Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 INDENTURE 

Dated as of June 20, 2019 

Among 
 HILTON DOMESTIC OPERATING
COMPANY INC., as the Issuer, 
 the Guarantors from time to time party hereto 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 as Trustee 

4.875% SENIOR NOTES DUE 2030 
  

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	7.10
	 (b)
	  	7.03; 7.10
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 312(a)
	  	2.05
	 (b)
	  	12.03
	 (c)
	  	12.03
	 313(a)
	  	7.06
	 (b)(1)
	  	N.A.
	 (b)(2)
	  	7.06; 7.07
	 (c)
	  	7.06; 12.02
	 (d)
	  	7.06
	 314(a)
	  	4.03; 12.05
	 (b)
	  	N.A.
	 (c)(1)
	  	12.04
	 (c)(2)
	  	12.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	12.05
	 (f)
	  	N.A.
	 315(a)
	  	7.01
	 (b)
	  	7.05; 12.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.14
	 316(a)(last sentence)
	  	2.09
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	2.12; 9.04
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.12
	 (b)
	  	2.04
	 318(a)
	  	12.01
	 (b)
	  	N.A.
	 (c)
	  	12.01

 N.A. means not applicable. 
  

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

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	  

	 DEFINITIONS AND INCORPORATION BY REFERENCE 
	  	 	1	 
			
	 Section 1.01.
	 	 Definitions
	  	 	1	 
	 Section 1.02.
	 	 Other Definitions
	  	 	38	 
	 Section 1.03.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	38	 
	 Section 1.04.
	 	 Rules of Construction
	  	 	39	 
	 Section 1.05.
	 	 Acts of Holders
	  	 	40	 
	 Section 1.06.
	 	 Timing of Payment
	  	 	41	 
	 Section 1.07.
	 	 Financial Calculations for Limited Condition Transactions
	  	 	41	 
	 Section 1.08.
	 	 Certain Compliance Calculations
	  	 	42	 
		
	ARTICLE 2	  			
	 THE NOTES 
	  	 	42	 
			
	 Section 2.01.
	 	 Form and Dating; Terms
	  	 	42	 
	 Section 2.02.
	 	 Execution and Authentication
	  	 	44	 
	 Section 2.03.
	 	 Registrar, Transfer Agent and Paying Agent
	  	 	44	 
	 Section 2.04.
	 	 Paying Agent to Hold Money in Trust
	  	 	44	 
	 Section 2.05.
	 	 Holder Lists
	  	 	45	 
	 Section 2.06.
	 	 Transfer and Exchange
	  	 	45	 
	 Section 2.07.
	 	 Replacement Notes
	  	 	55	 
	 Section 2.08.
	 	 Outstanding Notes
	  	 	56	 
	 Section 2.09.
	 	 Treasury Notes
	  	 	56	 
	 Section 2.10.
	 	 Temporary Notes
	  	 	56	 
	 Section 2.11.
	 	 Cancellation
	  	 	56	 
	 Section 2.12.
	 	 Defaulted Interest
	  	 	57	 
	 Section 2.13.
	 	 CUSIP Numbers; ISINs
	  	 	57	 
		
	ARTICLE 3	  			
	 REDEMPTION 
	  	 	57	 
			
	 Section 3.01.
	 	 Notices to Trustee
	  	 	57	 
	 Section 3.02.
	 	 Selection of Notes to Be Redeemed
	  	 	57	 
	 Section 3.03.
	 	 Notice of Redemption
	  	 	58	 
	 Section 3.04.
	 	 Effect of Notice of Redemption
	  	 	59	 
	 Section 3.05.
	 	 Deposit of Redemption Price
	  	 	59	 
	 Section 3.06.
	 	 Notes Redeemed in Part
	  	 	59	 
	 Section 3.07.
	 	 Optional Redemption
	  	 	59	 
	 Section 3.08.
	 	 Offers to Repurchase by Application of Excess Proceeds
	  	 	61	 
		
	ARTICLE 4	  			
	 COVENANTS 
	  	 	62	 
			
	 Section 4.01.
	 	 Payment of Notes
	  	 	62	 
	 Section 4.02.
	 	 Maintenance of Office or Agency
	  	 	63	 
	 Section 4.03.
	 	 Reports and Other Information
	  	 	63	 
	 Section 4.04.
	 	 Compliance Certificate
	  	 	64	 
	 Section 4.05.
	 	 Taxes
	  	 	65	 
	 Section 4.06.
	 	 Stay, Extension and Usury Laws
	  	 	65	 
	 Section 4.07.
	 	 Limitation on Restricted Payments
	  	 	65	 

  
 -ii- 

							
	 Section 4.08.
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	73	 
	 Section 4.09.
	 	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock
	  	 	75	 
	 Section 4.10.
	 	 Asset Sales
	  	 	80	 
	 Section 4.11.
	 	 Transactions with Affiliates
	  	 	83	 
	 Section 4.12.
	 	 Liens
	  	 	86	 
	 Section 4.13.
	 	 Company Existence
	  	 	86	 
	 Section 4.14.
	 	 Offer to Repurchase Upon Change of Control Triggering Event
	  	 	86	 
	 Section 4.15.
	 	 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries
	  	 	88	 
	 Section 4.16.
	 	 Termination of Covenants
	  	 	88	 
	
	ARTICLE 5	  

	 SUCCESSORS 
	  	 	89	 
			
	 Section 5.01.
	 	 Merger, Consolidation or Sale of All or Substantially All Assets
	  	 	89	 
	 Section 5.02.
	 	 Successor Person Substituted
	  	 	91	 
	
	ARTICLE 6	  

	 DEFAULTS AND REMEDIES 
	  	 	91	 
			
	 Section 6.01.
	 	 Events of Default
	  	 	91	 
	 Section 6.02.
	 	 Acceleration
	  	 	93	 
	 Section 6.03.
	 	 Other Remedies
	  	 	93	 
	 Section 6.04.
	 	 Waiver of Past Defaults
	  	 	93	 
	 Section 6.05.
	 	 Control by Majority
	  	 	94	 
	 Section 6.06.
	 	 Limitation on Suits
	  	 	94	 
	 Section 6.07.
	 	 Rights of Holders to Receive Payment
	  	 	94	 
	 Section 6.08.
	 	 Collection Suit by Trustee
	  	 	94	 
	 Section 6.09.
	 	 Restoration of Rights and Remedies
	  	 	94	 
	 Section 6.10.
	 	 Rights and Remedies Cumulative
	  	 	94	 
	 Section 6.11.
	 	 Delay or Omission Not Waiver
	  	 	95	 
	 Section 6.12.
	 	 Trustee May File Proofs of Claim
	  	 	95	 
	 Section 6.13.
	 	 Priorities
	  	 	95	 
	 Section 6.14.
	 	 Undertaking for Costs
	  	 	95	 
	
	ARTICLE 7	  

	 TRUSTEE 
	  	 	96	 
			
	 Section 7.01.
	 	 Duties of Trustee
	  	 	96	 
	 Section 7.02.
	 	 Rights of Trustee
	  	 	96	 
	 Section 7.03.
	 	 Individual Rights of Trustee
	  	 	98	 
	 Section 7.04.
	 	 Trustee’s Disclaimer
	  	 	98	 
	 Section 7.05.
	 	 Notice of Defaults
	  	 	98	 
	 Section 7.06.
	 	 Reports by Trustee to Holders
	  	 	98	 
	 Section 7.07.
	 	 Compensation and Indemnity
	  	 	99	 
	 Section 7.08.
	 	 Replacement of Trustee
	  	 	99	 
	 Section 7.09.
	 	 Successor Trustee by Merger, etc.
	  	 	100	 
	 Section 7.10.
	 	 Eligibility; Disqualification
	  	 	100	 
	 Section 7.11.
	 	 Preferential Collection of Claims Against Issuer
	  	 	100	 
	
	ARTICLE 8	  

	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
	  	 	100	 
			
	 Section 8.01.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	100	 
	 Section 8.02.
	 	 Legal Defeasance and Discharge
	  	 	100	 
	 Section 8.03.
	 	 Covenant Defeasance
	  	 	101	 

  
 -iii- 

							
	 Section 8.04.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	101	 
	 Section 8.05.
	 	 Deposited Money and U.S. Government Securities to be Held in Trust; Other Miscellaneous
Provisions
	  	 	102	 
	 Section 8.06.
	 	 Repayment to Issuer
	  	 	103	 
	 Section 8.07.
	 	 Reinstatement
	  	 	103	 
	
	ARTICLE 9	  

	 AMENDMENT, SUPPLEMENT AND WAIVER 
	  	 	103	 
			
	 Section 9.01.
	 	 Without Consent of Holders
	  	 	103	 
	 Section 9.02.
	 	 With Consent of Holders
	  	 	104	 
	 Section 9.03.
	 	 Compliance with Trust Indenture Act
	  	 	106	 
	 Section 9.04.
	 	 Revocation and Effect of Consents
	  	 	106	 
	 Section 9.05.
	 	 Notation on or Exchange of Notes
	  	 	106	 
	 Section 9.06.
	 	 Trustee to Sign Amendments, etc.
	  	 	106	 
	
	ARTICLE 10	  

	 GUARANTEES 
	  	 	107	 
			
	 Section 10.01.
	 	 Guarantee
	  	 	107	 
	 Section 10.02.
	 	 Limitation on Guarantor Liability
	  	 	108	 
	 Section 10.03.
	 	 Execution and Delivery
	  	 	108	 
	 Section 10.04.
	 	 Subrogation
	  	 	108	 
	 Section 10.05.
	 	 Benefits Acknowledged
	  	 	109	 
	 Section 10.06.
	 	 Release of Guarantees
	  	 	109	 
	
	ARTICLE 11	  

	 SATISFACTION AND DISCHARGE 
	  	 	110	 
			
	 Section 11.01.
	 	 Satisfaction and Discharge
	  	 	110	 
	 Section 11.02.
	 	 Application of Trust Money
	  	 	111	 
	
	ARTICLE 12	  

	 MISCELLANEOUS 
	  	 	111	 
			
	 Section 12.01.
	 	 Trust Indenture Act Controls
	  	 	111	 
	 Section 12.02.
	 	 Notices
	  	 	111	 
	 Section 12.03.
	 	 Communication by Holders with Other Holders
	  	 	112	 
	 Section 12.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	112	 
	 Section 12.05.
	 	 Statements Required in Certificate or Opinion
	  	 	112	 
	 Section 12.06.
	 	 Rules by Trustee and Agents
	  	 	113	 
	 Section 12.07.
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	113	 
	 Section 12.08.
	 	 Governing Law
	  	 	113	 
	 Section 12.09.
	 	 Waiver of Jury Trial
	  	 	113	 
	 Section 12.10.
	 	 Force Majeure
	  	 	113	 
	 Section 12.11.
	 	 No Adverse Interpretation of Other Agreements
	  	 	113	 
	 Section 12.12.
	 	 Successors
	  	 	114	 
	 Section 12.13.
	 	 Severability
	  	 	114	 
	 Section 12.14.
	 	 Counterpart Originals
	  	 	114	 
	 Section 12.15.
	 	 Table of Contents, Headings, etc.
	  	 	114	 
	 Section 12.16.
	 	 Qualification of Indenture
	  	 	114	 
	 Section 12.17.
	 	 USA Patriot Act
	  	 	114	 

  
 -iv- 

			
	EXHIBITS	  	
		
	Exhibit A	  	FORM OF 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

  

  
 -v- 

 INDENTURE, dated as of June 20, 2019, among Hilton Domestic Operating Company Inc., a
Delaware corporation (the “Issuer”), the Guarantors (as defined herein) from time to time party hereto and Wilmington Trust, National Association, a national banking association, as Trustee. 

W I T N E S S E T H 
 WHEREAS,
the Issuer has duly authorized the creation of an issue of $1,000,000,000 aggregate principal amount of the Issuer’s 4.875% Senior Notes due 2030 (the “Initial Notes”); 

WHEREAS, the Issuer will be liable for all obligations under the Notes (as defined herein) and this Indenture (as defined herein); and 

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

NOW, THEREFORE, the Issuer, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders (as defined herein). 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 

“144A Global Note” means one or more Global Notes, substantially in the form of Exhibit A hereto, 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 denominations that, in the aggregate, equal the outstanding principal amount of Notes sold in
reliance on Rule 144A. 
 “2021 Notes Issue Date” means October 4, 2013. 

“2024 Senior Notes” means the aggregate principal amount of the Issuer’s 4.250% Senior Notes due 2024 outstanding on the
Issue Date. 
 “2024 Senior Notes Indenture” means the Indenture for the 2024 Senior Notes, dated as of August 18,
2016, as supplemented, among the Issuer, as issuer, Parent, as parent guarantor, HLT Parent, the other guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee. 

“2025 Senior Notes” means the aggregate principal amount of Hilton Worldwide Finance Corp. and Parent’s 4.625% Senior
Notes due 2025 outstanding on the Issue Date. 
 “2026 Senior Notes” means the aggregate principal amount of the
Issuer’s 5.125% Senior Notes due 2026 outstanding on the Issue Date. 
 “2025 and 2027 Senior Notes Indenture” means
the Indenture for the 2025 Senior Notes and 2027 Senior Notes, dated March 16, 2017, as supplemented, among Parent, Hilton Worldwide Finance Corp., the guarantors from time to time party thereto and Wilmington Trust, National Association, as
trustee. 
 “2026 Senior Notes Indenture” means the Indenture for the 2026 Senior Notes, dated April 13, 2018, as
supplemented, among the Issuer, as issuer, Parent, HLT Parent, the other guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee. 

“2027 Senior Notes” means the aggregate principal amount of the Hilton Worldwide Finance Corp. and Parent’s 4.875%
Senior Notes due 2027 outstanding on the Issue Date. 

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

(a) Indebtedness of any other Person existing at the time such other Person is merged or consolidated 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 or consolidating with or into or becoming a Restricted Subsidiary of such specified Person, and

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

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

“Additional Notes” means any additional Notes (other than the Initial Notes or any Exchange Notes issued in exchange for such
Initial Notes) issued from time to time under this Indenture in accordance with Sections 2.01, 2.02 and 4.09 hereof. 

“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, Transfer Agent or Paying Agent.

 “Agent’s Message” means a message transmitted by DTC to, and received by, the tender agent and forming a part of
the book-entry confirmation, which states that DTC has received an express acknowledgment from each participant in DTC tendering the Notes and that such participants have received the Letter of Transmittal and agree to be bound by the terms of the
Letter of Transmittal and the Issuer may enforce such agreement against such participants. 
 “Applicable Premium” means,
with respect to any Note on any Redemption Date as calculated by the Issuer, the greater of: 
 (a) 1.0% of the principal
amount of such Note; and 
 (b) the excess, if any, of (i) the present value at such Redemption Date of (A) the
redemption price of such Note at January 15, 2025 (such redemption price being set forth in the table set forth in Section 3.07(c) hereof), plus (B) all required remaining scheduled interest payments due on such Note through
January 15, 2025 (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 (ii) the then outstanding principal
amount of such Note. 
 Calculation of any Applicable Premium is a responsibility of the Issuer, and the Trustee shall not be responsible to
calculate or verify any calculation related to the Applicable Premium. 
 “Applicable Procedures” means, with respect to
any transfer or exchange of or for, redemption of, or notice with respect to beneficial interests in any Global Note or the redemption or repurchase of any Global Note, the rules and procedures of DTC, the Depositary, Euroclear and/or Clearstream
that apply to such transfer, exchange, redemption or repurchase. 

  
 -2- 

 “Applicable Treasury Rate” means, with respect to any Note on any
Redemption Date, the yield to maturity, as determined by the Issuer, 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 January 15, 2025; provided, that if the period from the Redemption Date to such date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity
of one year will be used. 
 “Asset Sale” means: 

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

(b) 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 hereof), whether in a single transaction or a series of related transactions; 
 in
each case, other than: 
 (i) any disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged,
unnecessary, unsuitable or worn out equipment, inventory or other property in the ordinary course of business or any disposition of inventory or goods (or other assets, including timeshare and residential assets) held for sale or no longer used or
useful in the ordinary course of business; 
 (ii) the disposition of all or substantially all of the assets of Parent in a
manner permitted pursuant to Section 5.01 hereof or any disposition that constitutes a Change of Control Triggering Event pursuant to this Indenture; 

(iii) the making of any Restricted Payment that is permitted to be made, and is made, under Section 4.07 hereof or any
Permitted Investment; 
 (iv) any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary
in any transaction or series of related transactions with an aggregate fair market value of less than $150.0 million; 

(v) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to Parent or by Parent or a
Restricted Subsidiary to a Restricted Subsidiary; 
 (vi) to the extent allowable under Section 1031 of the Internal
Revenue Code of 1986, as amended, or comparable law or regulation, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

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

(viii) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary (or a
Restricted Subsidiary which owns an Unrestricted Subsidiary so long as such Restricted Subsidiary owns no material assets other than the Equity Interests of such Unrestricted Subsidiary); 

(ix) foreclosures, condemnation, expropriation, forced dispositions or any similar action with respect to assets or the
granting of Liens not prohibited by this Indenture; 
 (x) sales of accounts receivable, or participations therein, or
Securitization Assets or related assets, or any disposition of the Equity Interests in a Subsidiary, all or substantially all of the assets of which are Securitization Assets, in each case in connection with any Qualified Securitization Facility or
the disposition of an account receivable in connection with the collection or compromise thereof in the ordinary course of business; 

  
 -3- 

 (xi) any financing transaction with respect to property built or acquired by
Parent or any Restricted Subsidiary after the Issue Date, including Sale and Lease-Back Transactions and asset securitizations permitted by this Indenture; 

(xii) the sale, discount or other disposition of inventory, accounts receivable or notes receivable in the ordinary course of
business or the conversion of accounts receivable to notes receivable; 
 (xiii) the licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business; 

(xiv) any surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other litigation
claims in the ordinary course of business; 
 (xv) the unwinding of any Hedging Obligations; 

(xvi) 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; 

(xvii) the lapse or abandonment of intellectual property rights in the ordinary course of business, which in the reasonable
good faith determination of Parent are not material to the conduct of the business of Parent and its Restricted Subsidiaries taken as a whole; 

(xviii) the issuance by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted under
Section 4.09 hereof; 
 (xix) the granting of a Lien that is permitted under Section 4.12 hereof; 

(xx) the issuance of directors’ qualifying shares and shares issued to foreign nationals as required by applicable law;

 (xxi) any conversions of hotel properties into timeshare or residential properties and the sale or other disposition of
assets created in such conversions; 
 (xxii) Permitted Intercompany Activities and related transactions; and 

(xxiii) transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event;
provided that any Cash Equivalents received by Parent or any of its Restricted Subsidiaries in respect of such Casualty Event shall be deemed to be Net Proceeds of an Asset Sale, and such Net Proceeds shall be applied in accordance with
Section 4.10(b) hereof. 
 In the event that a transaction (or a portion thereof) meets the criteria of a permitted Asset Sale and
would also be a permitted Restricted Payment or Permitted Investment, Parent, in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset Sale and/or one or more the types of permitted
Restricted Payments or Permitted Investments. 
 “Bank Products” means any facilities or services related to cash
management, including treasury, depository, overdraft, credit or debit card, purchase card, automatic clearinghouse transfer transactions, controlled disbursements, foreign exchange facilities, stored value cards, merchant services, electronic funds
transfer and other cash management arrangements. 

  
 -4- 

 “Bankruptcy Law” means Title 11, U.S. Code, as amended, or any similar
federal or state law for the relief of debtors. 
 “Board of Directors” means, with respect to any Person, (i) in the
case of any corporation, the board of directors of such Person, (ii) in the case of any limited liability company, the sole or managing member or board of managers of such Person, (iii) in the case of any partnership, the sole or managing
member or board of directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing or, in each case, any duly authorized committee of such body. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Stock” means: 

(a) in the case of a corporation, corporate stock or shares in the capital of such corporation; 

(b) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (c) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (d) 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 financing or capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP; provided that any obligations of Parent or its Restricted Subsidiaries either existing on the Issue Date or created prior to any recharacterization described below (i) that were not included on the
consolidated balance sheet of Parent as financing or capital lease obligations and (ii) that are or have been subsequently recharacterized as financing or capital lease obligations or indebtedness due to a change in accounting treatment since
July 1, 2013 or otherwise, shall for all purposes under this Indenture (including, without limitation, the calculation of Consolidated Net Income, the Consolidated Total Debt Ratio, the Consolidated Secured Debt Ratio, EBITDA and Fixed Charges)
not be treated as financing or capital lease obligations, Capitalized Lease Obligations or Indebtedness. 
 “Capitalized Software
Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or
internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of a Person and its Restricted Subsidiaries. 

“Captive Insurance Subsidiary” means (i) any Subsidiary established by Parent for the primary purpose of insuring the
businesses or properties owned or operated by Parent or any of its Subsidiaries or (ii) any Subsidiary of any such insurance subsidiary established for the same primary purpose described in clause (i) above. 

“Cash Equivalents” means: 

(a) United States dollars; 

(b) (i) Canadian dollars, pounds sterling, yen, euros or any national currency of any participating member state of the EMU; or

 (ii) such local currencies held by Parent or any Restricted Subsidiary from time to time in the ordinary course of
business; 

  
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 (c) 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; 
 (d) certificates of deposit, time deposits and eurodollar time deposits with maturities of 24 months or less
from the date of acquisition, demand deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and surplus of not less than
$250.0 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; 

(e) repurchase obligations for underlying securities of the types described in clauses (c), (d), (g) and (h) of this
definition entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (d) above; 

(f) commercial paper and variable or fixed rate notes rated at least P-2 by
Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within
24 months after the date of creation thereof; 
 (g) marketable short-term money market and similar funds 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); 
 (h) 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 (or, if at any time neither Moody’s nor S&P shall be rating such obligations,
an equivalent rating from another Rating Agency) with maturities of 24 months or less from the date of acquisition; 
 (i)
readily marketable direct obligations issued by any foreign government or any political subdivision or public instrumentality thereof, in each case having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) with maturities of 24 months or less from the date of acquisition; 

(j) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another Rating Agency); 
 (k) securities with maturities of 12 months or less from the date of
acquisition backed by standby letters of credit issued by any financial institution or recognized securities dealer meeting the qualifications specified in clause (d) above; 

(l) Indebtedness or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2”
or higher from Moody’s with maturities of 24 months or less from the date of acquisition; and 
 (m) investment funds
investing at least 90% of their assets in securities of the types described in clauses (a) through (l) above. 
 In the case of
Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United States of America, Cash Equivalents shall also include (i) investments of the type and maturity described in clauses
(a) through (h) and clauses (j), (k), (l) and (m) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating
agencies and (ii) other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses
(a) through (m) and in this paragraph. 

  
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 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in
currencies other than those set forth in clauses (a) and (b) above, provided that such amounts are converted into any currency listed in clauses (a) and (b) as promptly as practicable and in any event within ten Business Days
following the receipt of such amounts. 
 For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be
deemed to be Cash Equivalents for all purposes under this Indenture regardless of the treatment of such items under GAAP. 

“Casualty Event” means any event that gives rise to the receipt by Parent or any Restricted Subsidiary of any insurance
proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property. 

“Change of Control” means the occurrence of any of the following after the Issue Date: 

(a) the sale, lease, transfer, conveyance or other disposition in one or a series of related transactions (other than by
merger, consolidation or amalgamation), of all or substantially all of the assets of Parent and its Subsidiaries, taken as a whole, to any Person other than any Permitted Holder, a Parent Company, the Issuer or any Subsidiary Guarantor; or 

(b) 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 (A) any Person (other than any Permitted Holder) or (B) Persons (other than any Permitted Holders) that are together a group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision), including any such 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), 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 more than 50.0% of the total voting power of the Voting Stock of Parent directly or indirectly through any of its direct or indirect parent holding
companies, in each case, other than in connection with any transaction or series of transactions in which Parent shall become the Wholly Owned Subsidiary of a Parent Company. 

“Change of Control Triggering Event” means the occurrence of a Change of Control, unless (a) a Ratings Improvement has
occurred prior to the date of the completion of the transaction constituting the Change of Control or (b) pro forma for the Change of Control, the Consolidated Total Debt Ratio is less than 5.0 to 1.0. 

“Clearstream” means Clearstream Banking, Société Anonyme or any successor securities clearing agency. 

“consolidated” when used with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries. 

“Consolidated Depreciation and Amortization Expense” means with respect to any Person for any period, the total amount of
depreciation and amortization expense and capitalized fees related to any Qualified Securitization Facility of such Person, including the amortization of intangible assets, deferred financing costs, debt issuance costs, commissions, fees and
expenses and Capitalized Software Expenditures of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

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

(a) 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 (i) amortization of original issue discount resulting from the issuance of Indebtedness at less 

  
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than par, (ii) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances,
(iii) non-cash interest payments (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), (iv) the interest component of Capitalized Lease Obligations, and (v) net payments, if any made (less net payments, if any, received), pursuant to interest rate Hedging Obligations with
respect to Indebtedness, and excluding (p) annual agency fees paid to the administrative agents and collateral agents under any Credit Facilities, (q) costs associated with obtaining Hedging Obligations, (r) any expense resulting from
the discounting of any Indebtedness in connection with the application of recapitalization accounting or purchase accounting, (s) penalties and interest relating to taxes, (t) any Additional Interest and any “additional interest”
or “liquidated damages” with respect to other securities for failure to timely comply with registration rights obligations, (u) amortization or expensing of deferred financing fees, amendment and consent fees, debt issuance costs,
commissions, fees and expenses and discounted liabilities, (v) any expensing of bridge, commitment and other financing fees and any other fees related to the Spin-Off Transaction or any acquisitions after
the Issue Date, (w) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified Securitization Facility, (x) any accretion of accrued interest on discounted liabilities and any
prepayment premium or penalty), (y) interest expense attributable to a parent entity resulting from push-down accounting and (z) any lease, rental or other expense in connection with a straight-line or operating lease; plus 

(b) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued;
less 
 (c) interest income of such Person and its Restricted Subsidiaries for 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 (or, if not implicit, as otherwise determined in accordance with GAAP). 

“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 that, without duplication: 

(a) any after-tax effect of extraordinary,
non-recurring or unusual gains or losses (less all fees and expenses relating thereto), charges or expenses (including relating to the Spin-Off Transaction or any
multi-year strategic initiatives), restructuring and duplicative running costs, relocation costs, integration costs, facility consolidation and closing costs, severance costs and expenses, one-time
compensation charges, costs relating to pre-opening, opening and conversion costs for facilities, losses, costs or cost inefficiencies related to facility or property disruptions or shutdowns, signing,
retention and completion bonuses, costs incurred in connection with any strategic initiatives, transition costs, costs incurred in connection with acquisitions and non-recurring product and intellectual
property development, other business optimization expenses (including costs and expenses relating to business optimization programs and new systems design, retention charges, system establishment costs and implementation costs) and operating
expenses attributable to the implementation of cost-savings initiatives, and curtailments or modifications to pension and post-retirement employee benefit plans shall be excluded; 

(b) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of
accounting policies during such period shall be excluded; 
 (c) any net after-tax
effect of gains or losses on disposal, abandonment or discontinuance of disposed, abandoned or discontinued operations, as applicable, shall be excluded; 

(d) any net after-tax effect of gains or losses (less all fees, expenses and charges
relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Capital Stock of any Person other than in the ordinary course of business shall be excluded; 

  
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 (e) 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 such Person shall be increased by the amount of dividends or distributions or other
payments (other than Excluded Contributions) that are actually paid in cash (or to the extent converted into cash) to such Person or a Restricted Subsidiary thereof in respect of such period; 

(f) solely for the purpose of determining the amount available for Restricted Payments under clause (C)(1) of
Section 4.07(a) hereof, the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary
of its Net Income is not at the date of determination 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 (other than restrictions in the Notes or this Indenture), unless such restriction with respect to the payment of dividends or
similar distributions has been legally waived, provided that Consolidated Net Income of such Person will be increased by the amount of dividends or other distributions or other payments actually paid in Cash Equivalents (or to the extent
converted into Cash Equivalents) to such Person or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein; 

(g) effects of adjustments (including the effects of such adjustments pushed down to such Person and its Restricted
Subsidiaries) in such Person’s consolidated financial statements pursuant to GAAP (including in the inventory (including any impact of changes to inventory valuation policy methods, including changes in capitalization of variances), property
and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting or
purchase accounting, as the case may be, in relation to any consummated acquisition or joint venture investment or the amortization or write-off or write-down of any amounts thereof, net of taxes, shall be
excluded; 
 (h) any after-tax effect of income (loss) from the early extinguishment
or conversion of (i) Indebtedness, (ii) Hedging Obligations or (iii) other derivative instruments shall be excluded; 

(i) any impairment charge or asset write-off or write-down, including impairment
charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities and investments recorded using the equity method or as a result of a change in law or regulation, in each case,
pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded; 
 (j) any equity-based or non-cash compensation charge or expense including any such charge or expense arising from grants of stock appreciation or similar rights, stock options, restricted stock, profits interests or other rights or equity-
or equity-based incentive programs (“equity incentives”), any one-time cash charges associated with the equity incentives or other long-term incentive compensation plans (including under
deferred compensation arrangements of Parent, the Issuer or any of their respective direct or indirect parent entities or subsidiaries), rollover, acceleration, or payout of Equity Interests by management, other employees or business partners of the
Issuer, Parent or any of Parent’s direct or indirect parent companies, shall be excluded; 
 (k) any fees, expenses or
charges incurred during such period, or any amortization thereof for such period, in connection with any acquisition, recapitalization, Investment, Asset Sale, disposition, incurrence or repayment of Indebtedness (including such fees, expenses or
charges related to the offering and issuance of the Notes and other securities and the syndication and incurrence of any Credit Facilities), issuance of Equity Interests of Parent or its direct or indirect parent entities, refinancing transaction or
amendment or modification of any debt instrument (including any amendment or other modification of the Notes and other securities and any Credit Facilities) and including, in each case, any such transaction consummated on or 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, in each case whether or not successful or
consummated (including, for the avoidance of doubt the effects of expensing all transaction related expenses in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic No. 805, Business Combinations),
shall be excluded; 

  
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 (l) accruals and reserves that were established or adjusted within twelve
months after the Spin-Off Date that are so required to be established or adjusted as a result of the Spin-Off Transaction (or within 24 months after the closing of any
acquisition that are so required to be established as a result of such acquisition) in accordance with GAAP or changes as a result of modifications of accounting policies shall be excluded; 

(m) any expenses, charges or losses to the extent covered by insurance or indemnity and actually reimbursed, or, so long as
such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days of the date of
the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), shall be excluded; 

(n) any noncash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718,
Compensation — Stock Compensation, shall be excluded; 
 (o) the following items shall be excluded: 

(i) any net unrealized gain or loss (after any offset) resulting in such period from Hedging Obligations and the application of
Accounting Standards Codification Topic No. 815, Derivatives and Hedging, 
 (ii) any net unrealized gain or loss
(after any offset) resulting in such period from currency translation gains or losses including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Hedging Obligations for currency exchange risk)
and any other foreign currency translation gains and losses, to the extent such gain or losses are non-cash items, 

(iii) any adjustments resulting for the application of Accounting Standards Codification Topic No. 460, Guarantees,
or any comparable regulation, 
 (iv) effects of adjustments to accruals and reserves during a prior period relating to any
change in the methodology of calculating reserves for returns, rebates and other chargebacks, and 
 (v) earn-out, non-compete and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price
adjustments; 
 (p) reserves established for the benefit of landlords of leased hotel properties for the acquisition of
capitalized assets and equipment at such properties shall be excluded; and 
 (q) if such Person is treated as a disregarded
entity or partnership for U.S. federal, state and/or local income tax purposes for such period or any portion thereof, the amount of distributions actually made to any direct or indirect parent company of such Person in respect of such period in
accordance with clause (xv)(B) under Section 4.07(b) shall be included in calculating Consolidated Net Income as though such amounts had been paid as taxes directly by such Person for such period. 

In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other
reimbursement provisions in connection with any acquisition, Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture. 

  
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 Notwithstanding the foregoing, for the purpose of Section 4.07 hereof only (other than
clause (C)(4) of Section 4.07(a) hereof), there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by Parent and its Restricted Subsidiaries, any repurchases and
redemptions of Restricted Investments from Parent and its Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by Parent or any of its Restricted Subsidiaries, any sale of the stock of an Unrestricted
Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under such covenant pursuant to clause (C)(4) of Section 4.07(a)
hereof. 
 “Consolidated Secured Debt Ratio” means, as of any date of determination, the ratio of (a) Consolidated
Total Indebtedness of Parent and its Restricted Subsidiaries that is secured by Liens on the property of Parent and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available
immediately preceding the date on which such event for which such calculation is being made shall occur minus Cash Equivalents included on the consolidated balance sheet of Parent as of the end of such most recent fiscal quarter to
(b) EBITDA of Parent and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is
being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed
Charge Coverage Ratio. 
 “Consolidated Total Debt Ratio” means, as of any date of determination, the ratio of
(a) Consolidated Total Indebtedness of Parent and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for which
such calculation is being made shall occur minus Cash Equivalents included on the consolidated balance sheet of Parent as of the end of such most recent fiscal quarter to (b) EBITDA of Parent and its Restricted Subsidiaries for the most
recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to
Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 

“Consolidated Total Indebtedness” means, as at any date of determination, an amount equal to the sum of (a) the
aggregate amount of all outstanding Indebtedness of Parent and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of Capitalized Lease Obligations and debt obligations evidenced
by promissory notes and similar instruments, as determined in accordance with GAAP (excluding for the avoidance of doubt all undrawn amounts under revolving credit facilities and letters of credit, and all obligations relating to Qualified
Securitization Facilities and straight-line or operating leases) and (b) the aggregate amount of all outstanding Disqualified Stock of Parent and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of
such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP (but
excluding the effects of any discounting of Indebtedness resulting from the application of repurchase or purchase accounting in connection with any acquisition); provided that Consolidated Total Indebtedness shall not include Indebtedness in
respect of (A) any letter of credit, except to the extent of unreimbursed amounts under standby letters of credit; provided that any unreimbursed amounts under commercial letters of credit shall not be counted as Consolidated Total
Indebtedness until three Business Days after such amount is drawn and (B) Hedging Obligations existing on the Issue Date or otherwise permitted by Section 4.09(b)(x) hereof. For purposes hereof, the “maximum fixed repurchase
price” of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock
were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock,
such fair market value shall be determined reasonably and in good faith by Parent. The U.S. Dollar Equivalent principal 

  
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amount of any Indebtedness denominated in a foreign currency will reflect the currency translation effects, determined in accordance with GAAP, of Hedging Obligations for currency exchange risks
with respect to the applicable currency in effect on the date of determination of the U.S. Dollar Equivalent principal amount of such Indebtedness. 

“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: 
 (a) to purchase any such primary obligation or any property
constituting direct or indirect security therefor; 
 (b) to advance or supply funds: 

(i) for the purchase or payment of any such primary obligation; or 

(ii) 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. 

“Controlled Investment Affiliate” means, as to any Person, any other Person which directly or indirectly is in control of, is
controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in Parent and/or other companies. 

“Corporate Trust Office” means the office of the Trustee at which any time its corporate trust business related to this
Indenture shall be administered, which office at the date hereof is Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Hilton Domestic Operating Company Administrator, or such other address as the Trustee may
designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the
Issuer). 
 “Credit Agreement” means that certain Credit Agreement dated as of October 25, 2013, by and among Parent,
HLT Parent, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties thereto, as amended, modified or supplemented from time to time, including by Amendment No. 1 thereto dated as of August 18, 2016, by
and among Parent, HLT Parent, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties thereto, Amendment No. 2 thereto dated as of November 21, 2016, by and among Parent, HLT Parent, Deutsche Bank AG,
New York Branch, as administrative agent, and the lenders and other parties thereto, Amendment No. 3 thereto dated as of March 16, 2017, by and among Parent, HLT Parent, HWP, Deutsche Bank AG, New York Branch, as administrative agent, and
the lenders and other parties thereto, Amendment No. 4 thereto dated as of April 19, 2018, by and among Parent, HLT Parent, HWP, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties thereto and
Amendment No. 5 thereto dated as of June 5, 2019, by and among Parent, HLT Parent, HWP, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties thereto. 

“Credit Facilities” means, with respect to Parent or any of its Restricted Subsidiaries, one or more debt facilities,
including the Senior Secured Credit Facilities, or other financing arrangements (including, without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit or other long-term
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, in
whole or in part, and any indentures or credit facilities or commercial 

  
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paper facilities that replace, refund, supplement or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding,
supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder or alters the maturity thereof (provided that such increase in borrowings or issuances 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, trustee, lender or group of lenders or other holders. 

“Custodian” means the Trustee, as custodian 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 Note” means a certificated 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 hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, any 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 of non-cash consideration received by Parent or a Restricted Subsidiary 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, executed by the principal financial officer of Parent, less the amount of Cash Equivalents received in connection with a subsequent sale, redemption or repurchase of or
collection or payment on such Designated Non-cash Consideration. 
 “Designated Preferred
Stock” means Preferred Stock of Parent or any direct or indirect parent company thereof (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust
established by Parent or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate executed by the principal financial officer of Parent or the applicable parent company thereof, as the
case may be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (C) of Section 4.07(a) hereof. 

“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 that if such Capital Stock is issued to any plan for the benefit of employees of 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 Parent or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations; provided, further, that any
Capital Stock held by any future, current or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any of its Subsidiaries, any of its direct or
indirect parent companies or any other entity in which Parent or a Restricted Subsidiary has an Investment and is designated in good faith as an “affiliate” by the Board of Directors of Parent (or the compensation committee
thereof), in each case pursuant to any stock subscription or shareholders’ agreement, management equity plan or stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely
because it may be required to be repurchased by Parent or its Subsidiaries or in order to satisfy applicable statutory or regulatory obligations. 

