Document:

Exhibit 4.1

 

Execution Version

 

ANGI GROUP, LLC, as Issuer,

 

 

the Guarantors from time to time parties
hereto,

 

and

 

COMPUTERSHARE TRUST COMPANY, N.A., as Trustee

 

_________________________

 

INDENTURE

 

Dated as of August 20, 2020

 

_________________________

 

3.875% Senior Notes due 2028

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE ONE
	 	 	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	21
	SECTION 1.03.	Rules of Construction	21
	SECTION 1.04.	Financial Calculations for Limited Condition Transactions and Otherwise	22
	 	 	 
	ARTICLE TWO
	 	 	 
	THE NOTES
	 	 	 
	SECTION 2.01.	Amount of Notes	24
	SECTION 2.02.	Form and Dating; Book Entry Provisions	24
	SECTION 2.03.	Execution and Authentication	26
	SECTION 2.04.	Registrar and Paying Agent	26
	SECTION 2.05.	Paying Agent to Hold Money in Trust	27
	SECTION 2.06.	Holder Lists	27
	SECTION 2.07.	Transfer and Exchange	27
	SECTION 2.08.	Replacement Notes	28
	SECTION 2.09.	Outstanding Notes	28
	SECTION 2.10.	Treasury Notes	29
	SECTION 2.11.	Temporary Notes	29
	SECTION 2.12.	Cancellation	29
	SECTION 2.13.	Defaulted Interest	29
	SECTION 2.14.	CUSIP Number	30
	SECTION 2.15.	Deposit of Moneys	30
	SECTION 2.16.	Special Transfer Provisions	30
	SECTION 2.17.	Definitive Notes	37
	SECTION 2.18.	Computation of Interest	38
	 	 	 
	ARTICLE THREE
	 	 	 
	REDEMPTION
	 	 	 
	SECTION 3.01.	Election to Redeem; Notices to Trustee	38
	SECTION 3.02.	Selection by Trustee of Notes To Be Redeemed	38
	SECTION 3.03.	Notice of Redemption	39
	SECTION 3.04.	Effect of Notice of Redemption	39
	SECTION 3.05.	Deposit of Redemption Price	40
	SECTION 3.06.	Notes Redeemed in Part	40
	SECTION 3.07.	Mandatory Redemption	40

 

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	ARTICLE FOUR
	 	 	 
	COVENANTS
	 	 	 
	SECTION 4.01.	Payment of Notes	41
	SECTION 4.02.	Reports to Holders	41
	SECTION 4.03.	Waiver of Stay, Extension or Usury Laws	42
	SECTION 4.04.	Compliance Certificate	42
	SECTION 4.05.	Limitations on Liens	42
	SECTION 4.06.	Future Note Guarantees	43
	SECTION 4.07.	Existence	43
	SECTION 4.08.	Change of Control Offer	44
	SECTION 4.09.	Suspension Event	45
	 	 	 
	ARTICLE FIVE
	 	 	 
	SUCCESSOR CORPORATION
	 	 	 
	SECTION 5.01.	Limitations on Mergers, Consolidations, etc.	45
	SECTION 5.02.	Successor Person Substituted	47
	 	 	 
	ARTICLE SIX
	 	 	 
	DEFAULTS AND REMEDIES
	 	 	 
	SECTION 6.01.	Events of Default	47
	SECTION 6.02.	Acceleration	49
	SECTION 6.03.	Other Remedies	50
	SECTION 6.04.	Waiver of Past Defaults and Events of Default	50
	SECTION 6.05.	Control by Majority	50
	SECTION 6.06.	Limitation on Suits	51
	SECTION 6.07.	No Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders	51
	SECTION 6.08.	Rights of Holders to Receive Payment	51
	SECTION 6.09.	Collection Suit by Trustee	51
	SECTION 6.10.	Trustee May File Proofs of Claim	52
	SECTION 6.11.	Priorities	52
	SECTION 6.12.	Undertaking for Costs	52
	 	 	 
	ARTICLE SEVEN
	 	 	 
	TRUSTEE
	 	 	 
	SECTION 7.01.	Duties of Trustee	53
	SECTION 7.02.	Rights of Trustee	54
	SECTION 7.03.	Individual Rights of Trustee	55
	SECTION 7.04.	Trustee’s Disclaimer	55
	SECTION 7.05.	Notice of Defaults	55
	SECTION 7.06.	[Reserved]	56
	SECTION 7.07.	Compensation and Indemnity	56
	SECTION 7.08.	Replacement of Trustee	56
	SECTION 7.09.	Successor Trustee by Consolidation, Merger, etc.	57
	SECTION 7.10.	Eligibility; Disqualification	58
	SECTION 7.11.	[Reserved]	58
	SECTION 7.12.	Paying Agents	58

 

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	ARTICLE EIGHT
	 	 	 
	AMENDMENTS, SUPPLEMENTS AND WAIVERS
	 	 	 
	SECTION 8.01.	Without Consent of Holders	58
	SECTION 8.02.	With Consent of Holders	59
	SECTION 8.03.	[Reserved]	60
	SECTION 8.04.	Revocation and Effect of Consents	60
	SECTION 8.05.	Notation on or Exchange of Notes	61
	SECTION 8.06.	Trustee to Sign Amendments, etc.	61
	 	 	 
	ARTICLE NINE
	 	 	 
	DISCHARGE OF INDENTURE; DEFEASANCE
	 	 	 
	SECTION 9.01.	Discharge of Indenture	61
	SECTION 9.02.	Legal Defeasance	62
	SECTION 9.03.	Covenant Defeasance	63
	SECTION 9.04.	Conditions to Legal Defeasance or Covenant Defeasance	63
	SECTION 9.05.	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	64
	SECTION 9.06.	Reinstatement	64
	SECTION 9.07.	Moneys Held by Paying Agent	65
	SECTION 9.08.	Moneys Held by Trustee	65
	 	 	 
	ARTICLE TEN
	 	 	 
	GUARANTEE OF NOTES
	 	 	 
	SECTION 10.01.	Guarantee	65
	SECTION 10.02.	Execution and Delivery of Guarantee	66
	SECTION 10.03.	Limitation of Guarantee	66
	SECTION 10.04.	Release of Guarantor	67
	SECTION 10.05.	Waiver of Subrogation	67
	 	 	 
	ARTICLE ELEVEN
	 	 	 
	MISCELLANEOUS
	 	 	 
	SECTION 11.01.	Trust Indenture Act	68
	SECTION 11.02.	Notices	68
	SECTION 11.03.	Communications by Holders with Other Holders	69
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	70
	SECTION 11.05.	Statements Required in Certificate and Opinion	70
	SECTION 11.06.	Rules by Trustee and Agents	70
	SECTION 11.07.	Business Days	70
	SECTION 11.08.	Governing Law	70
	SECTION 11.09.	Waiver of Jury Trial	71
	SECTION 11.10.	Force Majeure	71
	SECTION 11.11.	No Adverse Interpretation of Other Agreements	71
	SECTION 11.12.	[Reserved]	71
	SECTION 11.13.	Successors	71
	SECTION 11.14.	Multiple Counterparts	71
	SECTION 11.15.	Table of Contents, Headings, etc.	71
	SECTION 11.16.	Separability	71
	SECTION 11.17.	USA Patriot Act	72

 

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	EXHIBITS
	 	 	 
	Exhibit A	Form of Note	A-1
	Exhibit B	Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation S	B-1

 

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INDENTURE, dated as of August 20, 2020, among ANGI GROUP,
LLC, a Delaware limited liability company (the “Issuer”), the Guarantors from time to time parties hereto and
COMPUTERSHARE TRUST COMPANY, N.A., as trustee (the “Trustee”).

