Document:

EX-10.1

 Exhibit 10.1 

PERFORMANCE SHARE AWARD 

(RTI International Metals, Inc. 2004 Stock Plan) 

THIS PERFORMANCE SHARE AWARD (this “Award”) is granted by RTI International Metals, Inc., an Ohio corporation (the
“Company” or “RTI”), to you (“Recipient”), a director or employee of the Company or one of its subsidiaries, pursuant to the terms and conditions of the RTI International Metals, Inc. 2004 Stock
Plan, as amended and/or restated from time to time (the “Plan”), a copy of which has been delivered to you. 
  

							
	 Name of Recipient:
	 	                                    
          	 		 	
				
	 Grant Date:
	 	                                
    , 20    	 		 	

 This document shall constitute an “Award Agreement” as that term is defined in the Plan and
the Award shall be granted pursuant to Section 10 of the Plan. In addition to the terms and conditions set forth herein, this Award is subject to and governed by the terms and conditions set forth in the Plan, which is hereby incorporated by
reference. Unless the context otherwise requires, capitalized terms used in this Award and not otherwise defined herein shall have the meanings set forth in the Plan. In the event of any conflict between the provisions of this Award and the Plan,
the Plan shall control. The Company recognizes the value of your continued service and contributions to the Company and has awarded you this Performance Share Award under the Plan, subject to the terms and conditions set forth in this Award
Agreement. 
 1. Performance Share. For the purposes of this Award, a granted “Performance Share” is an award representing
the right to receive a specified number of shares of the Company’s common stock (the “Common Stock”), which right, if earned and payable under this Award, shall be paid solely in shares of Common Stock. The “Performance
Period” shall mean the three (3) year period from             , 20     through
            , 20    . 
 2. Grant of Performance
Share Award. The Company hereby grants to Recipient an award of                  Performance Shares under the Plan (the “Target Award”), which shall
be subject to a maximum number of Performance Shares allowable under this Award of 200% of the Target Award (the “Maximum Award”), to ultimately be determined and earned, if at all, in accordance with Section 3 below. 

3. Determination of Shares Earned. Subject to Section 6 below, the Company shall deliver to Recipient one (1) share of Common Stock for each
whole Performance Share that is earned based upon the level of success achieved during the Performance Period relative to the following performance goals established by the Compensation Committee of the RTI Board of Directors: 

 

	 	(a)	Total Shareholder Return Metric. Fifty percent (50%) of your Target Award will be determined by the Company’s Total Shareholder Return, or “TSR”, achieved during the Performance Period.

  

			
	 If Total Shareholder Return (“TSR”) is:
	 	 Performance Shares earned

as a percentage of Target

Award will be(1):

	 less than the 30th percentile of the Peer Group TSR
	 	0%
	 greater than or equal to the 30th percentile and less than the 50th percentile of the Peer Group TSR
	 	50.00% to 99.99% A
	 equal to the 50th percentile of the Peer Group TSR
	 	100.00% (Target Award)
	 greater than the 50th percentile but less than the 75th percentile of the Peer Group TSR
	 	100.00% to 199.99% B
	 greater than or equal to the 75th percentile of the Peer Group TSR
	 	200.00% (Maximum Award)

  

	A 	In the event TSR equals or exceeds the 30th percentile but not the 50th percentile of the Peer Group Index, the Performance Shares earned as a percentage of the Target
Award(1) will be computed by adding 50% to a percentage determined as follows: (A)(i) TSR percentile less 30% divided by (ii) 20%; multiplied by (B) 50%. 

	B 	In the event TSR exceeds the 50th percentile but not the 75th percentile of the Peer Group Index, the Performance Shares earned as a percentage of the Target Award(1)
will be computed by adding 100% to a percentage determined as follows: (A)(i) TSR percentile less 50% divided by (ii) 25%; multiplied by (B) 100%. 

	(1)	Represents one-half (1/2) of the Target Award. 

	 	(b)	TSR Definition. Total Shareholder Return is defined as the share price appreciation of the Company’s Common Stock plus dividends accrued, as measured during the Performance Period. The starting and ending
points for calculating TSR are the average closing stock price of the Common Stock for the twenty (20) trading days prior to the start or end date of the Performance Period, as applicable. The Peer Group utilized for comparative purposes under
the Award is as established by the Company’s Compensation Committee or other Administrator (as defined in the Plan) of the Plan (hereinafter, the “Compensation Committee”) at the Grant Date, and is set forth on
Annex A attached hereto. 

  

									
	 	 	 By way of example to illustrate the calculation of Performance Shares earned under the TSR
Metric of this Award, a TSR equal to the 35th percentile of the Peer Group TSR with a Target Award of 100 shares of Common Stock would result in delivery of forty-six (46) earned shares of
Common Stock, as it relates to the TSR Metric, which represents 50% of the Target Award. This amount is calculated as follows:
  
	 	 
	 	 	Target Award:	  	100 shares	  		 	 
	 	 	50% of Target Award for TSR Metric:	  	50 shares	  		 	 
	 	 	 Performance Shares Earned as Percentage of Target Award:

            (((35% - 30%) / 20%) * 50%) + 50% = 62.5%

 
             62.5% of 50
shares = 31.25 shares (rounded down to 31 shares)
	  	 	  	 	 	 

  

	 	(c)	EPS Metric. Fifty percent (50%) of your Target Award will be determined by the Company’s year-over-year earnings per share from continuing operations (“EPS”) growth (“EPS
Growth”), using the average growth in years one and two, and a stand-alone growth determination for year three. Recipient will have the ability to earn one-half of the EPS Metric Target Award based on the average EPS Growth over the first
two years and one-half of the EPS Metric Target Award based on the EPS Growth over the third year. The calculation of EPS Growth for each year during the Performance Period shall be determined as follows: 

 

			
	 If EPS Growth for Each Year in the Performance Period
is(1):
	 	 Performance Shares

earned for that year of the

Performance Period as a

percentage of EPS Award

Component will be(1):

	 less than X% over the prior year
	 	0%
	 greater than or equal to X% and less than Y% over the prior year
	 	50.00% to 99.99% A
	 equal to Y% over the prior year
	 	100.00% (Target Award)
	 greater than Y% but less than Z% over the prior year
	 	100.00% to 199.99% A
	 greater than or equal to Z% over the prior year
	 	200.00% (Maximum Award)

  

	A 	In the event that the two-year average or year three EPS Growth is greater than or equal to X% and less than Y% over the prior period, or is greater than Y% but less than Z% over the prior period, then the number of
Performance Shares earned will be computed so as to give appropriate effect to the relative growth achieved as compared to the relative percentage of Performance Shares earned within the range set forth above. 

	(1)	One-half (1/2) of the Target Award is represented by the EPS Metric; for each of the two measurement periods (i.e. average growth over years one and two, and year-over-year growth in year three) Recipient is
eligible to earn one-half (1/2) of one-half (1/2) of the Target Award. 

  

	 	(d)	EPS Growth Determination. EPS for each calendar year within the Performance Period (with years one and two then being averaged together) will be computed by dividing net income (loss) from continuing
operations by the weighted-average of all potentially dilutive shares of Company Common Stock that were outstanding during the periods presented, as reflected in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange
Commission. EPS reported for the year prior to the first year of the Performance Period serve as the basis for ascertaining EPS Growth for the first year of the Performance Period; EPS reported for the first year of the Performance Period will serve
as the basis for ascertaining EPS Growth in the second year of the Performance Period, etc. Except as otherwise specifically provided under the terms of this Award, notwithstanding that a percentage of Shares may be earned at the end of the second
calendar year within the Performance Period pursuant to the EPS Metric, Recipient must be employed at the Company at the end of the Performance Period to be entitled to receive any Shares pursuant to this Award. 

  
 2 

							
	
By way of example to illustrate the calculation of Performance Shares earned under the EPS Metric of this Award, assuming that:

 

	2013 EPS = $2.70	 	2014 EPS = $2.84	 	2015 EPS = $3.27	 	2016 EPS = $4.09
	  

And assuming that the applicable EPS growth target percentages corresponding to potential Share earnings are:

	  

                          
                  5% =
50%                         15% =
100%                         25% = 200%
  

with a Target Award of 150 shares of Common Stock, would result in (1) Recipient earning the right to receive 18 earned shares of Common Stock as of the
end of year two of the Performance Period, and (2) delivery of a total of sixty-eight (68) earned shares of Common Stock, as it relates to the EPS Metric at the end of the Performance Period, which represents 50% of the Target Award. This
amount is calculated as follows:
  

	Target Award:	 		 	100 shares	 	 
	50% of Target Award for EPS Metric:	 	50 shares	 	 
	  

Year One (2014) EPS Growth = $2.70 to $2.84= 5% growth
  

Year Two (2015) EPS Growth = $2.84 to $3.27 = 15% growth
  

Recipient entitled to earn  1⁄2 of EPS Metric Target Award at end of
year two:
  
 Average of years one and two growth = 5% + 15% = 20% / 2 = 10% growth

 
 10% growth = 75% of one-half of 50% of Target Award for EPS Metric = 75% * (50% of 50
shares) = 18.75 shares
  
 Recipient would be entitled to receive 18 shares (rounded down
from 18.75 shares) of Common Stock at the end of the Performance Period based on the performance achieved at the end of year two of the Performance Period.
  

Year Three (2016) EPS Growth = $3.27 to $4.09 = 25% growth = 200% of one-half of 50% of Target Award for EPS Metric = 200% * (50% of 50 shares) = 50
shares
  
 Total Target Award Achieved During Performance Period for EPS Metric = 68
shares
  
 When combined with the TSR Metric, Recipient would be entitled to receive a
total of ninety-nine (99) shares of Common Stock pursuant to this Award.

 4. Delivery of Shares. After completion of year two and year three of the Performance Period, the Compensation
Committee shall certify in writing the extent to which the performance goals and other material terms, as set forth herein, have been achieved and such certification shall be controlling for all purposes. Except as otherwise provided in
Section 6, the Company shall cause a stock certificate representing shares of Common Stock (or commensurate book entry as determined by the Company) equal to the number of Performance Shares earned (net of any Performance Shares applied
pursuant to Section 11 below) and determined under Section 3 to be issued to Recipient in the calendar year immediately following the end of the Performance Period on or before
March 15th of such calendar year. 
 5. Limitation of Rights; Dividend Equivalents. Prior
to the receipt of shares of Common Stock as outlined in Section 3 above, Recipient shall not have (i) any right to transfer any rights under the Performance Shares except as permitted by Section 8 below, (ii) any rights of
ownership of the shares of Common Stock subject to the Performance Shares before the issuance of such shares, (iii) any right to vote such shares, or (iv) the right to receive any cash dividends paid on shares underlying Performance Shares
if and when cash dividends are paid to shareholders of the Company. 
 6. Forfeiture; Proration; Recoupment. Unless otherwise set forth below or
otherwise determined by the Compensation Committee, all outstanding Awards shall be forfeited immediately if a Recipient’s employment with or service to the Company or its subsidiaries is terminated for any reason during the Performance Period.

  
 3 

	 	(a)	Death. In the event of Recipient’s death during the Performance Period, Recipient shall be entitled to a Prorated portion of the Performance Shares earned based on the Company’s actual performance
calculated as if the Performance Period had been completed on the date of death. Except as otherwise specifically provided hereunder, any payouts pursuant to a Recipient’s death shall be paid to Recipient’s estate as soon as practicable
following Recipient’s death, but in no event later than the last day of the “applicable 2 1⁄2 month period” specified in Treas. Reg.
§1.409A-1(b)(4). 

  

	 	(b)	Retirement or Disability. In the event of Recipient’s retirement (retirement shall be deemed to occur only under conditions by which a Recipient would, assuming he or she was enrolled in the Company’s
defined benefit pension plan, be entitled to an immediately receivable pension, and not a deferred vested pension ) or Disability during the Performance Period, Recipient shall be entitled to a Prorated portion of the Performance Shares earned as
calculated following the end of the Performance Period. Any payouts following Recipient’s retirement or Disability shall be made on the same schedule as payouts pursuant to Section 4 above. 

Notwithstanding any other provision of this Award to the contrary, if Recipient (other than a non-employee Director) is or becomes eligible to
separate from service on account of retirement (as defined above) during the Performance Period, any payment required to be made prior to the end of the Performance Period on account of Recipient’s separation from service shall be paid in the
month following the month containing the 6-month anniversary of the date of such separation from service (or, if earlier, the death of the Recipient). 
  

	 	(c)	Other Termination. If Recipient’s employment with the Company should terminate during the Performance Period and the Compensation Committee determines that the Award should not be forfeited, Recipient shall
be entitled to a Prorated (as defined below) portion of the Common Stock earned pursuant to the Award, as calculated following the end of the Performance Period. The Compensation Committee may cause the immediate forfeiture of Awards after a
Recipient’s employment with or service to the Company terminates if the Committee deems such forfeiture to be in the best interests of the Company. Any and all forfeitures of shares shall be evidenced by written notice to the Recipient.

  

	 	(d)	Definition of Prorated. For the purposes of this Award, the term “Prorated” shall mean the manner in which a payout is calculated based on the ratio of the number of complete months Recipient is
employed or serves during the Performance Period to the total number of months in the Performance Period. 

  

	 	(e)	Change in Control. Except as otherwise specifically provided under the terms of this Award or pursuant to any other employment agreement or policy of the Company, in the event of a Change of Control during the
Performance Period, payment under this Award will remain subject to Recipient’s continued employment with or service to the Company or its subsidiaries through the end of the Performance Period. To the extent this Award becomes earned and
payable following a Change of Control pursuant to the terms of any other employment agreement or policy of the Company or otherwise, then Recipient shall thereafter be eligible to receive payment for any Performance Shares that would have otherwise
been paid (i) based on the achievement of the performance goals measured through the date of the Change in Control, and (ii) calculated at the greater of (A) 100% of the Target Award for each of the TSR Metric and EPS Metric, or
(B) the Company’s actual performance over the abbreviated Performance Period; provided, however, with respect to the EPS Metric, the number of Performance Shares earned shall be based solely on actual performance for any calendar year
within the Performance Period that was completed prior to the Change in Control. Except as otherwise specifically provided hereunder, to the extent earned and payable, the Performance shares shall be paid as soon as practicable thereafter, but in no
event later than the last day of the “applicable 2 1⁄2 month period” specified in Treas. Reg. §1.409A-1(b)(4). 

 

	 	(f)	The Recipient further agrees, as a condition to acceptance of this Award, that these Performance Shares, as well as any other incentive award previously granted to Recipient by the Company, may be subject to
recoupment by the Company under the provisions of any other forfeiture or clawback policy that has been or may be adopted by the Company in the future, or as required by any applicable laws then in effect. 

7. Nontransferability. Except as otherwise provided in the Plan, the Performance Shares shall not be sold, pledged, assigned, hypothecated, transferred
or disposed of (a “Transfer”) in any manner, other than by will or the laws of descent and distribution. Any attempt to Transfer the Performance Shares in violation of this paragraph or the Plan shall render this Award null and
void. 

  
 4 

 8. Adjustments;. The number of shares of Common Stock covered by the Performance Shares shall be adjusted
as set forth in Section 5(e) of the Plan to reflect dividends or other distributions, recapitalizations, stock splits, reverse stock splits, reorganizations, mergers, consolidations, split-ups, spin-offs, combinations, repurchases or exchanges.

 9. Peer Group Adjustments. The following adjustments shall be made to the Peer Group for the TSR Metric during the Performance Period: 

 

	 	(a)	If a member of the Peer Group is acquired by another company, the acquired Peer Group company will be removed from the Peer Group for the entire Performance Period. 

 

	 	(b)	If a member of the Peer Group sells, spins-off, or disposes of a portion of its business, then such Peer Group company will remain in the Peer Group for the Performance Period unless such disposition(s) results in the
disposition of more than 50% of such company’s total assets during the Performance Period. 

  

	 	(c)	If a member of the Peer Group acquires another company, the acquiring Peer Group company will remain in the Peer Group for the Performance Period. 

 

	 	(d)	If a member of the Peer Group is delisted on all major stock exchanges, such delisted company will be removed from the Peer Group for the entire Performance Period. 

 

	 	(e)	If RTI and/or any member of the Peer Group split its stock or declare a distribution of shares, such company’s TSR performance will be adjusted for the stock split or share distribution so as not to give an
advantage or disadvantage to such company by comparison to the other companies. 

  

	 	(f)	Members of the Peer Group that file for bankruptcy, liquidation or reorganization during the Performance Period will remain in the Peer Group positioned below the lowest performing non-bankrupt member of the Peer Group
in reverse chronological order by bankruptcy date. 

 In addition, the Compensation Committee shall have the authority to make other
appropriate adjustments in response to a change in circumstances that results in a member of the Peer Group no longer satisfying the criteria for which such member was originally selected. 

10. Fractional Shares. The Company shall not be required to issue any fractional Shares pursuant to this Award, and the Compensation Committee shall
round fractions down. 
 11. Withholding. Recipient shall pay all applicable federal, state and local income and employment taxes (including taxes of
any foreign jurisdiction) which the Company is required to withhold at any time with respect to the Performance Shares. The Company shall not withhold any amount above the applicable minimum statutory withholding requirement. Such payment shall be
made in full, at Recipient’s election, in cash or check, or by the tender of previously acquired shares of Common Stock (including Performance Shares then earned and immediately deliverable under this Award). Performance Shares tendered as
payment of required withholding shall be valued at the closing price per share of the Company’s Common Stock on the date such withholding obligation arises. 

12. No Continued Rights; Rights Unsecured. The granting of this Award shall not give Recipient any rights to similar grants in future years or any
right to continuance of employment or other service with the Company or any one of its subsidiaries, nor shall it interfere in any way with any right that the Company or any one or it’s subsidiaries would otherwise have to terminate
Recipient’s employment or other service at any time, or the right of Recipient to terminate his or her services at any time. The Company shall remain the owner of all Performance Shares and Recipient shall have only the Company’s unfunded,
unsecured promise to pay pursuant to the terms of this Award. The rights of Recipient hereunder shall be that of an unsecured general creditor of the Company and Recipient shall not have any security interest in any assets of the Company. 

13. Severability. If any term, provision, covenant or restriction contained in the Award is held by a court or a federal regulatory agency of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions contained in the Award shall remain in full force and effect, and shall in no way be affected, impaired or invalidated. 

14. Controlling Law. The validity, construction and effect of this Award will be determined in accordance with the internal laws of the State of Ohio
without giving effect to the conflict of laws. Recipient and the Company hereby irrevocably submit to the exclusive concurrent jurisdiction of the courts of the State of Ohio. Recipient and the Company also both irrevocably waive, to the fullest
extent permitted by applicable law, any objection either may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. 

  
 5 

 15. Entire Agreement. The Award contains the entire understanding between the parties and supersedes any
prior understanding and agreements between them representing the subject matter hereof with respect to this Award, except that this Award shall be subject to the terms and conditions set forth in any employment agreement between Recipient and
Company. There are no other representations, agreements, arrangements or understandings, oral or written, between and among the parties hereto relating to the subject matter hereof which are not fully expressed herein. Section and other headings
contained in this Award are for reference purposes only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of the Award or any provision hereof. 

16. Limitation of Actions. Any lawsuit with respect to any matter arising out of or relating to this Award must be filed no later than one
(1) year after the date that a denial of any claim hereunder is made or any earlier date that the claim otherwise accrues. 
 17. Section 409A
of the Code. This Award is intended to be comply with Section 409A of the Code and the regulations promulgated thereunder (“Section 409A”) or an exception thereto and shall be administered, interpreted and construed
accordingly. To the extent a payment is subject to Section 409A and not excepted therefrom, such payment shall be treated as made on the specified date of payment if such payment is made at such date or a later date in the same calendar year
or, if later, by the 15th day of the third calendar month following the specified date of payment, as provided and in accordance with Treas. Reg. § 1.409A-3(d). Recipient shall have no right to designate the date of any payment under this
Award. The Company may, in its sole discretion and without Recipient’s consent, modify or amend the terms of this Award, impose conditions on the timing and effectiveness of the issuance of the Performance Shares, or take any other action it
deems necessary to cause this Award to comply with Section 409A or an exception thereto. Notwithstanding, Recipient recognizes and acknowledges that Section 409A of the Code may affect the timing and recognition of payments due hereunder,
and may impose upon the Recipient certain taxes or other charges for which the Recipient is and shall remain solely responsible. 
 BY YOUR
SIGNATURE and the signature of the Authorized Officer below, you and the Company agree that this Award is granted under and governed by the terms and conditions of RTI International Metals, Inc.’s 2004 Stock Plan, as amended and/or restated
from time to time, and the terms and conditions contained herein, as well as such administrative regulations as the Compensation Committee may adopt from time to time. 
  

									
	RTI International Metals, Inc.	 		 	Accepted as of the above date:
					
	By	 	  
	 		 	By:	 	  

		 	Authorized Officer	 		 		 	Signature of Recipient

  
 6 

 ANNEX A – Peer Group 

The “Peer Group TSR” for the Performance Period shall be the average equity share price appreciation plus dividends accrued, as measured
during the Performance Period, of each member of the Peer Group (set forth below). 
 The following sets forth the list of companies included in
establishing the Peer Group for purposes of establishing the award thresholds for the Performance Period, as approved by the Compensation Committee as of or prior to the date of grant of this Award and subject to adjustment pursuant to
Section 9: 
 [peer group listing] 

*      *      * 

  
 7EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
 CBS OUTDOOR
AMERICAS CAPITAL LLC, 
 CBS OUTDOOR AMERICAS CAPITAL CORPORATION, 

THE GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO 

and 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, 
 as Trustee 
  

 
 INDENTURE

 Dated as of January 31, 2014 
  

 
 5.250% SENIOR
NOTES DUE 2022 
 and 

5.625% SENIOR NOTES DUE 2024 
  

 

			
	Trust Indenture Act Section	  	 Indenture

Section

	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312 (a)
	  	2.05
	       (b)
	  	12.02
	       (c)
	  	12.02
	 313(a)
	  	7.06
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.06;7.07
	       (c)
	  	7.06;12.01
	       (d)
	  	7.06
	 314(a)
	  	4.03; 12.04
	       (b)
	  	N.A.
	       (c)(1)
	  	12.03
	       (c)(2)
	  	12.03
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	12.04
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05: 12.01
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.14
	 316(a)(last sentence)
	  	2.09
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07
	       (c)
	  	12.02
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.12
	       (b)
	  	2.04
	 318(a)
	  	12.16
	       (b)
	  	12.16
	       (c)
	  	12.16

  
 N.A. means
not applicable. 
  

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

  
 2 

									
	 ARTICLE 1
	   

	 DEFINITIONS AND INCORPORATION BY
REFERENCE
	  	 	1	  
				
		 	 Section 1.01.
	 	 Definitions.
	  	 	1	  
		 	 Section 1.02.
	 	 Other Definitions.
	  	 	28	  
		 	 Section 1.03.
	 	 Incorporation by Reference of Trust Indenture Act.
	  	 	28	  
		 	 Section 1.04.
	 	 Rules of Construction.
	  	 	29	  
		 	 Section 1.05.
	 	 Acts of Holders.
	  	 	29	  
	
	ARTICLE 2	  
	 THE NOTES
	  	 	30	  
				
		 	 Section 2.01.
	 	 Form and Dating; Terms.
	  	 	30	  
		 	 Section 2.02.
	 	 Execution and Authentication.
	  	 	31	  
		 	 Section 2.03.
	 	 Registrar and Paying Agent.
	  	 	32	  
		 	 Section 2.04.
	 	 Paying Agent to Hold Money in Trust.
	  	 	32	  
		 	 Section 2.05.
	 	 Holder Lists.
	  	 	32	  
		 	 Section 2.06.
	 	 Transfer and Exchange.
	  	 	33	  
		 	 Section 2.07.
	 	 Replacement Notes.
	  	 	42	  
		 	 Section 2.08.
	 	 Outstanding Notes.
	  	 	43	  
		 	 Section 2.09.
	 	 Treasury Notes.
	  	 	43	  
		 	 Section 2.10.
	 	 Temporary Notes.
	  	 	43	  
		 	 Section 2.11.
	 	 Cancellation.
	  	 	43	  
		 	 Section 2.12.
	 	 Defaulted Interest.
	  	 	43	  
		 	 Section 2.13.
	 	 CUSIP/ISIN Numbers.
	  	 	44	  
	
	ARTICLE 3	  
	 REDEMPTION
	  	 	44	  
				
		 	 Section 3.01.
	 	 Notices to Trustee.
	  	 	44	  
		 	 Section 3.02.
	 	 Selection of Notes to Be Redeemed or Purchased.
	  	 	44	  
		 	 Section 3.03.
	 	 Notice of Purchase or Redemption.
	  	 	45	  
		 	 Section 3.04.
	 	 Effect of Notice of Redemption.
	  	 	45	  
		 	 Section 3.05.
	 	 Deposit of Redemption or Purchase Price.
	  	 	46	  
		 	 Section 3.06.
	 	 Notes Redeemed or Purchased in Part.
	  	 	46	  
		 	 Section 3.07.
	 	 Optional Redemption.
	  	 	46	  
		 	 Section 3.08.
	 	 Mandatory Redemption.
	  	 	46	  
		 	 Section 3.09.
	 	 Offers to Repurchase by Application of Excess Proceeds.
	  	 	46	  
	
	ARTICLE 4	  
	 COVENANTS
	  	 	48	  
				
		 	 Section 4.01.
	 	 Payment of Notes.
	  	 	48	  
		 	 Section 4.02.
	 	 Maintenance of Office or Agency.
	  	 	48	  
		 	 Section 4.03.
	 	 Reports and Other Information.
	  	 	49	  
		 	 Section 4.04.
	 	 Compliance Certificate.
	  	 	50	  
		 	 Section 4.05.
	 	 Taxes.
	  	 	50	  
		 	 Section 4.06.
	 	 Stay, Extension and Usury Laws.
	  	 	50	  
		 	 Section 4.07.
	 	 Limitation on Restricted Payments.
	  	 	50	  
		 	 Section 4.08.
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.
	  	 	55	  
		 	 Section 4.09.
	 	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.
	  	 	56	  
		 	 Section 4.10.
	 	 Asset Sales.
	  	 	61	  
		 	 Section 4.11.
	 	 Transactions with Affiliates.
	  	 	63	  
		 	 Section 4.12.
	 	 Liens.
	  	 	65	  
		 	 Section 4.13.
	 	 Existence.
	  	 	65	  
		 	 Section 4.14.
	 	 Offer to Repurchase Upon Change of Control.
	  	 	65	  
		 	 Section 4.15.
	 	 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.
	  	 	67	  
		 	 Section 4.16.
	 	 Suspension of Certain Covenants.
	  	 	67	  

  
 i 

									
		 	 Section 4.17.
	 	 Limitations on Sale and Leaseback Transactions.
	  	 	68	  
		 	 Section 4.18.
	 	 Limitations on Business Activities.
	  	 	68	  
		 	 Section 4.19.
	 	 Restrictions on Activities of Finance Corp.
	  	 	68	  
	
