary Guarantor which represents
borrowings or commitments of U.S.$15,000,000 (or its equivalent in any other currency) or more. 
 “Priority
Debt” means the sum, without duplication, of (i) Consolidated Total Debt secured by Liens not otherwise permitted by clauses (a) through (m) of Section 10.5; and (ii) all other Consolidated Total Debt of
Subsidiaries not otherwise permitted pursuant to clauses (a) through (l) of Section 10.6. 

“property” or “properties” means, unless otherwise specifically limited, real or personal property of
any kind, tangible or intangible, choate or inchoate. 

  
 B-11

 “PTE” means a Prohibited Transaction Exemption issued by the Department of
Labor. 
 “Purchaser” is defined in the first paragraph of this Agreement. 

“Pyramid Freight” means Pyramid Freight BVI and Pyramid Freight, South Africa. 

“Pyramid Freight BVI” means Pyramid Freight (Proprietary) Limited a company incorporated with limited liability in the
British Virgin Islands with BVI company number 530960 (excluding Pyramid Freight, South Africa). 
 “Pyramid
Freight, South Africa” means Pyramid Freight (Proprietary) Limited, South Africa branch, a branch of Pyramid Freight BVI with company number 1987/003687/10 in respect only of its operations in South Africa. 

“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning
of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “RBS Facility” means the Amended and
Restated Letter of Credit Agreement among the Company, the subsidiary guarantors thereunder and The Royal Bank of Scotland N.V. dated as of June 24, 2011. 
 “receiver” or “administrator” where it relates to a French Subsidiary includes an administrateur judiciaire, administrateur provisoire, mandataire ad hoc,
conciliateur and mandataire liquidateur. 
 “receiver” or “administrator” where it
relates to a German Obligor includes an Insolvenzverwalter or creditor's trustee (Sachwalter). 

“reconstruction” where it relates to a French Subsidiary includes any contribution of part of its business in
consideration of shares (apport partiel d'actifs) and any demerger (scission) implemented in accordance with Articles L.236-1 to L.236-24 of the French Commercial Code. 

“Related Fund” means, with respect to any holder of any Note, any fund or entity that (a) invests in securities or
bank loans, and (b) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 
 “reorganization” where it relates to a German Obligor includes any of the reorganizations mentioned in Section 1 of the Corporate Transformation Act (Umwandlungsgesetz).

 “Required Holders” means, at any time, the holders of at least 51% in principal amount of the Notes at the
time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

  
 B-12

 “Responsible Officer” means any Senior Financial Officer and any other
officer or director of the Company or another applicable Obligor, as the context indicates, with responsibility for the administration of the relevant portion of this Agreement. 

“Restricted Payment” means 
 (a) any Distribution in respect of the Company or any Subsidiary of the Company (other than on account of capital stock or other equity interests of a Subsidiary of the Company owned legally and
beneficially by the Company or another Subsidiary of the Company), including, without limitation, any Distribution resulting in the acquisition by the Company of securities which would constitute treasury stock, and 

(b) any payment, repayment, redemption, retirement, repurchase or other acquisition, direct or indirect, by the Company or
any Subsidiary of, on account of, or in respect of, the principal of any Subordinated Indebtedness (or any installment thereof) prior to the regularly scheduled maturity date thereof (as in effect on the date such Subordinated Indebtedness was
originally incurred). 
 For purposes of this Agreement, the amount of any Restricted Payment made in property shall be the greater of
(x) the fair market value of such property (as determined in good faith by the board of directors (or equivalent governing body) of the Person making such Restricted Payment) and (y) the net book value thereof on the books of such Person,
in each case determined as of the date on which such Restricted Payment is made. 
 “SEC” shall mean the
Securities and Exchange Commission of the United States, or any successor thereto. 
 “SEC Report” means the
following documents or information filed with the SEC: 
  

	 	•	the Company’s Annual Report on Form 10-K/A (Amendment No. 1) for the fiscal year ended January 31, 2012, filed with the SEC on April 11, 2012;

  

	 	•	the Company’s Quarterly Reports on Form 10-Q for the quarters ended April 30, 2012, July 31, 2012 and October 31, 2012 filed with the SEC on
June 8, 2012, September 7, 2012 and December 10, 2012, respectively; and 

  

	 	•	the Company’s Current Reports on Form 8-K filed with the SEC on March 2, 2012, April 9, 2012, April 30, 2012, June 14, 2012,
September 13, 2012, September 19, 2012, November 6, 2012, December 7, 2012 and December 21, 2012, and 

  

	 	•	the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on May 11, 2012. 

Notwithstanding the preceding, unless specifically stated to the contrary, none of the information that the Company discloses under 2.02 or 7.01 or, if
related to Items 2.02 or 7.01, Item 9.01 of any Current Report on Form 8-K that the Company may, from time to time, furnish to the SEC will be included in meaning of the term SEC Report. The information contained in an SEC Report speaks only as
of the date of such document. Any statement contained in an SEC Report 

  
 B-13

 
shall be deemed to be modified or superseded for purposes of this Agreement to the extent that a statement contained in this Agreement or in any subsequently filed document or report that also is
an SEC Report modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute an SEC Report. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. 
 “Senior Financial Officer” means the chief financial
officer, principal accounting officer, treasurer or comptroller of the Company, or another applicable Obligor, as the context indicates. 
 “Senior Indebtedness” means and includes all Indebtedness of the Company, or any Subsidiary owing to any Person that is not a Subsidiary or Affiliate and which is not expressed to be
junior or subordinate to any other Indebtedness of the Company or Subsidiary except for Indebtedness of a member of the South African Group or Pyramid Freight BVI. 
 “series” is defined in Section 3. 
 “Series A
Notes” is defined in Section 1. 
 “Series B Notes” is defined in Section 1. 

“Significant Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of any Obligor within
the meaning of Regulation S-X promulgated by the SEC and in any event shall include each Subsidiary Guarantor. 
 “South
African Facilities” means the revolving credit facility dated as of July 9, 2009 made available to one or more members of the South African Group as such agreement is amended, modified, replaced or refinanced from time to time and
shall also mean any subsequent credit, letter of credit facility or other borrowing or financing facility of any type that is made available to one or more members of the South African Group. 

“South African Group” means Pyramid Freight, South Africa and each South African Subsidiary. 

“South African Rand” means the lawful currency of South Africa. 

“South African Subsidiary” means any member of the Group organized or conducting a material portion of its business in
South Africa. “South African Subsidiary” shall not include any member of the Group organized in a jurisdiction other than South Africa whose only South African business is the ownership of stock of Subsidiaries organized in South Africa.

 “Spanish Obligor” means an Obligor incorporated or formed in Spain. 

  
 B-14

 “Subordinated Indebtedness” means Indebtedness of the Company or any
Subsidiary Guarantor that is by its express terms subordinated in right of payment to the Notes or the Guaranty of such Subsidiary Guarantor, as the case may be. 
 “Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns
sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint
venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership can and does ordinarily take
major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 

“Subsidiary Guarantee Agreement” means the subsidiary guarantee agreement contained in Section 23 (and any and all
supplements or joinders thereto) and executed by each Subsidiary Guarantor, as amended, restated, supplemented or otherwise modified from time to time. 
 “Subsidiary Guarantor” means, unless released pursuant to Section 9.11, (x): 
 (i) UTi (Aust) Pty Limited ACN 006 734 747 a company incorporated in Australia, 
 (ii) UTi Belgium N.V., a company incorporated in Belgium, 
 (iii)
UTi Logistics N.V., a company incorporated in Belgium, 
 (iv) Goddard Company Limited, a BVI Business Company
incorporated under the laws of the British Virgin Islands, 
 (v) Pyramid Freight (Proprietary) Limited, a BVI
Business Company incorporated under the laws of the British Virgin Islands with company number 530960 (provided that Pyramid Freight BVI is only a Subsidiary Guarantor in respect of assets that are not located in South Africa), 

(vi) UTi International Inc., a BVI Business Company incorporated under the laws of the British Virgin Islands, 

(vii) UTi Networks Limited, a Guernsey company incorporated under the laws of the Bailiwick of Guernsey, 

(viii) UTi, Canada, Inc., a corporation formed under the laws of Canada, 

(ix) UTi Canada Contract Logistics Inc., a corporation formed under the laws of Canada, 

  
 B-15

 (x) UTi Deutschland GmbH, a corporation formed under the laws of Germany,

 (xi) UTi (HK) Limited, a corporation formed under the laws of Hong Kong, 

(xii) UTi Global Services B.V., a private company with limited liability formed under the laws of the Netherlands,

 (xiii) UTi Nederland B.V., a private company with limited liability formed under the laws of the Netherlands,

 (xiv) UTi Technology Services Pte. Ltd., a company organized under the laws of Singapore, 

(xv) UTi Worldwide (Singapore) Pte Ltd, a company organized under the laws of Singapore; 

(xvi) Servicios Logisticos Integrados SLI SA, a corporation formed under the laws of Spain, 

(xvii) UTi Iberia S.A., a corporation formed under the laws of Spain, 

(xviii) UTi Worldwide (UK) Limited, a corporation formed under the laws of the United Kingdom, 

(xix) UTi Inventory Management Solutions Inc., a corporation formed under the laws of Delaware, 

(xx) Concentrek, Inc., a corporation formed under the laws of Arizona, 

(xxi) InTransit, Inc., a corporation formed under the laws of Oregon, 

(xxii) Market Transport, Ltd., a corporation formed under the laws of Oregon, 

(xxiii) Sammons Transportation, Inc. a corporation formed under the laws of Montana, 

(xxiv) UTi, United States, Inc., a corporation formed under the laws of New York, 

(xxv) UTi Integrated Logistics, LLC, a limited liability company formed under the laws of South Carolina, 

(xxvi) Kabushiki Kaisha UTi, a corporation formed under the laws of Japan, and 

  
 B-16

 (y) each other Subsidiary which has executed and delivered a Joinder
Agreement pursuant to Section 9.10. 
 “SVO” means the Securities Valuation Office of the NAIC or any
successor to such Office. 
 “Synthetic Lease” means, at any time, any lease (including leases that may be
terminated by the lessee at any time) of any property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for income tax purposes, other
than any such lease under which such Person is the lessor. 
 “Tax” means any tax (whether income, documentary,
sales, stamp, registration, issue, capital, property, excise or otherwise), duty, assessment, levy, impost, fee, compulsory loan, charge or withholding. 
 “Taxing Jurisdiction” is defined in Section 13. 

“trustee” related to a bankruptcy of a Dutch Obligor includes a curator. 

“U.S. Economic Sanctions” is defined in Section 5.16(a). 

“U.S. Guarantor” means any Subsidiary Guarantor that is incorporated or organized under the laws of the United States of
America or any State of the United States of America (including the District of Columbia) or that resides or has a domicile, a place of business or property in the United States of America. 

“USA PATRIOT Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

“Wholly-Owned Subsidiary” means, as to any Person, at any time, any Subsidiary one hundred percent of all of the equity
interests (except directors’ qualifying shares or similar statutorily required minority interests) and voting interests of which are owned by any one or more of such Person and such Person’s other Wholly-Owned Subsidiaries at such time.
Unless the context otherwise requires, any reference to a “Wholly-Owned Subsidiary” is a reference to a direct or indirect Wholly-Owned Subsidiary of the Company. 
 “winding-up, administration or dissolution” where it relates to a French Subsidiary includes a redressement judiciaire, cession totale de l’enterprise or liquidation judiciaire or
a procédure de sauvegade unde Livre Sixiene of the French Commercial Code. 

  
 B-17

 PRINCIPAL AMORTIZATION SCHEDULE

 SERIES A NOTES 

 

					
	 DATE
	  	PRINCIPAL
AMORTIZATION AMOUNT
	 
	 2/1/2018
	  	$	20,000,000	  
	 8/1/2018
	  	$	20,000,000	  
	 2/1/2019
	  	$	10,000,000	  
	 8/1/2019
	  	$	10,000,000	  
	 2/1/2020
	  	$	10,000,000	  
	 8/1/2020
	  	$	20,000,000	  
	 2/1/2021
	  	$	20,000,000	  
	 8/1/2021
	  	$	20,000,000	  
	 2/1/2022
	  	$	20,000,000	  

 SERIES B NOTES 

 

					
	 DATE
	  	PRINCIPAL
AMORTIZATION AMOUNT
	 
	 2/1/2018
	  	$	10,000,000	  
	 8/1/2018
	  	$	10,000,000	  
	 2/1/2019
	  	$	10,000,000	  
	 8/1/2019
	  	$	10,000,000	  
	 2/1/2020
	  	$	10,000,000	  

 SCHEDULE 8.1 
 (to Note Purchase Agreement) 

 [FORM OF SERIES A NOTE]

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS
AND, ACCORDINGLY, MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS REGISTERED OR EXEMPT FROM REGISTRATION UNDER SAID ACT OR SUCH OTHER LAWS. 
 UTI WORLDWIDE INC. 
 U.S.$150,000,000
4.10% Senior Unsecured Guaranteed Notes, Series A, due February 1, 2022 
  

			
	No. AR-[    ]	 	[Date]
	U.S.$[            ]	 	PPN [    ]

 FOR VALUE RECEIVED, the undersigned, UTi Worldwide Inc.
(herein called the “Company”), a BVI Business Company incorporated and existing under the laws of the British Virgin Islands with BVI company number 141257, hereby promises to pay to
[            ], or registered assigns, the principal sum of [            ] DOLLARS (or so much thereof as shall
not have been prepaid) on February 1, 2022, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 4.10% per annum from the date hereof, payable semiannually,
on the first day of February and August in each year, commencing with February 1, 2013, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during
the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount or Modified Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.10% and (ii) 2% over the
rate of interest publicly announced by Royal Bank of Scotland from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on
demand). 
 Payments of principal of, interest on and any Make-Whole Amount or Modified Make-Whole Amount with respect to this
Note are to be made in lawful money of the United States of America at Royal Bank of Scotland in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the
“Notes”) issued pursuant to the Note Purchase Agreement, dated as of January 25, 2013 (as from time to time amended, the “Note Purchase Agreement”), between the Company, certain Subsidiary Guarantors party
thereto and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have agreed to the confidentiality provisions set forth in Section 21 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

  

EXHIBIT 1-A 
 (to Note Purchase Agreement) 

 The payment and performance of this Note is unconditionally guaranteed by the Subsidiary
Guarantors pursuant to the Subsidiary Guarantee Agreement. 
 This Note is a registered Note and, as provided in the Note
Purchase Agreement, upon surrender of this Note for registration of transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a
like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose
of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 The
Company will make required prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms
specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal
of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount or Modified Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of
New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 

 

			
	UTi WORLDWIDE INC.
		
	By	 	 
		 	Name:
		 	Its: Duly Authorized Signatory (acting pursuant to and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)

  
 E-1-A-2

 [FORM OF SERIES B NOTE]

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS
AND, ACCORDINGLY, MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS REGISTERED OR EXEMPT FROM REGISTRATION UNDER SAID ACT OR SUCH OTHER LAWS. 
 UTI WORLDWIDE INC. 
 U.S.$50,000,000
3.50% Senior Unsecured Guaranteed Notes, Series B, due February 1, 2020 
  

			
	No. BR-[    ]	 	[Date]
	U.S.$[            ]	 	PPN [    ]

 FOR VALUE RECEIVED, the undersigned, UTi Worldwide Inc.
(herein called the “Company”), a BVI Business Company incorporated and existing under the laws of the British Virgin Islands with BVI company number 141257, hereby promises to pay to
[            ], or registered assigns, the principal sum of [            ] DOLLARS (or so much thereof as shall
not have been prepaid) on February 1, 2020, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 3.50% per annum from the date hereof, payable semiannually,
on the first day of February and August in each year, commencing with February 1, 2013, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during
the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount or Modified Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.50% and (ii) 2% over the
rate of interest publicly announced by Royal Bank of Scotland from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on
demand). 
 Payments of principal of, interest on and any Make-Whole Amount or Modified Make-Whole Amount with respect to this
Note are to be made in lawful money of the United States of America at Royal Bank of Scotland in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the
“Notes”) issued pursuant to the Note Purchase Agreement, dated as of January 25, 2013 (as from time to time amended, the “Note Purchase Agreement”), between the Company, certain Subsidiary Guarantors party
thereto and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have agreed to the confidentiality provisions set forth in Section 21 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

  

EXHIBIT 1-B 
 (to Note Purchase Agreement) 

 The payment and performance of this Note is unconditionally guaranteed by the Subsidiary
Guarantors pursuant to the Subsidiary Guarantee Agreement. 
 This Note is a registered Note and, as provided in the Note
Purchase Agreement, upon surrender of this Note for registration of transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a
like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose
of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 The
Company will make required prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms
specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal
of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount or Modified Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of
New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 

 

			
	UTi WORLDWIDE INC.
		
	By	 	 
		 	Name:
		 	 Its: Duly Authorized Signatory (acting pursuant to and in accordance with, an empowering resolution of the Board of Directors of UTi
Worldwide Inc.)

  
 E-1-B-2Indenture

 Exhibit 4.1 

 
  

DIGITALGLOBE, INC. 
 as Issuer 
 the Guarantors party hereto 

and 

U.S. BANK NATIONAL ASSOCIATION 
 as Trustee 
  

 
 Indenture

 Dated as of January 31, 2013 

 
  

5.25% Senior Notes 
 Due 2021 
  

 

 CROSS-REFERENCE TABLE 

 

					
	 TIA Sections
	  	 Indenture Sections

			
	§ 310	 	 (a)
	  	7.10
		 	(b)	  	7.08
	§ 311	 		  	7.03
	§ 312	 		  	11.02
	§ 313	 		  	7.06
	§ 314	 	 (a)
	  	4.18, 4.19
		 	(b)	  	N.A.
		 	(c)	  	11.04
		 	(d)	  	N.A.
	§ 315	 		  	7.02
	§ 316	 	 (c)
	  	11.02(d)

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

 TABLE OF CONTENTS 

 

							
	ARTICLE 1	  
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 Section 1.01.
	 	 Definitions
	  	 	2	  
	 Section 1.02.
	 	 Rules of Construction
	  	 	32	  
	 Section 1.03.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	32	  
	
	ARTICLE 2	  
	THE NOTES	  
			
	 Section 2.01.
	 	 Form, Dating and Denominations; Legends
	  	 	33	  
	 Section 2.02.
	 	 Execution and Authentication; Exchange Notes; Additional Notes
	  	 	34	  
	 Section 2.03.
	 	 Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust
	  	 	35	  
	 Section 2.04.
	 	 Replacement Notes
	  	 	36	  
	 Section 2.05.
	 	 Outstanding Notes
	  	 	36	  
	 Section 2.06.
	 	 Temporary Notes
	  	 	37	  
	 Section 2.07.
	 	 Cancellation
	  	 	37	  
	 Section 2.08.
	 	 CUSIP
	  	 	37	  
	 Section 2.09.
	 	 Registration, Transfer and Exchange
	  	 	38	  
	 Section 2.10.
	 	 Restrictions on Transfer and Exchange
	  	 	41	  
	 Section 2.11.
	 	 Temporary Offshore Global Notes
	  	 	43	  
	
	ARTICLE 3	  
	REDEMPTION; OFFER TO PURCHASE	  
			
	 Section 3.01.
	 	 Optional Redemption
	  	 	43	  
	 Section 3.02.
	 	 Redemption with Proceeds of Equity Offering
	  	 	44	  
	 Section 3.03.
	 	 Method and Effect of Redemption
	  	 	44	  
	 Section 3.04.
	 	 Offer to Purchase
	  	 	45	  
	
	ARTICLE 4	  
	COVENANTS	  
			
	 Section 4.01.
	 	 Payment of Notes
	  	 	48	  
	 Section 4.02.
	 	 Maintenance of Office or Agency
	  	 	48	  
	 Section 4.03.
	 	 Existence
	  	 	49	  
	 Section 4.04.
	 	 Payment of Taxes and Other Claims
	  	 	49	  
	 Section 4.05.
	 	 Maintenance of Properties and Insurance
	  	 	49	  
	 Section 4.06.
	 	 Limitation on Debt and Disqualified or Preferred Stock
	  	 	50	  
	 Section 4.07.
	 	 Limitation on Restricted Payments
	  	 	54	  
	 Section 4.08.
	 	 Limitation on Liens
	  	 	57	  
	 Section 4.09.
	 	 Limitation on Sale and Leaseback Transactions
	  	 	57	  

  
 i 

							
	 Section 4.10.
	 	 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	58	  
	 Section 4.11.
	 	 Guarantees by Restricted Subsidiaries
	  	 	60	  
	 Section 4.12.
	 	 Repurchase of Notes Upon a Change of Control
	  	 	61	  
	 Section 4.13.
	 	 Limitation on Asset Sales
	  	 	61	  
	 Section 4.14.
	 	 Limitation on Transactions with Affiliates
	  	 	63	  
	 Section 4.15.
	 	 Line of Business
	  	 	65	  
	 Section 4.16.
	 	 Maintenance of Satellite Insurance; Events of Loss
	  	 	65	  
	 Section 4.17.
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	67	  
	 Section 4.18.
	 	 Financial Reports
	  	 	69	  
	 Section 4.19.
	 	 Reports to Trustee
	  	 	71	  
	 Section 4.20.
	 	 Covenant Suspension
	  	 	71	  
	
	ARTICLE 5	  
	CONSOLIDATION, MERGER OR SALE OF ASSETS	  
			
	 Section 5.01.
	 	 Consolidation, Merger or Sale of Assets by the Company; No Lease of All or Substantially All Assets
	  	 	73	  
	 Section 5.02.
	 	 Consolidation, Merger or Sale of Assets by a Guarantor
	  	 	74	  
	
	ARTICLE 6	  
	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
	  	 	77	  
	 Section 6.06.
	 	 Limitation on Suits
	  	 	77	  
	 Section 6.07.
	 	 Rights of Holders to Receive Payment
	  	 	78	  
	 Section 6.08.
	 	 Collection Suit by Trustee
	  	 	78	  
	 Section 6.09.
	 	 Trustee May File Proofs of Claim
	  	 	78	  
	 Section 6.10.
	 	 Priorities
	  	 	79	  
	 Section 6.11.
	 	 Restoration of Rights and Remedies
	  	 	79	  
	 Section 6.12.
	 	 Undertaking for Costs
	  	 	79	  
	 Section 6.13.
	 	 Rights and Remedies Cumulative
	  	 	79	  
	 Section 6.14.
	 	 Delay or Omission Not Waiver
	  	 	80	  
	 Section 6.15.
	 	 Waiver of Stay, Extension or Usury Laws
	  	 	80	  
	
	ARTICLE 7	  
	THE TRUSTEE	  
			
	 Section 7.01.
	 	 General
	  	 	80	  
	 Section 7.02.
	 	 Certain Rights of Trustee
	  	 	81	  
	 Section 7.03.
	 	 Individual Rights of Trustee
	  	 	82	  
	 Section 7.04.
	 	 Trustee’s Disclaimer
	  	 	82	  

  
 ii 

							
	 Section 7.05.
	 	 Notice of Default
	  	 	82	  
	 Section 7.06.
	 	 Reports by Trustee to Holders
	  	 	83	  
	 Section 7.07.
	 	 Compensation And Indemnity
	  	 	83	  
	 Section 7.08.
	 	 Replacement of Trustee
	  	 	83	  
	 Section 7.09.
	 	 Successor Trustee by Merger
	  	 	85	  
	 Section 7.10.
	 	 Eligibility
	  	 	85	  
	 Section 7.11.
	 	 Money Held in Trust
	  	 	85	  
	
	ARTICLE 8	  
	DEFEASANCE AND DISCHARGE	  
			
	 Section 8.01.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	85	  
	 Section 8.02.
	 	 Legal Defeasance and Discharge
	  	 	85	  
	 Section 8.03.
	 	 Covenant Defeasance
	  	 	86	  
	 Section 8.04.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	87	  
	 Section 8.05.
	 	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	 	88	  
	 Section 8.06.
	 	 Repayment to Company
	  	 	89	  
	 Section 8.07.
	 	 Reinstatement
	  	 	89	  
	
	ARTICLE 9	  
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  
			
	 Section 9.01.
	 	 Amendments Without Consent of Holders
	  	 	90	  
	 Section 9.02.
	 	 Amendments With Consent of Holders
	  	 	90	  
	 Section 9.03.
	 	 Effect of Consent
	  	 	92	  
	 Section 9.04.
	 	 Trustee’s Rights and Obligations
	  	 	92	  
	 Section 9.05.
	 	 Conformity With Trust Indenture Act
	  	 	92	  
	 Section 9.06.
	 	 Payments for Consents
	  	 	92	  
	
	ARTICLE 10	  
	GUARANTEES	  
			
	 Section 10.01.
	 	 The Guarantees
	  	 	93	  
	 Section 10.02.
	 	 Guarantee Unconditional
	  	 	93	  
	 Section 10.03.
	 	 Discharge; Reinstatement
	  	 	94	  
	 Section 10.04.
	 	 Waiver by the Guarantors
	  	 	94	  
	 Section 10.05.
	 	 Subrogation and Contribution
	  	 	94	  
	 Section 10.06.
	 	 Stay of Acceleration
	  	 	94	  
	 Section 10.07.
	 	 Limitation on Amount of Guarantee
	  	 	94	  
	 Section 10.08.
	 	 Execution and Delivery of Guarantee
	  	 	95	  
	 Section 10.09.
	 	 Release of Guarantee
	  	 	95	  
	 Section 10.10.
	 	 Contribution
	  	 	95	  

  
 iii

							
	ARTICLE 11	  
	MISCELLANEOUS	  
			
	 Section 11.01.
	 	 Trust Indenture Act of 1939
	  	 	96	  
	 Section 11.02.
	 	 Noteholder Communications; Noteholder Actions
	  	 	96	  
	 Section 11.03.
	 	 Notices
	  	 	97	  
	 Section 11.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	98	  
	 Section 11.05.
	 	 Statements Required in Certificate or Opinion
	  	 	98	  
	 Section 11.06.
	 	 Payment Date Other Than a Business Day
	  	 	98	  
	 Section 11.07.
	 	 Governing Law
	  	 	98	  
	 Section 11.08.
	 	 No Adverse Interpretation of Other Agreements
	  	 	98	  
	 Section 11.09.
	 	 Successors
	  	 	99	  
	 Section 11.10.
	 	 Duplicate Originals
	  	 	99	  
	 Section 11.11.
	 	 Separability
	  	 	99	  
	 Section 11.12.
	 	 Table of Contents and Headings
	  	 	99	  
	 Section 11.13.
	 	 No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders
	  	 	99	  

  
 iv 

 EXHIBITS 
  

			
	EXHIBIT A	 	Form of Note
	EXHIBIT B	 	Form of Supplemental Indenture
	EXHIBIT C	 	Restricted Legend
	EXHIBIT D	 	DTC Legend
	EXHIBIT E	 	Regulation S Certificate
	EXHIBIT F	 	Rule 144A Certificate
	EXHIBIT G	 	Certificate of Beneficial Ownership
	EXHIBIT H	 	Temporary Offshore Global Note Legend

  
 v 

 INDENTURE, dated as of January 31, 2013 among DIGITALGLOBE, INC., a Delaware
corporation (the “Company”), the Guarantors party hereto and U.S. BANK NATIONAL ASSOCIATION, as Trustee. 