 

ARTICLE One

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.       Definitions.

 

“Acquired Indebtedness” means (1) with
respect to any Person that becomes a Subsidiary after the Issue Date, Indebtedness for Borrowed Money of such Person and its
Subsidiaries existing at the time such Person becomes a Subsidiary that was not incurred in connection with, or in contemplation
of, such Person becoming a Subsidiary and (2) with respect to the Issuer or any Subsidiary, any Indebtedness for Borrowed
Money of a Person (other than the Issuer or a Subsidiary) existing at the time such Person is merged with or into the Issuer or
a Subsidiary, or Indebtedness for Borrowed Money expressly assumed by the Issuer or any Subsidiary in connection with the acquisition
of an asset or assets from another Person, which Indebtedness for Borrowed Money was not, in any case, incurred by such other Person
in connection with, or in contemplation of, such merger or acquisition.

 

“Additional Notes” means an unlimited aggregate
principal amount of additional Notes having identical terms and conditions to the Notes issued pursuant to Article Two, except
for issue date, issue price and first interest payment date.

 

“Adjusted Treasury Rate” means, as of the
date of the relevant redemption notice, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently
completed week for which such information is available as of the date that is two Business Days prior to the date of such redemption
notice) of the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in Federal
Reserve Statistical Release H.15 with respect to each applicable day during such week or, if such Statistical Release is no longer
published or the relevant information does not appear thereon, any publicly available source of similar market data) most nearly
equal to the period from the date of such redemption notice to August 15, 2023; provided, however, that if the period from
the date of such redemption notice to August 15, 2023 is not equal to the constant maturity of a United States Treasury security
for which such a yield is given, the Adjusted Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
one twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except
that if the period from the Redemption Date to August 15, 2023 is less than one year, the weekly average yield on actively
traded United States Treasury securities adjusted to a constant maturity of one year shall be used. Any such Adjusted Treasury
Rate shall be determined, and the information required to be obtained for its calculation shall be obtained, by the Issuer.

 

“Affiliate” of any Person means any other
Person which directly or indirectly Controls or is Controlled by, or is under direct or indirect common Control with, the referent
Person.

 

“Affiliated Persons” means, with respect
to any specified Person, (a) such specified Person’s parents, spouse, siblings, descendants, stepchildren, step grandchildren,
nieces and nephews and their respective spouses, (b) the estate, legatees and devisees of such specified Person and each of
the Persons referred to in clause (a), and (c) any company, partnership, trust or other entity or investment vehicle Controlled
by any of the Persons referred to in clause (a) or (b) or the holdings of which are for the primary benefit of any of
such Persons.

 

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“Agent” means any Registrar, Paying Agent
or agent for service of notices and demands.

 

“amend” means to amend, supplement, restate,
amend and restate or otherwise modify, including successively, and “amendment” shall have a correlative meaning.

 

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

 

(1)            1.0%
of the principal amount of such Note; and

 

(2)            the
excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price of such Note at August 15,
2023 (such redemption price being set forth in paragraph 6 of the applicable Note), plus (ii) all required interest payments
due on such Note through August 15, 2023 (excluding accrued but unpaid interest to the Redemption Date), computed using a
discount rate equal to the Adjusted Treasury Rate as of such Redemption Date, plus 50 basis points; over (b) the principal
amount of such Note.

 

Calculation of the Applicable
Premium will be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that
such calculation or the correctness thereof shall not be a duty or obligation of the Trustee.

 

“Applicable Procedures” means, with respect
to any transfer or transaction involving a Temporary Regulation S Global Note or a beneficial interest therein, the rules and
procedures of the Depository for such a Temporary Regulation S Global Note, to the extent applicable to such transaction and as
in effect from time to time.

 

“asset” means any asset or property.

 

“Bankruptcy Law” means Title 11 of the United
States Code, as amended, or any similar federal or state law for the relief of debtors.

 

“Below Investment Grade Rating Event” means
the occurrence of both of the following: (i) at any time during the period beginning on the date of the first public notice
of an arrangement that would result in a Change of Control and ending at the end of the 60-day period following public notice of
the occurrence of the Change of Control, the rating on the Notes by each Rating Agency is reduced below the applicable rating on
the Notes by each such Rating Agency in effect immediately preceding the first public notice of the arrangement that would result
in the Change of Control and (ii) the Notes are rated below an Investment Grade Rating by each of the Rating Agencies at any
time during the period beginning on the date of the first public notice of an arrangement that would result in a Change of Control
and ending at the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period
shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of
the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction
in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agencies
making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the
Holders in writing at their request that the reduction was the result, in whole or in part, of any event or circumstance comprising
or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the Below Investment Grade Rating Event).

 

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“Board of Directors” means, with respect
to any Person, (i) in the case of any corporation, the board of directors of such Person, or the functional equivalent of
the foregoing, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the
case of any partnership, the 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, other than for purposes of the definition of “Change of Control,” any
duly authorized committee of such body.

 

“Board Resolution” means a copy of a resolution
certified pursuant to an Officer’s Certificate to have been duly adopted by the Board of Directors of the Issuer and to be
in full force and effect, and delivered to the Trustee.

 

“Business Day” means a day other than a Saturday,
Sunday or other day on which banking institutions in New York or the city in which the Trustee’s Corporate Trust Office is
located are authorized or required by law to close.

 

“Capital Markets Debt” means any Indebtedness
for Borrowed Money issued in (a) a public offering registered under the Securities Act or any other substantially similar
law in the United States or another country, (b) a private placement to institutional investors that is resold in accordance
with Rule 144A or Regulation S of the Securities Act or any other substantially similar law in the United States or another
country or (c) a placement to institutional investors. The term “Capital Markets Debt” shall not include any Indebtedness
for Borrowed Money under commercial bank facilities, bilateral bank facilities or similar Indebtedness for Borrowed Money or any
other type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.”

 

“Capitalized Lease Obligations” of any Person
means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right
to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount
thereof determined in accordance with GAAP; provided, however, that any obligations relating to a lease that would
have been accounted for by such Person as an operating lease in accordance with GAAP as of November 5, 2018 shall be accounted
for as an operating lease and not a Capitalized Lease Obligation for all purposes under this Indenture.