	ARTICLE 5	  
	 SUCCESSORS
	  	 	69	  
				
		 	 Section 5.01.
	 	 Merger, Consolidation or Sale of All or Substantially All Assets.
	  	 	69	  
		 	 Section 5.02.
	 	 Successor Corporation Substituted.
	  	 	71	  
	
	ARTICLE 6	  
	 DEFAULTS AND REMEDIES
	  	 	71	  
				
		 	 Section 6.01.
	 	 Events of Default.
	  	 	71	  
		 	 Section 6.02.
	 	 Acceleration.
	  	 	73	  
		 	 Section 6.03.
	 	 Other Remedies.
	  	 	73	  
		 	 Section 6.04.
	 	 Waiver of Defaults.
	  	 	73	  
		 	 Section 6.05.
	 	 Control by Majority.
	  	 	74	  
		 	 Section 6.06.
	 	 Limitation on Suits.
	  	 	74	  
		 	 Section 6.07.
	 	 Rights of Holders of Notes to Receive Payment.
	  	 	74	  
		 	 Section 6.08.
	 	 Collection Suit by Trustee.
	  	 	74	  
		 	 Section 6.09.
	 	 Restoration of Rights and Remedies.
	  	 	75	  
		 	 Section 6.10.
	 	 Rights and Remedies Cumulative.
	  	 	75	  
		 	 Section 6.11.
	 	 Delay or Omission Not Waiver.
	  	 	75	  
		 	 Section 6.12.
	 	 Trustee May File Proofs of Claim.
	  	 	75	  
		 	 Section 6.13.
	 	 Priorities.
	  	 	75	  
		 	 Section 6.14.
	 	 Undertaking for Costs.
	  	 	76	  
	
	ARTICLE 7	  
	 TRUSTEE
	  	 	76	  
				
		 	 Section 7.01.
	 	 Duties of Trustee.
	  	 	76	  
		 	 Section 7.02.
	 	 Rights of Trustee.
	  	 	77	  
		 	 Section 7.03.
	 	 Individual Rights of Trustee.
	  	 	78	  
		 	 Section 7.04.
	 	 Trustee’s Disclaimer.
	  	 	78	  
		 	 Section 7.05.
	 	 Notice of Defaults.
	  	 	78	  
		 	 Section 7.06.
	 	 Reports by Trustee to Holders of the Notes.
	  	 	78	  
		 	 Section 7.07.
	 	 Compensation and Indemnity.
	  	 	78	  
		 	 Section 7.08.
	 	 Replacement of Trustee.
	  	 	79	  
		 	 Section 7.09.
	 	 Successor Trustee by Merger, etc.
	  	 	80	  
		 	 Section 7.10.
	 	 Eligibility; Disqualification.
	  	 	80	  
		 	 Section 7.11.
	 	 Preferential Collection of Claims Against Issuers.
	  	 	80	  
	
	ARTICLE 8	  
	 LEGAL DEFEASANCE AND COVENANT
DEFEASANCE
	  	 	81	  
				
		 	 Section 8.01.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance.
	  	 	81	  
		 	 Section 8.02.
	 	 Legal Defeasance and Discharge.
	  	 	81	  
		 	 Section 8.03.
	 	 Covenant Defeasance.
	  	 	81	  
		 	 Section 8.04.
	 	 Conditions to Legal or Covenant Defeasance.
	  	 	82	  
		 	 Section 8.05.
	 	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.
	  	 	83	  
		 	 Section 8.06.
	 	 Repayment to Issuers.
	  	 	83	  
		 	 Section 8.07.
	 	 Reinstatement.
	  	 	83	  
	
	ARTICLE 9	  
	 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	84	  
				
		 	 Section 9.01.
	 	 Without Consent of Holders of Notes.
	  	 	84	  
		 	 Section 9.02.
	 	 With Consent of Holders of Notes.
	  	 	84	  
		 	 Section 9.03.
	 	 Revocation and Effect of Consents.
	  	 	85	  

  
 ii 

									
		 	 Section 9.04.
	 	 Notation on or Exchange of Notes.
	  	 	86	  
		 	 Section 9.05.
	 	 Trustee to Sign Amendments, etc.
	  	 	86	  
		 	 Section 9.06.
	 	 Payment for Consent.
	  	 	86	  
		 	 Section 9.07.
	 	 Compliance with Trust Indenture Act.
	  	 	86	  
	
	ARTICLE 10	  
	 GUARANTEES
	  	 	86	  
				
		 	 Section 10.01.
	 	 Guarantee.
	  	 	86	  
		 	 Section 10.02.
	 	 Limitation on Guarantor Liability.
	  	 	88	  
		 	 Section 10.03.
	 	 Execution and Delivery.
	  	 	88	  
		 	 Section 10.04.
	 	 Subrogation.
	  	 	88	  
		 	 Section 10.05.
	 	 Benefits Acknowledged.
	  	 	88	  
		 	 Section 10.06.
	 	 Release of Guarantees.
	  	 	88	  
	
	ARTICLE 11	  
	 SATISFACTION AND DISCHARGE
	  	 	89	  
				
		 	 Section 11.01.
	 	 Satisfaction and Discharge.
	  	 	89	  
		 	 Section 11.02.
	 	 Application of Trust Money.
	  	 	90	  
	
	ARTICLE 12	  
	 MISCELLANEOUS
	  	 	90	  
				
		 	 Section 12.01.
	 	 Notices.
	  	 	90	  
		 	 Section 12.02.
	 	 Communication by Holders of Notes with Other Holders of Notes.
	  	 	91	  
		 	 Section 12.03.
	 	 Certificate and Opinion as to Conditions Precedent.
	  	 	91	  
		 	 Section 12.04.
	 	 Statements Required in Certificate or Opinion.
	  	 	92	  
		 	 Section 12.05.
	 	 Rules by Trustee and Agents.
	  	 	92	  
		 	 Section 12.06.
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders.
	  	 	92	  
		 	 Section 12.07.
	 	 Governing Law.
	  	 	92	  
		 	 Section 12.08.
	 	 Waiver of Jury Trial.
	  	 	92	  
		 	 Section 12.09.
	 	 Force Majeure.
	  	 	92	  
		 	 Section 12.10.
	 	 No Adverse Interpretation of Other Agreements.
	  	 	93	  
		 	 Section 12.11.
	 	 Successors.
	  	 	93	  
		 	 Section 12.12.
	 	 Severability.
	  	 	93	  
		 	 Section 12.13.
	 	 Counterpart Originals.
	  	 	93	  
		 	 Section 12.14.
	 	 Table of Contents, Headings, etc.
	  	 	93	  
		 	 Section 12.15.
	 	 U.S.A. Patriot Act.
	  	 	93	  
		 	 Section 12.16.
	 	 Trust Indenture Act Controls.
	  	 	93	  

 EXHIBITS 
  

			
	EXHIBIT A-1	  	Form of 2022 Note
	EXHIBIT A-2	  	Form of 2024 Note
	EXHIBIT B	  	Form of Certificate of Transfer
	EXHIBIT C	  	Form of Certificate of Exchange
	EXHIBIT D	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
 iii 

 INDENTURE, dated as of January 31, 2014, among CBS Outdoor Americas Capital LLC, a
Delaware limited liability company (“Capital LLC”), CBS Outdoor Americas Capital Corporation, a Delaware corporation (“Finance Corp.” and, together with Capital LLC, the “Issuers”), the Guarantors
(as defined herein) listed on the signature pages hereto and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee. 

W I T N E S S E T H 

WHEREAS, the Issuers have duly authorized the creation of an issue of (i) $400,000,000 aggregate principal amount of 5.250% Senior
Notes due 2022 (the “Initial 2022 Notes”) and (ii) $400,000,000 aggregate principal amount of 5.625% Senior Notes due 2024 (the “Initial 2024 Notes”); and 

WHEREAS, each of the Issuers and each of the Guarantors has duly authorized the execution and delivery of this Indenture. 

NOW, THEREFORE, the Issuers, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders of the Notes. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A-1 or Exhibit A-2 hereto, as the case may
be, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of
the applicable series of Notes sold in reliance on Rule 144A. 
 “2022 Notes” means the Initial 2022 Notes
and any Additional 2022 Notes and, in each case, any Exchange Notes in respect thereof. 
 “2024 Notes” means
the Initial 2024 Notes and any Additional 2024 Notes and, in each case, any Exchange Notes in respect thereof. 

“Acquired Indebtedness” means, with respect to any specified Person, 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Restricted
Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Restricted Subsidiary of such specified Person, and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional 2022 Notes” means additional 2022 Notes (other than the Initial 2022 Notes and any Exchange Notes issued
in respect thereof) issued from time to time under this Indenture in accordance with Sections 2.01 and 4.09 hereof. 

“Additional 2024 Notes” means additional 2024 Notes (other than the Initial 2024 Notes and any Exchange Notes issued
in respect thereof) issued from time to time under this Indenture in accordance with Sections 2.01 and 4.09 hereof. 

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

 “Additional Notes” means Additional 2022 Notes and Additional 2024 Notes,
and, in each case, any Exchange Notes issued in respect thereof. 
 “Affiliate” of any specified Person means
any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

“Agent” means any Registrar or Paying Agent. 

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

(a) 1.0% of the principal amount of such Note on such redemption date; and 

(b) (i) with respect to any 2022 Note, the excess, if any, of (1) the present value at such redemption date of
(A) the redemption price of such 2022 Note at February 15, 2017 (such redemption price being set forth in the table appearing in Paragraph 5 on the reverse side of the 2022 Note attached as Exhibit A-1 hereto), plus (B) all required
interest payments due on such Note through February 15, 2017 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the applicable Treasury Rate as of such redemption date plus 50 basis points;
over (2) the principal amount of such Note; and 
 (ii) with respect to any 2024 Note, the excess, if any, of
(1) the present value at such redemption date of (A) the redemption price of such Note at February 15, 2019 (such redemption price being set forth in the table appearing in Paragraph 5 on the reverse side of the 2024 Note attached as
Exhibit A-2 hereto), plus (B) all required interest payments due on such Note through February 15, 2019 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the applicable Treasury Rate as
of such redemption date plus 50 basis points; over (2) the principal amount of such Note. 
 The Parent shall determine the Applicable Premium. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 

“Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related
transactions, of property or assets (including by way of a Sale and Lease-Back Transaction) of the Parent or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”); or 

(2) the issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock of Restricted
Subsidiaries issued in compliance with Section 4.09), whether in a single transaction or a series of related transactions; 
 in each case, other than:

 (a) any disposition of cash, Cash Equivalents or Investment Grade Securities or damaged, obsolete or worn out equipment or
other assets, or assets no longer used or useful in the business of the Parent and the Restricted Subsidiaries in the reasonable opinion of the Parent, in each case in the ordinary course of business or any disposition of inventory or goods (or
other assets) held for sale or any lease of advertising space, in each case in the ordinary course of business; 

  
 2 

 (b) the disposition of all or substantially all of the assets of (1) the
Parent or an Issuer in a manner permitted pursuant to the provisions described under Section 5.01 hereof; or any disposition that constitutes a Change of Control pursuant to this Indenture or (2) any Subsidiary Guarantor to the extent that
such disposition is made to a Person who either (A) is an Issuer or a Guarantor or (B) becomes a Subsidiary Guarantor pursuant to the provisions described under Section 5.01 hereof; 

(c) the making of any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under
Section 4.07 hereof; 
 (d) any disposition of assets or issuance or sale of Equity Interests of any Restricted
Subsidiary in any transaction or series of transactions with an aggregate fair market value (as determined in good faith by the Parent) not to exceed $10.0 million; 

(e) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Parent or by the Parent
or a Restricted Subsidiary to another Restricted Subsidiary; 
 (f) to the extent allowable under Section 1031 of the
Internal Revenue Code of 1986, or any comparable or successor provision, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

(g) the lease, assignment or sub-lease of any real or personal property in the ordinary course of business; 

(h) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 

(i) foreclosures on assets or dispositions of assets required by law, governmental regulation or any order of any court,
administrative agency or regulatory body; 
 (j) sales of accounts receivable, or participations therein, in connection with
any Receivables Facility; 
 (k) the licensing or sub-licensing of intellectual property or other general intangibles in the
ordinary course of business (other than exclusive, world-wide licenses that are longer than three years); 
 (l) sales,
transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding
arrangements; 
 (m) the lapse or abandonment of intellectual property rights in the ordinary course of business, which in
the reasonable good faith determination of the Parent are not material to the conduct of the business of the Parent and its Restricted Subsidiaries taken as a whole; 

(n) the granting of Liens not prohibited by this Indenture; 

(o) an issuance of Equity Interests pursuant to benefit plans, employment agreements, equity plans, stock subscription or
shareholder agreements, stock ownership plans and other similar plans, polices, contracts or arrangements established in the ordinary course of business or approved by Parent in good faith; 

(p) any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other
claims of any kind; 

  
 3 

 (q) dispositions of receivables in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(r) any financing transaction (excluding by way of a Sale and Lease-Back Transaction) with respect to property built or
acquired by Parent or any of its Restricted Subsidiaries after the Issue Date; 
 (s) dispositions of limited partnership or
equivalent Equity Interests of Capital LLC for consideration at the time of any such disposition at least equal to the fair market value (as determined in good faith by the Parent) of the interests disposed of in connection with “UPREIT”
acquisitions that do not constitute a Change of Control; and 
 (t) dispositions of Investments in joint ventures and, to the
extent any joint venture constitutes a Restricted Subsidiary, the property of such joint venture, so long as the aggregate fair market value (determined, with respect to each such disposition, as of the time of such disposition) of all such
dispositions does not exceed $10.0 million. 
 “Attributable Debt” in respect of a Sale and Leaseback Transaction
means, at the time of determination, the present value of the total obligations of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction, including any period for which such lease
has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Business Day” means each day which is not a Saturday, a Sunday or a day on which commercial banking institutions are
not required to be open in the State of New York.  
 “Capital LLC” has the meaning set forth in the Preamble
hereto.  
 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability
in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Cash Equivalents” means: 

(1) United States dollars; 

(2) (a) euro, or any national currency of any member state of the European Union; or 

(b) in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by them from time to time
in the ordinary course of business; 

  
 4 

 (3) securities issued or directly and fully and unconditionally guaranteed or
insured by the U.S. government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of
acquisition; 
 (4) certificates of deposit, time deposits and dollar time deposits with maturities of one year or less from
the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $500.0 million in the case of U.S. banks and
$100.0 million (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks; 
 (5)
repurchase obligations for underlying securities of the types described in clauses (3) and (4) entered into with any financial institution meeting the qualifications specified in clause (4) above; 

(6) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each case maturing within 24 months
after the date of creation thereof; 
 (7) marketable short-term money market and similar securities having a rating of at
least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 24 months
after the date of creation thereof; 
 (8) readily marketable direct obligations issued by any state, commonwealth or
territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

(9) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated
AAA—(or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s; and 

(10) investment funds investing 95% of their assets in securities of the types described in clauses (1) through
(9) above. 
 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those
set forth in clauses (1) and (2) above, provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days following the receipt of
such amounts. 
 “CBS Corporation” means CBS Corporation, a Delaware corporation. 

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

(1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the
Parent and its Subsidiaries, taken as a whole, to any Person other than a Permitted Holder; 
 (2) the Parent becomes aware
of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act or any successor provision), other than a Permitted Holder, in a single
transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50% or
more of the total voting power of the Voting Stock of the Parent (directly or through the acquisition of voting power of Voting Stock of any direct or indirect parent company of the Parent); 

  
 5 

 (3) during any period of two consecutive years, individuals who at the beginning
of such period were members of the Board of Directors of the Parent (together with any new members thereof whose election by such Board of Directors or whose nomination for election by holders of Capital Stock of the Parent was approved by a vote of
a majority of the members of such Board of Directors then still in office who were either members thereof at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a
majority of such board of directors then in office; 
 (4) the approval of any plan or proposal for the winding up or
liquidation of the Parent or Capital LLC; or 
 (5) the Parent ceases to (i) at any time that Capital LLC is a limited
liability company or partnership, either be the sole general partner or managing member of, or wholly own and control the sole general partner or managing member of, Capital LLC, in each case to the extent applicable or (ii) beneficially own,
directly or indirectly, greater than 50% of the total voting power of the Equity Interests of Capital LLC. 
 For purposes of this
definition, any direct or indirect holding company of the Parent shall not itself be considered a “Person” or “group” for purposes of clause (2) above; provided that no
“Person” or “group” beneficially owns, directly or indirectly, 50% or more of the total voting power of the Voting Stock of such holding company. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Rating Decline.

 “Clearstream” means Clearstream Banking, Société Anonyme. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person, for any period, the total
amount of depreciation and amortization expense, including the amortization of deferred financing fees of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

 “Consolidated Indebtedness” means, as of any date of determination, the sum, without duplication, of
(1) the total amount of Indebtedness of the Parent and its Restricted Subsidiaries, excluding Indebtedness in respect of letters of credit and bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof),
except to the extent of unreimbursed amounts drawn thereunder, and Indebtedness in respect of Hedging Obligations not yet due and owing, plus (2) the greater of the aggregate liquidation value and maximum fixed repurchase price without regard
to any change of control or redemption premiums of all Disqualified Stock of the Issuers and the Guarantors and all Preferred Stock of the Restricted Subsidiaries, in each case, determined on a consolidated basis in accordance with GAAP. 

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

 (1) consolidated interest expense of such Person and its Restricted Subsidiaries for such period to the extent such
expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other
fees and charges owed with respect to letters of credit or bankers acceptances, (c) non-cash interest expense (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Hedging Obligations or
other derivative instruments pursuant to GAAP), (d) the interest component of Capitalized Lease Obligations, (e) imputed interest with respect to Attributable Debt and (f) net payments, if any, pursuant to interest rate Hedging

  
 6 

 
Obligations with respect to Indebtedness, and excluding (w) additional interest paid in respect of the Notes to the extent that the Issuers are no longer required to pay additional interest
in respect thereof, (x) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (y) any expensing of bridge, commitment and other financing fees and (z) commissions, discounts, yield and other
fees and charges (including any interest expense) related to any Receivables Facility); plus 
 (2) consolidated
capitalized interest of such Person and such Subsidiaries for such period, whether paid or accrued; plus 
 (3)
whether or not treated as interest expense in accordance with GAAP, all cash dividends or other distributions accrued (excluding dividends payable solely in Equity Interests (other than Disqualified Stock) of the Parent) on any series of
Disqualified Stock or any series of Preferred Stock during such period. 
 For purposes of this definition, interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of: 

(1) the Consolidated Indebtedness of the Parent and its Restricted Subsidiaries on such date, to 

(2) EBITDA of the Parent and its Restricted Subsidiaries for the most recently ended four full fiscal quarters ending
immediately prior to such date for which internal financial statements are available. 
 In the event that the Parent or any of its
Restricted Subsidiaries (i) incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness or (ii) issues or redeems Disqualified Stock or Preferred Stock subsequent to the period for which the Consolidated Leverage Ratio
is being calculated but prior to or simultaneously with the event for which the calculation of the Consolidated Leverage Ratio is made (the “Consolidated Leverage Ratio Calculation Date”), then the Consolidated Leverage Ratio shall
be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same
had occurred on the last day of the applicable four-quarter period. 
 For purposes of making the computation referred to
above, Investments, acquisitions, dispositions, mergers, amalgamations and consolidations (as determined in accordance with GAAP), in each case with respect to a business (as such term is used in Regulation S-X Rule 11-01), a company, a segment, an
operating division or unit or line of business that the Parent or any of its Restricted Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or
simultaneously with the Consolidated Leverage Ratio Calculation Date shall be calculated on a pro forma basis in accordance with GAAP (except as set forth in the last sentence of the following paragraph) assuming that all such Investments,
acquisitions, dispositions, mergers, amalgamations and consolidations had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged
with or into the Parent or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition, disposition, merger, amalgamation and consolidation, in each case with respect to a business (as such term
is used in Regulation S-X Rule 11-01), a company, a segment, an operating division or unit or line of business that would have required adjustment pursuant to this definition, then the Consolidated Leverage Ratio shall be calculated giving pro
forma effect thereto for such period as if such Investment, acquisition, disposition, merger and consolidation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be
made in good faith by a responsible financial or accounting officer of the Parent. Any such pro 

  
 7 

 
forma calculation may include adjustments appropriate, in the reasonable determination of the Parent as set forth in an Officer’s Certificate, to reflect reasonably identifiable and
factually supportable operating expense reductions and other operating improvements or synergies reasonably expected to result from any action taken or expected to be taken within 12 months after the date of any acquisition, amalgamation or merger;
provided, that no such amounts shall be included pursuant to this paragraph to the extent duplicative of any amounts that are otherwise added back in computing EBITDA with respect to such period. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that, without duplication, 

(1) any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating
thereto) or expenses (including expenses relating to (a) severance and relocation costs, (b) any rebranding or corporate name change or (c) uninsured storm or other weather-related damage in excess of $5.0 million for any single
weather event) shall be excluded, 
 (2) the Net Income for such period shall not include the cumulative effect of a change
in accounting principles during such period, 
 (3) any after-tax effect of income (loss) from disposed or discontinued
operations and any net after-tax gains or losses on disposal of disposed, abandoned or discontinued operations shall be excluded, 

(4) any after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions
other than in the ordinary course of business, as determined in good faith by the Parent, shall be excluded, 
 (5) the Net
Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be excluded; provided that Consolidated Net Income of the Parent shall be
increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash or Cash Equivalents) to the Parent or a Restricted Subsidiary in respect of such period, 

(6) the Net Income for such period of any Restricted Subsidiary that is not a Guarantor shall be excluded if the declaration or
payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of determination wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by
the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the
payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of the Parent will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the
extent converted into cash or Cash Equivalents) to the Parent or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein, 

(7) any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other
derivative instruments shall be excluded, and 
 (8) any fees and expenses incurred during such period, or any amortization
thereof for such period, in connection with the Transactions and any acquisition, Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt
instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such
transaction shall be excluded. 

  
 8 

 “Consolidated Secured Leverage Ratio”, as of any date of determination,
means the ratio of (1) Consolidated Indebtedness of the Parent and its Restricted Subsidiaries that is secured by a Lien as of such date, to (2) EBITDA of the Parent and its Restricted Subsidiaries for the most recently ended four full
fiscal quarters for which internal financial statements are available immediately preceding such date, in each case with such pro forma adjustments to Consolidated Indebtedness and EBITDA as are appropriate and consistent with the pro forma
adjustment provisions set forth in the definition of Consolidated Leverage Ratio. 
 “Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 

(1) to purchase any such primary obligation or any property constituting direct or indirect security therefor, 

(2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation, or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor, or 
 (c) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.01 hereof
or such other address as to which the Trustee may give notice to the Holders and the Issuers. 
 “Credit
Facilities” means, with respect to the Parent or any of its Restricted Subsidiaries, one or more debt facilities, including the Senior Credit Facilities, or other financing arrangements (including, without limitation, commercial paper
facilities, receivables financing or indentures) providing for revolving credit loans, term loans, letters of credit, bankers’ acceptances or other Indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and
agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities that replace, refund or
refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount permitted to be borrowed thereunder or alters the
maturity thereof (provided that such increase in borrowings is permitted under Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of
lenders. 
 “Custodian” means the Trustee when serving as custodian for the Depositary with respect to the
Global Notes, or any successor entity thereto. 
 “Default” means any event that is, or with the passage of
time or the giving of notice or both would be, an Event of Default. 
 “Definitive 2022 Note” means a
certificated 2022 Note registered in the name of the Holder thereof and issued in accordance with Section 2.06(c) hereof, substantially in the form of Exhibit A-1 hereto, except that such 2022 Note shall not bear the Global Note Legend and
shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Definitive 2024 Note” means a certificated 2024 Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06(c) hereof, substantially in the form of Exhibit A-2 hereto, except that such 2024 Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 

  
 9 

 “Definitive Notes” means, collectively, Definitive 2022 Notes and
Definitive 2024 Notes. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in
part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of
this Indenture. 
 “Designated Non-cash Consideration” means the fair market value (as determined in good
faith by the Parent) of non-cash consideration received by the Parent or any of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate,
setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale or conversion of or collection on such Designated Non-cash Consideration. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by
the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant
to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date 91 days after the earlier of
the maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or
exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock
is issued to any employee or any plan for the benefit of employees of the Parent or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be
repurchased by the Parent or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of any such employee’s termination, death or disability; provided,
further, however, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock
shall not be deemed to be Disqualified Stock. 
 “Domestic Subsidiary” means any Subsidiary that is organized
or existing under the laws of the United States, any state thereof or the District of Columbia. 
 “EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period: 
 (1)
increased (without duplication) by: 
 (a) provision for taxes based on income or profits or capital gains, including,
without limitation, federal, state, non-U.S. franchise, excise, value added and similar taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties and interest relating to such taxes or arising
from any tax examinations, deducted (and not added back) in computing Consolidated Net Income; plus 
 (b)
Consolidated Interest Expense of such Person for such period; plus 
 (c) Consolidated Depreciation and Amortization
Expense of such Person for such period to the extent the same were deducted (and not added back) in computing Consolidated Net Income; plus 

(d) any fees, expenses or charges related to the IPO, any Equity Offering, Permitted Investment, acquisition, disposition,
recapitalization or the incurrence or repayment of Indebtedness permitted to be incurred by this Indenture (including a refinancing thereof) (whether or not successful), including such fees, expenses or charges related to the offering of the Notes
and the Senior Credit Facilities and the other Transactions; plus 

  
 10 

 (e) the amount of any restructuring charge or reserve deducted (and not
added back) in such period in computing Consolidated Net Income, including any restructuring costs incurred in connection with acquisitions, mergers or consolidations after the Issue Date; plus 

(f) any other non-cash charges, including any write offs or write downs and non-cash compensation expenses recorded from
grants of stock appreciation or similar rights, stock options, restricted stock or other rights, reducing Consolidated Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in
any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item
that was paid in a prior period); plus 
 (g) the amount of any minority interest expense consisting of
Subsidiary income attributable to minority equity interests of third parties in any non-Wholly-Owned Subsidiary deducted (and not added back) in such period in calculating Consolidated Net Income; plus 

(h) the amount of loss on sale of receivables and related assets to the Receivables Subsidiary in connection with a
Receivables Facility; plus 
 (i) any costs or expense incurred by the Parent or a Restricted Subsidiary
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds
contributed to the capital of the Parent or net cash proceeds of an issuance of Equity Interest of the Parent (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation set forth in clause
(3) of Section 4.07(a) hereof; plus 
 (j) the amount of cost savings, operating expense reductions,
other operating improvements and initiatives and synergies projected by the Parent in good faith to be reasonably anticipated to be realizable within 12 months of the date of any Investment, acquisition, disposition, merger, consolidation or other
action being given pro forma effect (which will be added to EBITDA as so projected until fully realized and calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and
initiatives and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; provided that (x) all steps have been taken for realizing such cost
savings, (y) such cost savings are reasonably identifiable and factually supportable (in the good faith determination of the Parent) and (z) the aggregate amount of cost savings, operating expense reductions, other operating improvements
and initiatives and synergies added back pursuant to this clause (j) in any period of four consecutive fiscal quarters shall not exceed 10% of EBITDA (prior to giving effect to such addbacks); 

(2) decreased by (without duplication) non-cash gains increasing Consolidated Net Income of such Person for such period,
excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced EBITDA in any prior period; and 

(3) increased or decreased by (without duplication): 

(a) any net loss or gain resulting in such period from Hedging Obligations and the application of Financial Accounting
Codification No. 815-Derivatives and Hedging; plus or minus, as applicable; 
 (b) any net loss or gain resulting in
such period from currency translation gains or losses related to currency remeasurements of Indebtedness (including any net loss or gain resulting from hedge agreements for currency exchange risk). 