RECITALS 

The Company has duly authorized the execution and delivery of the Indenture to provide for the issuance of up to $600,000,000 aggregate
principal amount of the Company’s 5.25% Senior Notes Due 2021, and, if and when issued, any Additional Notes, together with any Exchange Notes issued therefor as provided herein (the “Notes”). All things necessary to make the
Indenture a valid agreement of the Company, in accordance with its terms, have been done, and the Company has done all things necessary to make the Notes (in the case of the Additional Notes, when duly authorized), when executed by the Company and
authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of the Company as hereinafter provided. 
 In addition, the Guarantors party hereto have duly authorized the execution and delivery of the Indenture as guarantors of the Notes. All things necessary to make the Indenture a valid agreement of each
Guarantor, in accordance with its terms, have been done, and each Guarantor has done all things necessary to make the Note Guarantees, when the Notes are executed by the Company and authenticated and delivered by the Trustee and duly issued by the
Company, the valid obligations of such Guarantor as hereinafter provided. 
 This Indenture is subject to, and will be governed
by, the provisions of the Trust Indenture Act that are required to be a part of and govern indentures qualified under the Trust Indenture Act, except as expressly set forth herein. 

 THIS INDENTURE WITNESSETH 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for
the equal and proportionate benefit of all Holders, as follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 
 “Acquired Debt” means Debt of a Person existing at the time the Person merges with or into or becomes a Restricted Subsidiary and not Incurred in connection with, or in contemplation of,
the Person merging with or into or becoming a Restricted Subsidiary. 
 “Acquired Subsidiary” means any Person
that becomes a Restricted Subsidiary in connection with the Transactions. 
 “Acquisition Agreement” means the
Agreement and Plan of Merger dated as of July 22, 2012, as amended on August 30, 2012, by and among the Company, 20/20 Acquisition Sub, Inc., Worldview, LLC and GeoEye. 

“Additional Interest” means additional interest owed to the Holders pursuant to a Registration Rights Agreement.

 “Additional Notes” means any notes issued under the Indenture in addition to the Original Notes, including
any Exchange Notes issued in exchange for such Additional Notes, having the same terms in all respects as the Original Notes other than with respect to the date of issuance and issue price, first payment of interest and rights under the Registration
Rights Agreement dated on or about the Issue Date. 
 “Affiliate” means, with respect 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”) with respect 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, Paying
Agent or Authenticating Agent. 
 “Agent Member” means a member of, or a participant in, the Depositary.

 “Applicable Premium” means, with respect to any note on any redemption date, the greater of (1) 1.0% of
the principal amount of such note; and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of such note on February 1, 2017 (as stated in the table appearing in Section 3.01),
plus (ii) all required interest payments due on such note through February 1, 2017 (excluding accrued but unpaid interest, if any, to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption
date plus 50 basis points; over (b) the principal amount of such note. 

  
 2 

 “Asset Sale” means any sale, lease, transfer or other disposition of any
assets by the Company or any Restricted Subsidiary, including by means of a merger, consolidation or similar transaction and including any sale or issuance of the Equity Interests of any Restricted Subsidiary (each of the above referred to as a
“disposition”), provided that the following are not included in the definition of “Asset Sale”: 
 (1) a disposition to the Company or a Restricted Subsidiary, including the sale or issuance by the Company or any Restricted Subsidiary of any Equity Interests of any Restricted Subsidiary to the Company
or any Restricted Subsidiary; 
 (2) the disposition by the Company or any Restricted Subsidiary of (i) cash
and cash management investments (including Cash Equivalents), (ii) inventory and other assets acquired and held for resale in the ordinary course of business, (iii) damaged, worn out or obsolete assets, or (iv) rights granted to
others pursuant to leases or licenses; 
 (3) the sale or discount of accounts receivable arising in the ordinary
course of business in connection with the compromise or collection thereof or in bankruptcy or similar proceedings; 
 (4) a transaction covered by Article 5; 
 (5) a Restricted Payment
permitted under Section 4.07 or a Permitted Investment; 
 (6) a Sale and Leaseback Transaction; 

(7) the issuance of Disqualified or Preferred Stock pursuant to Section 4.06; 

(8) an Event of Loss or dispositions of property in connection with casualty or condemnation events; 

(9) the licensing or sublicensing of intellectual property or other general intangibles and licenses, leases or subleases
of other property in the ordinary course of business which do not materially interfere with the business of the Company and its Restricted Subsidiaries; 
 (10) dispositions of Investments in joint ventures, to the extent required by, or made pursuant to buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and
similar binding arrangements; provided that the consideration received shall be in an amount at least equal to the Fair Market Value thereof; 

  
 3 

 (11) sales, transfers or dispositions by the Company or any of its
Restricted Subsidiaries of non-strategic assets purchased as part of the acquisition or disposition of any business or assets consummated after the Issue Date and otherwise permitted by the Indenture; 

(12) to the extent allowable under Section 1031 of the Code (or comparable or successor provision), any exchange of
like property (excluding any boot thereon permitted by such provision) for use in any business conducted by the Company or any of its Restricted Subsidiaries; 
 (13) solely for the purposes of Section 4.13(3) and Section 4.13(4), Satellite Asset Sales; and 
 (14) any disposition in a transaction or series of related transactions of assets with a Fair Market Value of less than $10,000,000. 

“Attributable Debt” means, in respect of a Sale and Leaseback Transaction the present value, discounted at the interest
rate implicit in the Sale and Leaseback Transaction, of the total obligations of the lessee for net rental payments during the remaining term of the lease in the Sale and Leaseback Transaction. 

“Authenticating Agent” refers to a Person engaged to authenticate the Notes in the stead of the Trustee. 

“Average Life” means, with respect to any Debt, the quotient obtained by dividing (i) the sum of the products of
(x) the number of years from the date of determination to the dates of each successive scheduled principal payment of such Debt and (y) the amount of such principal payment by (ii) the sum of all such principal payments. 

“bankruptcy default” has the meaning assigned to such term in Section 6.01. 

“Board of Directors” means the board of directors or comparable governing body of the Company, or any committee thereof
duly authorized to act on its behalf. 
 “Board Resolution” means a resolution duly adopted by the Board of
Directors that is certified by the Secretary or an Assistant Secretary of the Company and remains in full force and effect as of the date of its certification. 

  
 4 

 “Business Day” means any day except a Saturday, Sunday or other day on
which commercial banks in New York City or in the city where the Corporate Trust Office of the Trustee is located are authorized or required by law to close. 
 “Capital Lease” means, with respect to any Person, any lease of any property which, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 

“Capital Stock” means, with respect to any Person, any and all shares of stock of a corporation, partnership interests
or other equivalent interests (however designated, whether voting or non-voting) in such Person’s equity, entitling the holder to receive a share of the profits and losses, and a distribution of assets, after liabilities, of such Person.

 “Cash Equivalents” means 

(1) United States dollars, or money in other currencies received in the ordinary course of business, 

(2) U.S. Government Obligations or certificates representing an ownership interest in U.S. Government Obligations with
maturities not exceeding two years from the date of acquisition, 
 (3) (i) demand deposits, (ii) time
deposits and certificates of deposit with maturities of two years or less from the date of acquisition, (iii) bankers’ acceptances with maturities not exceeding two years from the date of acquisition, and (iv) overnight bank deposits,
in each case with any bank or trust company organized or licensed under the laws of the United States or any State thereof having capital, surplus and undivided profits in excess of $1.0 billion whose short-term debt is rated “A-2” or
higher by S&P or “P-2” or higher by Moody’s, 
 (4) repurchase obligations with a term of not
more than seven days for underlying securities of the type described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above, 

(5) commercial paper rated at least “P-1” by Moody’s or “A-1” by S&P and maturing within one
year after the date of acquisition, 
 (6) corporate notes and bonds, whose long-term credit rating is
“A” or higher by S&P or “A-2” or higher by Moody’s, 
 (7) securities with
maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by
any foreign 

  
 5 

 
government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least “A” by S&P
or “A-2” by Moody’s, and 
 (8) money market funds at least 95% of the assets of which consist of
investments of the type described in clauses (1) through (7) above. 
 In the case of any Foreign
Subsidiary or Investments made in a country outside the United States, Cash Equivalents shall also include (i) investments of the type and maturity described in clauses (1) through (8) above of foreign obligors, which Investments or
obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii) other short-term investments utilized by Foreign Subsidiaries that are Restricted
Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (8) and in this paragraph. 

“Certificate of Beneficial Ownership” means a certificate substantially in the form of Exhibit G. 

“Certificated Note” means a Note in registered individual form without interest coupons. 

“Change of Control” means: 
 (1) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company or the merger of any Person with or into a Subsidiary of the Company if
Capital Stock of the Company is issued in connection therewith, or the sale of all or substantially all the assets of the Company to another Person, unless holders of a majority of the aggregate voting power of the Voting Stock of the Company,
immediately prior to such transaction, hold securities of the surviving or transferee Person that represent, immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving Person;

 (2) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and
14(d) of the Exchange Act) is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 35% of the total voting power of the Voting Stock of the Company; or

 (3) individuals who on the Issue Date constituted the Board of Directors, together with any new directors
whose election by the Board of 

  
 6 

 
Directors or whose nomination for election by the stockholders of the Company was approved by a majority of the directors then still in office who were either directors or whose election or
nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors then in office. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

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

“Common Stock” means Capital Stock not entitled to any preference on dividends or distributions, upon liquidation or
otherwise. 
 “Company” means the party named as such in the first paragraph of the Indenture or any successor
obligor under the Indenture and the Notes pursuant to Article 5. 
 “Consolidated Net Income” means, for any
period, the aggregate net income (or loss) of the Company and its Restricted Subsidiaries for such period determined on a consolidated basis in conformity with GAAP, provided that the following (without duplication) will be excluded in
computing Consolidated Net Income: 
 (1) the net income (but not loss) of any Person that is not a Restricted
Subsidiary, except to the extent of the lesser of 
 (x) the dividends or other distributions actually paid in
cash to the Company or any of its Restricted Subsidiaries (subject to clause (3) below) by such Person during such period, and 
 (y) the Company’s pro rata share of such Person’s net income earned during such period; 
 (2) any net income (or loss) of any Person acquired in a pooling of interests transaction for any period prior to the date of such acquisition; 

(3) the net income (but not loss) 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 would not have been permitted for the relevant period by charter or by any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to such Restricted Subsidiary; 
 (4) any net after-tax gains (but not losses) attributable to Asset Sales;

  
 7 

 (5) any net after-tax extraordinary or non-recurring gains (but not losses);
and 
 (6) the cumulative effect of a change in accounting principles. 

In calculating the aggregate net income (or loss) of the Company and its Restricted Subsidiaries on a consolidated basis, Unrestricted
Subsidiaries will be treated as if accounted for under the equity method of accounting. 
 “Consolidated Total
Debt” means, as at any date of determination, the aggregate principal amount of all Debt for borrowed money, Purchase Money Debt, and Capital Leases of the Company and its Restricted Subsidiaries (or, if higher, the par value or stated face
amount of all such Debt (other than zero coupon Debt)) determined on a consolidated basis in conformity with GAAP. 

“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee is
principally administered, which at the date of the Indenture is located at U.S. Bank National Association, Corporate Trust Services, 950 17th Street, Denver, CO 80202. 
 “DAP Debt” means all obligations of the Company or any of its Restricted Subsidiaries in respect of letters of credit, bankers’ acceptances or similar instruments issued to, or
performance bonds posted to, customers participating in the Direct Access Program. 
 “Debt” means, with
respect to any Person, 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, performance bonds, bankers’
acceptances or other similar instruments (other than obligations with respect to such instruments securing obligations (other than obligations described in (1) and (2) above or (5) below) entered into in the ordinary course of
business of such Person); 
 (4) all obligations of such Person to pay the deferred and unpaid purchase price of
property or services which are recorded as liabilities under GAAP, excluding trade payables arising in the ordinary course of business; 
 (5) all obligations of such Person as lessee under Capital Leases; 

(6) all Debt of other Persons Guaranteed by such Person to the extent so Guaranteed; 

  
 8 

 (7) all Debt of other Persons secured by a Lien on any asset of such Person,
whether or not such Debt is assumed by such Person; 
 (8) all obligations of such Person under Hedging
Agreements; 
 (9) all Attributable Debt of such Person; 

(10) all Disqualified Stock of such Person and all Preferred Stock of its Restricted Subsidiaries; and 

(11) DAP Debt. 

The amount of Debt of any Person will be deemed to be: 
 (A) with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation; 

(B) with respect to Debt secured by a Lien on an asset of such Person but not otherwise the obligation, contingent or
otherwise, of such Person, the lesser of (x) the Fair Market Value of such asset on the date the Lien attached and (y) the amount of such Debt; 
 (C) with respect to any Debt issued with original issue discount, the principal amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt; 

(D) with respect to any Hedging Agreement, the net amount payable if such Hedging Agreement terminated at that time due to
default by such Person; 
 (E) with respect to Disqualified Stock and Preferred Stock, the amount equal to the
greater of their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP; and 

(F) otherwise, the outstanding principal amount thereof. 

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

“Depositary” means the depositary of each Global Note, which will initially be DTC. 

“Designated Noncash Consideration” means any non-cash consideration received by the Company or a Restricted Subsidiary
in connection with an Asset Sale that is designated as Designated Noncash Consideration pursuant to an Officer’s Certificate delivered to the Trustee, which Officer’s Certificate shall set forth the Fair Market Value of such Designated
Noncash Consideration and the basis for determining such Fair Market Value. 

  
 9 

 “Direct Access Program” means the Company’s program whereby customers,
with approval from the U.S. government, purchase equipment and software necessary to allow access to the Company’s Satellites and purchase access time on such Satellites. 
 “Disqualified Equity Interests” means Equity Interests that by their terms or upon the happening of any event are 

(1) required to be redeemed or redeemable at the option of the holder prior to the Stated Maturity of the Notes for
consideration other than Qualified Equity Interests, or 
 (2) convertible at the option of the holder into
Disqualified Equity Interests or exchangeable for Debt; 
 provided that Equity Interests will not constitute Disqualified Equity
Interests solely because of provisions giving holders thereof the right to require repurchase or redemption upon an “asset sale” or “change of control” occurring prior to the Stated Maturity of the Notes if those provisions are
no more favorable to the holders than Section 4.12 and Section 4.13. 
 “Disqualified Stock” means
Capital Stock constituting Disqualified Equity Interests. 
 “Domestic Restricted Subsidiary” means any
Restricted Subsidiary formed under the laws of the United States of America or any state thereof or the District of Columbia. 

“DTC” means The Depository Trust Company, a New York corporation, and its successors. 

“DTC Legend” means the legend set forth in Exhibit D. 

“EBITDA” means, for any period, 
 (1) Consolidated Net Income, plus 
 (2) Interest Expense, to the
extent deducted in calculating Consolidated Net Income, plus 
 (3) to the extent deducted in calculating
Consolidated Net Income and as determined on a consolidated basis for the Company and its Restricted Subsidiaries in conformity with GAAP: 
 (A) provision for taxes based on income, profits or capital, including federal, foreign and state income, franchise, and similar taxes based on income, profits or capital paid or accrued during such
period (including in respect of repatriated funds); plus 

  
 10 

 (B) depreciation and amortization; plus 

(C) losses (or minus any gains) realized upon the sale or other disposition of any asset that is not sold or
disposed of in the ordinary course of business and any loss (or minus any gain) realized upon the sale or other disposition of any Equity Interest of any Person; plus 

(D) extraordinary or non-recurring charges, expenses or losses; plus 

(E) any losses from an early extinguishment of Debt; plus 

(F) all other non-cash charges, non-cash expenses or non-cash losses in such period (excluding any such item that is
non-cash during such period but the subject of a cash payment in a prior or future period); plus 
 (G) non-cash
compensation expenses from equity based compensation, including, without limitation, stock, options to purchase stock and stock appreciation rights issued to the management, employees or board members of the Company; plus 

(H) any impairment charges, write-off, depreciation or amortization of intangibles arising pursuant to GAAP and any other
non-cash charges resulting from purchase accounting; plus 
 (I) any reduction in revenue resulting from the
purchase accounting effects of adjustments to deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Company and its Restricted
Subsidiaries), as a result of any acquisition consummated prior to the Issue Date or any acquisition consummated following the Issue Date and otherwise permitted by the Indenture; plus 

(J) any unrealized losses (or minus any unrealized gains) in respect of Hedging Agreements; plus 

(K) fees, costs and expenses payable by the Company or any of its Restricted Subsidiaries on or before the Issue Date in

  
 11 

 
connection with the Transactions and any other costs, fees and expenses incurred in connection with any acquisition consummated following the Issue Date and otherwise permitted by the Indenture,
issuances or incurrence of Debt, disposition of assets, issuances of Equity Interests or refinancing transactions and modifications of instruments of Debt; plus 
 (L) any non-recurring fees, expenses or charges (including any such items directly attributable to the implementation of cost savings initiatives, “run-rate” synergies, severance, restructuring
charges, relocation costs and one-time compensation charges) relating to the GeoEye Acquisition or any acquisition consummated following the Issue Date and otherwise permitted by the Indenture; provided that the aggregate cash amount included
in EBITDA pursuant to this clause (L) (including any such item that is non-cash during such period but the subject of a cash payment in a prior or future period) shall not exceed (x) for the GeoEye Acquisition, $120,000,000 in the
aggregate and (y) for any period of four consecutive fiscal quarters and for all other acquisitions consummated following the Issue Date and otherwise permitted by the Indenture in the aggregate, 10% of EBITDA for such period (calculated prior
to giving effect to any adjustment pursuant to this clause (L) or clause (M) below); plus 
 (M)
expected cost savings, operating expense reductions and “run-rate” synergies related to the Transactions projected by the Company in good faith to result from specified actions with respect to which substantial steps have been, will be, or
are expected to be, taken within 12 months after the Issue Date (in the case of the GeoEye Acquisition) or within 12 months after the closing date of any other acquisition consummated following the Issue Date and otherwise permitted by the
Indenture; provided that the aggregate amount included in EBITDA pursuant to this clause (M) shall not exceed (x) for the GeoEye Acquisition, $60,000,000 in the aggregate for such 12-month period and (y) for any period of four
consecutive fiscal quarters and for all other acquisitions consummated following the Issue Date and otherwise permitted by the Indenture in the aggregate, 10% of EBITDA for such period (calculated prior to giving effect to any adjustment pursuant to
this clause (M) or clause (L) above); 
 provided in each case in this clause (3) that, with respect to any
Restricted Subsidiary, such items will be added only to the extent and in the same proportion that the relevant Restricted Subsidiary’s net income was included in calculating Consolidated Net Income; plus 

  
 12 

 (4) cash received by the Company and its Restricted Subsidiaries during such
period under the “service level agreement” portion of NGA Contracts; minus 
 (5) accrued revenues
recognized by the Company and its Restricted Subsidiaries for such period with respect to (i) the “service level agreement” portion of NGA Contracts and (ii) the “cost share” portion of the NextView Contract, dated as
of December 9, 2003, between the Company and the National Geospatial Intelligence Agency; minus 
 (6) all
non-cash items increasing Consolidated Net Income (excluding any such item that is non-cash during such period but the subject of a cash payment in a prior or future period). 
 “Equity Interests” means all Capital Stock and all warrants or options with respect to, or other rights to purchase, Capital Stock, but excluding Debt convertible into equity. 

“Equity Offering” means a primary public offering or private placement, after the Issue Date, of Qualified Stock of the
Company, provided that, except in the case of a registered public offering, the aggregate proceeds received by the Company exceed $50,000,000. 
 “Event of Default” has the meaning assigned to such term in Section 6.01. 
 “Event of Loss” means, with respect to any Satellite, any (1) loss, destruction or damage of such property or assets, (2) condemnation, seizure or taking by exercise of the
power of eminent domain or otherwise of such property or assets, or confiscation of such property or assets or the requisition of the use thereof or (3) settlement in lieu of clause (2) above. 

“Event of Loss Proceeds” means, with respect to any Event of Loss, all insurance proceeds received by the Company or any
of its Restricted Subsidiaries in connection with such Event of Loss, after (1) provision for all income or other taxes measured by or resulting from such Event of Loss, and (2) payment of all reasonable legal, accounting and other fees
and expenses related to such Event of Loss. 
 “Excess Proceeds” has the meaning assigned to such term in
Section 4.13. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder. 
 “Exchange Notes” means the Notes of the Company issued
pursuant to the Indenture in exchange for, and in an aggregate principal amount equal to, the Initial Notes or any Initial Additional Notes in compliance with the terms of a 

  
 13 

 
Registration Rights Agreement and containing terms substantially identical to the Initial Notes or any Initial Additional Notes (except that (i) such Exchange Notes will be registered under
the Securities Act and will not be subject to transfer restrictions or bear the Restricted Legend, and (ii) the provisions relating to Additional Interest will be eliminated). 