 

“Cash Equivalents” means:

 

(1)            marketable
direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and
backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition;

 

(2)            certificates
of deposit, time deposits, Eurodollar time deposits or overnight bank deposits or similar instruments having maturities of one
year or less from the date of acquisition issued by any commercial bank organized under the laws of the United States or any state
thereof or any lender or any Affiliate of any lender party to the Credit Agreement;

 

(3)            commercial
paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized
rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing
within one year from the date of acquisition;

 

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(4)            repurchase
obligations of any commercial bank satisfying the requirements of clause (2) of this definition with respect to securities
issued or fully guaranteed or insured by the United States government;

 

(5)            securities
with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign
government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government
(as the case may be) are rated at least A by S&P or A by Moody’s;

 

(6)            securities
with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any commercial bank
satisfying the requirements of clause (2) of this definition;

 

(7)            money
market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (1) through (6) of
this definition;

 

(8)            money
market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as
amended, (ii) are rated AAA by S&P or Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000;
and

 

(9)            in
the case of any Foreign Subsidiary, investments substantially comparable to any of the foregoing investments with respect to the
country in which such Foreign Subsidiary is organized.

 

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

 

(1)            the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Issuer and
its Subsidiaries, taken as a whole, to any Person other than a Permitted Holder, and either (a) such Person is a Disqualified
Person or (b) on any day until the date that is six months after the date on which such sale, lease or transfer occurred,
the Issuer is rated by one of Moody’s or S&P and the rating assigned by either of them is not an Investment Grade Rating;

 

(2)            the
acquisition of beneficial ownership by any person or group (excluding any one or more Permitted Holders or group Controlled by
any one or more Permitted Holders) of more than 35% of the aggregate voting power of all outstanding classes or series of the Issuer’s
voting stock and such aggregate voting power exceeds the aggregate voting power of all outstanding classes or series of the Issuer’s
voting stock beneficially owned by the Permitted Holders collectively, and either (a) such person or group is a Disqualified
Person or (b) on any day until the date that is six months after the date on which such person or group becomes such beneficial
owner, the Issuer is rated by one of Moody’s or S&P and the rating assigned by either of them is not an Investment Grade
Rating;

 

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

 

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(4)            the
Issuer shall adopt a plan of liquidation or dissolution or any such plan shall be approved by the equityholders of the Issuer.

 

Notwithstanding the foregoing, a transaction will not be deemed
to involve a Change of Control if (a) the Issuer is or becomes a direct or indirect wholly owned Subsidiary of a Person (other
than a Person that is an individual or a Permitted Holder) and (b)(i) the direct or indirect holders of the voting stock of
such Person immediately following that transaction are substantially the same as the holders of the voting stock of the Issuer
immediately prior to that transaction or (ii) immediately following that transaction no person or group (other than a person
or group satisfying the requirements of this sentence) is the owner, directly or indirectly, of more than 50% of the voting stock
of such Person, measured by voting power rather than number of shares.

 

For purposes of this definition, a Person shall not be deemed
to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar agreement until the
consummation of the transactions contemplated by such agreement.

 

“Change of Control Triggering Event” means
the occurrence of both a Change of Control and a Below Investment Grade Rating Event occurring in respect of that Change of Control.

 

“Consolidated Amortization Expense” for any
period means the amortization expense of the Issuer and its Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP.

 

“Consolidated Cash Flow” for any period means,
without duplication, the sum of the amounts for such period of

 

(1)           Consolidated
Net Income, plus

 

(2)           in
each case only to the extent (and in the same proportion) deducted in determining Consolidated Net Income,

 

(a)            Consolidated
Income Tax Expense,

 

(b)            Consolidated
Amortization Expense,

 

(c)            Consolidated
Depreciation Expense,

 

(d)            Consolidated
Interest Expense,

 

(e)            all
non-cash compensation, as reported in the Issuer’s financial statements,

 

(f)            any
non-cash charges or losses or realized losses related to the write-offs, write-downs or mark-to-market adjustments or sales or
exchanges of any investments in debt or equity securities by the Issuer or any Subsidiary,

 

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(g)            the
aggregate amount of all other non-cash charges, expenses or losses reducing such Consolidated Net Income, including any impairment
(including any impairment of intangibles and goodwill) (excluding any non-cash charge, expense or loss that results in an accrual
of a reserve for cash charges in any future period and any non-cash charge, expense or loss relating to write-offs, write-downs
or reserves with respect to accounts receivable or inventory), for such period, and

 

(h)            the
amount of any restructuring charges or reserves, including any one-time costs incurred in connection with acquisitions or divestitures,
minus

 

(3)            in
each case only to the extent (and in the same proportion) included in determining Consolidated Net Income, any non-cash or realized
gains related to mark-to-market adjustments or sales or exchanges of any investments in debt or equity securities by the Issuer
or any Subsidiary,

 

in each case determined on a consolidated basis in accordance
with GAAP; provided that the aggregate amount of all non-cash items, determined on a consolidated basis, to the extent such
items increased Consolidated Net Income for such period will be excluded from Consolidated Net Income.

 

For purposes of this definition, (i) whenever pro forma
effect is to be given, the pro forma calculations shall be factually supportable, reasonably identifiable and made in good
faith by a responsible financial or accounting Officer of the Issuer. Any such pro forma calculation may include adjustments
appropriate, in the reasonable good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect
cost savings, operating expense reductions, cost synergies related to acquisitions, dispositions and other specified transactions,
restructurings, cost savings initiatives and other initiatives that have been taken or are expected to be taken (in the good faith
determination of the Issuer) within 24 months from the applicable event to be given pro forma effect and (ii) notwithstanding
any classification under GAAP of any person or business in respect of which a definitive agreement for the disposition thereof
has been entered into as discontinued operations, the disposed Consolidated Cash Flow of such person or business shall not be excluded
from Consolidated Cash Flow until such disposition is consummated.

 

“Consolidated Contingent Consideration Fair Value Remeasurement
Adjustments” for any period means the contingent consideration fair value remeasurement adjustments of the Issuer and
its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Depreciation Expense” for any
period means the depreciation expense of the Issuer and its Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP.

 

“Consolidated Income Tax Expense” for any
period means the provision for taxes of the Issuer and its Subsidiaries, determined on a consolidated basis in accordance with
GAAP.

 

“Consolidated Interest Expense” for any period
means the sum, without duplication, of the total interest expense of the Issuer and its Subsidiaries for such period, determined
on a consolidated basis in accordance with GAAP, minus consolidated interest income of the Issuer and its Subsidiaries, and including,
without duplication,

 

(1)            imputed
interest on Capitalized Lease Obligations,

 

(2)            commissions,
discounts and other fees and charges owed with respect to letters of credit securing financial obligations, bankers’ acceptance
financing and receivables financings,

 

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(3)            the
net costs associated with Hedging Obligations related to interest rates,

 

(4)            amortization
of debt issuance costs, debt discount or premium and other financing fees and expenses,

 

(5)            the
interest portion of any deferred payment obligations,

 

(6)            all
other non-cash interest expense,

 

(7)            capitalized
interest,

 

(8)            all
dividend payments on any series of Disqualified Equity Interests of the Issuer or any Preferred Stock of any Subsidiary (other
than any such Disqualified Equity Interests or any Preferred Stock held by the Issuer or a Wholly Owned Subsidiary or to the extent
paid in Qualified Equity Interests),

 

(9)            all
interest payable with respect to discontinued operations, and

 

(10)          all
interest on any Indebtedness described in clause (6) or (7) of the definition of “Indebtedness.”