  
 11 

 “EMU” means economic and monetary union as contemplated in the Treaty on
European Union. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 

“Equity Offering” means any public sale of common stock or Preferred Stock of the Parent (excluding Disqualified
Stock), other than: 
 (1) the IPO; 

(2) public offerings with respect to any of the Parent’s common stock registered on Form S-4 or Form S-8; 

(3) issuances to any Subsidiary of the Parent; and 

(4) Refunding Capital Stock. 

“euro” means the single currency of participating member states of the EMU. 

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Exchange Notes” means the Notes of the Issuers issued pursuant to this Indenture
in exchange for, and in an aggregate principal amount equal to, the Initial Notes or any Additional Notes in compliance with the terms of a Registration Rights Agreement and containing terms substantially identical to the Initial Notes or any
Additional Notes, as applicable (except that (i) such Exchange Notes will be registered under the Securities Act and will not be subject to transfer restrictions or bear the Private Placement Legend, and (ii) the provisions relating to
Additional Interest will be eliminated). 
 “Exchange Offer” means an offer by the Issuers to the Holders of
the Initial Notes or any Additional Notes to exchange outstanding Notes for Exchange Notes, as provided for in the applicable Registration Rights Agreement. 

“Exchange Offer Registration Statement” means the Exchange Offer Registration Statement as defined in the applicable
Registration Rights Agreement. 
 “Exchanging Dealer” means a broker-dealer that holds Notes that were
acquired for its own account as a result of market-making activities or other trading activities (other than Notes acquired directly from the Issuers or any of their Affiliates) that is participating in the Exchange Offer contemplated by the
applicable Registration Rights Agreement. 
 “Finance Corp.” has the meaning set forth in the Preamble
hereto.  
 “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States which are in effect on the Issue Date.

 “Global Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which is required to be
placed on all Global Notes issued under this Indenture. 

  
 12 

 “Global Notes” means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A-1 or A-2 hereto, as the case may be, issued in accordance with Section 2.01, 2.06(b), 2.06(d) or 2.06(f) hereof. 

“Government Securities” means securities that are: 

(1) direct obligations of, or obligations guaranteed by, the United States of America for the timely payment of which its full
faith and credit is pledged; or 
 (2) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 

(3) which, in either case, are not callable or redeemable at the option of the issuerss thereof, and shall also include
a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by
such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 

“guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary
course of business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Guarantee” means the guarantee by any Guarantor of the Issuers’ Obligations under the Notes and this
Indenture. 
 “Guarantor” means, each Subsidiary Guarantor and the Parent so long as it Guarantees the Notes
in accordance with the terms of this Indenture. 
 “Hedging Obligations” means, with respect to any Person,
the obligations of such Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency
swap agreement or similar agreement providing for the transfer or mitigation of interest rate or currency risks either generally or under specific contingencies. 

“Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

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

(1) any indebtedness (including principal and premium) of such Person, whether or not contingent: 

(a) in respect of borrowed money; 

(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without
duplication, reimbursement agreements in respect thereof); 
 (c) representing the balance deferred and unpaid of the
purchase price of any property, except (i) any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business, (ii) any earn-out obligations until such
obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, and (iii) liabilities accrued in the ordinary course of business; or 

(d) representing any Hedging Obligations; 

  
 13 

 if and to the extent that any of the foregoing Indebtedness (other than letters of credit, bankers’
acceptances (or reimbursement agreements in respect thereof) and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(2) all Attributable Debt and all Capitalized Lease Obligations; 

(3) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or
otherwise, on Indebtedness of the type referred to in clause (1) of a third Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection
in the ordinary course of business; and 
 (4) to the extent not otherwise included, Indebtedness of the type referred to in
clause (1) of a third Person secured by a Lien on any asset owned by such first Person (other than Liens on Equity Interests of Unrestricted Subsidiaries securing Indebtedness of such Unrestricted Subsidiaries), whether or not such Indebtedness
is assumed by such first Person; provided, for purposes hereof the amount of such Indebtedness shall be the lesser of the Indebtedness so secured and the fair market value of the assets of the first person securing such Indebtedness; 

provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (a) Contingent Obligations incurred in
the ordinary course of business, (b) deferred or prepaid revenues, or (c) obligations under or in respect of Receivables Facilities. 

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

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons
engaged in Similar Businesses of nationally recognized standing that is, in the good faith judgment of the Parent, qualified to perform the task for which it has been engaged. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 “Initial 2022 Notes” has the meaning assigned to such term in the recitals hereto. 

“Initial 2024 Notes” has the meaning assigned to such term in the recitals hereto. 

“Initial Notes” means the Initial 2022 Notes and the Initial 2024 Notes. 

“Initial Purchasers” means Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities,
LLC (the “Representatives”) and the other Initial Purchasers represented by such Representatives. 

“interest” in respect of the Notes, unless the context otherwise requires, means interest and Additional Interest, if
any. 
 “Interest Payment Date” means May 15 and November 15 of each year to stated maturity.

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

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (other than Cash Equivalents); 

  
 14 

 (2) debt securities or debt instruments with an Investment Grade Rating, but
excluding any debt securities or instruments constituting loans or advances among the Parent and its Subsidiaries; 
 (3)
investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment or distribution; and 

(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including
Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, deposits, advances to customers and suppliers, commission, travel and similar advances to officers and
employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be
classified on the balance sheet (excluding the footnotes) of such Person in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the
definition of “Unrestricted Subsidiary” and Section 4.07 hereof: 
 (1)
“Investments” shall include the portion (proportionate to the Parent’s direct or indirect equity interest in such Subsidiary) of the fair market value (as determined in good faith by the Parent) of the net assets of a
Subsidiary of the Parent at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Parent or applicable Restricted
Subsidiary shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 

(a) the Parent’s direct or indirect “Investment” in such Subsidiary at the time of such redesignation;
less 
 (b) the portion (proportionate to the Parent’s direct or indirect equity interest in such Subsidiary) of
the fair market value of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, as determined in good faith by the Parent. 

The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution,
interest payment, return of capital, repayment or other amount received in cash by Parent or a Restricted Subsidiary in respect of such Investment. 

“IPO” means the underwritten initial public offering of common stock of the Parent pursuant to the registration
statement on Form S-11 initially filed by Parent with the SEC on June 27, 2013, as amended or replaced from time to time.  

“Issue Date” means January 31, 2014. 

“Issuers” has the meaning set forth in the Preamble hereto.  

“Issuer Order” means a written request or order signed on behalf of the Issuers by Officers of each of the Issuers,
who must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of each respective Issuer, and delivered to the Trustee. 

“Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge,
security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not  

  
 15 

 
filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or similar
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease
be deemed to constitute a Lien. 
 “Moody’s” means Moody’s Investors Service, Inc. and any
successor to its rating agency business. 
 “Net Income” means, with respect to any Person, the net income
(loss) attributable to such Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Proceeds” means the aggregate cash proceeds and the fair market value of any Cash Equivalents received by the
Parent or any of its Restricted Subsidiaries in respect of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the direct costs relating to such
Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, taxes paid or
payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness (other than
Subordinated Indebtedness) required (other than required by clause (1) of Section 4.10(b) hereof) to be paid as a result of such transaction, any costs associated with unwinding any related Hedging Obligations in connection with such
transaction and any deduction of appropriate amounts to be provided by the Parent or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and
retained by the Parent or any of its Restricted Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction. 
 “Non-U.S. Person” means a Person who is not
a U.S. Person. 
 “Notes” means any Note authenticated and delivered under this Indenture, including without
limitation the Initial 2022 Notes and the Initial 2024 Notes. For all purposes of this Indenture, the term “Notes” shall also include any Additional 2022 Notes and Additional 2024 Notes that may be issued hereafter, and any Exchange
Notes. The 2022 Notes and the 2024 Notes are separate series of Notes, and shall be treated as such for all purposes under this Indenture, except as set forth herein. For purposes of this Indenture, all references to Notes to be issued or
authenticated upon transfer, replacement or exchange shall be deemed to refer to Notes of the applicable series. 

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

“Offering Memorandum” means the offering memorandum, dated January 16, 2014, relating to the sale of the Initial
Notes. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the President, any
Executive Vice President, Senior Vice President or Vice President, the Treasurer, Assistant Treasurer, the Secretary or the Assistant Secretaries of the Parent or an Issuer. 

“Officer’s Certificate” means a certificate signed on behalf of the Parent or an Issuer, as the case may be, by
an Officer of the Parent or an Issuer, as applicable, who must be the principal executive officer, the principal financial officer, the principal accounting officer or Secretary of the Parent or an Issuer, as applicable, that meets the requirements
set forth in this Indenture. 

  
 16 

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

“Parent” means CBS Outdoor Americas Inc. and not any of its subsidiaries; provided that when used in the context of
determining the fair market value of an asset or liability under this Indenture, “Parent” will mean the Board of Directors of the Parent (or a duly appointed committee thereof) when the fair market value is equal to or in excess of $25.0
million. 
 “Pari Passu Indebtedness” means indebtedness of an Issuer or a Guarantor that ranks equally in right of
payment with the Notes or such Guarantor’s Guarantee, as applicable. 
 “Participant” means, with
respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Asset Swap” means the concurrent purchase and sale or exchange of Related Business Assets or a combination
of Related Business Assets and cash or Cash Equivalents between the Parent or any of its Restricted Subsidiaries and another Person; provided, that any cash or Cash Equivalents received must be applied in accordance with
Section 4.10 hereof. 
 “Permitted Holder” means (i) CBS Corporation and any of its controlled
Affiliates and (ii) Sumner M. Redstone, National Amusements, Inc. or any controlled Affiliate thereof, in each case from the Issue Date until such time as such Person beneficially owns less than 50% of the total voting power of the Voting Stock
of the Parent (it being understood that if any such Person subsequently acquires 50% or more of the total voting power of the Voting Stock of the Parent it shall not, at such time, constitute a “Permitted Holder”). 

“Permitted Investments” means: 

(1) any Investment in the Parent or any of its Restricted Subsidiaries; 

(2) any Investment in cash, Cash Equivalents or Investment Grade Securities; 

(3) any Investment by the Parent or any of its Restricted Subsidiaries in a Person that is engaged in a Similar Business if as
a result of such Investment: 
 (a) such Person becomes a Restricted Subsidiary; or 

(b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into,
or transfers or conveys substantially all of its assets to, or is liquidated into, the Parent or a Restricted Subsidiary; and, in each case, any Investment held by such Person, 

provided, that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer;

 (4) any Investment in securities or other assets not constituting cash or Cash Equivalents and received in connection with
an Asset Sale made pursuant to the provisions of Section 4.10 hereof or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or an
Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may only be increased as required by the terms of such Investment as in existence on
the Issue Date; 
 (6) any Investment acquired by the Parent or any of its Restricted Subsidiaries: 

(a) in exchange for any other Investment or accounts receivable held by the Parent or any such Restricted Subsidiary in
connection with or as a result of a bankruptcy workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable; 

  
 17 

 (b) as a result of a foreclosure by the Parent or any of its Restricted
Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; or 

(c) as a result of the settlement, compromise or resolution of litigation, arbitration or other disputes with Persons who are
not Affiliates of the Parent; 
 (7) Hedging Obligations permitted under clause (9) of Section 4.09(b) hereof; 

(8) Investments the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Parent;
provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (3) of Section 4.07(a) hereof; 

(9) guarantees of Indebtedness permitted under Section 4.09 hereof; 

(10) any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of
Section 4.11(b) hereof (except transactions described in clauses (2), (6), (8), (9) and (11) of Section 4.11(b) hereof); 

(11) Investments consisting of (x) purchases and acquisitions of inventory, supplies, material, services or equipment, or
other similar assets or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business or (y) the licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other Persons; 
 (12) additional Investments having an aggregate fair market value (as determined in good
faith by the Parent), taken together with all other Investments made pursuant to this clause (12) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not
consist of cash or marketable securities), not to exceed the greater of (x) $300.0 million and (y) 10.0% of Total Assets at the time of such Investment (with the fair market value of each Investment being measured at the time made and
without giving effect to subsequent changes in value); 
 (13) Investments in a Receivables Subsidiary or any Investment by a
Receivables Subsidiary in any Person that, in the good faith determination of the Parent are necessary or advisable to effect any Receivables Facility or any repurchases in connection therewith; 

(14) advances to, or guarantees of Indebtedness of, officers, directors and employees not in excess of $5.0 million outstanding
at any one time, in the aggregate; 
 (15) loans and advances to officers, directors and employees for business-related
travel expenses, moving expenses, payroll expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person’s purchase of Equity Interests of the Parent; 

(16) any Investment by the Parent or any of its Restricted Subsidiaries in an Unrestricted Subsidiary or a joint venture
engaged in a Similar Business in an aggregate amount, taken together with all other Investments made pursuant to this clause (16) that are at the time outstanding, not to exceed the greater of (x) $300.0 million and (y) 10.0% of Total
Assets (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 

(17) any Investment in any Subsidiary or joint venture in connection with intercompany cash management arrangements or related
activities arising in the ordinary course of business; and 
 (18) endorsements for collection or deposit in the ordinary
course of business. 

  
 18 

 For the avoidance of doubt, an Investment in the form of an acquisition permitted above may be
structured as an “UPREIT” acquisition, in which a Restricted Subsidiary would issue limited partnership interests (or other similar Equity Interests), which may then be subsequently repurchased for either common shares of Parent or cash.

 “Permitted Liens” means, with respect to any Person: 

(1) pledges, deposits or security by such Person under workmen’s compensation laws, unemployment insurance,
employers’ health tax, and other social security laws or similar legislation or other insurance related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto)
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, or good faith deposits in connection with bids,
tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety, stay,
customs or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, performance and return of money bonds and other similar obligations (including letters of credit issued
in lieu of any such bonds or to support the issuance thereof and including those to secure health, safety and environmental obligations), in each case incurred in the ordinary course of business; 

(2) Liens imposed by law or regulation, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for
sums not yet overdue for a period of more than 30 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with
an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP; 

(3) Liens for taxes, assessments or other governmental charges not yet overdue for a period of more than 30 days or which are
being contested in good faith by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP; 

(4) Liens in favor of issuers of performance, surety bonds or bid, indemnity, warranty, release, appeal or similar bonds or
with respect to other regulatory requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(5) survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines, utilities and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its
properties which were not incurred in connection with Indebtedness or other covenants, conditions, restrictions and minor defects or irregularities in title (“Other Encumbrances”), in each case which Liens and Other Encumbrances do
not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(6) Liens securing Indebtedness permitted to be incurred pursuant to clause (4) or (17) of Section 4.09(b)
hereof; provided that (x) Liens securing Indebtedness permitted to be incurred pursuant to clause (4) extend only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of which
is financed thereby and any replacements, additions and accessions thereto and any income or profits thereof, and (y) Liens securing Indebtedness permitted to be incurred pursuant to clause (17) extend only to the assets of Non-Guarantor
Subsidiaries; 
 (7) Liens existing on the Issue Date; 

  
 19 

 (8) Liens on property or shares of stock of a Person at the time such Person
becomes a Subsidiary; provided, however, such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens may not
extend to any other property owned by the Parent or any of its Restricted Subsidiaries; 
 (9) Liens on property at the time
the Parent or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Parent or any of its Restricted Subsidiaries; provided, however, that such Liens are not
created or incurred in connection with, or in contemplation of, such acquisition, merger or consolidation; provided, further, however, that the Liens may not extend to any other property owned by the Parent or any of its
Restricted Subsidiaries; 
 (10) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the
Parent or any Restricted Subsidiary permitted to be incurred in accordance with Section 4.09 hereof; 
 (11) Liens
securing Hedging Obligations so long as, in the case of Hedging Obligations related to interest, the related Indebtedness is, and is permitted to be under this Indenture, secured by a Lien on the same property securing such Hedging Obligations; 

(12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances or trade letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(13) (a) leases, subleases, licenses or sublicenses (including of real property and intellectual property) granted to others in
the ordinary course of business and, (b) with respect to any leasehold interest held by Parent or any of its Subsidiaries, the terms of the leases granting such leasehold interest and the rights of lessors thereunder, in the case of each of
(a) and (b) which do not materially interfere with the ordinary conduct of the business of the Parent or any of its Restricted Subsidiaries and do not secure any Indebtedness; 

(14) Liens arising from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases
entered into by the Parent and its Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens in favor of any
Issuer or any Guarantor; 
 (16) Liens on equipment of the Parent or any of its Restricted Subsidiaries granted in the
ordinary course of business; 
 (17) Liens on accounts receivable and related assets incurred in connection with a
Receivables Facility; 
 (18) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive
refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9) and this clause (18); provided, however, that
(a) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property), and (b) the Indebtedness secured by such Lien at such time is not increased to any amount greater
than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9) and this clause (18) at the time the original Lien became a Permitted Lien under this
Indenture, and (ii) an amount necessary to pay any fees and expenses, including premiums, and accrued and unpaid interest related to such refinancing, refunding, extension, renewal or replacement; 

(19) deposits made in the ordinary course of business to secure liability to insurance carriers; 

  
 20 

 (20) other Liens securing Obligations which do not exceed $100.0 million in
aggregate principal amount at any one time outstanding; 
 (21) Liens securing judgments for the payment of money not
constituting an Event of Default under clause (5) under Section 6.01 hereof so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been
finally terminated or the period within which such proceedings may be initiated has not expired; 
 (22) 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; 

(23) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or
successor provision on items in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (iii) in favor of banking or other financial
institutions arising as a matter of law or pursuant to customary depositary terms encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(24) Liens deemed to exist in connection with Investments in repurchase agreements permitted under Section 4.09
hereof; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 

(25) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(26) banker’s liens, Liens that are statutory, common law or contractual rights of set-off and other similar Liens, in
each case (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness or (ii) relating to pooled deposit or sweep accounts of the Parent or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Parent and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with
customers of the Parent or any of its Restricted Subsidiaries in the ordinary course of business; 
 (27) Liens on assets of
Non-Guarantor Subsidiaries securing Indebtedness of such Non-Guarantor Subsidiary; 
 (28) Liens on the Equity Interests of
Unrestricted Subsidiaries that secure Indebtedness of such Unrestricted Subsidiaries; 
 (29) any encumbrance or restriction
(including put and call arrangements) with respect to capital stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(30) Liens on property or assets used to defease or to irrevocably satisfy and discharge Indebtedness; provided
that such defeasance or satisfaction and discharge is not prohibited by this Indenture; 
 (31) Liens arising out of
conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business; 

(32) Liens incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of
business; and 
 (33) Liens solely on any cash earnest money deposits made by the Parent or any of its Restricted
Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted hereunder. 

  
 21 

 For purposes of this definition, the term “Indebtedness” shall be deemed
to include interest on and the costs in respect of such Indebtedness. 
 “Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Private Placement Legend” means the legend set forth in
Section 2.06(g)(i) hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Property” means any real property (and all fixtures, improvements, appurtenances and related assets thereof and
therein) owned by the Parent or any of its Restricted Subsidiaries or in which the Parent or any of its Restricted Subsidiaries holds a leasehold interest.  

“Purging Distributions” means dividends and distributions after Parent ceases to be consolidated with CBS Corporation
for U.S. federal income tax purposes, whether in cash or kind, in the amount required (as determined in good faith by Parent) to effect the distribution of Parent’s earnings and profits required by Section 857(a)(2)(B) of the Code in
connection with or in anticipation of the REIT Election (including, for the avoidance of doubt, any earnings and profits allocated to Parent in connection with the Separation), and any subsequent “true-up” payments to correct for
recalculations of the appropriate amount. 
 “QIB” means a “qualified institutional buyer”
as defined in Rule 144A. 
 “Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or
both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Parent which shall be substituted for Moody’s or S&P or both, as the case may
be. 
 “Rating Category” means (a) with respect to S&P, any of the following categories: BB, B, CCC, CC, C
and D (or equivalent successor categories); (b) with respect to Moody’s, any of the following categories: Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (c) the equivalent of any such category of S&P or
Moody’s used by another Rating Agency selected by the Issuers. In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories ((i) + and – for S&P; (ii) 1, 2 and 3 for
Moody’s; and (iii) the equivalent gradations for another Rating Agency selected by the Issuers) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, or from BB- to B+, will constitute a decrease
of one gradation). 
 “Rating Date” means the date which is 90 days prior to the earlier of (a) a Change of
Control or (b) public notice of the occurrence of a Change of Control or of the intention by the Issuers to effect a Change of Control.  

“Rating Decline” with respect to the Notes shall be deemed to occur if, within 90 days after public notice of the
occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies with respect to a Rating Category), the rating of
the Notes by each Rating Agency shall be decreased by one or more gradations to or within a Rating Category (including gradations within Rating Categories as well as between Rating Categories) as compared to the rating of the Notes on the Rating
Date. 
 “Receivables Facility” means any of one or more receivables financing facilities as amended,
supplemented, modified, extended, renewed, restated or refunded from time to time, the Obligations of which are  

  
 22 

 
non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Parent or any of its Restricted Subsidiaries (other than
a Receivables Subsidiary) pursuant to which the Parent or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its
accounts receivable to a Person that is not a Restricted Subsidiary. 
 “Receivables Fees” means distributions or
payments made directly or by means of discounts with respect to any accounts receivable or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any
Receivables Facility.  
 “Receivables Subsidiary” means any Subsidiary formed for the purpose of, and that
solely engages only in one or more Receivables Facilities and other activities reasonably related thereto.  
 “Record
Date” for the interest payable on any applicable Interest Payment Date means May 1 or November 1 (whether or not a Business Day) next preceding such Interest Payment Date. 

“Registration Rights Agreements” means the Registration Rights Agreement with respect to the Notes, dated the Issue
Date, among the Issuers, the Guarantors and the Representatives and any similar registration rights agreements with respect to any Additional Notes. 

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

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as
applicable. 
 “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A-1
or Exhibit A-2 hereto, as the case may be, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note of the applicable series upon expiration of the Restricted Period. 

“Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A-1 or Exhibit A-2 hereto,
as the case may be, bearing the Global Note Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount of the Notes of the applicable series initially sold in reliance on Rule 903. 

“REIT Election” means Parent’s election to be, and qualification to be taxed as, a real estate investment trust
for U.S. federal income tax purposes. 
 “Regulation S Temporary Global Note Legend” means the legend set forth in
Section 2.06(g)(iii) hereof. 
 “Related Business Assets” means assets (other than cash or Cash Equivalents)
used or useful in a Similar Business, provided that any assets received by the Parent or a Restricted Subsidiary in exchange for assets transferred by the Parent or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they
consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.  

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

  
 23 

 “Restricted Definitive Note” means a Definitive Note bearing the Private
Placement Legend. 
 “Restricted Global 2022 Note” means a Restricted Global Note representing 2022 Notes.

 “Restricted Global 2024 Note” means a Restricted Global Note representing 2024 Notes. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

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

“Restricted Subsidiary” means, at any time, each direct and indirect Subsidiary of the Parent (including any Foreign
Subsidiary) that is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included
in the definition of “Restricted Subsidiary.” For the avoidance of doubt, each of the Issuers shall constitute a Restricted Subsidiary under this Indenture, and neither Issuer may be designated as an Unrestricted Subsidiary. 

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

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

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

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

“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to
its rating agency business. 
 “Sale and Lease-Back Transaction” means any direct or indirect arrangement
providing for the leasing by the Parent or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred for value by the Parent or such Restricted Subsidiary to a third Person
in contemplation of such leasing. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness of the Parent or any of its Restricted Subsidiaries secured by a Lien.
For the avoidance of doubt, Attributable Debt will be considered to be secured by the asset that is the subject of the Sale and Leaseback Transaction. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Senior Credit Facilities” means the credit facility under the credit agreement to be entered
into in connection with the Transactions by and among the Issuers, the Guarantors, the lenders party thereto in their capacities as lenders thereunder and Citibank, N.A., as Administrative Agent including any guarantees, collateral documents,
instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings or refinancings thereof and any indentures or credit facilities or commercial paper
facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or
indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 4.09 hereof). 

“Separation” means the disposition of all of the Capital Stock of Parent beneficially owned by CBS Corporation as
described in the Offering Memorandum under the caption “The Separation.” 

  
 24 

 “Shelf Registration Statement” means a Shelf Registration Statement as
defined in the applicable Registration Rights Agreement. 
 “Significant Subsidiary” means any Restricted
Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date. 

“Similar Business” means any business conducted or proposed to be conducted by the Parent and its Restricted
Subsidiaries on the Issue Date or any business that is similar, reasonably related, incidental or ancillary thereto. 

“Subordinated Indebtedness” means, 

(1) any Indebtedness of an Issuer which is by its terms subordinated in right of payment to the Notes, and 

(2) any Indebtedness of a Guarantor which is by its terms subordinated in right of payment to the Guarantee of such entity.

 “Subsidiary” means, with respect to any Person: 

(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company
or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of
determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and 

(2) any partnership, joint venture, limited liability company or similar entity of which 

(x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited
partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited
partnership or otherwise, and 
 (y) such Person or any Restricted Subsidiary of such Person is a controlling general partner
or otherwise controls such entity. 
 “Subsidiary Guarantor” means each Restricted Subsidiary that Guarantees the
Notes in accordance with the terms of this Indenture.  
 “Total Assets” means total assets of the Parent and
its Restricted Subsidiaries on a consolidated basis, shown on the most recent balance sheet of the Parent and its Restricted Subsidiaries as may be expressly stated without giving effect to any amortization of the amount of intangible assets since
the Issue Date, with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Consolidated Leverage Ratio.” 