  
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 “Distribution Agreement” means the Distribution Agreement, dated
January 2, 2017, by and among HLT Parent, the Issuer, PHRI and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to
the Distribution Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

“EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period: 

(a) increased (without duplication) by the following, in each case (other than with respect to clauses (viii) and (xi)) to
the extent deducted (and not added back) in determining Consolidated Net Income for such period: 
 (i) (A) provision for
taxes based on income or profits or capital, including, without limitation, federal, state, franchise, and similar taxes (such as the Delaware franchise tax, the Pennsylvania capital tax, Texas margin tax and provincial capital taxes paid in Canada)
and foreign withholding taxes (including any future taxes or other levies which replace or are intended to be in lieu of such taxes and any penalties and interest related to such taxes or arising from tax examinations), (B) if such Person is treated
as a disregarded entity or partnership for U.S. federal, state and/or local income tax purposes for such period or any portion thereof, the amount of distributions actually made to any direct or indirect parent company of such Person in respect of
such period in accordance with clause (xv)(B) under Section 4.07(b) and (C) the net tax expense associated with any adjustments made pursuant to clauses (a) through (q) of the definition of “Consolidated Net Income”;
plus 
 (ii) Fixed Charges of such Person for such period (including (x) net losses on Hedging Obligations or
other derivative instruments entered into for the purpose of hedging interest rate risk, (y) bank fees and other financing fees and (z) costs of surety bonds in connection with financing activities, plus amounts excluded from Consolidated
Interest Expense as set forth in clauses (a)(q) through (z) in the definition thereof); plus 
 (iii)
Consolidated Depreciation and Amortization Expense of such Person for such period; plus 
 (iv) the amount of any
restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such charges or expenses arising from grants of stock appreciation or similar rights, stock options,
restricted stock or other rights, retention charges (including charges or expenses in respect of incentive plans), start-up or initial costs for any project or new production line, division or new line of
business, integration costs or other business optimization expenses or reserves including, without limitation, costs or reserves associated with improvements to IT and accounting functions, integration and facilities opening costs or any one-time costs incurred in connection with acquisitions and Investments and costs related to the closure and/or consolidation of facilities; plus 

(v) any other non-cash charges, including any write-offs or write-downs 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, (A) Parent may elect not to add
back such non-cash charge in the current period and (B) to the extent Parent elects to add back such non-cash charge, the cash payment in respect thereof in such
future period shall be subtracted from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus 

(vi) the amount of any non-controlling interest or minority interest expense consisting
of Subsidiary income attributable to minority equity interests of third parties in any non-Wholly Owned Subsidiary; plus 

  
 -14- 

 (vii) [Reserved]; plus 

(viii) the amount of “run-rate” cost savings, operating expense
reductions and synergies projected by Parent in good faith to result from actions taken, committed to be taken or expected in good faith to be taken no later than 24 months after the end of such period (calculated on a pro forma basis as though such
cost savings, operating expense reductions and synergies had been realized on the first day of such period for which EBITDA is being determined and as if such cost savings, operating expense reductions and synergies were realized during the entirety
of such period), net of the amount of actual benefits realized during such period from such actions; provided that such cost savings and synergies are reasonably identifiable and factually supportable (it is understood and agreed that
“run-rate” means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken, net of the amount of actual benefits realized
during such period from such actions); plus 
 (ix) the amount of loss or discount on sale of receivables,
Securitization Assets and related assets to any Securitization Subsidiary in connection with a Qualified Securitization Facility; plus 

(x) any costs or expense incurred by Parent or a parent entity of 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
Parent or net cash proceeds of an issuance of Equity Interest of Parent (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation set forth in clause (C) of Section 4.07(a) hereof;
plus 
 (xi) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing
EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to clause (b) below for any previous period and not
added back; plus 
 (xii) any net loss from disposed, abandoned or discontinued operations; and 

(b) decreased (without duplication) by the following, in each case to the extent included in determining Consolidated Net
Income for such period: 
 (i) 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 any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase EBITDA in such prior period; plus 

(ii) any net income from disposed, abandoned or discontinued operations. 

“Employee Matters Agreement” means the Employee Matters Agreement, dated January 2, 2017, by and among HLT Parent, the
Issuer, PHRI and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to the Employee Matters Agreement as in effect
immediately prior to such amendment, supplement, waiver or modification. 
 “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. 

  
 -15- 

 “Equity Offering” means any public or private sale or issuance of common
stock or Preferred Stock (excluding Disqualified Stock) of Parent or any of its direct or indirect parent companies, other than: 

(a) public offerings with respect to Parent’s or any direct or indirect parent company’s common stock registered on
Form S-4 or Form S-8; 
 (b) issuances to any
Subsidiary of Parent; and 
 (c) any such public or private sale or issuance that constitutes an Excluded Contribution. 

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

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, or any successor securities clearing agency.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Exchange Notes” means any Notes issued in an Exchange Offer pursuant to Section 2.06(f)
hereof. 
 “Exchange Offer” has the meaning assigned to such term in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning assigned to such term in the Registration Rights Agreement. 

“Excluded Contribution” means net cash proceeds, marketable securities or Qualified Proceeds received by Parent since the
2021 Notes Issue Date from: 
 (a) contributions to its common equity capital; 

(b) dividends, distributions, fees and other payments from Unrestricted Subsidiaries and any joint ventures that are not
Restricted Subsidiaries; and 
 (c) the sale (other than to a Subsidiary of Parent or to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement of Parent) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of Parent, 

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate executed by the principal financial officer of Parent, which are
(or were) excluded from the calculation set forth in clause (C) of Section 4.07(a) hereof. Notwithstanding the foregoing, an amount equal to the aggregate amount that has been designated prior to the Issue Date as an “Excluded
Contribution” for purposes of the Existing Senior Notes pursuant to the Existing Senior Notes Indentures, shall automatically be deemed to be an Excluded Contribution under this Indenture, and such amount shall be excluded from the from the
calculation set forth in clause (C) of Section 4.07(a) hereof. 
 “Existing Senior Notes” means (i) the 2024
Senior Notes, (ii) the 2025 Senior Notes, (iii) the 2026 Senior Notes and (iv) the 2027 Senior Notes. 
 “Existing
Senior Notes Indentures” means (i) the 2024 Senior Notes Indenture, (ii) the 2025 and 2027 Senior Notes Indenture and (iii) the 2026 Senior Notes Indenture. 

“fair market value” means, with respect to any asset or liability, the fair market value of such asset or liability as
determined by Parent in good faith. 

  
 -16- 

 “Fixed Charge Coverage Ratio” means, with respect to any Person for any
period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such Person for such period. In the event that Parent or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays, retires or extinguishes any
Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the
commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio
Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness, or such issuance or
redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period; provided, however, that the pro forma calculation of Fixed Charges for purposes of Section 4.09(a)
(and for the purposes of other provisions of this Indenture that refer to Section 4.09(a)) shall not give effect to any Indebtedness being incurred on such date (or on such other subsequent date which would otherwise require pro forma effect to
be given to such incurrence) pursuant to Section 4.09(b). 
 For purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP) that have been made by Parent or any of its Restricted Subsidiaries during the four-quarter reference period or
subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers,
amalgamations, consolidations and discontinued operations (and the change in any associated fixed charge obligations and the change in EBITDA resulting therefrom) 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 Parent or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition, disposition,
merger, amalgamation, consolidation or discontinued operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such
Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation 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 an Investment, acquisition, disposition, merger,
amalgamation, consolidation or discontinued operation, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of Parent (and may include, for the avoidance of doubt, cost savings, synergies and
operating expense reductions resulting from such Investment, acquisition, merger, amalgamation or consolidation which is being given pro forma effect that have been or are expected to be realized based on actions taken, committed to be taken
or expected in good faith to be taken within 18 months). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed
Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an
interest rate reasonably determined by a responsible financial or accounting officer of Parent to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to
above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first
paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based
upon the rate actually chosen, or, if none, then based upon such optional rate chosen as Parent may designate. 
 “Fixed
Charges” means, with respect to any Person for any period, the sum of, without duplication: 
 (a) Consolidated
Interest Expense of such Person for such period; 
 (b) all cash dividends or other distributions paid (excluding items
eliminated in consolidation) on any series of Preferred Stock during such period; and 
 (c) all cash dividends or other
distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during such period. 

  
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 “Foreign Subsidiary” means, with respect to any Person, (1) (A) any
Restricted Subsidiary of such Person that is not organized or existing under the laws of the United States, any state thereof or the District of Columbia and (B) any Restricted Subsidiary of such Foreign Subsidiary, and (2) any FSHCO
Subsidiary of such Person. 
 “FSHCO Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such
Person substantially all of whose assets consist, directly or indirectly, of Equity Interests and/or Indebtedness of one or more Foreign Subsidiaries, and any other assets incidental thereto. 

“GAAP” means (1) generally accepted accounting principles in the United States of America, as in effect from time to
time, it being understood that, for purposes of this Indenture, all references to codified accounting standards specifically named in this Indenture shall be deemed to include any successor, replacement, amendment or updated accounting standard
under GAAP or (2) if elected by Parent by written notice to the Trustee in connection with the delivery of financial statements and information, the accounting standards and interpretations (“IFRS”) adopted by the International
Accounting Standard Board, as in effect on the first date of the period for which Parent is making such election; provided that (a) any such election once made shall be irrevocable, (b) all financial statements and reports required
to be provided after such election pursuant to this Indenture shall be prepared on the basis of IFRS, (c) from and after such election, all ratios, computations and other determinations based on GAAP contained in this Indenture shall be
computed in conformity with IFRS, (d) in connection with the delivery of financial statements (x) for any of its first three financial quarters of any financial year, it shall restate its consolidated interim financial statements for such
interim financial period and the comparable period in the prior year to the extent previously prepared in accordance with GAAP and (y) for delivery of audited annual financial information, it shall provide consolidated historical financial
statements prepared in accordance with IFRS for the prior most recent fiscal year to the extent previously prepared in accordance with GAAP as in effect on the first date of the period in which Parent is making such election. For the avoidance of
doubt, solely making an election (without any other action) referred to in this definition will not be treated as an incurrence of Indebtedness. 

If there occurs or has occurred since July 1, 2013, a change in generally accepted accounting principles and such change would cause a
change in the method of calculation of any term or measure used in a covenant under Article 4 hereof (an “Accounting Change”) or a comparable provision in any Existing Notes Indenture, then Parent may elect, as evidenced by a
written notice of Parent to the Trustee, that such term or measure shall be calculated as if such Accounting Change had not occurred. 

“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. 
 “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 Exhibit A-2 hereto, as applicable, issued in accordance with
Section 2.01, 2.06(b), 2.06(d) or 2.06(f) hereof. 
 “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 Issuer’s Obligations under this Indenture and the Notes.

 “Guarantor” means, with respect to the Notes, (i) HLT Parent, (ii) HWP, (iii) Parent and (iv) each
Subsidiary of Parent (other than the Issuer), if any, that 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, modification or mitigation of interest rate, currency or commodity risks either generally or under specific contingencies. 

  
 -18- 

 “HLT Parent” means Hilton Worldwide Holdings Inc., a Delaware corporation
and direct or indirect parent of HWP, Parent and the Issuer. 
 “HGVI ” means Hilton Grand Vacations Inc., a Delaware
corporation. 
 “Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“HWP” means Hilton Worldwide Parent LLC, a Delaware limited liability company and direct parent of the Issuer. 

“Immediate Family Members” means with respect to any individual, such individual’s child, stepchild, grandchild or more
remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law
(including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the
foregoing individuals or any donor-advised fund of which any such individual is the donor. 
 “Indebtedness” means, with
respect to any Person, without duplication: 
 (a) any indebtedness (including principal and premium) of such Person, whether
or not contingent: 
 (i) in respect of borrowed money; 

(ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or,
without duplication, reimbursement agreements in respect thereof); 
 (iii) representing the balance deferred and unpaid of
the purchase price of any property (including Capitalized Lease Obligations), except (A) any such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation to a trade or similar
business creditor, in each case accrued in the ordinary course of business and (B) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with
GAAP and is not paid after becoming due and payable; or 
 (iv) representing the net obligations under any Hedging
Obligations, 
 if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would
appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided that Indebtedness of any direct or indirect parent of Parent appearing upon the balance sheet of Parent
solely by reason of push-down accounting under GAAP shall be excluded; 
 (b) to the extent not otherwise included, any
obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the obligations of the type referred to in clause (a) 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 
 (c)
to the extent not otherwise included, the obligations of the type referred to in clause (a) of a third Person secured by a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person;
provided, that the amount of any such Indebtedness will be the lesser of (i) the fair market value of such asset at such date of determination and (ii) the amount of such Indebtedness of such third Person; 

  
 -19- 

 provided that notwithstanding the foregoing, Indebtedness shall be deemed not to include
(a) Contingent Obligations incurred in the ordinary course of business, or (b) obligations under or in respect of Qualified Securitization Facilities, straight-line or operating leases or Sale and Lease-Back Transactions (except any
resulting Capitalized Lease Obligations); provided, further, that Indebtedness shall be calculated without giving effect to the effects of Financial Accounting Standards Board Accounting Standards Codification Topic No. 815 and related
interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness. 

“Indenture” means this Indenture, as amended, supplemented or otherwise modified 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 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 Notes” has the meaning set forth in the recitals hereto. 

“Initial Purchasers” means the initial purchasers of the Notes on the Issue Date pursuant to the Purchase Agreement. 

“Interest Payment Date” means January 15 and July 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 if the applicable securities are not then rated by Moody’s or S&P, an equivalent rating by any other Rating Agency. 

“Investment Grade Securities” means: 

(a) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (other than Cash Equivalents); 
 (b) debt securities or debt instruments with an Investment Grade
Rating, but excluding any debt securities or instruments constituting loans or advances among Parent and its Subsidiaries; 

(c) investments in any fund that invests exclusively in investments of the type described in clauses (a) and (b) which
fund may also hold immaterial amounts of cash pending investment or distribution; and 
 (d) 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, advances to customers,
commission, travel and similar advances to employees, directors, officers, managers and consultants, 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 Parent 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: 

(a) “Investments” shall include the portion (proportionate to Parent’s equity interest in such
Subsidiary) of the fair market value of the net assets of a Subsidiary of Parent at the time that such Subsidiary is designated an Unrestricted Subsidiary; and 

  
 -20- 

 (b) any property transferred to or from an Unrestricted Subsidiary shall be
valued at its fair market value at the time of such transfer. 
 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 Equivalents by Parent or a Restricted Subsidiary in respect of such Investment. 

“Issue Date” means June 20, 2019. 

“Issuer” has the meaning set forth in the preamble hereto, until a successor Person or Persons shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person or Persons. 

“Issuer’s Order” means a written request or order signed on behalf of the Issuer by an Officer of the Issuer, who must
be the principal executive officer, the principal financial officer, the treasurer, the secretary, the principal accounting officer or any senior or executive vice president of the Issuer, and delivered to the Trustee. 

“Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in
the State of New York or at the place of payment in respect of the Notes. If a payment date is on a Legal Holiday, payment will be made on the next succeeding day that is not a Legal Holiday and no interest shall accrue for the intervening period.

 “Letter of Transmittal” means the letter of transmittal to be prepared by the Issuer and sent to all Holders for use by
such Holders in connection with an Exchange Offer. 
 “License Agreement” means the License Agreement, dated
January 2, 2017, by and between HLT Parent and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to the License
Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 
 “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 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 other 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. 

“Limited Condition Transaction” means (a) any Investment or acquisition (whether by merger, amalgamation, consolidation
or other business combination or the acquisition of Capital Stock or otherwise and which may include, for the avoidance of doubt, a transaction that may constitute a Change of Control), whose consummation is not conditioned on the availability of,
or on obtaining, third party financing, (b) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock requiring irrevocable notice in advance of such redemption,
repurchase, defeasance, satisfaction and discharge or repayment, (c) any Restricted Payment requiring irrevocable notice in advance thereof, (d) any Asset Sale or a disposition excluded from the definition of “Asset Sale” and
(e) any Change of Control that does not constitute a Change of Control Triggering Event. 
 “Management and Franchise
Agreements” means, collectively, each hotel management agreement and/or franchise agreement entered into on or prior to the Issue Date by and between HLT Parent and PHRI and/or one or more Subsidiaries of HLT Parent or PHRI, pursuant to
which HLT Parent and/or its Subsidiaries provides management and/or franchise services or licenses in respect of hotels owned or leased by PHRI and/or its Subsidiaries as set forth therein, as amended, supplemented, waived or otherwise modified from
time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to such hotel management agreement and/or franchise agreement as in effect immediately prior to such amendment, supplement, waiver or
modification. 

  
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 “Management Stockholders” means the current and former employees and
members of management (and their Controlled Investment Affiliates and Immediate Family Members) of Parent (or its direct or indirect parent entities) who are holders of Equity Interests of any direct or indirect parent companies of Parent on the
Issue Date. 
 “Market Capitalization” means an amount equal to (a) the total number of issued and outstanding shares
of common Equity Interests of Parent (or, as the case may be, of a direct or indirect parent entity whose Equity Interests are traded on a securities exchange) on the date of the declaration of a Restricted Payment permitted pursuant to clause
(ix) of Section 4.07(b) hereof, multiplied by (b) the arithmetic mean of the closing prices per share of such common Equity Interests on the principal securities exchange on which such common Equity Interests are traded for the 30
consecutive trading days immediately preceding the date of declaration of such Restricted Payment. 
 “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) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Proceeds” means the aggregate Cash Equivalents proceeds received by Parent or any of its Restricted Subsidiaries in
respect of any Asset Sale, including any Cash Equivalents 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, payments made in order to obtain a necessary consent or required
by applicable law, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, other fees and expenses, including title and recordation expenses, taxes paid or payable as a result thereof or any transactions occurring
or deemed to occur to effectuate a payment under this Indenture (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 Senior Indebtedness or amounts required to be applied to the repayment of Indebtedness secured by a Lien on such assets and required (other than required by clause (i) of Section 4.10(b) hereof) to be paid as a result of such
transaction and any deduction of appropriate amounts to be provided by 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 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 the Initial Notes and more particularly means any Note authenticated and delivered under this
Indenture. Unless the context requires otherwise, all references to “Notes” for all purposes of this Indenture shall include any Additional Notes that are actually issued. The Notes offered by the Issuer and any Additional Notes
subsequently issued under this Indenture will be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase, except for certain waivers and amendments as set forth herein. 

“Obligations” means any principal, interest (including any interest accruing on or 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), premium, 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, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness; provided that any of the foregoing (other than principal and interest) shall no longer constitute
“Obligations” after payment in full of such principal and interest except to the extent such obligations are fully liquidated and non-contingent on or prior to such payment in full. 

“Offering Memorandum” means the offering memorandum, dated June 10, 2019, relating to the sale of the Initial Notes.

  
 -22- 

 “Officer” means the Chairman of the Board of Directors, the Chief Executive
Officer, the Chief Financial Officer, the Chief Operating Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of any Person, or any other officer of such Person designated by
any such individuals. Unless otherwise indicated, Officer shall refer to an Officer of Parent. 
 “Officer’s
Certificate” means a certificate signed on behalf of a Person by an Officer of such Person that meets the requirements set forth in this Indenture. Unless otherwise indicated, Officer’s Certificate shall refer to an Officer’s
Certificate of an Officer of Parent or the Issuer. 
 “Opinion of Counsel” means a written opinion from legal counsel who
is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to Parent or the Trustee. 
 “Ownership
Business” has the meaning assigned to such term in the Distribution Agreement. 
 “Parent” refers to Hilton
Worldwide Finance LLC, a Delaware limited liability company and the direct parent of the Issuer. 
 “Parent Company” means
any Person so long as such Person directly or indirectly holds 100.0% of the total voting power of the Capital Stock of Parent, and at the time such Person acquired such voting power, no Person and no group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision), including any such 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) (other than a Parent Company or any Permitted Holder), shall have beneficial ownership (within the meaning of Rule 13d-3 under the Exchange
Act, or any successor provision), directly or indirectly, of 50.0% or more of the total voting power of the Voting Stock of such Person. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary (and, with respect to
DTC, shall include Euroclear and Clearstream). 
 “Participating Broker-Dealer” has the meaning set forth in the
Registration Rights Agreement. 
 “Permitted Asset Swap” means the substantially concurrent purchase and sale or exchange
of Related Business Assets or a combination of Related Business Assets and Cash Equivalents between Parent or any of its Restricted Subsidiaries and another Person; provided that any Cash Equivalents received must be applied in accordance
with Section 4.10 hereof. 
 “Permitted Holders” means any of the Management Stockholders and any group (within the
meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that in the case of such group and without giving effect to the existence of such
group or any other group, such Management Stockholders, collectively, have beneficial ownership of more than 50.0% of the total voting power of the Voting Stock of Parent or any of its direct or indirect parent companies. Any Person or group whose
acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional
Permitted Holder. 
 “Permitted Intercompany Activities” means any transactions between or among Parent and its
Subsidiaries (for the avoidance of doubt, including Unrestricted Subsidiaries) that are entered into in the ordinary course of business of Parent and its Subsidiaries and, in the good faith judgment of Parent are necessary or advisable in connection
with the ownership or operation of the business of Parent and its Subsidiaries, including, but not limited to, (a) payroll, cash management, purchasing, insurance and hedging arrangements; (b) management, technology and licensing
arrangements; and (c) Hilton Honors and similar customer loyalty and rewards programs. 
 “Permitted Investments”
means: 
 (a) any Investment in Parent or any of its Restricted Subsidiaries; 

  
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 (b) any Investment in Cash Equivalents or Investment Grade Securities; 

(c) any Investment by Parent or any of its Restricted Subsidiaries in a Person (including, to the extent constituting an
Investment, in assets of a Person that represent substantially all of its assets or a division, business unit or product line, including research and development and related assets in respect of any product) that is engaged directly or through
entities that will be Restricted Subsidiaries in a Similar Business if as a result of such Investment: 
 (i) such Person
becomes a Restricted Subsidiary; or 
 (ii) such Person, in one transaction or a series of related transactions, is
amalgamated, merged or consolidated with or into, or transfers or conveys substantially all of its assets (or such division, business unit or product line) to, or is liquidated into, 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, amalgamation, consolidation or transfer; 
 (d) any Investment in securities or other assets,
including earn-outs, not constituting Cash Equivalents or Investment Grade Securities and received in connection with an Asset Sale made pursuant to Section 4.10(a) hereof or any other disposition of assets not constituting an Asset Sale; 

(e) any Investment existing on the 2021 Notes Issue Date or made pursuant to binding commitments in effect on the 2021 Notes
Issue Date or an Investment consisting of any extension, modification or renewal of any such Investment or binding commitment existing on the 2021 Notes Issue Date; provided that the amount of any such Investment may be increased in such
extension, modification or renewal only (i) as required by the terms of such Investment or binding commitment as in existence on the 2021 Notes Issue Date (including as a result of the accrual or accretion of interest or original issue discount
or the issuance of pay-in-kind securities) or (ii) as otherwise permitted under this Indenture; 

(f) any Investment acquired by Parent or any of its Restricted Subsidiaries: 

(i) consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade
credit in the ordinary course of business; 
 (ii) in exchange for any other Investment or accounts receivable, endorsements
for collection or deposit held by 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 (including any
trade creditor or customer); 
 (iii) in satisfaction of judgments against other Persons; or 

(iv) as a result of a foreclosure by 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; 
 (g) Hedging Obligations permitted under
Section 4.09(b)(x) hereof; 
 (h) any Investment in a Similar Business having an aggregate fair market value taken
together with all other Investments made pursuant to this clause (h) that are at that time outstanding not to exceed the greater of (1) $570.0 million and (2) 4.0% of Total Assets (in each case, determined on the date such Investment is
made, with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (h) is made in any Person
that is not a Restricted Subsidiary of Parent at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause
(a) above and shall cease to have been made pursuant to this clause (h); 

  
 -24- 

 (i) Investments the payment for which consists of Equity Interests (other
than Disqualified Stock) of Parent, or any of its direct or indirect parent companies; provided that such Equity Interests will not increase the amount available for Restricted Payments under clause (C) of Section 4.07(a) hereof;

 (j) guarantees of Indebtedness permitted under Section 4.09 hereof, performance guarantees and Contingent Obligations
incurred in the ordinary course of business or consistent with past practice and the creation of Liens on the assets of Parent or any Restricted Subsidiary in compliance with Section 4.12 hereof; 

(k) any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions
of Section 4.11(b) hereof (except transactions described in clauses (ii), (v), (ix) and (xxiii) of Section 4.11(b) hereof); 

(l) Investments consisting of purchases or other acquisitions of inventory, supplies, material or equipment or the licensing or
contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 
 (m) Investments having
an aggregate fair market value, taken together with all other Investments made pursuant to this clause (m) 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 (1) $570.0 million and (2) 4.0% of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment
being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (m) is made in any Person that is not a Restricted Subsidiary of Parent at the
date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such investment shall thereafter be deemed to have been made pursuant to clause (a) above and shall cease to have been made pursuant to this
clause (m); 
 (n) Investments in or relating to a Securitization Subsidiary that, in the good faith determination of Parent
are necessary or advisable to effect any Qualified Securitization Facility (including any contribution of replacement or substitute assets to such subsidiary) or any repurchase obligation in connection therewith; 

(o) advances to, or guarantees of Indebtedness of, employees not in excess of $25.0 million outstanding in the aggregate;

 (p) loans and advances to employees, directors, officers, managers and consultants (i) for business-related travel
expenses, moving expenses and other similar expenses or payroll advances, in each case incurred in the ordinary course of business or consistent with past practices or (ii) to fund such Person’s purchase of Equity Interests of Parent or
any direct or indirect parent company thereof; 
 (q) advances, loans or extensions of trade credit in the ordinary course of
business or consistent with past practice by Parent or any of its Restricted Subsidiaries; 
 (r) any Investment in any
Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business or consistent with past practice; 

(s) Investments consisting of purchases and acquisitions of assets or services in the ordinary course of business or consistent
with past practice; 

  
 -25- 

 (t) Investments made in the ordinary course of business or consistent with
past practice in connection with obtaining, maintaining or renewing client contracts; 
 (u) Investments in prepaid expenses,
negotiable instruments held for collection and lease, utility and workers compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business or consistent with past practice;

 (v) repurchases of Notes or Existing Senior Notes; 

(w) Investments in the ordinary course of business or consistent with past practice consisting of Uniform Commercial Code
Article 3 endorsements for collection of deposit and Article 4 customary trade arrangements with customers consistent with past practices; 

(x) Investments consisting of promissory notes issued by Parent, the Issuer or any Guarantor to future, present or former
officers, directors and employees, members of management, or consultants of Parent or any of its Subsidiaries or their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of Parent or any direct or
indirect parent thereof, to the extent the applicable Restricted Payment is a permitted by Section 4.07 hereof; 
 (y)
Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers
arising in the ordinary course of business or consistent with past practice or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(z) Investments (i) by the Captive Insurance Subsidiary made in the ordinary course of its business or consistent with
past practice, and (ii) in the Captive Insurance Subsidiary in the ordinary course of business or required under statutory or regulatory authority applicable to such Captive Insurance Subsidiary; 

(aa) Investments made in connection with Permitted Intercompany Activities and related transactions; 

(bb) Investments in joint ventures of Parent or any of its Restricted Subsidiaries existing on the 2021 Notes Issue Date; 

(cc) Investments in joint ventures of Parent or any of its Restricted Subsidiaries, taken together with all other Investments
made pursuant to this clause (cc) that are at that time outstanding, not to exceed the greater of (a) $285.0 million and (b) 2.0% of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of
each Investment being measured at the time made and without giving effect to subsequent changes in value); 
 (dd)
Investments made from casualty insurance proceeds in connection with the replacements, substitution, restoration or repair of assets on account of a Casualty Event; and 

(ee) Investments in an Unrestricted Subsidiary consisting of Equity Interests issued by, or property or assets of, another
Unrestricted Subsidiary. 
 “Permitted Liens” means, with respect to any Person: 

(a) 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 

  
 -26- 

 
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 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, in each case incurred in the ordinary course of business; 

(b) Liens imposed by law, such as landlords’, carriers’, warehousemen’s, materialmen’s, repairmen’s
and mechanics’ Liens, in each case for sums not yet overdue for a period of more than 45 days or, if more than 45 days overdue, that are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith
by appropriate actions 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; 
 (c) Liens for taxes, assessments or other governmental
charges not yet overdue for a period of more than 30 days or not yet payable or subject to penalties for nonpayment or which are being contested in good faith by appropriate actions diligently conducted, if adequate reserves with respect thereto are
maintained on the books of such Person in accordance with GAAP; 
 (d) Liens in favor of issuers of performance, surety, bid,
indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements or letters of credit or bankers acceptances issued, and completion guarantees provided for, in each case, issued pursuant to the request of and
for the account of such Person in the ordinary course of its business or consistent with past practice prior to the Issue Date; 

(e) minor survey exceptions, minor encumbrances, ground leases, easements or reservations of, or rights of others for,
licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph, telephone and cable television lines and other similar purposes, or zoning, building
codes or other restrictions (including minor defects and irregularities in title and similar encumbrances) 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 and which do not in the aggregate materially interfere with the ordinary conduct of the business of Parent or any of its Restricted Subsidiaries, taken as a whole, and exceptions on title
policies insuring liens granted on Mortgaged Properties (as defined in the Senior Secured Credit Facilities); 
 (f) Liens
securing Obligations relating to any Indebtedness permitted to be incurred pursuant to clause (iv), (xii), (xiii), (xiv), (xxiii) or (xxv) of Section 4.09(b) hereof; provided that (a) Liens securing Obligations relating to any
Indebtedness, Disqualified Stock or Preferred Stock to be incurred pursuant to clause (iv) of Section 4.09(b) hereof extend only to the assets so purchased, leased or improved (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof, or replacements of any thereof); provided, further, that individual financings of assets provided by one lender or group of lenders may be cross-collateralized to other financings of assets by such
lender or group of lenders; (b) Liens securing Obligations relating to any Indebtedness permitted to be incurred pursuant to clause (xiii) of Section 4.09(b) hereof relate only to Obligations relating to Refinancing Indebtedness that
(x) is secured by Liens on all or a portion of the same assets as the assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof, or replacements of any thereof) securing the Refinancing Indebtedness or
(y) extends, replaces, refunds, refinances, renews or defeases Indebtedness incurred or Disqualified Stock or Preferred Stock issued under clauses (iii), (iv) or (xii) of Section 4.09(b) hereof; (c) Liens securing Indebtedness
permitted to be incurred pursuant to clause (xiv) of Section 4.09(b) hereof shall only be permitted if such Liens are limited to all or part of the same property or assets, including Capital Stock (plus improvements, accessions, proceeds
or dividends or distributions in respect thereof, or replacements of any thereof) acquired, or of any Person acquired or merged or consolidated with or into Parent or any Restricted Subsidiary, in any transaction to which such Indebtedness relates;
and (d) Liens securing Indebtedness permitted to be incurred pursuant to clauses (xxiii) and (xxv) of Section 4.09(b) hereof shall only be permitted if such Liens extend only to the assets of Restricted Subsidiaries of Parent that are
not the Issuer or Guarantors (plus improvements, accessions, proceeds or dividends or distributions in respect thereof, or replacements of any thereof); 

  
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 (g) Liens existing on the Issue Date (excluding Liens securing the Credit
Agreement), including Liens securing any Refinancing Indebtedness of any Indebtedness secured by such Liens; 
 (h) Liens on
property or shares of stock or other assets of a Person at the time such Person becomes a Subsidiary; provided that such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a
Subsidiary; provided, further, that such Liens may not extend to any other property or other assets owned by Parent or any of its Restricted Subsidiaries; 

(i) Liens on property or other assets at the time Parent or a Restricted Subsidiary acquired the property or such other assets,
including any acquisition by means of a merger, amalgamation or consolidation with or into Parent or any of its Restricted Subsidiaries; provided that such Liens are not created or incurred in connection with, or in contemplation of, such
acquisition, amalgamation, merger or consolidation; provided, further, that the Liens may not extend to any other property owned by Parent or any of its Restricted Subsidiaries; 

(j) Liens securing Obligations relating to any Indebtedness or other obligations of a Restricted Subsidiary owing to Parent or
another Restricted Subsidiary permitted to be incurred in accordance with Section 4.09 hereof; 
 (k) Liens securing
(x) Hedging Obligations and (y) obligations in respect of Bank Products; 
 (l) Liens on specific items of
inventory or other goods and proceeds of any Person securing such Person’s accounts payable or similar trade obligations in respect of bankers’ acceptances or documentary 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; 
 (m) leases, sub-leases, licenses or sub-licenses granted to others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of Parent
or any of its Restricted Subsidiaries, taken as a whole, and do not secure any Indebtedness; 
 (n) Liens arising from
Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases or consignments entered into by Parent and its Restricted Subsidiaries in the ordinary course of business or purported Liens evidenced by the
filing of precautionary Uniform Commercial Code financing statements or similar public filings; 
 (o) Liens in favor of
Parent, the Issuer or any Subsidiary Guarantor; 
 (p) Liens on equipment of Parent or any of its Restricted Subsidiaries
granted in the ordinary course of business to Parent’s or a Restricted Subsidiary’s customers or clients; 
 (q)
Liens on accounts receivable, Securitization Assets and related assets incurred in connection with a Qualified Securitization Facility; 

(r) Liens to secure any modification, refinancing, refunding, extension, renewal or replacement (or successive refinancing,
refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (f), (g), (h), (i), this clause (r) and clause (nn) below; provided that (i) such
new Lien shall be limited to all or part of the same assets that secured the original Lien (plus improvements on such property) and proceeds and products thereof, and (ii) the Indebtedness secured by such Lien at such time is not increased to
any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under 

  
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clauses (f), (g), (h), (i), this clause (r) and clause (nn) below at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees
and expenses (including original issue discount, upfront fees or similar fees) and premiums (including tender premiums and accrued and unpaid interest), related to such modification, refinancing, refunding, extension, renewal or replacement; 

(s) deposits made or other security provided in the ordinary course of business to secure liability to insurance carriers; 

(t) Liens securing obligations in an aggregate principal amount outstanding which does not exceed the greater of (a)
$285.0 million and (b) 2.0% of Total Assets (in each case, determined as of the date of such incurrence); 
 (u)
security given to a public utility or any municipality or governmental authority when required by such utility or authority in connection with the operations of that Person in the ordinary course of business; 

(v) Liens securing judgments for the payment of money not constituting an Event of Default under clause (v) of
Section 6.01(a) hereof; 
 (w) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (x) 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 institutions arising as a matter of law or under general terms and conditions encumbering deposits (including the
right of set-off) and which are within the general parameters customary in the banking industry; 

(y) Liens deemed to exist in connection with Investments in repurchase agreements permitted under Section 4.09 hereof;

 (z) Liens encumbering reasonable customary 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; 
 (aa)
Liens that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness,
(ii) relating to pooled deposit or sweep accounts of Parent or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Parent and its Restricted Subsidiaries
or (iii) relating to purchase orders and other agreements entered into with customers of Parent or any of its Restricted Subsidiaries in the ordinary course of business; 

(bb) Liens securing obligations owed by Parent or any Restricted Subsidiary to any lender under the Senior Secured Credit
Facilities or any Affiliate of such a lender in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers of funds; 

(cc) 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; 
 (dd) Liens arising out of conditional sale, title
retention, consignment or similar arrangements for the sale or purchase of goods entered into by Parent or any Restricted Subsidiary in the ordinary course of business; 

  
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 (ee) Liens solely on any cash earnest money deposits made by Parent or any
of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted by this Indenture; 

(ff) ground leases in respect of real property on which facilities owned or leased by Parent or any of its Subsidiaries are
located; 
 (gg) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect
thereto; 
 (hh) Liens on Capital Stock of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such
Unrestricted Subsidiary; 
 (ii) Liens on the assets of non-guarantor Restricted
Subsidiaries securing Indebtedness of such Subsidiaries that were permitted by the terms of this Indenture to be incurred; 

(jj) Liens on cash advances in favor of the seller of any property to be acquired in an Investment permitted under this
Indenture to be applied against the purchase price for such Investment; 
 (kk) any interest or title of a lessor, sub-lessor, licensor or sub-licensor or secured by a lessor’s, sub-lessor’s, licensor’s or sub-licensor’s interest under leases or licenses entered into by Parent or any of the Restricted Subsidiaries in the ordinary course of business; 

(ll) (i) deposits of cash with the owner or lessor of premises leased and operated by Parent or any of its Subsidiaries in the
ordinary course of business of Parent and such Subsidiary to secure the performance of Parent’s or such Subsidiary’s obligations under the terms of the lease for such premises and (ii) Liens with respect to property or assets of
Parent and its Restricted Subsidiaries (including accounts receivable or other revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of hotel collection
accounts, operating accounts and reserve accounts; 
 (mm) [Reserved]; 

(nn) Liens securing Indebtedness (including Liens securing any Obligations in respect thereof) permitted to be incurred
pursuant to Section 4.09 (including, without limitation, Indebtedness incurred under one or more Credit Facilities) so long as after giving pro forma effect to such incurrence and such Liens the Consolidated Secured Debt Ratio of Parent and its
Restricted Subsidiaries shall be equal to or less than 5.20 to 1.00 for Parent’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such Lien is incurred;

 (oo) Liens securing obligations in respect of (i) Indebtedness and other Obligations permitted to be incurred under
Credit Facilities, including any letter of credit facility relating thereto, that was permitted to be incurred pursuant to clause (i) of Section 4.09(b) and (ii) obligations of Parent or any Subsidiary in respect of any Bank Products
or Hedging Obligation provided by any lender party to any Credit Facility or any Affiliate of such lender (or any Person that was a lender or an Affiliate of a lender at the time the applicable agreements pursuant to which such Bank Products are
provided were entered into); and 
 (pp) Liens on any funds or securities held in escrow accounts established for the purpose
of holding proceeds from issuances of debt securities by Parent or any of its Restricted Subsidiaries issued after the Issue Date, together with any additional funds required in order to fund any mandatory redemption or sinking fund payment on such
debt securities within 180 days of their issuance; provided that such Liens do not extend to any assets other than such proceeds and such additional funds. 