 

“Consolidated Net Income” for any period
means the net income (or loss) of the Issuer and the Subsidiaries for such period determined on a consolidated basis in accordance
with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein), without
duplication:

 

(1)            the
net income (or loss) of any Person that is not a Subsidiary, except to the extent that cash in an amount equal to any such income
has actually been received by the Issuer or any Subsidiary during such period;

 

(2)            gains
and losses due solely to fluctuations in currency values and the related tax effects according to GAAP;

 

(3)            gains
and losses with respect to Hedging Obligations;

 

(4)            the
cumulative effect of any change in accounting principles;

 

(5)            any
extraordinary or nonrecurring gain (or extraordinary or nonrecurring loss), together with any related provision for taxes on any
such extraordinary or nonrecurring gain (or the tax effect of any such extraordinary or nonrecurring loss), realized by the Issuer
or any Subsidiary during such period;

 

(6)            Consolidated
Contingent Consideration Fair Value Remeasurement Adjustments;

 

(7)            any
net after-tax income or loss from discontinued operations and any net after-tax gains or losses on disposal of discontinued operations;
and

 

(8)            any
gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss), realized
during such period by the Issuer or any Subsidiary upon (a) the acquisition of any securities, or the extinguishment of any
Indebtedness, of the Issuer or any Subsidiary or (b) the sale of any financial or equity investment by the Issuer or any Subsidiary;

 

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provided,
further, that the effects of any adjustments in the inventory, property and equipment, software, goodwill, other intangible
assets, in-process research and development, deferred revenue, debt line items, any earn-out obligations and any other non-cash
charges (other than the amortization of unfavorable operating leases) in the Issuer’s consolidated financial statements pursuant
to GAAP in each case resulting from the application of purchase accounting in relation to any consummated acquisition or the amortization
or write-off of any such amounts shall be excluded when determining Consolidated Net Income.

 

“Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise. “Controlled” has the meaning correlative thereto.

 

“Corporate Trust Office” means the corporate
trust office of the Trustee located at 8742 Lucent Boulevard, Suite 225, Highlands Ranch, Colorado, 80129, or such other office,
designated by the Trustee by written notice to the Issuer, at which any particular time its corporate trust business shall be administered.

 

“Credit Agreement” means the Amended and
Restated Credit Agreement, dated as of November 5, 2018, among the Issuer, the lenders party thereto from time to time, and
JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, including any notes, guarantees, collateral and security
documents, instruments and agreements executed in connection therewith, and in each case as otherwise amended, supplemented, modified,
extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

 

“Credit Facilities” means one or more (A) debt
facilities (which may be outstanding at the same time and including, without limitation, the Credit Agreement) or commercial paper
facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables
to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt
securities (including, without limitation, the Notes), indentures or other forms of debt financing (including convertible or exchangeable
debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other
Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified,
extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time (including increasing
the amount of available borrowings thereunder or adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder).

 

“Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.

 

“Default” means (1) any Event of Default
or (2) any event, act or condition that, after notice or the passage of time or both, would be an Event of Default.

 

“Definitive Note” means a certificated Note
bearing, if required, the appropriate Restricted Notes Legend set forth in Section 2.16(e).

 

“Depository” means The Depository Trust Company,
its nominees and their respective successors.

 

    8

     

    

 

“Derivative Instrument” with respect to a
Person, means any contract, instrument or other right to receive payment or delivery of cash or other assets to which such Person
or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in
the Notes (other than a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value
and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes
and/or the creditworthiness of the Performance References.

 

“Disqualified Equity Interests” of any Person
means any class of Equity Interests of such Person that, by its terms, or by the terms of any related agreement or of any security
into which it is convertible, puttable or exchangeable, is, or upon the happening of any event or the passage of time would be,
required to be redeemed by such Person, whether or not at the option of the holder thereof, or matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, in whole or in part, in each case on or prior to the date that is 91 days after
the final maturity date of the Notes; provided, however, that any class of Equity Interests of such Person that,
by its terms, authorizes such Person to satisfy in full its obligations with respect to the payment of dividends or upon maturity,
redemption (pursuant to a sinking fund or otherwise) or repurchase thereof or otherwise by the delivery of Equity Interests that
are not Disqualified Equity Interests, and that is not convertible, puttable or exchangeable for Disqualified Equity Interests
or Indebtedness, will not be deemed to be Disqualified Equity Interests so long as such Person satisfies its obligations with respect
thereto solely by the delivery of Equity Interests that are not Disqualified Equity Interests; provided, further,
however, that any Equity Interests that would not constitute Disqualified Equity Interests but for provisions thereof giving
holders thereof (or the holders of any security into or for which such Equity Interests are convertible, exchangeable or exercisable)
the right to require the Issuer to redeem such Equity Interests upon the occurrence of a change in control occurring prior to the
91st day after the final maturity date of the Notes shall not constitute Disqualified Equity Interests if (1) the change of
control provisions applicable to such Equity Interests are no more favorable to such holders than the provisions of Section 4.08,
and (2) the right to require the Issuer to redeem such Equity Interests does not become operative prior to the Issuer’s
purchase of the Notes as required pursuant to the provisions of Section 4.08.

 

“Disqualified Person” means a Person whose
senior debt does not have an Investment Grade Rating with either Moody’s or S&P on (a) the date on which (i) such
Person becomes a beneficial owner of the Issuer or (ii) the sale, lease or transfer, in one or a series of transactions, of
all or substantially all of the assets of the Issuer and its Subsidiaries taken as a whole occurs, or (b) any day until the
date that is 45 days after the date described in clause (a).

 

“Distribution Compliance Period,” with respect
to any Notes, means the 40-day “distribution compliance period” as defined in Regulation S.

 

“Domestic Subsidiary” means any Subsidiary
of the Issuer that is not a Foreign Subsidiary.

 

“Equity Interests” of any Person means (1) any
and all shares or other equity interests (including common stock, preferred stock, limited liability company interests and partnership
interests) in such Person and (2) all rights to purchase, warrants or options (whether or not currently exercisable), participations
or other equivalents of or interests in (however designated) such shares or other interests in such Person, but excluding any debt
securities convertible into such shares or other interests.

 

“Equity Offering” means a primary public
or private offering of Equity Interests of the Issuer or any direct or indirect parent of the Issuer, other than (i) a public
offering registered on Form S-4 or Form S-8 or (ii) an issuance to any Subsidiary of the Issuer.

 

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

 

“Fair Market Value” means, with respect to
any asset, as determined by the Issuer, the price (after taking into account any liabilities relating to such assets) that would
be negotiated in an arm’s-length transaction for cash between a willing seller and a willing and able buyer, neither of which
is under any compulsion to complete the transaction.

 

“Foreign Subsidiary” means any Subsidiary
of the Issuer that is organized under the laws of any jurisdiction other than the United States, any state thereof or the District
of Columbia.

 

“GAAP” means generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by
such other entity as may be approved by a significant segment of the accounting profession of the United States, consistently applied.

 

“Governmental Authority” means the government
of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government.