“Transactions” means (a)(i) the issuance and sale of the Notes pursuant to the Offering Memorandum, (ii) the
entering into of the Senior Credit Facilities and (iii) the borrowing of the term loan thereunder, (b) the consummation of the IPO, (c) the use, in one or more payments (which may take the form of Restricted Payments), of a portion of
the aggregate proceeds from the foregoing by Parent, together with the issuance of Equity Interests of Parent, to acquire from CBS Corporation the entities comprising CBS Corporation’s Outdoor Americas operating segment, such that such entities
will be consolidated under Parent as of the Issue Date, and (d) the Separation, in each case as described in the Offering Memorandum. For the avoidance of doubt, the Transactions shall not include the Purging Distributions. 

  
 25 

 “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 15, 2017 (in the case of the 2022
Notes) or February 15, 2019 (in the case of the 2024 Notes); provided, however, that if the period from the redemption date to February 15, 2017 (in the case of the 2022 Notes) or February 15,
2019 (in the case of the 2024 Notes) is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 “Trustee” Deutsche Bank Trust Company Americas, as trustee, until a successor replaces it in accordance with
the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted
Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 

“Unrestricted Global Note” means a permanent Global Note, substantially in the form of Exhibit A-1 or A-2 attached
hereto, as the case may be, that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the
Depositary, representing Notes that do not bear the Private Placement Legend. 
 “Unrestricted Subsidiary”
means: 
 (1) any Subsidiary of the Parent which at the time of determination is an Unrestricted Subsidiary (as
designated by the Parent, as provided below); and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

The Parent may designate any Subsidiary of the Parent (including any existing Subsidiary and any newly acquired or newly formed Subsidiary but
excluding each Issuer) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Parent or any Subsidiary of the Parent (other
than solely any Subsidiary of the Subsidiary to be so designated); provided that: 
 (1) such designation complies
with Section 4.07 hereof; and 
 (2) each of: 

(a) the Subsidiary to be so designated; and 

(b) its Subsidiaries 
 has not at
the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Parent
or any Restricted Subsidiary except for Liens described in clause (28) of the definition of “Permitted Liens”. 
 The
Parent may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation, no Default shall have occurred and be continuing and either: 

(1) the Parent could incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test described
in Section 4.09(a) hereof; or 
 (2) the Consolidated Leverage Ratio for the Parent and its Restricted Subsidiaries
would be less than or equal to such ratio immediately prior to such designation, 

  
 26 

 in each case on a pro forma basis taking into account such designation. 

Any such designation by the Parent shall be notified by the Parent to the Trustee by promptly filing with the Trustee a copy of the resolution
of the Board of Directors of the Parent or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to
vote in the election of the board of directors or other governing body of such Person. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 

(1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled
principal payment of such Indebtedness or scheduled redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment; by 

(2) the sum of all such payments. 

“Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Equity Interests of
which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

  
 27 

 Section 1.02. Other Definitions. 

 

			
	 Term
	  	Defined in
Section
		
	 “Acceptable Commitment”
	  	4.10
	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	4.10
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Covenant Defeasance”
	  	8.03
	 “Covenant Suspension Event”
	  	4.16
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “incur”, “incurrence”
	  	4.09
	 “Legal Defeasance”
	  	8.02
	 “Note Register”
	  	2.03
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Pari Passu Indebtedness”
	  	4.10
	 “Paying Agent”
	  	2.03
	 “Purchase Date”
	  	3.09
	 “Refinancing Indebtedness”
	  	4.09
	 “Refunding Capital Stock”
	  	4.07
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07
	 “Reversion Date”
	  	4.16
	 “Successor”
	  	5.01
	 “Successor Company”
	  	5.01
	 “Successor Person”
	  	5.01
	 “Suspended Covenant”
	  	4.16
	 “Suspension Period”
	  	4.16
	 “Treasury Capital Stock”
	  	4.07

 Section 1.03. Incorporation by Reference of Trust Indenture Act.  

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

“indenture securities” means the Notes; 

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

“indenture to be qualified” means this Indenture; 

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

“obligor” on the Notes and the Guarantees means the Issuers and the Guarantors, respectively, and any successor
obligor upon the Notes and the Guarantees, respectively. 

  
 28 

 All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by
Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them. 

Section 1.04. Rules of Construction.  

Unless the context otherwise requires: 

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

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

(c) “or” is not exclusive; 

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

(e) references to “shall” and “will” are intended to have the same meaning; 

(f) provisions apply to successive events and transactions; 

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

(i) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Indenture as a whole and not any particular Article, Section, clause or other subdivision; and 
 (j) unless otherwise specifically
indicated, the term “consolidated” with respect to any Person refers to such Person consolidated with the Parent and its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such
Unrestricted Subsidiary were not an Affiliate of such Person. 
 Section 1.05. Acts of Holders.  

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

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

  
 29 

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

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

(g) Without limiting the generality of the foregoing, a Holder, including DTC, may make, give or take, by a proxy or proxies duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and DTC may provide its proxy or proxies to the beneficial owners of interests in any
such Global Note through such depositary’s standing instructions and customary practices. 
 (h) The Issuers may fix a record date for
the purpose of determining the Persons who are beneficial owners of interests in any Global Note held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request,
demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and
only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand,
authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than 90 days after such record date. 

ARTICLE 2 
 THE NOTES 

Section 2.01. Form and Dating; Terms.  

(a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A-1 (in the
case of the 2022 Notes) and Exhibit A-2 (in the case of the 2024 Notes) hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of the Trustee’s
authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. 
 (b) Global
Notes. Notes issued in global form shall be substantially in the form of Exhibit A-1 (in the case of the 2022 Notes) and Exhibit A-2 (in the case of the 2024 Notes) attached hereto (including the Global Note Legend thereon and the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A-1 (in the case of the 2022 Notes) and Exhibit A-2 (in the case of the 2024 Notes) attached hereto
(but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified in the
“Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes 

  
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from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect
exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee as Custodian, in accordance with
instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Temporary Global Notes. Notes offered and
sold in reliance on Regulation S shall be issued initially in the form of the Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as Custodian, and registered in
the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided. Upon the expiry
of the Restricted Period, beneficial interests in each Regulation S Temporary Global Note shall be exchanged for beneficial interests in a Regulation S Permanent Global Note of the same series pursuant to the Applicable Procedures. Simultaneously
with the authentication of a Regulation S Permanent Global Note, the Trustee shall cancel the corresponding Regulation S Temporary Global Note. The aggregate principal amount of a Regulation S Temporary Global Note and a Regulation S Permanent
Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

(d) Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuers, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to repurchase by the Issuers
pursuant to an Asset Sale Offer as provided in Section 4.10 hereof or a Change of Control Offer as provided in Section 4.14. The Notes shall not be redeemable, other than as provided in Article 3. 

Additional Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Issuers without notice to
or consent of the Holders and shall be consolidated with and form a single class with the other Notes of the applicable series (including any Initial Notes, Exchange Notes or other Additional Notes composing such series) and shall have the same
terms as to status, redemption or otherwise as such Notes; provided that the Issuers’ ability to issue Additional Notes shall be subject to the Issuers’ compliance with Section 4.09 hereof. Any Additional Notes shall be issued with
the benefit of an indenture supplemental to this Indenture. 
 (e) Euroclear and Clearstream Procedures Applicable. The provisions of
the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream
shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream. 

Section 2.02. Execution and Authentication.  

At least one Officer of each Issuer shall execute the Notes by manual signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be
valid. 
 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A-1 or Exhibit A-2 attached hereto, as the case may be, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this
Indenture. 

  
 31 

 On the Issue Date, the Trustee shall, upon receipt of on Issuer Order (an “Authentication
Order”), authenticate and deliver (i) the Initial 2022 Notes and (ii) the Initial 2024 Notes. In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any
Additional Notes for an aggregate principal amount specified in such Authentication Order for such Additional Notes issued hereunder. 
 The
Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuers. 

Section 2.03. Registrar and Paying Agent.  

The Issuers shall maintain (i) an office or agency in the Borough of Manhattan, City of New York, the State of New York where Notes may
be presented for registration of transfer or for exchange (“Registrar”) and (ii) an office or agency in the Borough of Manhattan, the City of New York, the State of New York where Notes may be presented for payment (the
“Paying Agent”). The Registrar shall maintain a register reflecting ownership of the Notes outstanding from time to time (“Note Register”) and shall make payments on and facilitate transfer of Notes on behalf of the
Issuers. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar. The term “Paying Agent” includes any additional paying agents. The
Issuers initially appoint the Trustee as (i) Registrar and Paying Agent and (ii) the Custodian with respect to the Global Notes. The Issuers may change the Paying Agents or the Registrars without prior notice to the Holders. The Issuers
shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuers fail to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Parent or any of its
Subsidiaries, including the Issuers, may act as a Paying Agent or a Registrar. All Agents appointed under this Indenture shall be appointed pursuant to agency agreements among the Issuers, the Trustee and the Agent, as applicable. 

The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 Section 2.04. Paying Agent to Hold Money in Trust.  

The Issuers shall require the Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuers in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent
(if other than the Issuers or one of their respective Subsidiaries) shall have no further liability for the money. If an Issuer or one of their respective Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for
the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee shall serve as Paying Agent for the Notes. 

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

  
 32 

 Section 2.06. Transfer and Exchange.  

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred,
in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor. A beneficial interest in a Global Note shall be exchangeable for a Definitive Note of the same series if (A) the
Depositary notifies the Issuers that it is unwilling or unable to continue as Depositary for such Global Note and a successor Depositary is not appointed by the Issuers within 90 days of such notice or (B) in the case of any Global Note, there
shall have occurred and be continuing an Event of Default with respect to such Global Note and the Depositary has requested the issuance of Definitive Notes. Upon the occurrence of any of the preceding events in (A) or (B) above,
Definitive Notes delivered in exchange for any Global Note of the same series or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with
its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note of the same series or
any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding
events in (A) or (B) above and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however, beneficial interests in a
Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof. 
 (b) Transfer and
Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred
or exchanged only for beneficial interests in Global Notes pursuant to this clause (b). Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well
as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer of Beneficial Interests in the Same
Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set
forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Temporary Global Note may not be made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note of the same series in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant
or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note of the same series in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above;
provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in a Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the
Registrar of any certificates required pursuant to Rule 903. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the
Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 

  
 33 

 (iii) Transfer of Beneficial Interests to Another Restricted Global Note.
A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(ii) hereof and the Registrar receives the following: 
 (A) if the transferee will take delivery in the
form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 

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

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

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

(C) the Registrar receives the following: 

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

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

 and, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 If any such transfer is effected pursuant to this Section 2.06(b)(iv) at a time when an Unrestricted Global Note has not yet been
issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate
principal amount of beneficial interests transferred pursuant to this Section 2.06(b)(iv). 

  
 34 

 (v) Transfer and Exchange of Beneficial Interests in an Unrestricted Global
Note for Beneficial Interests in a Restricted Global Note Prohibited. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, beneficial interests in a
Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. Beneficial interests in Global
Notes shall be exchanged for Definitive Notes only pursuant to this clause (c). 
 (i) Beneficial Interests in Restricted Global Notes to
Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events in clause (A) or (B) of Section 2.06(a) hereof, subject to satisfaction of the conditions set forth in Section 2.06(b)(ii) and
receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

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

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

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

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and
the Issuers shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted
Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the
Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global
Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(ii) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A) and
(C) hereof, a beneficial interest in a Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act. 

  
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 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A
holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note only upon the occurrence of any of the events in clause (A) or (B) of Section 2.06(a) and satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof and if: 

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

(D) the Registrar receives the following: 

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

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

and, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in
an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the
events in clause (A) or (B) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Issuers shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend. 
 (d) Transfer
and Exchange of Definitive Notes for Beneficial Interests. Restricted Definitive Notes shall be exchanged for beneficial interests in Restricted Global Notes only pursuant to this clause (d). 

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

 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Parent or any of its Restricted Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such
Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause
(A) above, the applicable Restricted Global Note, in the case of clause (B) above, the applicable 144A Global Note, and in the case of clause (C) above, the applicable Regulation S Global Note. 

(ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 

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

(D) the Registrar receives the following: 

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

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

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

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

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

(i) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in
the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

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

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

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

(A) such exchange is effected pursuant to an Exchange Offer in accordance with the applicable Registration Rights Agreement and
the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) an Exchanging Dealer, (2) a Person participating in a distribution of Exchange Notes
or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 

  
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 (B) any such transfer is effected pursuant to a Shelf Registration Statement in
accordance with the applicable Registration Rights Agreement; 
 (C) any such transfer is effected by an Exchanging Dealer
pursuant to an Exchange Registration Statement in accordance with the applicable Registration Rights Agreement; or 
 (D) the
Registrar receives the following: 
 (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes
for an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

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

and, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder
thereof. 
 (f) Exchange Offer. Upon the occurrence of an Exchange Offer in accordance with the applicable Registration Rights
Agreement, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee or an authenticating agent shall authenticate (i) one or more Unrestricted Global Notes in an aggregate
principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Exchanging Dealers,
(y) they are not participating in a distribution of Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Issuers, and accepted for exchange in an Exchange Offer and (ii) Unrestricted Definitive Notes in an
aggregate principal amount equal to the principal amount of the Restricted Definitive Notes tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Exchanging Dealers, (y) they are not
participating in a distribution of Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Issuers, and accepted for exchange in an Exchange Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the
aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Issuers shall execute and the Trustee or an authenticating agent shall authenticate and mail to the Persons designated by the Holders of
Definitive Notes so accepted Unrestricted Definitive Notes in the applicable principal amount. Any Notes that remain outstanding after the consummation of an Exchange Offer, and Exchange Notes issued in connection with an Exchange Offer, shall be
treated as a single class of securities under this Indenture. 

  
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 (g) Legends. The following legends shall appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(i) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES:
ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE ISSUERS, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO
A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER
HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii),
(c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

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

  
 40 

 
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(iii) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear a legend in
substantially the following form: 
 “THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 
 (h) Cancellation and/or Adjustment
of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note
shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by
the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(ii) The Registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in
connection with a transfer of Notes. 
 (iii) No service charge shall be made to a holder of a beneficial interest in a
Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but Holders shall pay all taxes due on transfer (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and 9.04 hereof). 
 (iv) Neither the Registrar nor the Issuers shall
be required to register the transfer of or exchange any Note selected for redemption. 
 (v) All Global Notes and Definitive
Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 

  
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 (vi) The Issuers shall not be required (A) to issue, register the transfer
of or exchange any Note for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed, (B) to transfer or exchange any Note selected for redemption, (C) to register the transfer of or to exchange a Note
between a Record Date and the next succeeding Interest Payment Date or (D) to register the transfer of or to exchange any Notes selected for redemption or tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer
or an Asset Sale Offer. 
 (vii) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any
Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
 (viii) Upon
surrender for registration of transfer of any Note at the office or agency of the Issuers designated pursuant to Section 4.02 hereof, the Issuers shall execute, and the Trustee shall authenticate and mail, in the name of the designated
transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount. 

(ix) At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a
like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Issuers shall execute, and the Trustee shall authenticate and
mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.02 hereof. 

(x) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 (xi) The Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depositary Participants or beneficial owners of interests in any Global Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(xii) Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the
Depositary. 
 Section 2.07. Replacement Notes.  

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

  
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 Section 2.08. Outstanding Notes.  

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a
Note does not cease to be outstanding because the Parent, either of the Issuers or an Affiliate of the Parent or either of the Issuers holds the Note. 

If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Parent, a Subsidiary of the
Parent or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue
interest. 
 Section 2.09. Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Parent, or by any Affiliate of the Parent, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that
a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 
 Section 2.10. Temporary Notes.  

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

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

The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall dispose of cancelled Notes (subject to the record retention requirement of the Exchange Act) in accordance with its customary procedures. Certification of the disposal of all cancelled Notes
shall be delivered to the Issuers upon their written request. The Issuers may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation. 

Section 2.12. Defaulted Interest.  

If the Issuers default in a payment of interest on a series of Notes, they shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest to the Persons who are Holders of Notes of such series on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuers shall
notify the Trustee (and the Trustee) in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuers shall deposit with the Trustee, an amount of money equal to
the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee, for such deposit prior to the 

  
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date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Trustee
shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than ten (10) days prior to the related payment date for such defaulted interest. The Trustee shall
notify the Issuers of such special record date promptly, and in any event at least 20 days before such special record date. At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers or the Trustee, in
the name and at the expense of the Issuers) shall mail or cause to be mailed, first-class postage prepaid, to each Holder a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date
and the amount of such interest to be paid. 
 Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each
Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

Section 2.13. CUSIP/ISIN Numbers.  

The Issuers in issuing the Notes may use CUSIP or ISIN numbers, as applicable, (if then generally in use) and, if so, the Trustee shall use
CUSIP or ISIN numbers, as applicable, in notices of redemption as a convenience to Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as
contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers will as
promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN Code numbers, as applicable. Additional Notes will not be issued with the same CUSIP, if any, as any existing Notes unless such Additional Notes are fungible
with such existing Notes for U.S. federal income tax purposes. 
 ARTICLE 3 

REDEMPTION 
 Section 3.01.
Notices to Trustee.  
 If the Issuers elect to redeem Notes pursuant to Section 3.07 hereof, they shall furnish to the
Trustee, at least five (5) Business Days before notice of redemption is mailed or caused to be mailed to the applicable Holders pursuant to Section 3.03, an Officer’s Certificate setting forth (i) the paragraph or subparagraph of
such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of the 2022 Notes or 2024 Notes, as the case may be, to be redeemed and (iv) the redemption
price. 
 Section 3.02. Selection of Notes to Be Redeemed or Purchased. 

If the Issuers are redeeming or repurchasing less than all of a series of Notes at any time, the Trustee shall select the Notes of such series
to be redeemed or purchased (a) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed, (b) on a pro rata basis or
(c) by lot or such other similar method in accordance with the procedures of DTC; provided that no Notes of $2,000 or less shall be redeemed or repurchased in part. In the event of partial redemption or purchase by lot, the particular Notes to
be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 

The Trustee shall promptly notify the Issuers in writing of the Notes selected for redemption or purchase and, in the case of any Note
selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; no Notes of $2,000 or less can
be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the
preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

  
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 Section 3.03. Notice of Purchase or Redemption.  

Subject to Section 3.09 hereof, the Issuers shall mail or cause to be mailed by first-class mail, postage prepaid, notices of purchase or
redemption at least 30 days but not more than 60 days before the purchase or redemption date to each Holder of Notes to be redeemed at such Holder’s registered address, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with Article 8 or Article 11 hereof. 
 The notice shall identify the Notes (including
the CUSIP or ISIN number) to be purchased or redeemed and shall state: 
 (a) the purchase or redemption date; 

(b) the purchase or redemption price; 

(c) if any Note is to be redeemed in part only, the portion of the principal amount of that Note that has been or is to be purchased or
redeemed and that, after the redemption date upon surrender of such Note, the Issuers will issue a new Note or Notes in principal amount equal to the unredeemed portion of the original Note in the name of the Holder upon cancellation of the original
Note; 
 (d) the name and address of the Paying Agent; 

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

(f) that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after
the redemption date; 
 (g) the paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called
for purchase or redemption are being redeemed; 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN
number, as applicable, if any, listed in such notice or printed on the Notes; and 
 (i) if in connection with a redemption pursuant to
Paragraph 5(c) of the applicable Note, any condition to such redemption. 
 At the Issuers’ request, the Trustee shall give the notice
of purchase or redemption in the Issuers’ names and at their expense; provided that the Issuers shall have delivered to the Trustee, at least 5 Business Days before notice of redemption is required to be mailed or caused to be mailed to
Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as
provided in the preceding paragraph. 
 Section 3.04. Effect of Notice of Redemption.  

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price (except as provided for in Paragraph 5(c) of the applicable Note). The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder
receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any
other Note. Subject to Section 3.05 hereof, on and after the redemption date, interest ceases to accrue on Notes or portions of Notes called for redemption. 

  
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 Section 3.05. Deposit of Redemption or Purchase Price.  

Prior to 12:00 p.m. (New York City time) on the redemption or purchase date, the Issuers shall deposit with the Paying Agent money sufficient
to pay the redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that date. The Paying Agent shall promptly return to the Issuers any money deposited with the Paying Agent by the Issuers in
excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased. 

If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest shall cease to
accrue on the 2022 Notes or 2024 Notes, as applicable, or the portions of 2022 Notes or 2024 Notes, as applicable called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest
Payment Date, then any accrued and unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase
shall not be so paid upon surrender for redemption or purchase because of the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is
paid, and to the extent lawful on any interest accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06. Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Issuers shall issue and the Trustee shall authenticate for the Holder at
the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased; provided that each new Note will be
in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s
Certificate is required for the Trustee to authenticate such new Note. 
 Section 3.07. Optional Redemption.  

The Notes may be redeemed, at any time in whole, or from time to time in part, subject to the conditions and at the redemption prices set
forth in Paragraph 5 of the form of Notes set forth in Exhibit A-1 and Exhibit A-2 hereto, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest, if any, to the redemption date. 

Section 3.08. Mandatory Redemption. 

The issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09. Offers to Repurchase by Application of Excess Proceeds.  

(a) In the event that, pursuant to Section 4.10 hereof, the Issuers shall be required to commence an Asset Sale Offer, they shall follow
the procedures specified below. 
 (b) The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement
and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the
Issuers shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and, if required by the terms of any Pari Passu Indebtedness, such Pari Passu Indebtedness (on a pro rata basis, if applicable), or, if
less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 

  
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 (c) If the Purchase Date is on or after a Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest, if any, up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to
Holders who tender Notes pursuant to the Asset Sale Offer. 
 (d) Upon the commencement of an Asset Sale Offer, the Issuers shall send, by
first-class mail, a notice to each of the Holders, with a copy to the Trustee and Agents. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer
shall be made to all Holders and, if required by the terms of any Pari Passu Indebtedness, holders of such Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 

(i) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of
time the Asset Sale Offer shall remain open; 
 (ii) the Offer Amount, the purchase price and the Purchase Date; 

(iii) that any Note not tendered or accepted for payment shall continue to accrue interest; 

(iv) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
shall cease to accrue interest after the Purchase Date; 
 (v) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000; 

(vi) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry transfer, to the Issuers, the Depositary, if appointed by the Issuers, or a Paying Agent at the address specified
in the notice at least three days before the Purchase Date; 
 (vii) that Holders shall be entitled to withdraw their
election if the Issuers, the Depositary or the Paying Agent, as the case may be, receive, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note
the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(viii) that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the Holders thereof exceeds
the Offer Amount, the Trustee shall select the Notes and such Pari Passu Indebtedness to be purchased (a) if the Notes or such Pari Passu Indebtedness are listed on any national securities exchange, in compliance with the requirements of the
principal national securities exchange on which the Notes or such Pari Passu Indebtedness, as applicable, are listed, (b) on a pro rata basis based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness
tendered or (c) by lot or such similar method in accordance with the procedures of DTC; provided that no notes of $2,000 or less shall be repurchased in part; and 

(ix) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased. 

(e) On or before the Purchase Date, the Issuers shall, to the extent lawful, (1) accept for payment, on a pro rata basis to the
extent necessary, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered and (2) deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof so tendered. 

  
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 (f) The Issuers, the Depositary or the Paying Agent, as the case may be, shall promptly mail or
deliver to each tendering Holder an amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note, and the Trustee, upon receipt of an
Authentication Order, shall authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or
Officer’s Certificate is required for the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered representing the same indebtedness to the extent not
repurchased; provided, that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder
thereof. The Issuers shall publicly announce the results of the Asset Sale Offer on or as soon as practicable after the Purchase Date. 

Other than as specifically provided in this Section 3.09 or Section 4.10 hereof, any purchase pursuant to this Section 3.09
shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE 4 

COVENANTS 
 Section 4.01.
Payment of Notes.  
 The Issuers shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes
on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Parent or a Subsidiary, holds as of 12:00 P.M. (New York City time) on the
due date money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate
equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at the same rate to the extent
lawful. 
 Section 4.02. Maintenance of Office or Agency.  

The Issuers shall maintain the office or agency required under Section 2.03 (which may be an office of the Trustee or an Affiliate of the
Trustee) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Issuers may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or
rescission shall in any manner relieve the Issuers of their obligation to maintain an office or agency required under Section 2.03. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. 
 The Issuers hereby designate the Corporate Trust Office of the Trustee as one
such office or agency of the Issuers in accordance with Section 2.03 hereof. 

  
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 Section 4.03. Reports and Other Information.  

Notwithstanding that the Issuers may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise
report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Issuers shall file with the SEC (and make available (without exhibits), without cost, to
(i) Holders of the Notes, upon their request, and (ii) the Trustee, within 15 days after it files such reports and information with the SEC, to the extent not publicly available on the SEC’s EDGAR system or the Parent’s or an
Issuer’s public website, provided, however, that the Trustee shall have no responsibility whatsoever to determine whether such filing or any other filing described below has occurred) from and after the Issue Date, 

(1) within the time period then in effect under the rules and regulations of the Exchange Act with respect to the filing of a
Form 10-K by a non-accelerated filer, annual reports on Form 10-K, or any successor or comparable form, containing the information required to be contained therein, or required in such successor or comparable form; 

(2) within the time period then in effect under the rules and regulations of the Exchange Act with respect to the filing of a
Form 10-Q by a non-accelerated filer, for each of the first three fiscal quarters of each fiscal year, reports on Form 10-Q containing all quarterly information that would be required to be contained in Form 10-Q, or any successor or comparable
form; and 
 (3) within the time period then in effect under the rules and regulations of the Exchange Act with respect to
the filing of a Form 8-K, after the occurrence of an event required to be therein reported, such other reports on Form 8-K, or any successor or comparable form; 

in each case, in a manner that complies in all material respects with the requirements specified in such form; provided that the Issuers shall not be
so obligated to file such reports with the SEC if the SEC does not permit such filing, in which event the Issuers shall post such reports on the Parent’s or an Issuer’s public website within 15 days after the time they would have been
required to file such information with the SEC, if they were subject to Sections 13 or 15(d) of the Exchange Act. 
 The filing requirements
set forth above for the applicable period may be satisfied by the Issuers prior to the commencement of the Exchange Offer or the effectiveness of the Shelf Registration Statement by (i) the posting of such reports or the information required to
be set forth therein on the Parent’s or an Issuer’s public website (which may include a press release of the Parent or an Issuer), (ii) the filing with the SEC of an Exchange Offer Registration Statement and/or a Shelf Registration
Statement, and any amendments thereto, with such financial information that satisfies Regulation S-X of the Securities Act or (iii) with respect to their reporting obligations pursuant to clauses (1) and (2) above by including in the
registration statement referred to in the definition of “IPO” quarterly or annual updates, as applicable, to the applicable disclosures set forth therein and without otherwise satisfying the requirements of Form 10-K or 10-Q;
provided that, except as set forth in the immediately preceding clause with respect to scope of disclosure, this paragraph shall not supersede or in any manner suspend or delay the Issuers’ reporting obligations, or the time periods
required therefor, set forth above. 
 In the event that (1) the rules and regulations of the SEC (including Rule 3-10 of Regulation
S-X) permit the Issuers and the Parent (or any other direct or indirect parent company of Capital LLC), to report at such parent entity’s level on a consolidated basis and (2) either (i) such parent entity of Capital LLC is not
engaged in any business in any material respect other than incidental to its ownership, directly or indirectly of the Capital Stock of Capital LLC or (ii) such parent entity of Capital LLC provides separate financial information and a
Management’s Discussion and Analysis of Financial Condition and Results of Operations for Capital LLC and the Restricted Subsidiaries on the one hand, and for any other material business on the other hand, then the information and reports
required by this covenant may be those of such parent company on a consolidated basis, rather than those of the Issuers. 
 In addition, to
the extent not satisfied by the foregoing, for so long as any Notes are outstanding the Issuers shall furnish to Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to
Rule 144A(d)(4) under the Securities Act. 