For purposes of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness. 

  
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 “Person” means any individual, corporation, limited liability company,
partnership (including a limited partnership), joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“PHRI ” means Park Hotels & Resorts Inc., a Delaware corporation. 

“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. 

“Purchase Agreement” means the purchase agreement, dated as of June 10, 2019, among the Issuer, Parent, HLT Parent, the
other Guarantors party thereto and BofA Securities, Inc., as representative of such initial purchasers, relating to the issue and sale of the Initial Notes. 

“Purchase Money Obligations” means any Indebtedness incurred to finance or refinance the purchase, acquisition, leasing,
expansion, construction, installation, replacement, repair or improvement of property (real or personal) or assets, and whether acquired through the direct acquisition of such property or assets, or otherwise (including through the purchase of
Capital Stock of any Person owning such property or assets). 
 “QIB” means a “qualified institutional buyer” as
defined in Rule 144A. 
 “Qualified Proceeds” means the fair market value of assets that are used or useful in, or Capital
Stock of any Person engaged in, a Similar Business. 
 “Qualified Securitization Facility” means any Securitization
Facility (i) constituting a securitization financing facility that meets the following conditions: (A) the Board of Directors or management of Parent shall have determined in good faith that such Securitization Facility is in the aggregate
economically fair and reasonable to Parent and (B) all sales and/or contributions of Securitization Assets and related assets to the applicable Securitization Subsidiary are made at fair market value (as determined in good faith by Parent) or
(ii) constituting a receivables or payables financing or factoring facility. 
 “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 Parent which shall be substituted for
Moody’s or S&P or both, as the case may be. 
 “Rating Categories” means: 

(a) with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor
categories); and 
 (b) with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and
D (or equivalent successor categories). 
 “Ratings Improvement” means, with respect to a Change of Control, the obtaining
of a rating of the Notes, taking into account the applicable transaction, representing an increase in the rating of the Notes by either Moody’s or S&P by one or more gradations (including gradations within Rating Categories as well as
between Rating Categories, but not including ratings outlook changes) over such rating as of the Issue Date. In determining whether the rating of the Notes has increased by one or more gradations, gradations within Ratings Categories, namely + or -
for S&P, and 1, 2, and 3 for Moody’s, will be taken into account; for example, in the case of S&P, a rating change either from BB to BB+ or from B+ to BB- will constitute an increase of one
gradation. 
 “Record Date” means, for the interest payable on any applicable Interest Payment Date, the January 1 and
July 1 (whether or not a Business Day) immediately preceding such Interest Payment Date. 

  
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 “Registration Rights Agreement” means a registration rights agreement with
respect to the Initial Notes dated as of the Issue Date, among the Issuer, the Guarantors and the representative of the Initial Purchasers, as such agreement may be amended, modified or supplemented from time to time and, with respect to any
Additional Notes, one or more registration rights agreements among the Issuer and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Issuer to the purchasers of
Additional Notes to register such Additional Notes under the Securities Act. 
 “Regulation S” means Regulation S
promulgated under the Securities Act. 
 “Regulation S Global Note” means a Regulation S Temporary Global Note or
Regulation S Permanent Global Note, as applicable. 
 “Regulation S Permanent Global Note” means a permanent Global Note,
substantially in the form of Exhibit A hereto, 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 upon expiration of the applicable Restricted Period. 

“Regulation S Temporary Global Note” means a temporary Global Note, substantially in the form of Exhibit A hereto, bearing
the Global Note Legend and the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes initially sold in reliance on Rule 903. 
 “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 Equivalents) used or useful in a Similar Business or any securities of a Person received by Parent or a Restricted Subsidiary in exchange for assets transferred by Parent or a Restricted Subsidiary; provided that any such
securities shall not be deemed to be Related Business Assets, unless (a) upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary or (b) such securities are received in respect of a transfer of the
Specified Real Property Assets. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president, assistant vice president, 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, in each case, who shall have
direct responsibility for the administration of this Indenture. 
 “Restricted Definitive Note” means a Definitive Note
bearing, or that is required to bear, the Private Placement Legend. 
 “Restricted Global Note” means a Global Note
bearing, or that is required to bear, the Private Placement Legend. 
 “Restricted Investment” means an Investment other
than a Permitted Investment. 
 “Restricted Period” means, in respect of any Note issued under Regulation S, the 40-day distribution compliance period as defined in Regulation S applicable to such Note. 

“Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of Parent (including the Issuer and any Foreign
Subsidiary) that is not then an Unrestricted Subsidiary; provided that upon an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.”

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

  
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 “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 S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business.

 “Sale and Lease-Back Transaction” means any arrangement providing for the leasing by 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 by 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 Parent or any of its Restricted Subsidiaries secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Assets” means the loans, accounts receivable, financing receivables, other receivables,
royalty or other revenue streams and other rights to payment and any other assets subject to a Qualified Securitization Facility and the proceeds thereof. 

“Securitization Facility” means any of one or more receivables or securitization financing facilities as amended,
supplemented, modified, extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in
connection with such facilities) to Parent or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) pursuant to which Parent or any of its Restricted Subsidiaries sells or grants a security interest in Securitization Assets to,
or for the benefit of, either (a) a Person that is not a Restricted Subsidiary or (b) a Securitization Subsidiary that in turn sells or grants a security interest in Securitization Assets to, or for the benefit of, a Person that is not a
Restricted Subsidiary. 
 “Securitization Fees” means distributions or payments made directly or by means of discounts with
respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization Facility. 

“Securitization Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in one or more
Qualified Securitization Facilities and other activities reasonably related thereto. 
 “Senior Indebtedness” means: 

(a) all Indebtedness of Parent, the Issuer or any Guarantor outstanding under the Senior Secured Credit Facilities, the
Existing Senior Notes and the related guarantees and the Notes and related Guarantees (including interest accruing on or after the filing of any petition in bankruptcy or similar proceeding or for reorganization of Parent, the Issuer or any
Guarantor (at the rate provided for in the documentation with respect thereto, regardless of whether or not a claim for post-filing interest is allowed in such proceedings)), and any and all other fees, expense reimbursement obligations,
indemnification amounts, penalties, and other amounts (whether existing on the Issue Date or thereafter created or incurred) and all obligations of Parent, the Issuer or any Guarantor to reimburse any bank or other Person in respect of amounts paid
under letters of credit, acceptances or other similar instruments; 

  
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 (b) all (x) Hedging Obligations (and guarantees thereof) and
(y) obligations in respect of Bank Products (and guarantees thereof) owing to a lender under the Senior Secured Credit Facilities or any Affiliate of such lender (or any Person that was a lender or an Affiliate of such lender at the time the
applicable agreement giving rise to such Hedging Obligation was entered into); provided that such Hedging Obligations and obligations in respect of Bank Products, as the case may be, are permitted to be incurred under the terms of this
Indenture; 
 (c) any other Indebtedness of Parent, the Issuer or any Guarantor permitted to be incurred under the terms of
this Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any related Guarantee; and 

(d) all Obligations with respect to the items listed in the preceding clauses (a), (b) and (c); provided that Senior
Indebtedness shall not include: 
 (i) any obligation of such Person to Parent, the Issuer or any of Parent’s
Subsidiaries; 
 (ii) any liability for federal, state, local or other taxes owed or owing by such Person; 

(iii) any accounts payable or other liability to trade creditors arising in the ordinary course of business; 

(iv) any Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other
Indebtedness or other Obligation of such Person; or 
 (v) that portion of any Indebtedness which at the time of incurrence
is incurred in violation of this Indenture. 
 “Senior Secured Credit Facilities” means the revolving credit facility and
other credit facilities under the Credit Agreement, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements,
refundings, refinancings or replacements thereof and any one or more indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund, supplement 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) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders. 

“Shelf Registration Statement” means a Shelf Registration Statement as defined in the 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 (a) any business conducted or proposed to be conducted by Parent or any of its Restricted
Subsidiaries on the Issue Date, and any reasonable extension thereof, or (b) any business or other activities that are reasonably similar, ancillary, incidental, complementary or related to, or a reasonable extension, development or expansion
of, the businesses in which Parent and its Restricted Subsidiaries are engaged or propose to be engaged on the Issue Date. 

“Specified Real Property Assets” means any real property or assets of Parent or its Restricted Subsidiaries with an aggregate
book value not to exceed 7.5% of Total Assets of Parent and its Restricted Subsidiaries. 

“Spin-Off Date” means January 3, 2017. 

  
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 “Spin-Off Transaction” means,
collectively, the transactions which resulted in (a) PHRI holding directly or indirectly all or substantially of the Ownership Business and (b) HGVI holding directly or indirectly all or substantially all of the Timeshare Business, and
which was completed on January 3, 2017 by the distribution by HLT Parent to its stockholders of shares of each of PHRI and HGVI on a pro rata basis, and all related transactions. 

“Subordinated Indebtedness” means, with respect to the Notes, 

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

(2) any Indebtedness of any Guarantor which is by its terms subordinated in right of payment to the Guarantee of such entity of
the Notes. 
 “Subsidiary” means, with respect to any Person: 

(a) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company
or similar entity) of which more than 50.0% 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 

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

(i) more than 50.0% 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 
 (ii) such Person or any Restricted Subsidiary of such Person is a controlling general
partner or otherwise controls such entity. 
 For the avoidance of doubt, any entity that is owned at a 50.0% or less level (as described
above) shall not be a “Subsidiary” for any purpose under this Indenture, regardless of whether such entity is consolidated on Parent’s or any Restricted Subsidiary’s financial statements. 

“Subsidiary Guarantor” means each Guarantor other than HLT Parent, HWP and Parent. 

“Tax Matters Agreement” means the Tax Matters Agreement, dated January 2, 2017, by and among HLT Parent, Parent, PHRI
and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to the Tax Matters Agreement as in effect immediately prior to such
amendment, supplement, waiver or modification. 
 “Tax Stockholders Agreement” means the Tax Stockholders Agreement, dated
January 2, 2017, by and among HLT Parent, HGVI, the Blackstone Holders (as defined therein) and the other parties thereto, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the
holders of the Notes when taken as a whole, as compared to the Tax Stockholders Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

“Timeshare Business” has the meaning assigned to such term in the Distribution Agreement. 

“Total Assets” means the total assets of Parent and its Restricted Subsidiaries, determined on a consolidated basis in
accordance with GAAP, as shown on the most recent balance sheet of Parent or such other Person. 

  
 -35- 

 “Transaction Agreements” means, collectively, the Distribution Agreement,
the Employee Matters Agreement, the License Agreement, the Management and Franchise Agreements, the Tax Stockholders Agreement, the Tax Matters Agreement, the Transition Services Agreement and each other instrument or agreement entered into in
connection with the Spin-Off Transaction. 
 “Transition Services Agreement” means
the Master Transition Services Agreement, dated January 2, 2017, by and among HLT Parent, PHRI and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes
when taken as a whole, as compared to the Transition Services Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

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

“Trustee” means Wilmington Trust, National Association, as trustee, until a successor replaces it in accordance with the
applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Uniform Commercial Code”
means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of New York. 

“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
hereto, bearing 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: 

(a) any Subsidiary of Parent (other than the Issuer) which at the time of determination is an Unrestricted Subsidiary (as
designated by Parent, as provided below); and 
 (b) any Subsidiary of an Unrestricted Subsidiary. 

Parent may designate any Subsidiary of Parent (other than the Issuer, but including any other existing Subsidiary and any newly acquired or
newly formed Subsidiary) 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, Parent or any Subsidiary of Parent (other than
solely any Subsidiary of the Subsidiary to be so designated); provided that: 
 (i) any Unrestricted Subsidiary must
be an entity of which the Equity Interests entitled to cast at least a majority of the votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing a similar function are owned,
directly or indirectly, by Parent; 
 (ii) such designation complies with Section 4.07 hereof; and 

(iii) 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 Parent or any Restricted Subsidiary, in
each case, except any Permitted Intercompany Activities. 

  
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 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: 

(a) Parent could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test; or 

(b) the Fixed Charge Coverage Ratio for Parent and its Restricted Subsidiaries would be equal to or greater than such ratio for
Parent and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 

Any such designation by Parent shall be notified by Parent to the Trustee by promptly filing with the Trustee a copy of the resolution of the
Board of Directors of 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. Dollar Equivalent” means with respect to any monetary amount in a currency other than U.S. dollars,
at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as
published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two business days prior to such determination. 

“U.S. Government Securities” means securities that are: 

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

 (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in either
case, are not callable or redeemable at the option of the issuers 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 U.S. Government
Securities or a specific payment of principal of or interest on any such U.S. 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 U.S. Government Securities or the specific payment of principal of or interest on the
U.S. Government Securities evidenced by such depository receipt. 
 “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 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: 

(a) 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 redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment; by 

(b) the sum of all such payments; 

provided that for purposes of determining the Weighted Average Life to Maturity of any Indebtedness that is being extended, replaced, refunded,
refinanced, renewed or defeased (the “Applicable Indebtedness”), the effects of any amortization or prepayments made on such Applicable Indebtedness prior to the date of the applicable extension, replacement, refunding, refinancing,
renewal or defeasance shall be disregarded. 

  
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 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person,
100.0% of the outstanding Equity Interests of which (other than directors’ qualifying shares and shares issued to foreign nationals as required by applicable law) shall at the time be owned by such Person and/or by one or more Wholly Owned
Subsidiaries of such Person. 
 Section 1.02. Other Definitions. 

 

					
	 Term
	  	Defined
in Section	 
	 “Accounting Change”
	  	 	1.01	 
	 “Acceptable Commitment”
	  	 	4.10	 
	 “Affiliate Transaction”
	  	 	4.11	 
	 “Applicable Indebtedness”
	  	 	1.01	 
	 “Applicable Premium Deficit”
	  	 	8.04	 
	 “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	 
	 “Code”
	  	 	2.06	 
	 “Covenant Defeasance”
	  	 	8.03	 
	 “DTC”
	  	 	2.03	 
	 “ERISA”
	  	 	2.06	 
	 “equity incentives”
	  	 	1.01	 
	 “Event of Default”
	  	 	6.01	 
	 “Excess Proceeds”
	  	 	4.10	 
	 “Fixed Charge Coverage Test”
	  	 	4.07	 
	 “Foreign Disposition”
	  	 	4.10	 
	 “incur” and “incurrence”
	  	 	4.09	 
	 “LCT Election”
	  	 	1.07	 
	 “LCT Test Date”
	  	 	1.07	 
	 “Legal Defeasance”
	  	 	8.02	 
	 “Note Register”
	  	 	2.03	 
	 “Offer Amount”
	  	 	3.08	 
	 “Offer Period”
	  	 	3.08	 
	 “Pari Passu Indebtedness”
	  	 	4.10	 
	 “Paying Agent”
	  	 	2.03	 
	 “Purchase Date”
	  	 	3.08	 
	 “Redemption Date”
	  	 	3.01	 
	 “Refinancing Indebtedness”
	  	 	4.09	 
	 “Refunding Capital Stock”
	  	 	4.07	 
	 “Registrar”
	  	 	2.03	 
	 “Restricted Payments”
	  	 	4.07	 
	 “Second Commitment”
	  	 	4.10	 
	 “Successor Company”
	  	 	5.01	 
	 “Successor Person”
	  	 	5.01	 
	 “Transfer Agent”
	  	 	2.03	 
	 “Treasury Capital Stock”
	  	 	4.07	 

 Section 1.03. Incorporation by Reference of Trust Indenture
Act. At all times after the effectiveness of a registration statement under the Registration Rights Agreement, this Indenture will be subject to the mandatory provisions of the Trust Indenture Act, which unless otherwise indicated are
incorporated by reference in and made a part of this Indenture upon the effectiveness of any such registration statement. 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. 

  
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 The following Trust Indenture Act terms if used in this Indenture have the following
meanings: 
 “indenture securities” means the Notes and the Guarantees; 

“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 Issuer and the Guarantors, respectively, and any successor obligor upon the Notes and the Guarantees, respectively. 

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) the words “including,” “includes” and similar words shall be deemed to be followed by “without
limitation”; 
 (e) words in the singular include the plural, and in the plural include the singular; 

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

(g) provisions apply to successive events and transactions; 

(h) references to sections of, or rules under, the Securities Act or the Exchange Act shall be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC from time to time; 
 (i) 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; 

(j) 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; 
 (k) the principal amount of any
non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with GAAP; 

(l) words used herein implying any gender shall apply to both genders; 

  
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 (m) in the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including”; 

(n) the principal amount of any Preferred Stock at any time shall be (i) the maximum liquidation value of such Preferred
Stock at such time or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock at such time, whichever is greater; and 

(o) all references to any interest or other amount payable on or with respect to the Notes shall be deemed to include any
Additional Interest. 
 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 are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. 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 hereof) conclusive in favor of the Trustee and the Issuer, 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. 
 (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 Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e) The Issuer
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 Issuer 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 10 days prior to the first solicitation of such consent or, if the Trustee is not then also the Registrar, 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 Section 1.05(f) shall have the same effect as if given or taken by separate Holders of
each such different part. 

  
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 (g) Without limiting the generality of the foregoing, a Holder, including DTC, that is a
Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by
Holders, and any Person, that is a Holder of a Global Note, including 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 Issuer 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 120 days after such record date. 
 Section 1.06. Timing of
Payment. Notwithstanding anything herein to the contrary, if the date on which any payment is to be made pursuant to this Indenture or the Notes is not a Business Day, the payment otherwise payable on such date shall be payable on the next
succeeding Business Day with the same force and effect as if made on such scheduled date and (provided such payment is made on such succeeding Business Day) no interest shall accrue on the amount of such payment from and after such scheduled date to
the time of such payment on such next succeeding Business Day and the amount of any such payment that is an interest payment will reflect accrual only through the original payment date and not through the next succeeding Business Day. 

Section 1.07. Financial Calculations for Limited Condition Transactions. For purposes of
calculating the availability under any basket or ratio under this Indenture or compliance with any provision of this Indenture in connection with any Limited Condition Transaction and any actions or transactions related thereto (including
acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments, Restricted Payments and Asset Sales), in each case, at the option of
the Issuer (the Issuer’s election to exercise such option, an “LCT Election”), the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or any
requirement or condition therefor is complied with or satisfied (including as to the absence of any continuing Default or Event of Default)) under this Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive
agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice, declaration of a Restricted Payment or similar event) if, after giving pro forma effect to the Limited Condition
Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments,
Restricted Payments and Asset Sales) and any related pro forma adjustments, Parent or any of its Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with
such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes (in the case of
Indebtedness, for example, whether such Indebtedness is committed, issued or incurred at the LCT Test Date or at any time thereafter); provided, that (a) if financial statements for one or more subsequent fiscal quarters shall have become
available, Parent may elect, in its sole discretion, to re-determine all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of redetermination shall thereafter be
deemed to be the applicable LCT Test Date for purposes of such ratios, tests or baskets, (b) except as contemplated in the foregoing clause (a), compliance with such ratios, tests or baskets (and any related requirements and conditions) shall
not be determined or tested at any time after the applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness,
Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments, Restricted Payments and Asset Sales) and 

  
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(c) Consolidated Interest Expense for purposes of the Fixed Charge Coverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin contained in any
financing commitment documentation with respect to such Indebtedness or, if no such indicative interest margin exists, as reasonably determined by Parent in good faith. 

For the avoidance of doubt, if the Issuer has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance was
determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in
EBITDA or total assets of Parent or the Person subject to such Limited Condition Transaction, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been complied with as a result of such fluctuations; (2) if
any related requirements and conditions (including as to the absence of any continuing Default or Event of Default) for which compliance or satisfaction was determined or tested as of the LCT Test Date would at any time after the LCT Test Date not
have been complied with or satisfied (including due to the occurrence or continuation of a Default or an Event of Default), such requirements and conditions will not be deemed to have been failed to be complied with or satisfied (and such Default or
Event of Default shall be deemed not to have occurred or be continuing); and (3) in calculating the availability under any ratio, test or basket in connection with any action or transaction unrelated to such Limited Condition Transaction
following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or date for redemption, purchase or repayment specified in an irrevocable
notice for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving pro forma effect to such
Limited Condition Transaction. 
 Section 1.08. Certain Compliance
Calculations. Notwithstanding anything to the contrary in this Indenture, in the event an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) is incurred or issued, any Lien is incurred or other
transaction is undertaken in reliance on a ratio basket based on the Fixed Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated Total Debt Ratio, such ratio(s) shall be calculated with respect to such incurrence, issuance or other
transaction without giving effect to amounts being utilized under any other basket (other than a ratio basket based on the Fixed Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated Total Debt Ratio) on the same date. Each item of
Indebtedness, Disqualified Stock or Preferred Stock that is incurred or issued, each Lien incurred and each other transaction undertaken will be deemed to have been incurred, issued or taken first, to the extent available, pursuant to the relevant
Fixed Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated Total Debt Ratio test. 
 ARTICLE 2 

THE NOTES 

Section 2.01. Form and Dating; Terms. 

(a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The
Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be issued in minimum denominations of $2,000 and any integral multiple 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 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 hereto, but without the Global Note
Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto. Each Global Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests
in the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as applicable, to reflect exchanges 

  
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and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of a Regulation S
Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the 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 Issuer and authenticated by the Trustee as hereinafter provided. 

Following (i) the termination of the applicable Restricted Period and (ii) the receipt by the Trustee of (A) a certification or
other evidence in a form reasonably acceptable to the Issuer together with copies of certificates from Euroclear and Clearstream certifying that they have received certifications of non-United States
beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note, to the extent the Depositary, Euroclear and Clearstream provide such certificates in the ordinary course of their business (except to the
extent of any beneficial owners thereof who acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who shall take delivery of a beneficial ownership interest in a 144A
Global Note bearing the Private Placement Legend, all as contemplated by Section 2.06(b) hereof) and (B) an Officer’s Certificate from the Issuer, the Trustee shall remove the Regulation S Temporary Global Note Legend from the
Regulation S Temporary Global Note, following which temporary beneficial interests in the Regulation S Temporary Global Note shall automatically become beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable
Procedures. 
 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 Issuer, the
Guarantors from time to time party hereto 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 Issuer 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 hereof. The Notes shall not be redeemable, other than as provided in Article 3 hereof.

 Subject to compliance with Section 4.09 hereof, the Issuer may issue Additional Notes from time to time ranking pari passu
with the Initial Notes without notice to or consent of the Holders, and such Additional Notes shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or otherwise as the
Initial Notes, except that interest may accrue on the Additional Notes from their date of issuance (or such other date specified by the Issuer); provided that if any Additional Notes are not fungible with the Initial Notes for U.S. federal
income tax purposes, such Additional Notes will have a separate CUSIP or ISIN number, as applicable. Any Additional Notes may be issued with the benefit of an indenture supplemental to this Indenture. 

(e) Euroclear and Clearstream Applicable Procedures. 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. 

  
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 Section 2.02. Execution and Authentication.
At least one Officer of the Issuer shall execute the Notes on behalf of the Issuer, by manual, facsimile or electronic (including “.pdf”) signature. 

If an Officer of the Issuer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, 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 hereto, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture. 

On the Issue Date, the Trustee shall, upon receipt of an Issuer’s Order (an “Authentication Order”), authenticate and
deliver the Initial Notes in the aggregate principal amount specified in such Authentication Order. In addition, at any time, from time to time, the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any Additional
Notes or Exchange Notes for an aggregate principal amount specified in such Authentication Order for such Additional Notes or Exchange Notes issued or increased hereunder. 

The Trustee may appoint an authenticating agent acceptable to the Issuer 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 Issuer. 

Section 2.03. Registrar, Transfer Agent and Paying Agent. The Issuer shall maintain
(i) an office or agency where Notes may be presented for registration (the “Registrar”), which shall be Wilmington Trust, National Association as of the date of this Indenture, (ii) an office or agency where the Notes may
be presented for transfer or for exchange (the “Transfer Agent”), which shall be Wilmington Trust, National Association as of the date of this Indenture and (iii) an office or agency where Notes may be presented for payment
(the “Paying Agent”), which shall be Wilmington Trust, National Association as of the date of this Indenture. The Registrar shall keep a register of the Notes (“Note Register”) and of their transfer and exchange.
The registered Holder of a Note will be treated as the owner of such Note for all purposes and only registered Holders shall have rights under this Indenture and the Notes. The Issuer may appoint one or more
co-registrars, one or more co-transfer agents and one or more additional paying agents. The term “Registrar” includes any
co-registrar, the term “Transfer Agent” includes any co-transfer agent and the term “Paying Agent” includes any additional paying
agents. The Issuer may change any Paying Agent, Transfer Agent or Registrar without prior notice to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to
appoint or maintain another entity as Registrar, Transfer Agent or Paying Agent, the Trustee shall act as such. Parent, the Issuer or any of Parent’s Subsidiaries may act as Paying Agent, Transfer Agent or Registrar upon written notice to the
Trustee. 
 The Issuer initially appoints The Depository Trust Company, its nominees and successors (“DTC”) to act as
Depositary with respect to the Global Notes. 
 The Issuer initially appoints the Trustee to act as the Paying Agent, Transfer Agent and
Registrar for the Notes and to act as Custodian with respect to the Global Notes. 
 If any Notes are listed on an exchange and the rules of
such exchange so require, the Issuer will satisfy any requirement of such exchange as to paying agents, registrars and transfer agents and will comply with any notice requirements required under such exchange in connection with any change of paying
agent, registrar or transfer agent. 
 Section 2.04. Paying Agent to Hold Money in Trust.
The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if
any, interest or Additional Interest, if any, on the Notes, and will notify the Trustee in writing of any default by 

  
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the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee. The Issuer at
any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary or the Trustee) shall have no further liability for
the money. If Parent, the Issuer or a Subsidiary of Parent 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 Issuer, 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 Section 312(a) of the Trust Indenture Act. If the Trustee is not the Registrar, the Issuer 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 and
the Issuer shall otherwise comply with Section 312(a) of the Trust Indenture Act. 

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 thereto. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless, and, if applicable, subject
to the limitation on issuance of Definitive Notes set forth in Section 2.06(c)(ii), (i) the Depositary (x) notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a
clearing agency registered under the Exchange Act, and, in either case, a successor Depositary is not appointed by the Issuer within 120 days, (ii) the Issuer, at its option, notifies the Trustee in writing that they elect to cause the issuance
of Definitive Notes (although Regulation S Temporary Global Notes may not be exchanged for Definitive Notes prior to (A) the expiration of the applicable Restricted Period and (B) the receipt by the Registrar of any certification of
beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B)), (iii) upon the request of a Holder if there shall have occurred and be continuing an Event of Default with respect to the Notes, or (iv) the Trustee has received a written
request by or on behalf of the Depositary to issue Definitive Notes. Upon the occurrence of any of the events described in clause (i), (ii), (iii) or (iv) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests
therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 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 events described in clause (i), (ii), (iii) or (iv) 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. 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 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
pursuant to Rule 144A. 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). 
  

  
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 (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 in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written
order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above;
provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in a Regulation S Temporary Global Note prior to (x) the expiration of the applicable Restricted Period therefor and
(y) the receipt by the Registrar of any certification of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B). Upon consummation of an Exchange Offer by the Issuer in accordance with Section 2.06(f) hereof, the requirements of
this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the applicable Letter of Transmittal or through an Agent’s Message delivered by the Holder of such beneficial
interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the
Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
 (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 Registration Rights Agreement
and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Participating Broker-Dealer,
(2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 

(B) such Notes are sold or exchanged pursuant to an effective registration statement under the Securities Act; 

  
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 (C) such transfer is effected by a Participating Broker-Dealer pursuant to
an Exchange Offer Registration Statement in accordance with the 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 a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

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

and, in each such case set forth in this subparagraph (D), if the Issuer so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Issuer 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
subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer 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 subparagraph (B) or (D) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the
occurrence of any of the events described in clause (i), (ii), (iii) or (iv) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation: 

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

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

  
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 (E) if such beneficial interest is being transferred to Parent, the Issuer
or any of Parent’s 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 Issuer shall execute and, upon receipt of an Authentication Order, 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) (except transfers pursuant to clause
(F) above) 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 the Regulation S Temporary Global Note may not be exchanged for a Definitive
Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the applicable Restricted Period therefor and (B) the receipt by the Registrar of any certifications of beneficial
ownership required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

(iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence
of any of the events described in clause (i), (ii), (iii) or (iv) of Section 2.06(a) hereof and if: 
 (A) such
exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in
the applicable Letter of Transmittal that it is not (1) a Participating Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer;

 (B) such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to an Exchange Offer Registration
Statement in accordance with the 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 

  
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 (2) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in
item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Issuer so requests or if the Applicable Procedures so require,
an Opinion of Counsel in form reasonably acceptable to the Issuer 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 described in clause (i), (ii), (iii) or (iv) 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 Issuer shall execute and, upon receipt of an Authentication Order, the Trustee
shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect
Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the
Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

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

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (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 Parent, the Issuer or any of Parent’s Subsidiaries, a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

  
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 (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 and 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 Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Participating Broker-Dealer, (2) a
Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 

(B) such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) such transfer is effected by a Participating Broker-Dealer pursuant to an Exchange Offer Registration Statement in
accordance with the 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; 

and, in each such case set forth in this subparagraph (D), if the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Issuer 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 applicable conditions of this Section 2.06(d)(ii), the Trustee
shall cancel the Restricted Definitive Note 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 Issuer 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. 

  
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 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer or exchange in form satisfactory to the Registrar duly executed by such Holder or by its attorney,
duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e): 

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

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

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

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

(A) such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement
and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Participating Broker-Dealer, (2) a Person participating in the distribution of
the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 
 (B) any such transfer
is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such
transfer is effected by a Participating Broker-Dealer pursuant to an Exchange Offer Registration Statement in accordance with the 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, in each such case set forth in this subparagraph (D), if the Issuer so requests, an Opinion of Counsel in form reasonably acceptable to
the Issuer 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. 

  
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 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes.
A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of an
Exchange Offer in accordance with the Registration Rights Agreement, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee 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 or through an
Agent’s Message through the DTC Automated Tender Offer Program that (x) they are not participating in a distribution of the Exchange Notes and (y) they are not affiliates (as defined in Rule 144) of the Issuer, 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 participating in a distribution of the Exchange Notes and (y) they are not affiliates (as defined in Rule 144) of the Issuer, 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 Issuer shall execute and the Trustee shall authenticate and mail to the Persons designated by the
Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the applicable principal amount. Any Notes that remain outstanding after the consummation of an Exchange Offer, and Exchange Notes issued in connection with such Exchange
Offer, shall be treated as a single class of securities under this Indenture. 
 (g) Legends. The following legends shall appear on
the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(i) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THE NOTES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE 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, REGISTRATION AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)), OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, (2) AGREES TO OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER SUCH NOTE PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD THEN IMPOSED BY RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION) ONLY (A) TO THE ISSUER OR ANY CO-ISSUER, (B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER 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) OUTSIDE 

  
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THE UNITED STATES PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION S UNDER THE SECURITIES ACT IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR
TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.” 

Except as permitted by subparagraph (B) below, each Global Note and Definitive Note issued in a transaction exempt from registration
pursuant to Regulation S shall also bear the legend in substantially the following form: 
 “THIS NOTE (OR ITS PREDECESSOR) WAS
ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.”

 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii),
(c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) 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 (with appropriate
changes in the last sentence if DTC is not the Depositary): 
 “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 ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR 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 ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH

  
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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. 
 BY ACCEPTING THIS NOTE, EACH HOLDER AND EACH TRANSFEREE IS DEEMED TO
REPRESENT AND WARRANT THAT AT THE TIME OF ITS ACQUISITION AND THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE (I) IT IS NOT, AND IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF ANY (A) EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), THAT IS SUBJECT TO ERISA, (B) PLAN, INDIVIDUAL RETIREMENT ACCOUNT, PROGRAM OR ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR
LAW”) OR WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENTS AND (II) ITS ACQUISITION AND HOLDING OF THIS NOTE WILL NOT RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAW.” 

(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 FOR CERTIFICATED NOTES, 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 cancelled in whole and not in part, each such
Global Note shall be returned to or retained and cancelled 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 Issuer 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) No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 3.08, 4.10, 4.14 and 9.05 hereof). 

  
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 (iii) Neither the Registrar nor the Issuer shall be required (A) to issue, to register
the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the mailing or transmission of a notice of redemption of the Notes to be redeemed under Section 3.03 or Section 3.08 hereof and
ending at the close of business on the day of such mailing or transmission, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in
part, (C) to register the transfer or exchange of a Note between a Record Date and the next succeeding Interest Payment Date or (D) to register the transfer or exchange of any Notes tendered (and not withdrawn) for repurchase in connection
with a Change of Control Offer or an Asset Sale Offer. 
 (iv) Neither the Registrar nor the Issuer shall be required to register the
transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; provided that new Notes will only be issued in minimum denominations of $2,000 and integral
multiples of $1,000 in excess of $2,000. 
 (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 Issuer, 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. 
 (vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer shall
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 Issuer shall be affected by notice to the contrary. 
 (vii) Upon surrender for registration of transfer of any
Note at the office or agency of the Issuer designated pursuant to Section 4.02 hereof, the Issuer shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes
of any authorized denomination or denominations of a like aggregate principal amount. 
 (viii) At the option of the Holder, subject to
Section 2.06(a) hereof, 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 Issuer 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. 
 (ix) All certifications, certificates and Opinions of Counsel required to be submitted pursuant to
this Section 2.06 to effect a registration of transfer or exchange may be submitted by mail or by facsimile or electronic transmission. 

(x) Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Registrar shall be responsible for ascertaining
whether any transfer complies with the registration provisions of or exemptions from the Securities Act, applicable state securities laws, ERISA (or, in the case of a governmental plan or a church plan (as described in ERISA Sections 3(32) and
3(33), respectively) any substantially similar federal, state or local law), the Code or the Investment Company Act of 1940, as amended; provided that if a certificate is specifically required by the express terms of this Section 2.06 to
be delivered to the Trustee by a purchaser or transferee of a Note, the Trustee shall be under a duty to receive and examine the same to determine whether on its face it conforms to the express terms of this Indenture and shall promptly notify the
party delivering the same if such certificate does not comply with such terms. 
 Section 2.07.
Replacement Notes. If either (x) any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer, or (y) the Issuer and the Trustee receive evidence to their satisfaction of the ownership and destruction, loss or theft
of any Note, then the Issuer shall issue and the Trustee, upon receipt of an Authentication Order and satisfaction of any other requirements of the Trustee, shall authenticate a replacement Note. If required by the Trustee or the Issuer, an
indemnity bond must be supplied by the 

  
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Holder that is sufficient in the judgment of both (i) the Trustee to protect the Trustee and (ii) the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent
from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge the Holder for their expenses in replacing a Note. 

Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 Section 2.08. Outstanding
Notes. The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those cancelled 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 Issuer or a Guarantor or an Affiliate of the
Issuer or a Guarantor 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 protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture shall not be deemed to
be outstanding for purposes hereof. 
 If the principal amount of any Note is considered paid under Section 4.01 hereof, such Note
shall cease to be outstanding and interest thereon shall cease to accrue. 
 If the Paying Agent (other than the Issuer or a Guarantor or an
Affiliate of the Issuer or a Guarantor) holds, on a Redemption Date or maturity date, money sufficient to pay Notes (or portions thereof) payable on that date, then on and after that date such Notes (or portions thereof) shall be deemed to be no
longer outstanding (including for accounting purposes) and shall cease to accrue interest on and after such date. 

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 Issuer or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to such pledged Notes and that the pledgee is not the Issuer or a Guarantor or any Affiliate of the
Issuer or a Guarantor.
 Section 2.10. Temporary Notes. Until certificates representing
Notes are ready for delivery, the Issuer 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 Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer 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 Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee
or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes in its
customary manner (subject to the record retention requirements of the Exchange Act). Certification of the cancellation of all cancelled Notes shall be delivered to the Issuer upon its written request therefor. The Issuer may not issue new Notes to
replace Notes that they have paid or that have been delivered to the Trustee for cancellation. 
  

  
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 Section 2.12. Defaulted Interest. If the
Issuer defaults in a payment of interest on the 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 on a subsequent special record
date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at
the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Issuer shall fix or cause to be fixed any such special record
date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. The Issuer shall promptly notify the Trustee of any such special record date. At least
10 days before any such special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, or otherwise deliver in
accordance with the Applicable Procedures, to each Holder, with a copy to the Trustee, 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 Numbers; ISINs. The Issuer in issuing the Notes may use CUSIP numbers and
ISINs (in each case, if then generally in use) and, if so, the Trustee shall use CUSIP numbers and ISINs in notices of redemption or exchange 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 or exchange 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 Issuer will as promptly as practicable notify the Trustee in writing of any change in the CUSIP numbers or ISINs. 

ARTICLE 3 

REDEMPTION 

Section 3.01. Notices to Trustee. If the Issuer elects to redeem Notes pursuant to
Section 3.07 hereof, it shall furnish to the Trustee, at least two Business Days (unless a shorter notice shall be agreed to by the Trustee) before notice of redemption is required to be delivered or mailed to Holders pursuant to
Section 3.03 hereof, an Officer’s Certificate setting forth (a) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (b) the date of redemption (as such date
may be delayed pursuant to Section 3.07(f), the “Redemption Date”), (c) the principal amount of the Notes to be redeemed and (d) the redemption price. 