“Exchange Offer” means an offer by the Company to the Holders of the Initial Notes or any Initial Additional Notes to
exchange outstanding Notes for Exchange Notes, as provided for in a Registration Rights Agreement. 
 “Exchange Offer
Registration Statement” means the Exchange Offer Registration Statement as defined in a Registration Rights Agreement. 

“Existing Credit Facility” means the Credit and Guaranty Agreement dated as of October 12, 2011 among the Company,
the lenders party thereto and JPMorgan Chase Bank, as administrative agent and collateral agent. 
 “Existing Preferred
Stock” means the Series A convertible preferred stock of the Company to be issued upon completion of the GeoEye Acquisition. 
 “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party,
determined in good faith by the chief financial officer, chief accounting officer, or controller of the Company or the Restricted Subsidiary with respect to valuations not in excess of $10,000,000 or determined in good faith by the Board of
Directors or the Restricted Subsidiary with respect to valuations equal to or in excess of $10,000,000, as applicable, which determination will be conclusive (unless otherwise provided in the Indenture). 

“Fitch” means Fitch Ratings Ltd. and its successors. 

“Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not organized or existing
under the laws of the United States, any state thereof or the District of Columbia, and any Subsidiary of such Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect on the Issue Date,
including, without limitation, those accounting principles 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. 
 “GeoEye” means GeoEye, Inc., a Delaware corporation. 

  
 14 

 “GeoEye Acquisition” means the acquisition by the Company of GeoEye
pursuant to the Acquisition Agreement. 
 “GeoEye Redemption” means the offer by the Company to redeem for cash
any and all of the GeoEye Senior Notes. 
 “GeoEye Senior Notes” means, collectively, (i) the 9.625%
Senior Secured Notes due 2015 of GeoEye and (ii) the 8.625% Senior Secured Notes due 2016 of GeoEye. 
 “Global
Note” means a Note in registered global form without interest coupons. 
 “Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to
keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Debt or other
obligation of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part; provided that the term “Guarantee” does not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means
(i) each Domestic Restricted Subsidiary of the Company in existence on the Issue Date (other than any Immaterial Subsidiary) and (ii) each Domestic Restricted Subsidiary (other than an Immaterial Subsidiary) that executes a supplemental
indenture in accordance with the terms of the Indenture providing for the guarantee of the payment of the Notes, or any successor obligor under its Note Guarantee pursuant to Article 5, in each case unless and until such Guarantor is released from
its Note Guarantee pursuant to the Indenture. 
 “Hedging Agreement” means (i) any interest rate swap
agreement, interest rate cap agreement or other agreement designed to protect against fluctuations in interest rates or (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against
fluctuations in foreign exchange rates or (iii) any commodity or raw material futures contract or any other agreement designed to protect against fluctuations in raw material prices. 

“Holder” or “Noteholder” means the registered holder of any Note. 

  
 15 

 “Immaterial Subsidiary” means each Restricted Subsidiary of the Company now
existing or hereafter acquired or formed and each successor thereto, (a) which accounts for not more than (i) 3.0% of the consolidated gross revenues (after intercompany eliminations) of the Company and its Subsidiaries or (ii) 3.0%
of the net book value of the consolidated assets (after intercompany eliminations) of the Company and its Subsidiaries, in each case, as of the last day of the most recently completed fiscal quarter as reflected on the financial statements for such
quarter and (b) if the Restricted Subsidiaries that constitute Immaterial Subsidiaries pursuant to clause (a) above account for, in the aggregate, more than 10% of such consolidated gross revenues and more than 10% of the net book value of
the consolidated assets, each as described in clause (a) above, then the term “Immaterial Subsidiary” shall not include each such Subsidiary (starting with the Subsidiary that accounts for the most consolidated gross revenues or
consolidated assets and then in descending order) necessary to account for at least 90% of the consolidated gross revenues and 90% of the net book value of the consolidated assets, each as described in clause (a) above. 

“Incur” means, with respect to any Debt or Capital Stock, to incur, create, issue, assume or Guarantee such Debt or
Capital Stock. If any Person becomes a Restricted Subsidiary on any date after the date of the Indenture (including by redesignation of an Unrestricted Subsidiary or failure of an Unrestricted Subsidiary to meet the qualifications necessary to
remain an Unrestricted Subsidiary), the Debt and Capital Stock of such Person outstanding on such date will be deemed to have been Incurred by such Person on such date for purposes of Section 4.06, but will not be considered the sale or
issuance of Equity Interests for purposes of Section 4.13. The accretion of original issue discount or payment of interest or dividends in kind and the obligation to pay a premium in respect of Debt arising in connection with the issuance of a
notice of redemption or making of a mandatory Offer to Purchase such Debt will not be considered an Incurrence of Debt. 

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

“Initial Additional Notes” means Additional Notes issued in an offering not registered under the Securities Act and any
Notes issued in replacement thereof, but not including any Exchange Notes issued in exchange therefor. 
 “Initial
Notes” means the Notes issued on the Issue Date and any Notes issued in replacement thereof, but not including any Exchange Notes issued in exchange therefor. 
 “Initial Purchasers” means the initial purchasers party to a purchase agreement with the Company relating to the sale of the Initial Notes or Initial Additional Notes by the Company.

  
 16 

 “In-Orbit Insurance” means, with respect to any Satellite, insurance or
another contractual arrangement providing for coverage against the risk of loss of or damage to such Satellite attaching upon the expiration of the launch insurance therefor and renewing, during the commercial in-orbit service of such Satellite,
prior to the expiration of the immediately preceding corresponding In-Orbit Insurance policy, subject to the terms and conditions set forth in the Indenture. 
 “interest”, in respect of the Notes, unless the context otherwise requires, refers to interest and Additional Interest, if any. 

“Interest Expense” means, for any period, the consolidated interest expense of the Company and its Restricted
Subsidiaries, plus, to the extent not included in such consolidated interest expense, and to the extent incurred, accrued or payable by the Company or its Restricted Subsidiaries, without duplication, (i) interest expense attributable to Sale
and Leaseback Transactions, (ii) amortization of debt discount and debt issuance costs, (iii) capitalized interest, (iv) non-cash interest expense, (v) commissions, discounts and other fees and charges owed with respect to
letters of credit and bankers’ acceptance financing, (vi) net costs associated with Hedging Agreements (including the amortization of fees), (vii) any of the above expenses with respect to Debt of another Person Guaranteed by the
Company or any of its Restricted Subsidiaries and (viii) any premiums, fees, discounts, expenses and losses on the sale of accounts receivable (and any amortization thereof) payable under any accounts receivable, inventory or similar
securitization, as determined on a consolidated basis and in accordance with GAAP. 
 “Interest Payment Date”
means each February 1 and August 1 of each year, commencing August 1, 2013. 
 “Investment”
means 
 (1) any direct or indirect advance, loan or other extension of credit to another Person, 

(2) any capital contribution to another Person, by means of any transfer of cash or other property or in any other form
(excluding accounts receivable, trade credit, advances and deposits, in each case in the ordinary course of business), 
 (3) any purchase or acquisition of Equity Interests, bonds, notes or other Debt, or other instruments or securities issued by another Person, including the receipt of any of the above as consideration for
the disposition of assets or rendering of services, or 
 (4) any Guarantee of any obligation of another Person.

  
 17 

 If the Company or any Restricted Subsidiary (x) sells or otherwise disposes of any
Equity Interests of any direct or indirect Restricted Subsidiary so that, after giving effect to that sale or disposition, such Person is no longer a Subsidiary of the Company, or (y) designates any Restricted Subsidiary as an Unrestricted
Subsidiary in accordance with Section 4.17, all remaining Investments of the Company and the Restricted Subsidiaries in such Person shall be deemed to have been made at such time. 

“Investment Grade Rating” means for Moody’s, a rating equal to or higher than “Baa3” (or equivalent), for
S&P, a rating equal to or higher than “BBB-” (or equivalent) and for any other Rating Agency the equivalent to the foregoing. 
 “Issue Date” means the date on which the Original Notes are originally issued under the Indenture. 
 “Leverage Ratio” means, on any date (the “transaction date”), the ratio, determined on a Pro Forma Basis, of 

(x) Consolidated Total Debt of the Company and its Restricted Subsidiaries to 

(y) the aggregate amount of EBITDA for the four fiscal quarters immediately prior to the transaction date for which
internal financial statements are available (the “reference period”). 
 “Leverage Ratio Debt” means
Debt incurred pursuant to Section 4.06(a). 
 “Lien” means any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement). 

“Material Debt” means a principal amount of Debt in an amount greater than $25,000,000. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash
(including (i) payments in respect of deferred payment obligations to the extent corresponding to principal, but not interest, when received in the form of cash, and (ii) proceeds from the conversion of other consideration received when
converted to cash), net of 
 (1) brokerage commissions and other fees and expenses related to such Asset Sale,
including fees and expenses of counsel, accountants and investment bankers; 

  
 18 

 (2) provisions for taxes as a result of such Asset Sale without regard to
the consolidated results of operations of the Company and its Restricted Subsidiaries; 
 (3) payments required
to be made to holders of minority interests in Restricted Subsidiaries as a result of such Asset Sale or to repay Debt outstanding at the time of such Asset Sale that is secured by a Lien on the property or assets sold; and 

(4) appropriate amounts to be provided as a reserve against liabilities associated with such Asset Sale, including pension
and other post-employment benefit liabilities, liabilities related to environmental matters and indemnification obligations associated with such Asset Sale, with any subsequent reduction of the reserve other than by payments made and charged against
the reserved amount to be deemed a receipt of cash. 
 “New Credit Facilities” means that certain Credit and
Guaranty Agreement as in effect on the Issue Date among the Company, the Guarantors, JP Morgan Chase Bank, N.A. as Administrative Agent and Collateral Agent, the lenders party thereto in their capacities as lenders thereunder, and the other
financial institutions and banks named therein, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, as such agreements, in whole or in part, in one or more instances, have been or hereafter
may be amended, renewed, extended, increased, substituted, refinanced, restructured, replaced, supplemented or otherwise modified from time to time (whether upon or after termination or otherwise, whether with banks or other institutional lenders or
investors providing for revolving loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables), letters of credit or the
issuance of securities, and including, without limitation, any successive renewals, extensions, increases, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing). 

“NGA Contract” means any contract, agreement or other arrangement between the Company or any Restricted Subsidiary and
the National Geospatial Intelligence Agency. 
 “Non-U.S. Person” means a Person that is not a U.S. person, as
defined in Regulation S. 
 “Non-Recourse Debt” means Debt as to which (i) neither the Company nor any
Restricted Subsidiary provides any Guarantee and as to which the holders of such Debt do not otherwise have recourse to the stock or assets of the Company or any Restricted Subsidiary and (ii) no default thereunder would, as such, constitute a
default under any Debt of the Company or any Restricted Subsidiary. 

  
 19 

 “Notes” has the meaning assigned to such term in the Recitals. 

“Note Guarantee” means the guarantee of the Notes by a Guarantor pursuant to the Indenture. 

“Obligations” means, with respect to any Debt, all obligations (whether in existence on the Issue Date or arising
afterwards, absolute or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory offer to purchase, or otherwise), premium, interest,
penalties, fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Debt, including all interest accrued or accruing after the commencement of any bankruptcy, insolvency or reorganization or similar case or
proceeding at the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation, whether or not the claim for such interest is allowed as a claim in such case or proceeding.

 “Offer to Purchase” has the meaning assigned to such term in Section 3.04. 

“Officer” means any of the following with respect to any specified Person: the Chairman of the Board of Directors, the
Chief Executive Officer, the Chief Financial Officer, the President, any Senior Vice President or Vice President, the Treasurer, Assistant Treasurer, Secretary or the Assistant Secretary of such Person. 

“Officer’s Certificate” means a certificate signed by one Officer. 

“Officers’ Certificate” means a certificate signed by (i) the Chairman of the Board of Directors, the Chief
Executive Officer, President or any Vice President and (ii) one additional Officer. 
 “Offshore Global
Note” means a Global Note representing Notes issued and sold pursuant to Regulation S. 
 “Opinion of
Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to the Company, satisfactory to the Trustee. 
 “Original Notes” means the Initial Notes and any Exchange Notes issued in exchange therefor. 

  
 20 

 “Paying Agent” refers to a Person engaged to perform the obligations of the
Trustee in respect of payments made or funds held hereunder in respect of the Notes. 
 “Permanent Offshore Global
Note” means an Offshore Global Note that does not bear the Temporary Offshore Global Note Legend. 
 “Permitted
Debt” has the meaning assigned to such term in Section 4.06. 
 “Permitted Business” means any of
the businesses in which the Company and its Restricted Subsidiaries are engaged on the Issue Date, and any business reasonably related, incidental, complementary or ancillary thereto. 

“Permitted Investments” means: 
 (1) any Investment in the Company or in a Restricted Subsidiary of the Company that is engaged in a Permitted Business; 

(2) any Investment in Cash Equivalents; 

(3) any Investment by the Company or any Subsidiary of the Company in a Person, if as a result of such Investment,

 (A) such Person becomes a Restricted Subsidiary of the Company that is engaged in a Permitted Business, or

 (B) such Person is merged or consolidated with or into, or transfers or conveys substantially all its assets
to, or is liquidated into, the Company or a Restricted Subsidiary that is a Guarantor engaged in a Permitted Business; 
 (4) Investments received as non-cash consideration in an Asset Sale made pursuant to and in compliance with Section 4.13; 

(5) any Investment acquired solely in exchange for Qualified Stock of the Company; 

(6) Hedging Agreements otherwise permitted under the Indenture; 

(7) (i) receivables owing to the Company or any Restricted Subsidiary if created or acquired in the ordinary course of
business, (ii) Cash Equivalents or other cash management investments or liquid or portfolio securities pledged as collateral pursuant to clause (3) of the definition of “Permitted Liens,” (iii) endorsements for collection or
deposit in the ordinary course of business, and (iv) securities, instruments or other obligations received in compromise or settlement of debts created 

  
 21 

 
in the ordinary course of business, or by reason of a composition or readjustment of debts or reorganization of another Person, or in satisfaction of claims or judgments; 

(8) Investments in Unrestricted Subsidiaries and joint ventures in an aggregate amount, taken together with all other
Investments made in reliance on this clause, not to exceed the greater of (i) $100,000,000 or (ii) 3.0% of Total Assets at such time (in each case net of, with respect to the Investment in any particular Person, the cash return thereon
received after the Issue Date as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization (not included in Consolidated Net Income), not to exceed the amount of Investments in such Person made after
the Issue Date in reliance on this clause); 
 (9) loans or advances related to payroll, travel and similar
purposes to, or Guarantees issued to support the obligations of, officers and employees, in each case in the ordinary course of business; 
 (10) trade receivables and similar extensions of credit to customers and suppliers in the ordinary course of business; 

(11) any Investment made prior to the date of the Indenture; 

(12) repurchases of the Notes: 
 (13) the provision of services to customers, joint ventures in which the Company or a Subsidiary of the Company holds or acquires an ownership interest (whether by way of Capital Stock or otherwise), or
Unrestricted Subsidiaries; 
 (14) Guarantees to insurers required in connection with worker’s compensation
and other insurance coverage arranged in the ordinary course of business; and 
 (15) in addition to Investments
listed above, Investments in Persons engaged in Permitted Businesses in an aggregate amount, taken together with all other Investments made in reliance on this clause, not to exceed the greater of (i) $100,000,000 or (ii) 3.0% of Total
Assets (in each case net of, with respect to the Investment in any particular Person made pursuant to this clause, the cash return thereon received after the Issue Date as a result of any sale for cash, repayment, redemption, liquidating
distribution or other cash realization (not included in Consolidated Net Income) not to exceed the amount of such Investments in such Person made after the Issue Date in reliance on this clause). 

  
 22 

 “Permitted Liens” means: 

(1) Liens existing on the Issue Date; 

(2) Liens securing the DAP Debt; 
 (3) Liens securing (i) Obligations under or with respect to the New Credit Facilities incurred and outstanding pursuant to Section 4.06(b)(1) and Related Secured Obligations and (ii) other
Debt of the Company or any Guarantor, provided, however, that at the time of Incurrence of such Debt under this clause (ii) and after giving pro forma effect thereto (including a pro forma application of the net proceeds
therefrom), the Senior Secured Leverage Ratio would be no greater than 3.0 to 1.0; 
 (4) pledges or deposits
under worker’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts or leases, or to secure public or statutory obligations or regulatory authorizations or
licenses, surety bonds, performance bonds, customs duties and the like (or reimbursement obligations with respect to letters of credit that secure the same), or for the payment of rent, in each case incurred in the ordinary course of business;

 (5) Liens imposed by law, such as carriers’, vendors’, warehousemen’s and mechanics’
liens, in each case for sums not yet due or being contested in good faith and by appropriate proceedings; 
 (6)
Liens in respect of taxes and other governmental assessments and charges which are not yet due or which are being contested in good faith and by appropriate proceedings; 

(7) Liens securing reimbursement obligations with respect to letters of credit, bankers’ acceptances or similar
instruments, or performance bonds that encumber documents and other property relating to such letters of credit, bankers’ acceptance, similar instrument or performance bonds and the proceeds thereof (but excluding judgment and similar Liens
governed by clause (13) below); 
 (8) minor survey exceptions, minor encumbrances, easements or
reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property, not interfering in any material
respect with the conduct of the business of the Company and its Restricted Subsidiaries; 
 (9) licenses or
leases or subleases or sublicenses as licensor, lessor or sublessor of any of its property, including intellectual property, in the ordinary course of business; 

  
 23 

 (10) customary Liens in favor of trustees and escrow agents, and netting and
setoff rights, banker’s liens and the like in favor of financial institutions and counterparties to financial obligations and instruments, including Hedging Agreements; 

(11) Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect
of the disposition of such assets; 
 (12) options, put and call arrangements, rights of first refusal and
similar rights relating to Investments in joint ventures, partnerships and the like; 
 (13) judgment liens, and
Liens securing appeal bonds or letters of credit issued in support of or in lieu of appeal bonds, so long as no Event of Default then exists under Section 6.01(6); 

(14) Liens incurred in the ordinary course of business securing obligations not in excess of $5,000,000 not securing Debt
and not in the aggregate materially detracting from the value of the properties or their use in the operation of the business of the Company and its Restricted Subsidiaries; 

(15) Liens to secure Debt (including obligations under Capital Leases) permitted by Section 4.06(b)(9)covering only
the assets acquired or financed with such Debt (and improvements or accessions thereto); 
 (16) Liens on
property of a Person at the time such Person becomes a Restricted Subsidiary of the Company, provided such Liens were not created in contemplation thereof and do not extend to any other property of the Company or any Restricted Subsidiary;

 (17) Liens on property at the time the Company or any of the Restricted Subsidiaries acquires such property,
including any acquisition by means of a merger or consolidation with or into the Company or a Restricted Subsidiary of such Person, provided such Liens were not created in contemplation thereof and do not extend to any other property of the
Company or any Restricted Subsidiary; 
 (18) Liens securing Debt or other obligations of the Company or a
Restricted Subsidiary to the Company or a Guarantor; 
 (19) any pledge of the Capital Stock of an Unrestricted
Subsidiary to secure Debt of such Unrestricted Subsidiary, to the extent such pledge constitutes an Investment permitted under Section 4.07; 

  
 24 

 (20) extensions, renewals or replacements of any Liens referred to in
clauses (1), (3), (15), (16) or (17) in connection with the refinancing of the obligations secured thereby, provided that such Lien does not extend to any other property and, except as contemplated by the definition of
“Permitted Refinancing Debt,” the amount secured by such Lien is not increased; and 
 (21) other Liens
securing obligations in an aggregate amount not exceeding $100,000,000; 
 (22) pledges and deposits in the
ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or
liability insurance to the Company or any Restricted Subsidiary (but excluding judgment and similar Liens governed by clause (13) above); 
 (23) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(24) banker’s Liens, rights of setoff and similar Liens with respect to cash and Cash Equivalents on deposit in one
or more bank accounts in the ordinary course of business; 
 (25) any interest or title of a lessor, sublessor,
licensor or sublicensor under leases, subleases, licenses or sublicenses entered into by the Company or any Restricted Subsidiaries in the ordinary course of business; 

(26) Liens on any cash earnest money deposits made by the Company or any Restricted Subsidiary in connection with any
letter of intent or purchase agreement; 
 (27) Liens arising from precautionary Uniform Commercial Code
financing statement filings; 
 (28) Liens in favor of customs and revenue authorities arising as a matter of law
to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (29) any encumbrances or restrictions (including put and call agreements) with respect to the Capital Stock of any joint venture agreed to by the holders of such Capital Stock; 

(30) Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Company or
any Restricted Subsidiary in the ordinary course of business; and 
 (31) Liens securing obligations under any
Hedging Agreement that are otherwise permitted under the Indenture. 

  
 25 

 “Permitted Refinancing Debt” has the meaning assigned to such term in
Section 4.06. 
 “Person” means an individual, a corporation, a partnership, a limited liability company,
an association, a trust or any other entity, including a government or political subdivision or an agency or instrumentality thereof. 
 “Preferred Stock” means, with respect to any Person, any and all Capital Stock which is preferred as to the payment of dividends or distributions or upon liquidation, over another class
of Capital Stock of such Person. 
 “principal” of any Debt means the principal amount of such Debt, (or if
such Debt was issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt), together with, unless the context otherwise indicates, any premium then payable on
such Debt. 
 “Pro Forma Basis” means, in making any relevant determination, 

(1) in the event that the Company or any of its Restricted Subsidiaries Incurs or redeems any Debt (other than in the case of revolving
credit borrowings, in which case interest expense shall be computed based upon the average daily balance of such Debt during the applicable period) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the
reference period but prior to the date of determination, then the Leverage Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Debt, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the
same had occurred at the beginning of the reference period; provided, however, that any pro forma calculation made for purposes of Incurring Leverage Ratio Debt may be made immediately prior to giving effect to any Permitted Debt Incurred on
such determination date; 
 (2) any Debt, Disqualified Stock or Preferred Stock to be repaid or redeemed on the date of
determination will be excluded; and 
 (3) pro forma effect will be given to 

(A) the creation, designation or redesignation of Restricted and Unrestricted Subsidiaries, 

(B) the acquisition or disposition of companies, divisions or lines of businesses by the Company and its Restricted Subsidiaries,
including any acquisition or disposition of a company, division or line of business since 

  
 26 

 
the beginning of the reference period by a Person that became a Restricted Subsidiary after the beginning of the reference period, and 

(C) the discontinuation of any discontinued operations 
 that have occurred since the beginning of the reference period as if such events had occurred, and, in the case of any disposition, the proceeds thereof applied, on the first day of the reference period.
To the extent that pro forma effect is to be given to an acquisition or disposition of a company, division or line of business, the pro forma calculation will be based upon the most recent four full fiscal quarters for which the relevant financial
information is available. 
 For purposes of this definition, whenever pro forma effect is to be given to any transaction, the
pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. If any Debt bears a floating rate of interest and is being given pro forma effect, the interest on such Debt shall be calculated as
if the rate in effect on the transaction had been the applicable rate for the entire period (taking into account any Hedging Agreement applicable to such Debt if such Hedging Agreement has a remaining term in excess of 12 months). Interest on the
amount of the liability in respect of a Capital Lease shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such liability in
accordance with GAAP. For purposes of making the computation referred to above, interest on any Debt under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Debt during the
applicable period. Interest on Debt that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually
chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 
 “Purchase Money
Debt” means any Debt Incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such
property or assets or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise. 

“Qualified Equity Interests” means all Equity Interests of a Person other than Disqualified Equity Interests.

 “Qualified Stock” means all Capital Stock of a Person other than Disqualified Stock. 