  
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 Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including Issuers’ compliance with any of their covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 4.04. Compliance Certificate.  

(a) The Issuers shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the Issue Date, a certificate
from, with respect to each Issuer, the principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities of the Parent and the Restricted Subsidiaries during the preceding fiscal year
has been made under the supervision of the signing Officer with a view to determining whether the Issuers have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to such Officer signing such
certificate, that to the best of his or her knowledge the Issuers have kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the
terms, provisions, covenants and conditions of this Indenture (or, if a Default shall have occurred and is continuing, describing all such Defaults of which he or she may have knowledge and what action the Issuers are taking or propose to take with
respect thereto). 
 (b) The Issuers shall, within ten (10) Business Days after becoming aware of any Default, deliver to the Trustee
by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such Default and what action the Issuers proposes to take with respect thereto. 

Section 4.05. Taxes. 
 The Parent
shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where
the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
 Section 4.06. Stay, Extension and Usury
Laws.  
 The Issuers and each of the Guarantors covenant (to the extent that they may lawfully do so) that they shall not at any
time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuers and each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder, delay or impede
the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.07. Limitation on Restricted Payments.  

(a) (1) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(I) declare or pay any dividend or make any payment or distribution on account of the Parent’s or any of its Restricted
Subsidiaries’ Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation other than: 

(A) dividends or distributions payable by the Parent in Equity Interests (other than Disqualified Stock) of the Parent; or 

(B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or
in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly-Owned Subsidiary, the Parent or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with
its Equity Interests in such class or series of securities; 

  
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 (II) purchase, redeem, defease or otherwise acquire or retire for value any
Equity Interests of the Parent or, to the extent held by a Person other than the Parent or a Restricted Subsidiary, Capital LLC, including in connection with any merger or consolidation; 

(III) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case
prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness other than the payment, redemption, repurchase, defeasance, acquisition or retirement of: 

(A) Indebtedness permitted under clause (7) of Section 4.09(b); or 

(B) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity,
in each case due within one year of the date of purchase, repurchase or acquisition; or 
 (IV) make any Restricted
Investment 
 (all such payments and other actions set forth in clauses (I) through (IV) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default shall have occurred and be continuing
or would occur as a consequence thereof; 
 (2) immediately after giving effect to such transaction on a pro forma basis, the
Parent could incur $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in Section 4.09(a) hereof; and 

(3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Parent and its
Restricted Subsidiaries (and not rescinded or refunded) after the Issue Date (including Restricted Payments permitted by clause (2) of this Section 4.07(a) and by clauses (1) and (9) of Section 4.07(b) hereof, but excluding
all other Restricted Payments permitted by Section 4.07(b) hereof), is less than the sum of (without duplication): 

(a) (i) 100% of EBITDA of the Parent for the period (taken as one accounting period) beginning on the first day of the fiscal
quarter during which the Issue Date occurs to the end of the Parent’s most recently completed fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, minus 

(ii) the product of: 

(x) 1.4; and 

(y) Consolidated Interest Expense of the Parent for the same period (taken as one accounting period); plus 

(b) 100% of the aggregate net cash proceeds and the fair market value, as determined in good faith by the Parent, of marketable
securities or other property received by the Parent or Capital LLC since immediately after the Issue Date from the issue or sale of: 

(i) Equity Interests of the Parent or, in connection with “UPREIT” acquisitions, Equity Interests of Capital LLC,
but excluding cash proceeds and the fair market value, as determined in good faith by the Parent, of marketable securities or other 

  
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property received from the (x) IPO and (y) the sale of Equity Interests to members of management, directors or consultants of the Parent after the Issue Date to the extent such amounts
have been applied to Restricted Payments made in accordance with clause (4) of Section 4.07(b) hereof; and 
 (ii)
Indebtedness or Disqualified Stock of the Parent or a Restricted Subsidiary that has been converted into or exchanged for Equity Interests of the Parent; 

provided, however, that this clause (b) shall not include the proceeds from (x) Refunding Capital Stock (as defined
below), (y) Equity Interests, Indebtedness or Disqualified Stock of the Parent or Capital LLC sold to a Restricted Subsidiary or the Parent or (z) Disqualified Stock or Indebtedness that has been converted or exchanged into Disqualified
Stock; plus 
 (c) 100% of the aggregate amount of cash and the fair market value, as determined in good faith by the
Parent, of marketable securities or other property contributed to the capital of the Parent or, in connection with “UPREIT” acquisitions, of Capital LLC following the Issue Date (other than by a Restricted Subsidiary or the Parent);
plus 
 (d) to the extent that any Restricted Investment that was made after the Issue Date is sold for cash or
otherwise liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment (in either
case except to the extent any such amount has already been included in the calculation of EBITDA); plus 
 (e) in the
case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary after the Issue Date, the fair market value of the Investment in such Unrestricted Subsidiary (as determined by the Parent in good faith or if such fair market value
exceeds $50.0 million, in writing by an Independent Financial Advisor) at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary other than an Unrestricted Subsidiary to the extent the Investment in such
Unrestricted Subsidiary constituted a Permitted Investment. 
 (2) Notwithstanding the foregoing, the Parent may declare or pay any dividend
or make any distribution on or in respect of shares of the Parent’s Capital Stock, in each case constituting a Restricted Payment, to holders of such Capital Stock to the extent that Parent believes in good faith that it qualifies as a
“real estate investment trust” under Section 856 of the Code (or any successor provision) and that the declaration or payment of a dividend or making of a distribution in such amount is necessary to maintain the Parent’s status
as a REIT for any taxable year, with such dividend to be paid or distribution to be made as and when determined by the Parent, whether during or after the end of the relevant taxable year; provided, however, that (I) at the time
of, and after giving effect to, any such dividend or distribution, no Event of Default of the type described in clause (1), (2) (without giving effect to the grace period set forth therein), (6) or (7) of Section 6.01(a) hereof
shall have occurred and be continuing or would occur as a consequence thereof and the Obligations in respect of the Notes shall not otherwise have been accelerated and (II) two consecutive dividends or distributions pursuant to this paragraph shall
not be permitted during the pendency of any single Event of Default. 
 (b) Section 4.07(a) shall not prohibit: 

(1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of this Indenture; 

(2) the redemption, repurchase, retirement or other acquisition of any Equity Interests of the Parent or Capital LLC, or of
Subordinated Indebtedness of the Issuers or any Guarantor, in exchange for, or 

  
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out of the proceeds of the substantially concurrent issuance or sale (other than to a Restricted Subsidiary or to an employee stock ownership plan or any trust established by the Parent) of,
Equity Interests of the Parent (other than Disqualified Stock) (collectively, the “Refunding Capital Stock”); 

(3) the purchase, redemption, defeasance, repurchase or other acquisition or retirement of Subordinated Indebtedness of an
Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent incurrence of, new Indebtedness of an Issuer or a Guarantor, as the case may be, which is incurred in compliance with Section 4.09 hereof so long
as: 
 (a) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal
amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Subordinated Indebtedness being so purchased, redeemed, defeased, repurchased, acquired or retired for value, plus the amount of any premium required to be
paid under the terms of the instrument governing the Subordinated Indebtedness being so purchased, redeemed, defeased, repurchased, acquired or retired and any fees and expenses incurred in connection with the issuance of such new Indebtedness; 

(b) such new Indebtedness is subordinated to the Notes or the applicable Guarantee at least to the same extent as such
Subordinated Indebtedness so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value; 
 (c)
such new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated Indebtedness being so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired; and 

(d) such new Indebtedness has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life
to Maturity of the Subordinated Indebtedness being so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired; 

(4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests
(other than Disqualified Stock) of the Parent held by any future, present or former employee, director or consultant of the Parent or any of its Subsidiaries pursuant to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement, or any stock subscription or shareholder agreement; provided, however, that the aggregate Restricted Payments made under this clause (4) do not exceed in any calendar year $25.0 million (with unused
amounts in any calendar year being carried over for one additional calendar year); provided further that such amount in any calendar year may be increased by an amount not to exceed: 

(a) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Parent to members of management,
directors or consultants of the Parent or any of its Subsidiaries that occurs after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by
virtue of clause (3) of Section 4.07(a) hereof; plus  
 (b) the cash proceeds of key man life insurance
policies received by the Parent or any of its Restricted Subsidiaries after the Issue Date; less  
 (c) the amount of
any Restricted Payments previously made with the cash proceeds described in clauses (a) and (b) of this clause (4); 
 and
provided further that cancellation of Indebtedness owing to the Parent or any Restricted Subsidiary from members of management of the Parent or any of the Parent’s Restricted Subsidiaries in connection with a repurchase of Equity
Interests of the Parent will not be deemed to constitute a Restricted Payment for purposes of this Section 4.07 or any other provision of this Indenture; 

  
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 (5) repurchases of Equity Interests deemed to occur (i) upon exercise of
stock options, stock appreciation rights or warrants if such Equity Interests represent a portion of the exercise price of such options, stock appreciation rights or warrants or (ii) for purposes of satisfying any required tax withholding
obligation upon the exercise or vesting of a grant or award that was granted or awarded to an employee; 
 (6) other
Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (6) not to exceed $200.0 million; 

(7) distributions or payments of Receivables Fees; 

(8) any Restricted Payment used to fund the Transactions; 

(9) the repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Indebtedness
pursuant to the provisions similar to those described under Section 4.10 and Section 4.14 hereof; provided that prior to any such repurchase, redemption, defeasance or other acquisition or retirement for value, all Notes tendered by
Holders in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value; 

(10) the repurchase, redemption or other acquisition for value of Equity Interests of the Parent deemed to occur in connection
with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Parent or its
Subsidiaries, in each case, permitted under this Indenture; 
 (11) the distribution, by dividend or otherwise, of shares of
Capital Stock of, or Indebtedness owed to the Parent or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents); 

(12) the Purging Distributions so long as the Parent is pursuing the REIT Election in good faith; provided that the
aggregate amount of the Purging Distributions to be paid in cash in reliance on this clause (12) shall not exceed 20% of the aggregate value of all Purging Distributions; 

(13) for any taxable period in which the taxable income of the Parent and/or any of its Subsidiaries is included in a
consolidated, combined or similar income tax group of which a direct or indirect parent of the Parent is the common parent (a “Tax Group”), an amount not to exceed the tax liabilities that the Parent and the applicable Subsidiaries,
in the aggregate, would have been required to pay in respect of such taxable income if such entities were a standalone group of corporations separate from such Tax Group (it being understood and agreed that, if Parent or any Subsidiary pays any
portion of such tax liabilities directly to any taxing authority, a Restricted Payment in duplication of such amount shall not be permitted to be made pursuant to this clause (13)), provided, that, from and after the execution of the tax
matters agreement referred to in the Offering Memorandum under the caption “Certain Relationships and Related Party Transactions,” and while such tax matters agreement remains in effect, payments in respect of any taxes pursuant to this
clause (13) shall not exceed the amounts required to be paid in respect of such taxes pursuant to such tax matters agreement; 

(14) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified
Stock of the Parent or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiaries issued or incurred in accordance with the covenant described under Section 4.09 hereof; 

(15) payments of cash, or dividends, distributions or advances by the Parent or any Restricted Subsidiary to allow the payment
of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

  
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 (16) mandatory redemptions or repurchases of Disqualified Stock the issuance of
which itself constituted a Restricted Payment or Permitted Investment otherwise permissible hereunder; and 
 (17) the
purchase, repurchase or other acquisition of Subordinated Indebtedness in an amount not to exceed $25.0 million; 
 provided,
however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (6), (8) (except to the extent made with the proceeds of the IPO) or (11), no Default or Event of Default shall have occurred and be
continuing or would occur as a consequence thereof; provided further that, at the time of, and after giving effect to, any Restricted Payment permitted under clause (12) (except to the extent made with the proceeds of the IPO), no Event
of Default described under clause (1), (2) (without giving effect to the grace period set forth therein), (6) or (7) of Section 6.01(a) hereof shall have occurred and be continuing or would occur as a consequence thereof, and the
Obligations in respect of the Notes shall not otherwise have been accelerated 
 (c) As of the Issue Date, all of the Parent’s
Subsidiaries will be Restricted Subsidiaries. The Parent shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the definition of “Unrestricted Subsidiary.” For
purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Parent and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be an
Investment in an amount determined as set forth in the definition of “Investment.” Such designation shall be permitted only if an Investment in such amount would be permitted at such time, whether as a Restricted Payment or a
Permitted Investment, and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the covenants set forth in this Indenture. 

Section 4.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.  

(a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or
suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to: 

(1) (A) pay dividends or make any other distributions to the Parent or any of its Restricted Subsidiaries on its Capital Stock
or with respect to any other interest or participation in, or measured by, its profits, or 
 (B) pay any Indebtedness owed
to the Parent or any of its Restricted Subsidiaries; 
 (2) make loans or advances to the Parent or any of its Restricted
Subsidiaries; or 
 (3) sell, lease or transfer any of its properties or assets to the Parent or any of its Restricted
Subsidiaries. 
 (b) The restrictions in Section 4.08(a) hereof shall not apply to encumbrances or restrictions existing under or by
reason of: 
 (1) contractual encumbrances or restrictions in effect on the Issue Date or pursuant to the Senior Credit
Facilities and the related documentation and related Hedging Obligations; 
 (2) (i) this Indenture, the Notes and the
Guarantees (including any Exchange Notes and related Guarantees) and (ii) any agreement governing Indebtedness permitted to be incurred pursuant to the covenant described under Section 4.09 herein; provided, that the provisions
relating to restrictions of the type described in clauses (1) through (3) of Section 4.08(a) hereof contained in such agreement, taken as a whole, are not materially more restrictive than the provisions contained in the Senior Credit
Facilities, or in this Indenture, in each case as in effect when initially executed; 

  
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 (3) purchase money obligations for property acquired in the ordinary course of
business and Capitalized Lease Obligations that impose restrictions of the nature discussed in clause (3) of Section 4.08(a) hereof on the property so acquired or leased; 

(4) applicable law or any applicable rule, regulation or order; 

(5) any agreement or other instrument of a Person acquired by or merged or consolidated with or into the Parent or any of its
Restricted Subsidiaries in existence at the time of such transaction (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and
its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired; 
 (6) contracts for the sale of
assets, including customary restrictions with respect to a Subsidiary of the Parent, that impose restrictions solely on the assets to be sold; 

(7) Secured Indebtedness otherwise permitted to be incurred pursuant to Section 4.09 hereof and Section 4.12 hereof
that limit the right of the debtor to dispose of the assets securing such Indebtedness; 
 (8) restrictions on cash or other
deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (9) other
Indebtedness, Disqualified Stock or Preferred Stock of Non-Guarantor Subsidiaries permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09 hereof; 

(10) customary provisions in joint venture agreements or arrangements and other similar agreements or arrangements relating
solely to such joint venture; 
 (11) customary provisions contained in leases, sub-leases, licenses or sub-licenses and
other agreements, in each case, entered into in the ordinary course of business; 
 (12) any encumbrances or restrictions of
the type referred to in clauses (1), (2) and (3) of Section 4.08(a) hereof imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts,
instruments or obligations referred to in clauses (1) through (11) of this Section 4.08(b); provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
are, in the good faith judgment of the Parent, no more restrictive in any material respect with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase,
supplement, refunding, replacement or refinancing; and 
 (13) restrictions created in connection with any Receivables
Facility that, in the good faith determination of the Parent, are necessary or advisable to effect such Receivables Facility; provided that such restrictions apply only to the applicable Receivables Subsidiary. 

Section 4.09. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.  

(a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently, or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness)
and the Parent shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided, however, that the Parent may incur Indebtedness
(including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred Stock, if the
Consolidated Leverage Ratio at the time such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been no greater than 6.5 to 1.0, 

  
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determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or
Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of the most recently ended four fiscal quarters for which internal financial statements are available; provided further,
however, that Non-Guarantor Subsidiaries may not incur Indebtedness or issue Disqualified Stock or Preferred Stock if, after giving pro forma effect to such incurrence or issuance, more than an aggregate of $300.0 million of Indebtedness
or Disqualified Stock or Preferred Stock of Non-Guarantor Subsidiaries is outstanding pursuant to this Section 4.09(a) and clause (17) of Section 4.09(b) hereof. 

(b) The provisions of Section 4.09(a) hereof shall not apply to: 

(1) the incurrence of Indebtedness under Credit Facilities by the Parent or any of its Restricted Subsidiaries and the issuance
and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof); provided, however, that immediately
after giving effect to any such incurrence, the then outstanding aggregate principal amount of all Indebtedness under this clause (1) does not exceed at any one time $2,000.0 million; 

(2) the incurrence by the Issuers and any Guarantor of Indebtedness represented by (a) the Notes (including any Guarantee)
(other than any Additional Notes) and (b) any Exchange Notes and any related Guarantees to be issued pursuant to a registered exchange offer in accordance with the Registration Rights Agreement with respect to the Initial Notes in exchange for
the Notes or Additional Notes, if any, issued in compliance with this Indenture; 
 (3) Indebtedness of the Parent and its
Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness described in clauses (1) and (2) of this Section 4.09(b)); 

(4) Indebtedness (including Capitalized Lease Obligations and Attributable Debt), Disqualified Stock and Preferred Stock
incurred or issued by the Parent or any of its Restricted Subsidiaries to finance the purchase, lease, construction or improvement of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct
purchase of assets or the Capital Stock of any Person owning such assets, and any Indebtedness incurred to refinance any such Indebtedness, in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount
of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding under this clause (4) does not exceed the greater of (x) $300.0 million and (y) 10.0% of Total Assets determined at the time of incurrence; 

(5) Indebtedness incurred by the Parent or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit, bankers’ acceptances, bank guarantees, warehouse receipts or similar facilities issued or entered into in the ordinary course of business, including letters of credit in respect of workers’ compensation
claims, performance or surety bonds, health, disability or other employee benefits, property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation
claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance; 

(6) Indebtedness arising from agreements of the Parent or its Restricted Subsidiaries providing for indemnification, holdback,
adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring
all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 
 (7)
Indebtedness of the Parent to a Restricted Subsidiary or a Restricted Subsidiary to the Parent or another Restricted Subsidiary; provided that any such Indebtedness (other than such as may arise from ordinary course intercompany cash
management obligations) owing by an Issuer or a Guarantor to a Non-Guarantor Subsidiary (other than the Issuers) is expressly subordinated in right of payment to the 

  
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Notes or the applicable Guarantee, as applicable; and provided further that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Parent or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in
each case, to be an incurrence of such Indebtedness not permitted by this clause (7); 
 (8) shares of Preferred Stock of a
Restricted Subsidiary issued to the Parent or another Restricted Subsidiary, provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in such Preferred Stock being beneficially owned by a Person
other than the Parent or any Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Parent or another of its Restricted Subsidiaries) shall be deemed in each case to be an issuance of such shares
of Preferred Stock not permitted by this clause (8); 
 (9) Hedging Obligations (excluding Hedging Obligations entered into
for speculative purposes) for the purpose of limiting interest rate risk with respect to any Indebtedness permitted to be incurred pursuant to this covenant, exchange rate risk, commodity pricing risk or any combination thereof; 

(10) obligations in respect of performance, bid, appeal and surety bonds and completion guarantees and similar obligations
provided by the Parent or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past practice;

 (11) Indebtedness or Disqualified Stock of the Parent and Indebtedness, Disqualified Stock or Preferred Stock of any
Issuer or Subsidiary Guarantor not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the outstanding principal amount and liquidation preference of all other Indebtedness,
Disqualified Stock and Preferred Stock then outstanding and incurred pursuant to this clause (11), does not at any one time outstanding exceed the greater of (x) $275.0 million and (y) 8.5% of Total Assets determined at the time of
incurrence; 
 (12) the incurrence by the Parent or any Restricted Subsidiary of Indebtedness, Disqualified Stock or
Preferred Stock which serves to refund or refinance: 
 (a) any Indebtedness, Disqualified Stock or Preferred Stock incurred
or issued as permitted under Section 4.09(a) hereof and clauses (2), (3) and (13) of this Section 4.09(b), or 

(b) any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to so refund or refinance the Indebtedness,
Disqualified Stock or Preferred Stock described in clause (a) of this Section 4.09(b)(12), 
 including, in each case, additional
Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), accrued interest, defeasance costs and reasonable fees and expenses in connection therewith (collectively, the “Refinancing
Indebtedness”); provided, however, that such Refinancing Indebtedness: 
 (A) has a Weighted Average
Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded or refinanced, 

(B) to the extent such Refinancing Indebtedness refinances (i) Indebtedness subordinated or pari passu to the Notes or any
Guarantee thereof, such Refinancing Indebtedness is subordinated or pari passu, as the case may be, to the Notes or the Guarantee at least to the same extent as the Indebtedness being refinanced or refunded or (ii) Disqualified Stock or
Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively, and 

  
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 (C) shall not include: 

 

	 	(i)	Indebtedness, Disqualified Stock or Preferred Stock of a Non-Guarantor Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Issuer; 

 

	 	(ii)	Indebtedness, Disqualified Stock or Preferred Stock of a Non Guarantor Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of a Guarantor; or 

 

	 	(iii)	Indebtedness, Disqualified Stock or Preferred Stock of the Parent or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; 

and provided further that subclause (A) of this clause (12) will not apply to any refunding or refinancing of Indebtedness under the Senior
Credit Facilities; 
 (13) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Parent or a Restricted
Subsidiary incurred to finance an acquisition or (y) Persons that are acquired by the Parent or any Restricted Subsidiary or merged into or consolidated with the Parent or a Restricted Subsidiary in accordance with the terms of this Indenture;
provided that after giving effect to such acquisition, merger or consolidation, either: 
 (a) the Parent would be
permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in Section 4.09(a) hereof, or 

(b) the Consolidated Leverage Ratio is less than or equal to the Consolidated Leverage Ratio immediately prior to such
acquisition, merger or consolidation; 
 (14) Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business, provided that such Indebtedness is extinguished within ten
(10) Business Days of notice of its incurrence; 
 (15) Indebtedness of the Parent or any of its Restricted Subsidiaries
supported by a letter of credit or bank guarantee issued pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 

(16) (a) any guarantee by the Parent or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted
Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture, or 

(b) any guarantee by a Restricted Subsidiary of Indebtedness of the Parent; provided that such guarantee is incurred in
accordance with Section 4.15 hereof; 
 (17) Indebtedness of Non-Guarantor Subsidiaries in an aggregate principal
amount, which when aggregated with the principal amount of all other Indebtedness then outstanding and incurred pursuant to this clause (17) and under Section 4.09(a) hereof, does not exceed $300.0 million at any one time outstanding; 

(18) Indebtedness of the Parent or any of its Restricted Subsidiaries consisting of (i) the financing of insurance
premiums or (ii) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business; 

  
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 (19) Indebtedness of the Parent or any of its Restricted Subsidiaries undertaken
in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business; 

(20) the issuance of Equity Interests (other than Disqualified Stock) in Capital LLC in connection with “UPREIT”
acquisitions that do not constitute a Change of Control; and 
 (21) Indebtedness consisting of Indebtedness issued by the
Parent or any of its Restricted Subsidiaries to current or former officers, directors and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Parent to
the extent described in clause (4) of Section 4.07(b) hereof. 
 (c) For purposes of determining compliance with this
Section 4.09, in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock
described in clauses (1) through (21) of Section 4.09(b) hereof or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Parent, in its sole discretion, will divide and/or classify on the date of incurrence and may
later redivide and/or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in one of
the above clauses of Section 4.09(b) or in Section 4.09(a); provided that all Indebtedness outstanding under the Credit Facilities on the Issue Date will be treated as incurred on the Issue Date under clause (1) of
Section 4.09(b) and will not later be reclassified. 
 (d) Accrual of interest, the accretion of accreted value and the payment of
interest in the form of additional indebtedness with the same terms, the payment of dividends in the form of additional shares of Disqualified Stock or Preferred Stock, as applicable, of the same class, and accretion of original issue discount or
liquidation preference will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.09. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness
which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such guarantee
or letter of credit, as the case may be, was in compliance with this Section 4.09. 
 (e) For purposes of determining compliance with
any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term debt, or first committed or first incurred (whichever is lower), in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness
denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S.
dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. For the avoidance of doubt and
notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that may be incurred pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of
currencies. 
 (f) The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency
from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 

(g) The Parent will not, and will not permit any Issuer or any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness
(including Acquired Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of the Parent, such Issuer or such Subsidiary Guarantor, as the case may be, unless such Indebtedness is expressly subordinated in right of
payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Parent, such Issuer or such Subsidiary Guarantor, as the case may be. 

  
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 (h) For the purposes of this Indenture, Indebtedness that is unsecured is not deemed to be
subordinated or junior to Secured Indebtedness merely because it is unsecured, and Indebtedness is not deemed to be subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral. 

Section 4.10. Asset Sales. 
 (a) The
Parent shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless: 
 (1) the
Parent or any such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market value (as determined in good faith by the Parent) of the assets sold or otherwise disposed of; and

 (2) except in the case of a Permitted Asset Swap or the disposition of any property the disposition of which is necessary
for Parent to qualify, or to maintain its qualification, as, a real estate investment trust for U.S. federal income tax purposes, in each case, in Parent’s good faith determination, at least 75% of the consideration therefor received by the
Parent or any such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of: 

(A) any liabilities (as shown on the Parent’s most recent consolidated balance sheet or in the footnotes thereto, or if
incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Parent’s consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior
to the date of such balance sheet, as determined in good faith by the Parent) of the Parent or such Restricted Subsidiary (other than Contingent Obligations and liabilities that are by their terms subordinated to the Notes or any Guarantee) that are
assumed by the transferee of any such assets (or are otherwise extinguished by the transferee in connection with the transactions relating to such Asset Sale) and for which the Parent and all such Restricted Subsidiaries have been released, 

(B) any notes or other obligations or securities received by the Parent or such Restricted Subsidiary from such transferee that
are converted by the Parent or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180
days following the closing of such Asset Sale, and 
 (C) any Designated Non-cash Consideration received by the Parent or
such Restricted Subsidiary in such Asset Sale having an aggregate fair market value (as determined in good faith by the Parent), taken together with all other Designated Non-cash Consideration received pursuant to this clause (c) that is at
that time outstanding (but, to the extent that any such Designated Non-cash Consideration is sold or otherwise liquidated for cash, minus the lesser of (a) the amount of the cash received (less the cost of disposition, if any) and (b) the
initial amount of such Designated Non-cash Consideration) not to exceed $200.0 million, with the fair market value (as determined in good faith by the Parent) of each item of Designated Non-cash Consideration being measured at the time received and
without giving effect to subsequent changes in value, 
 shall be deemed to be cash for purposes of this provision and for no other purpose.