Section 3.02. Selection of Notes to Be Redeemed. If less than all of the Notes are to be
redeemed at any time, the Trustee shall select the Notes to be redeemed (a) if the Notes are listed on a securities exchange (and such listing is known to the Trustee), in compliance with the requirements of such exchange on which such Notes
are listed or (b) on a pro rata basis to the extent practicable, or, if the pro rata basis is not practicable for any reason, by lot or by such other method as the Trustee shall deem fair and appropriate and otherwise in accordance with the
Applicable Procedures in minimum denominations of $2,000 and increments of $1,000 in excess thereof. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 10
nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called for redemption. 

  
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 The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption
and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in integral multiples of $1,000 (but in a minimum amount of $2,000) and 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, the entire outstanding amount of Notes held by such Holder shall be redeemed, even if not in a principal amount of at least $2,000. Except as provided in
the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

Section 3.03. Notice of Redemption. Subject to Section 3.08 hereof, the Issuer shall send
electronically, mail or cause to be mailed by first-class mail, postage prepaid, notices of redemption at least 10 days but (except as set forth in Section 3.07(f)) not more than 60 days before the Redemption Date to each Holder of Notes to be
redeemed at such Holder’s registered address stated in the Note Register or otherwise in accordance with the Applicable Procedures, except that redemption notices may be delivered or mailed more than 60 days prior to a Redemption Date if the
notice is issued in connection with Article 8 or Article 11 hereof. Notices of redemption may, at the Issuer’s discretion, be conditional. 

The notice shall identify the Notes to be redeemed and shall state: 

(a) the Redemption Date; 

(b) the redemption price; 

(c) if any Definitive Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be
redeemed and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed will be issued in
the name of the Holder upon cancellation of the original Note; provided that new Notes will only be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000; 

(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 Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the Redemption Date; 
 (g) the paragraph or subparagraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; 
 (h) the CUSIP number and ISIN, if any, printed on
the Notes being redeemed and that no representation is made as to the correctness or accuracy of any such CUSIP number and ISIN that is listed in such notice or printed on the Notes; and 

(i) any conditions to such redemption. 

In addition, any notice of redemption may include additional information, including any information pursuant to Section 3.07(f) hereof.

  
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 At the Issuer’s request, the Trustee shall give the notice of redemption in the
Issuer’s name and at its expense; provided that the Issuer shall have delivered to the Trustee, at least two Business Days before notice of redemption is required to be delivered electronically, 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. 
 If the Notes are listed on an exchange, for so long as the Notes are so listed and the rules of such exchange so
require, the Issuer shall notify the exchange of any such redemption and, if applicable, of the principal amount of any Notes outstanding following any partial redemption of the Notes. 

Section 3.04. Effect of Notice of Redemption. A notice of redemption, if delivered
electronically, mailed or caused to be 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 deliver such notice 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. Notes or portions of Notes called for redemption shall become due and payable on the
Redemption Date, subject to satisfaction of any conditions specified in the notice. Subject to Section 3.05 hereof, on and after the Redemption Date, interest shall cease to accrue on Notes or portions of Notes called for redemption. 

Section 3.05. Deposit of Redemption Price. 

(a) Prior to 11:00 a.m. (New York City time) on the Redemption Date, the Issuer shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption price of and accrued and unpaid interest on all Notes to be redeemed on that Redemption Date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying
Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed. 

(b) If the Issuer complies with the provisions of the preceding paragraph (a), on and after the Redemption Date, interest shall cease to accrue
on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an applicable Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the Redemption 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 shall not be so paid upon surrender for redemption because of the failure of the Issuer to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the Redemption Date until such principal is paid, and to the extent lawful on any interest accrued to the Redemption 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 in
Part. Upon surrender of a Definitive Note that is redeemed in part, the Issuer shall issue and the Trustee shall authenticate for the Holder, at the expense of the Issuer, a new Note equal in principal amount to the unredeemed portion of the
Note surrendered representing the same indebtedness to the extent not redeemed; provided that each new Note will be in a minimum principal amount of $2,000 and any integral multiple of $1,000 in excess of $2,000. It is understood that,
notwithstanding anything to the contrary in this Indenture, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note. 

Section 3.07. Optional Redemption. 

(a) Except as set forth in clauses (b), (d) and (e) of this Section 3.07, the Notes will not be redeemable at the Issuer’s
option prior to January 15, 2025. 
 (b) At any time prior to January 15, 2025, the Issuer may, at its option, and on one or more
occasions, redeem all or a part of the Notes, upon notice in accordance with Section 3.03 hereof, at a redemption price equal to the sum of (A) 100.0% of the principal amount of the Notes redeemed, plus (B) the Applicable Premium as of the

  
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Redemption Date, plus (C) accrued and unpaid interest and Additional Interest, if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant
Record Date to receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date. 
 (c) On
and after January 15, 2025, the Issuer may, at its option and on one or more occasions, redeem the Notes, in whole or in part, upon notice in accordance with Section 3.03 hereof, at the redemption prices (expressed as percentages of
principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest and Additional Interest, if any, thereon 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 falling prior to or on the Redemption Date, if redeemed during the twelve-month period beginning on January 15 of each of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2025
	  	 	102.4375	% 
	 2026
	  	 	101.6250	% 
	 2027
	  	 	100.8125	% 
	 2028 and thereafter
	  	 	100.0000	% 

 (d) Prior to July 15, 2022, the Issuer may, at its option and on one or more occasions, redeem up to 40.0%
of the aggregate principal amount of Notes issued under this Indenture at a redemption price equal to 104.875% of the aggregate principal amount of the Notes redeemed, with an amount not to exceed the net cash proceeds received by the Issuer from
one or more Equity Offerings or a contribution to the Issuer’s common equity capital made with the net cash proceeds of an Equity Offering, plus accrued and unpaid interest and Additional Interest, if any, to, but excluding, the Redemption
Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date; provided that (A) at least 50.0% of
(x) the aggregate principal amount of Notes originally issued under this Indenture on the Issue Date and (y) the aggregate principal amount of any Additional Notes issued under this Indenture after the Issue Date remains outstanding
immediately after the occurrence of each such redemption (unless all such Notes are redeemed substantially concurrently); and (B) each such redemption occurs within 180 days of the date of closing of each such Equity Offering. 

(e) In connection with any tender offer for the Notes, including without limitation any Change of Control Offer, if Holders of not less than
90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly
tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain
outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the
Redemption Date. 
 (f) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through
3.06 hereof. Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such redemption or notice may, at the Issuer’s discretion, be subject to
one or more conditions precedent, including, but not limited to, completion of the related Equity Offering or other transaction. The Issuer may redeem the Notes pursuant to one or more of the relevant provisions in this Section 3.07, and a
single notice of redemption may be delivered with respect to redemptions made pursuant to different provisions. Any such notice may provide that redemptions made pursuant to different provisions will have different Redemption Dates. In addition, if
such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied, or
such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date so delayed. For the avoidance of doubt, if any Redemption
Date shall be delayed pursuant to this Section 3.07(f) and the terms of the applicable notice of redemption, such Redemption Date as so delayed may occur at any time after the original Redemption Date set forth in the applicable notice of
redemption and after the satisfaction of any applicable conditions precedent, including, without limitation, on a date that is more 

  
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than 60 days after the date of the applicable notice of redemption. In addition, the Issuer may provide in such notice that payment of the redemption price and performance of the Issuer’s
obligations with respect to such redemption may be performed by another Person. The Issuer and its Affiliates may acquire the Notes by means other than a redemption pursuant to this Section 3.07, whether by tender offer, open market purchases,
negotiated transactions or otherwise. 
 (g) The Trustee shall have no duty to calculate or verify the calculation of the Applicable Premium.

 Section 3.08. Offers to Repurchase by Application of Excess Proceeds. 

(a) In the event that, pursuant to Section 4.10 hereof, the Issuer shall be required to commence an Asset Sale Offer, the Issuer 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 Issuer shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and, if required, Pari Passu Indebtedness (on a pro rata basis, if applicable, with adjustments as necessary so that no
Notes or Pari Passu Indebtedness will be repurchased in part in an unauthorized denomination), 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. 
 (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 and Additional 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 Issuer shall send electronically or by first-class mail, a notice to each of the Holders, with a copy to the Trustee. 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 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 3.08 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 Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
shall cease to accrue interest on and after the Purchase Date; 
 (v) that any Holder electing to have less than all of the
aggregate principal amount of its Notes purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in an amount not less than $2,000 and in integral multiples of $1,000 in excess thereof; 

(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 such Note by book-entry transfer, to the Issuer, the Depositary, if appointed by the Issuer, or a Paying Agent at the address specified
in the notice at least two Business Days before the Purchase Date; 

  
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 (vii) that Holders shall be entitled to withdraw their election if the
Issuer, the Depositary or the Paying Agent, as the case may be, receives, not later than the close of business on the second Business Day prior to the expiration date of the Offer Period, a facsimile transmission, letter or other communication in
accordance with Applicable Procedures 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 or the Pari Passu Indebtedness, as the case may be, surrendered by the
holders thereof exceeds the Offer Amount, the Issuer shall purchase such Notes and such Pari Passu Indebtedness, as the case may be, on a pro rata basis based on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness, as
the case may be, tendered (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in an amount not less than $2,000 or integral multiples of $1,000 in excess thereof are purchased); and 

(ix) that Holders whose certificated 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; provided that new Notes will only be issued in denominations of $2,000 and integral
multiples of $1,000 in excess of $2,000. 
 (e) On or before the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for
payment, on a pro rata basis as described in clause (d)(viii) of this Section 3.08, 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. 

(f) The Issuer, 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 Issuer for purchase, and the Issuer 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 thereof. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of the Asset Sale
Offer on or as soon as practicable after the Purchase Date. 
 (g) Prior to noon (New York City time) on the purchase date, the Issuer shall
deposit with the Trustee or with the Paying Agent money sufficient to pay the purchase price of and accrued and unpaid interest on all Notes to be purchased on that purchase date. The Trustee or the Paying Agent shall promptly return to the Issuer
any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the purchase price of, and accrued and unpaid interest on, all Notes to be redeemed. 

Other than as specifically provided in this Section 3.08 or Section 4.10 hereof, any purchase pursuant to this Section 3.08
shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 hereof, and references therein to “redeem,” “redemption,” “Redemption Date” and similar words shall be deemed to refer to
“purchase,” “repurchase,” “Purchase Date” and similar words, as applicable. 
 ARTICLE 4 

COVENANTS 

Section 4.01. Payment of Notes. The Issuer shall pay or cause to be paid the principal of,
premium, if any, Additional Interest, if any, and interest on the Notes on the dates and in the manner provided in the Notes and this Indenture. Principal, premium, if any, Additional Interest, if any, and interest shall be considered paid on the
date due if the Paying Agent, if other than the Issuer or a Guarantor or an Affiliate of the Issuer or a Guarantor, holds as of noon (New York City time) on the due date money deposited by the Issuer in immediately available funds and designated for
and sufficient to pay all principal, premium, if any, and interest then due. 

  
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 The Issuer shall pay all Additional Interest, if any, in the same manner on the dates and in
the amounts set forth in the Registration Rights Agreement. 
 The Issuer 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; the Issuer shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

Section 4.02. Maintenance of Office or Agency. The Issuer shall maintain the offices or
agencies (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or Transfer Agent) required under Section 2.03 hereof where Notes may be surrendered for registration of transfer or for exchange or presented for payment
and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be delivered. The Issuer 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 Issuer 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;
provided, however, that no service of legal process may be made on the Issuer at any office of the Trustee. 
 The Issuer 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 Issuer of its obligation to maintain such offices or agencies as required by Section 2.03 hereof for such purposes. The Issuer 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 Issuer hereby designates the Corporate Trust Office
as one such office or agency of the Issuer in accordance with Section 2.03 hereof. 

Section 4.03. Reports and Other Information. 

(a) Notwithstanding that Parent 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, Parent shall file with the SEC (with a copy to the Trustee unless filed and available on the
SEC’s EDGAR website) from and after the Issue Date: 
 (i) within 90 days after the end of each fiscal year, annual
reports on Form 10-K, or any successor or comparable form (if Parent had been a reporting company under Section 15(d) of the Exchange Act), containing substantially all the information that would be
required to be contained therein, or required in such successor or comparable form; 
 (ii) within 45 days after the end of
each of the first three fiscal quarters of each fiscal year, reports on Form 10-Q, or any successor or comparable form (if Parent had been a reporting company under Section 15(d) of the Exchange Act),
containing substantially all the quarterly information that would be required to be contained in Form 10-Q, or any successor or comparable form; 

(iii) promptly after the occurrence of a material event which would have been required to be reported on a Form 8-K or any successor or comparable form (if Parent had been a reporting company under Section 15(d) of the Exchange Act), a current report relating to such event on Form
8-K or any successor or comparable form; 

  
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 in each case, in a manner that complies in all material respects with the requirements specified in such
form (except as described above or below and subject to exceptions consistent with the presentation of information included or incorporated by reference in the Offering Memorandum); provided, however, that if at any time Parent shall
not be so obligated to file such reports referred to in clauses (i), (ii) and (iii) above with the SEC or if the SEC does not permit such filing, then Parent shall make available such information to the Trustee, the Holders and prospective
purchasers of Notes, in each case within 10 days after the time Parent would be required to file such information with the SEC if it were subject to Section 15(d) of the Exchange Act. In addition, to the extent not satisfied by the foregoing,
for so long as any Notes are outstanding, the Issuer 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.

 (b) Parent may satisfy its obligations under this Section 4.03 with respect to financial information relating to Parent by furnishing
financial information relating to HLT Parent or HWP (or any parent entity of HLT Parent or HWP) as long as HLT Parent or HWP (or any such parent entity of HLT Parent or HWP) provides a Guarantee of the Notes. 

(c) If with respect to any reporting period(s) covered in the applicable report, Parent’s Unrestricted Subsidiaries would, individually or
in the aggregate, constitute a “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act (as
such regulation is in effect on the Issue Date)), then the applicable annual and quarterly financial information required by clauses (a)(i) and (a)(ii) above shall include a supplemental section in “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” presenting (in a manner consistent with the presentation of information included or incorporated by reference in the Offering Memorandum) selected financial measures of such Unrestricted
Subsidiaries in the aggregate (separate from the financial information of the Issuer and its Restricted Subsidiaries). 
 (d) Notwithstanding
anything herein to the contrary, Parent will not be deemed to have failed to comply with any of its obligations hereunder for purposes of clause (iii) of Section 6.01(a) hereof until 120 days after the receipt of the written notice
delivered thereunder. 
 To the extent any information is not provided within the time periods specified in this Section 4.03 and such
information is subsequently provided, Parent will be deemed to have satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have been cured. 

Section 4.04. Compliance Certificate. 

(a) Parent shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date (or 120 days for the
first fiscal year ending after the Issue Date), a certificate from its principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities of Parent and its Restricted Subsidiaries
(including the Issuer) during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether Parent and its Restricted Subsidiaries have kept, observed, performed and fulfilled their
respective obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, on behalf of Parent, Parent and its Restricted Subsidiaries have kept, observed, performed and
fulfilled in all material respects each and every condition and covenant contained in this Indenture during such fiscal year and no Default has occurred and is continuing with respect to 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 Issuer is taking or proposes to take with respect thereto). 

(b) When any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other evidence of Indebtedness
of Parent or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, Parent shall promptly (which shall be no more than 20 Business Days after becoming aware of such Default) deliver to the Trustee by registered
or certified mail or by facsimile transmission an Officer’s Certificate specifying such event and what action Parent proposes to take with respect thereto. 

  
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 Section 4.05. Taxes. Parent shall pay or
discharge, and shall cause each of its Restricted Subsidiaries to pay or discharge, prior to delinquency, all material taxes, lawful assessments, and governmental levies except such as are contested in good faith and by appropriate actions or where
the failure to effect such payment or discharge is not adverse in any material respect to the Holders. 

Section 4.06. Stay, Extension and Usury Laws. The Issuer 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 Notes; and the Issuer 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
(to the extent that they may lawfully do so) 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) Parent will not, and will 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 Parent’s or any of its Restricted
Subsidiaries’ Equity Interests (in each case, solely to a holder of Equity Interests in such Person’s capacity as a holder of such Equity Interests), including any dividend, payment or distribution payable in connection with any merger,
amalgamation or consolidation, other than: 
 (A) dividends and distributions by Parent payable solely in Equity Interests
(other than Disqualified Stock) of Parent or in options, warrants or other rights to purchase such Equity Interests; or 

(B) dividends and distributions by a Restricted Subsidiary so long as, in the case of any dividend, payment 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, Parent or a Restricted Subsidiary receives at least its pro rata share of such dividend, payment or distribution in
accordance with its Equity Interests in such class or series of securities; 
 (ii) purchase, redeem, defease or otherwise
acquire or retire for value any Equity Interests of Parent or any direct or indirect parent company of Parent, including any purchase, redemption, defeasance, acquisition or retirement in connection with any merger, amalgamation 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: 
 (A)
Indebtedness permitted under clauses (vii), (viii) and (ix) of Section 4.09(b) hereof; or 
 (B) the purchase,
repurchase or other acquisition of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or
acquisition; or 
 (iv) make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above (other than any exceptions thereto) being collectively referred to as
“Restricted Payments”), unless, at the time of such Restricted Payment: 

  
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 (A) no Default shall have occurred and be continuing or would occur as a
consequence thereof; 
 (B) immediately after giving effect to such transaction on a pro forma basis, Parent could
incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof (the “Fixed Charge Coverage Test”); and 

(C) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by Parent and its
Restricted Subsidiaries after the 2021 Notes Issue Date (including Restricted Payments permitted by clauses (i), (vi)(C) and (ix) of Section 4.07(b) hereof (to the extent not deducted in calculating Consolidated Net Income), but excluding
all other Restricted Payments permitted by Section 4.07(b) hereof), is less than the sum of (without duplication): 

(1) 50.0% of the Consolidated Net Income of Parent for the period (taken as one accounting period and including the predecessor
of Parent) beginning on July 1, 2013 to the end of Parent’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case such Consolidated Net Income for
such period is a deficit, minus 100.0% of such deficit; plus 
 (2) 100.0% of the aggregate net cash proceeds and the fair
market value of marketable securities or other property received by Parent or its Restricted Subsidiaries since the 2021 Notes Issue Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness or
issue Disqualified Stock or Preferred Stock pursuant to clause (xii)(A) of Section 4.09(b) hereof) from the issue or sale of: 

(i) (A) Equity Interests of Parent, including Treasury Capital Stock, but excluding cash proceeds and the fair market value of
marketable securities or other property received from the sale of: 
 (x) Equity Interests to any future, present or former
employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any direct or indirect parent company of Parent or any of Parent’s Subsidiaries after the 2021
Notes Issue Date to the extent such amounts have been applied to Restricted Payments made in accordance with clause (iv) of Section 4.07(b) hereof; and 

(y) Designated Preferred Stock; and 

(B) to the extent such net cash proceeds are (or have been) actually contributed to Parent or any of its Restricted
Subsidiaries, Equity Interests of Parent or any of Parent’s direct or indirect parent companies (excluding contributions of the proceeds from the sale of Designated Preferred Stock of any such companies or contributions to the extent such
amounts have been applied to Restricted Payments made in accordance with clause (iv) of Section 4.07(b) hereof); or 

(ii) Indebtedness of Parent or a Restricted Subsidiary that has been converted into or exchanged for such Equity Interests of
Parent or a direct or indirect parent company of Parent; 
 provided that this clause (2) shall not include the proceeds from
(w) Refunding Capital Stock (as defined below) applied in accordance with clause (ii) of Section 4.07(b) hereof, (x) Equity Interests or convertible debt securities of Parent sold to a Restricted Subsidiary, (y) Disqualified
Stock or debt securities that have been converted into Disqualified Stock or (z) Excluded Contributions; plus 

  
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 (3) 100.0% of the aggregate amount of cash and the fair market value of
marketable securities or other property contributed to the capital of Parent or a Restricted Subsidiary or that becomes part of the capital of Parent or a Restricted Subsidiary through consolidation or merger, in each case since the 2021 Notes Issue
Date (other than (i) net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (xii)(A) of Section 4.09(b) hereof, (ii) contributions
by Parent or a Restricted Subsidiary and (iii) any Excluded Contributions); plus 
 (4) 100.0% of the aggregate amount
received in cash and the fair market value of marketable securities or other property received by Parent or any Restricted Subsidiary by means of: 

(i) the sale or other disposition (other than to Parent or a Restricted Subsidiary) of, or other returns on Investments from,
Restricted Investments made by Parent or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from Parent or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which
constitute Restricted Investments made by Parent or its Restricted Subsidiaries, in each case after the 2021 Notes Issue Date; or 

(ii) the sale (other than to Parent or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a dividend or
distribution (other than an Excluded Contribution) from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary was made by Parent or a Restricted Subsidiary pursuant to clause (vii) of
Section 4.07(b) hereof or to the extent such Investment constituted a Permitted Investment), in each case, after the 2021 Notes Issue Date; plus 

(5) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or
consolidation of an Unrestricted Subsidiary into Parent or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to Parent or a Restricted Subsidiary after the 2021 Notes Issue Date, the fair
market value (as determined by Parent in good faith) of the Investment in such Unrestricted Subsidiary (or the assets transferred) at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such
merger, amalgamation, consolidation or transfer of assets, other than to the extent the Investment in such Unrestricted Subsidiary was made by Parent or a Restricted Subsidiary pursuant to clause (vii) of Section 4.07(b) hereof or to the
extent such Investment constituted a Permitted Investment. 
 (b) The foregoing provisions of Section 4.07(a) hereof shall not prohibit:

 (i) the payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days
after the date of declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or other distribution or redemption payment would have complied with
the provisions of this Indenture; 
 (ii) (A) the redemption, repurchase, defeasance, retirement or other acquisition of any
Equity Interests, including any accrued and unpaid dividends thereon (“Treasury Capital Stock”) or Subordinated Indebtedness of Parent or any Restricted Subsidiary or any Equity Interests of any direct or indirect parent company of
Parent, in exchange for, or out of the proceeds of the substantially concurrent sale or issuance (other than to a Restricted Subsidiary) of, Equity Interests of Parent or any direct or indirect parent company of Parent to the extent contributed to
Parent (in each case, other than any Disqualified Stock) (“Refunding Capital Stock”), (B) the declaration and payment of dividends on Treasury Capital Stock out of the proceeds of the substantially concurrent sale or issuance (other
than to a Subsidiary of Parent or to an employee stock ownership plan or any trust established by Parent or any of its Subsidiaries) of Refunding Capital Stock, and (C) if, immediately prior to the retirement of Treasury Capital Stock, the
declaration and 

  
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payment of dividends thereon was permitted under clauses (vi)(A) or (B) of this Section 4.07(b), the declaration and payment of dividends on the Refunding Capital Stock (other than
Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent company of Parent) in an aggregate amount per year no greater than the aggregate amount
of dividends per annum that were declarable and payable on such Treasury Capital Stock immediately prior to such retirement; 

(iii) the prepayment, defeasance, redemption, repurchase, exchange or other acquisition or retirement (1) of Subordinated
Indebtedness of Parent, the Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of Parent, the Issuer or a Guarantor or Disqualified Stock of Parent, the Issuer or a Guarantor
or (2) Disqualified Stock of Parent, the Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Disqualified Stock of Parent, the Issuer or a Guarantor, that, in each case, is incurred or
issued, as applicable, in compliance with Section 4.09 hereof so long as: 
 (A) the principal amount (or accreted
value, if applicable) of such new Indebtedness or the liquidation preference of such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Subordinated
Indebtedness or the liquidation preference of, plus any accrued and unpaid dividends on, the Disqualified Stock being so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including
tender premium) required to be paid under the terms of the instrument governing the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired, defeasance costs and any fees and expenses
incurred in connection with the issuance of such new Indebtedness or Disqualified Stock; 
 (B) such new Indebtedness is
subordinated to the Notes or the applicable Guarantee at least to the same extent as such Subordinated Indebtedness so defeased, redeemed, repurchased, exchanged, acquired or retired; 

(C) such new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later than the final scheduled
maturity date of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired (or, if earlier, a date that is at least 91 days after the maturity date of the Notes); and 

(D) such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or greater than the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired (or requires no or nominal payments in cash prior to the date that is 91 days after the
maturity date of the Notes); 
 (iv) a Restricted Payment to pay for the repurchase, redemption or other acquisition or
retirement for value of Equity Interests (other than Disqualified Stock) of Parent or any direct or indirect parent company of Parent held by any future, present or former employee, director, officer, member of management or consultant (or their
respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any Indebtedness incurred or issued by Parent or any direct or indirect parent
company of Parent in connection with such repurchase, retirement or other acquisition); provided that the aggregate amount of Restricted Payments made under this clause (iv) do not exceed in any calendar year an amount equal to
$150.0 million (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $400.0 million in any calendar year); provided,
further, that such amount in any calendar year under this clause (iv) may be increased by an amount not to exceed: 

  
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 (A) the cash proceeds from the sale of Equity Interests (other than
Disqualified Stock) of Parent and, to the extent contributed to Parent, the cash proceeds from the sale of Equity Interests of any of Parent’s direct or indirect parent companies, in each case to any future, present or former employees,
directors, officers, members of management or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the
2021 Notes 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 (C) of Section 4.07(a) hereof; plus 

(B) the cash proceeds of key man life insurance policies received by Parent or its Restricted Subsidiaries (or any direct or
indirect parent company to the extent contributed to Parent) after the 2021 Notes 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 (iv); 
 and provided,
further, that (i) cancellation of Indebtedness owing to Parent or any Restricted Subsidiary from any future, present or former employees, directors, officers, members of management or consultants (or their respective Controlled
Investment Affiliates or Immediate Family Members) of Parent, any of Parent’s direct or indirect parent companies or any of Parent’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of Parent or any of its direct
or indirect parent companies and (ii) the repurchase of Equity Interests deemed to occur upon the exercise of options, warrants or similar instruments if such Equity Interests represent all or a portion of the exercise price thereof or
payments, in lieu of the issuance of fractional Equity Interests or withholding to pay other taxes payable in connection therewith, in the case of each of clauses (i) and (ii), will not be deemed to constitute a Restricted Payment for purposes
of this Section 4.07 or any other provision of this Indenture; 
 (v) the declaration and payment of dividends to
holders of any class or series of Disqualified Stock of Parent or any of its Restricted Subsidiaries or any class or series of Preferred Stock of any Restricted Subsidiary issued in accordance with Section 4.09 hereof to the extent such
dividends are included in the definition of “Fixed Charges”; 
 (vi) (A) the declaration and payment of
dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by Parent or any of its Restricted Subsidiaries after the 2021 Notes Issue Date; 

(B) the declaration and payment of dividends to any direct or indirect parent company of Parent, the proceeds of which will be
used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by such parent company after the 2021 Notes Issue Date; provided that the amount of dividends paid
pursuant to this clause (B) shall not exceed the aggregate amount of cash actually contributed to Parent from the sale of such Designated Preferred Stock; or 

(C) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends
declarable and payable thereon pursuant to clause (ii) of this Section 4.07(b); 
 provided, in the case of each of
(A) and (C) of this clause (vi), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration
of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to such issuance or declaration on a pro forma basis, Parent and its Restricted Subsidiaries on a consolidated basis would have had a Fixed Charge
Coverage Ratio of at least 2.00 to 1.00; 

  
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 (vii) Investments in Unrestricted Subsidiaries having an aggregate fair
market value, taken together with all other Investments made pursuant to this clause (vii) that are at the 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 (until such proceeds are converted to Cash Equivalents), not to exceed the greater of (i) $1,000.0 million and (ii) 8.0% 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); 
 (viii) payments made
or expected to be made by Parent or any Restricted Subsidiary in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, officer, member of management or consultant (or
their respective Controlled Investment Affiliates or Immediate Family Members) of Parent or any Restricted Subsidiary or any direct or indirect parent company of Parent and any repurchases of Equity Interests deemed to occur upon exercise of stock
options, warrants or other equity-based awards if such Equity Interests represent a portion of the exercise price of such options, warrants or awards; 

(ix) the declaration and payment of dividends on, or the purchase, redemption, defeasance or other acquisition or retirement
for value of, Parent’s common shares (or the payment of dividends to any direct or indirect parent company of Parent to fund a payment of dividends on such company’s common stock or to fund such company’s purchase, redemption,
defeasance or other acquisition or retirement for value of such company’s common stock), in an amount not to exceed the sum of (A) up to 6.0% per annum of the amount of net cash proceeds received by or contributed to Parent since the 2021
Notes Issue Date from any public offering of Parent’s common shares or the common stock of any direct or indirect parent company of Parent, other than public offerings with respect to Parent’s common shares or the common stock of any
direct or indirect parent company of Parent registered on Form S-4 or Form S-8 and other than any public sale constituting an Excluded Contribution, and (B) an
aggregate amount per annum not to exceed 6.0% of Market Capitalization; 
 (x) Restricted Payments, in an aggregate amount
taken together with all other Restricted Payments made pursuant to this clause (x), that are made (a) in an amount equal to the amount of Excluded Contributions received since the 2021 Notes Issue Date or (b) without duplication with
clause (a), in an amount equal to the Net Proceeds from an Asset Sale in respect of property or assets acquired after the 2021 Notes Issue Date, if the acquisition of such property or assets was financed with Excluded Contributions; 

(xi) (A) Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this
clause (xi)(A) (in the case of Restricted Investments, at the time outstanding (without giving effect to the sale of an Investment to the extent the proceeds of such sale do not consist of, or have not been subsequently sold or transferred for, Cash
Equivalents)) not to exceed the greater of (i) $430.0 million and (ii) 3.0% of Total Assets at such time; and (B) any Restricted Payments, so long as, after giving pro forma effect to the payment of any such Restricted Payment, the
Consolidated Total Debt Ratio shall be no greater than 4.00 to 1.00; 
 (xii) distributions or payments of Securitization
Fees; 
 (xiii) any Restricted Payment used to fund amounts owed to Affiliates (including dividends to any direct or indirect
parent company of Parent to permit payment by such parent company of such amounts), in each case to the extent permitted by Section 4.11 hereof; 

(xiv) the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the
provisions similar to those described under Sections 4.10 and 4.14 hereof; provided that if the Issuer shall have been required to make a Change of Control Offer or Asset Sale Offer, as applicable, to purchase the Notes on the terms provided
in this Indenture applicable to Change of Control Offers or Asset Sale Offers, respectively, all Notes validly tendered by Holders of such Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased,
redeemed, acquired or retired for value; 

  
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 (xv) the declaration and payment of dividends or distributions by Parent to,
or the making of loans to, any direct or indirect parent company of Parent in amounts required for any direct or indirect parent company of Parent to pay, in each case without duplication: 

(A) franchise, excise and similar taxes, and other fees and expenses, required to maintain their corporate existence; 

(B) consolidated, combined or similar foreign, federal, state or local income or similar taxes of a tax group that includes
Parent and/or its Subsidiaries and whose common parent is a direct or indirect parent of Parent, to the extent such income or similar taxes are attributable to the income of Parent and its Restricted Subsidiaries or, to the extent of any cash
amounts actually received from its Unrestricted Subsidiaries for such purpose, to the income of such Unrestricted Subsidiaries; provided that in each case the amount of such payments in respect of any fiscal year does not exceed the amount
that Parent and/or its Restricted Subsidiaries (and, to the extent permitted above, its Unrestricted Subsidiaries), as applicable, would have been required to pay in respect of the relevant foreign, federal, state or local income or similar taxes
for such fiscal year had Parent, its Restricted Subsidiaries and/or its Unrestricted Subsidiaries (to the extent described above), as applicable, (1) paid such taxes separately from any such parent company or (2) if Parent is treated as a
disregarded entity or partnership for U.S. federal, state and/or local income tax purposes for such period, were Parent a taxpayer and parent of a consolidated group and had paid such taxes for Parent, its Restricted Subsidiaries and/or its
Unrestricted Subsidiaries (to the extent described above); 
 (C) customary salary, bonus and other benefits payable to
employees, directors, officers and managers of any direct or indirect parent company of Parent to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of Parent and its Restricted Subsidiaries; 

(D) general corporate operating and overhead costs and expenses and listing fees and other costs and expenses attributable to
being a publicly traded company of Parent or any direct or indirect parent company of Parent; 
 (E) fees and expenses other
than to Affiliates of Parent related to any unsuccessful equity or debt offering of such parent entity; 
 (F) [Reserved];

 (G) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Equity Interests of Parent or any direct or indirect parent company of Parent; 

(H) to finance Investments that would otherwise be permitted to be made pursuant to this Section 4.07 if made by Parent;
provided that (1) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (2) such direct or indirect parent company shall, immediately following the closing thereof, cause (x) all
property acquired (whether assets or Equity Interests) to be contributed to the capital of Parent or one of its Restricted Subsidiaries or (y) the merger or amalgamation of the Person formed or acquired into Parent or one of its Restricted
Subsidiaries (to the extent not prohibited by Section 5.01 hereof) in order to consummate such Investment, (3) such direct or indirect parent company and its Affiliates (other than Parent or a Restricted Subsidiary) receives no
consideration or other payment in connection with such transaction except to the extent Parent or a Restricted Subsidiary could have given such consideration or made such payment in compliance with this Indenture, (4) any property received by
Parent 

  
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shall not increase amounts available for Restricted Payments pursuant to clause (C) of Section 4.07(a) hereof and (5) such Investment shall be deemed to be made by Parent or such
Restricted Subsidiary pursuant to another provision of this Section 4.07 (other than pursuant to clause (x) of this Section 4.07(b)) or pursuant to the definition of “Permitted Investments” (other than clause
(i) thereof); and 
 (I) amounts that would be permitted to be paid by Parent under clauses (iii), (iv), (vii), (viii),
(xii), (xiii) and (xvi) of Section 4.11(b) hereof; provided that the amount of any dividend or distribution under this clause (xv)(I) to permit such payment shall reduce, without duplication, Consolidated Net Income of Parent to the
extent, if any, that such payment would have reduced Consolidated Net Income of Parent if such payment had been made directly by Parent and increase (or, without duplication of any reduction of Consolidated Net Income, decrease) EBITDA to the
extent, if any, that Consolidated Net Income is reduced under this clause (xv)(I) and such payment would have been added back to (or, to the extent excluded from Consolidated Net Income, would have been deducted from) EBITDA if such payment had been
made directly by Parent, in each case, in the period such payment is made; and 
 (xvi) the distribution, by dividend or
otherwise, of shares of Capital Stock of, or Indebtedness owed to Parent or a Restricted Subsidiary by Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents); 

provided that at the time of, and after giving effect to, any Restricted Payment permitted under clause (xi)(B) of this Section 4.07(b), no Event
of Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) For purposes of determining compliance with
this Section 4.07, 
 (i) in the event that a proposed Restricted Payment (or a portion thereof) meets the criteria of
clauses (i) through (xvi) of Section 4.07(b) hereof and/or one or more of the clauses contained in the definition of “Permitted Investments,” or is entitled to be made pursuant to Section 4.07(a), Parent will be
entitled to divide or classify or later divide or reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or a portion thereof) between such clauses (i) through (xvi) and such
Section 4.07(a) and/or one or more of the clauses contained in the definition of “Permitted Investments”, in any manner that otherwise complies with this Section 4.07; and 

(ii) any payment made on or after the 2021 Notes Issue Date, but prior to the Issue Date, shall be deemed to be a
“Restricted Payment” to the extent that such payment would have been a Restricted Payment had this Indenture been in effect at the time of such payment (and, to the extent that such Restricted Payment was permitted by Section 4.07(a),
clauses (i) through (xvi) of Section 4.07(b) hereof and/or one or more of the clauses contained in the definition of “Permitted Investment,” such Restricted Payment may be deemed by Parent to have been made pursuant to
such clause). 
 (d) Parent shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate
sentence of the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by Parent and its Restricted Subsidiaries (except to the
extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments in an amount determined as set forth in the penultimate sentence of the definition of “Investments.” Such designation shall be permitted only
if a Restricted Payment in such amount would be permitted at such time, pursuant to this Section 4.07, or pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an
Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in this Indenture. For the avoidance of doubt, this Section 4.07 shall not restrict the making of any “AHYDO catch up
payment” with respect to, and required by the terms of, any Indebtedness of Parent or any of its Restricted Subsidiaries permitted to be incurred under the terms of this Indenture. 