  
 27 

 “Rating Agency” means (1) each of Moody’s and S&P and
(2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Company’s control, Fitch, unless at such time Fitch ceases to rate the Notes for reasons outside of the Company’s control, in which case another
“nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for Moody’s, S&P or Fitch, as the case may be. 

“reference period” has the meaning assigned to such term in the definition of “Leverage Ratio.” 

“refinance” has the meaning assigned to such term in Section 4.06. 

“Register” has the meaning assigned to such term in Section 2.09. 

“Registrar” means a Person engaged to maintain the Register. 

“Registration Rights Agreement” means (i) the Registration Rights Agreement dated on or about the Issue Date
between the Company, the Guarantors party thereto and the Initial Purchasers party thereto with respect to the Initial Notes, and (ii) with respect to any Additional Notes, any registration rights agreements between the Company and the Initial
Purchasers party thereto relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes or exchange them for Notes registered under the Securities Act. 

“Regular Record Date” for the interest payable on any Interest Payment Date means the January 15 or July 15
(whether or not a Business Day) next preceding such Interest Payment Date. 
 “Regulation S” means Regulation S
under the Securities Act. 
 “Regulation S Certificate” means a certificate substantially in the form of
Exhibit E hereto. 
 “Related Secured Obligations” means, as applied to any Person, any direct or indirect
Obligations of such Person permitted to be secured by a Lien under the New Credit Facilities in respect of any treasury, depository and cash management services, netting service and automated clearing house transfers of funds services, including
obligations for the payment of fees, interest, charges, expenses, attorneys’ fees and disbursements in connection therewith. 
 “Restricted Legend” means the legend set forth in Exhibit C. 

“Restricted Payment” has the meaning assigned to such term in Section 4.07. 

  
 28 

 “Restricted Period” means the relevant 40-day distribution compliance
period as defined in Regulation S. 
 “Restricted Subsidiary” means any Subsidiary of the Company other than an
Unrestricted Subsidiary. 
 “Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Certificate” means (i) a certificate substantially in the form of Exhibit F hereto or (ii) a
written certification addressed to the Company and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for its own account or one or more accounts with respect to which it
exercises sole investment discretion and that it and each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the
exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not
to request such information. 
 “S&P” means Standard & Poor’s Ratings Group, a division of
McGraw Hill, Inc., and its successors. 
 “Sale and Leaseback Transaction” means, with respect to any Person,
an arrangement whereby such Person enters into a lease of property previously transferred by such Person to the lessor. 

“Satellite” means any satellite owned by, or leased to, the Company or any Restricted Subsidiary, including, without
limitation, any satellite purchased pursuant to the terms of a satellite purchase agreement, whether such satellite is in the process of manufacture, has been delivered for launch or is in orbit (whether or not in operational service). 

“Satellite Asset Sale” means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment,
conveyance, exclusive license (as licensor or sublicensor), transfer or other disposition to, or any exchange of property with, any Person (other than the Company or any Guarantor), in one transaction or a series of transactions, of either one (but
not both) of the two Satellites currently under construction as of the Issue Date. 
 “Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 

“Senior Secured Leverage Ratio” means, as of any date, the ratio of (a) all Consolidated Total Debt that is secured
by a Lien to (b) EBITDA for the four fiscal quarters ending on or most recently prior to such date for which internal financial statements are available. 

  
 29 

 “Stated Maturity” means (i) with respect to any Debt, the date
specified as the fixed date on which the final installment of principal of such Debt is due and payable or (ii) with respect to any scheduled installment of principal of or interest on any Debt, the date specified as the fixed date on which
such installment is due and payable as set forth in the documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for payment. 

“Subordinated Debt” means any Debt of the Company or any Guarantor which is subordinated in right of payment to the
Notes or the Note Guarantee, as applicable, pursuant to a written agreement to that effect. 
 “Subsidiary”
means with respect to any Person, any corporation, association or other business entity of which more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the
managing partner or the only general partners of which are, such Person and one or more Subsidiaries of such Person (or a combination thereof). Unless otherwise specified, “Subsidiary” means a Subsidiary of the Company. 

“Temporary Offshore Global Note” means an Offshore Global Note that bears the Temporary Offshore Global Note Legend.

 “Temporary Offshore Global Note Legend” means the legend set forth in Exhibit H. 

“Total Assets” means the total consolidated assets of the Company and the Restricted Subsidiaries, as shown on the
balance sheet of the Company for the most recently completed fiscal quarter for which financial statements have been provided (or if not timely provided, required to be provided) pursuant to the Indenture, with such pro forma adjustments for
transactions consummated on or prior to or simultaneously with the date of the calculation as are consistent with the pro forma adjustment provisions set forth in the definition of “Pro Forma Basis.” 

“Transaction Costs” means the fees, costs and expenses payable by the Company or any of the Company’s Restricted
Subsidiaries on or before the Issue Date in connection with the Transactions. 
 “Transactions” means,
collectively, (a) the issuance of the Initial Notes, (b) the use of proceeds therefrom, (c) the execution, delivery and performance by the Company of the Acquisition Agreement and the consummation of the GeoEye Acquisition and the
other transactions contemplated thereby, (d) the execution, 

  
 30 

 
delivery and performance by the Company and the other parties thereto of the New Credit Facilities, (e) the repayment of all amounts due or outstanding under or in respect of, and the
termination of, the Existing Credit Facility, (f) completion of the GeoEye Redemption and (g) the payment of the Transaction Costs. 
 “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from the redemption date to February 1, 2017; provided that if the period from the redemption date to February 1, 2017 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 the Indenture or any successor trustee under the
Indenture pursuant to Article 7. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in effect on
the Issue Date. 
 “U.S. Global Note” means a Global Note that bears the Restricted Legend representing Notes
issued and sold pursuant to Rule 144A. 
 “U.S. Government Obligations” means obligations issued or
directly and fully guaranteed or insured by the United States of America or by any agent or instrumentality thereof, provided that the full faith and credit of the United States of America is pledged in support thereof. 

“Unrestricted Subsidiary” means any Subsidiary of the Company that at the time of determination has previously been
designated, and continues to be, an Unrestricted Subsidiary in accordance with Section 4.17. 
 “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 Restricted Subsidiary, a Restricted Subsidiary all of the outstanding Common
Stock of which (other than any director’s qualifying shares) is owned by the Company and one or more Wholly Owned Restricted Subsidiaries (or a combination thereof). 

  
 31 

 Section 1.02. Rules of Construction. Unless the context otherwise requires or
except as otherwise expressly provided, 
 (1) an accounting term not otherwise defined has the meaning assigned
to it in accordance with GAAP; 
 (2) “herein,” “hereof” and other words of similar import
refer to the Indenture as a whole and not to any particular Section, Article or other subdivision; 
 (3) all
references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to the Indenture unless otherwise indicated; 
 (4) references to agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and
regulations); 
 (5) in the event that a transaction meets the criteria of more than one category of permitted
transactions or listed exceptions the Company may classify such transaction as it, in its sole discretion, determines; 
 (6) “or” is not exclusive; 
 (7) words in the singular
include the plural, and in the plural include the singular; 
 (8) “including” means including without
limitation; 
 (9) unsecured Debt shall not be deemed to be subordinate or junior to secured Debt merely by
virtue of its nature as unsecured Debt; 
 (10) secured Debt shall not be deemed to be subordinate or junior to
any other secured Debt merely because it has a junior priority with respect to the same collateral; and 
 (11)
Debt that is not guaranteed shall not be deemed to be subordinate or junior to Debt that is guaranteed merely because of such guarantee. 
 Section 1.03. Incorporation by Reference of Trust Indenture Act. Except as expressly provided herein, this Indenture is subject to the mandatory provisions of the TIA, which are incorporated
by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 
 “indenture
securities” means the Notes and the Guarantees. 

  
 32 

 “indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company, the Guarantors and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by
Commission rule have the meanings assigned to them by such definitions. 
 ARTICLE 2 

THE NOTES 
 Section 2.01. Form, Dating and Denominations; Legends. (a) The Notes and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A. The
terms and provisions contained in the form of the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part of this Indenture. The Notes may have notations, legends or endorsements required by law, rules of national securities
exchanges, agreements to which the Company or any Guarantor are subject, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note will be dated the date of its authentication. The
Notes will be issuable in denominations of $1,000 in principal amount and any multiple of $1,000 in excess thereof. 
 (b) (1)
Except as otherwise provided in paragraph (c) of this Section 2.01, Section 2.10(b)(2), (b)(3), or (c) or Section 2.09(b)(4), each Initial Note or Initial Additional Note (other than a Permanent Offshore Global Note) will
bear the Restricted Legend. 
 (2) Each Global Note, whether or not an Initial Note or Additional Note, will bear
the DTC Legend. 
 (3) Each Temporary Offshore Global Note will bear the Temporary Offshore Global Note Legend.

 (4) Initial Notes and Initial Additional Notes will be issued, subject to Section 2.09(b), in the form of
one or more Global Notes. 

  
 33 

 (5) Initial Notes and Initial Additional Notes offered and sold in reliance
on Regulation S will be issued as provided in Section 2.11(a). 
 (6) Exchange Notes will be issued, subject
to Section 2.09(b), in the form of one or more Global Notes. 
 (c) (1) If the Company determines (upon the advice of
counsel and such other certifications and evidence as the Company may reasonably require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) and that the Restricted Legend is no longer
necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, or 

(2) after an Initial Note or any Initial Additional Note is 

(x) sold pursuant to an effective registration statement under the Securities Act, pursuant to a Registration Rights
Agreement or otherwise, or (y) is validly tendered for exchange into an Exchange Note pursuant to an Exchange Offer 
 the Company may
instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the
Trustee will comply with such instruction. 
 (d) By its acceptance of any Note bearing the Restricted Legend (or any beneficial
interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend and
agrees that it will transfer such Note (and any such beneficial interest) only in accordance with the Indenture and such legend. 
 Section 2.02. Execution and Authentication; Exchange Notes; Additional Notes. (a) An Officer shall execute the Notes for the Company 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 Note is authenticated, the Note will still be valid. 
 (b) A Note will not be valid until the Trustee manually signs the certificate of authentication on the Note, with the signature conclusive evidence that the Note has been authenticated under the
Indenture. 
 (c) At any time and from time to time after the execution and delivery of the Indenture, the Company may deliver
Notes executed by the Company to the Trustee for authentication. The Trustee will authenticate and deliver: 

(i) Initial Notes for original issue in the aggregate principal amount not to exceed $600,000,000, 

  
 34 

 (ii) Additional Notes from time to time for original issue in aggregate
principal amounts specified by the Company, and 
 (iii) Exchange Notes from time to time for issue in exchange
for a like principal amount of Initial Notes or Initial Additional Notes 
 after the following conditions have been met: 

(1) Receipt by the Trustee of an Officers’ Certificate specifying 

(A) the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, 

(B) whether the Notes are to be Initial Notes, Additional Notes or Exchange Notes, 

(C) in the case of Initial Additional Notes, that the issuance of such Notes does not contravene Section 4.06,

 (D) whether the Notes are to be issued as one or more Global Notes or Certificated Notes, and 

(E) other information the Company may determine to include. 

(2) In the case of Exchange Notes, effectiveness of an Exchange Offer Registration Statement and consummation of the
exchange offer thereunder (and receipt by the Trustee of an Officers’ Certificate to that effect). Initial Notes or Initial Additional Notes exchanged for Exchange Notes will be cancelled by the Trustee. 

Section 2.03. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust. (a) The Company may
appoint one or more Registrars and one or more Paying Agents, and the Trustee may appoint an Authenticating Agent, in which case each reference in the Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that
Agent will be deemed to be references to the Agent. The Company or any Affiliate may act as Registrar or (except for purposes of Article 8) Paying Agent. In each case, the Company and the Trustee will enter into an appropriate agreement with
the Agent implementing the provisions of the Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. The Company initially appoints the Trustee as Registrar and Paying Agent. 

  
 35 

 (b) The Company will require each Paying Agent other than the Trustee to agree in writing
that the Paying Agent will 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 and interest on the Notes and will promptly notify the Trustee of any default by the Company 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 the 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 will have no further liability for the money so paid over to the Trustee.

 Section 2.04. Replacement Notes. If a mutilated Note is surrendered to the Trustee or if a Holder claims that its
Note has been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. Every replacement Note is an
additional obligation of the Company and entitled to the benefits of the Indenture. If required by the Trustee or the Company, an indemnity must be furnished that is sufficient in the judgment of both the Trustee and the Company to protect the
Company and the Trustee from any loss they may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has
become or is about to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note. 
 Section 2.05. Outstanding Notes. (a) Notes outstanding at any time are all Notes that have been authenticated by the Trustee except for 

(1) Notes cancelled by the Trustee or delivered to it for cancellation; 

(2) any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Company receive
proof satisfactory to them that the replaced Note is held by a bona fide purchaser; and 
 (3) on or after
the maturity date or any redemption date or date for purchase of the Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Company or an
Affiliate of the Company) holds money sufficient to pay all amounts then due. 
 (b) A Note does not cease to be outstanding
because the Company or one of its Affiliates holds the Note, provided that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand, authorization, direction,
notice, consent, waiver or 

  
 36 

 
other action hereunder, Notes owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be outstanding (it being understood that in determining whether the
Trustee is protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which the Trustee knows to be so owned will 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 Affiliate of the Company.

 Section 2.06. Temporary Notes. In the event that definitive Notes are to be issued under the terms of the
Indenture, until definitive Notes are ready for delivery, the Company may prepare and the Trustee will authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have insertions, substitutions,
omissions and other variations determined to be appropriate by the Officer executing the temporary Notes, as evidenced by the execution of the 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 will be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for the purpose pursuant to
Section 4.02, without charge to the Holder. Upon surrender for cancellation of any temporary Notes, the Company will execute and the Trustee will authenticate and deliver in exchange therefor a like principal amount of definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes will be entitled to the same benefits under the Indenture as definitive Notes. 
 Section 2.07. Cancellation. The Company at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder. Any Registrar or the Paying Agent
will forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered for transfer, exchange, payment or cancellation and dispose of them in accordance with its normal procedures or
the written instructions of the Company. Certification of the destruction of all cancelled Notes shall upon the written request of the Company be delivered to the Company. The Company may not issue new Notes to replace Notes it has paid in full or
delivered to the Trustee for cancellation. 
 Section 2.08. CUSIP. The Company in issuing the Notes may use
“CUSIP” numbers, and the Trustee will use CUSIP numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders, the notice to state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of redemption or exchange or Offer to Purchase. The Company will promptly notify the Trustee of any change in the CUSIP numbers. 

  
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 Section 2.09. Registration, Transfer and Exchange. (a) The Notes will be
issued in registered form only, without coupons, and the Company shall cause the Trustee to maintain a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders and transfers and
exchanges of the Notes. 
 (b) (1) Each Global Note will be registered in the name of the Depositary or its nominee and, so long
as DTC is serving as the Depositary thereof, will bear the DTC Legend. 
 (2) Each Global Note will be delivered
to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except
as set forth in Section 2.09(b)(4). 
 (3) Agent Members will have no rights under the Indenture with
respect to any Global Note held on their behalf by the Depositary, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Note for all purposes
whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note through an Agent Member) to
take any action which a Holder is entitled to take under the Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a
holder of any security. 
 (4) If (x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for a Global Note and a successor depositary is not appointed by the Company within 90 days of the notice, (y) an Event of Default has occurred and is continuing and the Trustee has received a request from the Depositary
or (z) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of Certificated Notes, the Trustee will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in
authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Note will be deemed canceled. If such
Global Note does not bear the Restricted Legend, then the Certificated Notes issued in exchange therefor will not bear the Restricted Legend. If such Global Note bears the Restricted Legend, then the Certificated Notes issued in exchange therefor
will bear the Restricted Legend, provided that any Holder of any such Certificated Note issued in exchange for a beneficial interest in a Temporary Offshore 

  
 38 

 
Global Note will have the right upon presentation to the Trustee of a duly completed Certificate of Beneficial Ownership after the Restricted Period to exchange such Certificated Note for a
Certificated Note of like tenor and amount that does not bear the Restricted Legend, registered in the name of such Holder. 

(c) Each Certificated Note will be registered in the name of the holder thereof or its nominee. 

(d) A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest
therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other
document required by Section 2.10. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section by noting the same in the Register maintained by the Trustee for the purpose; provided that

 (x) no transfer or exchange will be effective until it is registered in such Register and 

(y) the Trustee will not be required (i) to issue, register the transfer of or exchange any Note for a period of 15
days before a selection of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or in part, except, in the case of a partial
redemption or purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a Regular Record Date but on or before the corresponding Interest
Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption or purchase. Prior to the registration of any transfer, the Company, the Trustee and their agents will treat the
Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue) and will not be affected by notice to the contrary. 

From time to time the Company will execute and the Trustee will authenticate additional Notes as necessary in order to permit the
registration of a transfer or exchange in accordance with this Section. 
 No service charge will be imposed in connection with
any transfer or exchange of any Note, 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 a transfer tax or other similar governmental charge
payable upon exchange pursuant to subsection (b)(4)). 

  
 39 

 (e) (1) Global Note to Global Note. If a beneficial interest in a Global Note is
transferred or exchanged for a beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or
exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or
exchanged for an interest in another Global Note, will, upon transfer or exchange, 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 and exchange
restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 
 (2) Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for a Certificated Note, the Trustee will (x) record a decrease in the principal
amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes in authorized denominations having an equal aggregate principal amount to the transferee (in the case of a
transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable. 
 (3) Certificated Note to Global Note. If a Certificated Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note,
(y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the
canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note,
registered in the name of the Holder thereof. 
 (4) Certificated Note to Certificated Note. If a
Certificated Note is transferred or exchanged for another Certificated Note, the Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized denominations
having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered in the name of
such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized
denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 

  
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 Section 2.10. Restrictions on Transfer and Exchange. (a) The transfer or
exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section and Section 2.09 and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the
Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence. 
 (b) Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column A below for a Note (or a beneficial interest therein) of the type set
forth opposite in column B below may only be made in compliance with the certification requirements (if any) described in the clause of this paragraph set forth opposite in column C below. 

 

					
	A	  	B	  	C
	U.S. Global Note	  	U.S. Global Note	  	(1)
	U.S. Global Note	  	Offshore Global Note	  	(2)
	U.S. Global Note	  	Certificated Note	  	(3)
	Offshore Global Note	  	U.S. Global Note	  	(4)
	Offshore Global Note	  	Offshore Global Note	  	(1)
	Offshore Global Note	  	Certificated Note	  	(5)
	Certificated Note	  	U.S. Global Note	  	(4)
	Certificated Note	  	Offshore Global Note	  	(2)
	Certificated Note	  	Certificated Note	  	(3)

 (1) No certification is required. 

(2) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed
Regulation S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. 

(3) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly
completed Rule 144A Certificate or (y) a duly completed Regulation S Certificate, and/or an Opinion of Counsel and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer or
exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not
bear the Restricted Legend, then no certification is required. In the event that (i) the requested transfer or exchange takes place after the Restricted Period and a duly completed 

  
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Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Note that does not bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange
the Trustee will deliver a Certificated Note that does not bear the Restricted Legend. 
 (4) The Person
requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Rule 144A Certificate. 
 (5) Notwithstanding anything to the contrary contained herein, no such exchange is permitted if the requested exchange involves a beneficial interest in a Temporary Offshore Global Note. If the requested
transfer involves a beneficial interest in a Temporary Offshore Global Note, the Person requesting the transfer must deliver or cause to be delivered to the Trustee a duly completed Rule 144A Certificate and/or an Opinion of Counsel and such other
certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States. If the
requested transfer or exchange involves a beneficial interest in a Permanent Offshore Global Note, no certification is required and the Trustee will deliver a Certificated Note that does not bear the Restricted Legend. 

(c) No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein) 

(1) after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision);
provided that the Company has provided the Trustee with an Officer’s Certificate to that effect, and the Company may require from any Person requesting a transfer or exchange in reliance upon this clause (1) an opinion of counsel
and any other reasonable certifications and evidence in order to support such certificate; or 
 (2)(x) sold
pursuant to an effective registration statement, pursuant to a Registration Rights Agreement or otherwise or (y) which is validly tendered for exchange into an Exchange Note pursuant to an Exchange Offer. 

Any Certificated Note delivered in reliance upon this paragraph will not bear the Restricted Legend. 

(d) The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange
of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Trustee. 

  
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 Section 2.11. Temporary Offshore Global Notes. (a) Each Note originally
sold by the Initial Purchasers in reliance upon Regulation S will be evidenced by one or more Offshore Global Notes that bear the Temporary Offshore Global Note Legend. 
 (b) An owner of a beneficial interest in a Temporary Offshore Global Note (or a Person acting on behalf of such an owner) may provide to the Trustee (and the Trustee will accept) a duly completed
Certificate of Beneficial Ownership at any time after the Restricted Period (it being understood that the Trustee will not accept any such certificate during the Restricted Period). Promptly after acceptance of a Certificate of Beneficial Ownership
with respect to such a beneficial interest, the Trustee will cause such beneficial interest to be exchanged for an equivalent beneficial interest in a Permanent Offshore Global Note and will (x) permanently reduce the principal amount of such
Temporary Offshore Global Note by the amount of such beneficial interest and (y) increase the principal amount of such Permanent Offshore Global Note by the amount of such beneficial interest. 

(c) Notwithstanding paragraph (b), if after the Restricted Period any Initial Purchaser owns a beneficial interest in a Temporary
Offshore Global Note, such Initial Purchaser may, upon written request to the Trustee accompanied by a certification as to its status as an Initial Purchaser, exchange such beneficial interest for an equivalent beneficial interest in a Permanent
Offshore Global Note, and the Trustee will comply with such request and will (x) permanently reduce the principal amount of such Temporary Offshore Global Note by the amount of such beneficial interest and (y) increase the principal amount
of such Permanent Offshore Global Note by the amount of such beneficial interest. 
 (d) Notwithstanding anything to the
contrary contained herein, any owner of a beneficial interest in a Temporary Offshore Global Note shall not be entitled to receive payment of principal or interest on such beneficial interest or other amounts in respect of such beneficial interest
until such beneficial interest is exchanged for an interest in a Permanent Offshore Global Note or transferred for an interest in another Global Note or a Certificated Note. 
 ARTICLE 3 
 REDEMPTION; OFFER TO
PURCHASE 
 Section 3.01. Optional Redemption. At any time and from time to time on or after
February 1, 2017, the Company may redeem the Notes, in whole or in part, at a redemption price equal to the percentage of the principal amount of the Notes redeemed set forth below plus accrued and unpaid interest, if any, to, but not
including, the redemption date. 

  
 43 

					
	 12-month period commencing February 1 in Year
	  	Percentage 
of
Principal
Amount	 
	 2017
	  	 	102.625	% 
	 2018
	  	 	101.313	% 
	 2019 and thereafter
	  	 	100.000	% 

 At any time and from time to time prior to February 1, 2017, upon not less than 30 nor more than 60
days’ notice, the Company may redeem the Notes, in whole or in part, at a redemption price of 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but not including, the
redemption date. 
 Section 3.02. Redemption with Proceeds of Equity Offering. At any time and from time to time
prior to February 1, 2016, the Company may redeem Notes with the net cash proceeds received by the Company from any Equity Offering at a redemption price equal to 105.250% of the principal amount of the Notes plus accrued and unpaid interest
to, but not including, the redemption date, in an aggregate principal amount for all such redemptions not to exceed 35% of the original aggregate principal amount of the Notes offered on the Issue Date (including Additional Notes), provided
that: 
 (1) in each case the redemption takes place not later than 120 days after the closing of the related Equity Offering,
and 
 (2) not less than 65% of the initial principal amount of the Notes remains outstanding immediately thereafter.