 (b) Within 365 days after the receipt of any Net Proceeds of any Asset Sale, the Parent or such Restricted Subsidiary, at its option, may
apply the Net Proceeds from such Asset Sale, 
 (1) to permanently reduce: 

(A) Obligations under the Senior Credit Facilities and to correspondingly reduce commitments with respect thereto; 

  
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 (B) Obligations under Pari Passu Indebtedness that is secured by a Lien, which
Lien is permitted by this Indenture, and to correspondingly reduce commitments with respect thereto; 
 (C) Obligations under
the Notes (provided that such purchases are at or above 100% of the principal amount thereof) or any other Pari Passu Indebtedness of an Issuer or a Guarantor (and to correspondingly reduce commitments with respect thereto, if applicable);
provided that if such Net Proceeds are applied to other Pari Passu Indebtedness (other than the Senior Credit Facilities or other Secured Indebtedness) then the Issuers shall (i) equally and ratably reduce Obligations under the Notes
(x) as provided under Section 3.07 or (y) through open market purchases (provided that such purchases are at or above 100% of the principal amount thereof) or (ii) make an offer (in accordance with Section 4.10(c) hereof) to
all Holders of Notes to purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the principal amount of Notes that would otherwise be redeemed under clause (i), or 

(D) Indebtedness of a Non-Guarantor Subsidiary, other than Indebtedness owed to the Parent or another Restricted Subsidiary; or

 (2) to make (A) an Investment in any one or more businesses; provided that such Investment in any business is
in the form of the acquisition of Capital Stock and results in the Parent or another of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary,
(B) acquire properties (other than working capital), (C) make capital expenditures or (D) acquire other assets (other than working capital) that, in the case of each of (A), (B), (C) and (D) are either (x) used or
useful in a Similar Business or (y) replace the businesses, properties and/or assets that are the subject of such Asset Sale; 
 provided that,
in the case of clause (2) above, a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment so long as the Parent, or such other Restricted Subsidiary enters into such commitment with
the good faith expectation that such Net Proceeds will be applied to satisfy such commitment within 180 days of such commitment (an “Acceptable Commitment”); provided further that if any Acceptable Commitment is later
cancelled or terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds; or 

(3) any combination of the foregoing. 

(c) Any Net Proceeds from an Asset Sale that are not invested or applied as provided and within the time period set forth in
Section 4.10(b) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, the Issuers, the Parent or any other Restricted Subsidiary shall make an offer to all Holders
of the Notes and, if required by the terms of any Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”) to purchase the maximum aggregate principal amount of the Notes in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus
accrued and unpaid interest, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in
accordance with the procedures set forth in this Indenture. 
 (d) The Issuers shall commence an Asset Sale Offer with respect to Excess
Proceeds within ten (10) Business Days after the date that Excess Proceeds exceed $50.0 million by electronically delivering or mailing the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. 

  
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 (e) To the extent that the aggregate principal amount of Notes and such Pari Passu Indebtedness
tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining Excess Proceeds for general corporate purposes, subject to the other covenants contained in this Indenture. If the aggregate amount
(determined as above) of Notes and the Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuers or the agent for such Pari Passu Indebtedness shall select
such Pari Passu Indebtedness to be purchased (a) if the Notes or such Pari Passu Indebtedness are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes
or such Pari Passu Indebtedness, as applicable, are listed, (b) on a pro rata basis based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness tendered or (c) by lot or such similar method in
accordance with the procedures of The Depository Trust Company; provided that no notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

(f) Pending the final application of any Net Proceeds pursuant to this covenant, the holder of such Net Proceeds may apply such Net Proceeds
temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 

(g) The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of
this Indenture, the Parent shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

Section 4.11. Transactions with Affiliates.  

(a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of the Parent (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $25.0 million, unless: 

(1) such Affiliate Transaction is on terms that are not materially less favorable to the Parent or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Parent or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; 

(2) any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in
excess of $50.0 million is approved by the majority of the Board of Directors of the Parent; and 
 (3) the Parent delivers
to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $75.0 million, an opinion as to the fairness to the Parent or such Restricted Subsidiary
of such Affiliate Transaction from a financial point of view issued by an Independent Financial Advisor. 
 (b) Section 4.11(a) hereof
shall not apply to the following: 
 (1) transactions between or among the Parent and any of its Restricted Subsidiaries (or
an entity that becomes a Restricted Subsidiary as a result of, or in connection with, such transaction, so long as neither such entity nor the selling entity was an Affiliate of Parent or any Restricted Subsidiary prior to such transaction); 

(2) Restricted Payments permitted by Section 4.07 hereof and Permitted Investments; 

  
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 (3) the payment of reasonable and customary fees and compensation paid to, and
indemnities and reimbursements and employment and severance arrangements and agreements provided on behalf of, or entered into with, officers, directors, employees or consultants of the Parent or any of its Restricted Subsidiaries; 

(4) any agreement as in effect as of the Issue Date and, if described in the Offering Memorandum, any agreement or arrangement
entered into in connection with the IPO or the Separation, or any amendment thereto (so long as any such amendment is not disadvantageous in any material respect to the Holders when taken as a whole as compared to the applicable agreement as in
effect on the Issue Date, or as described in the Offering Memorandum, as applicable, as determined in good faith by the Parent) and any transaction contemplated thereby as determined in good faith by the Parent; 

(5) the Transactions, in each case as disclosed in the Offering Memorandum, and the payment of all fees and expenses related to
the Transactions; 
 (6) transactions with customers (including leases or other arrangements for the use of advertising
space), clients, suppliers, or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of
this Indenture which are fair to the Parent and its Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the Parent or the senior management thereof, or are on terms at least as favorable as might reasonably have
been obtained at such time from an unaffiliated party; 
 (7) the issuance or transfer of Equity Interests (other than
Disqualified Stock) of the Parent; 
 (8) sales of accounts receivable, or participations therein, in connection with any
Receivables Facility; 
 (9) payments or loans (or cancellation of loans) to employees, directors or consultants of the
Parent or any of its Restricted Subsidiaries and employment agreements, benefit plans, equity plans, stock option and stock ownership plans and other similar arrangements with such employees, directors or consultants which, in each case, are
approved by the Parent in good faith; 
 (10) transactions with joint ventures for the purchase or sale of goods, equipment
and services entered into in the ordinary course of business; 
 (11) transactions in which the Parent or any Restricted
Subsidiary, as the case may be, delivered to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Parent or such Restricted Subsidiary from a financial point of view or meets the requirements of
clause (1) of Section 4.11(a); 
 (12) the issuances of securities or other payments, loans (or cancellation of
loans) awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, benefit plans, equity plans, stock option and stock ownership plans or similar employee benefit plans approved by the Board of
Directors of the Parent in good faith; 
 (13) any contribution to the capital of the Parent (other than in consideration of
Disqualified Stock); and 
 (14) the provision to Unrestricted Subsidiaries of cash management, accounting and other overhead
services in the ordinary course of business undertaken in good faith and not for the purpose of circumventing any covenant set forth in this Indenture. 

  
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 Section 4.12. Liens. 

The Parent will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any
Lien (except Permitted Liens) that secures obligations under any Indebtedness or any related guarantee, on any asset or property of the Parent or any Restricted Subsidiary, or any income or profits therefrom, or assign or convey any right to receive
income therefrom, unless: 
 (1) in the case of Liens securing Subordinated Indebtedness, the Notes and related Guarantees
are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; or 
 (2) in all other
cases, the Notes or the Guarantees are equally and ratably secured. 
 The foregoing shall not apply to (A) Liens securing the
Notes and the related Guarantees, (B) Liens securing Indebtedness permitted to be incurred under Credit Facilities, including any letter of credit facility relating thereto, that was permitted by the terms of this Indenture to be incurred
pursuant to clause (1) of Section 4.09(b) hereof, and (C) Liens securing Pari Passu Indebtedness permitted to be Incurred pursuant to Section 4.09 hereof; provided, that at the time of any Incurrence of such Pari Passu
Indebtedness and after giving pro forma effect thereto (in a manner consistent with the calculation of the Consolidated Leverage Ratio) under this clause (C), the Consolidated Secured Leverage Ratio shall not be greater than 3.50 to 1.00.

 Any Lien created for the benefit of the Holders of the Notes pursuant to this Section 4.12 shall be deemed automatically and
unconditionally released and discharged upon the release and discharge of the applicable Lien described in clauses (1) and (2) of this Section 4.12. 

Section 4.13. Existence. 
 Subject
to Article 5 hereof, the Parent shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its existence, and the existence of each of its Restricted Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Parent or any such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Parent and its Restricted Subsidiaries;
provided that the Parent shall not be required to preserve any such right, license or franchise, or the existence of any of its Restricted Subsidiaries, if (a) the Parent in good faith shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Parent and its Restricted Subsidiaries, taken as a whole, or (b) the failure to preserve such right, license or franchise, or such existence, is not adverse in any material respect to the
Holders of the Notes. 
 Section 4.14. Offer to Repurchase Upon Change of Control.  

(a) If a Change of Control Repurchase Event occurs after the Issue Date, unless the Issuers have previously or concurrently mailed a
redemption notice with respect to all the outstanding Notes as described under Section 3.07 hereof, the Issuers shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control
Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, subject to the right of
Holders of the Notes of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control Repurchase Event, unless the Issuers have previously or concurrently mailed a
redemption notice with respect to all the outstanding Notes as described under Section 3.07 hereof, the Issuers shall send notice of such Change of Control Offer by first-class mail, with a copy to the Trustee, to each Holder of Notes to the
address of such Holder appearing in the security register with a copy to the Trustee or otherwise in accordance with the procedures of DTC, with the following information: 

(1) that a Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes properly tendered
pursuant to such Change of Control Offer will be accepted for payment by the Issuers; 

  
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 (2) the purchase price and the purchase date, which will, subject to clause
(7) of this Section 4.14(a), be no earlier than 30 days nor later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 

(3) that any Note not properly tendered will remain outstanding and continue to accrue interest; 

(4) that unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to
the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 
 (5) that Holders will be
entitled to withdraw their tendered Notes and their election to require the Issuers to purchase such Notes, provided that the paying agent receives, not later than the close of business on the 30th day following the date of the Change of
Control Repurchase Event notice, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its
election to have such Notes purchased; 
 (6) that if the Holders tender less than all of the Notes, the Holders of the
remaining Notes will be issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in
excess thereof; 
 (7) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of
Control Offer is conditional on the occurrence of such Change of Control, and if applicable, shall state that, in the Issuers’ discretion, the Change of Control Payment Date may be delayed until such time as the Change of Control shall occur,
or that such redemption may not occur and such notice may be rescinded in the event that the Issuers shall determine that such condition will not be satisfied by the Change of Control Payment Date or by the Change of Control Payment as so delayed;
and 
 (8) the other instructions, as determined by the Issuers, consistent with this Section 4.14, that a Holder must
follow. 
 The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions
of this Indenture, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations under this Indenture by virtue thereof. 

(b) On the Change of Control Payment Date, the Issuers will, to the extent permitted by law, 

(1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, 

(2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or
portions thereof so tendered, and 
 (3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so
accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuers. 

(c) The Issuers shall not be required to make a Change of Control Offer following a Change of Control Repurchase Event if a third party makes
the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer 

  
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made by the Issuers and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer 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 Change of Control Offer. 

(d) Notes repurchased by the Issuers pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will be
retired and canceled at the option of the Issuers. Notes purchased by a third party pursuant to Section 4.14(c) will have the status of Notes issued and outstanding unless transferred to the Issuers. 

(e) Other than as specifically provided in this Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant to
the provisions of Sections 3.02, 3.05 and 3.06 hereof. 
 Section 4.15. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.
 
 The Parent shall not permit any Restricted Subsidiary that is not a Guarantor to guarantee the payment of any Indebtedness of the
Parent, any Issuer or any Subsidiary Guarantor unless: 
 (1) such Restricted Subsidiary within 20 days executes and delivers
a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of any Issuer or any Guarantor: 

(a) if the Notes or such Guarantor’s Guarantee is subordinated in right of payment to such Indebtedness, the Guarantee
under the supplemental indenture shall be subordinated to such Restricted Subsidiary’s guarantee with respect to such Indebtedness substantially to the same extent as the Notes or such Guarantor’s Guarantee is subordinated to such
Indebtedness; and 
 (b) if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such
Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Restricted Subsidiary’s Guarantee of the Notes substantially to the same extent as
such Indebtedness is subordinated to the Notes or such Guarantor’s Guarantee; and 
 (2) the Parent shall within 20 days
deliver to the Trustee an Opinion of Counsel reasonably satisfactory to the Trustee; 
 provided that this Section 4.15 shall not be applicable
to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. Parent may elect, in its
sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor, in which case such Subsidiary shall not be required to comply with the 20 day periods described in this Section 4.15. 

Section 4.16. Suspension of Certain Covenants.  

(a) During any period of time that: (i) the Notes have Investment Grade Ratings from both Rating Agencies and (ii) no Default has
occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), the Parent and its Restricted
Subsidiaries shall not be subject to Section 4.07 hereof, Section 4.08 hereof, Section 4.09 hereof, Section 4.10 hereof, Section 4.11 hereof, clauses (1)(a) and (2) of Section 4.17 hereof, Section 4.18
hereof and clause (4) of Section 5.01(a) hereof (the “Suspended Covenants”). 
 (b) If 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, the Parent and the Restricted Subsidiaries shall
thereafter again be subject to the Suspended Covenants with respect to future events. The period of time beginning on the day of a Covenant Suspension Event and ending on a Reversion Date is referred to herein as a “Suspension
Period”. 

  
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 (c) On each Reversion Date, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock
issued, during the Suspension Period will be classified as having been Incurred or issued pursuant to Section 4.09(a) or Section 4.09(b) (to the extent such Indebtedness 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 Indebtedness Incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or
Preferred Stock would not be so permitted to be Incurred or issued pursuant to Section 4.09(a) or (b), such Indebtedness 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 4.09(b)(3). 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 shall reduce the amount available to be made as Restricted Payments under Section 4.07(a). No Default or Event of Default shall
be deemed to have occurred on the Reversion Date as a result of any actions taken by the Parent or its Restricted Subsidiaries during the Suspension Period. Notwithstanding the foregoing, during the Suspension Period the Parent shall not designate
any of its Restricted Subsidiaries to be Unrestricted Subsidiaries unless the Parent would have been permitted to designate such Subsidiary as an Unrestricted Subsidiary if a Suspension Period had not been in effect for any period, and, following
the Reversion Date, such designation shall be deemed to have created an Investment or Restricted Payment pursuant to Section 4.07(c) at the time of such designation. For purposes of Section 4.10, on the Reversion Date, the unutilized
Excess Proceeds amount shall be reset to zero. 
 (d) The Parent shall deliver promptly to the Trustee an Officer’s Certificate
notifying it of any such occurrence under this Section 4.16. 
 Section 4.17. Limitations on Sale and Leaseback Transactions.  

(a) The Parent shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, enter into any Sale and Leaseback
Transaction; provided, that the Parent or any Restricted Subsidiary may enter into a Sale and Leaseback Transaction if: 

(1) the Parent or such Restricted Subsidiary, as applicable, could have (x) incurred Indebtedness in an amount equal to
the Attributable Debt relating to such Sale and Leaseback Transaction under Section 4.09 hereof and (y) incurred a Lien to secure such Indebtedness without equally and ratably securing the Notes under section 4.12 hereof; and 

(2) the transfer of assets in such Sale and Leaseback Transaction is permitted by, and the Parent or such Restricted Subsidiary
applies the proceeds of such transaction in compliance with, Section 4.10 hereof. 
 Section 4.18. Limitations on Business Activities.
 
 The Parent shall not, and shall not permit any Restricted Subsidiary to, engage in any business other than Similar Businesses,
except as would not be material to the Parent and its Restricted Subsidiaries, taken as a whole. 
 Section 4.19. Restrictions on Activities of
Finance Corp.  
 Finance Corp. shall not hold any material assets, become liable for any material obligations or engage in any
significant business activities or operations; provided that Finance Corp. may issue Equity Interests to the Parent, Capital LLC or any of the Restricted Subsidiaries and may be a co-obligor or Guarantor with respect to Indebtedness that is
permitted to be incurred under Section 4.09 hereof, if Capital LLC is an obligor on such Indebtedness and the net proceeds of such Indebtedness are received by Capital LLC or one or more Guarantors, and may engage in activities related thereto
or necessary in connection therewith. Finance Corp. may not be designated as an Unrestricted Subsidiary. 

  
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 ARTICLE 5 

SUCCESSORS 
 Section 5.01.
Merger, Consolidation or Sale of All or Substantially All Assets.  
 (a) Neither the Parent nor Capital LLC may consolidate
or merge with or into or wind up into (whether or not such Person is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related
transactions, to any Person unless: 
 (1) the Parent or Capital LLC, as applicable, is the surviving Person or the Person
formed by or surviving any such consolidation or merger (if other than the Parent or Capital LLC) or the Person to whom such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership
(including a limited partnership), trust or limited liability company organized or existing under the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (such Person, as the case may be,
being herein called the “Successor Company”); provided, in the case of Capital LLC, that if such Person is not a corporation, a co-obligor of the Notes is a corporation organized or existing under such laws; 

(2) the Successor Company, if other than the Parent or Capital LLC, expressly assumes all the obligations of the Parent or
Capital LLC, as applicable, under this Indenture, the Registration Rights Agreement and the Notes or the Parent’s Guarantee, as applicable pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to
the Trustee; 
 (3) immediately after such transaction, no Default exists; 

(4) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the applicable four-quarter period, 
 (A) the Successor Company or the Parent,
as applicable, would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in Section 4.09(a) hereof or 

(B) the Consolidated Leverage Ratio for the Successor Company or the Parent, as applicable, and its Restricted Subsidiaries
would be less than or equal to such ratio for the Parent and its Restricted Subsidiaries immediately prior to such transaction; 

(5) if the Parent or Capital LLC is not the Successor Company, each Guarantor (except each Guarantor that is not a Subsidiary
of Capital LLC in the event of a sale of Capital LLC by Parent to a Successor Company), unless it is the other party to the transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such
Person’s obligations under this Indenture and the Notes; and 
 (6) the Parent shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture. 

The Successor Company will succeed to, and be substituted for, the Parent or Capital LLC, as applicable, under this Indenture, the Registration Rights
Agreement, the Guarantees and the Notes or the Parent’s Guarantee, as applicable, and, except in the case of a lease, the Parent or Capital LLC, as applicable, will automatically be released and discharged from its obligations under this
Indenture and the Notes. Notwithstanding clauses (3) and (4) of Section 5.01(a) hereof, 
 (1) any
Restricted Subsidiary (other than the Issuers) may consolidate with, merge into or wind up into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to the Parent or any Restricted Subsidiary
(other than Finance Corp.); and 
 (2) the Parent or Capital LLC may merge with an Affiliate of the Parent solely for the
purpose of reorganizing the Parent or Capital LLC in a state or commonwealth of the United States, the District of Columbia or any territory thereof so long as the amount of Indebtedness of the Parent and its Restricted Subsidiaries is not increased
thereby. 

  
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 (b) Finance Corp. may not consolidate or merge with or into or wind up into (whether or not
Finance Corp. is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

(1) Finance Corp. is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than
Finance Corp.) or the Person to whom such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Restricted Subsidiary of the Parent and a corporation organized or existing under the laws of the United States,
any state or commonwealth thereof, the District of Columbia or any territory thereof (such Person, as the case may be, being herein called the “Successor”); 

(2) the Successor, if other than Finance Corp., expressly assumes all the obligations of Finance Corp. under this Indenture,
the Registration Rights Agreement and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 

(3) immediately after such transaction, no Default exists (including that the Successor shall be in compliance with
Section 4.19 hereof). 
 (4) if Finance Corp. is not the Successor, each Guarantor, unless it is the other party to the
transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and 

(5) the Parent shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indenture(s) comply with this Indenture. 

The Successor will succeed to, and be substituted for, Finance Corp. under this Indenture, the Registration Rights Agreement and the Notes, and, except in the
case of a lease, Finance Corp. will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clause (3), Finance Corp. may consolidate with or merge into or wind up into or sell,
assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to Capital LLC provided that Capital LLC is, at such time, a corporation. 

(c) Subject to certain limitations described in this Indenture governing release of a Guarantee by a Subsidiary Guarantor, no Subsidiary
Guarantor will, and the Parent will not permit any such Subsidiary Guarantor to, consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless: 

(1) (A) such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger
(if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the laws of the jurisdiction of organization of such Subsidiary
Guarantor, as the case may be, or the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (such Subsidiary Guarantor or such Person, as the case may be, being herein called the
“Successor Person”); 

  
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 (B) the Successor Person, if other than such Subsidiary Guarantor or another
Subsidiary Guarantor, expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture, the Registration Rights Agreement, and such Subsidiary Guarantor’s related Guarantee pursuant to supplemental indentures or other
documents or instruments in form reasonably satisfactory to the Trustee; 
 (C) immediately after such transaction, no
Default exists; and 
 (D) if such Subsidiary Guarantor or another Subsidiary Guarantor is not the Successor Person, the
Parent shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture; or 

(2) the disposition is considered an Asset Sale and complies with Section 4.10 hereof. 

In the case of clause 5.01(c)(1) above, the Successor Person will succeed to, and be substituted for, such Subsidiary Guarantor under this Indenture and such
Subsidiary Guarantor’s Guarantee and, except in the case of a lease, such Subsidiary Guarantor will automatically be released and discharged from its obligations under this Indenture and such Subsidiary Guarantor’s Guarantee.
Notwithstanding the foregoing, any Subsidiary Guarantor may merge into or transfer all or part of its properties and assets to another Guarantor or Capital LCC. 

Section 5.02. Successor Corporation Substituted.  

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
assets of the Parent, Capital LLC or Finance Corp., as applicable, in accordance with Section 5.01 hereof, the successor Person formed by such consolidation or with which the Parent, Capital LLC or Finance Corp., as applicable, is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Indenture referring to the Parent, Capital LLC or Finance Corp., as applicable, shall refer instead to the successor Person and not to the Parent, Capital LLC or Finance Corp., as applicable), and may exercise every right and
power of the Parent, Capital LLC or Finance Corp., as applicable under this Indenture with the same effect as if such successor Person had been named as the Parent, Capital LLC or Finance Corp., as applicable, herein; provided that the
predecessor Parent, Capital LLC or Finance Corp., as applicable, shall not be relieved from the obligation to pay the principal of and interest, if any, on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition
of all of the assets of the Parent, Capital LLC or Finance Corp., as applicable (except in the case of a lease), that meets the requirements of Section 5.01 hereof. 

ARTICLE 6 
 DEFAULTS
AND REMEDIES 
 Section 6.01. Events of Default.  

(a) An “Event of Default” wherever used herein, means any one of the following events with respect to a particular series of
Notes: 
 (1) default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or
premium, if any, on such series of Notes; 
 (2) default for 30 days or more in the payment when due of interest on or with
respect to such series of Notes; 
 (3) failure by the Parent or any Restricted Subsidiary for 60 days after receipt of
written notice given by the Trustee or the Holders of not less than 25% in principal amount of such series of Notes then outstanding to comply with any of its other obligations, covenants or agreements (other than a default referred to in clauses
(1) or (2) of this Section 6.01(a)) contained in this Indenture or such series of Notes; 

  
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 (4) default under any mortgage, indenture or instrument under which there is
issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Parent or any of its Restricted Subsidiaries or the payment of which is guaranteed by the Parent or any of its Restricted Subsidiaries, other than
Indebtedness owed to the Parent or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both: 

(i) such default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after
giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such Indebtedness causing such
Indebtedness to become due prior to its stated maturity; and 
 (ii) the principal amount of such Indebtedness, together with
the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate $50.0 million or
more; 
 (5) failure by the Parent or any Significant Subsidiary to pay final judgments aggregating in excess of $50.0
million, which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is not covered by insurance, an enforcement proceeding has been commenced by
any creditor upon such judgment or decree which is not promptly stayed; 
 (6) the Parent, any Issuer or any Significant
Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences proceedings to be adjudicated bankrupt
or insolvent; 
 (ii) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of
a petition or answer or consent seeking reorganization or relief under applicable Bankruptcy law; 
 (iii) consents to the
appointment of a receiver, liquidator, assignee, trustee or other similar official of it or for all or substantially all of its property; 

(iv) makes a general assignment for the benefit of its creditors; or 

(v) fails generally to pay its debts as they become due. 

(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Parent or any Significant Subsidiary in a proceeding in which the Parent or any Significant
Subsidiary is to be adjudicated bankrupt or insolvent; 
 (ii) appoints a receiver, liquidator, assignee, trustee or other
similar official of the Parent or any Significant Subsidiary or for all or substantially all of the property of the Parent or any Significant Subsidiary; or 

(iii) orders the liquidation of any Issuer or any Significant Subsidiary; 

and the order or decree remains unstayed and in effect for 60 consecutive days; or 

  
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 (8) the Guarantee of the Parent or any Significant Subsidiary shall for any
reason cease to be in full force and effect or be declared null and void or any responsible officer of the Parent or such Subsidiary Guarantor that is a Significant Subsidiary, as the case may be, denies that it has any further liability under its
Guarantee or gives notice to such effect, in each case other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture. 

(b) In the event of any Event of Default specified in clause (4) of Section 6.01(a), such Event of Default and all consequences
thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of
Default arose: 
 (1) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or 

(2) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such
Event of Default; or 
 (3) the default that is the basis for such Event of Default has been cured. 

Section 6.02. Acceleration. 
 (a) If
any Event of Default (other than an Event of Default specified in clause (6) or (7) of Section 6.01(a) hereof) occurs and is continuing with respect to a particular series of Notes, the Trustee or the Holders of at least 25% in
principal amount of the then total outstanding Notes of such series may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Notes of such series to be due and payable immediately. 

Upon the effectiveness of such declaration, such principal and interest with respect to such series of Notes shall be due and payable
immediately. The Trustee shall have no obligation to accelerate the Notes if it in good faith determines that acceleration is not in the best interest of the Holders of the Notes. 

(b) Notwithstanding the foregoing, in the case of an Event of Default arising under clause (6) or (7) of Section 6.01(a)
hereof, all outstanding Notes shall be due and payable immediately without further action or notice. 
 Section 6.03. Other Remedies. 