 

“guarantee” means a direct or indirect guarantee
by any Person of any Indebtedness of any other Person and includes any obligation, direct or indirect, contingent or otherwise,
of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment of) Indebtedness of such other
Person (whether arising by virtue of partnership arrangements, or by agreements to keep well, to purchase assets, goods, securities
or services (unless such purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business),
to take-or-pay, or to maintain financial statement conditions or otherwise); or (2) entered into for purposes of assuring
in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); “guarantee,” when used as a verb, and “guaranteed” have correlative
meanings.

 

“Guarantors” means each Person that, in accordance
with the terms of this Indenture, guarantees the Notes, in each case, until such Person is released from its Note Guarantee in
accordance with the terms of this Indenture.

 

“Hedging Obligations” of any Person means
the obligations of such Person under swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest
rates, currency exchange rates or commodity prices, either generally or under specific contingencies.

 

“Holder” means any registered holder, from
time to time, of the Notes.

 

“IAC” means IAC/InterActiveCorp., a Delaware
corporation, and its successors.

 

“IAI” means an institution that is an “accredited
investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) promulgated under the Securities Act,
who is not also a QIB.

 

“incur” means, with respect to any Indebtedness
or Obligation, to incur, create, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise,
with respect to such Indebtedness or Obligation; provided that (1) the Indebtedness of a Person existing at the time
such Person became a Subsidiary shall be deemed to have been incurred by such Subsidiary at the time it becomes a Subsidiary and
(2) neither the accrual of interest nor the accretion of original issue discount or the accretion or accumulation of dividends
on any Equity Interests shall be deemed to be an incurrence of Indebtedness.

 

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“Indebtedness” of any Person at any date
means, without duplication:

 

(1)            all
liabilities, contingent or otherwise, of such Person for borrowed money;

 

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

 

(3)            all
reimbursement obligations of such Person in respect of letters of credit, letters of guaranty, bankers’ acceptances and similar
credit transactions;

 

(4)            all
obligations of such Person to pay the deferred and unpaid purchase price of property or services, except (i) trade payables
and accrued expenses incurred by such Person in the ordinary course of business and (ii) amounts accrued associated with contingent
consideration arrangements;

 

(5)            all
Capitalized Lease Obligations of such Person;

 

(6)            all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person;

 

(7)            all
Indebtedness of others guaranteed by such Person to the extent of such guarantee; provided that Indebtedness of the Issuer
or its Subsidiaries that is guaranteed by the Issuer or the Issuer’s Subsidiaries shall only be counted once in the calculation
of the amount of Indebtedness of the Issuer and its Subsidiaries on a consolidated basis; and

 

(8)            all
obligations of such Person under conditional sale or other title retention agreements relating to assets purchased by such Person
(excluding obligations arising from inventory transactions in the ordinary course of business).

 

The amount of any Indebtedness which is incurred at a discount
to the principal amount at maturity thereof as of any date shall be deemed to have been incurred at the accreted value thereof
as of such date. The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional
obligations as described above, the maximum liability of such Person for any such contingent obligations at such date and, in the
case of clause (6), the lesser of (a) the Fair Market Value of any asset subject to a Lien securing the Indebtedness of others
on the date that the Lien attaches and (b) the amount of the Indebtedness secured.

 

“Indebtedness for Borrowed Money” means Indebtedness
described in clause (1) or (2) of the definition of “Indebtedness.”

 

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

 

“Initial Notes” means the 3.875% Senior Notes
due 2028 issued on the Issue Date.

 

    11

     

    

 

“Initial Purchasers”
means (1) BofA Securities, Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Goldman Sachs &
Co. LLC, SG Americas Securities, LLC, Citigroup Global Markets Inc., BMO Capital Markets Corp., PNC Capital Markets LLC, Fifth
Third Securities, Inc., HSBC Securities (USA) Inc., Truist Securities, Inc., Credit Suisse Securities (USA) LLC, Cowen &
Company, LLC, Blaylock Van, LLC and MFR Securities, Inc. and (2) with respect to each issuance of Additional Notes,
the Persons purchasing such Additional Notes under the related Purchase Agreement. 

 

“interest” means, with respect to the Notes,
interest on the Notes.

 

“Interest Payment Dates” means each February 15
and August 15, commencing on February 15, 2021.

 

“Investment Grade Rating” means a rating
equal to or higher than Baa3 (or the equivalent) if by Moody’s and BBB- (or the equivalent) if by S&P.

 

“Issue Date” means August 20, 2020.

 

“Issuer” means the party named as such in
the first paragraph of this Indenture until a Successor, as defined in Section 5.01 of this Indenture, replaces such party
pursuant to Article Five and thereafter means the Successor.

 

“Lien” means, with respect to any asset,
any mortgage, deed of trust, lien (statutory or other), pledge, easement, charge, security interest or other encumbrance of any
kind or nature in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including
the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing
lease having substantially the same economic effect as any of the foregoing) relating to such asset.

 

“Limited
Condition Transaction” means (x) any acquisition or investment, including by way of merger, amalgamation, consolidation
or other business combination or the acquisition of Equity Interests or otherwise, by one or more of the Issuer and its Subsidiaries
of or in any assets, business or Person, in each case, whose consummation is not conditioned on the availability of, or on obtaining,
third-party financing or (y) any redemption, purchase, repurchase, defeasance, satisfaction and discharge or repayment of
Indebtedness, Disqualified Equity Interests or Preferred Stock by one or more of the Issuer and its Subsidiaries requiring irrevocable
notice in advance of such redemption, purchase, repurchase, defeasance, satisfaction and discharge or prepayment.

 

“Long Derivative Instrument” means a Derivative
Instrument (i) the value of which generally increases, and/ or the payment or delivery obligations under which generally decrease,
with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment
or delivery obligations under which generally increase, with negative changes to the Performance References.

 

“Material Domestic Subsidiary” means any
Wholly Owned Subsidiary that is a Domestic Subsidiary of the Issuer, as of the last day of the fiscal quarter of the Issuer most
recently ended for which financial statements of the Issuer have been or are required to have been delivered, that has assets or
revenues (including third-party revenues but not including intercompany revenues) with a value in excess of 2.50% of the consolidated
assets of the Issuer and its Wholly Owned Subsidiaries that are Domestic Subsidiaries or 2.50% of the consolidated revenues of
the Issuer and its Wholly Owned Subsidiaries that are Domestic Subsidiaries; provided that in the event Wholly Owned Subsidiaries
that are Domestic Subsidiaries that would otherwise not be Material Domestic Subsidiaries shall in the aggregate account for a
percentage in excess of 7.50% of the consolidated assets of the Issuer and its Wholly Owned Subsidiaries that are Domestic Subsidiaries
or 7.50% of the consolidated revenues of the Issuer and its Wholly Owned Subsidiaries that are Domestic Subsidiaries as of the
end of and for the most recently completed fiscal quarter, then one or more of such Domestic Subsidiaries designated by the Issuer
(or, if the Issuer shall make no designation, one or more of such Domestic Subsidiaries in descending order based on their respective
contributions to the consolidated assets of the Issuer) shall be included as Material Domestic Subsidiaries to the extent necessary
to eliminate such excess.

 

    12

     

    

 

“Moody’s” means Moody’s Investors
Service, Inc., and any successor to its rating agency business.

 

“Net Short” means, with respect to a Holder
or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum
of the (x) the value of its Notes, plus (y) the value of its Long Derivative Instruments as of such date of determination
or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each
as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Issuer or any Guarantor immediately
prior to such date of determination.