 Section 3.03. Method and Effect of Redemption. (a) If the Company elects to redeem Notes, it must notify the
Trustee of the redemption date and the principal amount of Notes to be redeemed by delivering an Officers’ Certificate at least 45 days before the redemption date (unless a shorter period is satisfactory to the Trustee in the sole discretion of
the Trustee). If fewer than all of the Notes are being redeemed, the Trustee will select the Notes to be redeemed pro rata, by lot or by any other method the Trustee in its sole discretion deems fair and appropriate, in denominations of $1,000
principal amount and multiples thereof. The Trustee will notify the Company promptly of the Notes or portions of Notes to be called for redemption. Notice of redemption must be sent by the Company or at the Company’s request, by the Trustee in
the name and at the expense of the Company, to Holders whose Notes are to be redeemed at least 30 days but not more than 60 days before the redemption date. 

  
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 (b) The notice of redemption will identify the Notes to be redeemed and will include or
state the following: 
 (1) the redemption date; 

(2) the redemption price, including the portion thereof representing any accrued interest; 

(3) the place or places where Notes are to be surrendered for redemption; 

(4) Notes called for redemption must be so surrendered in order to collect the redemption price; 

(5) on the redemption date the redemption price will become due and payable on Notes called for redemption, and interest
on Notes called for redemption will cease to accrue on and after the redemption date; 
 (6) if any Note is
redeemed in part, on and after the redemption date, upon surrender of such Note, new Notes equal in principal amount to the unredeemed portion will be issued; and 

(7) if any Note contains a CUSIP number, no representation is being made as to the correctness of the CUSIP number either
as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers printed on the Notes. 
 (c) Once notice of redemption is sent to the Holders, Notes called for redemption become due and payable at the redemption price on the redemption date, and upon surrender of the Notes called for
redemption, the Company shall redeem such Notes at the redemption price. Commencing on the redemption date, Notes redeemed will cease to accrue interest. Upon surrender of any Note redeemed in part, the Holder will receive a new Note equal in
principal amount equal to the unredeemed portion of the surrendered Note. 
 Section 3.04. Offer to Purchase.
(a) An “Offer to Purchase” means an offer by the Company to purchase Notes as required by the Indenture. An Offer to Purchase must be made by written offer (the “offer”) sent to the Holders. The Company
will notify the Trustee at least 15 days (or such shorter period as is acceptable to the Trustee in the sole discretion of the Trustee) prior to sending the offer to Holders of its obligation to make an Offer to Purchase, and the offer will be sent
by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

  
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 (b) The offer must include or state the following as to the terms of the Offer to Purchase:

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

(2) the principal amount of the outstanding Notes offered to be purchased by the Company pursuant to the Offer to Purchase
(including, if less than 100%, the manner by which such amount has been determined pursuant to the Indenture) (the “purchase amount”); 
 (3) the purchase price, including the portion thereof representing accrued interest; 
 (4) an expiration date (the “expiration date”) not less than 30 days or more than 60 days after the date of the offer, and a settlement date for purchase (the “purchase
date”) not more than five Business Days after the expiration date; 
 (5) information concerning the
business of the Company and its Subsidiaries which the Company in good faith believes will enable the Holders to make an informed decision with respect to the Offer to Purchase, at a minimum to include 

(i) the most recent annual and quarterly financial statements and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” for the Company, and 
 (ii) a description of material
developments in the Company’s business subsequent to the date of the latest of the financial statements (including a description of the events requiring the Company to make the Offer to Purchase); 

(6) a Holder may tender all or any portion of its Notes, subject to the requirement that any portion of a Note tendered
must be in a multiple of $1,000 principal amount at maturity; 
 (7) the place or places where Notes are to be
surrendered for tender pursuant to the Offer to Purchase; 
 (8) each Holder electing to tender a Note pursuant
to the offer will be required to surrender such Note at the place or places specified in the offer prior to the close of business on the expiration date (such Note being, if the Company or the Trustee so requires, duly endorsed or accompanied by a
duly executed written instrument of transfer); 
 (9) interest on any Note not tendered, or tendered but not
purchased by the Company pursuant to the Offer to Purchase, will continue to accrue; 

  
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 (10) on the purchase date the purchase price will become due and payable on
each Note accepted for purchase pursuant to the Offer to Purchase, and interest on Notes purchased will cease to accrue on and after the purchase date; 
 (11) Holders are entitled to withdraw Notes tendered by giving notice, which must be received by the Company or the Trustee not later than the close of business on the expiration date, setting forth the
name of the Holder, the principal amount of the tendered Notes, the certificate number of the tendered Notes and a statement that the Holder is withdrawing all or a portion of the tender; 

(12) (i) if Notes in an aggregate principal amount less than or equal to the purchase amount are duly tendered and not
withdrawn pursuant to the Offer to Purchase, the Company will purchase all such Notes, and (ii) if the Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount
are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments so that only Notes in multiples of $1,000 principal amount
will be purchased; 
 (13) if any Note is purchased in part, new Notes equal in principal amount to the
unpurchased portion of the Note will be issued; and 
 (14) if any Note contains a CUSIP number, no
representation is being made as to the correctness of the CUSIP number either as printed on the Notes or as contained in the offer and that the Holder should rely only on the other identification numbers printed on the Notes. 

(c) Prior to the purchase date, the Company will accept tendered Notes for purchase as required by the Offer to Purchase and deliver to
the Trustee all Notes so accepted together with an Officers’ Certificate specifying which Notes have been accepted for purchase. On the purchase date the purchase price will become due and payable on each Note accepted for purchase, and
interest on Notes purchased will cease to accrue on and after the purchase date. The Trustee will promptly return to Holders any Notes not accepted for purchase and send to Holders new Notes equal in principal amount to any unpurchased portion of
any Notes accepted for purchase in part. 
 (d) The Company will comply with Rule 14e-1 under the Exchange Act and all other
applicable laws in making any Offer to Purchase, and the above procedures will be deemed modified as necessary to permit such compliance. 

  
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 ARTICLE 4 
 COVENANTS 
 Section 4.01. Payment of Notes.
(a) The Company agrees to pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and the Indenture. Not later than 10:00 A.M. (New York City time) on the due date of any principal of or interest
on any Notes, or any redemption or purchase price of the Notes, the Company will deposit with the Trustee (or Paying Agent) money in immediately available funds sufficient to pay such amounts, provided that if the Company or any Affiliate of
the Company is acting as Paying Agent, it will, on or before each due date, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of
as provided in the Indenture. In each case the Company will promptly notify the Trustee of its compliance with this paragraph. 

(b) An installment of principal or interest will be considered paid on the date due if the Trustee (or Paying Agent, other than the
Company or any Affiliate of the Company) holds on that date 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 or interest will be considered
paid on the due date only if paid to the Holders. 
 (c) The Company agrees to pay interest on overdue principal, and, to the
extent lawful, overdue installments of interest at 2.0% per annum higher than the rate per annum borne by the Notes. 
 (d)
Payments in respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company will make
all payments by wire transfer of immediately available funds to the accounts specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder’s registered address. 

Section 4.02. Maintenance of Office or Agency. The Company will maintain 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 the Indenture may be served. The Company hereby initially designates the Corporate Trust Office
of the Trustee as such office of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office
or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served to the Trustee. 

  
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 The Company may also from time to time designate one or more other offices or agencies where
the Notes may be surrendered or presented for any of such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. 
 Section 4.03. Existence. The Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its existence and the existence of each of its Restricted Subsidiaries in accordance with their respective organizational documents, and the material rights, licenses and franchises of
the Company and each Restricted Subsidiary, provided that the Company is not required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, if the Company shall determine that the maintenance or
preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; and provided further that this Section does not prohibit any transaction otherwise permitted by
Section 4.13 or Article 5. 
 Section 4.04. Payment of Taxes and Other Claims. The Company will pay or
discharge, and cause each of its Restricted Subsidiaries to pay or discharge before the same become delinquent (i) all material taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted Subsidiary or its
income or profits or property, and (ii) all material lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon the property of the Company or any Restricted Subsidiary, other than any such tax, assessment,
charge or claim of which the amount, applicability or validity is being contested in good faith by appropriate negotiations or proceedings or where the failure to effect such payment or discharge is not adverse in any material respect to the
Holders. 
 Section 4.05. Maintenance of Properties and Insurance. (a) The Company will cause all properties
used or useful in the conduct of its business or the business of any of its Restricted Subsidiaries to be maintained and kept in good condition, repair and working order as in the judgment of the Company may be necessary so that the business of the
Company and its Restricted Subsidiaries may be properly and advantageously conducted at all times; provided that nothing in this Section prevents 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 Company, desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole and otherwise in
accordance with the Indenture. 
 (b) Except as provided in Section 4.16, the Company will provide or cause to be provided,
for itself and its Restricted Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds 

  
 49 

 
customarily insured against by corporations similarly situated and owning like properties, including, but not limited to, products liability insurance and public liability insurance, with
reputable insurers, in such amounts, with such deductibles and by such methods as are customary for corporations similarly situated in the industry in which the Company and its Restricted Subsidiaries are then conducting business. For the avoidance
of doubt, to the extent that there is a conflict between this Section 4.05 and Section 4.16(a) related to the maintenance of insurance with respect to the Satellites, the provisions of Section 4.16(a) shall govern in all respects.

 Section 4.06. Limitation on Debt and Disqualified or Preferred Stock. (a) The Company 

(1) will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt; and 

(2) will not, and will not permit any Restricted Subsidiary to, Incur any Disqualified Stock, and will not permit any of
its Restricted Subsidiaries to Incur any Preferred Stock (other than Disqualified or Preferred Stock of Restricted Subsidiaries held by the Company or a Wholly-Owned Restricted Subsidiary, so long as it is so held); 

provided that the Company or any Restricted Subsidiary may Incur Debt if, on the date of the Incurrence, after giving effect to the Incurrence and
the receipt and application of the proceeds therefrom, the Leverage Ratio is not greater than 4.0 to 1.0; provided, further, that Restricted Subsidiaries that are not Guarantors may not Incur Debt or Incur Disqualified Stock or
Preferred Stock if, after giving pro forma effect to such incurrence or issuance (including a pro forma application of the net proceeds therefrom), more than an aggregate of $100,000,000 in principal amount and liquidation preference of Debt
or Disqualified Stock or Preferred Stock of Restricted Subsidiaries that are not Guarantors would be outstanding pursuant to this paragraph and clause (b)(17) below (together with Permitted Refinancing Debt in respect thereof) at such time.

 (b) Notwithstanding the foregoing, the Company and, to the extent provided below, any Restricted Subsidiary may Incur the
following (“Permitted Debt”): 
 (1) Debt and letters of credit (and reimbursement obligations
with respect thereto) of the Company or a Guarantor pursuant to the New Credit Facilities; provided that the aggregate principal amount at any time outstanding does not exceed $950,000,000 (with letters of credit being deemed to have a
principal amount equal to the face amount thereof), less any amount of such Debt permanently repaid or commitments thereof permanently reduced as provided under an asset sale mandatory prepayment or offer or commitment reduction provision, and
Guarantees of such Debt by any Guarantor or the Company; 

  
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 (2) Debt of the Company or any Restricted Subsidiary to the Company or any
Restricted Subsidiary so long as such Debt continues to be owed to the Company or a Guarantor, provided that if the obligor is the Company or a Guarantor, such Debt is subordinated in right of payment to the Notes; 

(3) Debt of the Company pursuant to the Notes (other than Additional Notes) and Debt of any Guarantor pursuant to a Note
Guarantee (including a Note Guarantee with respect to additional Notes otherwise Incurred in accordance with the terms of this Indenture); 
 (4) Debt (“Permitted Refinancing Debt”) constituting an extension or renewal of, replacement of, or substitution for, or issued in exchange for, or the net proceeds of which are used to
repay, redeem, repurchase, refinance or refund, including by way of defeasance, (all of the above, for purposes of this clause, “refinance”) then outstanding Debt in an amount not to exceed the principal amount of the Debt so
refinanced, plus premiums, fees and expenses; provided that 
 (A) in case the Debt to be refinanced is
subordinated in right of payment to the Notes, the new Debt, by its terms or by the terms of any agreement or instrument pursuant to which it is outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent that
the Debt to be refinanced is subordinated to the Notes; 
 (B) the new Debt does not have a Stated Maturity prior
to the Stated Maturity of the Debt to be refinanced, and the Average Life of the new Debt is at least equal to the remaining Average Life of the Debt to be refinanced; 

(C) in no event shall such Debt include (i) Debt of a Subsidiary of the Company that is not a Guarantor that
refinances Debt of the Company, (ii) Debt of a Subsidiary of the Company that is not a Guarantor that refinances Debt of a Guarantor, or (iii) Debt of the Company or a Restricted Subsidiary that refinances Debt of an Unrestricted
Subsidiary; and 
 (D) Debt Incurred pursuant to clauses (1), (2), (5), (6), (10), (11), (12) and
(17) may not be refinanced pursuant to this clause and Debt Incurred pursuant to clause (9) may be refinanced pursuant to this clause only to the extent provided in clause (9). 

  
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 (5) Hedging Agreements of the Company or any Restricted Subsidiary entered
into in the ordinary course of business for the purpose of limiting risks associated with the business of the Company and its Restricted Subsidiaries and not for speculation; 

(6) Debt of the Company or any Restricted Subsidiary with respect to letters of credit, performance bonds and
bankers’ acceptances or similar instruments issued in the ordinary course of business and not otherwise supporting Debt, including letters of credit supporting performance, surety or appeal bonds, regulatory authorizations and licenses or
indemnification, adjustment of purchase price or similar obligations incurred in connection with the acquisition or disposition of any business or assets; 
 (7) Acquired Debt, provided that after giving effect to the Incurrence thereof, either (x) the Company could Incur at least $1.00 of Leverage Ratio Debt or (y) the Leverage Ratio is not
worse than the Leverage Ratio immediately prior to the merger or acquisition resulting in the Incurrence of such Acquired Debt; 
 (8) Debt of the Company or any Restricted Subsidiary outstanding on the Issue Date (and, for purposes of clause (4)(D), not otherwise constituting Permitted Debt), provided that all Debt
outstanding under the New Credit Facilities on the Issue Date will be treated as Incurred on the Issue Date under Section 4.06(b)(1); 
 (9) Debt of the Company or any Restricted Subsidiary represented by (i) Purchase Money Debt Incurred on or after the Issue Date no later than 180 days after the date of purchase or completion of
construction or improvement of property for the purpose of financing all or any part of the purchase price or cost of construction or improvement or (ii) Capital Leases, provided that the sum of the aggregate outstanding amount of Debt
Incurred pursuant to this clause plus the aggregate outstanding amount of Permitted Refinancing Debt Incurred to refinance Debt originally Incurred pursuant to this clause shall at no time exceed the greater of (a) $150,000,000 or (b) 4.5%
of Total Assets; 
 (10) up to $10,000,000 aggregate principal amount of Debt of the Company issued in any
twelve-month period after the Issue Date in connection with the purchase, redemption, acquisition or other retirement for value of Equity Interests of the Company held by officers, directors or employees or former directors, officers or employees
(or their estates or beneficiaries under their estates), upon death, disability, retirement, severance or termination of employment or service or pursuant to any agreement under which the Equity Interests were issued, provided that payments
in respect of such Debt are treated when made as Restricted Payments; 

  
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 (11) Debt of the Company or any Guarantor consisting of Guarantees of Debt
of the Company or any Guarantor Incurred under any other clause of this covenant; 
 (12) DAP Debt; 

(13) Debt in respect of any customary cash management, netting services, overdraft protections and otherwise in connection
with deposit accounts; 
 (14) Guarantees in the ordinary course of business of the obligations of suppliers,
customers, franchisees and licensees of the Company and its Restricted Subsidiaries; 
 (15) unsecured Debt
representing insurance premiums owing in the ordinary course of business; 
 (16) Debt representing deferred
compensation to employees of the Company and its Restricted Subsidiaries incurred in the ordinary course of business, in an aggregate principal amount not to exceed $10,000,000 for any twelve-month period after the Issue Date; and 

(17) Debt of the Company or any Restricted Subsidiary Incurred on or after the Issue Date not otherwise permitted in an
aggregate principal amount at any time outstanding not to exceed $100,000,000; provided that, in the case of any Restricted Subsidiary that is not a Guarantor, the aggregate principal amount of such Debt at any time outstanding shall not
exceed $50,000,000. 
 For purposes of determining compliance with this Section 4.06, in the event that an item of proposed Debt meets the
criteria of more than one of the categories of Permitted Debt described in clauses (b)(2) through (b)(17) above, or is entitled to be incurred pursuant to clause (a) of this Section 4.06, the Company will be permitted, in its sole
discretion, to classify such item of Debt on the date of its incurrence, or later reclassify all or a portion of such item of Debt, in any manner that complies with this Section 4.06. The accrual of interest, the accretion or amortization of
original issue discount, the payment of interest on any Debt in the form of additional Debt with the same terms, the reclassification of preferred stock as Debt due to a change in accounting principles and the payment of dividends on Disqualified
Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Debt or an issuance of Disqualified Stock for purposes of this Section 4.06. Notwithstanding any other provision of this
covenant, the maximum amount of Debt that the 

  
 53 

 
Company or any Restricted Subsidiary may incur pursuant to this Section 4.06 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

 Section 4.07. Limitation on Restricted Payments. (a) The Company will not, and will not permit any
Restricted Subsidiary to, directly or indirectly (the payments and other actions described in the following clauses being collectively “Restricted Payments”): 

(i) declare or pay any dividend or make any distribution on its Equity Interests (other than dividends or distributions
paid in the Company’s Qualified Equity Interests) held by Persons other than the Company or any of its Wholly Owned Restricted Subsidiaries; 
 (ii) purchase, redeem or otherwise acquire or retire for value any Equity Interests of the Company or any Restricted Subsidiary held by Persons other than the Company or any of its Wholly Owned Restricted
Subsidiaries; 
 (iii) repay, redeem, repurchase, defease or otherwise acquire or retire for value, or make any
payment on or with respect to, any Subordinated Debt except a payment of interest or principal at Stated Maturity; or 
 (iv) make any Investment other than a Permitted Investment; 
 unless, at the time of, and after
giving effect to, the proposed Restricted Payment: 
 (1) no Default has occurred and is continuing, 

(2) the Company could Incur at least $1.00 of Leverage Ratio Debt, and 

(3) the aggregate amount expended for all Restricted Payments made on or after the Issue Date would not, subject to
paragraph (c), exceed the sum of 
 (A) (x) 100% of the aggregate amount of EBITDA (or, if EBITDA is a loss,
minus 100% of the amount of the loss) accrued on a cumulative basis during the period, taken as one accounting period, less 150% of cumulative Interest Expense for such period, beginning with the fiscal quarter ending on March 31, 2013 and
ending on the last day of the Company’s most recently completed fiscal quarter for which financial statements have been provided (or if not timely provided, required to be provided) pursuant to the Indenture, plus 

  
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 (B) subject to paragraph (c), the aggregate net cash proceeds received by
the Company (other than from a Subsidiary) after the Issue Date from the issuance and sale of its Qualified Equity Interests, including by way of issuance of its Disqualified Equity Interests or Debt to the extent since converted into Qualified
Equity Interests of the Company, plus 
 (C) an amount equal to the sum, for all Unrestricted Subsidiaries, of
the following: 
 (x) the cash return, after the Issue Date, on Investments in an Unrestricted Subsidiary made
after the Issue Date pursuant to this paragraph (a) as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization (not included in Consolidated Net Income), plus 

(y) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the
assets less liabilities of an Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary, 
 not to exceed, in the case of any Unrestricted Subsidiary, the amount of Investments made after the Issue Date by the Company and its Restricted Subsidiaries in such Unrestricted Subsidiary pursuant to
this paragraph (a), plus 
 (D) the cash return, after the Issue Date, on any other Investment made after the
Issue Date pursuant to this paragraph (a), as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization (not included in Consolidated Net Income), not to exceed the amount of such Investment so made.

 The amount expended in any Restricted Payment, if other than in cash, will be deemed to be the Fair Market Value of the
relevant non-cash assets. 
 (b) The foregoing will not prohibit: 

(1) the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of
declaration such payment would have complied with the provisions of the Indenture, or the redemption, repurchase or retirement of Subordinated Debt if, at the date of any irrevocable redemption notice, such payment would have complied with the
provisions of the Indenture; 

  
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 (2) dividends or distributions by a Restricted Subsidiary payable, on a pro
rata basis or on a basis more favorable to the Company, to all holders of any class of Capital Stock of such Restricted Subsidiary a majority of which is held, directly or indirectly through Restricted Subsidiaries, by the Company; 

(3) the repayment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Debt
with the proceeds of, or in exchange for, Permitted Refinancing Debt; 
 (4) any Restricted Payment made in
exchange for, or out of the proceeds of a substantially concurrent offering of, Qualified Equity Interests of the Company; 
 (5) the repayment, redemption, repurchase, defeasance or other acquisition or retirement of Subordinated Debt of the Company in exchange for, or out of the proceeds of, a substantially concurrent offering
of, Qualified Equity Interests of the Company; 
 (6) any Investment made in exchange for, or out of the net cash
proceeds of, a substantially concurrent offering of Qualified Equity Interests of the Company; 
 (7) the
purchase, redemption or other acquisition or retirement for value of Equity Interests of the Company held by officers, directors or employees or former officers, directors or employees (or their estates or beneficiaries under their estates), upon
death, disability, retirement, severance or termination of employment or pursuant to any agreement under which the Equity Interests were issued; provided that the aggregate cash consideration paid therefor in any twelve-month period after the
Issue Date does not exceed an aggregate amount of $5,000,000 (with unused amounts in any twelve-month period being carried over to succeeding twelve-month periods subject to a maximum of $10,000,000 in any calendar year); 

(8) the payment of cash dividends (i) on the Existing Preferred Stock or (ii) (without duplication) on any
Disqualified Stock of the Company or a Restricted Subsidiary or Preferred Stock of a Restricted Subsidiary Incurred after the Issue Date in compliance with Section 4.06; 

(9) payment of cash dividends on any Common Stock of the Company not to exceed, on a per annum basis, 6% of the net cash
proceeds received by the Company from its initial public offering of Common Stock and the aggregate value (determined on the issue date thereof) of the Common Stock issued in connection with the Transactions; 

  
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 (10) Restricted Payments made in connection with and substantially
simultaneously with the consummation of the Transactions; 
 (11) the repurchase of Equity Interests deemed to
occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options; 
 (12) the purchase by the Company of fractional shares arising out of stock dividends, splits or combinations or business combinations and in connection with the exercise of warrants, options or other
securities convertible into or exercisable for Equity Interests of the Company, including the Existing Preferred Stock; 
 (13) the purchase, redemption or other acquisition or retirement for value of Equity Interests of the Company for aggregate consideration not in excess of $150,000,000; and 

(14) other Restricted Payments not to exceed $25,000,000 in the aggregate; 

provided that, in the case of clauses (8) and (9) no Default has occurred and is continuing or would occur as a result thereof.