 Subject to the duties of the Trustee as provided for in Article 7, if an Event of Default occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Defaults.  

Holders of a majority in aggregate principal amount of the then outstanding Notes of a series by notice to the Trustee may on behalf of the
Holders of all of the Notes of such series waive any existing Default and its consequences under this Indenture, except a continuing Default in the payment of interest on, premium, if any, or the principal of, any Note of such series held by a
non-consenting Holder; and rescind any acceleration and its consequences with respect to the Notes (except if such recession would conflict with any judgment of a court of competent jurisdiction). Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
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 Section 6.05. Control by Majority. 

Holders of a majority in principal amount of the total outstanding Notes of the applicable series may direct in writing the time, method and
place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that the
Trustee determines is unduly prejudicial to the rights of any other Holder of a Note of the applicable series or that would involve the Trustee in personal liability. 

Section 6.06. Limitation on Suits.  

No Holder of a Note may pursue any remedy with respect to this Indenture or the applicable series of Notes unless: 

(1) such Holder has previously given the Trustee written notice that an Event of Default is continuing with respect to such
series of Notes; 
 (2) Holders of at least 25% in principal amount of the total outstanding Notes of such series have
requested the Trustee to pursue the remedy; 
 (3) Holders of such series of Notes have offered the Trustee security or
indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee has not complied with such
request within 60 days after the receipt thereof and the offer of security or indemnity; and 
 (5) Holders of a majority in
principal amount at maturity of the total outstanding Notes of such series have not given the Trustee a direction inconsistent with such request within such 60-day period. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of
a Note (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 6.07. Rights of Holders of Notes to Receive Payment.  

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and
interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an Asset Sale Offer or a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08. Collection Suit by Trustee.  

If an Event of Default specified in Section 6.01(a)(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest
and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation of the Trustee and the reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee,
its agents and counsel, in each case as set forth in Section 7.07 hereof. 

  
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 Section 6.09. Restoration of Rights and Remedies.  

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

Section 6.10. Rights and Remedies Cumulative.  

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

No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12. Trustee May File Proofs of Claim. 

 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuers (or
any other obligor upon the Notes including the Guarantors), its creditors or its property and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter and to collect, receive and
distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation and the reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding. 
 Section 6.13. Priorities. 

If the Trustee or any Agent collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

(i) to the Trustee, the Agents, their agents and attorneys for amounts due under Section 7.07 hereof, including payment of
all compensation, expenses and liabilities incurred, and all advances made, by the Trustee or any Agent and the costs and expenses of collection; 

  
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 (ii) to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

(iii) to the Issuers or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable.

 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.13. 

Section 6.14. Undertaking for Costs.  

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

ARTICLE 7 
 TRUSTEE

 Section 7.01. Duties of Trustee.  

(a) If an Event of Default has occurred (and has not been cured), the Trustee shall, in the exercise of its power, use the degree of care of a
prudent person in the conduct of his own affairs. 
 (b) Except during the continuance of an Event of Default: 

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

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

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05 hereof. 

  
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 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any
way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) Subject to this Article 7,
whether or not an Event of Default has occurred and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Holder or Holders of the Notes unless such
Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02. Rights of
Trustee.  
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuers, personally or by agent or attorney at the sole cost of the Issuers and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificates or Opinion of Counsel. The Trustee may
consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the advice or opinion of such counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be
responsible for the misconduct or negligence of any agent or attorney appointed with due care. 
 (d) The Trustee shall not be liable for
any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or
gross negligence. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers
shall be sufficient if signed by an Officer of the Issuers. 
 (f) None of the provisions of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. 
 (g) The Trustee shall not be
deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Notes and this Indenture. 
 (h) In no event shall the Trustee be responsible or
liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

  
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 (j) The Trustee shall not be required to give any bond or surety in respect of the performance of
its powers and duties hereunder. 
 (k) The Trustee may request that the Issuers deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 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 Issuers or any Affiliate of an Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply
to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04. Trustee’s Disclaimer.  

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication. 
 Section 7.05. Notice of Defaults.  

If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders
of Notes a notice of the Default within 90 days after it occurs. Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing
Default if it determines that withholding notice is in the interest of the Holders of the Notes. The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is such a Default is received by the Trustee at the Corporate Trust Office of the Trustee. 
 Section 7.06. Reports by Trustee to
Holders of the Notes.  
 Within 60 days after each January 15, beginning with the January 15 following the date of
this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in
Trust Indenture Act Section 313(a) has occurred within the 12 months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also transmit by
mail all reports as required by Trust Indenture Act Section 313(c). 
 A copy of each report at the time of its mailing to the Holders
of Notes shall be mailed to the Issuers and filed with the SEC and each stock exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Issuers shall promptly notify the Trustee in writing when any series
of Notes are listed on any stock exchange or any delisting thereof. 
 Section 7.07. Compensation and Indemnity.  

The Issuers shall pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the
parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee promptly upon request for all reasonable and
documented out-of-pocket disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable and documented out-of-pocket compensation, disbursements and expenses
of the Trustee’s agents and counsel. 

  
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 The Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee for, and hold
the Trustee harmless against, any and all loss, damage, claims, liability or expense (including reasonable and documented out-of-pocket attorneys’ fees and expenses) incurred by it (as evidenced in an invoice from the Trustee) in connection
with the acceptance or administration of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Issuers or any of the Guarantors (including this Section 7.07) or
defending itself against any claim whether asserted by any Holder, the Issuers or any Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Issuers
promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuers shall not relieve the Issuers of their obligations hereunder. The Issuers shall defend the claim and the Trustee shall provide reasonable
cooperation at the Issuers’ expense in the defense. The Trustee may have separate counsel and the Issuers shall pay the fees and expenses of such counsel; provided, however, that the Issuers shall not be required to pay such fees and expenses
if its assumes such the Trustee’s defense and, in the Trustee’s reasonable judgment, there is no conflict of interest between the Issuers and the Trustee in connection with such defense. The Issuers need not reimburse any expense or
indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. 

The obligations of the Issuers under this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the earlier
resignation or removal of the Trustee. 
 To secure the payment obligations of the Issuers and the Guarantors in this Section 7.07, the
Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this
Indenture. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(6) or
(7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

The Trustee shall comply with the provisions of Trust Indenture Act Section 313(b)(2) to the extent applicable. 

Section 7.08. Replacement of Trustee.  

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of a majority in principal amount of the then
outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing. The Issuers may remove the Trustee if: 

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

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

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

(d) the Trustee becomes incapable of acting. 

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

  
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 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee (at the Issuers’ expense), the Issuers or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor
Trustee. 
 If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.09. Successor Trustee by Merger, etc.  

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee. 
 In case at the time such successor or
successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.

 Section 7.10. Eligibility; Disqualification.  

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

Section 7.11. Preferential Collection of Claims Against Issuers.  

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

  
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 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

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

The Issuers may, at their option and at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes of a
particular series upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02. Legal Defeasance and Discharge.
 
 Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers
and the Guarantors shall, 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 and Guarantees of a particular series of
Notes and to have cured all then existing Events of Default with respect to such series of Notes on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the
Issuers shall be deemed to have paid and discharged the entire Indebtedness represented by such series of outstanding Notes, which shall 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 (a) and (b) below, to have satisfied all their other obligations under such series of Notes and this Indenture including that of the Guarantors and to have cured all then existing Events
of Default with respect to such series of Notes (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder: 
 (a) the rights of Holders of Notes of such series to receive payments in respect of the principal of,
premium, if any, and interest on such series of Notes when such payments are due solely out of the trust created pursuant to this Indenture; 

(b) the Issuers’ obligations with respect to such series of Notes concerning issuing temporary Notes of such series, registration of such
Notes, mutilated, destroyed, lost or stolen Notes of such series and the maintenance of an office or agency for payment and money for security payments held in trust; 

(c) the rights, powers, trusts, duties and immunities of the Trustee, and the Issuers’ obligations in connection therewith; and 

(d) the provisions of this Section 8.02. 

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

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.13
(other than the existence of the Issuers (subject to Section 5.01 hereof)), 4.15, 4.17, 4.18 and 4.19 hereof and clauses (4) and (5) of section 5.01(a), Sections 5.01(b) and 5.01(c) hereof with respect to the outstanding Notes of a
particular series on and after the date the conditions set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”), and such series of Notes shall thereafter be deemed not “outstanding” for the
purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to such series of outstanding Notes, the Issuers or any Guarantor, as applicable, may omit to
comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in
any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this
Indenture and such series of Notes shall be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, Sections 6.01(a)(3), 6.01(a)(4), 

  
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6.01(a)(5), 6.01(a)(6) (solely with respect to Restricted Subsidiaries that are Significant Subsidiaries), 6.01(a)(7) (solely with respect to Restricted Subsidiaries that are Significant
Subsidiaries) and 6.01(a)(8) hereof shall not constitute Events of Default. 
 Section 8.04. Conditions to Legal or Covenant Defeasance. 

 The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes: 

In order to exercise either Legal Defeasance or Covenant Defeasance with respect to a series of Notes: 

(1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of such series of Notes,
cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal amount of, premium, if any, and
interest due on such series of Notes on the stated maturity date or on the redemption date, as the case may be, of such principal amount, premium, if any, or interest on such series of Notes and the Issuers must specify whether such series of Notes
is being defeased to maturity or to a particular redemption date; 
 (2) in the case of Legal Defeasance, the Issuers shall
have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, 

(A) the Issuers have received from, or there has been published by, the United States Internal Revenue Service a ruling, or

 (B) since the issuance of such series of Notes, there has been a change in the applicable U.S. federal income tax law,

 in either case to the effect that, and based thereon, such Opinion of Counsel shall confirm that, subject to customary assumptions and
exclusions, the Holders of such series of Notes will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the
case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders of such series of Notes will not
recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to such 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 (other than that resulting from borrowing funds to be applied to make such
deposit and any similar and simultaneous deposit relating to other Indebtedness, and, in each case the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit with respect to such series of Notes;

 (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default
under the Senior Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuers or any Guarantor is a party or by which the Issuers or any Guarantor is bound (other than that resulting from
borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); 

  
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 (6) the Issuers shall have delivered to the Trustee an Officer’s Certificate
stating that the deposit was not made by the Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or any Guarantor or others; and 

(7) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

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

Subject to the provisions of Section 8.06 hereof, all money and Government Securities (including the proceeds thereof) deposited with the
Trustee pursuant to Section 8.04 hereof shall be held in trust and applied by the Trustee in accordance with the provisions of the applicable series of Notes and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuers or a Guarantor acting as Paying Agent), the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 

The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Government Securities
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. 

Section 8.06. Repayment to Issuers.  

Anything in this Article 8 or Article 11 to the contrary notwithstanding, each of the Trustee and each Paying Agent shall promptly deliver or
pay to the Issuers upon request any money or Government Securities held by it in accordance with this Article 8 or Article 11 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 which would then be required to be deposited to effect an equivalent Legal Defeasance,
Covenant Defeasance or discharge in accordance with Article 11 hereof. 
 Any money deposited with the Trustee or any Paying Agent, or then
held by the Issuers, 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, and premium, if any, or interest has become due and payable shall be paid to the
Issuers on their request or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuers for payment thereof, and all liability of the Trustee or any Paying Agent with
respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease. 
 Section 8.07. Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any United States dollars or Government Securities 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 Issuers’ obligations under this Indenture and the Notes
shall 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 that, if the Issuers make any payment of principal of, premium or interest on any Note following the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money held by the Trustee or the Paying Agent. 

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

Notwithstanding Section 9.02 hereof, the Issuers, any Guarantor (with respect to a Guarantee or this Indenture) and the Trustee may amend
or supplement this Indenture and any Guarantee or the Notes without the consent of any Holder: 
 (1) to cure any ambiguity,
omission, mistake, defect or inconsistency; 
 (2) to provide for uncertificated Notes of such series in addition to or in
place of certificated Notes of such series; 
 (3) to comply with Section 5.01 hereof; 

(4) to provide the assumption of any Issuer’s or any Guarantor’s obligations to the Holders; 

(5) to make any change that would provide any additional rights or benefits to the Holders or that does not materially
adversely affect the legal rights under this Indenture of any such Holder; 
 (6) to add covenants for the benefit of the
Holders or to surrender any right or power conferred upon the Parent, any Issuer or any Subsidiary Guarantor; 
 (7) to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act; 

(8) to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee thereunder pursuant
to the requirements thereof; 
 (9) to provide for the issuance of Exchange Notes or private exchange notes, which are
identical to exchange notes except that they are not freely transferable; 
 (10) to add a Guarantor under this Indenture or
to secure the Obligations hereunder; 
 (11) to conform the text of this Indenture, Guarantees or the Notes to any provision
of the “Description of Notes” section of the Offering Memorandum as described in an Officer’s Certificate; or 

(12) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by
this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation
of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes. 

Section 9.02. With Consent of Holders of Notes.  

Except as provided below in this Section 9.02, the Issuers and the Trustee may amend or supplement this Indenture, any Guarantee and the
Notes of any series with the consent of the Holders of at least a majority in principal amount of such series of Notes then outstanding, (including consents obtained in connection with a purchase of, or tender offer or exchange offer for Notes of
such series), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a continuing Default in the payment of interest on, premium, if any, or the principal of, any Note of such series, except a payment
default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or such series of Notes issued hereunder may be waived with the consent of the Holders of a majority in principal amount of the then
outstanding Notes of such series, (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes of such series). Sections 2.08 and 2.09 hereof shall determine which series of Notes are considered to
be “outstanding” for the purposes of this Section 9.02. 

  
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 The consent of the Holders of Notes under this Section 9.02 is not necessary under this
Indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed amendment. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall deliver electronically or mail to
the Holders of such series of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such amendment, supplement or waiver. 
 Without the consent of each affected Holder of Notes, an amendment or waiver may not, with
respect to any series of Notes held by a non-consenting Holder: 
 (1) reduce the principal amount of Notes of such series
whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the principal amount of or change the fixed
final maturity of any Note of such series or alter or waive the provisions with respect to the redemption of such series of Notes (other than provisions relating to Section 3.09, Section 4.10 and Section 4.14 hereof); 

(3) reduce the rate of or change the time for payment of interest on any Note of such series; 

(4) waive a Default in the payment of principal of or premium, if any, or interest on the Notes of such series, except a
rescission of acceleration of the Notes of such series by the Holders of at least a majority in aggregate principal amount of such series of Notes and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant
or provision contained in this Indenture or any Guarantee which cannot be amended or modified without the consent of all Holders; 

(5) make any Note of such series payable in money other than that stated therein; 

(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to
receive payments of principal of or premium, if any, or interest on the Notes of such series; 
 (7) make any change in these
amendment and waiver provisions as it relates to Notes of such series; 
 (8) impair the right of any Holder to receive
payment of principal of, or interest on such Holder’s Notes of such series on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes of such series; 

(9) make any change to or modify the ranking of the Notes of such series that would adversely affect the Holders; or 

(10) except as expressly permitted by this Indenture, modify the terms of the Guarantees of the Parent or any Significant
Subsidiary in any manner adverse to the Holders of the Notes of such series 
 Section 9.03. Revocation and Effect of Consents.  

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the earlier of the date the waiver, supplement or amendment becomes effective and the date on which the Trustee receives an Officer’s
Certificate from the Issuers certifying that the requisite principal amount of Notes have consented. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

  
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 The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining
the Holders entitled to consent to any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such
Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more
than 120 days after such record date unless the consent of the requisite principal amount of Notes has been obtained. 
 Section 9.04. Notation on
or Exchange of Notes.  
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note
thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

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

 Section 9.05. Trustee to Sign Amendments, etc.  

The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In executing any amendment, supplement or waiver, the Trustee (subject to Section 7.01 hereof) shall be fully
protected in conclusively relying upon, in addition to the documents required by Section 12.03 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or
permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary
exceptions. No Opinion of Counsel will be required by the immediately preceding sentence for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture. 

Section 9.06. Payment for Consent.  

The Parent will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid to all Holders of
the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

Section 9.07. Compliance with Trust Indenture Act. 

From the date on which this Indenture is qualified under the Trust Indenture Act, every amendment, waiver or supplement to this Indenture or
any series of Notes shall comply with the Trust Indenture Act as then in effect. 
 ARTICLE 10 

GUARANTEES 
 Section 10.01.
Guarantee. 
 Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the

  
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Issuers hereunder or thereunder: (a) the performance and full and punctual payment when due, whether at maturity, by acceleration or otherwise, of all obligations of the Issuers under this
Indenture and the Notes, whether for payment of principal of or interest on the Notes, expenses, indemnification or otherwise, on the terms set forth in this Indenture; and (b) in case of any extension of time of payment or renewal of any Notes
or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any
amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection. 
 The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture. 
 If any Holder or the Trustee is required by any court or otherwise to return
to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and effect. 
 Each Guarantor also agrees to pay any and all reasonable and
documented out-of-pocket costs and expenses (including reasonable and documented out-of-pocket attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of
the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantors for the purpose of this Guarantee. Any Subsidiary Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Subsidiary
Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP. 

Each Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuers for
liquidation, reorganization, should the Issuers become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuers’ assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by
any obligee on the Notes or Guarantees, whether as a voidable preference, fraudulent transfer or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced,
restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 Each payment to be made by a Guarantor in respect of its Guarantee shall
be made without set-off, counterclaim, reduction or diminution of any kind or nature. 

  
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 Section 10.02. Limitation on Guarantor Liability.  

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount
and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. 

Section 10.03. Execution and Delivery.  

To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture shall be executed on behalf
of such Guarantor by an Officer of such Guarantor. 
 Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof
shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 
 If
an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth
in this Indenture on behalf of the Guarantors. 
 If required by Section 4.15 hereof, the Parent shall cause any newly created or
acquired Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 10, to the extent applicable. 

Section 10.04. Subrogation. 
 Each
Guarantor shall be subrogated to all rights of Holders of Notes against the Issuers in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof; provided that, no Guarantor shall be entitled to
enforce or receive any payments arising out of, or based upon, such right of subrogation until all obligations of the Issuers under this Indenture and the Notes shall have been paid in full. 

Section 10.05. Benefits Acknowledged.  

Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture
and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits. 
 Section 10.06.
Release of Guarantees. 
 A Guarantee by a Subsidiary Guarantor shall be automatically and unconditionally released and discharged,
and no further action by such Subsidiary Guarantor, the Issuers or the Trustee is required for the release of such Subsidiary Guarantor’s Guarantee upon: 

(1) (A) any direct or indirect sale, exchange or transfer (by merger, consolidation or otherwise) of (i) the Capital Stock
of such Subsidiary Guarantor (including any sale, exchange or transfer), after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary or (ii) all or substantially all the assets of such Subsidiary Guarantor which sale,
exchange or transfer is made in a manner not in violation of the applicable provisions of this Indenture; 

  
 88 

 (B) the release or discharge of the guarantee by such Subsidiary Guarantor of the
Senior Credit Facilities or the guarantee which resulted in the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee; 

(C) the proper designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary; or 

(D) the Issuers exercising their Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 hereof or
the Issuers’ obligations under this Indenture being discharged in accordance with the terms of this Indenture; and 

(2) the Issuers delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for in this Indenture relating to such transaction have been complied with. 
 Upon request of the Parent, the
Trustee shall evidence such release by a supplemental indenture or other instrument which may be executed by the Trustee without the consent of any Holder. 

The Parent’s Guarantee shall be automatically and unconditionally released only at such time as all of the Issuers’ obligations
under this Indenture have been discharged in a manner not in violation of the terms of this Indenture and the Issuers have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for in this Indenture relating to such transaction have been complied with. 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01. Satisfaction and Discharge.  

This Indenture shall be discharged and shall cease to be of further effect as to a series of Notes, when either: 

(1) all Notes of such series theretofore authenticated and delivered, except lost, stolen or destroyed Notes of such series
which have been replaced or paid and Notes of such series for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

(2) (A) all Notes of such series not theretofore delivered to the Trustee for cancellation have become due and payable by
reason of the making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption and redeemed within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuers, and the Issuers or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the
Notes of such series cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such series Notes
not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(B) the Issuers have paid or caused to be paid all other sums payable by them under this Indenture; and 

(C) the Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of such
series of Notes at maturity or the redemption date, as the case may be. 

  
 89 

 In addition, the Issuers must deliver an Officer’s Certificate and an Opinion of Counsel to
the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and
discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause (A) of clause (2) of this Section 11.01, the provisions of Section 11.02 and Section 8.06 hereof shall survive. 

Section 11.02. Application of Trust Money.  

Subject to the provisions of Section 8.06 hereof, all money and Government Securities (including the proceeds thereof) deposited with the
Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the applicable series of Notes and this Indenture, to the payment, either directly or through any Paying Agent (including
any Issuer or Guarantor acting as the Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money
or Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
any Issuer’s and any Guarantor’s obligations under this Indenture and the applicable series of Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof until such time as the Trustee or
any Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 11.01 hereof; provided that if the Issuers have made any payment of principal of, premium, if any, or interest on any Notes because
of the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 12 

MISCELLANEOUS 
 Section 12.01.
Notices. 
 Any notice or communication by the Issuers, any Guarantor, the Trustee or any Paying Agent to the others is duly given if
in writing and delivered in person or via facsimile, or mailed by first-class mail (registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Issuers and/or any Guarantor: 

CBS Outdoor Americas Inc. 
 405
Lexington Avenue, 17th Floor 
 New York, NY 10174 

Attention: General Counsel 
 If to
the Trustee: 
 Deutsche Bank Trust Company Americas 

60 Wall Street, 16th Floor 
 Mail
Stop: NYC60-1630 
 New York, New York 10005 

Attention: Trust and Agency Services 

Client Services Manager – CBS Outdoor Americas Capital 

Facsimile: (732) 578-4635 

  
 90 

 With a copy to: 

Deutsche Bank National Trust Company 

100 Plaza One 
 6th Floor 

Jersey City, NJ 07311-3901 
 Any
Issuer, any Guarantor, the Trustee or any Paying Agent, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 

All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail (or in the case of Notes in global form, on the date the notice is sent pursuant to the applicable procedures of the
Depositary); when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; and, subject to compliance with the Trust Indenture Act, on the first
date of which publication is made, if given by publication; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof. 

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

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Issuers mail a notice or communication to Holders, they shall mail a copy to the Trustee and each Agent at the same
time. 
 Section 12.02. Communication by Holders of Notes with Other Holders of Notes.  

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

Section 12.03. Certificate and Opinion as to Conditions Precedent.  

Upon any request or application by the Issuers, the Parent or any of the Guarantors to the Trustee to take any action under this Indenture
(except in connection with the original issuance of the Notes), the Issuers, the Parent or such Guarantor, as the case may be, shall furnish to the Trustee (except as set forth in section 9.05 hereof): 

(a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth
in Section 12.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 12.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

  
 91 

 Section 12.04. Statements Required in Certificate or Opinion.  

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.04 hereof or Trust Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section 314(e) and shall include: 

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

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

Section 12.05. Rules by Trustee and Agents.  

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 Section 12.06. No Personal Liability of Directors, Officers, Employees and Stockholders. 

No director, officer, employee, incorporator, member or stockholder of the Issuers or any Guarantor shall have any liability for any
obligations of the Issuers or the Guarantors under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes. 
 Section 12.07. Governing Law. 

THIS INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 12.08. Waiver of Jury Trial.  

EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 12.09. Force Majeure. 
 In
no event shall the Trustee incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the reasonable control of the Trustee (including but not limited to any act
or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or
facsimile or other wire or communication facility). 

  
 92 

 Section 12.10. No Adverse Interpretation of Other Agreements.  

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Parent or any of the Restricted Subsidiaries or
of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.11. Successors. 

All agreements of the Issuers in this Indenture and the Notes shall bind their successors. All agreements of the Trustee or any Agent in this
Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.05 hereof. 

Section 12.12. Severability. 
 In
case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 12.13. Counterpart Originals.  

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the
same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture and signature pages for all purposes. 
 Section 12.14. Table of Contents, Headings, etc.  

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

Section 12.15. U.S.A. Patriot Act. 

The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering
activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain, verify, record and update information that identifies each person
establishing a relationship or opening an account. The parties to this agreement agree that it will provide to the Trustee such information as they may request, from time to time, in order for the Trustee to satisfy the requirements of the USA
PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account and may also ask for
formation documents such as articles of incorporation or other identifying documents to be provided. 
 Section 12.16. Trust Indenture Act
Controls.  
 If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed
by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318 of the Trust Indenture Act, inclusive, such imposed duties or incorporated provision shall control. 

[Signatures on following page] 

  
 93 

 
					
	CBS OUTDOOR AMERICAS CAPITAL LLC, as an Issuer
		
	By:	 	 /s/ Donald R. Shassian

		 	Name:	 	Donald R. Shassian
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	CBS OUTDOOR AMERICAS CAPITAL CORPORATION, as an Issuer
		
	By:	 	 /s/ Donald R. Shassian

		 	Name:	 	Donald R. Shassian
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	CBS OUTDOOR AMERICAS INC., as Parent and a Guarantor
		
	By:	 	 /s/ Joseph R. Ianniello

		 	Name:	 	Joseph R. Ianniello
		 	Title:	 	President, Treasurer and Secretary
	
	OUTDOOR INC., as a Guarantor
		
	By:	 	 /s/ Donald R. Shassian

		 	Name:	 	Donald R. Shassian
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	CBS OUTDOOR GROUP LLC, as a Guarantor
		
	By:	 	 /s/ Donald R. Shassian

		 	Name:	 	Donald R. Shassian
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Indenture] 

					
	CBS OUTDOOR LLC, as a Guarantor
		
	By:	 	 /s/ Donald R. Shassian

		 	Name:	 	Donald R. Shassian
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	CBS OUTDOOR L.A. INC., as a Guarantor
		
	By:	 	 /s/ Raymond Nowak

		 	Name:	 	Raymond Nowak
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	CBS OUTERNET INC., as a Guarantor
		
	By:	 	 /s/ Raymond Nowak

		 	Name:	 	Raymond Nowak
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	CBS COLLEGIATE SPORTS PROPERTIES INC.
		
	By:	 	 /s/ Raymond Nowak

		 	Name:	 	Raymond Nowak
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Indenture] 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Rodney Gaughan

		 	Name:	 	Rodney Gaughan
		 	Title:	 	Vice President
		
	By:	 	 /s/ Jeffrey Schoenfeld

		 	Name:	 	Jeffrey Schoenfeld
		 	Title:	 	Assistant Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A-1 

[FACE OF 2022 NOTE] 
 [Insert the Global Note
Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the
Indenture] 
 [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

 CUSIP [            ] 

ISIN [            ] 

[[RULE 144A][REGULATION S] GLOBAL NOTE 

representing up to 
 $
        ] 
 5.250% Senior Notes due 2022 

 

			
	No.	  	[$         ]

 CBS OUTDOOR AMERICAS CAPITAL LLC and CBS OUTDOOR AMERICAS CAPITAL CORPORATION 

promise to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note
attached hereto] [of                      United States Dollars] on February 15, 2022. 