  
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 Section 4.08. Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries. 
 (a) Parent shall not, and shall not permit any of its Restricted Subsidiaries that is
not the Issuer or a Guarantor 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: 

(i) (A) pay dividends or make any other distributions to Parent or any of its Restricted Subsidiaries that is a Guarantor 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 Parent or any of its Restricted Subsidiaries that is the Issuer or a Guarantor; 
 (ii) make loans or
advances to Parent or any of its Restricted Subsidiaries that is the Issuer or a Guarantor; or 
 (iii) sell, lease or
transfer any of its properties or assets to Parent or any of its Restricted Subsidiaries that is the Issuer or a Guarantor. 
 (b) The
restrictions in Section 4.08(a) hereof shall not apply to encumbrances or restrictions existing under or by reason of: 

(i) contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to Hedging Obligations and the
related documentation, and contractual encumbrances or restrictions in effect on the Issue Date pursuant to the Senior Secured Credit Facilities, the Existing Senior Notes, the Existing Senior Notes Indentures and the guarantees thereof; 

(ii) this Indenture, the Notes and the Guarantees thereof and the Exchange Notes and related exchange Guarantees to be issued
in exchange for the Initial Notes and the Guarantees thereof pursuant to the Registration Rights Agreement; 
 (iii) purchase
money obligations for property acquired in the ordinary course of business and finance or capital lease obligations that impose restrictions of the nature discussed in clause (iii) of Section 4.08(a) hereof on the property so acquired;

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

(v) (A) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation
or consolidation of an Unrestricted Subsidiary into Parent or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to Parent or a Restricted Subsidiary, any agreement or other instrument of
such Unrestricted Subsidiary in existence at the time of such redesignation (but, in any such case, not created in contemplation thereof) and (B) any agreement or other instrument of a Person acquired by or merged or consolidated with or into
Parent or any of its Restricted Subsidiaries in existence at the time of such acquisition or at the time it merges with or into Parent or any of its Restricted Subsidiaries or assumed in connection with the acquisition of assets from such Person
(but, in any such case, 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 so acquired and its Subsidiaries, or the property or
assets of the Person so acquired and its Subsidiaries or the property or assets so acquired; 
 (vi) contracts for the sale
of assets, including customary restrictions with respect to a Subsidiary of Parent pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary; 

  
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 (vii) Secured Indebtedness otherwise permitted to be incurred pursuant to
Sections 4.09 and 4.12 hereof that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(viii) restrictions on cash or other deposits or net worth imposed by suppliers, customers or landlords under contracts entered
into in the ordinary course of business or arising in connection with any Permitted Liens; 
 (ix) other Indebtedness,
Disqualified Stock or Preferred Stock of Restricted Subsidiaries that are not the Issuer or Guarantors permitted to be incurred subsequent to the Issue Date pursuant to the provisions of Section 4.09 hereof; 

(x) customary provisions in joint venture agreements and other similar agreements or arrangements relating to such joint
venture; 
 (xi) customary provisions contained in leases, sub-leases, licenses, sub-licenses or similar agreements, including with respect to intellectual property and other agreements, in each case, entered into in the ordinary course of business; 

(xii) restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or
other agreement to which Parent or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance of solely the property or assets of Parent or such
Restricted Subsidiary that are the subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of Parent or such Restricted Subsidiary or the assets or property of
another Restricted Subsidiary; 
 (xiii) customary provisions restricting subletting or assignment of any lease governing a
leasehold interest of any Restricted Subsidiary; 
 (xiv) customary provisions restricting assignment of any agreement
entered into in the ordinary course of business; 
 (xv) restrictions arising in connection with cash or other deposits
permitted under Section 4.12 hereof; 
 (xvi) any agreement or instrument (A) relating to any Indebtedness,
Disqualified Stock or Preferred Stock permitted to be incurred or issued subsequent to the Issue Date pursuant to Section 4.09 hereof if the encumbrances and restrictions are not materially more disadvantageous, taken as a whole, to the Holders
than is customary in comparable financings for similarly situated issuers (as determined in good faith by Parent) or as otherwise in effect on the Issue Date and (B) either (x) Parent determines that such encumbrance or restriction will not
adversely affect Parent’s ability to make principal and interest payments on the Notes as and when they come due or (y) such encumbrances and restrictions apply only during the continuance of a default in respect of a payment or financial
maintenance covenant relating to such Indebtedness; 
 (xvii) restrictions created in connection with any Qualified
Securitization Facility that in the good faith determination of Parent are necessary or advisable to effect such Qualified Securitization Facility; and 

(xviii) any encumbrances or restrictions of the type referred to in clauses (i), (ii) and (iii) 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 (i) through (xvii) 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 Parent, not materially more restrictive 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. 

  
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 Section 4.09. Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock. 
 (a) Parent shall not, and shall not permit any of its Restricted Subsidiaries
(including the Issuer) 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 Parent shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or
any Restricted Subsidiary that is not the Issuer or a Guarantor to issue Preferred Stock; provided that 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 any Restricted Subsidiary that is not the Issuer or a Guarantor may issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated
basis of Parent and its Restricted Subsidiaries for the most recently ended four fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such
Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00, 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 such four-quarter period; provided that the then outstanding aggregate
principal amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to this Section 4.09(a) (plus any Refinancing Indebtedness in respect thereof) by
Restricted Subsidiaries that are not the Issuer or Guarantors shall not exceed the greater of (i) $605.0 million and (ii) 4.25% of Total Assets (determined on the date of such incurrence). 

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

(i) Indebtedness incurred pursuant to any Credit Facilities by Parent or any Restricted Subsidiary 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 that immediately after giving
effect to any such incurrence or issuance, the then outstanding aggregate principal amount of all Indebtedness incurred or issued under this clause (i) does not exceed $6,725.0 million; 

(ii) the incurrence by the Issuer and any Guarantor of Indebtedness represented by the Notes (including any guarantee thereof)
and the Exchange Notes and related Guarantees thereof to be issued in exchange for the Notes and the Guarantees thereof pursuant to the Registration Rights Agreement (but excluding any Additional Notes); 

(iii) Indebtedness of Parent and its Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness described
in clauses (i) and (ii) of this Section 4.09(b)); 
 (iv) Indebtedness consisting of Capitalized Lease Obligations
and Purchase Money Obligations in an aggregate principal amount (together with any Refinancing Indebtedness in respect thereof) not to exceed the greater of (i) $710.0 million and (ii) 5.0% of Total Assets (in each case, determined at the date
of incurrence or issuance); so long as such Indebtedness exists at the date of such purchase, lease or improvement, or is created within 365 days thereafter (for the avoidance of doubt, the purchase date for any asset shall be the later of the date
of completion of construction or installation and the beginning of the full productive use of such asset); 
 (v)
Indebtedness incurred by Parent or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to letters of credit, bank guarantees, banker’s acceptances, warehouse receipts, or similar instruments issued or created
in the ordinary course of business, including letters of credit in favor of suppliers or trade creditors or in respect of workers’ compensation claims, performance or 

  
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surety bonds, health, disability or other employee benefits or 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; provided that upon the drawing of such letters of credit
or the incurrence of such Indebtedness, such obligations are reimbursed within 45 Business Days following such drawing or incurrence; 

(vi) Indebtedness arising from (A) Permitted Intercompany Activities and (B) agreements of Parent or its Restricted
Subsidiaries providing for indemnification, adjustment of purchase price, earnouts or similar obligations, in each case, incurred or assumed in connection with the 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; provided that such Indebtedness is not reflected on the balance sheet of Parent, or any
of its Restricted Subsidiaries (Contingent Obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet shall not be deemed to be reflected on such balance sheet for purposes of this clause (vi));

 (vii) Indebtedness of Parent to a Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted
Subsidiary that is not the Issuer or a Subsidiary Guarantor is subordinated in right of payment to Parent’s Guarantee of the Notes (for the avoidance of doubt, any such Indebtedness owing to a Restricted Subsidiary that is not the Issuer or a
Subsidiary Guarantor shall be deemed to be expressly subordinated in right of payment to Parent’s Guarantee of the Notes unless the terms of such Indebtedness expressly provide otherwise); provided, further, that any subsequent
issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to 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 (to the extent such Indebtedness is then outstanding) not permitted by this clause (vii); 

(viii) Indebtedness of a Restricted Subsidiary to Parent or another Restricted Subsidiary; provided that if the Issuer
or a Subsidiary Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor, such Indebtedness is subordinated in right of payment to the Notes or such Subsidiary Guarantor’s Guarantee of the
Notes (for the avoidance of doubt, any such Indebtedness owing to a Restricted Subsidiary that is not the Issuer or a Guarantor shall be deemed to be expressly subordinated in right of payment to the Notes or such Subsidiary Guarantor’s
Guarantee of the Notes unless the terms of such Indebtedness expressly provide otherwise); provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness (except to 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 (to the extent such Indebtedness is then outstanding) not permitted by this clause (viii); 

(ix) shares of Preferred Stock of a Restricted Subsidiary issued to Parent or another Restricted Subsidiary; provided
that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to
Parent or another of its Restricted Subsidiaries or any pledge of such Capital Stock constituting a Permitted Lien) shall be deemed in each case to be an issuance of such shares of Preferred Stock (to the extent such Preferred Stock is then
outstanding) not permitted by this clause (ix); 
 (x) 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 under this Indenture, exchange rate risk or commodity pricing risk; 

(xi) obligations in respect of self-insurance and obligations in respect of performance, bid, appeal and surety bonds and
performance and completion guarantees and similar obligations provided by 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; 
  

  
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 (xii) (A) Indebtedness or Disqualified Stock of Parent and Indebtedness,
Disqualified Stock or Preferred Stock of Parent or any Restricted Subsidiary in an aggregate principal amount or liquidation preference up to 200% of the net cash proceeds received by Parent since the 2021 Notes Issue Date from the issue or sale of
Equity Interests of Parent or any direct or indirect parent company of Parent or cash contributed to the capital of Parent (in each case, other than Excluded Contributions, proceeds of Disqualified Stock or sales of Equity Interests to Parent or any
of its Subsidiaries) as determined in accordance with clauses (C)(2) and (C)(3) of Section 4.07(a) hereof to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments pursuant to
Section 4.07(b) hereof or to make Permitted Investments specified in clauses (h), (k), (m), (bb) or (cc) of the definition thereof, and (B) Indebtedness or Disqualified Stock of Parent and Indebtedness, Disqualified Stock or Preferred
Stock of Parent or any Restricted Subsidiary in an aggregate principal amount or liquidation preference, which, when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock
then outstanding and incurred pursuant to this clause (xii)(B), does not at any time outstanding exceed the greater of (x) $800.0 million and (y) 4.0% of Total Assets (in each case, determined on the date of such incurrence); it being
understood that any Indebtedness, Disqualified Stock or Preferred Stock incurred pursuant to this clause (xii)(B) shall cease to be deemed incurred or outstanding for purposes of this clause (xii)(B) but shall be deemed incurred for the purposes of
Section 4.09(a) hereof from and after the first date on which Parent or such Restricted Subsidiary could have incurred such Indebtedness, Disqualified Stock or Preferred Stock under Section 4.09(a) hereof without reliance on this clause
(xii)(B); 
 (xiii) the incurrence or issuance by Parent or any Restricted Subsidiary of Indebtedness, Disqualified Stock or
Preferred Stock which serves to extend, replace, refund, refinance, renew or defease any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued as permitted under Section 4.09(a) hereof and clauses (ii), (iii), (iv) and (xii)(A)
of this Section 4.09(b), this clause (xiii) and clause (xiv) of this Section 4.09(b) or any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to so extend, replace, refund, refinance, renew or defease such
Indebtedness, Disqualified Stock or Preferred Stock, including, in each case, additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), defeasance costs, and accrued interest, fees and
expenses in connection therewith (the “Refinancing Indebtedness”) prior to its respective maturity; provided 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 extended, replaced, refunded, refinanced, renewed or defeased (or requires no or nominal payments in cash prior to the date that is 91 days
after the maturity date of the Notes); 
 (B) to the extent such Refinancing Indebtedness extends, replaces, refunds,
refinances, renews or defeases (i) Indebtedness subordinated in right of payment to the Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated in right of payment to the Notes or the Guarantee thereof at least to the same
extent as the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively; and 

(C) shall not include: 

(1) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of Parent that is not the Issuer or a Guarantor that
refinances Indebtedness, Disqualified Stock or Preferred Stock of Parent; 

  
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 (2) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of
Parent that is not the Issuer or a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Subsidiary Guarantor; or 

(3) Indebtedness or Disqualified Stock of Parent or Indebtedness, Disqualified Stock or Preferred Stock of a Restricted
Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; 
 and, provided,
further, that subclause (A) of this clause (xiii) will not apply to (x) any extension, replacement, refunding, refinancing, renewal or defeasance of any Credit Facilities, Secured Indebtedness or Indebtedness incurred pursuant
to clause (iv) above or (y) an aggregate amount of Indebtedness not to exceed $1,000.0 million at any time outstanding that otherwise qualifies as “Refinancing Indebtedness” as defined herein; 

(xiv) (A) Indebtedness, Disqualified Stock or Preferred Stock of Parent or a Restricted Subsidiary incurred or issued to
finance an acquisition (or other purchase of assets) or (B) Indebtedness, Disqualified Stock or Preferred Stock of Persons that are acquired by Parent or any Restricted Subsidiary or merged into or consolidated with Parent or a Restricted
Subsidiary in accordance with the terms of this Indenture; provided that in the case of clauses (A) and (B), after giving effect to such acquisition, merger, amalgamation or consolidation (1) the aggregate amount of such
Indebtedness does not exceed $100.0 million at any time outstanding or (2) either (x) Parent would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test set forth in Section 4.09(a)
hereof, or (y) the Fixed Charge Coverage Ratio for Parent and its Restricted Subsidiaries is equal to or greater than immediately prior to such acquisition, merger, amalgamation or consolidation; 

(xv) 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; 
 (xvi) Indebtedness of Parent or any of its Restricted
Subsidiaries supported by a letter of credit issued pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit; 

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

(B) any guarantee by a Restricted Subsidiary of Indebtedness or other obligations of Parent so long as the incurrence of such
Indebtedness by such Restricted Subsidiary is permitted under the terms of this Indenture; 
 (xviii) (A) Indebtedness
consisting of Indebtedness issued by Parent or any of its Restricted Subsidiaries to future, present or former employees, directors, officers, managers and consultants thereof, their respective Controlled Investment Affiliates or Immediate Family
Members, in each case to finance the purchase or redemption of Equity Interests of Parent or any direct or indirect parent company of Parent to the extent described in clause (iv) of Section 4.07(b) hereof, and (B) Indebtedness
representing deferred compensation to employees of Parent (or any direct or indirect parent thereof) or any of its Restricted Subsidiaries incurred in the ordinary course of business; 

(xix) to the extent constituting Indebtedness, customer deposits and advance payments (including progress premiums) received in
the ordinary course of business from customers for goods and services purchased in the ordinary course of business; 
 (xx)
(A) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business of Parent and its Restricted Subsidiaries with such banks or financial institutions that
arises in connection with ordinary banking arrangements to manage cash balances of Parent and its Restricted Subsidiaries and (B) Indebtedness in respect of Bank Products; 

  
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 (xxi) Indebtedness incurred by a Restricted Subsidiary in connection with
bankers’ acceptances, discounted bills of exchange or the discounting or factoring of receivables or payables for credit management purposes, in each case incurred or undertaken consistent with past practice or in the ordinary course of
business on arm’s length commercial terms; 
 (xxii) Indebtedness of Parent or any of its Restricted Subsidiaries
consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in supply arrangements, in each case incurred in the ordinary
course of business; 
 (xxiii) the incurrence of Indebtedness of Restricted Subsidiaries of Parent that are not the Issuer or
Subsidiary Guarantors in an amount at any one time outstanding under this clause (xxiii) not to exceed together with any other Indebtedness incurred under this clause (xxiii) the greater of (A) $285.0 million and (B) 2.0% of Total
Assets (in each case, determined on the date of such incurrence); it being understood that any Indebtedness deemed incurred pursuant to this clause (xxiii) shall cease to be deemed incurred or outstanding for purposes of this clause
(xxiii) but shall be deemed incurred for the purposes of Section 4.09(a) hereof from and after the first date on which Parent or such Restricted Subsidiaries could have incurred such Indebtedness under Section 4.09(a) hereof without
reliance on this clause (xxiii); 
 (xxiv) Indebtedness of 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; 

(xxv) Indebtedness of Foreign Subsidiaries of Parent in an amount not to exceed, at any one time outstanding and together with
any other Indebtedness incurred under this clause (xxv), 10.0% of the total assets of the Foreign Subsidiaries on a consolidated basis as shown on Parent’s most recent balance sheet (it being understood that any Indebtedness incurred pursuant
to this clause (xxv) shall cease to be deemed incurred or outstanding for purposes of this clause (xxv) but shall be deemed incurred for the purposes of Section 4.09(a) hereof from and after the first date on which Parent or its
Restricted Subsidiaries could have incurred such Indebtedness under Section 4.09(a) hereof without reliance on this clause (xxv)); and 

(xxvi) Indebtedness incurred by Parent or any of the Restricted Subsidiaries to the extent that the net proceeds thereof are
deposited with the Trustee at or promptly after the funding of such Indebtedness to satisfy and discharge the Notes or exercise the Issuer’s legal defeasance or covenant defeasance option as described under Article 8 hereof, in each case, in
accordance with this Indenture. 
 (c) For purposes of determining compliance with this Section 4.09: 

(i) 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 (i) through (xxvi) of Section 4.09(b) hereof or is entitled to be incurred pursuant to Section 4.09(a)
hereof, Parent, in its sole discretion, may classify or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and shall only be required to include the amount and type of such Indebtedness, Disqualified
Stock or Preferred Stock in one of the clauses under Section 4.09(b) or under Section 4.09(a) hereof; provided that all Indebtedness outstanding under the Senior Secured Credit Facilities on the Issue Date shall be treated as
incurred on the Issue Date under clause (i) of Section 4.09(b) hereof; and 
 (ii) Parent shall be entitled to
divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in Section 4.09(a) and Section 4.09(b) hereof. 

  
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 Accrual of interest or dividends, the accretion of accreted value, the accretion or
amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, of the same class shall not be deemed to be an incurrence of
Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.09. Any Refinancing Indebtedness and any Indebtedness permitted to be incurred under this Indenture to refinance Indebtedness incurred pursuant to clauses
(i) and (xii)(B) of Section 4.09(b) hereof shall be deemed to include additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), defeasance costs, fees and expenses in connection
with such refinancing. 
 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, 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 (A) the principal amount of such Indebtedness being refinanced plus (B) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and
expenses (including original issue discount, upfront fees or similar fees) incurred in connection with such refinancing. 
 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. 
 Notwithstanding anything to the contrary,
Parent shall not, and shall not permit the Issuer or any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is contractually subordinated or junior in right of payment to any Indebtedness
of Parent, the Issuer or such 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 Parent, the Issuer or such Guarantor, as the case may be. 
 This Indenture shall not treat
(1) unsecured Indebtedness as subordinated or junior to Secured Indebtedness merely because it is unsecured or (2) Indebtedness as subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the
same collateral or because it is guaranteed by other obligors. 
 Section 4.10. Asset Sales.

 (a) Parent shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless: 

(i) Parent or 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 Parent at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and 

(ii) except in the case of a Permitted Asset Swap, at least 75.0% of the consideration for such Asset Sale, together with all
other Asset Sales since the Issue Date (on a cumulative basis), received by Parent or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 

(A) any liabilities (as shown on Parent’s or such Restricted Subsidiary’s most recent balance sheet or in the
footnotes thereto or, if incurred or increased subsequent to the date of such balance sheet, such liabilities that would have been shown on Parent’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such
incurrence or increase had taken place on or 

  
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prior to the date of such balance sheet, as determined by Parent) of Parent or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the Notes, that are
assumed by the transferee of any such assets pursuant to a written agreement which releases or indemnifies Parent or such Restricted Subsidiary from such liabilities; 

(B) any securities, notes or other obligations or assets received by Parent or such Restricted Subsidiary from such transferee
that are converted by Parent or such Restricted Subsidiary into Cash Equivalents (to the extent of the Cash Equivalents received) within 180 days (450 days in the case of any securities, notes or other obligations or assets received in respect of
any Asset Sale of the Specified Real Property Assets) following the closing of such Asset Sale; and 
 (C) any Designated Non-cash Consideration received by Parent or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated
Non-cash Consideration received pursuant to this clause (C) that is at that time outstanding, not to exceed the greater of (i) $710.0 million and (ii) 5.0% of Total Assets at the time of the receipt
of such Designated Non-cash Consideration, with the fair market value 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 Equivalents for purposes of this provision and for no other
purpose. 
 (b) Within 450 days after the receipt of any Net Proceeds of any Asset Sale, Parent or such Restricted Subsidiary, at its option,
may apply the Net Proceeds from such Asset Sale: 
 (i) to permanently reduce Indebtedness as follows: 

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

 (B) Obligations under Secured Indebtedness which is secured by a Lien that is permitted by this Indenture, and to
correspondingly reduce commitments with respect thereto; 
 (C) Obligations under the Notes or any other Senior Indebtedness
of Parent or any Restricted Subsidiary (and, in the case of other Senior Indebtedness, to correspondingly reduce any outstanding commitments with respect thereto, if applicable); provided that if Parent or any Restricted Subsidiary shall so
repay any Senior Indebtedness other than the Notes, the Issuer will either (A) reduce Obligations under the Notes on a pro rata basis by, at its option, (x) redeeming Notes as provided under Section 3.07 hereof or (y) purchasing
Notes through open-market purchases or in privately negotiated transactions at market prices (which may be below par), or (B) make an offer (in accordance with the procedures set forth in Sections 3.08 and 4.10(c) hereof) to all Holders to
purchase their Notes on a ratable basis with such other Senior Indebtedness for no less than 100.0% of the principal amount of such Notes, plus the amount of accrued but unpaid interest, if any, on the principal amount of the Notes to be
repurchased, to, but excluding, the date of repurchase; or 
 (D) if the assets that are the subject of such Asset Sale are
the property or assets of a Restricted Subsidiary that is not the Issuer or a Guarantor, to permanently reduce Indebtedness of (i) a Restricted Subsidiary that is not the Issuer or a Guarantor, other than Indebtedness owed to Parent or any
Restricted Subsidiary, or (ii) Parent, the Issuer or a Subsidiary Guarantor; or 
 (ii) 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 Parent or any 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) capital expenditures or (C) acquisitions of other assets, in each of (A), (B) and (C), used or useful in a Similar Business; or 

  
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 (iii) to make an Investment in (A) 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 Parent or any 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) capital expenditures, (C) properties or (D) acquisitions of other assets that, in each of (A), (B), (C) and (D), replace the businesses, properties and/or assets that are the subject of such
Asset Sale; 
 provided that a binding commitment entered into not later than such 450th day shall be treated as a permitted application of the Net
Proceeds from the date of such commitment so long as Parent, or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment within the later of such 450th
day and 180 days of such commitment (an “Acceptable Commitment”) and, in the event any Acceptable Commitment is later cancelled or terminated for any reason before the Net Proceeds are applied in connection therewith, Parent or such
Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination; provided further that if any Second Commitment is later cancelled or terminated for
any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds. 
 Notwithstanding any other
provisions of this Section 4.10, (i) to the extent that the application of any or all of the Net Proceeds of any Asset Sale by Parent or a Foreign Subsidiary (a “Foreign Disposition”) is (x) prohibited or materially
delayed by applicable local law or (y) prohibited or materially delayed by applicable organizational documents or any agreement from being repatriated to the United States, an amount equal to the portion of such Net Proceeds so affected will
not be required to be applied in compliance with this Section 4.10, and such amount may be retained by Parent or the applicable Foreign Subsidiary; provided that if at any time within one year following the date on which the respective
payment would otherwise have been required, such repatriation of any of such affected Net Proceeds is permitted under the applicable local law or the applicable organizational document or agreement, an amount equal to such amount of Net Proceeds so
permitted to be repatriated will be promptly applied (net of any taxes, costs or expenses that would be payable or reserved against if such amounts were actually repatriated whether or not they are repatriated) in compliance with this
Section 4.10 and (ii) to the extent that Parent has determined in good faith that repatriation of any or all of the Net Proceeds of any Foreign Disposition could have a material adverse tax consequence with respect to such Net Proceeds
(which for the avoidance of doubt, includes, but is not limited to, any prepayment whereby doing so Parent, any Restricted Subsidiary or any of their respective Affiliates and/or their equityholders would incur a material tax liability, including as
a result of a tax dividend, a deemed dividend pursuant to Code Section 956 or a withholding tax), the Net Proceeds so affected may be retained by Parent or the applicable Foreign Subsidiary and an amount equal to such Net Proceeds will not be
required to be applied in compliance with this Section 4.10. The non-application of any prepayment amounts as a consequence of the foregoing provisions will not, for the avoidance of doubt, constitute a
Default or an Event of Default. For the avoidance of doubt, nothing in this Indenture shall be construed to require Parent or any Subsidiary to repatriate cash. 

(c) Any Net Proceeds from the Asset Sale that are not invested or applied as provided and within the time period set forth in
Section 4.10(b) hereof will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $200.0 million, the Issuer shall make an offer (an “Asset Sale Offer”) to all
Holders of the Notes and, if required by the terms of any Indebtedness that ranks pari passu with the Notes (“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness, to purchase the maximum aggregate
principal amount of the Notes and such Pari Passu Indebtedness that is in an amount equal to at least $2,000, or an integral multiple of $1,000 in excess thereof, that may be purchased out of the Excess Proceeds at an offer price, in the case of the
Notes, in cash in an amount equal to 100.0% of the principal amount thereof (or accreted value thereof, if less), plus accrued and unpaid interest, if any, to the date fixed for the closing of such offer, and in the case of any Pari Passu
Indebtedness at the offer price required by the terms thereof but not to exceed 100% of the principal amount thereof, plus accrued and unpaid interest, if any, in accordance with the procedures set forth in this Indenture and the agreement(s)
governing such Pari Passu Indebtedness. The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $200.0 million by delivering the notice required pursuant
to the terms of this Indenture, with a copy to the Trustee. The Issuer may satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Proceeds prior to the expiration
of the relevant 450 days (or such longer period provided above) or with respect to Excess Proceeds of $200.0 million or less. 

  
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 To the extent that the aggregate amount of Notes and such Pari Passu Indebtedness, as the
case may be, tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purposes not otherwise prohibited under this Indenture. If the aggregate principal amount of Notes or
the Pari Passu Indebtedness, as the case may be, surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Issuer shall purchase the Notes and such Pari Passu Indebtedness, as the case may be, on a pro rata basis based on the
accreted value or principal amount of the Notes or such Pari Passu Indebtedness, as the case may be, tendered with adjustments as necessary so that no Notes or Pari Passu Indebtedness, as the case may be, will be repurchased in part in an
unauthorized denomination. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the requirement to make an Asset Sale Offer shall be reset to zero (regardless of whether there are any remaining Excess Proceeds
upon such completion). Additionally, the Issuer may, at its option, make an Asset Sale Offer using the proceeds from any Asset Sale at any time after the consummation of such Asset Sale. Upon consummation or expiration of any Asset Sale Offer, any
remaining Net Proceeds shall not be deemed Excess Proceeds and the Issuer may use such Net Proceeds for any purpose not otherwise prohibited under this Indenture. 

(d) Pending the final application of any Net Proceeds pursuant to this Section 4.10, the holder of such Net Proceeds may apply such Net
Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility, including under the Senior Secured Credit Facilities, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 

(e) The notice, if delivered electronically or mailed in a manner herein provided, shall be conclusively presumed to have been given, whether
or not the Holder receives such notice. If (i) the notice is delivered electronically or mailed in a manner herein provided and (ii) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such
Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. The Issuer 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 by the Issuer
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 Issuer 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. 
 The provisions of this
Section 4.10 may be waived or modified with the written consent of the Holders of a majority in principal amount of all the Notes then outstanding. 

Section 4.11. Transactions with Affiliates. 

(a) 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
Parent (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $50.0 million, unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to Parent or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by Parent or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis or, if in the good faith judgment
of the Issuer, no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Issuer or such Restricted Subsidiary from a financial point of view and when such transaction
is taken in its entirety; and 
 (ii) 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, a resolution adopted by the majority of the Board of Directors of Parent approving such Affiliate Transaction and set forth in an
Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i) of this Section 4.11(a). 

  
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 (b) The provisions of Section 4.11(a) hereof shall not apply to the following: 

(i) transactions between or among Parent or any of its Restricted Subsidiaries; 

(ii) Restricted Payments permitted by Section 4.07 hereof and the definition of “Permitted Investments”;

 (iii) transactions pursuant to the Transaction Agreements, or any amendment thereto or replacement thereof so long as any
such amendment or replacement is not materially disadvantageous in the good faith judgment of the Board of Directors of Parent to the Holders when taken as a whole, as compared to the applicable agreement as in effect immediately prior to such
amendment or replacement; 
 (iv) (A) employment agreements, employee benefit and incentive compensation plans and
arrangements and (B) the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements and employment and severance arrangements provided on behalf of or for the benefit of, current or former employees,
directors, officers, managers or consultants of Parent, any of its direct or indirect parent companies or any of its Restricted Subsidiaries; 

(v) transactions in which Parent or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter
from an Independent Financial Advisor stating that such transaction is fair to Parent or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when taken as a whole, to Parent or its
relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by Parent or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; 

(vi) any agreement or arrangement as in effect as of the Issue Date, or any amendment thereto (so long as any such amendment is
not disadvantageous in any material respect in the good faith judgment of Parent to the Holders when taken as a whole as compared to the applicable agreement as in effect on the Issue Date); 

(vii) the existence of, or the performance by Parent or any of its Restricted Subsidiaries of its obligations under the terms
of, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it (or any parent company of Parent) is a party as of the Issue Date and any similar agreements which it (or any parent
company of Parent) may enter into thereafter; provided that the existence of, or the performance by Parent or any of its Restricted Subsidiaries (or such parent company) of obligations under any future amendment to any such existing agreement
or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such amendment or new agreement are not otherwise disadvantageous in any material respect in the
good faith judgment of Parent to the Holders when taken as a whole; 
 (viii) the
Spin-Off Transaction and the payment of all fees and expenses related thereto; 

(ix) transactions with customers, clients, suppliers, contractors, joint venture partners or purchasers or sellers of goods or
services that are Affiliates (including hotel management or franchise agreements entered into with any of the foregoing), in each case in the ordinary course of business or that are consistent with past practice and, in each case, otherwise in
compliance with the terms of this Indenture which are fair to Parent and its Restricted Subsidiaries, in the reasonable determination of Parent, or are on terms at least as favorable as might reasonably have been obtained at such time from an
unaffiliated party; 
 (x) the issuance or transfer of Equity Interests (other than Disqualified Stock) of Parent to any
direct or indirect parent company of Parent or to any Permitted Holder or to any employee, director, officer, manager or consultant (or their respective Affiliates or Immediate Family Members) of Parent, any of its direct or indirect parent
companies or any of its Restricted Subsidiaries; 

  
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 (xi) sales of accounts receivable, or participations therein, or
Securitization Assets or related assets in connection with any Qualified Securitization Facility; 
 (xii) [Reserved]; 

(xiii) payments and Indebtedness and Disqualified Stock (and cancellation of any thereof) of Parent and its Restricted
Subsidiaries and Preferred Stock (and cancellation of any thereof) of any Restricted Subsidiary to any future, current or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate
Family Members) of Parent, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription
or shareholder agreement that are, in each case, approved by Parent in good faith; and any employment agreements, stock option plans and other compensatory arrangements (and any successor plans thereto) and any supplemental executive retirement
benefit plans or arrangements with any such employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) that are, in each case, approved by Parent in good faith; 

(xiv) (i) investments by Permitted Holders in securities or loans of Parent or any of its Restricted Subsidiaries (and payment
of reasonable out-of-pocket expenses incurred by such Permitted Holders in connection therewith) so long as the investment is being offered by Parent or such Restricted
Subsidiary generally to other investors on the same or more favorable terms, and (ii) payments to Permitted Holders in respect of securities or loans of Parent or any of its Restricted Subsidiaries contemplated in the foregoing subclause
(i) or that were acquired from Persons other than Parent and its Restricted Subsidiaries, in each case, in accordance with the terms of such securities or loans; 

(xv) payments to or from, and transactions with, any joint venture in the ordinary course of business or consistent with past
practice (including, without limitation, any cash management activities related thereto); 
 (xvi) payments by Parent (and
any direct or indirect parent company thereof) and its Subsidiaries pursuant to tax sharing agreements among Parent (and any such parent company) and its Subsidiaries, to the extent such payments are permitted under clause (xv)(B) of
Section 4.07(b) hereof; 
 (xvii) any lease entered into between Parent or any Restricted Subsidiary, as lessee, and any
Affiliate of Parent, as lessor, which is approved by Parent in good faith; 
 (xviii) intellectual property licenses in the
ordinary course of business; 
 (xix) all payments to HLT Parent otherwise permitted under this Indenture; 

(xx) the payment of reasonable out-of-pocket
costs and expenses relating to registration rights and indemnities provided to stockholders of Parent or any direct or indirect parent thereof pursuant to the stockholders, registration rights or similar agreements; 

(xxi) the pledge of Equity Interests of any Unrestricted Subsidiary to lenders to support the Indebtedness of such Unrestricted
Subsidiary owed to such lenders; 
 (xxii) Permitted Intercompany Activities and related transactions; and 

(xxiii) any transactions with any Subsidiary or a joint venture or similar entity which would constitute an Affiliate
Transaction solely because Parent or its Restricted Subsidiary owns an equity interest in or otherwise controls such Subsidiary, joint venture or similar entity. 

  
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 Section 4.12. Liens. Parent will not, and
will not permit the Issuer or any Subsidiary Guarantor 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 of Indebtedness,
on any asset or property of Parent, the Issuer or any Subsidiary Guarantor, or any income or profits therefrom, or assign or convey any right to receive income therefrom, unless: 

(a) 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; and 
 (b) in all other cases, the Notes or the
Guarantees are equally and ratably secured, 
 except that the foregoing shall not apply to or restrict Liens securing obligations in respect of the Notes
(and Exchange Notes with respect thereto) and the related Guarantees. 
 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 each of the Liens described in clauses (a) and (b) above. 

Section 4.13. Company Existence. Subject to Article 5 hereof, Parent shall do or cause to be
done all things necessary to preserve and keep in full force and effect its limited liability company existence, and the corporate, partnership, limited liability company or other existence of each of its Restricted Subsidiaries (including the
Issuer), in accordance with the respective organizational documents (as the same may be amended from time to time) of Parent or any such Restricted Subsidiary; provided that Parent shall not be required to preserve the corporate, partnership
or other existence of its Restricted Subsidiaries (other than the Issuer), if Parent in good faith shall determine that the preservation thereof is no longer desirable in the conduct of the business of Parent and its Restricted Subsidiaries, taken
as a whole. For the avoidance of doubt, Parent and its Restricted Subsidiaries will be permitted to change their organizational form; provided that for so long as an Issuer is organized as a partnership or a limited liability company, it will
maintain a corporate co-issuer of the Notes. 

Section 4.14. Offer to Repurchase Upon Change of Control Triggering Event. If a Change
of Control Triggering Event occurs, unless the Issuer has previously or concurrently sent a redemption notice with respect to all the outstanding Notes as described under Sections 3.03 and 3.07 hereof, the Issuer 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 101.0% of the aggregate principal amount thereof plus accrued and
unpaid interest and Additional Interest, if any, to, but excluding, the date of purchase, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the
purchase date. Within 30 days following any Change of Control Triggering Event, the Issuer will send notice of such Change of Control Offer electronically or by first-class mail, with a copy to the Trustee, to each Holder to the address of such
Holder appearing in the Note Register or otherwise delivered in accordance with the Applicable Procedures with the following information: 

(a) 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 Issuer; 
 (b) the purchase price and the
purchase date, which will be no earlier than 10 days nor later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control Offer made in advance of a
Change of Control Triggering Event in accordance with clause (l) of this Section 4.14; 
 (c) that any Note not
properly tendered will remain outstanding and continue to accrue interest; 

  
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 (d) that unless the Issuer defaults in the payment of the Change of Control
Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date; 

(e) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed or otherwise in accordance with the Applicable Procedures, to the Paying Agent specified in the notice at the address specified in
the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (f) that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to the
expiration date of the Change of Control Offer, a facsimile transmission, letter or other communication in accordance with the Applicable Procedures 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, or specified portion thereof, and its election to have such Notes purchased; 

(g) that Holders whose Notes are being purchased only in part shall 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 at least $2,000 or any integral multiple of $1,000 in excess of $2,000; 

(h) if such notice is delivered prior to the occurrence of a Change of Control Triggering Event, stating that the Change of
Control Offer is conditional on the occurrence of such Change of Control Triggering Event and shall describe each such condition, and, if applicable, shall state that, in the Issuer’s discretion, the Change of Control Payment Date may be
delayed until such time (including more than 60 days after the notice is mailed or delivered, including by electronic transmission) as any such condition shall be satisfied, or that such repurchase may not occur and such notice may be rescinded in
the event that any such condition shall not have been satisfied by the Change of Control Payment Date, or by the Change of Control Payment Date as so delayed; and 

(i) any other instructions, as determined by the Issuer, consistent with this Section 4.14 that a Holder must follow in
order to have the Notes repurchased. 
 The notice, if delivered electronically or mailed in a manner herein provided, shall be conclusively
presumed to have been given, whether or not the Holder receives such notice. If (a) the notice is delivered or mailed in a manner herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice but it is
defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. The Issuer 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 by the Issuer 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 Issuer 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. 

(j) On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law: 

(i) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of Control Offer;

 (ii) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or
portions thereof so tendered; and 

  
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 (iii) deliver, or cause to be delivered, to the Trustee for cancellation the
Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuer. 

(k) The Issuer shall not be required to make a Change of Control Offer following a Change of Control Triggering 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 made by the Issuer and purchases all Notes validly
tendered and not withdrawn under such Change of Control Offer. 
 (l) Notwithstanding anything to the contrary herein, a
Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making
of the Change of Control Offer. 
 (m) 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, and references therein to “redeem,” “redemption,” “Redemption Date” and similar words shall be deemed to refer
to “purchase,” “repurchase” and “Change of Control Payment Date” and similar words, as applicable. 
 The
provisions of this Section 4.14 may be waived or modified with the written consent of the Holders of a majority in principal amount of all the Notes then outstanding. 

Section 4.15. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. Parent
shall not permit any of its Wholly Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly Owned Subsidiaries if such non-Wholly Owned Subsidiaries guarantee other capital markets debt securities of Parent, the Issuer or any Subsidiary
Guarantor), other than a Subsidiary Guarantor, the Issuer, a Foreign Subsidiary or a Securitization Subsidiary, to guarantee the payment of (i) any Credit Facility permitted under clause (i) of Section 4.09(b) hereof or
(ii) capital markets debt securities of Parent, the Issuer or any Subsidiary Guarantor unless: 
 (a) such Restricted
Subsidiary within 60 days after the guarantee of such Indebtedness 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 Parent, the Issuer or any Subsidiary Guarantor, 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 Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes; and 

(b) such Restricted Subsidiary waives and shall not in any manner whatsoever claim or take the benefit or advantage of, any
rights of reimbursement, indemnity or subrogation or any other applicable rights against Parent or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee; 

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 60 day period described in clause (a) of this Section 4.15. 