 (c) Proceeds of the issuance of Qualified Equity Interests will be included under clause (3) of paragraph (a) only
to the extent they are not applied as described in clause (4), (5) or (6) of paragraph (b). Restricted Payments permitted pursuant to clause (2), (3), (4), (5), (6), (8), (10), (11), (12), (13) and (14) will not be included in
making the calculations under clause (3) of paragraph (a). 
 Section 4.08. Limitation on Liens. The Company
will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur or permit to exist any Lien of any nature whatsoever on any of its properties or assets, whether owned at the Issue Date or thereafter acquired, other than
Permitted Liens, without effectively providing that the Notes are secured equally and ratably with (or, if the obligation to be secured by the Lien is subordinated in right of payment to the Notes or any Note Guarantee, prior to) the obligations so
secured for so long as such obligations are so secured. 
 Section 4.09. Limitation on Sale and Leaseback Transactions.
The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any property or asset unless 

(1) the Company or the Restricted Subsidiary would be entitled to 

  
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 (A) Incur Debt in an amount equal to the Attributable Debt with respect to
such Sale and Leaseback Transaction pursuant to Section 4.06, and 
 (B) create a Lien on such property or
asset securing such Attributable Debt without equally and ratably securing the Notes pursuant to Section 4.08, 
 in which
case, the corresponding Debt and Lien will be deemed incurred pursuant to those provisions, and 
 (2) the
Company complies with Section 4.13 in respect of such transaction. 
 Section 4.10. Limitation on Dividend and
Other Payment Restrictions Affecting Restricted Subsidiaries. (a) Except as provided in paragraph (b), the Company will not, and will not permit any Restricted Subsidiary to, create or otherwise cause or permit 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 on any Equity Interests of the Restricted Subsidiary owned by the Company or any other Restricted Subsidiary; 
 (2) pay any Debt or other obligation owed to the Company or any other Restricted Subsidiary; 
 (3) make loans or advances to the Company or any other Restricted Subsidiary; or 
 (4) transfer any of its property or assets to the Company or any other Restricted Subsidiary. 
 (b) The provisions of paragraph (a) do not apply to any encumbrances or restrictions 
 (1) existing on the Issue Date in the Indenture or any other agreements in effect on the Issue Date; 
 (2) existing 
 (A) with respect to any Person, or to the property
or assets of any Person, at the time the Person is acquired by the Company or any Restricted Subsidiary, or 

(B) with respect to any Unrestricted Subsidiary at the time it is designated or is deemed to become a Restricted
Subsidiary, 

  
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 which encumbrances or restrictions are not applicable to any other Person or the property or
assets of any other Person; 
 (3) of the type described in clause (a)(4) arising or agreed to in the ordinary
course of business (i) that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease or license or (ii) by virtue of any Lien on, or agreement to transfer, option or similar
right with respect to any property or assets of, the Company or any Restricted Subsidiary; 
 (4) 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, the Restricted Subsidiary that is permitted by
Section 4.13; 
 (5) required pursuant to the Indenture, the Notes or the Note Guarantees; 

(6) provisions limiting the disposition or distribution of assets or property in asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements, or customary provisions in partnership agreements, limited liability company organizational
governance documents, and other similar agreements entered into in the ordinary course of business that restrict the transfer of ownership interests in such partnership, limited liability company or similar Person; 

(7) customary provisions in joint venture agreements and other similar agreements, relating solely to the relevant joint
venture or other similar arrangement; 
 (8) restrictions on cash or other deposits or net worth imposed by
customers under contracts entered into in the ordinary course of business; 
 (9) applicable law, rule,
regulation, order, approval, license, permit or similar restriction; 
 (10) Permitted Liens that limit the right
of the debtor to dispose of the assets subject to such Liens; 

  
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 (11) Debt, Disqualified Stock or Preferred Stock of Foreign Subsidiaries
permitted to be Incurred or issued subsequent to the Issue Date pursuant to the provisions of Section 4.06 that impose restrictions solely on the Foreign Subsidiaries party thereto or their Subsidiaries; 

(12) any encumbrance or restriction that restricts the subletting, assignment or transfer of any property or asset or
right and is contained in any lease, license or other contract entered into in the ordinary course of business; 

(13) any encumbrance or restriction arising under or in connection with any agreement or instrument relating to any Debt
permitted to be Incurred after the Issue Date pursuant to Section 4.06 if (A) either (x) the encumbrance or restriction applies only in the event of a payment default or a default with respect to a financial covenant contained in the
terms of such agreement or instrument or (y) the Company in good faith determines that such encumbrance or restriction will not cause the Company not to have the funds necessary to make principal and interest payments on the Notes when due, and
(B) the encumbrance or restriction is not materially more disadvantageous to the Holders than is customary in comparable financings (as determined in good faith by the Company); or 

(14) any encumbrances or restrictions imposed by any extensions, renewals, replacements, amendments or refinancings of the
contracts, instruments or obligations referred to above in clauses (1) through (13); provided that such extensions, renewals, replacements, amendments or refinancings are not more restrictive, with respect to encumbrances or restrictions
set forth in clause (a) above, taken as a whole, than such encumbrances and restrictions prior to such amendment or refinancing (as determined by the Company in good faith). 

Section 4.11. Guarantees by Restricted Subsidiaries. The Company (a) will not permit any of its Wholly Owned Domestic
Subsidiaries that are Restricted Subsidiaries (and non-Wholly Owned Domestic Subsidiaries if such non-Wholly Owned Domestic Subsidiaries guarantee, or are a co-issuer of, other capital markets debt securities, or other Material Debt, of the Company
or any Restricted Subsidiary or guarantee all or a portion of, or are a co-borrower under, any New Credit Facility), other than a Guarantor, to (i) Guarantee the payment of any Debt of the Company or any Guarantor or (ii) Incur any Debt
under any syndicated loan facility or capital markets debt or Incur any Material Debt and (b) will not permit any other Restricted Subsidiary to Guarantee the payment of any Debt under any syndicated loan facility or capital markets debt or
Guarantee the payment of any Material Debt, in each case, unless such Restricted Subsidiary within 30 days executes and delivers a supplemental Indenture providing for a Note Guarantee by such Restricted Subsidiary. 

  
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 A Restricted Subsidiary required to provide a Note Guarantee shall execute a supplemental
Indenture in the form of Exhibit B, and deliver an Opinion of Counsel to the Trustee to the effect that the supplemental Indenture has been duly authorized, executed and delivered by the Restricted Subsidiary and constitutes a valid and binding
obligation of the Restricted Subsidiary, enforceable against the Restricted Subsidiary in accordance with its terms (subject to customary exceptions). 
 Section 4.12. Repurchase of Notes Upon a Change of Control. (a) Not later than 30 days following a Change of Control, the Company will make an Offer to Purchase all outstanding Notes at a
purchase price equal to 101% of the principal amount thereof plus accrued interest to, but not including, the date of purchase. 

(b) The Company will not be required to make an Offer to Purchase upon a Change of Control if (1) a third party makes the Offer to
Purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to an Offer to Purchase made by the Company and purchases all Notes properly tendered and not withdrawn under the Offer to
Purchase, or (2) notice of redemption has been given pursuant to the Indenture as described under Section 3.01, unless and until there is a default in payment of the applicable redemption price. An Offer to Purchase may be made in advance
of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Offer to Purchase. 

Section 4.13. Limitation on Asset Sales. The Company will not, and will not permit any Restricted Subsidiary to, make any
Asset Sale unless the following conditions are met: 
 (1) The Asset Sale is for Fair Market Value. 

(2) At least 75% of the consideration consists of cash or Cash Equivalents received at closing. For purposes of this
clause (2), each of the following shall be deemed to be cash or Cash Equivalents: 
 (i) the assumption by the
purchaser of Debt or other obligations (other than Subordinated Debt) of the Company or a Restricted Subsidiary pursuant to a customary novation agreement, 
 (ii) instruments or securities (other than Cash Equivalents) received from the purchaser that are promptly, but in any event within 90 days of the closing, converted by the Company to cash, to the extent
of the cash actually so received, 

  
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 (iii) any stock or assets of the kind referred to in clause (3)(ii) of
this Section 4.13; and 
 (iv) any Designated Noncash Consideration received by the Company or such
Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this clause (iv) that is at that time outstanding, not to exceed the greater of
(a) $25,000,000 or (b) 0.75% of Total Assets, with the Fair Market Value of each item of Designated Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value. 

(3) Within 365 days after the receipt of any Net Cash Proceeds from the Asset Sale, the Net Cash Proceeds may be used

 (i) to permanently repay Senior Debt of the Company or a Guarantor or any Debt of a Restricted Subsidiary that
is not a Guarantor (and in the case of a revolving credit, permanently reduce the commitment thereunder by such amount), in each case owing to a Person other than the Company or any Restricted Subsidiary, or 

(ii) to acquire all or substantially all of the assets of a Permitted Business, or a majority of the Voting Stock of
another Person that thereupon becomes a Restricted Subsidiary engaged in a Permitted Business, or to make capital expenditures or otherwise acquire long-term assets that are to be used in a Permitted Business; provided that, in the case of
this clause (3)(ii), a binding commitment shall be treated as a permitted application of the Net Cash Proceeds from the date of such commitment so long as the Company or such other Restricted Subsidiary enters into such commitment with the good
faith expectation that such Net Cash Proceeds will be applied to satisfy such commitment within 180 days after the end of such 365-day period; provided, further, that in the event any such commitment is later cancelled or terminated for any
reason before the Net Cash Proceeds are applied in connection therewith, then such Net Cash Proceeds may then be used as described in clause (3)(i) on or prior to the expiration of such 180-day period. 

(4) The Net Cash Proceeds of the Asset Sale not applied pursuant to clause (3) within 365 days of the Asset Sale (or
such longer period in the proviso to clause (ii) thereof) constitute “Excess Proceeds.” Excess Proceeds of less than $50,000,000 will be carried forward and accumulated. When accumulated Excess Proceeds equals or exceeds $50,000,000,
the Company must, within 30 days, make an Offer to Purchase Notes having a principal amount equal to: 
 (i)
accumulated Excess Proceeds, multiplied by 
 (ii) a fraction (x) the numerator of which is equal to the
outstanding principal amount of the Notes and (y) the denominator of which is equal to the sum of the outstanding principal amount of the Notes and the aggregate outstanding principal amount of all other Debt (determined at the accreted amount
thereof, in the case of any such Debt issued with an original issue discount) that is similarly required to be repaid, redeemed or tendered for in connection with such Asset Sale; 

  
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 rounded down to the nearest $1,000. 

In connection with any Offer to Purchase Notes under this Section, the purchase price for the Notes will be 100% of the principal amount
thereof plus accrued interest to, but not including, the date of purchase. If the Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not
withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments so that only Notes in multiples of $1,000 principal amount will be purchased.
Upon completion of the Offer to Purchase, Excess Proceeds will be reset at zero, and any Excess Proceeds remaining after consummation of the Offer to Purchase may be used for any purpose not otherwise prohibited by the Indenture. 

Section 4.14. Limitation on Transactions with Affiliates. (a) The Company will not, and will not permit any Restricted
Subsidiary to, directly or indirectly, enter into, renew or extend any transaction or arrangement (including, without limitation, the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with any Affiliate of the
Company or any Restricted Subsidiary (a “Related Party Transaction”), except upon fair and reasonable terms no less favorable to the Company or the Restricted Subsidiary than could be obtained in a comparable arm’s-length
transaction with a Person that is not an Affiliate of the Company. 
 (b) Any Related Party Transaction or series of Related
Party Transactions must first be approved by (i) a responsible Officer of the Company, if their aggregate value is equal to or less than $25,000,000 or (ii) a majority of the Board of Directors who are disinterested in the subject matter
of the transaction pursuant to a Board Resolution delivered to the Trustee, if their aggregate value is in excess of $25,000,000. 

  
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 (c) The foregoing paragraphs do not apply to 

(1) any transaction between the Company and any Restricted Subsidiary or between Restricted Subsidiaries of the Company;

 (2) the payment of reasonable and customary regular fees to directors of the Company who are not employees of
the Company; 
 (3) any Restricted Payments of a type described in paragraphs (a)(i) and (a)(ii) under
Section 4.07 if permitted by that covenant or any Permitted Investment; 
 (4) transactions or payments
pursuant to any employee, officer or director compensation, benefit plans, employment agreements, indemnification agreements or any similar arrangements entered into in the ordinary course of business or approved in good faith by the Board of
Directors of the Company; 
 (5) transactions pursuant to any contract or agreement in effect on the date of the
Indenture, as amended, modified or replaced from time to time so long as the amended, modified or new agreements, taken as a whole, are no less favorable to the Company and its Restricted Subsidiaries than those in effect on the date of the
Indenture; 
 (6) the consummation of other transactions contemplated by the Transactions, including the
repayment of existing Debt and the payment of fees in connection therewith; 
 (7) the payment of the fees to
Morgan Stanley & Co. LLC and its affiliates for financial, consulting, underwriting or other services not exceeding the then usual and customary fees of Morgan Stanley & Co. LLC and its affiliates for similar services; 

(8) (a) transactions with customers, clients, suppliers, or purchasers or sellers of goods and services, in each case in
the ordinary course of business, including in connection with the construction, launch or operation of a Satellite, and otherwise not prohibited by the Indenture that are fair to the Company and its Restricted Subsidiaries (as determined by the
Company in good faith) or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party (as determined by the Company in good faith) and (b) transactions in the ordinary course with
(i) Unrestricted Subsidiaries or (ii) joint ventures in which the Company or a Subsidiary of the Company holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions
are no less favorable to the Company or Subsidiary participating in such joint ventures than they are to other joint venture partners; 

  
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 (9) any transaction with an Affiliate where the only consideration paid is
Equity Interests of the Company (other than Disqualified Equity Interests); and 
 (10) any transaction in which
the Company delivers to the Trustee a favorable written opinion from an accounting, appraisal or investment banking firm of national standing as to the fairness of the transaction to the Company and its Restricted Subsidiaries from a financial point
of view. 
 Section 4.15. Line of Business. The Company will not, and will not permit any of its Restricted
Subsidiaries, to engage in any business other than a Permitted Business, except to an extent that so doing would not be material to the Company and its Restricted Subsidiaries, taken as a whole. 

Section 4.16. Maintenance of Satellite Insurance; Events of Loss. 

(a) Required Insurance. Prior to the launch of any Satellite not in orbit as of the Issue Date, the Company will (and will cause
its Restricted Subsidiaries to) maintain and keep in full force and effect, launch and initial operations insurance for a period commencing no later than the time of the launch of such Satellite and expiring thereafter, in an amount as is reasonable
and customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated, such insurance to be on terms and conditions, including customary
exclusions and having such deductibles, as are customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated. 

(b) Unless the Board of Directors shall have passed a resolution that In-Orbit Insurance is not available to the Company at such time on
terms that are commercially reasonable, the Company shall use commercially reasonable efforts to procure and maintain, at its own expense, In-Orbit Insurance for Satellites (other than “Quickbird” and “IKONOS”), on an aggregate
or an individual basis, as determined by the Company, in orbit during the commercial useful life of such Satellite, commencing immediately upon the expiration of the applicable launch and initial operations insurance coverage, such insurance to be
in such amounts and on such terms and conditions as are reasonable and customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated;
provided that such resolution of the Board of Directors shall be effective for a period not in excess of six months. 

  
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 The Company will deliver to the Trustee no less than annually an Officers’ Certificate
in accordance with the requirements of the Indenture certifying as to the Company’s compliance with this covenant. 
 In
the event that the Company or its Restricted Subsidiaries receive proceeds from any insurance covering a Satellite, all Event of Loss Proceeds in respect of such Event of Loss shall be applied in the manner provided for in Section 4.16(c).

 (c) Events of Loss. Within 360 days after the receipt of any Event of Loss Proceeds in excess of $15,000,000 received
as a result of an Event of Loss, such Event of Loss Proceeds may be used to: 
 (1) acquire long-term productive
assets that are to be used in a Permitted Business, or enter into a binding commitment to acquire (including through one or more construction contracts) long-term productive assets that are to be used in a Permitted Business, provided that a
binding commitment shall be treated as a permitted application of the Event of Loss Proceeds from the date of such commitment so long as the Company or such other Restricted Subsidiary enters into such commitment with the good faith expectation that
such Event of Loss Proceeds will be applied to satisfy such commitment; 
 (2) reduce the outstanding principal
amount of Debt Incurred under New Credit Facilities; and 
 (3) if no Debt described in the preceding clause
(c)(2) is outstanding, to reduce the outstanding principal amount of any other senior Debt of the Company or a Guarantor; provided, however, that to the extent the Company or such Guarantor repays any such other senior Debt, the
Company shall equally and ratably reduce the principal amount of Notes outstanding, through open-market purchases or through redemption, or shall offer (in accordance with the procedures set forth below in clause (d) of this Section) to all
Holders to purchase their Notes at 100% of the principal amount thereof, plus accrued but unpaid interest, if any, in an aggregate principal amount which, if the offer were accepted, would result in such reduction. 

(d) To the extent any Event of Loss Proceeds are not applied pursuant to clause (c) within 360 days (or such longer period in the
proviso to clause (1) thereof) the Company must make an Offer to Purchase Notes with all of such remaining Event of Loss Proceeds for Notes having an aggregate principal amount equal to: 

(1) such remaining Event of Loss Proceeds, multiplied by 

(2) a fraction (x) the numerator of which is equal to the outstanding principal amount of the Notes and (y) the
denominator of which is equal to the outstanding principal amount of the Notes and the aggregate outstanding principal amount of all other Debt (determined at the accreted amount thereof, in the case of any such Debt issued with an original issue
discount) that is similarly required to be repaid, redeemed or tendered for in connection with such Event of Loss Proceeds, 

  
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 rounded down to the nearest $1,000. The purchase price for the Notes will be 100% of the principal amount
thereof plus accrued interest to the date of purchase. If the Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the
offer, the Company will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments so that only Notes in multiples of $1,000 principal amount will be purchased. 

Upon completion of the Offer to Purchase, Event of Loss Proceeds will be reset at zero, and any Event of Loss Proceeds remaining after
consummation of the Offer to Purchase may be used for any purpose not otherwise prohibited by the Indenture. 
 To the extent
that the provisions of any securities laws or regulations conflict with Section 4.16(c) or this clause (d), the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under Section 4.16(c) or this clause (d) by virtue of such conflict. 
 Section 4.17. Designation of
Restricted and Unrestricted Subsidiaries. 
 (a) The Board of Directors may designate any Subsidiary, including a newly
acquired or created Subsidiary, to be an Unrestricted Subsidiary if it meets all of the following qualifications and the designation would not cause a Default. 
 (1) Such Subsidiary does not own any Capital Stock of the Company or any Restricted Subsidiary. 
 (2) The Company would be permitted to make an investment at the time of the designation in an amount equal to the aggregate Fair Market Value of all investments of the Company or its Restricted
Subsidiaries in such Subsidiary. 
 (3) To the extent the Debt of the Subsidiary is not Non-Recourse Debt, any
Guarantee or other credit support thereof by the Company or any Restricted Subsidiary is permitted under Sections 4.06 and 4.07. 

  
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 (4) Except as permitted by Section 4.14, the Subsidiary is not a party
to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are not less favorable to the Company or such
Restricted Subsidiary than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company. 
 (5) Neither the Company nor any Restricted Subsidiary has any obligation to subscribe for additional Equity Interests of the Subsidiary or to maintain or preserve its financial condition or cause it to
achieve specified levels of operating results except to the extent permitted by Sections 4.06 and 4.07. 
 Once so designated the Subsidiary
will remain an Unrestricted Subsidiary, subject to paragraph (b). 
 (b) (1) A Subsidiary previously designated an Unrestricted
Subsidiary which fails to meet the qualifications set forth in paragraph (a) will be deemed to become at that time a Restricted Subsidiary, subject to the consequences set forth in paragraph (d). 

(2) The Board of Directors may designate an Unrestricted Subsidiary to be a Restricted Subsidiary if the designation would
not cause a Default. 
 (c) Upon a Restricted Subsidiary becoming an Unrestricted Subsidiary, 

(1) all existing Investments of the Company and the Restricted Subsidiaries therein (valued at the Company’s
proportional share of the Fair Market Value of its assets less liabilities) will be deemed made at that time; 

(2) all existing Capital Stock or Debt of the Company or a Restricted Subsidiary held by it will be deemed Incurred at
that time, and all Liens on property of the Company or a Restricted Subsidiary held by it will be deemed incurred at that time; 
 (3) all existing transactions between it and the Company or any Restricted Subsidiary will be deemed entered into at that time; 

(4) it is released at that time from its Note Guarantee, if any; and 

(5) it will cease to be subject to the provisions of the Indenture as a Restricted Subsidiary. 

  
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 (d) Upon an Unrestricted Subsidiary becoming, or being deemed to become, a Restricted
Subsidiary, 
 (1) all of its Debt and Disqualified or Preferred Stock will be deemed Incurred at that time for
purposes of Section 4.06, but will not be considered the sale or issuance of Equity Interests for purposes of Section 4.13; 
 (2) Investments therein previously charged under Section 4.07 will be credited thereunder; 
 (3) it may be required to issue a Note Guarantee pursuant to Section 4.11; and 
 (4) it will thenceforward be subject to the provisions of the Indenture as a Restricted Subsidiary. 
 (e) Any designation by the Board of Directors of a Subsidiary as a Restricted Subsidiary or Unrestricted Subsidiary will be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board
Resolution giving effect to the designation and an Officer’s Certificate certifying that the designation complied with the foregoing provisions. 
 Section 4.18. Financial Reports. (a) Whether or not the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company must provide the
Trustee within the time periods specified in those sections for a registrant that is not an accelerated filer or a large accelerated filer with 
 (1) all quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Company were required to file such forms, including
a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to annual information only, a report thereon by the Company’s certified independent accountants, and 

(2) all current reports that would be required to be filed with the Commission on Form 8-K if the Company were required to
file such reports, provided, however, that no such current report will be required to be furnished if the Company determines in its good faith judgment that such event is not material to Holders or the business, assets, operations,
financial positions or prospects of the Company and its Restricted Subsidiaries, taken as a whole, 

  
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 provided, further, that to the extent the Company is not subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act: 
 (i) Sarbanes-Oxley. No
certifications or attestations concerning the financial statements or disclosure controls and procedures or internal controls that would otherwise be required pursuant to the Sarbanes-Oxley Act of 2002 will be required (provided further,
however, that nothing contained in the terms herein shall otherwise require the Company to comply with the terms of the Sarbanes-Oxley Act of 2002 at any time when it would not otherwise be subject to such statute); 

(ii) Financial Statements of Acquired Entities. The financial statements required of acquired businesses will be
limited to the financial statements (in whatever form) that the Company receives in connection with the acquisition, and whether or not audited; 
 (iii) Financial Statements of Unconsolidated Entities. No financial statements of unconsolidated entities will be required; 

(iv) Supplemental Schedules. The schedules identified in Section 5-04 of Regulation S-X under the Securities
Act will not be required; 
 (v) Item 402 of Regulation S-K. The Company may limit the information
disclosed in such reports in respect of Item 402 of Regulation S-K under the Securities Act to the information identified in Item 402 that is included in the offering memorandum relating to the sale of the Initial Notes (which disclosure
regarding such types of information shall be presented in a manner consistent in all material respects with the disclosure contained in the offering memorandum relating to the sale of the Initial Notes); 

(vi) Non-GAAP Financial Measures. Compliance with the requirements of Item 10(e) of Regulation S-K and
Regulation G will not be required; and 
 (vii) Exhibits. No exhibits pursuant to Item 601 of
Regulation S-K under the Securities Act (other than in respect of material agreements governing Debt) will be required. 
 In
addition, whether or not required by the Commission, the Company will, if the Commission will accept the filing, file a copy of all of the information and reports referred to in clauses (a)(1) and (a)(2) with the Commission for public availability
within the time periods specified in the Commission’s rules and regulations for a registrant that is not an accelerated filer or a large accelerated filer. In addition, the Company will make the information and reports available to securities
analysts and prospective investors upon request. If the Company had any Unrestricted Subsidiaries during the relevant period, the Company will also provide to the Trustee and the Noteholders information sufficient to ascertain the financial
condition and results of operations of the Company and its Restricted Subsidiaries, accounting for the Unrestricted Subsidiaries under the equity method of accounting. 