Interest Payment Dates: May 15 and November 15 

Record Dates: May 1 and November 1 

 IN WITNESS HEREOF, the Issuers have caused this instrument to be duly executed. 

 

			
	CBS OUTDOOR AMERICAS CAPITAL LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS OUTDOOR AMERICAS CAPITAL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the 2022 Notes referred to in the within-mentioned Indenture: 

Dated: January 31, 2014 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Authorized Signatory
		
	By:	 	  

		 	Authorized Signatory

 [Back of 2022 Note] 

5.250% Senior Notes due 2022 

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

1. INTEREST. CBS OUTDOOR AMERICAS CAPITAL LLC, a Delaware limited liability company, and CBS OUTDOOR AMERICAS CAPITAL CORPORATION, a Delaware
corporation, promise to pay interest on the principal amount of this 2022 Note at 5.250% per annum from January 31, 20141 until maturity. The Issuers will pay interest semi-annually in
arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The first Interest Payment Date shall be May 15, 2014.2 Interest on the 2022 Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. The Issuers will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the 2022 Notes; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest, if any, from time to time on demand at the interest rate on the 2022 Notes. At maturity, the Issuers will pay accrued and unpaid interest from the most recent date to which
interest has been paid or provided for. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2.
METHOD OF PAYMENT. The Issuers will pay interest on the 2022 Notes to the Persons who are registered Holders of 2022 Notes at the close of business on the May 1 or November 1 (whether or not a Business Day), as the case may be, immediately
preceding the Interest Payment Date, even if such 2022 Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of
interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and
premium, if any, on, all Global Notes and all other 2022 Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts. 
 3. PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank
Trust Company Americas will act as Paying Agent and Registrar. The Issuers may change the Paying Agents or the Registrars without prior notice to the Holders. The Parent or any of its Subsidiaries, including the Issuers, may act as a Paying Agent or
Registrar. 
 4. INDENTURE. The Issuers issued the 2022 Notes under an Indenture, dated as of January 31, 2014 (the
“Indenture”), among CBS Outdoor Americas Capital LLC, CBS Outdoor Americas Capital Corporation, the Guarantors named therein and the Trustee. This 2022 Note is one of a duly authorized issue of notes of the Issuers designated as its
5.250% Senior Notes due 2022. The Issuers shall be entitled to issue Additional 2022 Notes pursuant to Sections 2.01 and 4.09 of the Indenture. The 2022 Notes and the 2024 Notes issued under the Indenture (collectively, referred to herein as the
“Notes”) are separate series of Notes. The terms of the 2022 Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture
Act”). The 2022 Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this 2022 Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. 
  

	1 	With respect to the Initial 2022 Notes. 

	2 	With respect to the Initial 2022 Notes. 

 5. OPTIONAL REDEMPTION. 

(a) Except as described below under clauses 5(b) and 5(c) hereof, the Issuers will not be entitled to redeem the 2022 Notes at their option
prior to February 15, 2017. 
 (b) At any time prior to February 15, 2017 the Issuers may redeem all or a part of the 2022 Notes
upon notice as described in Section 3.03 of the Indenture, at a redemption price equal to 100% of the principal amount of 2022 Notes redeemed plus the Applicable Premium as of the redemption date, and, without duplication, accrued and unpaid
interest, if any, to, but excluding, the redemption date, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. 

(c) Until February 15, 2017, the Issuers may, at their option, upon notice as described in Section 3.03 of the Indenture, on one or
more occasions, redeem up to 35% of the aggregate principal amount of 2022 Notes issued by them at a redemption price equal to 105.250% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to, but excluding,
the applicable redemption date, with the net cash proceeds of one or more Equity Offerings; provided that at least 65% of the aggregate principal amount of Notes originally issued under the Indenture remains outstanding immediately after the
occurrence of each such redemption; provided further that each such redemption occurs within 60 days of the date of closing of each such Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to such Equity
Offering, and any such redemption or notice may, at the Issuer’s discretion, be subject to completion of the related Equity Offering. 

(d) On and after February 15, 2017, the Issuers may redeem the 2022 Notes, in whole or in part, upon notice as described in
Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the 2022 Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable
redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on February 15 of each of the years
indicated below: 
  

					
	 Year
	  	Percentage	 
		
	 2017
	  	 	103.938	% 
	 2018
	  	 	102.625	% 
	 2019
	  	 	101.313	% 
	 2020 and thereafter
	  	 	100.000	% 

 (e) Any redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of Sections 3.01
through 3.06 of the Indenture. 
 6. MANDATORY REDEMPTION. The Issuers shall not be required to make mandatory redemption or sinking fund
payments with respect to the 2022 Notes. 
 7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture, notice of redemption
will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date (except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with Article 8
or Article 11 of the Indenture) to each Holder whose 2022 Notes are to be redeemed at its registered address. 2022 Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held
by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on 2022 Notes or portions thereof called for redemption. 

8. OFFERS TO REPURCHASE. 
 (a)
Upon the occurrence of a Change of Control Repurchase Event, the Issuers shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of each Holder’s 2022 Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of purchase (the “Change of Control Payment”). The
Change of Control Offer shall be made in accordance with Section 4.14 of the Indenture. 

 (b) If the Parent or any of its Restricted Subsidiaries consummates an Asset Sale, within ten
(10) Business Days of each date that Excess Proceeds exceed $50.0 million, the Issuers, the Parent or any other Restricted Subsidiary shall commence an offer to all Holders of the Notes and, if required by the terms of any Indebtedness that is
pari passu with the Notes (“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum principal amount of Notes (including any Additional
Notes) and such other Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, if any (or, in respect of
such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in the
Indenture. To the extent that the aggregate principal amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining Excess Proceeds for general corporate
purposes, subject to other covenants contained in the Indenture. If the aggregate amount of Notes and the Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such
Pari Passu Indebtedness to be purchased (a) if the Notes or such Pari Passu Indebtedness are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes or
such Pari Passu Indebtedness, as applicable, are listed, (b) on a pro rata basis based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness tendered or (c) by lot or such similar method in accordance
with the procedures of The Depository Trust Company; provided that no notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The 2022 Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of 2022 Notes may be registered and 2022 Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in
connection with a transfer of the Notes. Holders shall pay all taxes due on transfer. The Issuers are not required to transfer or exchange any 2022 Note selected for redemption, except for the unredeemed portion of any 2022 Note being redeemed in
part. Also, the Issuers are not required to issue, transfer or exchange any 2022 Notes for a period of 15 days before the mailing of a notice of redemption of 2022 Notes to be redeemed. 

10. PERSONS DEEMED OWNERS. The registered Holder of a 2022 Note may be treated as its owner for all purposes. 

11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the 2022 Notes may be amended or supplemented as provided in the
Indenture. 
 12. DEFAULTS AND REMEDIES. The Events of Default relating to the 2022 Notes are defined in Section 6.01 of the Indenture.
If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding 2022 Notes may declare the principal, premium, if any, interest and any other monetary obligations on all the
then outstanding 2022 Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding 2022 Notes will become due and payable
immediately without further action or notice. Holders may not enforce the Indenture, the 2022 Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the
then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the 2022 Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or
interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the 2022 Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the 2022 Notes waive
any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest on, any of the 2022 Notes held by a non-consenting Holder. The Issuers are required to deliver to
the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required within ten (10) Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what
action the Issuers propose to take with respect thereto. 
 13. AUTHENTICATION. This 2022 Note shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

 14. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE, THE 2022 NOTES AND THE GUARANTEES. 
 15. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the 2022 Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the 2022 Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuers at
the following address: 
 CBS Outdoor Americas Inc. 

405 Lexington Avenue, 17th Floor 

New York, NY 10174 
 Attention:
General Counsel 

 ASSIGNMENT FORM 

To assign this 2022 Note, fill in the form below: 
  

					
	(I) or (we) assign and transfer this 2022 Note to:	 		  	  

		 		  	 (Insert assignee’ legal name)

  
  

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

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint 
 to transfer
this 2022 Note on the books of the Issuer. The agent may substitute another to act for him. 
  

					
	Date:	 	  
	 	

  

			
	 Your Signature:
	 	  

 (Sign exactly as your name appears on the face of this 2022 Note) 

 

			
	Signature Guarantee*:	 	  

  

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

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2022 Note purchased by the Issuers pursuant to Section 4.10 or 4.14 of the Indenture, check the
appropriate box below: 
  ̈  Section 4.10     ̈  Section 4.14 
 If you want to elect to have only part of this 2022 Note
purchased by the Issuers pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 

$             . 

 

					
	Date:	 	  
	 	

  

			
	 Your Signature:
	 	  

 (Sign exactly as your name appears on the face of this 2022 Note) 

Tax Identification No.: 
  

			
	Signature Guarantee*:	 	  

  

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

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

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

 

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

  

	*	This schedule should be included only if the 2022 Note is issued in global form. 

 EXHIBIT A-2 

[Face of 2024 Note] 
 [Insert the Global Note
Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the
Indenture] 
 [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A-2-1 

 CUSIP [            ] 

ISIN [            ] 

[[RULE 144A][REGULATION S] GLOBAL NOTE 

representing up to 

$        ] 

5.625% Senior Notes due 2024 
 CBS
OUTDOOR AMERICAS CAPITAL LLC and CBS OUTDOOR AMERICAS CAPITAL CORPORATION 
 promise to pay to CEDE & CO. or registered assigns, the principal sum
[set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of                      United States Dollars] on
February 15, 2024. 
 Interest Payment Dates: May 15 and November 15 

Record Dates: May 1 and November 1 

  
 A-2-2 

 IN WITNESS HEREOF, the Issuers have caused this instrument to be duly executed. 

 

			
	CBS OUTDOOR AMERICAS CAPITAL LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS OUTDOOR AMERICAS CAPITAL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-3 

 This is one of the 2024 Notes referred to in the within-mentioned Indenture: 

Dated: January 31, 2014 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Authorized Signatory
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-4 

 [Back of 2024 Note] 

5.625% Senior Notes due 2024 

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

1. INTEREST. CBS OUTDOOR AMERICAS CAPITAL LLC, a Delaware limited liability company, and CBS OUTDOOR AMERICAS CAPITAL CORPORATION, a Delaware
corporation, promise to pay interest on the principal amount of this 2024 Note at 5.625% per annum from January 31, 20143 until maturity. The Issuers will pay interest semi-annually in
arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The first Interest Payment Date shall be May 15, 2014.4 Interest on the 2024 Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. The Issuers will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the 2024 Notes; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest, if any, from time to time on demand at the interest rate on the 2024 Notes. At maturity, the Issuers will pay accrued and unpaid interest from the most recent date to which
interest has been paid or provided for. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2.
METHOD OF PAYMENT. The Issuers will pay interest on the 2024 Notes to the Persons who are registered Holders of 2024 Notes at the close of business on the May 1 or November 1 (whether or not a Business Day), as the case may be, immediately
preceding the Interest Payment Date, even if such 2024 Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of
interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and
premium, if any, on, all Global Notes and all other 2024 Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts. 
 3. PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank
Trust Company Americas will act as Paying Agent and Registrar. The Issuers may change the Paying Agents or the Registrars without notice to the Holders. The Parent or any of its Subsidiaries, including the Issuers, may act as a Paying Agent or
Registrar. 
 4. INDENTURE. The Issuers issued the 2024 Notes under an Indenture, dated as of January 31, 2014 (the
“Indenture”), among CBS Outdoor Americas Capital LLC, CBS Outdoor Americas Capital Corporation, the Guarantors named therein and the Trustee. This 2024 Note is one of a duly authorized issue of notes of the Issuers designated as its
5.625% Senior Notes due 2024. The Issuers shall be entitled to issue Additional 2024 Notes pursuant to Sections 2.01 and 4.09 of the Indenture. The 2024 Notes and the 2022 Notes issued under the Indenture (collectively, referred to herein as the
“Notes”) are separate series of Notes. The terms of the 2024 Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture
Act”). The 2024 Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this 2024 Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. 
  

	3 	With respect to the initial 2024 Notes. 

	4 	With respect to the initial 2024 Notes. 

  
 A-2-5 

 5. OPTIONAL REDEMPTION. 

(a) Except as described below under clauses 5(b) and 5(c) hereof, the Issuers will not be entitled to redeem the 2024 Notes at their option
prior to February 15, 2019. 
 (b) At any time prior to February 15, 2019 the Issuers may redeem all or a part of the 2024 Notes
upon notice as described in Section 3.03 of the Indenture, at a redemption price equal to 100% of the principal amount of 2024 Notes redeemed plus the Applicable Premium as of the redemption date, and, without duplication, accrued and unpaid
interest, if any, to, but excluding, the redemption date, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. 

(c) Until February 15, 2017, the Issuers may, at their option, upon notice as described in Section 3.03 of the Indenture, on one or
more occasions, redeem up to 35% of the aggregate principal amount of 2024 Notes issued by them at a redemption price equal to 105.625% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to, but excluding,
the applicable redemption date, with the net cash proceeds of one or more Equity Offerings; provided that at least 65% of the aggregate principal amount of Notes originally issued under the Indenture remains outstanding immediately after the
occurrence of each such redemption; provided further that each such redemption occurs within 60 days of the date of closing of each such Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to such Equity
Offering, and any such redemption or notice may, at the Issuers’ discretion, be subject to completion of the related Equity Offering. 

(d) On and after February 15, 2019, the Issuers may redeem the 2024 Notes, in whole or in part, upon notice as described in
Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the 2024 Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable
redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on February 15 of each of the years
indicated below: 
  

					
	 Year
	  	Percentage	 
		
	 2019
	  	 	102.813	% 
	 2020
	  	 	101.875	% 
	 2021
	  	 	100.938	% 
	 2022 and thereafter
	  	 	100.000	% 

 (e) Any redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of Sections 3.01
through 3.06 of the Indenture. 
 6. MANDATORY REDEMPTION. The Issuers shall not be required to make mandatory redemption or sinking fund
payments with respect to the 2024 Notes. 
 7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture, notice of redemption
will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date (except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with Article 8
or Article 11 of the Indenture) to each Holder whose 2024 Notes are to be redeemed at its registered address. 2024 Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held
by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on 2024 Notes or portions thereof called for redemption. 

8. OFFERS TO REPURCHASE. 
 (a)
Upon the occurrence of a Change of Control Repurchase Event, the Issuers shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of each Holder’s 2024 Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of purchase (the “Change of Control Payment”). The
Change of Control Offer shall be made in accordance with Section 4.14 of the Indenture. 

  
 A-2-6 

 (b) If the Parent or any of its Restricted Subsidiaries consummates an Asset Sale, within ten
(10) Business Days of each date that Excess Proceeds exceed $50.0 million, the Issuers, the Parent or any other Restricted Subsidiary shall commence an offer to all Holders of the Notes and, if required by the terms of any Indebtedness that is
pari passu with the Notes (“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum principal amount of Notes (including any Additional
Notes) and such other Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, if any (or, in respect of
such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in the
Indenture. To the extent that the aggregate principal amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining Excess Proceeds for general corporate
purposes, subject to other covenants contained in the Indenture. If the aggregate amount of Notes and the Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such
Pari Passu Indebtedness to be purchased (a) if the Notes or such Pari Passu Indebtedness are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes or
such Pari Passu Indebtedness, as applicable, are listed, (b) on a pro rata basis based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness tendered or (c) by lot or such similar method in accordance
with the procedures of The Depository Trust Company; provided that no notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The 2024 Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of 2024 Notes may be registered and 2024 Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in
connection with a transfer of 2024 Notes. Holders shall pay all taxes due on transfer. The Issuers are not required to transfer or exchange any 2024 Note selected for redemption, except for the unredeemed portion of any 2024 Note being redeemed in
part. Also, the Issuers are not required to issuer, transfer or exchange any 2024 Notes for a period of 15 days before the mailing of a notice of redemption of 2024 Notes to be redeemed. 

10. PERSONS DEEMED OWNERS. The registered Holder of a 2024 Note may be treated as its owner for all purposes. 

11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the 2024 Notes may be amended or supplemented as provided in the
Indenture. 
 12. DEFAULTS AND REMEDIES. The Events of Default relating to the 2024 Notes are defined in Section 6.01 of the Indenture.
If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding 2024 Notes may declare the principal, premium, if any, interest and any other monetary obligations on all the
then outstanding 2024 Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding 2024 Notes will become due and payable
immediately without further action or notice. Holders may not enforce the Indenture, the 2024 Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the
then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the 2024 Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or
interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the 2024 Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the 2024 Notes waive
any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest on, any of the 2024 Notes held by a non-consenting Holder. The Issuers are required to deliver to
the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required within ten (10) Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what
action the Issuers propose to take with respect thereto. 
 13. AUTHENTICATION. This 2024 Note shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

  
 A-2-7 

 14. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE, THE 2024 NOTES AND THE GUARANTEES. 
 15. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the 2024 Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the 2024 Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuers at
the following address: 
 CBS Outdoor Americas Inc. 

405 Lexington Avenue, 17th Floor 

New York, NY 10174 
 Attention:
General Counsel 

  
 A-2-8 

 ASSIGNMENT FORM 

To assign this 2024 Note, fill in the form below: 
  

					
	(I) or (we) assign and transfer this 2024 Note to:	 		  	  

		 		  	 (Insert assignee’ legal name)

  
  

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

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint 
 to transfer
this 2024 Note on the books of the Issuer. The agent may substitute another to act for him. 
  

					
	Date:	 	  
	 	

  

			
	 Your Signature:
	 	  

 (Sign exactly as your name appears on the face of this 2024 Note) 

 

			
	Signature Guarantee*:	 	  

  

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

  
 A-2-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2024 Note purchased by the Issuers pursuant to Section 4.10 or 4.14 of the Indenture, check the
appropriate box below: 
  ̈  Section 4.10       ̈  Section 4.14 
 If you want to elect to have only part of this 2024 Note
purchased by the Issuers pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 

$         . 
  

					
	Date:	 	  
	 	

  

			
	 Your Signature:
	 	  

 (Sign exactly as your name appears on the face of this 2024 Note) 

Tax Identification No.: 
  

			
	Signature Guarantee*:	 	  

  

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

  
 A-2-10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

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

 

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

  

	*	This schedule should be included only if the 2024 Note is issued in global form 

  
 A-2-11 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 CBS Outdoor
Americas Inc. 
 405 Lexington Avenue, 17th Floor 
 New York, NY
10174 
 Attention: General Counsel 
 DB Services Americas,
Inc. 
 MS JCK01-02185022 Gate Parkway 
 Suite 200 

Jacksonville, FL 32256 
 By Facsimile: 

615-866-3889 
 Attention: Reorganization Unit 

For Information or Confirmation by Telephone: 
 800-735-7777 

Re: [5.250% Senior Notes due 2022] [5.625% Senior Notes due 2024] 

Reference is hereby made to the Indenture, dated as of January 31, 2014 (the “Indenture”), among CBS Outdoor
Americas Capital LLC and CBS Outdoor Americas Capital Corporation, the Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

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

1.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A
GLOBAL NOTE OR A RELEVANT DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own
account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A and such Transfer is in compliance with all applicable securities laws of the states of the United States and other jurisdictions. 

2.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT
REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that
(i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed
and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows
that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject
to the restrictions on Transfer enumerated in the Indenture and the Securities Act. 

  
 B-1 

 3.  ̈ CHECK AND COMPLETE IF TRANSFEREE WILL TAKE
DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to
beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor
hereby further certifies that (check one): 
 a)  ̈ such Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act; 
 or 

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

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

4.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL
NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 
 a)  ̈ CHECK IF TRANSFER IS
PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture. 
 b)  ̈ CHECK IF
TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 c)  ̈ CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than
Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

  
 B-2 

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

			
	[Insert Name of Transferor]
		
	By:	 	 /s/

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

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

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

a)  ̈ a beneficial interest in the: 

(i)  ̈ 144A Global Note (CUSIP/ISIN:
                    ), or 

(ii)  ̈ Regulation S Global Note (CUSIP/ISIN:
                    ), or 

b)  ̈ a Restricted Definitive Note. 

6. After the Transfer the Transferee will hold: 

[CHECK ONE] 
 a)  ̈ a beneficial interest in the: 
 (i)
 ̈ 144A Global Note (CUSIP/ISIN:                     ), or 

(ii)  ̈ Regulation S Global Note (CUSIP/ISIN:
                    ), or 

(iii)  ̈ Unrestricted Global Note (CUSIP/ISIN:
                    ); or 

b)  ̈ a Restricted Definitive Note; or 

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

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 CBS Outdoor
Americas Inc. 
 405 Lexington Avenue, 17th Floor 
 New York, NY
10174 
 Attention: General Counsel 
 DB Services Americas,
Inc. 
 MS JCK01-02185022 Gate Parkway 
 Suite 200 

Jacksonville, FL 32256 
 By Facsimile: 

615-866-3889 
 Attention: Reorganization Unit 

For Information or Confirmation by Telephone: 
 800-735-7777 

Re: [5.250% Senior Notes due 2022] [5.625% Senior Notes due 2024] 

Reference is hereby made to the Indenture, dated as of January 31, 2014 (the “Indenture”), among CBS Outdoor
Americas Capital LLC and CBS Outdoor Americas Capital Corporation, the Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

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

  
 C-1 

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

d)  ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED
DEFINITIVE NOTE OF THE SAME SERIES. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note of the same series, the Owner hereby certifies (i) the Unrestricted Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
 2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OF THE SAME SERIES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES OF THE SAME SERIES 

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

b)  ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note  ̈ Regulation S Global Note of the same series, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer
and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the statements
contained herein are made for your benefit and the benefit of the Issuers and are dated                     . 

 

			
	[Insert Name of Transferor]
		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 C-2 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among                     
(the “Guaranteeing Subsidiary”), an affiliate of CBS Outdoor Americas Capital LLC, a Delaware LLC (“Capital LLC”), and CBS Outdoor Americas Capital Corporation, a Delaware corporation (“Finance
Corp.” and together with Capital LLC, the “Issuers”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuers and the Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of January 31, 2014, providing for the issuance of an
unlimited aggregate principal amount of Senior Notes due 2022 and Senior Notes due 2024 (together, the “Notes”); 

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

(1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

(2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 

(a) Along with all Guarantors named in the Indenture, to jointly and severally unconditionally guarantee to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that: 

(i) the principal of and interest and premium on the Notes will be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in
full or performed, all in accordance with the terms hereof and thereof; and 
 (ii) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately. This is a guarantee of
payment and not a guarantee of collection. 

 (b) The obligations hereunder shall be unconditional, irrespective of the
validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. 

(c) The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever. 

(d) This Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, the
Indenture and this Supplemental Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 

(e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors (including the
Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect. 
 (f) [Reserved]. 

(g) As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee, on the other hand, (x) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by
the Guaranteeing Subsidiary for the purpose of this Guarantee. 
 (h) To the extent that the Guaranteeing Subsidiary makes a
payment under its Guarantee, the Guaranteeing Subsidiary shall be entitled upon payment in full of all guaranteed obligations under the Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary
Guarantor’s pro rata portion of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP. 

(i) Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and fixed liabilities that are
relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of
such other Guarantor under Article 10 of the Indenture, this new Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Guarantee will not constitute a fraudulent transfer or
conveyance. 
 (j) This Guarantee shall remain in full force and effect and continue to be effective should any petition be
filed by or against the Issuers for liquidation, reorganization, should the Issuers become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s
assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee on the Notes and Guarantee, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In
the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or
returned. 

 (k) In case any provision of this Guarantee shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(l) This Guarantee shall be a general unsecured senior obligation of such Guaranteeing Subsidiary. 

(m) Each payment to be made by the Guaranteeing Subsidiary in respect of this Guarantee shall be made without set-off,
counterclaim, reduction or diminution of any kind or nature. 
 (3) Execution and Delivery. The Guaranteeing Subsidiary agrees that
the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

(4) Merger, Consolidation or Sale of All or Substantially All Assets. 

(a) Except as otherwise provided in Section 5.01(c) of the Indenture, the Guaranteeing Subsidiary may not consolidate or
merge with or into or wind up into (whether or not the Issuers or Guaranteeing Subsidiary is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or
more related transactions, to any Person unless: 
 (i) (A) the Guaranteeing Subsidiary is the surviving corporation or the
Person formed by or surviving any such consolidation or merger (if other than the Guaranteeing Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation organized or existing
under the laws of the jurisdiction of organization of the Guaranteeing Subsidiary, as the case may be, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (the Guaranteeing Subsidiary or such
Person, as the case may be, being herein called the “Successor Person”); 
 (B) the Successor Person, if
other than the Guaranteeing Subsidiary, expressly assumes all the obligations of the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s related Guarantee pursuant to supplemental indentures or other documents or
instruments in form reasonably satisfactory to the Trustee; 
 (C) immediately after such transaction, no Default exists; and

 (D) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such consolidation, merger or transfer and such supplemental indentures, if any, comply with the Indenture; or 
 (ii)
the transaction is made in compliance with Section 4.10 of the Indenture; 
 (b) Subject to certain limitations
described in the Indenture, the Successor Person will succeed to, and be substituted for, the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s Guarantee. Notwithstanding the foregoing, the Guaranteeing Subsidiary
may merge into or transfer all or part of its properties and assets to another Guarantor or the Issuer. 
 (5) Releases. The
Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuers or the Trustee is required for the release of the Guaranteeing
Subsidiary’s Guarantee, upon: 
 (1) (A) any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of
the Guaranteeing Subsidiary (including any sale, exchange or transfer), after which the Guaranteeing Subsidiary is no longer a Restricted Subsidiary or all or substantially all the assets of the Guaranteeing Subsidiary which sale, exchange or
transfer is made in compliance with the applicable provisions of the Indenture; 

 (B) the release or discharge of the guarantee by the Guaranteeing Subsidiary of
the Senior Credit Facilities or the guarantee which resulted in the creation of the Guarantee, except a discharge or release by or as a result of payment under such guarantee; 

(C) the proper designation of the Guaranteeing Subsidiary as an Unrestricted Subsidiary; or 

(D) the Issuers exercising their Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 of the
Indenture or the Issuer’s obligations under the Indenture being discharged in accordance with the terms of the Indenture; and 

(2) the Guaranteeing Subsidiary delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for in the Indenture relating to such transaction have been complied with. 
 (6) No Recourse
Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the Issuers or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, any
Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. 
 (7) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (8) Counterparts. The parties may sign any number of copies of
this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes. 

(9) Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 

(10) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 

(11) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of Holders of Notes against the Issuer in respect of
any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that the Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments
arising out of, or based upon, such right of subrogation until all obligations of the Issuers under the Indenture and the Notes shall have been paid in full. 

(12) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the
Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Guarantee are knowingly made in contemplation of such benefits. 
 (13) Successors. All agreements of the
Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as otherwise provided in Section 2(k) hereof or elsewhere in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture
shall bind its successors. 

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

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

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