 

“Notes” means the Initial Notes and any Additional
Notes.

 

“Notes Custodian” means the custodian with
respect to a Global Note (as appointed by the Depository), or any successor Person thereto and shall initially be the Trustee.

 

“Obligation” means any principal, interest,
penalties, fees, indemnification, reimbursements, costs, expenses, damages and other liabilities payable under the documentation
governing any Indebtedness.

 

“Offering Memorandum” means the offering
memorandum, dated as of August 13, 2020, relating to the offering of the Initial Notes.

 

“Officer” means any of the following of the
Issuer: the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice
President, the Treasurer or the Secretary.

 

“Officer’s Certificate” means a certificate,
reasonably satisfactory in form and substance to the Trustee, signed by an Officer.

 

“Opinion of Counsel” means a written opinion
reasonably satisfactory in form and substance to the Trustee from legal counsel, which counsel is reasonably acceptable to the
Trustee, opining on the matters required by Section 11.05 and delivered to the Trustee. Such legal counsel may be an employee
of or counsel to the Issuer.

 

“Performance References” means each of the
Issuer and/or any one or more of the Guarantors.

 

“Permitted Holders” means any one or more
of (a) IAC and its direct or indirect wholly owned subsidiaries, (b) Barry Diller, (c) each of the Affiliated Persons
of the Person referred to in clause (b), and (d) any Person a majority of the aggregate voting power of all the outstanding
classes or series of the equity securities of which are beneficially owned by any one or more of the Persons referred to in clauses
(a), (b) or (c).

 

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“Permitted Liens” means the following types
of Liens:

 

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

 

(2)            Liens
securing obligations in respect of letters of credit, bank guarantees, warehouse receipts or similar instruments issued to support
performance obligations (other than Obligations in respect of Indebtedness) and trade-related letters of credit, in each case,
outstanding on the Issue Date or issued thereafter in and covering the goods (or the documents of title in respect of such goods)
financed by such letters of credit, bankers’ acceptances or bank guarantees and the proceeds and products thereof;

 

(3)            Liens
securing Indebtedness for Borrowed Money of the Issuer and any Subsidiary under Credit Facilities (including the Credit Agreement)
in an aggregate principal amount at any time outstanding not to exceed the sum of (x) $500.0 million, plus (y) any
additional aggregate principal amount of Indebtedness that at the time of incurrence does not cause the Secured Leverage Ratio
for the Issuer for the Test Period immediately preceding the date of incurrence after giving effect to such incurrence and the
application of the proceeds therefrom to exceed 3.75 to 1.00;

 

(4)            Liens
securing Hedging Obligations entered into for bona fide hedging purposes of the Issuer or any Subsidiary not for the purpose
of speculation;

 

(5)            Liens
existing on the Issue Date;

 

(6)            Liens
in favor of the Issuer or a Guarantor;

 

(7)            Liens
securing Purchase Money Indebtedness or Capitalized Lease Obligations incurred by the Issuer or any Subsidiary in an aggregate
amount not to exceed at any time outstanding the greater of $70.0 million and 3.5% of Total Assets as of the time of incurrence;

 

(8)            Liens
securing Acquired Indebtedness permitted to be incurred under this Indenture; provided that the Liens do not extend to assets
not subject to such Lien at the time of acquisition (other than (a) the property encumbered at the time a Person becomes a
Subsidiary, (b) after acquired property that is required to be pledged pursuant to the agreement granting such Lien as in
effect on the date such Person becomes a Subsidiary and (c) proceeds and products thereof) and are no more favorable to the
lienholders than those securing such Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by the Issuer
or a Subsidiary;

 

(9)            deposits
and other Liens securing credit card operations of the Issuer and its Subsidiaries; provided that the amount secured does
not exceed amounts owed by the Issuer and its Subsidiaries in connection with such credit card operations;

 

(10)          Liens
to secure Refinancing Indebtedness in respect of Indebtedness secured by Liens referred to in the foregoing clauses (3) (solely
with respect to clause (y) thereof), (5), (7) and (8); provided that in the case of Liens securing Refinancing
Indebtedness in respect of Indebtedness secured by Liens referred to in the foregoing clauses (3) (solely with respect to
clause (y) thereof), (5), (7) and (8) such Liens do not extend to any additional assets (other than (A) after-acquired
property that is required to be pledged pursuant to the agreement granting the Lien securing the Indebtedness being refinanced
as in effect on the date the Refinancing Indebtedness is incurred and (B) proceeds and products thereof);

 

    14

     

    

 

(11)          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 and Liens in the ordinary course of business in favor of issuers of performance and surety bonds or bid bonds
or with respect to health, safety and environmental regulations (other than for borrowed money) or letters of credit or bank guarantees
issued to support such bonds or requirements pursuant to the request of and for the account of such Person in the ordinary course
of business;

 

(12)          (i) Liens
securing Indebtedness for Borrowed Money owed by (a) a Subsidiary to the Issuer or to any other Subsidiary that is a Guarantor
or (b) the Issuer to a Guarantor and (ii) Liens on assets of any Subsidiary that is not a Guarantor securing Indebtedness
for Borrowed Money of any Subsidiary that is not a Guarantor;

 

(13)          Liens
in respect of sale and leaseback transactions with respect to assets with a Fair Market Value in the aggregate of not more than
the greater of $50.0 million and 2.5% of Total Assets, calculated after giving effect thereto on a pro forma basis for the then
most recently ended Test Period;

 

(14)          Liens
with respect to obligations that do not in the aggregate exceed the greater of $100.0 million and 5.0% of Total Assets as of the
time of incurrence at any one time outstanding;

 

(15)          Liens
securing obligations pursuant to cash management agreements and treasury transactions;

 

(16)          Liens
arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect
of goods supplied to the Issuer and its Subsidiaries in the ordinary course of trading and on the supplier’s standard or
usual terms; and

 

(17)          Liens
securing guarantees by the Issuer or any of its Subsidiaries of secured Indebtedness for Borrowed Money of the Issuer or any
of its Subsidiaries so long as the Liens securing such secured Indebtedness for Borrowed Money incurred by the Issuer or such
Subsidiary are permitted under the terms of this Indenture.

 

All Liens securing Indebtedness for Borrowed Money outstanding
on the Issue Date under the Credit Agreement shall be deemed incurred under the foregoing clause (3)(x).

 

“Person” means any individual, corporation,
partnership, limited liability company, joint venture, incorporated or unincorporated association, joint-stock company, trust,
unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind.

 

“Preferred Stock” means, with respect to
any Person, any and all preferred or preference stock or other equity interests (however designated) of such Person whether now
outstanding or issued after the Issue Date.

 

“principal” means, with respect to the Notes,
the principal of, and premium, if any, on the Notes.

 

    15

     

    

 

“Purchase Agreement” means (1) with
respect to the Initial Notes, the Purchase Agreement dated August 13, 2020, by and among the Issuer, the Guarantors and BofA
Securities, Inc., as representative of the Initial Purchasers and (2) with respect to each issuance of Additional Notes,
the purchase agreement or underwriting agreement by and among the Issuer and the Persons purchasing such Additional Notes.