Section 4.16. Termination of Covenants. 

(a) If on any date (i) the Notes have an Investment Grade Rating from either of the Rating Agencies and (ii) no Default has occurred
and is continuing under this Indenture, then, beginning on that day and continuing at all times thereafter regardless of any subsequent changes in the rating of the Notes, each of Section 4.07, Section 4.08, Section 4.09,
Section 4.10, Section 4.11, Section 4.15 and clause (iv) of Section 5.01(a) hereof shall no longer be applicable to the Notes. 

  
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 (b) The Trustee shall have no obligation to determine if the Notes have an Investment Grade
Rating at any time or to provide Holders with notice of whether the Notes have an Investment Grade Rating or no longer have an Investment Grade Rating. 

ARTICLE 5 

SUCCESSORS 

Section 5.01. Merger, Consolidation or Sale of All or Substantially All Assets. 

(a) Neither Parent nor the Issuer may consolidate or merge with or into or wind up into (whether or not Parent or the Issuer, as applicable, 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: 

(i) Parent or the Issuer, as the case may be, is the surviving Person or the Person formed by or surviving any such
consolidation, amalgamation or merger (if other than Parent or the Issuer, as applicable) 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 Parent or the Issuer, as the case may be, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Person, as the case may be, being herein called the
“Successor Company”); provided that in the case where the surviving Person is not a corporation, a co-obligor of the Notes is a corporation; 

(ii) the Successor Company, if other than Parent or the Issuer, as the case may be, expressly assumes all the obligations of
Parent or the Issuer, as the case may be, under this Indenture, the Notes and the Registration Rights Agreement (if the Exchange Offer contemplated therein has not been consummated) pursuant to supplemental indentures or other documents or
instruments; 
 (iii) immediately after such transaction, no Default exists; 

(iv) 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 would be
permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test; or 
 (B) the Fixed
Charge Coverage Ratio for the Successor Company and its Restricted Subsidiaries would be equal to or greater than the Fixed Charge Coverage Ratio for Parent and its Restricted Subsidiaries immediately prior to such transaction; 

(v) each Guarantor, unless it is the other party to the transactions described above, in which case clause (i)(B) of
Section 5.01(e) hereof shall apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture, the Notes and the Registration Rights Agreement; and 

(vi) Parent or the Issuer, as the case may be, or, if applicable, the Successor Company 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. 

(b) The Successor Company shall succeed to, and be substituted for, Parent or the Issuer, as the case may be, under this Indenture, the
Guarantees and the Notes, as applicable, and Parent or the Issuer, as the case may be, will automatically be released and discharged from its obligations under this Indenture, the Guarantees and the Notes. 

  
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 (c) Notwithstanding clauses (iii) and (iv) of Section 5.01(a) hereof: 

(i) any Restricted Subsidiary may consolidate or amalgamate with or merge with or into or transfer all or part of its
properties and assets to Parent, the Issuer or a Subsidiary Guarantor; and 
 (ii) Parent or the Issuer, as the case may be,
may merge with an Affiliate of Parent or the Issuer, as the case may be, solely for the purpose of reorganizing or reincorporating Parent or the Issuer, as the case may be, in the United States, any state thereof, the District of Columbia or any
territory thereof so long as the amount of Indebtedness of Parent and its Restricted Subsidiaries is not increased thereby. 
 (d)
[Reserved.] 
 (e) Subject to Section 10.06 hereof, no Subsidiary Guarantor shall, and the Issuer shall not permit any 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: 
 (i) (A) such Guarantor is the surviving Person or the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than such 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 Guarantor, as applicable, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such surviving Guarantor or such Person, as the case may
be, being herein called the “Successor Person”); 
 (B) the Successor Person, if other than such Guarantor,
expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or instruments; 

(C) immediately after such transaction, no Default exists; and 

(D) the Issuer 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 
 (ii) the
transaction is made in compliance with Section 4.10(a) hereof; or 
 (iii) in the case of assets consisting of Equity
Interests of Subsidiaries that are not Guarantors, such Equity Interests are sold, assigned, transferred, leased, conveyed or otherwise disposed of to one or more Restricted Subsidiaries. 

(f) Subject to Section 10.06 hereof, the Successor Person shall succeed to, and be substituted for, such Guarantor under this Indenture
and such Guarantor’s Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantor may (1) merge or consolidate with or into, wind up into or transfer all or part of its properties and assets to another Subsidiary Guarantor, Parent or
the Issuer, (2) merge with an Affiliate of Parent solely for the purpose of reorganizing the Subsidiary Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof, (3) convert into a corporation,
partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor or (4) liquidate or dissolve or change its legal form if Parent
determines in good faith that such action is in the best interests of Parent, in each case, without regard to the requirements set forth in Section 5.01(e). Each of HWP and HLT Parent may merge with an Affiliate of the Issuer solely for the
purpose of reincorporating or reorganizing HWP or HLT Parent, as the case may be, in the United States, any state thereof, the District of Columbia or any territory thereof. Notwithstanding anything to the contrary in this Section 5.01, the
Issuer may contribute or transfer the Capital Stock of any or all of its Subsidiaries to any Subsidiary Guarantor. 

  
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 Section 5.02. Successor Person 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 Parent, the Issuer or a Subsidiary Guarantor in accordance with Section 5.01 hereof, the
successor Person formed by such consolidation or into or with which Parent, the Issuer or such Subsidiary Guarantor, 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 Parent, the Issuer or such Subsidiary Guarantor, as applicable,
shall refer instead to the successor Person, as applicable, and not to Parent, the Issuer or such Subsidiary Guarantor, as applicable), and may exercise every right and power of Parent, the Issuer or such Subsidiary Guarantor, as applicable, under
this Indenture with the same effect as if such successor Person, as applicable, had been named as Parent, the Issuer or a Subsidiary Guarantor, as applicable, herein; provided that the predecessor Parent or Issuer, as applicable, shall not be
relieved from the obligation to pay, or to Guarantee the payment of, as applicable, the principal of and interest on the Notes, except in the case of a sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of
Parent’s or the Issuer’s assets, as applicable, 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: 

(i) default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any,
on the Notes; 
 (ii) default for 30 consecutive days or more in the payment when due of interest on or with respect to the
Notes; 
 (iii) subject to Section 4.03(d) hereof, failure by the Issuer or any Guarantor for 60 days after receipt of
written notice given by the Trustee or the Holders of not less than 30.0% in aggregate principal amount of the then outstanding Notes to comply with any of its obligations, covenants or agreements (other than a default referred to in clause
(i) or (ii) above) contained in this Indenture or the Notes; 
 (iv) 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 Parent or any of its Restricted Subsidiaries or the payment of which is guaranteed by Parent or any of its Restricted Subsidiaries, other
than Indebtedness owed to Parent or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both: 

(A) 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 
 (B) 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
$225.0 million or more outstanding; 
 (v) failure by Parent, the Issuer or any Significant Subsidiary (or any group of
Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary) to pay final
judgments aggregating in excess of $225.0 million (net of amounts covered by insurance policies 

  
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issued by reputable insurance companies), 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 covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; 

(vi) Parent or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited
consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary), pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences proceedings to be adjudicated bankrupt or insolvent; 

(B) 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; 
 (C) consents to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property; 

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

(E) generally is not paying its debts as they become due; 

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

(A) is for relief against Parent or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of
the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary), in a proceeding in which Parent or any such Subsidiary or such
group of Restricted Subsidiaries is to be adjudicated bankrupt or insolvent; 
 (B) appoints a receiver, liquidator,
assignee, trustee, sequestrator or other similar official of Parent or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of Parent for a fiscal quarter end
provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary), or for all or substantially all of the property of Parent or any such Significant Subsidiary or such group of Restricted Subsidiaries; or 

(C) orders the liquidation of Parent or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as
of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary); 

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

(viii) the Guarantee of HLT Parent, HWP or any Significant Subsidiary (or any group of Restricted Subsidiaries that together
(as of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a 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 HLT Parent, HWP or any Guarantor that is a Significant Subsidiary (or the responsible officers of any group of Restricted Subsidiaries that together (as of the latest audited consolidated
financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary), as the case may be, denies in writing that it has any further liability under its Guarantee or
gives written notice to such effect, other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture. 

  
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 (b) In the event of any Event of Default specified in clause (iv) of
Section 6.01(a) hereof, 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 30 days after such Event of Default arose: 
 (i) the Indebtedness or
guarantee that is the basis for such Event of Default has been discharged; 
 (ii) the requisite number of holders thereof
have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default; or 

(iii) the default that is the basis for such Event of Default has been cured. 

Section 6.02. Acceleration. If any Event of Default (other than an Event of Default of the
type specified in clause (vi) or (vii) of Section 6.01(a) hereof) occurs and is continuing under this Indenture, the Trustee or the Holders of not less than 30.0% in aggregate principal amount of all the then outstanding Notes may, by
notice to the Issuer and the Trustee, in either case specifying in such notice the respective Event of Default and that such notice is a “notice of acceleration”, declare the principal, premium, if any, interest and any other monetary
obligations on all the then outstanding Notes to be due and payable immediately. 
 Upon the effectiveness of such declaration, such
principal of and premium, if any, and interest will be due and payable immediately. 
 Notwithstanding the foregoing, in the case of an
Event of Default arising under clause (vi) or (vii) of Section 6.01(a) hereof, all outstanding Notes will become due and payable without further action or notice. The Trustee may withhold from the Holders 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. In addition, subject to Section 6.05, the Trustee will have no obligation to accelerate the
Notes if in the judgment of the Trustee acceleration is not in the interests of the Holders of all of the Notes. 

Section 6.03. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Past Defaults. Holders
of a majority in aggregate principal amount of all the Notes then outstanding, by written notice to the Trustee (with a copy to the Issuer, provided that any waiver or rescission under this Section 6.04 shall be valid and binding
notwithstanding the failure to provide a copy of such notice to the Issuer) may on behalf of the Holders of all of the Notes 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 held by a non-consenting Holder) (including in connection with an Asset Sale Offer or a Change of Control Offer) and rescind any acceleration with respect to
the Notes and its consequences under this Indenture (except if such rescission 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 thereto. 

  
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 Section 6.05. Control by Majority. Subject
to Section 7.01(e) hereof, the Holders of a majority in aggregate principal amount of all the then outstanding Notes, may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee and the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. 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 or that would involve the Trustee in personal liability. 

Section 6.06. Limitation on Suits. Subject to Section 6.07 hereof, no Holder of a Note
may pursue any remedy with respect to this Indenture or the Notes unless: 
 (a) such Holder has previously given the Trustee
written notice that an Event of Default is continuing; 
 (b) the Holders of at least 30.0% in the aggregate principal amount
of the then outstanding Notes have requested in writing the Trustee to pursue the remedy; 
 (c) the Holders of the Notes
have offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and 

(e) the Holders of a majority in aggregate principal amount of all the then outstanding Notes have not given the Trustee a
direction in writing inconsistent with such written request within such 60-day period. 

Section 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of
this Indenture, the contractual right expressly set forth in this Indenture or the Notes of any Holder of a Note to receive payment of principal, premium, if any, and Additional Interest, if any, and interest on the Note, on or after the respective
due dates expressed in the Note (including in connection with an 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 amended without the consent of
such Holder. 
 Section 6.08. Collection Suit by Trustee. If an Event of Default specified
in Section 6.01(a)(i) or (ii) 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 Issuer for the whole amount of principal of, premium, if any,
Additional Interest, if any, and interest remaining unpaid on, the Notes and interest on overdue principal, if applicable, and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceedings, the Issuer, 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. 

  
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 Section 6.11. Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article 6 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 allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including the Guarantors), their creditors or their property and shall be entitled and empowered to participate as a member in any official
committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to
make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 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 or property pursuant to this Article 6, it shall pay out the money or property in the following order: 

(a) FIRST, to the Trustee, such Agent, 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 such Agent and the costs and expenses of collection; 

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

(c) THIRD, to the Issuer 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 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 10.0% in principal amount of the then outstanding Notes. 

  
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 ARTICLE 7 

TRUSTEE 

Section 7.01. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(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 willful misconduct or 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 investigate or confirm
the accuracy of mathematical calculations 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 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 6.02, 6.04 or 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

(e) The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of
the Holders unless the Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. 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 Issuer, Parent and its Restricted Subsidiaries, personally or by agent or attorney at the sole cost of the Issuer and shall incur no
liability or additional liability of any kind by reason of such inquiry or investigation. 

  
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 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its
selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney
appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be
authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Issuer or Parent shall be sufficient if signed by an Officer of the Issuer or Parent. 

(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 an 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 or Event of Default is received by the Trustee at the Corporate Trust Office, and such notice references the Notes and this Indenture. 

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

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) In the event the Issuer is required to pay Additional Interest, the Issuer will provide written notice to the Trustee of the Issuer’s
obligation to pay Additional Interest no later than 15 days prior to the next Interest Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Issuer. The Trustee shall not at any time be under any duty or
responsibility to any Holders to determine whether the Additional Interest is payable and the amount thereof. 
 (k) Delivery of reports,
information and documents (including without limitation reports contemplated under Section 4.03 hereof) to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 (l) The permissive rights of the Trustee to take certain actions under this Indenture shall not be construed as a duty unless so specified
herein. 
 (m) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the Holders of not less than a majority in principal amount of the Notes at
the time outstanding, 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 Issuer, personally or by agent or attorney, at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or investigation. 

  
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 (n) The Trustee may request that the Issuer and Parent deliver an Officer’s Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s
Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 
 (o) The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without
limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; loss or malfunction of utilities, computer (hardware or software) or communication services; strikes or similar labor
disputes; and acts of civil or military authorities and governmental action. 
 (p) The Trustee shall have no duty to inquire as to the
performance of the Issuer with respect to the covenants contained in Article 4, Section 1.07 and Section 1.08 or to make any calculation in connection therewith or in connection with any redemption of Notes. In addition, except as
otherwise expressly provided herein, the Trustee shall have no obligation to monitor or verify compliance by the Issuer, Parent or any Guarantor with any other obligation or covenant under 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 Issuer or any of its Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as
such term is used in the Trust Indenture Act) it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee (if this Indenture has been qualified under the Trust Indenture Act) 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 Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction
under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in
the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

Section 7.05. Notice of Defaults. If a Default occurs and is continuing and if it is known to
a Responsible Officer of the Trustee, the Trustee shall deliver to Holders a notice of the Default within 90 days after it occurs, unless such Default shall have been cured or waived, or if discovered after 90 days, promptly thereafter. The Trustee
may withhold from the Holders 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. 

Section 7.06. Reports by Trustee to Holders. Within 60 days after each July 15, beginning
on July 15, 2020, and for so long as Notes remain outstanding, the Trustee shall send to the Holders a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in Trust
Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Trust Indenture Act Section 313(b)(2), to the extent applicable. The
Trustee shall also send all reports as required by Trust Indenture Act Section 313(c). 
 A copy of each report at the time it is sent
to the Holders shall be sent to the Issuer 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 Issuer shall promptly notify the Trustee when the Notes are
listed on any stock exchange or delisted therefrom. 

  
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 Section 7.07. Compensation and Indemnity.
The Issuer 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 Issuer shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such
expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 The Issuer and
the Guarantors, jointly and severally, shall indemnify the Trustee and its officers, directors, employees, agents and any predecessor trustee and its officers, directors, employees and agents for, and hold the Trustee harmless against, any and all
loss, damage, claims, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the
reasonable costs and expenses of enforcing this Indenture against the Issuer or any of the Guarantors (including this Section 7.07) or defending itself against any claim whether asserted by any Holder, the Issuer or any Guarantor, or liability
in connection with the acceptance, exercise or performance of any of its powers or duties hereunder) (but excluding taxes imposed on such Persons in connection with compensation for such administration or performance). The Trustee shall notify the
Issuer promptly of any claim of which a Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer or the Guarantors of their obligations hereunder.
The Issuer shall defend the claim and the Trustee may have separate counsel and the Issuer shall pay the reasonable fees and expenses of such counsel. Neither the Issuer nor any Guarantor need reimburse any expense or indemnify against any loss,
liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent. 

The obligations of the Issuer and the Guarantors 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 Issuer 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 money or property 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)(vi) or Section 6.01(a)(vii) hereof occurs, the expenses and the compensation for the services (including the reasonable fees and expenses of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law. 
 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 Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof or Trust Indenture Act Section 310; 

(b) the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer 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 Issuer. 

  
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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 Issuer’s expense), the Issuer 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 Issuer. 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 send 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 Issuer’s 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. 

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, together with its parent, a combined capital and surplus of at least $150.0 million 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 Issuer. The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or been removed shall be
subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at
its option and at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes and all obligations of the Guarantors with respect to the Guarantees upon compliance with the conditions set forth below in this
Article 8. 
 Section 8.02. Legal Defeasance and Discharge. Upon the Issuer’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer 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 the related Guarantees and all Events of Default cured on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means
that the Issuer and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
hereof and the other Sections of this Indenture referred to in (a) and (b) below (it being understood that such Notes shall not be deemed outstanding for accounting purposes), and to have satisfied all their other obligations under the Notes
and this Indenture including that of the 

  
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Guarantors (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same) and to have cured all then existing Events of Default, except
for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
 (a) the rights of
Holders to receive payments in respect of the principal of, premium, if any, and interest on the Notes when such payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof; 

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

(c) the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s and the Guarantors’
obligations in connection therewith; and 
 (d) this Section 8.02. 

Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03. Covenant Defeasance. Upon the
Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from
their obligations under Sections 3.08, 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15 and 4.16 hereof, and clauses (iv) and (v) of Section 5.01(a), and Section 5.01(e) hereof with respect to all outstanding
Notes and the related Guarantees, on and after the date the conditions set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”), and the 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 the Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to all outstanding Notes and the related Guarantees, the Issuer and the Guarantors may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any
such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture
and such Notes and the Guarantees shall be unaffected thereby. In addition, upon the Issuer’s 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, Section 6.01(a)(iii) (solely with respect to the covenants that are released upon a Covenant Defeasance), 6.01(a)(iv), 6.01(a)(v), 6.01(a)(vi) (solely with respect to Restricted Subsidiaries (other than the
Issuer) subject thereto), 6.01(a)(vii) (solely with respect to Restricted Subsidiaries (other than the Issuer) subject thereto) and 6.01(a)(viii) 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 the Notes: 
 (a) the Issuer must irrevocably deposit with the Trustee, in
trust, for the benefit of the Holders of Notes, cash in U.S. dollars, U.S. 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 of, premium, if any, and interest due on the Notes on the stated maturity date or on the Redemption Date, as the case may be, of such principal, premium, if any, or interest on the Notes and the Issuer must specify whether such
Notes are being defeased to maturity or to a particular Redemption Date; 

  
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provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount
is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the Redemption Date (any such amount, the “Applicable Premium Deficit”) only required to be
deposited with the Trustee on or prior to the Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that
confirms that such Applicable Premium Deficit shall be applied toward such redemption; 
 (b) in the case of Legal
Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions: 

(i) the Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or 

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

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and
exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of Covenant
Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of such Covenant Defeasance and will be subject to 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 Covenant Defeasance had not occurred; 

(d) no Event of Default with respect to the Notes (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; 

(e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under,
the Senior Secured Credit Facilities or any other material agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than that resulting from any
borrowing of funds to be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to other Indebtedness, and, in each case, the granting of Liens in connection
therewith); 
 (f) the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was
not made by the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and 

(g) the Issuer 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 U.S. Government Securities to be Held in Trust; Other
Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and U.S. Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding 

  
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Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including
the Issuer or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of the Notes of all sums due and to become due thereon in respect of principal, premium and interest, but such money need not be segregated from other
funds except to the extent required by law. 
 The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or U.S. 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 and the related Guarantees. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee
shall deliver or pay to the Issuer from time to time upon the request of the Issuer any money or U.S. Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06. Repayment to
Issuer. Subject to any applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, 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 Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of the
Note shall thereafter look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease. 

Section 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any United
States dollars or U.S. 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 Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and the Guarantees 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 Issuer make any payment of principal of, premium, if any, or interest on
any Notes following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of the Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01. Without Consent of Holders. Notwithstanding Section 9.02 hereof, the
Issuer, any Guarantor (with respect to a Guarantee or this Indenture) and the Trustee may amend or supplement this Indenture, any Guarantee or Notes without the consent of any Holder: 

(a) to cure any ambiguity, omission, mistake, defect or inconsistency; 

(b) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(c) to comply with Section 5.01 hereof; 

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

  
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 (e) 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; 
 (f)
to add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuer or any Guarantor; 

(g) to provide for the issuance of Additional Notes in accordance with the terms of this Indenture; 

(h) to comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
Trust Indenture Act; 
 (i) to evidence and provide for the acceptance and appointment under this Indenture of a successor
Trustee or a successor Paying Agent hereunder pursuant to the requirements hereof; 
 (j) to make any amendment to the
provisions of this Indenture relating to the transfer or legending of the Notes or 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; 

(k) to add an obligor or a Guarantor under this Indenture or to release an obligor or a Guarantor in accordance with the terms
of this Indenture; 
 (l) to conform the text of this Indenture, Guarantees or the Notes to any provision of the
“Description of the Notes” section of the Offering Memorandum to the extent that such provision in such “Description of the Notes” section was intended to be a verbatim recitation of a provision of this Indenture, Guarantee or
Notes as provided in an Officer’s Certificate; 
 (m) 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 such amendment does not materially and adversely affect
the rights of Holders to transfer Notes; 
 (n) to secure the Notes and/or the related Guarantees or to add collateral
thereto; and 
 (o) to make any other modifications to the Notes or the Indenture of a formal, minor or technical nature or
necessary to correct a manifest error, so long as such modification does not adversely affect the rights of any Holders in any material respect. 

Upon the request of the Issuer accompanied by a resolution of the Board of Directors of the Issuer authorizing the execution of any such
amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof (to the extent requested by the Trustee and subject to the last sentence of Section 9.06), the Trustee shall join with the
Issuer and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee
shall have the right, but not be obligated to, enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. Notwithstanding the foregoing, neither an Opinion of Counsel nor an
Officer’s Certificate, nor a board resolution, shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture,
the form of which is attached as Exhibit D hereto. 
 Section 9.02. With Consent of Holders.
Except as provided in Section 9.01 and this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of at least a majority in principal
amount of all the Notes then outstanding, including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes and, subject to Section 6.04 and 6.07 hereof, any existing Default or Event of Default (other
than 

  
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a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of this Indenture, the Guarantees or the Notes issued thereunder may be waived with the consent of the Holders of a majority in principal amount of all the Notes then outstanding (including consents obtained in
connection with a purchase of or tender offer or exchange offer for the Notes). Section 2.08 hereof and Section 2.09 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this
Section 9.02. 
 Upon the request of the Issuer accompanied by a resolution of the Board of Directors of the Issuer authorizing the
execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, the Trustee shall join with the Issuer and the Guarantors in the
execution of such amended or supplemental indenture, unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 
 It shall not be necessary for the consent
of the Holders under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall send to the Holders affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or
waiver. 
 Without the consent of each affected Holder, an amendment or waiver under this Section 9.02 may not, with respect to any
Notes held by a non-consenting Holder: 
 (a) reduce the principal amount of such
Notes whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the principal of or change the fixed
final maturity of any such Note or alter or waive the provisions with respect to the redemption of such Notes (other than provisions relating to (i) notice periods (to the extent consistent with applicable requirements of clearing and
settlement systems) for redemption and conditions to redemption and (ii) Section 3.08, Section 4.10 and Section 4.14 hereof); 

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

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

(e) make any such Note payable in money other than that stated therein; 

(f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the contractual rights of
Holders to receive payments of principal of, premium, if any, or interest on such Notes; 
 (g) make any change in these
amendment and waiver provisions; 
 (h) amend the contractual right expressly set forth in this Indenture or the Notes of any
Holder to receive payments of principal of, premium, if any, or interest on such Notes or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; 

  
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 (i) make any change to or modify the ranking of such Notes that would
adversely affect the Holders; or 
 (j) except as expressly permitted by this Indenture, modify the Guarantees of any
Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for Parent), would constitute a Significant Subsidiary in any manner materially adverse to the Holders
of such Notes. 
 Section 9.03. Compliance with Trust Indenture Act. Every amendment or
supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies in all material respects with the Trust Indenture Act as then in effect. 

Section 9.04. Revocation and Effect of Consents. Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not
made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 The Issuer 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 number of Holders has been obtained. 

Section 9.05. Notation on or Exchange of Notes. The Trustee may, at the direction of the
Issuer, place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new
Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect the
validity and effect of such amendment, supplement or waiver. 
 Section 9.06. Trustee to Sign
Amendments, etc. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The
Issuer may not sign an amendment, supplement or waiver until the Board of Directors of the Issuer approves it. In executing any amendment, supplement or waiver, the Trustee shall be provided with, upon request, and (subject to Section 7.01
hereof) shall be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officer’s Certificate and an Opinion of Counsel each 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 Issuer and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof (including Section 9.03 hereof). Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officer’s Certificate, nor a resolution, shall be required for the Trustee
to execute any supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto adding a new Guarantor under this Indenture. 

  
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 ARTICLE 10 

GUARANTEES 

Section 10.01. Guarantee. Subject to this Article 10, from and after the Issue Date, each of
the Guarantors hereby, jointly and severally, irrevocably and unconditionally, guarantees, on an unsecured senior basis, 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 Issuer hereunder or thereunder, that: (a) the principal of and interest and premium, if any, on the Notes shall be promptly paid in full when
due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other Obligations of the Issuer to the Holders or the Trustee hereunder or under the
Notes shall be promptly paid in full, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full
when due 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 for whatever reason, the Guarantors shall be jointly and severally
obligated to pay the same promptly. 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 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 (other than payment in full of all of the Obligations of the Issuer hereunder or under the Notes). Each Guarantor hereby waives, to the fullest extent permitted by law, 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 and covenants that this Guarantee shall not be discharged except by full payment of
the obligations contained in the Notes and this Indenture or by release in accordance with the provisions of this Indenture. 
 Each
Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, then any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and
effect. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article 6 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. The Guarantors shall have the right to seek contribution from any nonpaying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Guarantees. Each Guarantor that makes a payment under its
Guarantee shall, to the fullest extent permitted by applicable law, be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro
rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. 

  
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 Until terminated in accordance with Section 10.06, each Guarantee shall remain in full
force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer 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 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 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. 
 The Guarantee
issued by any Guarantor shall be a general unsecured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing and future Senior Indebtedness of such Guarantor, if any. 

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. 
 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 or being void or voidable under any law relating to insolvency of debtors. 

Section 10.03. Execution and Delivery. To evidence its Guarantee set forth in
Section 10.01 hereof, each Guarantor hereby agrees that this Indenture (or a supplemental indenture in the form of Exhibit D hereto) shall be executed on behalf of such Guarantor by one of its authorized officers. 

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 (or a
supplemental indenture in the form of Exhibit D hereto) no longer holds that office at the time the Trustee authenticates a Note, the Guarantee of such Guarantor 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 Issuer 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
against the Issuer in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof; provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or
receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuer under this Indenture or the Notes shall have been paid in full. 

  
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 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) Each Guarantee by a Subsidiary Guarantor shall be automatically and unconditionally released and discharged, and shall
thereupon terminate and be of no further force and effect, and no further action by such Subsidiary Guarantor, the Issuer or the Trustee is required for the release of such Subsidiary Guarantor’s Guarantee, upon: 

(i) (A) any sale, exchange, disposition or transfer (by merger, amalgamation, consolidation, dividend, distribution or
otherwise) of (x) the Capital Stock of such Subsidiary Guarantor, after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary or (y) all or substantially all the assets of such Subsidiary Guarantor, in each case if
such sale, exchange, disposition or transfer is made in compliance with the applicable provisions of this Indenture; 
 (B)
the release or discharge of the guarantee by such Subsidiary Guarantor of Indebtedness under the Senior Secured Credit Facilities, or the release or discharge of such other guarantee that resulted in the creation of such Guarantee, except a
discharge or release by or as a result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement will constitute a release for the purposes of this provision, and that if any such Guarantee is so
reinstated, such Guarantee shall also be reinstated to the extent that such Subsidiary Guarantor would then be required to provide a Guarantee pursuant to Section 4.15 hereof); 

(C) the designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in compliance
with the applicable provisions of this Indenture; 
 (D) the merger or consolidation of any Subsidiary Guarantor with and
into the Issuer or another Guarantor or upon the liquidation of such Guarantor following the transfer of all of its assets to the Issuer or another Guarantor; or 

(E) the exercise by the Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 hereof
or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of this Indenture; and 

(ii) such Subsidiary Guarantor delivering to the Trustee an Officer’s Certificate of such Subsidiary Guarantor or the
Issuer and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction or release and discharge have been complied with. Notwithstanding the foregoing, no Opinion of Counsel shall be
required in the case of a merger or consolidation in accordance with clause (i)(D) of this Section 10.06(a). 
 (b) The
respective Guarantee by each of Parent, HWP and HLT Parent, as the case may be, shall be automatically and unconditionally released and discharged, and shall thereupon terminate and be of no further force and effect, and no further action by Parent,
HWP, HLT Parent, the Issuer or the Trustee is required for the release of such Guarantee, upon: 
 (i) (A) in the case of HWP
or HLT Parent, the release or discharge of any guarantee by HWP or HLT Parent, as applicable, of Indebtedness under the Senior Secured Credit Facilities (it being understood that a release subject to a contingent reinstatement will constitute a
release for the purposes of this provision); or 

  
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 (B) the exercise by the Issuer of its Legal Defeasance option or Covenant
Defeasance option in accordance with Article 8 hereof or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of this Indenture; and 

(ii) Parent, HWP or HLT Parent, as applicable, delivering to the Trustee an Officer’s Certificate of Parent, HWP or HLT
Parent, as applicable, and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such release and discharge 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 all outstanding Notes when either: 
 (a) all Notes theretofore authenticated and delivered,
except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

(b) (i) all Notes 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 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 Issuer, and the Issuer has 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 cash in U.S. dollars, U.S.
dollar-denominated U.S. 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 the Notes not theretofore delivered
to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be
sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any Applicable Premium Deficit only required to be
deposited with the Trustee on or prior to the Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that
confirms that such Applicable Premium Deficit shall be applied toward such redemption of the Notes; 
 (ii) no Event of
Default (other than that resulting from borrowing funds to be applied to make such deposit or any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect to this
Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under the Senior Secured Credit
Facilities or any other material agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than resulting from any 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); 

(iii) the Issuer has paid or caused to be paid all sums payable by it under this Indenture; and 

(iv) the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the
Notes at maturity or the Redemption Date, as the case may be. 
 In addition, the Issuer 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. Such Opinion of Counsel may rely on such Officer’s Certificate as to matters of fact, including clauses (b)(i), (ii),
(iii) and (iv) of this Section 11.01. 

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

Section 11.02. Application of Trust Money. Subject to the provisions of Section 8.06
hereof, all money 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 Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuer or a Guarantor acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the
Trustee; 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 U.S. 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, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if
the Issuer has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders to receive such payment from the money or U.S.
Government Securities held by the Trustee or Paying Agent. 
 ARTICLE 12 

MISCELLANEOUS 

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

Section 12.02. Notices. Any notice or communication by the Issuer, any Guarantor or the
Trustee to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile, electronic mail or other electronic transmission or overnight air courier
guaranteeing next day delivery, to the others’ address: 
 If to the Issuer and/or any Guarantor: 

Hilton Domestic Operating Company Inc. 

c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, VA 22102 
 Facsimile:
(703) 883-6188 
 Attention: Kristin A. Campbell, Executive Vice President and General Counsel 

With a copy to (which shall not constitute notice for any purpose under this Indenture): 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017-3954 
 Facsimile: (212) 455-2502 

Attention: Edgar J. Lewandowski 

If to the Trustee: 
 Wilmington
Trust, National Association 
 Rodney Square North 

1100 North Market Street 

  
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 Wilmington, DE 19890 

Facsimile: (302) 636-4145 

Attention: Hilton Domestic Operating Company Administrator 

The Issuer, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt is acknowledged, if faxed or sent electronically; and the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof and, subject to compliance with
the Trust Indenture Act, on the first date on which publication is made, if given by publication. 
 Any notice or communication to a Holder
shall be electronically delivered, 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 Note Register kept by the Registrar. Any notice
or communication shall also be so delivered or mailed to any Person described in Trust Indenture Act Section 313(c), to the extent required by the Trust Indenture Act. Failure to deliver 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 or otherwise delivered in the
manner provided above within the time prescribed, such notice or communication shall be deemed duly given, whether or not the addressee receives it. 

If the Issuer sends a notice or communication to Holders, they shall send a copy to the Trustee and each Agent at the same time. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any
other communication (including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary. 

Section 12.03. Communication by Holders with Other Holders. 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 Issuer, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act
Section 312(c). 
 Section 12.04. Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Issuer or any of the Guarantors to the Trustee to take any action under this Indenture, the Issuer, or such Guarantor, as the case may be, shall furnish to the Trustee: 

(a) an Officer’s Certificate in form reasonably satisfactory to the Trustee (which shall include the statements set forth
in Section 12.05 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 reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied; provided that, no Opinion of Counsel pursuant to this Section shall be required in connection with the
issuance of the Notes on the Issue Date. 
 Section 12.05. Statements Required in Certificate or
Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to 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: 

  
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 (a) a statement that the Person making such certificate or opinion has read
such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion
of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may
be limited to reliance on an Officer’s Certificate as to matters of fact); and 
 (d) a statement as to whether or not,
in the opinion of such Person, such condition or covenant has been complied with; 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 12.06. Rules by Trustee and Agents. The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders. No
past, present or future director, officer, employee, incorporator, or direct or indirect member, partner or stockholder of Parent, the Issuer or any Guarantor (other than in their respective capacity as an Issuer or Guarantor) or of any of their
direct or indirect parent companies shall have any liability, for any obligations of Parent, the Issuer or the Guarantors under the Notes, the Guarantees or this Indenture or any 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. 

Section 12.08. Governing Law. THIS INDENTURE, THE NOTES AND ANY GUARANTEE, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE, THE NOTES OR ANY GUARANTEE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 12.09. Waiver of Jury Trial. EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE
(1) AGREE TO SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE OR THE NOTES AND (2) 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 12.10. Force Majeure. In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services.

 Section 12.11. No Adverse Interpretation of Other Agreements. This Indenture may not be
used to interpret any other indenture, loan or debt agreement of Parent, the Issuer or Parent’s Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

  
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 Section 12.12. Successors. All agreements
of the Issuer in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee 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 10.06 hereof. 
 Section 12.13. 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 12.14. 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. This Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The exchange of copies of
this Indenture and of signature pages by facsimile or PDF transmissions shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 12.15. 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 12.16. Qualification of Indenture. The Issuer and the Guarantors shall qualify this
Indenture under the Trust Indenture Act in accordance with the terms and conditions of the Registration Rights Agreement and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Issuer, the Guarantors and
the Trustee) incurred in connection therewith, including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be provided with such Officer’s
Certificates, Opinions of Counsel or other documentation as it may reasonably request and as is necessary in connection with any such qualification of this Indenture under the Trust Indenture Act. The Trust Indenture Act shall not apply to this
Indenture prior to such qualification, and all references herein to compliance with the Trust Indenture Act refer to such compliance following any such qualification. 

Section 12.17. USA Patriot Act. The parties hereto acknowledge that in accordance with
Section 326 of the USA Patriot Act the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account. The parties to this agreement agree that they shall provide the Trustee with such information as they may request in order to satisfy the requirements of the USA Patriot Act. 

[Signatures on following page] 

  
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 If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms. 