  
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 (b) For so long as any of the Notes remain outstanding and constitute “restricted
securities” under Rule 144, the Company will furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(c) All obligors on the Notes will comply with Section 314(a) of the Trust Indenture Act following qualification of this Indenture
pursuant to the Trust Indenture Act. 
 (d) Delivery of these reports and information to the Trustee is for informational
purposes only and the Trustee’s receipt of them will 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). 
 Section 4.19.
Reports to Trustee. (a) The Company will deliver to the Trustee within 120 days after the end of each fiscal year ending after the Issue Date a certificate from the principal executive, financial or accounting officer of the Company stating
that the officer has conducted or supervised a review of the activities of the Company and its Restricted Subsidiaries and their performance under the Indenture and that, based upon such review, to the best of his or her knowledge, the Company has
fulfilled its obligations hereunder or, if there has been a Default, specifying the Default and its nature and status. 
 (b)
The Company will deliver to the Trustee, as soon as reasonably possible and in any event within 30 days after the Company becomes aware or should reasonably become aware of the occurrence of a Default, an Officers’ Certificate setting forth the
details of the Default, and the action which the Company proposes to take with respect thereto. 
 (c) The Company will notify
the Trustee when any Notes are listed on any national securities exchange and of any delisting. 
 Section 4.20.
Covenant Suspension. (a) If at any time after the Issue Date: (i) the Notes have Investment Grade Ratings from both Rating Agencies and (ii) no Event of Default has occurred and is continuing under this Indenture at such time (the
occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event,” the date on which a Covenant Suspension Event occurs being referred to as the
“Suspension Date”), then until the end of the Covenant Suspension Period (as defined below) the Company and the Restricted Subsidiaries will not be subject to the following provisions of the Indenture: 

(1) Section 4.06; 

  
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 (2) Section 4.07; 

(3) Section 4.10; 
 (4) Section 4.13; 
 (5) Section 4.14; 

(6) Section 5.01(a)(iii)(3); and 

(7) Section 4.16 
 (collectively, the “Suspended Covenants”). In the event that the Company and the 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
Company and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events. The period of time between the Suspension Date and the Reversion Date is referred to in this description as the
“Suspension Period.” Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the
Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during the Suspension Period). 
 (b) On the Reversion Date, all Debt Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified as having been Incurred or issued pursuant to
Section 4.06(a) or one of the clauses set forth in Section 4.06(b) (to the extent such Debt or Disqualified Stock or Preferred Stock would be permitted to be Incurred or issued thereunder as of the Reversion Date and after giving effect to
Debt Incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Debt or Disqualified Stock or Preferred Stock would not be so permitted to be Incurred or issued pursuant to Section 4.06, such
Debt or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.06(b)(8). Calculations made after the Reversion Date of the amount available to be
made as Restricted Payments under Section 4.07 will be made as though Section 4.07 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce
the amount available to be made as Restricted Payments under Section 4.07(a) and the items specified in subclause (3)(A) through (3)(D) of Section 4.07(a) will increase the amount

  
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available to be made as Restricted Payments under Section 4.07(a). As described above, however, no Default or Event of Default will be deemed to have occurred on the Reversion Date as a
result of any actions taken by the Company or its Restricted Subsidiaries during the Suspension Period. For purposes of determining compliance with Section 4.13, on the Reversion Date, the Net Cash Proceeds from all Asset Sales not applied in
accordance with the covenant will be deemed to be reset to zero. 
 ARTICLE 5 

CONSOLIDATION, MERGER OR SALE OF ASSETS

 Section 5.01. Consolidation, Merger or Sale of Assets by the Company; No Lease of All or Substantially All Assets.
(a) The Company will not: 
 (i) consolidate with or merge with or into any Person; 

(ii) sell, convey, transfer, or otherwise dispose of all or substantially all of its assets as an entirety or
substantially an entirety, in one transaction or a series of related transactions, to any Person; or 
 (iii)
permit any Person to merge with or into the Company, 
 unless: 

(1) either (x) the Company is the continuing Person or (y) the resulting, surviving or transferee Person is a
Person organized and validly existing under the laws of the United States of America or any jurisdiction thereof and expressly assumes by supplemental Indenture all of the obligations of the Company under the Indenture and the Notes and the
Registration Rights Agreement; 
 (2) immediately after giving effect to the transaction, no Default has occurred
and is continuing; 
 (3) immediately after giving effect to the transaction on a Pro Forma Basis, either
(x) the Company or the resulting surviving or transferee Person could Incur at least $1.00 of Leverage Ratio Debt or (y) the Leverage Ratio of the Company or the resulting surviving or transferee Person is not worse than the Leverage Ratio
of the Company without giving effect to the transaction; and 
 (4) the Company delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, merger or transfer and the supplemental indenture (if any) comply with the Indenture; 

  
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 provided that clauses (2) and (3) do not apply (i) to the consolidation or merger of
the Company with or into a Wholly Owned Restricted Subsidiary or the consolidation or merger of a Wholly Owned Restricted Subsidiary with or into the Company or (ii) if, in the good faith determination of the Board of Directors, whose
determination is evidenced by a Board Resolution, the sole purpose of the transaction is to change the jurisdiction of incorporation of the Company. 
 (b) The Company shall not lease all or substantially all of its assets, whether in one transaction or a series of transactions, to one or more other Persons. 

(c) Upon the consummation of any transaction effected in accordance with these provisions, if the Company is not the continuing Person,
the resulting, surviving or transferee Person will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture and the Notes with the same effect as if such successor Person had been named as the
Company in the Indenture. Upon such substitution, unless the successor is one or more of the Company’s Subsidiaries, the Company will be released from its obligations under the Indenture and the Notes. 

Section 5.02. Consolidation, Merger or Sale of Assets by a Guarantor. (a) No Guarantor may: 

(i) consolidate with or merge with or into any Person; 

(ii) sell, convey, transfer or dispose of, all or substantially all its assets as an entirety or substantially as an
entirety, in one transaction or a series of related transactions, to any Person; or 
 (iii) permit any Person to
merge with or into the Guarantor, 
 unless: 

(A) the other Person is the Company or any Wholly Owned Restricted Subsidiary that is a Guarantor or becomes a Guarantor
concurrently with the transaction; or 
 (B) (1) either (x) the Guarantor is the continuing Person or
(y) the resulting, surviving or transferee Person expressly assumes by supplemental Indenture all of the obligations of the Guarantor under its Note Guarantee; and 

(2) immediately after giving effect to the transaction, no Default has occurred and is continuing; or 

(C) the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of the Guarantor
or the sale or disposition of all or substantially all the assets of the Guarantor (in each case other than to the Company or a Restricted Subsidiary) otherwise permitted by the Indenture. 

  
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 ARTICLE 6 
 DEFAULT AND REMEDIES 
 Section 6.01. Events of Default. An “Event of Default” occurs if: 
 (1) the Company defaults in the payment of the principal of any Note when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwise (other than pursuant to an Offer to
Purchase); 
 (2) the Company defaults in the payment of interest (including any Additional Interest) on any Note when the same
becomes due and payable, and the default continues for a period of 30 days; 
 (3) the Company fails to make an Offer to
Purchase and thereafter accept and pay for Notes tendered when and as required pursuant to Sections 4.12, 4.13 or 4.16, or the Company or any Guarantor fails to comply with Article 5; 

(4) the Company defaults in the performance of or breaches any other covenant or agreement of the Company in the Indenture or under the
Notes and the default or breach continues for a period of 60 consecutive days after written notice to the Company by the Trustee 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 Debt of the Company or any of its Restricted Subsidiaries having an outstanding principal amount of
$50,000,000 or more in the aggregate for all such Debt of all such Persons (i) an event of default that results in such Debt being due and payable prior to its scheduled maturity or (ii) failure to make a principal payment when due and
such defaulted payment is not made, waived or extended within the applicable grace period; 
 (6) one or more final judgments or
orders for the payment of money are rendered against the Company or any of its Restricted Subsidiaries and are not paid or discharged, and there is a period of 60 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 $50,000,000 (in excess of amounts which the Company’s insurance carriers have agreed to pay under applicable
policies) during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; 

  
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 (7) an involuntary case or other proceeding is commenced against the Company or any
Restricted Subsidiary with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, and such involuntary case or other proceeding remains undismissed and unstayed for a period of 60 days; or an order for relief is entered against the Company or any Restricted Subsidiary under the federal bankruptcy
laws as now or hereafter in effect; 
 (8) the Company or any Restricted Subsidiary (i) 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, (ii) consents to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any Restricted Subsidiary or for all or substantially all of the property and assets of the Company or any Restricted Subsidiary or
(iii) effects any general assignment for the benefit of creditors (an event of default specified in clause (7) or (8) a “bankruptcy default”); or 

(9) any Note Guarantee ceases to be in full force and effect, other than in accordance the terms of the Indenture, or a Guarantor denies
or disaffirms its obligations under its Note Guarantee. 
 Section 6.02. Acceleration. (a) If an Event of
Default, other than a bankruptcy default with respect to the Company, occurs and is continuing under the 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 the notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of and accrued interest on the Notes to be immediately due and payable. Upon a declaration of
acceleration, such principal and interest will become immediately due and payable. If a bankruptcy default occurs with respect to the Company, the principal of and accrued interest on the Notes then outstanding will become immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder. 
 (b) The Holders of a majority in
principal amount of the outstanding Notes by written notice to the Company and to the Trustee may waive all past defaults 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 the 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. 

  
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 Section 6.03. Other Remedies. If an Event of Default occurs and is continuing,
the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal of and interest on the Notes or to enforce the performance of any provision of the
Notes or the Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of the Notes in the proceeding. 
 Section 6.04. Waiver of Past Defaults. Except as otherwise provided in Sections 6.02, 6.07 and 9.02, the Holders of a majority in principal amount of the outstanding Notes may, by notice to
the Trustee, waive an existing Default and its consequences. Upon such waiver, the Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other
Default or impair any right consequent thereon. 
 Section 6.05. Control by Majority. Subject to certain
restrictions, the Holders of a majority in aggregate principal amount of Notes then outstanding 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. However, the Trustee may refuse to follow any direction that conflicts with law or the 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 the Holders of a majority in aggregate principal amount of Notes then
outstanding. 
 Section 6.06. Limitation on Suits. A Holder may not institute any proceeding, judicial or otherwise,
with respect to the Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy under the Indenture or the Notes, unless: 
 (1) the Holder has previously given to the Trustee written notice of a continuing Event of Default; 
 (2) Holders of at least 25% in aggregate principal amount of outstanding Notes have made written request to the Trustee to institute proceedings in respect of the Event of Default in its own name as
Trustee under the Indenture; 

  
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 (3) Holders have offered to the Trustee indemnity reasonably satisfactory to
the Trustee against any costs, liabilities or expenses to be incurred in compliance with such request; 
 (4) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes have not given the Trustee a direction that is inconsistent with such written request.

 Section 6.07. Rights of Holders to Receive Payment. Notwithstanding anything to the contrary, the right of a
Holder of a Note to receive payment of principal of or interest on its Note on or after the Stated Maturities thereof, or to bring suit for the enforcement of any such payment on or after such dates, may not be impaired or affected without the
consent of that Holder. 
 Section 6.08. Collection Suit by Trustee. If an Event of Default in payment of principal
or interest specified in clause (1) or (2) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust for the whole amount of principal and accrued interest remaining
unpaid, together with interest on overdue principal and, to the extent lawful, overdue installments of interest, in each case at the rate specified in the Notes, and such further amount as is 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 other amounts due the Trustee hereunder. 
 Section 6.09. Trustee May File Proofs of Claim. The Trustee may file 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 compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder) and the Holders allowed in any judicial proceedings relating to the Company or
any Guarantor or their respective creditors or property, and is entitled and empowered to collect, receive and distribute any money, securities or other property payable or deliverable upon conversion or exchange of the Notes or upon any such
claims. 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, if the Trustee consents 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
hereunder. Nothing in the Indenture will be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, 

  
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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.

 Section 6.10. Priorities. If the Trustee collects any money pursuant to this Article, it shall pay out the money
in the following order: 
 First: to the Trustee for all amounts due hereunder; 

Second: to Holders for amounts then due and unpaid for principal of and interest on the Notes, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal and interest; and 

Third: to the Company or as a court of competent jurisdiction may direct. 

The Trustee, upon written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this
Section. 
 Section 6.11. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted a
proceeding to enforce any right or remedy under the Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the
proceeding, the Company, any Guarantors, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, any Guarantors, the Trustee and the Holders
will continue as though no such proceeding had been instituted. 
 Section 6.12. Undertaking for Costs. In any suit
for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee) to file an undertaking
to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section does not apply to a suit by a Holder to enforce payment of principal of or interest on any Note on the respective due dates or a suit by Holders of more than 10% in principal amount of the
outstanding Notes. 
 Section 6.13. Rights and Remedies Cumulative. No right or remedy conferred or reserved to the
Trustee or to the Holders under this Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or
now or hereafter existing at law or in equity 

  
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or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right or remedy. 

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 will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.15. Waiver of Stay, Extension or Usury Laws. The Company and each Guarantor covenants, to the extent that it may lawfully do so, that it will 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 or the Guarantor from paying all or any portion of the principal of, or
interest on, the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of the Indenture. The Company and each Guarantor hereby expressly waives, to the extent that
it may lawfully do so, all benefit or advantage of any such law and covenants 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. 
 ARTICLE 7 
 THE TRUSTEE 
 Section 7.01. General.
(a) The duties and responsibilities of the Trustee are as provided by the Trust Indenture Act and as set forth herein. Whether or not expressly so provided, every provision of the Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee is subject to this Article. 
 (b) Except during the continuance of an Event of
Default, the Trustee need perform only those duties that are specifically set forth in the Indenture and no others, and no implied covenants or obligations will be read into the Indenture against the Trustee. In case an Event of Default has occurred
and is continuing, the Trustee shall exercise those rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own
affairs. 
 (c) No provision of the Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct. 

  
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 Section 7.02. Certain Rights of Trustee. Subject to Trust Indenture Act Sections
315(a) through (d): 
 (1) In the absence of bad faith on its part, the Trustee may rely, and will 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. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to the Trustee
pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of the Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit. 
 (2) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel conforming to Section 11.05 and the Trustee will not be liable for any
action it takes or omits to take in good faith in reliance on such certificate or opinion. 
 (3) The Trustee may
act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (4) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by the Indenture at the request or direction of any of the Holders, unless such Holders have offered to the
Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 
 (5) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers or for any action it takes or omits to take in
accordance with the direction of the Holders in accordance with Section 6.05 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 the Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

  
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 (6) The Trustee may consult with counsel, and the written advice of such
counsel or any Opinion of Counsel with respect to legal matters related to the Indenture, the Notes and the Note Guarantees will 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. 
 (7) No provision of the Indenture will require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. 

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 its 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 Trust Indenture Act Sections
310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6): 
 (a) “cash transaction”
means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and

 (b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made,
drawn, negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the
goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the
creditor relationship arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 
 Section 7.04. Trustee’s Disclaimer. The Trustee (i) makes no representation as to the validity or adequacy of the Indenture or the Notes, (ii) is not accountable for the
Company’s use or application of the proceeds from the Notes and (iii) is not responsible for any statement in the Notes other than its certificate of authentication. 
 Section 7.05. Notice of Default. If any Default occurs and is continuing and is known to the Trustee, the Trustee will send notice of the Default to each Holder within 90 days after it occurs,
unless the Default has been cured; provided that, except in the case of a default in the payment of the principal of or interest 

  
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on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors of the Trustee in good faith determines that
withholding the notice is in the interest of the Holders. Notice to Holders under this Section will be given in the manner and to the extent provided in Trust Indenture Act Section 313(c). 

Section 7.06. Reports by Trustee to Holders. Within 60 days after each February 15, beginning with February 15,
2014, the Trustee will mail to each Holder, as provided in Trust Indenture Act Section 313(c), a brief report dated as of such February 15, if required by Trust Indenture Act Section 313(a) (but if no event described in TIA
Section 313(a) has occurred within the 12 months preceding the reporting duties, no report need be transmitted), and file such reports with each stock exchange, if any, upon which its Notes are listed and with the Commission as required by
Trust Indenture Act Section 313(d). 
 Section 7.07. Compensation And Indemnity. (a) The Company will pay
the Trustee compensation as agreed upon in writing for its services. The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, including the reasonable compensation and expenses of the Trustee’s agents and counsel. 

(b) The Company will indemnify the Trustee for, and hold it harmless against, any loss or liability or expense incurred by it without
negligence or bad faith on its part arising out of or in connection with the acceptance or administration of the Indenture and its duties under the 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 any of its officers in connection with the exercise or performance of any of its powers or duties under the Indenture and the Notes. The Company need not reimburse any expense or
indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 
 (c) To secure the Company’s payment obligations in this Section, the Trustee will 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, and interest on particular Notes. 
 Section 7.08.
Replacement of Trustee. (a) (1) The Trustee may resign at any time by written notice to the Company. 
 (2) The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by written notice to the Trustee. 

  
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 (3) If the Trustee is no longer eligible under Section 7.10 or in the
circumstances described in Trust Indenture Act Section 310(b), any Holder that satisfies the requirements of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee. 
 (4) 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.

 A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 (b) If the Trustee has been removed by the Holders, Holders of a
majority in principal amount of the Notes may appoint a successor Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly
appoint a successor Trustee. If the successor Trustee does not deliver its written acceptance 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 petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (c) Upon
delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Company, (i) the retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien
provided for in Section 7.07, (ii) the resignation or removal of the retiring Trustee will become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under the Indenture. Upon request
of any successor Trustee, the Company will execute any and all instruments for fully vesting in and confirming to the successor Trustee all such rights, powers and duties. The Company will give notice of any resignation and any removal of the
Trustee and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the address of its Corporate Trust Office. 
 (d) Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 

(e) The Trustee agrees to give the notices provided for in, and otherwise comply with, Trust Indenture Act Section 310(b).

  
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 Section 7.09. Successor Trustee by Merger. 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 will be the successor Trustee if such successor corporation is eligible and qualified under Section 7.10 with the same effect as if the successor Trustee had been named as the Trustee in the Indenture. 

Section 7.10. Eligibility. The Indenture must always have a Trustee that satisfies the requirements of Trust Indenture Act
Section 310(a) and has a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. 
 Section 7.11. Money Held in Trust. The Trustee will not be liable for interest on any money received by it except as it may agree 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 8. 

ARTICLE 8 

DEFEASANCE AND DISCHARGE 

Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may at any time, at the option of the Board of Directors evidenced by a resolution set forth in an Officers’
Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02. Legal Defeasance and Discharge. 
 Upon the
Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to
have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal
Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Debt represented by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” only
for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and
the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on,
such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

  
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 (2) the Company’s obligations with respect to such Notes under Article 2 and
Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s and the Guarantors’ obligations in connection therewith; and 
 (4) this Article 8. 

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

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each
of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.05 through 4.20 hereof and clause (3) of
Section 5.01(a) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed
not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders of Notes (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Company
and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or
by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply with those covenants will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except
as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Events of Default described under Section 6.01 (other than a bankruptcy default and those described under Sections 6.01(1) and (2)) will no longer
constitute Events of Default. 

  
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 Section 8.04. Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of Notes, cash in U.S. dollars, U.S.
Government Obligations, or a combination thereof, in amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to make each scheduled payment of the principal
of, premium on, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date for
payment or to a particular redemption date; 
 (2) in the case of Legal Defeasance, the Company must deliver to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since
the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the beneficial owners of Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not
occurred; 
 (3) in the case of Covenant Defeasance, the Company must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the beneficial owners of Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit
(and any similar concurrent deposit relating to other Debt), and the granting of Liens to secure such borrowings); 
 (5) such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or 

  
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instrument (other than this Indenture and the agreements governing any other Debt being defeased, discharged or replaced) to which the Company or any of the Guarantors is a party or by which the
Company or any of the Guarantors is bound; 
 (6) the Company must deliver to the Trustee an Officer’s Certificate stating
that the deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 (7) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Upon any redemption
that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for the purpose of the Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of
the notice of redemption, with any deficit on the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium
Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption.

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

 Subject to Section 8.06 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee,
in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.04 hereof or
the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

  
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 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay
to the Company from time to time upon the request of the Company any money or U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance. 
 Section 8.06. Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent in trust for the payment of the principal of, premium, if any, or interest on,
any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal
(national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be
repaid to the Company. 
 Section 8.07. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government Obligations in accordance with Section 8.02 or
8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Guarantors’ obligations under this
Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the
Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE 9 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 Section 9.01. Amendments Without Consent of Holders. The Company and the Trustee may amend or supplement the Indenture or the Notes without notice to or the consent of any Noteholder

 (1) to cure any ambiguity, defect or inconsistency in the Indenture or the Notes; 

(2) to comply with Article 5; 
 (3) to comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act; 

(4) to evidence and provide for the acceptance of an appointment hereunder by a successor Trustee; 

(5) to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence the release, termination or
discharge of any Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by the Indenture or any applicable security documents; 

(6) to provide for or confirm the issuance of Additional Notes; 

(7) to conform the text of the Indenture, the Note Guarantees or Notes to any provision of the “Description of the
Notes” contained in the offering memorandum relating to the Initial Notes to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Note
Guarantees or the Notes; or 
 (8) to make any other change that does not materially and adversely affect the
rights of any Holder. 
 Section 9.02. Amendments With Consent of Holders. (a) Except as otherwise provided in
Sections 6.02, 6.04 and 6.07 or paragraph (b), the Company and the Trustee may amend the Indenture and the Notes with the written consent of the Holders of a majority in principal amount of the outstanding Notes, and the Holders of a majority in
principal amount of the outstanding Notes by written notice to the Trustee may waive future compliance by the Company with any provision of the Indenture or the Notes. 
 (b) Notwithstanding the provisions of paragraph (a), without the consent of each Holder affected, an amendment or waiver may not: 

(1) reduce the principal amount at maturity of or change the Stated Maturity of any installment of principal of any Note;

  
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 (2) reduce the rate of or change the Stated Maturity of any interest payment
on any Note; 
 (3) reduce the amount payable upon the redemption of any Note or change the time of any mandatory
redemption or, in respect of an optional redemption, the times at which any Note may be redeemed or, once notice of redemption has been given, the time at which it must thereupon be redeemed (in each case, other than with respect to an Offer to
Purchase made before an obligation to make an Offer to Purchase is triggered); 
 (4) after the time an Offer to
Purchase is required to have been made, reduce the purchase amount or purchase price, or extend the latest expiration date or purchase date thereunder; 
 (5) make any Note payable in money other than that stated in the Note; 
 (6) impair the right of any Holder of Notes to receive any principal payment or interest payment on such Holder’s Notes, on or after the Stated Maturity thereof, or to institute suit for the
enforcement of any such payment; 
 (7) make any change in the percentage of the principal amount of the Notes
required for amendments or waivers; 
 (8) modify or change any provision of the Indenture affecting the ranking
of the Notes or any Note Guarantee in a manner adverse to the Holders of the Notes; 
 (9) make any change in any
Note Guarantee that would adversely affect the Noteholders; or 
 (10) release all or substantially all of the
Guarantors from their obligations under the Note Guarantees, other than pursuant to the terms of the Indenture. 
 (c) It is not
necessary for Noteholders to approve the particular form of any proposed amendment, supplement or waiver, but is sufficient if their consent approves the substance thereof. 
 (d) An amendment, supplement or waiver under this Section will become effective on receipt by the Trustee of written consents from the Holders of the requisite percentage in principal amount of the
outstanding Notes. After an 

  
 91 

 
amendment, supplement or waiver under this Section becomes effective, the Company will send to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. The
Company will send supplemental indentures to Holders upon request. Any failure of the Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 Section 9.03. Effect of Consent. (a) After an amendment, supplement or waiver becomes effective, it will
bind every Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder
that has consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder. 
 (b) If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder to deliver it to the Trustee so that the Trustee may place an appropriate notation of the changed
terms on the Note and return it to the Holder, or exchange it for a new Note that reflects the changed terms. The Trustee may also place an appropriate notation on any Note thereafter authenticated. However, the effectiveness of the amendment,
supplement or waiver is not affected by any failure to annotate or exchange Notes in this fashion. 
 Section 9.04.
Trustee’s Rights and Obligations. The Trustee is entitled to receive, and will be fully protected in relying upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article
is authorized or permitted by the Indenture. If the Trustee has received such an Opinion of Counsel, it shall sign the amendment, supplement or waiver so long as the same does not adversely affect the rights of the Trustee. The Trustee may, but is
not obligated to, execute any amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under the Indenture. Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the
addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit B hereto, and delivery of an Officers’
Certificate. 
 Section 9.05. Conformity With Trust Indenture Act. Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act. 
 Section 9.06. Payments for Consents.
Neither the Company nor any of its Subsidiaries or Affiliates may, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of the Indenture or the Notes unless such consideration is offered to be 

  
 92 

 
paid or agreed to be paid to all Holders of the Notes that consent, waive or agree to amend such term or provision within the time period set forth in the solicitation documents relating to the
consent, waiver or amendment. 
 ARTICLE 10 
 GUARANTEES 
 Section 10.01. The Guarantees. Subject to
the provisions of this Article, each Guarantor hereby irrevocably and unconditionally guarantees, jointly and severally, the full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an Offer to Purchase or
acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Company under the Indenture. Upon failure by the
Company to pay punctually any such amount, each Guarantor shall forthwith on demand pay the amount not so paid at the place and in the manner specified in the Indenture. 
 Section 10.02. Guarantee Unconditional. The obligations of each Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, will not be released,
discharged or otherwise affected by 
 (1) any extension, renewal, settlement, compromise, waiver or release in
respect of any obligation of the Company under the Indenture or any Note, by operation of law or otherwise; 

(2) any modification or amendment of or supplement to the Indenture or any Note; 

(3) any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy,
reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in the Indenture or any Note; 

(4) the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Company, the
Trustee or any other Person, whether in connection with the Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 

(5) any invalidity or unenforceability relating to or against the Company for any reason of the Indenture or any Note, or
any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or interest on any Note or any other amount payable by the Company under the Indenture; or 

(6) any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other
circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

  
 93 

 Section 10.03. Discharge; Reinstatement. Except as provided in
Section 10.09, each Guarantor’s obligations hereunder will remain in full force and effect until the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Company under the Indenture have been paid
in full. If at any time any payment of the principal of, premium, if any, or interest on any Note or any other amount payable by the Company under the Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy
or reorganization of the Company or otherwise, each Guarantor’s obligations hereunder with respect to such payment will be reinstated as though such payment had been due but not made at such time. 