 

“Purchase Money Indebtedness” means Indebtedness,
including Capitalized Lease Obligations, of the Issuer or any Subsidiary incurred for the purpose of financing all or any part
of the purchase price of property, plant or equipment used in the business of the Issuer or any Subsidiary or the cost of installation,
construction or improvement thereof; provided, however, that (A) such Indebtedness is comprised of Capitalized Lease
Obligations or (B)(1) the amount of such Indebtedness shall not exceed such purchase price or cost and (2) such Indebtedness
shall be incurred within 90 days after such acquisition of such asset by the Issuer or such Subsidiary or such installation, construction
or improvement.

 

“Qualified Equity Interests” of any Person
means Equity Interests of such Person other than Disqualified Equity Interests. Unless otherwise specified, Qualified Equity Interests
refer to Qualified Equity Interests of the Issuer.

 

“Qualified Institutional Buyer” or “QIB”
has the meaning specified in Rule 144A promulgated under the Securities Act.

 

“Rating Agencies” means (1) each of
Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to rate the Notes or fails to make a rating of
the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating
organization” as such term is defined for purposes of Section 3(a)(62) of the Exchange Act, that the Issuer selects
(as certified by an Officer of the Issuer) as a replacement agency for Moody’s or S&P, or both of them, as the case may
be.

 

“redeem” means to redeem, repurchase, purchase,
defease, retire, discharge or otherwise acquire or retire for value; and “redemption” shall have a correlative
meaning; provided that this definition shall not apply for purposes of Article Three and paragraph 6 of the Notes.

 

“Redemption Date” when used with respect
to any Note to be redeemed means the date fixed for such redemption pursuant to the terms of the Notes.

 

“refinance” means, in respect of any Indebtedness,
to refinance, extend, renew, refund, repay, prepay or to issue other Indebtedness in exchange or replacement for, such Indebtedness.

 

“Refinancing Indebtedness” means Indebtedness
for Borrowed Money of the Issuer or a Subsidiary incurred in exchange for, or the proceeds of which are used to redeem or refinance
in whole or in part, any Indebtedness for Borrowed Money of the Issuer or any Subsidiary (the “Refinanced Indebtedness”);
provided that:

 

(1)            the
principal amount (and accreted value, in the case of Indebtedness for Borrowed Money issued at a discount) of the Refinancing Indebtedness
does not exceed the principal amount (and accreted value, as the case may be) of the Refinanced Indebtedness, plus the amount
of accrued and unpaid interest on the Refinanced Indebtedness, any premium paid to the holders of the Refinanced Indebtedness and
expenses incurred in connection with the incurrence of the Refinancing Indebtedness;

 

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(2)            the
obligor of Refinancing Indebtedness with respect to any Refinanced Indebtedness of the Issuer or any Guarantor does not include
any Person (other than the Issuer or any Guarantor) that is not an obligor of the Refinanced Indebtedness;

 

(3)            if
the Refinanced Indebtedness was subordinated in right of payment to the Notes or the Note Guarantees, as the case may be, then
such Refinancing Indebtedness, by its terms, is subordinate in right of payment to the Notes or the Note Guarantees, as the case
may be, at least to the same extent as the Refinanced Indebtedness;

 

(4)            the
Refinancing Indebtedness has a final stated maturity either (a) no earlier than the Refinanced Indebtedness being redeemed
or refinanced or (b) after the final maturity date of the Notes; and

 

(5)            the
portion, if any, of the Refinancing Indebtedness that is scheduled to mature on or prior to the final maturity date of the Notes
has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is equal to or greater than
the Weighted Average Life to Maturity of the portion of the Refinanced Indebtedness being redeemed or refinanced that is scheduled
to mature on or prior to the final maturity date of the Notes; provided that Refinancing Indebtedness in respect of Refinanced
Indebtedness that has no amortization may provide for amortization installments, sinking fund payments, senior maturity dates or
other required payments of principal of up to 1% of the aggregate principal amount per annum.

 

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

 

“Regulation S Notes” means all Notes offered
and sold in an offshore transaction in reliance on Regulation S.

 

“Responsible Officer” when used with respect
to the Trustee, means an officer or assistant officer assigned to the corporate trust department of the Trustee (or any successor
group of the Trustee) with direct responsibility for the administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.

 

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

 

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

 

“Rule 144A Notes” means all Notes offered
and sold to purchasers reasonably believed to be QIBs in reliance on Rule 144A.

 

“S&P” means Standard & Poor’s
Financial Services LLC, a division of S&P Global, Inc., and any successor to its rating agency business.

 

“Screened Affiliate” means any Affiliate
of a Holder (i) that makes investment decisions independently from such Holder and any other Affiliate of such Holder that
is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other
Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to
the Issuer or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of
such Holder that is acting in concert with such Holder in connection with its investment in the Notes, and (iv) whose investment
decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in
concert with such Holders in connection with its investment in the Notes.

 

    17

     

    

 

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

 

“Secured Leverage Ratio” means, as of any
date of determination, the ratio of (i) Indebtedness of the Issuer and its Subsidiaries secured by a Lien on any assets of
the Issuer and its Subsidiaries as of the last day of the Test Period most recently ended on or prior to such date of determination
(as set forth on the balance sheet and determined on a consolidated basis in accordance with GAAP), minus the amount of
unrestricted cash and Cash Equivalents of the Issuer and its Subsidiaries on such date to (ii) Consolidated Cash Flow for
such Test Period, in each case with such pro forma adjustments to the amount of “Indebtedness” and “Consolidated
Cash Flow” as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Consolidated
Cash Flow” and below.

 

The Secured Leverage Ratio shall be calculated for any period
after giving effect on a pro forma basis (as if they had occurred on the first day of the applicable Test Period) to:

 

(1)            the
incurrence of any Indebtedness of the Issuer or any Subsidiary (and the application of the proceeds thereof) and any repayment,
repurchase, defeasance or other discharge of Indebtedness (other than the incurrence or repayment of Indebtedness in the ordinary
course of business for working capital purposes pursuant to any revolving credit arrangement) occurring during the Test Period
or at any time subsequent to the last day of the Test Period and on or prior to the Transaction Date, as if such incurrence, repayment,
issuance or redemption, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Test
Period; and

 

(2)            any
asset sale, asset acquisition or operational restructuring (each, a “pro forma event”) (occurring during the
Test Period or at any time subsequent to the last day of the Test Period and on or prior to the Transaction Date, as if such pro
forma event occurred on the first day of the Test Period), including any cost savings, operating expense reductions, cost synergies,
restructurings, cost savings initiatives and other initiatives relating to such pro forma event occurring within 24 months
(or expected, in the good faith determination of the Issuer, to occur within 24 months) of such pro forma event and during
such period or subsequent to such period and on or prior to the date of such calculation, in each case that are expected to have
a continuing impact and are factually supportable, and which adjustments the Issuer determines are reasonable as set forth in an
Officer’s Certificate; provided that the aggregate amount of all such cost savings and synergies shall in no event
exceed 25% of Consolidated Cash Flow for such period calculated after giving effect to such pro forma adjustments; provided,
further, that asset sales or asset acquisitions described in this clause (2) shall not be required to be given
pro forma effect if (i) the Fair Market Value of the assets sold or acquired in such transaction does not exceed $2.0 million,
(ii) such asset sales or asset acquisitions are in the ordinary course of business (each transaction under clause (i) or
(ii), a “De minimis Transaction”) or (iii) such asset sales or asset acquisitions not constituting De minimis
Transactions do not exceed an aggregate amount of $50.0 million in any Test Period.