Very truly yours, 
  

			
	HILTON WORLDWIDE HOLDINGS INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President
	
	HILTON WORLDWIDE FINANCE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President
	
	HILTON DOMESTIC OPERATING COMPANY INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
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Indenture] 

 
					
	90210 BILTMORE MANAGEMENT, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	90210 DESERT RESORTS MANAGEMENT CO., LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	90210 GRAND WAILEA MANAGEMENT CO., LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	90210 LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	90210 MANAGEMENT COMPANY, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	ANDIAMO’S O’HARE, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	BALLY’S GRAND PROPERTY SUB I, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	BLUE BONNET SECURITY, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	CANOPY BRAND MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	CHESTERFIELD VILLAGE HOTEL, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	CONRAD INTERNATIONAL (BELGIUM) LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	 CONRAD INTERNATIONAL (EGYPT) RESORTS

CORPORATION

		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	 CONRAD INTERNATIONAL (INDONESIA)

CORPORATION

		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	CONRAD INTERNATIONAL MANAGE (CIS) LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	CONRAD MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	CURIO BRAND MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	CURIO MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	DESTINATION RESORTS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	DOUBLETREE HOTEL SYSTEMS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	DOUBLETREE HOTELS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	DOUBLETREE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	DOUBLETREE MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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Indenture] 

 
					
	DT MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	DT REAL ESTATE, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	DTM ATLANTA/LEGACY, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
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	DTR FCH HOLDINGS, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
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	EMBASSY DEVELOPMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	EMBASSY SUITES CLUB NO. 1, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	EMBASSY SUITES CLUB NO. THREE, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	EMBASSY SUITES CLUB NO. TWO, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	EMBASSY SUITES MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	FLORIDA CONRAD INTERNATIONAL CORP.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HAMPTON INNS MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON BEVERAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON CHICAGO BEVERAGE I LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON CHICAGO BEVERAGE II LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON CHICAGO BEVERAGE III LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON CHICAGO BEVERAGE IV LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON CORPORATE DIRECTOR LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON DOMESTIC FRANCHISE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON DOMESTIC MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON DOMESTIC OPERATING COMPANY INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON EL CON MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON EL CON OPERATOR LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON FRANCHISE HOLDING LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON GARDEN INNS MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON HAWAII CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON HOLDINGS, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON HOSPITALITY, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON ILLINOIS, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON ILLINOIS HOLDINGS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON NUS HSS, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON SAN DIEGO LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HILTON SUPPLY MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HILTON SYSTEMS SOLUTIONS, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HILTON WORLDWIDE FINANCE CORP.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HILTON WORLDWIDE PARENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT AMITY LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT AUDUBON LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT CONRAD DOMESTIC LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT ESP INTERNATIONAL FRANCHISE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HLT ESP INTERNATIONAL FRANCHISOR CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT ESP INTERNATIONAL MANAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT ESP INTERNATIONAL MANAGEMENT CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	 HLT ESP MANAGE LLC

		
	By:	 	 /s/ W. Steven Standefer

		 	 Name:
	 	 W. Steven Standefer

		 	 Title:
	 	 Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT HSM HOLDING LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT HSS HOLDING LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT JV ACQUISITION LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT LIFESTYLE INTERNATIONAL FRANCHISE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HLT LIFESTYLE INTERNATIONAL FRANCHISOR CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT LIFESTYLE INTERNATIONAL MANAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HLT LIFESTYLE INTERNATIONAL MANAGEMENT CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT LIFESTYLE MANAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HLT PALMER LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HOME2 BRAND MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HOME2 MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HOMEWOOD SUITES MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	HOTEL CLUBS OF CORPORATE WOODS, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HOTELS STATLER COMPANY, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HPP HOTELS USA LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	HPP INTERNATIONAL LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	INNVISION, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	INTERNATIONAL RIVERCENTER LESSEE, L.L.C.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
					
	LXR MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name:	 	W. Steven Standefer
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	MOTTO MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	PEACOCK ALLEY SERVICE COMPANY, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	POTTER’S BAR PALMER HOUSE, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	PROMUS HOTEL SERVICES, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	PROMUS HOTELS FLORIDA LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	PROMUS HOTELS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	PROMUS HOTELS PARENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	SALC, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	SIGNIA HOTEL MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	TAPESTRY MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	TRU BRAND MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	WALDORF=ASTORIA MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	WA COLLECTION INTERNATIONAL, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	WASHINGTON HILTON, L.L.C.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to
Indenture] 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Hallie E. Field

		 	Name: Hallie E. Field
		 	Title: Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

[FORM OF NOTE] 
 [FACE OF NOTE]

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

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

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

  
 A-1 

			
	CUSIP	  	[432833 AE1][U4328R AC8]
	ISIN	  	[US432833AE10][ USU4328RAC89]

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

initially representing [up to] 

$[                ] 

HILTON DOMESTIC OPERATING COMPANY INC.

4.875% Senior Notes due 2030 
  

			
	No.         	  	[$                ]

 Hilton Domestic Operating Company Inc., a Delaware corporation, promises 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 January 15, 2030. 
  

			
	Interest Payment Dates:	  	January 15 and July 15, commencing on January 15, 2020
		
	Record Dates:	  	January 1 and July 1

 Additional provisions of this Note are set forth on the other side of this Note. 

 

	*	 Include only if the Note is issued in global form. 

  
 A-2 

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

Dated: 
  

			
	HILTON DOMESTIC OPERATING COMPANY INC., as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 
			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	                                    

  
 A-4 

 [REVERSE OF NOTE] 

4.875% Senior Notes due 2030 

Except for the references to “Notes” and “Additional Notes” herein, which refer solely to the 4.875% Senior Notes due
2030, capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. Interest. Hilton Domestic Operating Company Inc., a Delaware corporation (such Person, and its respective successors and assigns
under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at a rate per annum of 4.875% from June 20, 20191 until maturity and to pay the Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Issuer will pay interest on this Note semi-annually in arrears
on January 15 and July 15 of each year, beginning January 15, 2020, or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The Issuer will make each interest
payment to the Holder of record of this Note on the immediately preceding January 1 and July 1 (each, a “Record Date”). Interest on this Note will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from and including June 20, 2019. The Issuer 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
rate borne by this Note; the Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at
the rate borne by this Note. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2. Method of Payment. The Issuer will pay interest on this Note to the Person who is the registered Holder of this Note at the close of
business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Note is cancelled 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. Cash payments of principal of, premium, if any, and interest on this Note will be payable at the office or agency of the Issuer maintained for such purpose pursuant to Section 4.02 of the Indenture
or, at the option of the Issuer, cash payment of interest may be made through the Paying Agent by check mailed to the Holders at their respective addresses set forth in the Note Register of Holders, provided that (a) all cash payments of
principal, premium, if any, and interest with respect to Notes represented by Global Notes registered in the name of or held by DTC or its nominee will be made through the Paying Agent by wire transfer of immediately available funds to the accounts
specified by the registered Holder or Holders thereof and (b) all cash payments of principal, premium, if any, and interest with respect to certificated Notes may, at the option of the Issuer, be made by wire transfer to a U.S. dollar account
maintained by the payee with a bank in the United States of America if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately
preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 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, Transfer Agent and Registrar. Initially, Wilmington Trust, National Association, the
Trustee under the Indenture, will act as Paying Agent, Transfer Agent and Registrar. The Issuer may change any Paying Agent, Transfer Agent or Registrar without prior notice to the Holders. The Issuer or any of its Subsidiaries may act in any such
capacity upon written notice to the Trustee. 
 4. Indenture. The Issuer issued the Notes under an Indenture, dated as of
June 20, 2019 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), among the Issuer, the Guarantors from time to time party thereto and the Trustee. This Note is one of a duly authorized issue of
notes of the Issuer designated as its 4.875% Senior Notes due 2030. The Issuer shall be entitled to issue Additional Notes pursuant to Sections 2.01 and 4.09 of the Indenture. The terms of the Notes include those stated in the Indenture and those
expressly made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

 

	1 	 In the case of Notes issued on the Issue Date.

  
 A-5 

 5. Optional Redemption. 

(a) Except as set forth in clauses (b), (d) and (e) of this Section 5 and in clauses (b), (d) and (e) of Section 3.07 of
the Indenture, the Notes will not be redeemable at the Issuer’s option prior to January 15, 2025. 
 (b) At any time prior to
January 15, 2025, the Issuer may, at its option and on one or more occasions, redeem all or a part of the Notes, upon notice in accordance with Section 3.03 of the Indenture, at a redemption price equal to the sum of (A) 100.0% of the
principal amount of the Notes redeemed, plus (B) the Applicable Premium as of the Redemption Date, plus (C) accrued and unpaid interest and Additional Interest, if any, to, but excluding, the Redemption Date, subject to the right of
Holders of record on the relevant Record Date to receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date. 

(c) On and after January 15, 2025, the Issuer may, at its option and on one or more occasions, redeem the Notes, in whole or in part, upon
notice in accordance with Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest and Additional Interest, if any,
thereon 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 falling prior to or on the Redemption Date, if redeemed
during the twelve-month period beginning on January 15 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2025
	  	 	102.4375	% 
	 2026
	  	 	101.6250	% 
	 2027
	  	 	100.8125	% 
	 2028 and thereafter
	  	 	100.0000	% 

 (d) Prior to July 15, 2022, the Issuer may, at its option and on one or more occasions, redeem up to
40.0% of the aggregate principal amount of Notes issued under the Indenture at a redemption price equal to 104.875% of the aggregate principal amount of the Notes redeemed, with an amount not to exceed the net cash proceeds received by the Issuer
from one or more Equity Offerings or a contribution to the Issuer’s common equity capital made with the net cash proceeds of an Equity Offering, plus accrued and unpaid interest and Additional Interest, if any, to, but excluding, the Redemption
Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date; provided that (A) at least 50.0% of
(x) the aggregate principal amount of Notes originally issued under the Indenture on the Issue Date and (y) the aggregate principal amount of any Additional Notes issued under the Indenture after the Issue Date remains outstanding
immediately after the occurrence of each such redemption (unless all such Notes are redeemed substantially concurrently); and (B) each such redemption occurs within 180 days of the date of closing of each such Equity Offering. 

(e) In connection with any tender offer for the Notes, including without limitation any Change of Control Offer, if Holders of not less than
90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly
tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain
outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the
Redemption Date. 
 (f) Any redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of
the Indenture. Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such redemption or notice may, at

  
 A-6 

 
the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering or other transaction. The Issuer may redeem
the Notes pursuant to one or more of the relevant provisions in the Indenture, and a single notice of redemption may be delivered with respect to redemptions made pursuant to different provisions. Any such notice may provide that redemptions made
pursuant to different provisions will have different Redemption Dates. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the Redemption Date
may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or
by the Redemption Date so delayed. In addition, the Issuer may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. The
Issuer and its Affiliates may acquire the Notes by means other than a redemption pursuant to this paragraph 5, whether by tender offer, open market purchases, negotiated transactions or otherwise. 

6. Notice of Redemption. Subject to Sections 3.03 and 3.08 of the Indenture, any notice of redemption shall be delivered electronically
or mailed by first-class mail, postage prepaid, at least 10 but (except as set forth in paragraph 5(f) above and Section 3.07(f) of the Indenture) not more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at
such Holder’s registered address or otherwise in accordance with the Applicable Procedures, except that redemption notices may be delivered electronically or 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. Notes and portions of Notes selected for redemption shall be in integral multiples of $1,000 (but in a minimum amount of $2,000) and 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, the entire outstanding amount of Notes held by such Holder shall be redeemed, even if not in a principal amount of at least $2,000. On and after the Redemption Date, subject to satisfaction of
any conditions precedent specified in the applicable notice of redemption, interest ceases to accrue on this Note or portions thereof called for redemption. 

7. Offers to Repurchase. Upon the occurrence of a Change of Control Triggering Event, the Issuer shall make a Change of Control Offer
for the Notes in accordance with Section 4.14 of the Indenture. In connection with certain Asset Sales, the Issuer shall make an Asset Sale Offer as and when provided in accordance with Sections 3.08 and 4.10 of the Indenture. 

Other than as specifically provided in Section 3.08 or Section 4.10 of the Indenture, any purchase pursuant to Section 3.08 of
the Indenture shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 of the Indenture, and references therein or herein to “redeem,” “redemption,” “Redemption Date” and similar words shall be
deemed to refer to “purchase,” “repurchase,” “Purchase Date” and similar words, as applicable. 
 8.
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. The transfer of Notes shall be registered and Notes may only be
exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part; provided that new Notes will
only be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of
Notes to be redeemed. 
 9. Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes.
Only registered Holders shall have rights hereunder. 
 10. Amendment, Supplement and Waiver. The Indenture, the Guarantees or the
Notes may be amended or supplemented as provided in the Indenture. 

  
 A-7 

 11. Defaults and Remedies. 

(a) The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event of Default (other than an Event
of Default of the type specified in clause (vi) or (vii) of Section 6.01(a) of the Indenture) occurs and is continuing under the Indenture, the Trustee or the Holders of not less than 30.0% in aggregate principal amount of all of the then
outstanding Notes may, by notice to the Issuer and the Trustee, in either case specifying in such notice the respective Event of Default and that such notice is a “notice of acceleration”, declare the principal, premium, if any, interest
and any other monetary obligations on all the then outstanding Notes to be due and payable immediately. Upon the effectiveness of such declaration, such principal of and premium, if any, and interest will be due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default arising under clause (vi) or (vii) of Section 6.01(a) of the Indenture, all outstanding Notes will become due and payable without further action or notice. Holders may not
enforce the Indenture, the Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of all the Notes then outstanding may direct the Trustee in its exercise of
any trust or power. 
 (b) The Trustee may withhold from the Holders 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. In addition, subject to Section 6.05 of the Indenture, the Trustee will have no obligation to accelerate the Notes if in the
judgment of the Trustee acceleration is not in the interests of the Holders of all of the Notes. 
 (c) Holders of a majority in aggregate
principal amount of all the Notes then outstanding, by notice to the Trustee (with a copy to the Issuer, provided that any waiver or rescission under Section 6.04 of the Indenture shall be valid and binding notwithstanding the failure to
provide a copy of such notice to the Issuer) may on behalf of the Holders of all of the Notes waive any existing Default and its consequences under the Indenture (except a continuing Default in the payment of interest on, premium, if any, or the
principal of any Note held by a non-consenting Holder) (including in connection with an Asset Sale Offer or a Change of Control Offer) and rescind any acceleration with respect to the Notes and its
consequences under the Indenture (except if such rescission 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 the Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

(d) Parent is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and Parent shall promptly (which
shall be no more than 20 Business Days after becoming aware of such Default) deliver to the Trustee by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such event and what action the Issuer proposes
to take with respect thereto. 
 12. Guarantees. The Issuer’s obligations under the Notes are fully and unconditionally
guaranteed, jointly and severally, by the Guarantors from time to time party to the Indenture. 
 13. Authentication. This Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

14. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to
Holders under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, including the right to receive Additional Interest (as defined in the
Registration Rights Agreement). 
 15. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO
THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 16. CUSIP Numbers and ISINs.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and the Trustee may use CUSIP numbers and ISINs in notices of
redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon. 

  
 A-8 

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to the Issuer at the following address: 
 Hilton Domestic Operating
Company Inc. 
 c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, VA 22102 

Facsimile:        (703) 883-6188 

Attention:        Kristin A. Campbell, Executive Vice President and General Counsel 

With a copy to: 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, NY 10017 

Facsimile:        (212) 455-2502 

Attention:        Edgar J. Lewandowski 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

					
	(I) or (we) assign and transfer this Note to:    	  	                                   
             	  	
		  	(Insert assignee’s legal name)	  	

  
  

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

 
  

 
  

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

 

					
	Date: ____________________	 		  	
		 	Your Signature:	  	  

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

 Signature
Guarantee*:                                       
                          
  

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

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer 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 Note purchased by the Issuer
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 Note)
		
		  	Tax Identification No.:

 Signature
Guarantee*:                                       
                              

 

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

  
 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

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

									
	 Date of Exchange
	 	 Amount of

decrease in
 Principal Amount

of this Global Note
	 	 Amount of increase

in Principal Amount
 of this Global
Note
	 	 Principal Amount of

this Global Note
 following such

decrease or increase
	 	 Signature of

authorized
 signatory of

Trustee or

Custodian

 

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

  
 A-12 

 EXHIBIT B 

[FORM OF CERTIFICATE OF TRANSFER] 
 Hilton
Domestic Operating Company Inc. 
 c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 
 McLean, VA 22102 

Facsimile:    (703) 883-6188 

Attention:    Kristin A. Campbell, Executive Vice President and General Counsel 

With a copy to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, NY 10017-3954 

Facsimile:    (212) 455-2502 

Attention:    Edgar J. Lewandowski 

Wilmington Trust, National Association 
 Rodney Square North 

1100 North Market Street 
 Wilmington, DE 19890 

Facsimile:    (302) 636-4145 

Attention:     Hilton Domestic Operating Company Administrator 
  

	 	Re:	 Hilton Domestic Operating Company Inc. 4.875% Senior Notes due 2030 

Reference is hereby made to the Indenture, dated as of June 20, 2019 (as amended, supplemented or otherwise modified from time to time,
the “Indenture”), among Hilton Domestic Operating Company Inc., a Delaware corporation (the “Issuer”), the Guarantors (as defined therein) from time to time party thereto and Wilmington Trust, National Association,
a national banking association, as 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 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 any applicable blue sky securities laws of any state of the United States. 

  
 B-1 

 2. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT
REGULATION S GLOBAL NOTE OR RELEVANT 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, (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 applicable 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. 
 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 Issuer 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. 

  
 A-2-2 

 (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. 

  
 A-2-3 

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

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: __________ 

  
 A-2-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

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

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

	 	(a)	 [ ] a beneficial interest in the: 

 

	 	(i)	 [ ] 144A Global Note (CUSIP: 432833 AE1),or 

 

	 	(ii)	 [ ] Regulation S Global Note (CUSIP: U4328R AC8),or 

 

	 	(b)	 [ ] a Restricted Definitive Note. 

 

	 	2.	 After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	 	(a)	 [ ] a beneficial interest in the: 

 

	 	(i)	 [ ] 144A Global Note (CUSIP: 432833 AE1),or 

 

	 	(ii)	 [ ] Regulation S Global Note (CUSIP: U4328R AC8),or 

 

	 	(iii)	 [ ] Unrestricted Global Note (CUSIP: 432833 AF8),or 

 

	 	(b)	 [ ] a Restricted Definitive Note; or 

 

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

  
 A-2-5 

 EXHIBIT C 

[FORM OF CERTIFICATE OF EXCHANGE] 
 Hilton
Domestic Operating Company Inc. 
 c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 
 McLean, VA 22102 

Facsimile:    (703) 883-6188 

Attention:    Kristin A. Campbell, Executive Vice President and General Counsel 

With a copy to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, NY 10017-3954 

Facsimile:    (212) 455-2502 

Attention:    Edgar J. Lewandowski 

Wilmington Trust, National Association 
 Rodney Square North 

1100 North Market Street 
 Wilmington, DE 19890 

Facsimile:    (302) 636-4145 

Attention: Hilton Domestic Operating Company Administrator 
  

	 	Re:	 Hilton Domestic Operating Company Inc. 4.875% Senior Notes due 2030 

Reference is hereby made to the Indenture, dated as of June 20, 2019 (as amended, supplemented or otherwise modified from time to time,
the “Indenture”), among Hilton Domestic Operating Company Inc., a Delaware corporation, (the “Issuer”), the Guarantors (as defined therein) from time to time party thereto and Wilmington Trust, National Association,
a national banking association, as 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 Note[s] or an interest in such Note[s], in the principal amount of
$                     in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies
that: 
 1. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 
 (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act 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.

  
 C-1 

 (b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the 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) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED
DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act 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. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act 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 OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 

(a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the
Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b) [ ]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note
[ ] Regulation S Global Note in each case, 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. 

  
 C-2 

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

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: __________ 

  
 C-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                        , among
                                 (the “Guaranteeing Subsidiary”), a
subsidiary of Hilton Domestic Operating Company Inc., a Delaware corporation (the “Issuer”), and Wilmington Trust, National Association, a national banking association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuer has heretofore executed and delivered to the Trustee an Indenture, dated as of June 20, 2019 (as amended, supplemented or otherwise modified, the “Indenture”) providing for the issuance of an unlimited aggregate
principal amount of 4.875% Senior Notes due 2030 (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 Issuer’s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and 
 WHEREAS, pursuant
to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture without the consent of the Holders. 

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 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 acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to
(i) join and become a party to the Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by, and with respect to, each signatory hereto; and (iii) perform all obligations and
duties required of a Guarantor pursuant to the Indenture. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Indenture, including, but not limited to, Article
10 thereof. 
 (3) Notices. All notices or other communications to the Guaranteeing Subsidiary shall be given as provided in
Section 12.02 of the Indenture. 
 (4) 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. 
 (5)
Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full
force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

(6) No Recourse Against Others. No past, present or future director, officer, employee, incorporator, or direct or indirect member,
partner or stockholder of Parent, the Issuer or any Guaranteeing Subsidiary shall have any liability for any obligations of Parent, the Issuer or the Guarantors, including the Guaranteeing Subsidiary (other than in their capacity as Issuer or
Guarantor), 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. 

  
 D-1 

 (7) Governing Law. THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO 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. This Supplemental Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The exchange of copies of this Supplemental Indenture and of
signature pages by facsimile or PDF transmissions 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 for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures 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) 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. 
 (12) Successors. All
agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as otherwise provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

 [Signatures on following page] 

  
 D-2 

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

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3EX-4.3

 Exhibit 4.3 
  

 
 HILTON DOMESTIC OPERATING COMPANY
INC. 
 $1,000,000,000 4.875% Senior Notes due 2030 

 
  

 
 REGISTRATION RIGHTS AGREEMENT

 dated June 20, 2019 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 1.
	 	DEFINITIONS	  	 	1	 
			
	 2.
	 	EXCHANGE OFFER	  	 	4	 
			
	 3.
	 	SHELF REGISTRATION	  	 	8	 
			
	 4.
	 	ADDITIONAL INTEREST	  	 	9	 
			
	 5.
	 	REGISTRATION PROCEDURES	  	 	10	 
			
	 6.
	 	REGISTRATION EXPENSES	  	 	16	 
			
	 7.
	 	INDEMNIFICATION AND CONTRIBUTION.	  	 	17	 
			
	 8.
	 	RULE 144A	  	 	20	 
			
	 9.
	 	UNDERWRITTEN REGISTRATIONS.	  	 	21	 
			
	 10.
	 	MISCELLANEOUS	  	 	21	 

  
 -i- 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is dated as of June 20, 2019, and is entered into by and among
Hilton Domestic Operating Company Inc., a Delaware corporation (the “Issuer”) and a wholly-owned subsidiary of Parent (as defined below), Hilton Worldwide Holdings Inc., a Delaware corporation (the “Company”) and
the direct parent company of HWP (as defined below), Hilton Worldwide Finance LLC, a Delaware limited liability company (“Parent”), Hilton Worldwide Parent LLC, a Delaware limited liability company (“HWP”) and the
direct parent company of Parent, the Subsidiary Guarantors (as defined below) and BofA Securities, Inc., as representative (the “Representative”) of the several initial purchasers named on Annex A to the Purchase Agreement
referenced below (collectively, the “Initial Purchasers”). 
 This Agreement is entered into in connection with the
Purchase Agreement, dated as of June 10, 2019, by and among the Company, HWP, Parent, the Issuer, the Subsidiary Guarantors and the Representative on behalf of the Initial Purchasers, which provides for, among other things, the sale by the
Issuer to the Initial Purchasers of $1,000,000,000 in aggregate principal amount of the Issuer’s 4.875% Senior Notes due 2030 (the “Notes”). The Notes are issued under an indenture dated as of June 20, 2019 (such
indenture, as amended or supplemented from time to time, the “Indenture”), by and among the Issuer, HWP, Parent, the Company, the Subsidiary Guarantors and Wilmington Trust, National Association, as trustee (the
“Trustee”). The payment of principal, premium, Additional Interest (as defined in the Indenture), if any, and interest on the Notes will be fully and unconditionally guaranteed on a senior unsecured basis (the
“Guarantees”), jointly and severally, on and after the date hereof, by the Company, HWP, Parent and by each of Parent’s existing wholly owned domestic restricted subsidiaries (other than the Issuer) that guarantee the
obligations under the Credit Agreement (as defined below). References to the “Securities” shall mean, collectively, the Notes and the Guarantees. In order to induce the Initial Purchasers to enter into the Purchase Agreement, the
Company, Parent, HWP, the Issuer and the Subsidiary Guarantors have agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and, except as otherwise set forth herein, any subsequent holder or
holders of the Securities on the terms, and subject to the conditions, set forth herein. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligations under the Purchase Agreement. 

The parties hereby agree as follows: 

1. Definitions 
 As used
in this Agreement, the following terms shall have the following meanings: 
 Additional Interest: See Section 4(a) hereof. 

Additional Interest Event: See Section 4(a) hereof. 

Advice: See the last paragraph of Section 5 hereof. 

Agreement: See the introductory paragraphs hereto. 

Applicable Period: See Section 2(b) hereof. 

Board: See Section 3(a) hereof. 

 Business Day: Shall have the meaning ascribed to such term in Rule 14d-1(g)(3) under the Exchange Act. 
 Company: See the introductory paragraphs hereto. 

Credit Agreement: shall mean that certain Credit Agreement, dated as of October 25, 2013 (as amended, restated, supplemented or
otherwise modified from time to time), by and among Parent, the Company, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties thereto. 

Effectiveness Period: See Section 3(a) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

Exchange Notes: See Section 2(a) hereof. 

Exchange Notes Guarantees: See Section 2(a) hereof. 

Exchange Offer: See Section 2(a) hereof. 

Exchange Offer Registration Statement: See Section 2(a) hereof. 

Exchange Securities: See Section 2(a) hereof. 

FINRA: See Section 5(r) hereof. 

Guarantees: See the introductory paragraphs hereto. 

Guarantors: shall mean the Company, HWP, Parent, any Subsidiary Guarantors and any of their successors that Guarantees the Notes. 

Holder: Any holder of a Transfer Restricted Security or Transfer Restricted Securities, including, where applicable, each Participating
Broker-Dealer. 
 HWP: See the introductory paragraphs hereto. 

Indenture: See the introductory paragraphs hereto. 

Information: See Section 5(n) hereof. 

Initial Purchasers: See the introductory paragraphs hereto. 

Initial Shelf Registration: See Section 3(a) hereof. 

Inspectors: See Section 5(n) hereof. 

Issue Date: June 20, 2019, the date of original issuance of the Notes. 

Issuer: See the introductory paragraphs hereto. 

Notes: See the introductory paragraphs hereto. 

  
 -2- 

 Parent: See the introductory paragraphs hereto. 

Participant: See Section 7(a) hereof. 

Participating Broker-Dealer: See Section 2(b) hereof. 

Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm or other legal entity. 
 Private Exchange: See Section 2(b) hereof. 

Private Exchange Notes: See Section 2(b) hereof. 

Prospectus: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B under the Securities Act and any term sheet filed pursuant to Rule 433
under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus. 
 Purchase Agreement: See the introductory paragraphs hereof. 

Records: See Section 5(n) hereof. 

Registration Statement: Any registration statement of the Issuer that covers any of the Securities, the Exchange Securities or the
Private Exchange Notes (and the related Guarantees) filed with the SEC under the Securities Act, including, in each case, the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits,
and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

Representative: See the introductory paragraphs hereto. 

Rule 144: Rule 144 under the Securities Act. 

Rule 144A: Rule 144A under the Securities Act. 

Rule 405: Rule 405 under the Securities Act. 

Rule 415: Rule 415 under the Securities Act. 

Rule 424: Rule 424 under the Securities Act. 

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

Securities: See the introductory paragraphs hereto. 

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

Shelf Notice: See Section 2(c) hereof. 

  
 -3- 

 Shelf Registration: See Section 3(b) hereof. 

Shelf Registration Statement: Any Registration Statement relating to a Shelf Registration. 

Shelf Suspension Period: See Section 3(a) hereof. 

Subsequent Shelf Registration: See Section 3(b) hereof. 

Subsidiary Guarantors: shall mean any subsidiary of Parent that issues a Guarantee under the Indenture on or after the date of this
Agreement. 
 TIA: The Trust Indenture Act of 1939, as amended. 

Transfer Restricted Securities: Each Security upon its original issuance and at all times subsequent thereto, each Exchange Security as
to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note (and the related Guarantees) upon original issuance thereof and at all times subsequent thereto, until, in
each case, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Securities as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration Statement) covering such Security,
Exchange Security or Private Exchange Note (and the related Guarantees) has been declared effective by the SEC and such Security, Exchange Security or such Private Exchange Note (and the related Guarantees), as the case may be, has been disposed of
in accordance with such effective Registration Statement, (ii) such Security has been exchanged pursuant to the Exchange Offer for an Exchange Security or Exchange Securities that may be resold without restriction under state and federal
securities laws, (iii) such Security, Exchange Security or Private Exchange Note (and the related Guarantees), as the case may be, ceases to be outstanding for purposes of the Indenture or (iv) the later of (x) the date which is two
years after the date the Securities were originally issued and (y) the date upon which such Security, Exchange Security or Private Exchange Note (and the related Guarantees), as the case may be, has been resold in compliance with Rule 144. 

Trustee: The trustee under the Indenture and the trustee under any indenture (if different) governing the Exchange Securities and
Private Exchange Notes (and the related Guarantees). 
 Underwritten registration or underwritten offering: A registration in which
securities of the Issuer are sold to one or more underwriters for reoffering to the public. 
 Except as otherwise specifically provided,
all references in this Agreement to acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory requirements (collectively, “Regulatory Requirements”)
shall be deemed to refer also to any amendments thereto and all subsequent Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided that Rule 144 shall not be deemed to amend or replace
Rule 144A. 
 2. Exchange Offer 

(a) Unless the Exchange Offer would violate applicable law or any applicable interpretation of the staff of the SEC, the Issuer and the
Guarantors shall, at their sole expense, use their respective commercially reasonable efforts to prepare and file with the SEC one or more Registration Statements (each, an “Exchange Offer Registration Statement”) on an appropriate
registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Transfer Restricted Securities for a like aggregate principal amount of debt securities of the same series of the Issuer
(such debt 

  
 -4- 

 
securities, the “Exchange Notes”), guaranteed, to the extent applicable, on a senior unsecured basis by the Guarantors, (the “Exchange Notes Guarantees” and,
together with the Exchange Notes, the “Exchange Securities”), that are substantially identical in all material respects to the Notes except that the Exchange Notes (i) shall contain no restrictive legend thereon,
(ii) shall accrue interest from (A) the later of (x) the last date on which interest was paid on such Notes or (y) if such Notes are surrendered for exchange on a date in a period that includes the record date for an interest
payment date to occur on or after the date of such exchange and as to which interest will be paid, the date of such interest payment date or (B) if no such interest has been paid, from the Issue Date and (iii) shall be entitled to the
benefits of the Indenture or a trust indenture which is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with the TIA) and which, in either
case, has been qualified under the TIA. The Issuer and the Guarantors shall use their respective commercially reasonable efforts to cause the Exchange Offer Registration Statement to be declared effective. Upon an Exchange Offer Registration
Statement being declared effective, the Issuer and the Guarantors shall commence the Exchange Offer. The Exchange Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable federal and state
securities laws. The Issuer and the Guarantors shall use their respective commercially reasonable efforts to (x) keep the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of
the Exchange Offer is sent to Holders; and (y) consummate the Exchange Offer on or prior to the 450th day following the Issue Date. 

Each Holder (including, without limitation, each Participating Broker-Dealer) that participates in the Exchange Offer, as a condition to
participation in the Exchange Offer, will be required to represent to the Issuer in writing (which may be contained in the applicable letter of transmittal) substantially to the effect that: (i) any Exchange Securities acquired in exchange for
Transfer Restricted Securities tendered are being acquired in the ordinary course of business of the Person receiving such Exchange Securities, whether or not such recipient is such Holder itself; (ii) at the time of the commencement or
consummation of the Exchange Offer neither such Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Securities from such Holder, has an arrangement or understanding with any Person to participate in the
distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act; (iii) neither the Holder nor, to the knowledge of such Holder, any other Person receiving Exchange
Securities from such Holder is an “affiliate” (as defined in Rule 405) of either the Issuer or any Guarantor; (iv) if such Holder is not a broker-dealer, neither such Holder nor, to the knowledge of such Holder, any other Person
receiving Exchange Securities from such Holder, is engaging in or intends to engage in a distribution of the Exchange Securities; and (v) if such Holder is a Participating Broker Dealer, such Holder has acquired the Transfer Restricted
Securities for its own account in exchange for Securities that were acquired as a result of market-making activities or other trading activities and that it will comply with the applicable provisions of the Securities Act (including, but not limited
to, the prospectus delivery requirements thereunder). In addition, all Holders of Transfer Restricted Securities shall otherwise cooperate in the Company’s and the Issuer’s preparations for the Exchange Offer. 

Upon consummation of the Exchange Offer in accordance with this Section 2, the provisions of this Agreement shall continue to apply,
mutatis mutandis, solely with respect to Transfer Restricted Securities that are Private Exchange Notes (and the related Guarantees), Exchange Securities as to which Section 2(c)(iv) hereof is applicable and Exchange Securities
held by Participating Broker-Dealers, and the Issuer and the Guarantors shall have no further obligation to register Transfer Restricted Securities (other than Private Exchange Notes (and the related Guarantees) and Exchange Securities as to which
clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. 

  
 -5- 

 (b) The Company shall include within the Prospectus contained in the Exchange Offer
Registration Statement a section entitled “Plan of Distribution,” which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of any
broker-dealer that is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer (a “Participating Broker
Dealer”), whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC. Such “Plan of Distribution” section shall
also expressly permit, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Participating Broker-Dealers, and include a statement describing the means by which Participating Broker-Dealers may
resell the Exchange Securities in compliance with the Securities Act. 
 Each of the Issuer and the Guarantors shall use its commercially
reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the Exchange Securities; provided, however, that such period shall not be required to exceed 90
days after the date on which the Exchange Offer Registration Statement is declared effective, such period as extended, if at all, pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”). 

If, immediately prior to the consummation of the Exchange Offer, the Initial Purchasers hold any Notes acquired by them that have the status
of an unsold allotment in the initial distribution, the Issuer, upon the written request of the Initial Purchasers, shall simultaneously with the delivery of the Exchange Notes issue and deliver to the Initial Purchasers, in exchange (the
“Private Exchange”) for such Notes held by any such Initial Purchaser, a like principal amount of notes (the “Private Exchange Notes”) of the Issuer guaranteed by the Guarantors, that are identical in all material
respects to the Exchange Notes except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the
Exchange Notes if permitted by the CUSIP Service Bureau. 
 In connection with the Exchange Offer, the Issuer and the Guarantors shall: 

(1) send, or cause to be sent, to each Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus
forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

(2) use their respective commercially reasonable efforts to keep the Exchange Offer open for not less than 20 Business Days (or
longer if required by applicable law) after the date that notice of the Exchange Offer is sent to Holders; 
 (3) utilize the
services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York or in Wilmington, Delaware; 

(4) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last Business
Day on which the Exchange Offer remains open; and 
 (5) otherwise comply in all material respects with all laws, rules and
regulations applicable to the Exchange Offer. 

  
 -6- 

 As soon as practicable after the close of the Exchange Offer and any Private Exchange, the
Issuer and the Guarantors shall: 
 (1) accept for exchange all Transfer Restricted Securities validly tendered and not
validly withdrawn pursuant to the Exchange Offer and any Private Exchange; 
 (2) deliver to the Trustee for cancellation all
Transfer Restricted Securities so accepted for exchange; and 
 (3) cause the Trustee to authenticate and deliver promptly to
each Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange; provided that, in the case of any Notes held in global form by a depositary,
authentication and delivery to such depositary of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery
requirement. 
 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange
Offer or Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the SEC; (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental
agency which, in the Company’s judgment, might materially impair the ability of the Issuer and the Guarantors to proceed with the Exchange Offer or the Private Exchange, and, in the Company’s judgment, no material adverse development shall
have occurred in any existing action or proceeding with respect to the Issuer and the Guarantors; (iii) all governmental approvals shall have been obtained, which approvals the Company deems necessary for the consummation of the Exchange Offer
or Private Exchange; and (iv) the accuracy of customary representations of the Holders and other representations as may reasonably be necessary under applicable SEC rules, regulations or interpretations, the satisfaction by the Holders of
customary conditions relating to the delivery of Securities and the execution and delivery of customary documentation relating to the Exchange Offer or Private Exchanges, as applicable. 

The Exchange Securities and the Private Exchange Notes (and related guarantees) shall be issued under (i) the Indenture or (ii) an
indenture substantially identical in all material respects to the Indenture and which, in either case, has been qualified under the TIA or is exempt from such qualification and shall provide that the Exchange Securities shall not be subject to the
transfer restrictions set forth in the Indenture. The Indenture or such other indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the
Exchange Notes, the Private Exchange Notes or the Notes will have the right to vote or consent as a separate class on any matter. 
 (c) If,
(i) because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuer or the Guarantors are not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated by the 450th day
following the Issue Date, (iii) any holder of Private Exchange Notes so requests in writing to the Company at any time within 30 days after the consummation of the Exchange Offer, or (iv) in the case of any Holder that participates in the
Exchange Offer, such Holder does not receive Exchange Securities on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of the
Issuer or any Guarantor within the meaning of the Securities Act) and so notifies the Company within 30 days after such Holder first becomes aware of such restrictions (but in any event no later than 30 days after the consummation of the Exchange
Offer), in the case of each of clauses (i) through (iv) of this sentence, then the Issuer and the Guarantors shall promptly deliver to the Trustee (to deliver to the Holders) written notice thereof (the “Shelf Notice”) and
shall file a Shelf Registration pursuant to Section 3 hereof. 

  
 -7- 

 3. Shelf Registration 

If at any time a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then: 

(a) Shelf Registration. The Issuer and the Guarantors shall, at their sole expense, use their respective commercially reasonable efforts
to file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Transfer Restricted Securities (the “Initial Shelf Registration”) as soon as practicable after
the filing obligation arises. The Initial Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Transfer Restricted Securities for resale by Holders in the manner
or manners designated by them (including, without limitation, one or more underwritten offerings). 
 The Issuer and the Guarantors shall
use their respective commercially reasonable efforts to cause the Initial Shelf Registration to be declared effective under the Securities Act promptly, and to keep the Initial Shelf Registration continuously effective under the Securities Act until
the earliest of (i) the date that is one year following its effective date and (ii) the date upon which all Transfer Restricted Securities have been sold thereunder; provided that the Issuer and the Guarantors shall have no
obligation to file or maintain a Shelf Registration after the second anniversary of the Issue Date if at such time all of the Securities covered by such Shelf Registration (except for Securities held by an affiliate of the Company) are eligible for
resale under Rule 144, without regard to volume, manner of sale or other restrictions contained in Rule 144 under the Securities Act (or any successor rule) (the “Effectiveness Period”). Notwithstanding anything to the contrary in
this Agreement, at any time, the Company may delay the filing of any Shelf Registration or delay or suspend the effectiveness thereof, for a reasonable period of time, but not in excess of 60 consecutive days or more than three (3) times during
any calendar year (each, a “Shelf Suspension Period”), if the Board of Directors of the Issuer or a similar governing body of any parent company of the Issuer (each, a “Board”) determines reasonably and in good
faith that the filing of any such Initial Shelf Registration or the continuing effectiveness thereof would require the disclosure of non-public material information that, in the reasonable judgment of such
Board, would be detrimental to the Issuer if so disclosed or would otherwise materially adversely affect a financing, acquisition, disposition, merger or other material transaction or such action is required by applicable law. Any Shelf Suspension
Period pursuant to this Section 3(a) shall begin on the date specified in a written notice given by the Company to the Holders and shall end on the date specified in a subsequent written notice given by the Company to the Holders. 