Section 10.04. Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest
and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Company or any other Person. 
 Section 10.05. Subrogation and Contribution. Upon making any payment with respect to any obligation of the Company under this Article, the Guarantor making such payment will be subrogated to
the rights of the payee against the Company with respect to such obligation, provided that the Guarantor may not enforce either any right of subrogation, or any right to receive payment in the nature of contribution, or otherwise, from any
other Guarantor, with respect to such payment so long as any amount payable by the Company hereunder or under the Notes remains unpaid. 
 Section 10.06. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Company under the Indenture or the Notes is stayed upon the insolvency, bankruptcy or
reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of the Indenture are nonetheless payable by the Guarantors hereunder forthwith on demand by the Trustee or the Holders. 

Section 10.07. Limitation on Amount of Guarantee. Notwithstanding anything to the contrary in this Article, each Guarantor,
and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance provisions of the
United States 

  
 94 

 
Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor
under its Note Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision
of state law. 
 Section 10.08. Execution and Delivery of Guarantee. The execution by each Guarantor of the
Indenture (or a supplemental indenture in the form of Exhibit B) evidences the Note Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Note.
The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in the Indenture on behalf of each Guarantor. 
 Section 10.09. Release of Guarantee. The Note Guarantee of a Guarantor will terminate upon 
 (1) a sale or other disposition (including by way of consolidation or merger) of the Guarantor or the sale or disposition of all or substantially all the assets of the Guarantor (other than to the Company
or a Restricted Subsidiary) otherwise permitted by the Indenture; 
 (2) the designation in accordance with the
Indenture of the Guarantor as an Unrestricted Subsidiary; or 
 (3) defeasance or discharge of the Notes, as
provided in Article 8. 
 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel
to the foregoing effect, the Trustee will execute any documents reasonably required in order to evidence the release of the Guarantor from its obligations under its Note Guarantee. 

Section 10.10. Contribution. Each Guarantor that makes a payment under its Note Guarantee shall be entitled upon payment in
full of all obligations guaranteed under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the
time of such payment determined in accordance with GAAP. 

  
 95 

 ARTICLE 11 
 MISCELLANEOUS 
 Section 11.01. Trust Indenture Act of 1939.
Except as expressly provided herein, the Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. 

Section 11.02. Noteholder Communications; Noteholder Actions. (a) The rights of Holders to communicate with other
Holders with respect to the Indenture or the Notes are as provided by the Trust Indenture Act, and the Company and the Trustee shall comply with the requirements of Trust Indenture Act Sections 312(a) and 312(b). Neither the Company nor the Trustee
will be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 (b) (1) Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (an
“act”) may be evidenced by an instrument signed by the Holder delivered to the Trustee. The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee
deems sufficient. 
 (2) The Trustee may make reasonable rules for action by or at a meeting of Holders, which
will be binding on all the Holders. 
 (c) Any act by the Holder of any Note binds that Holder and every subsequent Holder of a
Note that evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (d), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation
before the date the amendment or waiver or other consequence of the act becomes effective. 
 (d) The Company may, but is not
obligated to, fix a record date (which need not be within the time limits otherwise prescribed by Trust Indenture Act Section 316(c)) for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any
other regard, except that during the continuance of an Event of Default, only the Trustee may set a record date as to notices of default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a
record date is fixed, those Persons that were Holders at such record date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid
or effective for more than 90 days after the record date. 

  
 96 

 Section 11.03. Notices. (a) Any notice or communication to the Company will
be deemed given if in writing (i) when delivered in person or (ii) five days after mailing when mailed by first class mail, or (iii) when sent by facsimile transmission, with transmission confirmed. Notices or communications to a
Guarantor will be deemed given if given to the Company. Any notice to the Trustee will be effective only upon receipt. In each case the notice or communication should be addressed as follows: 

if to the Company: 
 DigitalGlobe, Inc. 
 1601 Dry Creek Drive 

Suite 260 

Longmont, CO 80503 
 Attention: General Counsel 
 Facsimile: 303-684-4115 

if to the Trustee: 
 U.S. Bank National Association 
 Corporate Trust Services 

950 17th Street 

Denver, CO 80202 

Facsimile: 303-585-6865 
 The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 (b) Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder will be deemed given when mailed to the Holder at its address as it appears on the
Register by first class mail or, as to any Global Note registered in the name of DTC or its nominee, as agreed by the Company, the Trustee and DTC. Copies of any notice or communication to a Holder, if given by the Company, will be mailed to the
Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders. 
 (c) Where the Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and the waiver will be the equivalent of
the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance upon such waivers. 

  
 97 

 Section 11.04. Certificate and Opinion as to Conditions Precedent. Upon any
request or application by the Company to the Trustee to take any action under the Indenture, the Company will furnish to the Trustee: 
 (1) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in the Indenture relating to the proposed action have been complied with; and

 (2) an Opinion of Counsel stating that all such conditions precedent have been complied with; provided
that no Opinion of Counsel shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is
attached as Exhibit B hereto. 
 Section 11.05. Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in the Indenture must include: 

(1) a statement that each person signing the certificate or opinion has read the covenant or condition and the related
definitions; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which
the statement or opinion contained in the certificate or opinion is based; 
 (3) a statement that, in the
opinion of each such person, that person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied
with, provided that an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters of fact. 
 Section 11.06. Payment Date Other Than a Business Day. If any payment with respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment to be made
on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date,
and no interest will accrue for the intervening period. 
 Section 11.07. Governing Law. The Indenture, including
any Note Guarantees, and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 11.08. No Adverse Interpretation of Other Agreements. The Indenture may not be used to interpret another indenture or
loan or debt agreement of the Company or any Subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret the Indenture. 

  
 98 

 Section 11.09. Successors. All agreements of the Company or any Guarantor in the
Indenture and the Notes will bind its successors. All agreements of the Trustee in the Indenture will bind its successor. 

Section 11.10. Duplicate Originals. The parties may sign any number of copies of the Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 Section 11.11. Separability. In case any
provision in the Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 11.12. Table of Contents and Headings. The Table of Contents, Cross-Reference Table and headings of the Articles and
Sections of the Indenture have been inserted for convenience of reference only, are not to be considered a part of the Indenture and in no way modify or restrict any of the terms and provisions of the Indenture. 

Section 11.13. No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders. No director, officer,
employee, incorporator, member or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or such Guarantor under the Notes, any Note Guarantee or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

  
 99 

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

 

					
	DIGITALGLOBE, INC. as Issuer
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancy L. Spruill
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	DG CONSENTS SUB, INC., as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer
	
	DIGITALGLOBE INTERNATIONAL, INC., as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer
	
	GEOEYE, LLC, as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer

 
					
	GEOEYE IMAGERY COLLECTION SYSTEMS INC., as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer
	
	GEOEYE SOLUTIONS HOLDCO INC., as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer
	
	GEOEYE SOLUTIONS INC., as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer
	
	I5, INC., as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer
	
	GEOEYE MISSOURI INC. (f/k/a MJ HARDEN ASSOCIATES, INC.), as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer

 
					
	GEOEYE LICENSE CORP., as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer
	
	GEOEYE ANALYTICS INC., as Guarantor
		
	By:	 	 /s/ Yancey L. Spruill

		 	Name:	 	Yancey L. Spruill
		 	Title:	 	Treasurer

 
					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Leland Hansen

		 	Name:	 	Leland Hansen
		 	Title:	 	Vice President

 EXHIBIT A 
 [FACE OF NOTE] 
 DIGITALGLOBE, INC. 

5.25% Senior Note Due 2021. 
 CUSIP / ISIN:                              

 

			
	No.	  	$        

 DIGITALGLOBE, INC., a Delaware corporation (the “Company”, which term includes any
successor under the Indenture hereinafter referred to), for value received, promises to pay to
                            , or its registered assigns, the principal sum of
                     DOLLARS ($        ) or such other amount as indicated on the Schedule of Exchange
of Notes attached hereto on February 1, 2021. 
 [Initial]1 Interest Rate: 5.25% per annum. 
 Interest Payment Dates: February 1 and August 1, commencing August 1, 2013 
 Regular Record Dates: January 15 and July 15. 
 Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as if set forth at this place. 

 

	1 	For Initial Notes or Initial Additional Notes only. 

  
 A-1

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by its duly authorized officers. 
  

							
	Date:	 		 	DIGITALGLOBE, INC.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 A-2

 (Form of Trustee’s Certificate of Authentication) 

This is one of the 5.25% Senior Notes Due 2021 described in the Indenture referred to in this Note. 

 

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

		 	Authorized Signatory

  
 A-3

 [REVERSE SIDE OF NOTE] 

DIGITALGLOBAL, INC. 
 5.25%
Senior Note Due 2021 
  

	1.	Principal and Interest. 

The Company promises to pay the principal of this Note on February 1, 2021. 

The Company promises to pay interest on the principal amount of this Note on each interest payment date, as set forth on the face of this
Note, at the rate of 5.25% per annum (subject to adjustment as provided below). 
 Interest will be payable semiannually
(to the holders of record of the Notes at the close of business on the January 15 or July 15 immediately preceding the interest payment date) on each interest payment date, commencing August 1, 2013. 

The Holder of this Note is entitled to the benefits of the Registration Rights Agreement, dated January 31, 2013, between the
Company and the Initial Purchasers named therein (the “Registration Rights Agreement”). Upon the occurrence of a Registration Default (as defined in the Registration Rights Agreement) under the Registration Rights Agreement, the
Notes shall be entitled to Additional Interest accruing during the periods described in the Registration Rights Agreement. All references in the Indenture to “interest” shall be deemed to include Additional Interest. 

Interest on this Note will accrue from the most recent date to which interest has been paid on this Note or the Note surrendered in
exchange for this Note (or, if there is no existing default in the payment of interest and if this Note is authenticated between a regular record date and the next interest payment date, from such interest payment date) or, if no interest has been
paid, from the Issue Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 The Company will
pay interest on overdue principal, premium, if any, and interest at 2% per annum higher than the rate borne by this Note. Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the
Persons that are Holders on a special record date, which will be the 15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 days before a special record date, the
Company will send to each Holder and to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid. 

  
 A-4

	2.	Indentures; Note Guarantee. 

 This is one of the Notes issued under an Indenture dated as of January 31, 2013 (as amended from time to time, the “Indenture”), among the Company, the Guarantors party thereto and
U.S. Bank National Association, as Trustee. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any
inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control. 
 This
Note is guaranteed, as set forth in the Indenture. The Indenture limits the original aggregate principal amount of the Notes to $600,000,000, but Additional Notes may be issued pursuant to the Indenture, and the originally issued Notes and all such
Additional Notes vote together for all purposes as a single class, provided that if the Additional Notes are not fungible with the originally issued notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP
number. 
  

	3.	Redemption and Repurchase; Discharge Prior to Redemption or Maturity. 

 This Note is subject to optional redemption, and may be the subject of an Offer to Purchase, as further described in the Indenture. There is no sinking fund or mandatory redemption applicable to this
Note. 
 If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the then outstanding
principal of, premium, if any, and accrued interest on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of its obligations under certain
provisions of the Indenture. 
  

	4.	Registered Form; Denominations; Transfer; Exchange. 

 The Notes are in registered form without coupons in denominations of $1,000 principal amount and any multiple of $1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in
accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain
periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note. 

  
 A-5

	5.	Defaults and Remedies. 

If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal
amount of the Notes may declare all the Notes to be due and payable. If a bankruptcy default with respect to the Company occurs and is continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture or the Notes
except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may
direct the Trustee in its exercise of remedies. 
  

	6.	Amendment and Waiver. 

Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a
majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency
if such amendment or supplement does not adversely affect the interests of the Holders in any material respect. 
  

	7.	Authentication. 

 This
Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note. 
  

	8.	Governing Law. 

 This Note
shall be governed by, and construed in accordance with, the laws of the State of New York. 
  

	9.	Abbreviations. 

 Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and
U/G/M/A/ (= Uniform Gifts to Minors Act). 
 The Company will furnish a copy of the Indenture to any Holder upon written request
and without charge. 

  
 A-6

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

 

	
	Insert Taxpayer Identification No.
	
	  

	  

	Please print or typewrite name and address including zip code of assignee
	
	  

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
	
	  

 attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

  
 A-7

 [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 

In connection with any transfer of this Note occurring prior to February 1, 2013, the undersigned confirms that such transfer is
made without utilizing any general solicitation or general advertising and further as follows: 
 Check One 

 ̈ (1) This Note is being transferred to the Company or any of its Subsidiaries. 

 ̈ (2) This Note is being transferred to a “qualified institutional buyer” in compliance with
Rule 144A under the Securities Act of 1933, as amended, and certification in the form of Exhibit F to the Indenture is being furnished herewith. 
  ̈ (3) This Note is being transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended,
provided by Regulation S thereunder, and certification in the form of Exhibit E to the Indenture is being furnished herewith. 

or 
  ̈ (4) This Note is being transferred other than in accordance with (1), (2) or (3) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and
the Indenture. 
 If none of the foregoing boxes is checked, the Trustee is not obligated to register this Note in the name of
any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied. 
  

									
	Date:	 	  
	 		 	
		 		 		 	  

		 		 		 	Seller
					
		 		 		 	By	 	  

  

			
		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any
change whatsoever.

  
 A-8

					
	Signature Guarantee:5	 	  

			
		 	By	 	  

		 	To be executed by an executive officer

  

	5 	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-9

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have all of this Note purchased by the Company pursuant to Section 4.12, Section 4.13 or Section 4.16 of
the Indenture, check the box: 9 
 If you wish to have a portion of this Note purchased by the Company pursuant to
Section 4.12, Section 4.13 or Section 4.16 of the Indenture, state the amount (in original principal amount) below: 
 $        . 
  

			
	Date:	 	  

 

			
	Your Signature:	 	  

 (Sign exactly as your name appears on the other side of this Note) 

 

			
	Signature Guarantee:1	 	  

  

	1 	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which requirements
include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Trustee in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-10

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for Physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease
in principal
amount
of this Global Note	  	Amount of increase
in principal 
amount
of this Global Note	  	Principal amount of
this Global
Note
following such
decrease
(or
increase)	  	Signature
of
authorized officer of
Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-11

 EXHIBIT B 
 SUPPLEMENTAL INDENTURE 
 dated as of
            ,          

among 

DIGITALGLOBE, INC., 
 The Guarantor(s) Party Hereto 
 and 

U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 
  

 
 5.25%

 Senior Notes due 
 2021 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into
as of             ,         , among DIGITALGLOBE, INC., a Delaware corporation (the “Company”), [insert each Guarantor executing
this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”) and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 

RECITALS 

WHEREAS, the Company, the Guarantors party thereto and the Trustee entered into the Indenture, dated as of January 31, 2013 (the
“Indenture”), relating to the Company’s 5.25% Senior Notes due 2021 (the “Notes”); and 

WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Company agreed
pursuant to the Indenture to cause certain Domestic Restricted Subsidiaries that Guarantee the Company’s New Credit Facilities or certain other Debt to provide Note Guarantees. 

AGREEMENT 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to
this Supplemental Indenture hereby agree as follows: 
 Section 1. Capitalized terms used herein and not otherwise defined
herein are used as defined in the Indenture. 
 Section 2. Each Undersigned, by its execution of this Supplemental
Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. 

Section 3. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 Section 4. This Supplemental Indenture may be signed in various counterparts which together will constitute one and the
same instrument. 
 Section 5. This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture
and this Supplemental Indenture will henceforth be read together. 

  
 B-1

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

			
	DIGITALGLOBE, INC., as Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	[GUARANTOR(S)]
		
	By:	 	  

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

		 	Name:
		 	Title:

  
 B-2

 EXHIBIT C 
 RESTRICTED LEGEND 
 THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN
THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), OR (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT,

 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT (A) TO THE
COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE
TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S OF THE SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY AND THE TRUSTEE) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND 
 (3) AGREES THAT IT WILL DELIVER TO
EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
 AS
USED HEREIN, THE TERMS “OFFSHORE TRANSACTIONS” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO
REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING. 

  
 C-1

 EXHIBIT D 
 DTC LEGEND 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE. 

  
 D-1

 EXHIBIT E 
 Regulation S Certificate 

            ,          

U.S. BANK NATIONAL ASSOCIATION 
 950 17th Street

 Denver, CO 80202 
 Facsimile:
303-585-6865 
 Attention: Corporate Trust Services 
  

					
	Re:	 	 DIGITALGLOBE, INC.
 5.25%
Senior Notes due 2021 (the “Notes”)

Issued under the Indenture dated as of January 31, 2013

(the “Indenture”) relating to the Notes
	  	

 Ladies and Gentlemen: 
 Terms are used in this Certificate as used in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise
stated herein. 
 [CHECK A OR B AS APPLICABLE.] 

 

			
	 ̈  A.	 	This Certificate relates to our proposed transfer of $            principal amount of Notes issued under the Indenture.
We hereby certify as follows:

  

	 	1.	The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from the definition of “U.S.
person” pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3)) and such offer
and sale was not and will not be specifically targeted at an identifiable group of U.S. citizens abroad. 

  

	 	2.	 Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was originated,
the buyer was outside the United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities

  
 E-1

	 	
of a designated offshore securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States.

  

	 	3.	Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the United States with respect to the Notes.

  

	 	4.	The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

 

	 	5.	If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed transfer takes place during the
Restricted Period (as defined in the Indenture), or we are an officer or director of the Company or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the provisions of Rule
904(b) of Regulation S. 

  

			
	 ̈  B.	 	This Certificate relates to our proposed exchange of $         principal amount of Notes issued under the Indenture for an equal principal
amount of Notes to be held by us. We hereby certify as follows:

  

	 	1.	At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from the definition of
“U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3);
and we were not a member of an identifiable group of U.S. citizens abroad. 

  

	 	2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated, we were outside the United States
or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and we did not pre-arrange the transaction in the United States. 

 

	 	3.	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  
 E-2

 You and the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  

			
	Date:	 	  

  
 E-3

 EXHIBIT F 
 Rule 144A Certificate 

            ,          

U.S. BANK NATIONAL ASSOCIATION 
 950 17th Street

 Denver, CO 80202 
 Facsimile:
303-585-6865 
 Attention: Corporate Trust Services 
  

					
	Re:	 	 DIGITALGLOBE, INC.
 5.25%
Senior Notes due 2021 (the “Notes”) Issued under the Indenture dated as of January 31,
 2013 (the “Indenture”) relating to the Notes
	  	

 Ladies and Gentlemen: 
 This Certificate relates to: 
 [CHECK A OR B AS APPLICABLE.] 

 

			
	 ̈  A.	 	Our proposed purchase of $         principal amount of Notes issued under the Indenture.
		
	 ̈  B.	 	Our proposed exchange of $        principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by
us.

 We and, if applicable, each account for which we are acting in the aggregate owned and invested
more than $100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of             , 200  , which is a date on or since close of
our most recent fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the
“Securities Act”). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in
reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule
144A(d)(4) or have determined not to request such information. 

  
 F-1

 You and the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  

			
	Date:	 	  

  
 F-2

 EXHIBIT G 
 [COMPLETE FORM I OR FORM II AS APPLICABLE.] 
 [FORM I] 

Certificate of Beneficial Ownership 
  

	To:	U.S. BANK NATIONAL ASSOCIATION 

950 17th Street 

Denver, CO 80202 

Facsimile: 303-585-6865 
 Attention: Corporate Trust Services OR 
 [Name of DTC Participant]

  

					
	Re:	 	 DIGITALGLOBE, INC.
 5.25%
Senior Notes due 2021 (the “Notes”)

Issued under the Indenture dated as of January 31, 2013

(the “Indenture”) relating to the Notes
	  	

 Ladies and Gentlemen: 
 We are the beneficial owner of $         principal amount of Notes issued under the Indenture and represented by a Temporary Offshore Global Note (as defined in the
Indenture). 
 We hereby certify as follows: 
 [CHECK A OR B AS APPLICABLE.] 
  

			
	 ̈  A.	 	We are a non-U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended).
		
	 ̈  B.	 	We are a U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended) that purchased the Notes in a transaction that did not require registration
under the Securities Act of 1933, as amended.

 You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to
produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

  
 G-1

 
			
	Very truly yours,
	
	[NAME OF BENEFICIAL OWNER]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  

			
	Date:	 	  

 [FORM II] 
 Certificate of Beneficial Ownership 
  

			
	To:	  	 U.S. BANK NATIONAL ASSOCIATION

950 17th Street
 Denver, CO 80202

Facsimile: 303-585-6865
 Attention: Corporate
Trust Services

		
	Re:	  	 DIGITALGLOBE, INC.
 5.25%
Senior Notes due 2021 (the “Notes”)
 Issued under the Indenture dated as of January 31,

2013 (the “Indenture”) relating to the Notes

 Ladies and Gentlemen: 
 This is to certify that based solely on certifications we have received in writing, by tested telex or by electronic transmission from Institutions appearing in our records as persons being entitled to a
portion of the principal amount of Notes represented by a Temporary Offshore Global Note issued under the above-referenced Indenture, that as of the date hereof, $         principal amount of Notes represented
by the Temporary Offshore Global Note being submitted herewith for exchange is beneficially owned by persons that are either (i) non-U.S. persons (within the meaning of Regulation S under the Securities Act of 1933, as amended) or
(ii) U.S. persons that purchased the Notes in a transaction that did not require registration under the Securities Act of 1933, as amended. 
 We further certify that (i) we are not submitting herewith for exchange any portion of such Temporary Offshore Global Note excepted in such certifications and (ii) as of the date hereof we have
not received any notification from any Institution to the effect that the statements made by such Institution with respect to any portion of such Temporary Offshore Global Note submitted herewith for exchange are no longer true and cannot be relied
upon as of the date hereof. 

  
 G-2

 You and the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	 Yours faithfully,

 

	[Name of DTC Participant]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  

			
	Date:	 	  

  
 G-3

 EXHIBIT H 
 THIS NOTE IS A TEMPORARY GLOBAL NOTE. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR
(2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL
NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT. 
 NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNTIL SUCH BENEFICIAL INTEREST IS EXCHANGED OR TRANSFERRED FOR AN INTEREST IN
ANOTHER NOTE. 

  
 H-1

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