(b) Withdrawal of Stop Orders; Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration
ceases to be effective for any reason at any time during the Effectiveness Period (other than in the case of Shelf Suspension Period(s) permitted by this Agreement and other than because of the sale of all of the Securities registered thereunder),
the Issuer and the Guarantors shall use their respective commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall file an additional Shelf Registration Statement
pursuant to Rule 415 covering all of the Transfer Restricted Securities covered by and not sold under the Initial Shelf Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent Shelf Registration”). If a
Subsequent Shelf Registration is filed, the Issuer and the Guarantors shall use their respective commercially reasonable efforts to cause the Subsequent Shelf Registration to be declared effective under the Securities Act as soon as practicable
after such filing and to keep such subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration or any
Subsequent Shelf Registration was previously continuously effective. As used herein, the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registration. 

  
 -8- 

 (c) Supplements and Amendments. The Issuer and the Guarantors shall promptly
supplement and/or amend the Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the Holders
of a majority in aggregate principal amount of the Transfer Restricted Securities (or their counsel) covered by such Registration Statement with respect to the information included therein with respect to one or more of such Holders, or, if
reasonably requested by any underwriter of such Transfer Restricted Securities, with respect to the information included therein with respect to such underwriter. 

4. Additional Interest 

(a) The Issuer, the Guarantors and the Initial Purchasers agree that the Holders will suffer damages if the Issuer and the Guarantors fail to
fulfill their obligations under Section 2 or Section 3 hereof, as further specified in this Section 4, and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuer and the
Guarantors agree to pay, jointly and severally, as liquidated damages, additional interest on the Notes (“Additional Interest”) if (A) the Issuer and the Guarantors have neither (i) exchanged Exchange Securities for all
Transfer Restricted Securities validly tendered in accordance with the terms of the Exchange Offer nor (ii) if applicable, had a Shelf Registration Statement declared effective, in either case on or prior to the 450th day after the Issue Date
(or in the case of a Shelf Registration Statement, such later date that such Shelf Registration is required to be declared effective determined in accordance with Section 2(c) and 3(a) hereof), or (B) if applicable, a Shelf Registration
has been declared effective and such Shelf Registration ceases to be effective at any time during the Effectiveness Period (other than because of the sale of all of the Transfer Restricted Securities registered thereunder) (each such event referred
to in clauses (A) and (B), an “Additional Interest Event”), then Additional Interest shall accrue on the principal amount of the Notes then outstanding (but, following the consummation of the Exchange Offer, only on the
principal amount of such Notes that could not be exchanged or were not exchanged as specified in Section 2(c) hereof) at a rate of 0.25% per annum during the 90-day period immediately following the
occurrence of any Additional Interest Event (which rate will be increased by an additional 0.25% per annum for each subsequent 90-day period that such Additional Interest continues to accrue; provided
that the rate at which such Additional Interest accrues may in no event exceed 1.00% per annum) (such Additional Interest to be calculated by the Issuer) commencing on the (x) 451st day after the Issue Date, in the case of clause (A)(i) above,
(y) such later date that a Shelf Registration is required to be declared effective determined in accordance with Section 2(c) and 3(a) hereof, in the case of clause (A)(ii) above, or (z) the day such Shelf Registration ceases to be
effective in the case of clause (B) above; provided, however, that upon the exchange of the Exchange Securities for all Transfer Restricted Securities validly tendered (in the case of clause (A) of this Section 4(a)), or
upon the effectiveness of the applicable Shelf Registration Statement which had ceased to remain effective (in the case of clause (B) of this Section 4(a)) or if the Notes otherwise no longer constitute Transfer Restricted Securities,
Additional Interest on the Notes in respect of which such events relate as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. The obligation of the Issuer and the Guarantors to pay Additional
Interest as set forth in this Section 4 shall be the sole and exclusive monetary remedy of the Holders and Participating Broker-Dealers for any Additional Interest Event. Notwithstanding anything to the contrary herein, (i) the amount of
Additional Interest payable shall not increase because more than one Additional Interest Event has occurred and is continuing, (ii) a Holder or Participating Broker-Dealer that is not entitled to the benefits of the Shelf Registration shall not
be entitled to Additional Interest with respect to any Additional Interest Event that pertains to the Shelf Registration and (iii) the Issuer and the Guarantors shall not be obligated to pay Additional Interest provided in this Section 4
during a Shelf Suspension Period permitted by Section 3(a) hereof. 

  
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 (b) The Issuer shall notify the Trustee within five Business Days after the occurrence of an
Additional Interest Event in respect of which Additional Interest is required to be paid. Any amounts of Additional Interest due pursuant to clause (a) of this Section 4 will be payable in cash semiannually on each January 15 and
July 15 (to the Holders of record on the January 1 and July 1 immediately preceding such dates), in each case commencing with the first such date occurring after any such Additional Interest commences to accrue. The amount of
Additional Interest will be determined by the Issuer by multiplying the applicable Additional Interest rate by the applicable principal amount of the Transfer Restricted Securities entitled to such Additional Interest (as determined pursuant to
Section 4(a) hereof), multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year
consisting of twelve 30 day months and, in the case of a partial month, the actual number of days elapsed), and the denominator of which is 360. 

5. Registration Procedures 

In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuer and the Guarantors shall use
their respective commercially reasonable efforts to effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with
any Registration Statement filed by the Issuer and the Guarantors hereunder, the Issuer and the Guarantors shall: 
 (a) Use their respective
commercially reasonable efforts to prepare and file with the SEC, a Registration Statement or Registration Statements as prescribed by Section 2 or 3 hereof, and use their respective commercially reasonable efforts to cause each such
Registration Statement to become effective and remain effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period relating thereto from whom the
Issuer has received prior written notice that it will be a Participating Broker-Dealer in the Exchange Offer, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuer and the Guarantors shall
furnish to and afford counsel for the Holders of the Transfer Restricted Securities covered by such Registration Statement (with respect to a Registration Statement filed pursuant to Section 3 hereof), which shall be a single firm and which
shall be Davis Polk & Wardwell LLP or such other firm selected by the Holders holding a majority in principal amount of the Registrable Securities covered by such Registration Statement or counsel for such Participating Broker-Dealer (with
respect to any such Registration Statement), as the case may be, and counsel to the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference
therein and all exhibits thereto) proposed to be filed (in each case at least three Business Days prior to such filing). The Issuer and the Guarantors shall not file any Registration Statement or Prospectus or any amendments or supplements thereto
if the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities covered by such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object. 

(b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period, the Applicable Period or until consummation of the Exchange Offer, as the case may be; cause the
related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424; and comply with the provisions of the Securities Act and the Exchange Act applicable to them with
respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer
covered by any such Prospectus in all material respects. The Issuer and the Guarantors shall be deemed not to have used their respective 

  
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commercially reasonable efforts to keep a Registration Statement effective if they voluntarily take any action that is reasonably expected to result in selling Holders of the Transfer Restricted
Securities covered thereby or Participating Broker-Dealers seeking to sell Exchange Securities not being able to sell such Transfer Restricted Securities or such Exchange Securities during that period unless such action is required by applicable law
or permitted by this Agreement. 
 (c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period
relating thereto from whom the Issuer has received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Transfer Restricted Securities (with respect to a Registration Statement filed
pursuant to Section 3 hereof), or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing underwriters, if any, promptly (but in any event within three Business
Days), and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuer and the Guarantors, one conformed copy of such Registration Statement or post-effective
amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of
any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of
the Transfer Restricted Securities or resales of Exchange Securities by Participating Broker-Dealers the representations and warranties of the Issuer and the Guarantors contained in any agreement (including any underwriting agreement) contemplated
by Section 5(m) hereof cease to be true and correct in all material respects, (iv) of the receipt by the Issuer and the Guarantors of any notification with respect to the suspension of the qualification or exemption from qualification of a
Registration Statement or any of the Transfer Restricted Securities or the Exchange Securities to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose,
(v) of the happening of any event, the existence of any condition or any information becoming known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the
Issuer’s determination that a post-effective amendment to a Registration Statement would be appropriate. 
 (d) Use their respective
commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from
qualification) of any of the Transfer Restricted Securities or the Exchange Securities to be sold by any Participating Broker-Dealer, for sale in any jurisdiction. 

  
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 (e) If a Shelf Registration is filed pursuant to Section 3 hereof and if requested
during the Effectiveness Period by the managing underwriter or underwriters (if any) or the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities being sold in connection with an underwritten offering, (i) as
promptly as practicable incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or counsel for either of them reasonably request to be included therein
and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Issuer and the Guarantors have received notification of the matters to be incorporated in such prospectus
supplement or post-effective amendment. 
 (f) If (l) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, furnish to each selling Holder of Transfer Restricted Securities (with respect to a Registration Statement filed pursuant to Section 3 hereof) and to each such Participating Broker-Dealer who so requests (with respect to any
such Registration Statement) and to their respective counsel and each managing underwriter, if any, upon request and at the sole expense of the Issuer and the Guarantors, one conformed copy of the Registration Statement or Registration Statements
and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 

(g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, deliver to each selling Holder
of Transfer Restricted Securities (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker Dealer (with respect to any such Registration Statement), as the case may be, their respective
counsel, and the underwriters, if any, at the sole expense of the Issuer and the Guarantors, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents
incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Issuer and the Guarantors hereby consent to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders of Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering and sale of the Transfer
Restricted Securities covered by, or the sale by Participating Broker-Dealers of the Exchange Securities pursuant to, such Prospectus and any amendment or supplement thereto. 

(h) Prior to any public offering of Transfer Restricted Securities or any delivery of a Prospectus contained in the Exchange Offer Registration
Statement by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, use their respective commercially reasonable efforts to register or qualify, and to cooperate with the selling Holders of Transfer
Restricted Securities or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such
registration or qualification) of such Transfer Restricted Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing
underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Securities held by Participating Broker-Dealers or Transfer Restricted Securities are offered other than through an underwritten
offering, the Issuer and the Guarantors agree to use their respective commercially reasonable efforts to cause their counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this
Section 5(h), keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things necessary or advisable to
enable the disposition in such jurisdictions of the Exchange Securities held by Participating Broker-Dealers or the Transfer Restricted Securities covered by the applicable Registration Statement; 

  
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provided, however, that the Issuer and the Guarantors shall not be required to (A) qualify generally to do business in any jurisdiction where they are not then so qualified,
(B) take any action that would subject them to general service of process in any such jurisdiction where they are not then so subject or (C) subject themselves to taxation in excess of a nominal dollar amount in any such jurisdiction where
they are not then so subject. 
 (i) If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders
of Transfer Restricted Securities and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold, which certificates shall not bear any
restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Transfer Restricted Securities to be in such denominations (subject to applicable requirements contained in the Indenture) and
registered in such names as the managing underwriter or underwriters, if any, or Holders may reasonably request. 
 (j) [Reserved]. 

(k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, upon the occurrence of any
event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at the sole expense of the Issuer and the Guarantors, a supplement or post-effective
amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference so that (but only to such an extent that), as thereafter delivered to the purchasers of the Transfer Restricted
Securities being sold thereunder (with respect to a Registration Statement filed pursuant to Section 3 hereof) or to the purchasers of the Exchange Securities to whom such Prospectus will be delivered by a Participating Broker-Dealer (with
respect to any such Registration Statement), any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 
 (l) Prior to the effective date of the first Registration Statement relating to
the Transfer Restricted Securities, (i) if then in certificated form, provide the Trustee with certificates for the Transfer Restricted Securities in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP
number for the Transfer Restricted Securities. 
 (m) In connection with any underwritten offering of Transfer Restricted Securities pursuant
to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Securities (including, without limitation, a customary condition to the obligations of the underwriters that
the underwriters shall have received “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the
Company (and, if necessary, any other independent certified public accountants of the Company, or of any business acquired by the Company, for which financial statements and financial data are, or are required to be, included or incorporated by
reference in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings
of debt securities similar to the Securities), and take all such other actions as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Transfer Restricted
Securities and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the business of the Issuer and the Guarantors (including any acquired business, properties or entity, if
applicable), and 

  
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the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in
underwritten offerings of debt securities similar to the Securities, and confirm the same in writing if and when reasonably requested; (ii) use their respective commercially reasonable efforts to obtain the written opinions of counsel to the
Issuer and the Guarantors, and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions reasonably
requested in underwritten offerings (it being agreed that Simpson Thacher & Bartlett LLP is deemed to be counsel that is reasonably acceptable); and (iii) if an underwriting agreement is entered into, the same shall contain
indemnification provisions and procedures requested by the underwriters or no less favorable to the sellers than those set forth in Section 7 hereof (or such other provisions and procedures reasonably acceptable to Holders of a majority in
aggregate principal amount of Transfer Restricted Securities covered by such Registration Statement and the managing underwriter or underwriters or agents, if any). The above shall be done at each closing under such underwriting agreement, or as and
to the extent required thereunder. 
 (n) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, make available for inspection by any Initial Purchaser, any selling Holder of such Transfer Restricted Securities being sold (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such
Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Transfer Restricted Securities, if any, and any attorney (which shall be a single firm and which shall be Davis Polk & Wardwell LLP or
such other firm selected by the Holders holding a majority in principal amount of the Registrable Securities covered by such Registration Statement), accountant or other agent retained by any such selling Holder or each such Participating
Broker-Dealer (with respect to any such Registration Statement), as the case may be, or underwriter (any such Initial Purchasers, Holders, Participating Broker-Dealers, underwriters, attorneys, accountants or agents, collectively, the
“Inspectors”), upon written request, at the offices where normally kept, during reasonable business hours, all pertinent financial and other records, pertinent corporate documents and instruments of the Issuer and the Guarantors and
subsidiaries of the Issuer and the Guarantors (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees
of the Issuer and the Guarantors and any of their respective subsidiaries to supply, during reasonable business hours, all information (“Information”) reasonably requested by any such Inspector in connection with such due diligence
responsibilities. Each Inspector shall agree in writing that it will keep the Records and Information confidential, to use the Records and Information only to the extent necessary for due diligence purposes under applicable securities laws, to
abstain from using the Records or the Information as the basis for any market transactions in Securities of the Company or the Issuer (or for any purpose other than the satisfaction of its due diligence responsibilities in connection with such Shelf
Registration or Exchange Offer Registration Statement, as applicable) and that it will not disclose any of the Records or Information that the Issuer and the Guarantors determine, in good faith, to be confidential and notifies the Inspectors in
writing are confidential unless (i) the disclosure of such Records or Information is necessary to avoid or correct a material misstatement or omission in such Registration Statement or Prospectus (in the case of any Prospectus, considered in
the light of the circumstances under which it was made), (ii) the release of such Records or Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such Records or Information is
necessary or advisable, in the reasonable opinion of counsel for any Inspector, in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon,
relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records or Information has been made generally available
to the public other than as a result of a disclosure or failure to safeguard such Records 

  
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and Information by an Inspector or an “affiliate” (as defined in Rule 405) thereof; provided, that the foregoing gathering of Records and Information by the Inspectors shall, to
the greatest extent possible, be coordinated on behalf of Holders and any other parties entitled thereto (including any Participating Broker-Dealers) by one counsel designated by them; and provided, further, that prior written notice
shall be provided as soon as practicable to the Company of the potential disclosure of any information by such Inspector pursuant to clauses (i) or (ii) of this sentence to permit the Company to obtain a protective order (or waive the
provisions of this paragraph (n)) and that such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information. 

(o) Provide an indenture trustee for the Transfer Restricted Securities or the Exchange Securities, as the case may be, and cause the Indenture
or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the first Registration Statement relating to the Transfer Restricted Securities; and in
connection therewith, cooperate with the trustee under any such indenture and the Holders of the Transfer Restricted Securities, to effect such changes (if any) to such indenture as may be required for such indenture to be so qualified in accordance
with the terms of the TIA; and execute, and use its commercially reasonable efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to
enable such indenture to be so qualified in a timely manner. 
 (p) Comply in all material respects with all applicable rules and regulations
of the SEC, and make generally available to their securityholders with regard to any applicable Registration Statement a consolidated earning statement (which need not be audited) satisfying the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) for the 12-month period beginning with the first month of the Company’s first fiscal quarter commencing after the
effective date of the first Registration Statement required by this Agreement; provided that this requirement shall be deemed satisfied by the Company and the Issuer by complying with the applicable reporting covenant of the Indenture. 

(q) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Transfer Restricted Securities by Holders to the
Issuer (or to such other Person as directed by the Issuer), in exchange for the Exchange Securities or the Private Exchange Notes (and the related Guarantees), as the case may be, if then in certificated form, the Issuer shall mark, or cause to be
marked, on such Transfer Restricted Securities that such Transfer Restricted Securities are being cancelled in exchange for the Exchange Securities or the Private Exchange Notes (and the related Guarantees), as the case may be; in no event shall
such Transfer Restricted Securities be marked as paid or otherwise satisfied. 
 (r) Cooperate with each seller of Transfer Restricted
Securities covered by any Registration Statement and each underwriter, if any (including any “qualified independent underwriter” that is required to be retained in accordance with the rules and regulations of the Financial Industry
Regulatory Authority, Inc. (“FINRA”)), participating in the disposition of such Transfer Restricted Securities and their respective counsel in connection with any filings required to be made with FINRA. 

(s) Use their respective commercially reasonable efforts to take all other steps reasonably necessary to effect the registration of the
Exchange Securities and/or Transfer Restricted Securities covered by a Registration Statement contemplated hereby. 

  
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 The Issuer may require each seller of Transfer Restricted Securities as to which any
registration is being effected to furnish to the Issuer in writing such information regarding such seller and the distribution of such Transfer Restricted Securities as the Issuer may, from time to time, reasonably request. The Issuer may exclude
from such registration the Transfer Restricted Securities of any seller so long as such seller fails to furnish such information in writing within a reasonable time after receiving such request. Each seller as to which any Shelf Registration is
being effected agrees to furnish promptly in writing to the Issuer all information required to be disclosed in order to make the information previously furnished to the Issuer by such seller not materially misleading. 

If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuer, then such Holder
shall have the right to require (to the extent not objected to by the SEC) (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is
not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Issuer or
(ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the
Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
 Each Holder of Transfer
Restricted Securities and each Participating Broker-Dealer agrees by its acquisition of such Transfer Restricted Securities or Exchange Securities to be sold by such Participating Broker Dealer, as the case may be, that, upon actual receipt of any
notice from the Issuer of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such Holder shall forthwith discontinue disposition of such Transfer Restricted Securities covered by such
Registration Statement or Prospectus or Exchange Securities to be sold by such Holder or Participating Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Issuer that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or
supplements thereto. In the event that the Issuer shall give any such notice, each of the Applicable Period and the Effectiveness Period shall be extended by the number of days during such periods from and including the date of the giving of such
notice to and including the date when each seller of Transfer Restricted Securities covered by such Registration Statement or Exchange Securities to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the
copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice. 
 6. Registration
Expenses 
 (a) All fees and expenses incident to the performance of or compliance with this Agreement by the Issuer and the Guarantors
of their obligations under Sections 2, 3, 5 and 8 hereof shall be borne by the Issuer and the Guarantors, jointly and severally, whether or not the Exchange Offer Registration Statement or any Shelf Registration Statement is filed or becomes
effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with FINRA in connection with an
underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Transfer
Restricted Securities or Exchange Securities and determination of the eligibility of the Transfer Restricted Securities or Exchange Securities for investment under the laws of such jurisdictions in the United States (x) where the Holders of
Transfer Restricted Securities are located, in the case of the Exchange Securities, or (y) as provided in Section 5(h) hereof, in the case of Transfer Restricted Securities or Exchange Securities to be sold by a Participating Broker-Dealer
during the Applicable Period)), 

  
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(ii) printing expenses, including, without limitation, printing Prospectuses if the printing of Prospectuses is requested by the managing underwriter or underwriters, if any, by the Holders of a
majority in aggregate principal amount of the Transfer Restricted Securities included in any Registration Statement, or in respect of Transfer Restricted Securities or Exchange Securities to be sold by any Participating Broker-Dealer during the
Applicable Period, as the case may be, (iii) fees and expenses of the Trustee and any exchange agent retained by the Issuer and the Guarantors and their counsel, (iv) fees and disbursements of counsel for the Issuer and the Guarantors and,
in the case of a Shelf Registration, subject to Section 6(b), reasonable fees and disbursements of one firm of counsel, plus one local counsel (if necessary) in each applicable jurisdiction for all of the sellers of Transfer Restricted
Securities selected by the Holders of a majority in aggregate principal amount of Transfer Restricted Securities covered by such Shelf Registration (which counsel shall be reasonably satisfactory to the Company) exclusive of any counsel retained
pursuant to Section 7 hereof) and (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m) hereof (including, without limitation, the expenses of any “cold comfort” letters
required by or incident to such performance). 
 (b) In connection with any Registration Statement required by this Agreement (other than the
Exchange Offer Registration Statement), the Issuer and the Guarantors, jointly and severally, will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities being resold pursuant to the “Plan of Distribution”
contained in the Shelf Registration Statement for the reasonable fees and disbursements of not more than one counsel, who shall be Davis Polk & Wardwell LLP or such other counsel as may be chosen by the Holders of a majority in principal
amount of the Transfer Restricted Securities for whose benefit such Shelf Registration Statement is being prepared. 
 7. Indemnification
and Contribution. 
 (a) The Issuer and the Guarantors jointly and severally agree to indemnify and hold harmless each Holder of Transfer
Restricted Securities and each Participating Broker-Dealer selling Exchange Securities during the Applicable Period, and each Person, if any, who controls such Person or its affiliates within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act (each, a “Participant”) against any losses, claims, damages or liabilities, joint or several, to which any Participant may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 

(i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if the Issuer or any of the Guarantors shall have furnished any amendments or supplements thereto); or 

(ii) the omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or Prospectus (as
amended or supplemented if the Issuer or any of the Guarantors shall have furnished any amendments or supplements thereto), a material fact required to be stated therein or necessary to make the statements therein (in the case of any such
Prospectus, in the light of the circumstances under which such statement was made) not misleading; 
 and agree (subject to the limitations set forth in the
proviso to this sentence) to reimburse, as incurred, the Participant for any reasonable legal or other expenses incurred by the Participant in connection with investigating, defending against or appearing as a third-party witness in connection with
any such loss, claim, damage, liability or action; provided, however, neither the Issuer nor the Guarantors will be liable in any case under this Section 7(a) to the extent that any such loss, claim, damage, or liability
(A) arises out of or is based upon any untrue statement or omission or alleged untrue statement or alleged omission 

  
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made in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Issuer or any of the Guarantors shall have furnished any amendments or supplements
thereto) or any amendment or supplement thereto in reliance upon and in conformity with written information relating to any Participant furnished to the Issuer or the Guarantors by such Participant specifically for use therein or (B) arising
from an offer or sale of Securities or Exchange Securities occurring during a Shelf Suspension Period by a Holder or Participating Broker-Dealer to whom the Issuer theretofore provided notice thereof pursuant to Section 5(c) hereof. The
indemnity provided for in this Section 7 will be in addition to any liability that the Issuer or the Guarantors may otherwise have to the indemnified parties. The Issuer and the Guarantors shall not be liable under this Section 7 to any
indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to by the Issuer and the Guarantors, which consent shall not be unreasonably withheld. 

(b) Each Participant, severally and not jointly, agrees to indemnify and hold harmless the Issuer, the Guarantors, their respective directors
(or equivalent), officers, representatives, agents and employees and each person, if any, who controls the Issuer or any Guarantor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses,
claims, damages or liabilities to which the Issuer, the Guarantors or any such director, officer or controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement or Prospectus or any amendment or supplement thereto, (ii) the
omission or the alleged omission to state therein a material fact necessary to make the statements therein not misleading (in the case of any such Prospectus, in the light of the circumstances under which such statements were made), in each case to
the extent, but only to the extent, that such untrue statement or omission or alleged untrue statement or alleged omission was made in reliance upon and in conformity with written information concerning such Participant furnished to the Issuer or
the Guarantors by or on behalf of such Participant specifically for use therein or (iii) an offer or sale of Securities or Exchange Securities occurring during a Shelf Suspension Period by a Holder or Participating Broker-Dealer to whom the
Issuer theretofore provided notice thereof pursuant to Section 5(c) hereof; and subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any reasonable legal or other expenses incurred by the Issuer,
the Guarantors or any such director, officer or controlling person in connection with investigating or defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action in respect thereof.
The indemnity provided for in this Section 7 will be in addition to any liability that the Participants may otherwise have to the indemnified parties. A Participant shall not be liable under this Section 7 to any indemnified party
regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not
the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to by such Participant, which consent shall not be unreasonably withheld. 

(c) Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party of the commencement thereof in writing; but the omission to so notify the indemnifying party
(i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and
defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs (a) and (b) above. The indemnifying

  
 -18- 

 
party shall be entitled to appoint counsel (including local counsel in each applicable jurisdiction) of the indemnifying party’s choice at the indemnifying party’s expense to represent
the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the
indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s
election to appoint counsel (including local counsel in each applicable jurisdiction) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel in each applicable
jurisdiction), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with
a conflict of interest (based on the advice of counsel to the indemnified party); (ii) such action includes both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded (based on the advice of
counsel to the indemnified party) that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have
employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party
to employ separate counsel at the expense of the indemnifying party. It is understood and agreed that the indemnifying party shall not, in connection with any proceeding or separate but related or substantially similar proceedings in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm (in addition to one local counsel in each applicable jurisdiction) representing the indemnified
parties under paragraph (a) or paragraph (b) of this Section 7, as the case may be, who are parties to such action or actions. Any such separate firm for any Participants shall be designated in writing by Participants who sold a
majority in interest of the Transfer Restricted Securities and Exchange Securities sold by all such Participants, in the case of paragraph (a) of this Section 7, or the Company, in the case of paragraph (b) of this Section 7. An
indemnifying party shall not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include any statement as to, or any admission of, fault, culpability or failure to act by or on behalf of any indemnified party. All fees and
expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred and following a written request therefor. 

(d) After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such
indemnified party of counsel appointed to defend such action, the indemnifying party shall not be liable to such indemnified party under this Section 7 for any legal or other expenses, other than reasonable costs of investigation, subsequently
incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the third sentence of paragraph (c) of this Section 7, or
(ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party. After such notice from the indemnifying party to such indemnified party, the indemnifying party
will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnified
party waived in writing its rights under this Section 7, in which case the indemnified party may effect such a settlement without such consent. 

  
 -19- 

 (e) In circumstances in which the indemnity agreement provided for in the preceding
paragraphs of this Section 7 is unavailable to, or insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) (other than for the reasons specified in
Section 7(a) or 7(b) hereof, including by virtue of the failure of an indemnified party to notify the indemnifying party of its right to indemnification pursuant to paragraph (a) or (b) of this Section 7, where such failure materially
prejudices the indemnifying party (through the forfeiture of substantial rights or defenses)), each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties, on the one hand, and the
indemnified party, on the other, from the offering of the Securities, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the
indemnifying party or parties, on the one hand, and the indemnified party, on the other, in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in
respect thereof). The relative benefits received by the Issuer and the Guarantors, on the one hand, and the Participants, on the other, shall be deemed to be in the same proportion that the total net proceeds from the offering (before deducting
expenses) of the Securities received by the Issuer bear to the total discounts and commissions received by the Participants in connection with the initial sale of the Securities by the Issuer (or if such Participant did not receive a discount from
the Issuer with respect to the initial sale of the Securities by the Issuer, the net proceeds received by such Participant from the sale of Securities, Exchange Securities or Private Exchange Notes pursuant to such Registration Statement). The
relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
the Issuer and the Guarantors, on the one hand, or the Participants, on the other hand, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or
omission, and any other equitable considerations appropriate in the circumstances. The parties agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of
allocation that does not take into account the equitable considerations referred to in the first sentence of this paragraph (e). Notwithstanding any other provision of this paragraph (e), no Participant shall be obligated to make contributions
hereunder that in the aggregate exceed the total discounts, commissions and other compensation or net proceeds, as applicable, on the sale of Securities received by such Participant in connection with the sale of the Securities, less the aggregate
amount of any damages that such Participant has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (e), each person, if any, who controls a
Participant within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Participants, and each director, member or manager, as applicable, of each of the Issuer
and the Guarantors, each officer of the Issuer and the Guarantors, and each person, if any, who controls the Issuer and the Guarantors within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, shall have the
same rights to contribution as the Issuer and the Guarantors. 
 8. Rule 144A 

The Issuer and the Guarantors covenant and agree that they will use their respective commercially reasonable efforts to file the reports
required to be filed by them under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any
time the Issuer and the Guarantors are not required to file such reports and do not otherwise file such reports pursuant to the terms of the Indenture, the Issuer and the Guarantors shall, upon the request of any Holder or beneficial owner of
Transfer Restricted Securities, make available the information required by Rule 144A(d)(4) under the Securities Act in order to permit sales pursuant to Rule 144A. 

  
 -20- 

 9. Underwritten Registrations. 

The Issuer and the Guarantors shall not be required to assist in an underwritten offering unless requested by the Holders of a majority in
aggregate principal amount of the Transfer Restricted Securities. If any of the Transfer Restricted Securities covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or
managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities included in such offering; provided that such investment banker or investment bankers
and manager or managers shall be reasonably acceptable to the Company. 
 No Holder of Transfer Restricted Securities may participate in any
underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

10. Miscellaneous 
 (a)
No Inconsistent Agreements. None of the Issuer or the Guarantors have as of the date hereof entered, and none of the Issuer or the Guarantors shall after the date of this Agreement enter, into any agreement with respect to any of the
Issuer’s securities that is inconsistent with the rights granted to the Holders of Transfer Restricted Securities in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of the Issuer’s other issued and outstanding securities, if any, under any such agreements. 

(b) Adjustments Affecting Transfer Restricted Securities. The Issuer and the Guarantors shall not, directly or indirectly, take any
action with respect to the Transfer Restricted Securities as a class that would adversely affect the ability of the Issuer and the Guarantors to consummate the Exchange Offer on the terms specified herein or effect any Shelf Registration required by
this Agreement. 
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Issuer and the Guarantors, and (II) (A) the Holders of not less than a majority in aggregate principal
amount of the then outstanding Transfer Restricted Securities and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount
of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 hereof and this Section 10(c) may not be amended, modified or supplemented, the rate at which Additional Interest accrues
pursuant to Section 4(a) hereof may not be reduced, and the time for payment of Additional Interest pursuant to Section 4(a) hereof may not be changed, in each case, without the prior written consent of each Holder and each Participating
Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Transfer Restricted Securities or Exchange Securities, as the case may be, disposed of pursuant to any Registration Statement) affected by any such amendment,
modification or supplement; provided, further, that no consent is necessary from any Holder or Participating Broker-Dealer in the event that this Agreement is amended, modified or supplemented for the purpose of

  
 -21- 

 
curing any ambiguity, defect or inconsistency that does not adversely affect the rights of any Holder or Participating Broker-Dealer (as applicable). Notwithstanding the foregoing, (A) a
waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the
rights of other Holders whose Securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities being tendered or registered and
(B) a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Transfer Restricted Securities whose Securities are being sold pursuant to a Registration Statement and
that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Transfer Restricted Securities may be given by Holders of at least a majority in aggregate principal amount of the Transfer Restricted Securities
being sold pursuant to such Registration Statement. 
 (d) Notices. All notices and other communications (including, without
limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile:

 (i) If to a Holder of the Transfer Restricted Securities or any Participating Broker-Dealer, at the most current address
of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to the Initial Purchasers as follows: 

BofA Securities, Inc. 
 One
Bryant Park 
 New York, New York 10036 

Attention: Registration Department 

with a copy to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, New York 10017 

Facsimile: (212) 701-4111 

Attention: Michael Kaplan 

(ii) If to the Initial Purchasers, at the address specified in Section 10(d)(i) hereof; 

(iii) If to the Issuer or any of the Guarantors, at the address as follows: 

Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, Virginia 22102 

Facsimile: (703) 883-6188 

Attention: Kristin A. Campbell, Executive Vice President and General Counsel 

with a copy to: 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 

Facsimile: (212) 455-2502 

Attention: Edgar J. Lewandowski 

  
 -22- 

 All such notices and communications shall be deemed to have been duly given: when delivered
by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and upon receipt of
confirmation, if sent by facsimile. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the
Person giving the same to the Trustee at the address and in the manner specified in such Indenture. 
 (e) Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities;
provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder;
and provided, further, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities in violation of the terms of the Purchase Agreement or the Indenture. 

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

(g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
EACH OF THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall
use their respective commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(j) Notes Held by the Issuer or Any of the Guarantors or Any of Their Respective Affiliates. Whenever the consent or approval of Holders
of a specified percentage of Transfer Restricted Securities is required hereunder, Transfer Restricted Securities held by the Issuer or any of the Guarantors or any of their respective controlled affiliates (as such term is defined in Rule 405)
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 (k)
Third-Party Beneficiaries. Holders of Transfer Restricted Securities and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons to the extent necessary to
protect the rights of the Holders hereunder. 

  
 -23- 

 (l) Entire Agreement. This Agreement, together with the Purchase Agreement and the
Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders and Initial Purchasers, on the one hand, and the Issuer and the Guarantors, on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

[Remainder of Page Intentionally Blank] 

  
 -24- 

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

			
	HILTON WORLDWIDE HOLDINGS INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  

			
	HILTON DOMESTIC OPERATING COMPANY INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  

			
	HILTON WORLDWIDE FINANCE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  

			
	HILTON WORLDWIDE PARENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	90210 BILTMORE MANAGEMENT, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	90210 DESERT RESORTS MANAGEMENT CO., LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	90210 GRAND WAILEA MANAGEMENT CO., LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	90210 LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	90210 MANAGEMENT COMPANY, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	ANDIAMO’S O’HARE, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	BALLY’S GRAND PROPERTY SUB I, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	BLUE BONNET SECURITY, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CANOPY BRAND MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CHESTERFIELD VILLAGE HOTEL, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CONRAD INTERNATIONAL (BELGIUM) LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CONRAD INTERNATIONAL (INDONESIA) CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CONRAD INTERNATIONAL MANAGE (CIS) LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CONRAD MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CURIO BRAND MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	CURIO MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DESTINATION RESORTS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DOUBLETREE HOTEL SYSTEMS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DOUBLETREE HOTELS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DOUBLETREE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DOUBLETREE MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DT MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DT REAL ESTATE, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DTM ATLANTA/LEGACY, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	DTR FCH HOLDINGS, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	EMBASSY DEVELOPMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	EMBASSY SUITES CLUB NO. 1, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	EMBASSY SUITES CLUB NO. THREE, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	EMBASSY SUITES CLUB NO. TWO, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	EMBASSY SUITES MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	FLORIDA CONRAD INTERNATIONAL CORP.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HAMPTON INNS MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON BEVERAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON CHICAGO BEVERAGE I LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON CHICAGO BEVERAGE II LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON CHICAGO BEVERAGE III LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON CHICAGO BEVERAGE IV LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON CORPORATE DIRECTOR LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON DOMESTIC FRANCHISE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON DOMESTIC MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON DOMESTIC OPERATING COMPANY INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON EL CON MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON EL CON OPERATOR LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON FRANCHISE HOLDING LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON GARDEN INNS MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON HAWAII CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON HOLDINGS, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON HOSPITALITY, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON ILLINOIS, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON ILLINOIS HOLDINGS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON NUS HSS, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON SAN DIEGO LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON SUPPLY MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON SYSTEMS SOLUTIONS, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON WORLDWIDE FINANCE CORP.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HILTON WORLDWIDE PARENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT AMITY LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT AUDUBON LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT CONRAD DOMESTIC LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT ESP INTERNATIONAL FRANCHISE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT ESP INTERNATIONAL FRANCHISOR CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT ESP INTERNATIONAL MANAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT ESP INTERNATIONAL MANAGEMENT CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT ESP MANAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT HSM HOLDING LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT HSS HOLDING LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT JV ACQUISITION LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT LIFESTYLE INTERNATIONAL FRANCHISE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT LIFESTYLE INTERNATIONAL FRANCHISOR CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT LIFESTYLE INTERNATIONAL MANAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT LIFESTYLE INTERNATIONAL MANAGEMENT CORPORATION
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT LIFESTYLE MANAGE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HLT PALMER LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HOME2 BRAND MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HOME2 MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HOMEWOOD SUITES MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HOTEL CLUBS OF CORPORATE WOODS, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HOTELS STATLER COMPANY, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HPP HOTELS USA LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	HPP INTERNATIONAL LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	INNVISION, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	INTERNATIONAL RIVERCENTER LESSEE, L.L.C.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	LXR MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	MOTTO MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	PEACOCK ALLEY SERVICE COMPANY, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	POTTER’S BAR PALMER HOUSE, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	PROMUS HOTEL SERVICES, INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	PROMUS HOTELS FLORIDA LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	PROMUS HOTELS LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	PROMUS HOTELS PARENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	SALC, INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	SIGNIA HOTEL MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	TAPESTRY MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	TRU BRAND MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	WALDORF=ASTORIA MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	WA COLLECTION INTERNATIONAL, LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	WASHINGTON HILTON, L.L.C.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  
 [Signature Page to the
Registration Rights Agreement] 

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written.

  

			
	BOFA SECURITIES, INC.
	
	 Acting on behalf of itself and as a Representative of the several Initial Purchasers

	
	 BofA Securities, Inc.

		
	By:	 	 /s/ Anand Melvani

		 	Name: Anand Melvani
		 	Title: Managing Director

  
 [Signature Page to the
Registration Rights Agreement]

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