 

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In calculating Consolidated Interest Expense for purposes of
the Secured Leverage Ratio with respect to any Indebtedness being given pro forma effect:

 

(1)            interest
on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined
thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect
on the Transaction Date;

 

(2)            if
interest on any Indebtedness actually incurred on the Transaction Date 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 rates, then the interest rate in effect on
the Transaction Date will be deemed to have been in effect during the Test Period;

 

(3)            notwithstanding
clause (1) or (2) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest
is covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving
effect to the operation of the agreements governing such Hedging Obligations;

 

(4)            interest
on any Indebtedness under a revolving credit facility shall be computed based upon the average daily balance of such Indebtedness
during the Test Period; and

 

(5)            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 the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with
GAAP.

 

The Issuer may elect, pursuant to an Officer’s Certificate
delivered to the Trustee, to treat all or any portion of any revolving commitment or undrawn commitment under any Indebtedness
as being incurred and outstanding at such time and for so long as such commitment remains outstanding (regardless of whether drawn),
in which case any subsequent incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation,
to be an incurrence at such subsequent time.

 

“Securities Act” means the U.S. Securities
Act of 1933, as amended.

 

“Short Derivative Instrument” means a Derivative
Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase,
with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment
or delivery obligations under which generally decrease, with negative changes to the Performance References.

 

“Significant Subsidiary” means (1) any
Subsidiary that would be a “significant subsidiary” as defined in Regulation S-X promulgated pursuant to the Securities
Act as such Regulation is in effect on the Issue Date and (2) any Subsidiary that, when aggregated with all other Subsidiaries
that are not otherwise Significant Subsidiaries and as to which any event described in clause (7) or (8) under Section 6.01
has occurred and is continuing, would constitute a Significant Subsidiary under clause (1) of this definition.

 

“Subordinated Indebtedness” means Indebtedness
of the Issuer or any Subsidiary that is expressly subordinated in right of payment to the Notes or any then-existing Note Guarantees.

 

“Subsidiary” means, with respect to any Person:

 

(1)            any
corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of
the Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors
thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
such Person (or a combination thereof); and

 

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(2)            any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (b) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof).

 

Unless otherwise specified, “Subsidiary” refers
to a Subsidiary of the Issuer.

 

“Test Period” means the four consecutive
fiscal quarter period most recently ended for which financial statements are available.

 

“Total Assets” means, as of any date of determination,
the total assets of the Issuer and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, as set forth on
the most recent consolidated balance sheet of the Issuer as of such date (which calculation shall give pro forma effect
to any acquisition or asset sale by the Issuer or any of its Subsidiaries, in each case involving the payment or receipt by the
Issuer or any of its Subsidiaries of consideration (whether in the form of cash or non-cash consideration) in excess of $50.0 million
that has occurred since the date of such consolidated balance sheet, as if such acquisition or asset sale had occurred on the last
day of the fiscal period covered by such balance sheet).

 

“Transaction Date” means the date of the
transaction giving rise to the need to calculate the Secured Leverage Ratio.

 

“Transfer Restricted Note” means any Note
that bears or is required to bear a Restricted Notes Legend.

 

“Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939, as amended.

 

“Trustee” means the party named as such in
this Indenture until a successor replaces it pursuant to this Indenture and thereafter means the successor.

 

“U.S. Government Obligations” means direct
non-callable obligations of, or guaranteed by, the United States of America for the payment of which guarantee or obligations the
full faith and credit of the United States is pledged.

 

“USA Patriot Act” means the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56.

 

“Weighted Average Life to Maturity” when
applied to any Indebtedness at any date, means the number of years obtained by dividing (1) the sum of the products obtained
by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment
of principal, including payment at final maturity, in respect thereof by (b) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment by (2) the then outstanding principal amount
of such Indebtedness.

 

“Wholly Owned Subsidiary” means a Subsidiary
of which 100% of the Equity Interests (except for directors’ qualifying shares or certain minority interests owned by other
Persons solely due to local law requirements that there be more than one stockholder, but which interest is not in excess of what
is required for such purpose) are owned directly by the Issuer or through one or more Wholly Owned Subsidiaries and, solely for
the purpose of the definition of “Material Domestic Subsidiary,” excluding any Subsidiary whose sole assets are Equity
Interests in one or more Subsidiaries that are not Wholly Owned Subsidiaries.

 

    20

     

    

 

SECTION 1.02.      Other
Definitions.

 

The definitions of the following terms may be found in the sections
indicated as follows:

 

	Term	 	Defined in Section	 
	“Agent Members”	 	 	2.02(c)	 
	“Change of Control Offer”	 	 	4.08	 
	“Change of Control Payment”	 	 	4.08	 
	“Change of Control Payment Date”	 	 	4.08	 
	“Covenant Defeasance”	 	 	9.03	 
	“Directing Holder”	 	 	6.02	 
	“Event of Default”	 	 	6.01	 
	“Fixed Amounts”	 	 	1.04	 
	“Global Notes”	 	 	2.02(b)	 
	“Global Notes Legend”	 	 	2.16(e)	 
	“Incurrence Based Amounts”	 	 	1.04	 
	“LCT Election”	 	 	1.04	 
	“LCT Test Date”	 	 	1.04	 
	“Legal Defeasance”	 	 	9.02	 
	“Material Subject Debt”	 	 	4.06	 
	“Note Guarantee”	 	 	10.01	 
	“Noteholder Direction”	 	 	6.02	 
	“Paying Agent”	 	 	2.04	 
	“Permanent Regulation S Global Note”	 	 	2.02(b)	 
	“Position Representation”	 	 	6.02	 
	“Registrar”	 	 	2.04	 
	“Regulation S Global Note”	 	 	2.02(b)	 
	“Regulation S Notes Legend”	 	 	2.16(e)	 
	“Restricted Notes Legend”	 	 	2.16(e)	 
	“Reversion Date”	 	 	4.09	 
	“Rule 144A Global Note”	 	 	2.02(b)	 
	“Successor”	 	 	5.01	 
	“Suspended Covenant”	 	 	4.09	 
	“Suspension Event”	 	 	4.09	 
	“Suspension Period”	 	 	4.09	 
	“Temporary Regulation S Global Note”	 	 	2.02(b)	 
	“Temporary Regulation S Notes Legend”	 	 	2.16(e)	 
	“Verification Covenant”	 	 	6.02	 

 

SECTION 1.03.      Rules of
Construction.

 

Unless the context otherwise requires:

 

(1)            a
term has the meaning assigned to it herein, whether defined expressly or by reference;

 

(2)            “or”
is not exclusive;

 

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

 

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

 

(5)            “herein,”
“hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or
other Subsection;

 

(6)            unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall
be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP as in effect
from time to time, applied on a basis consistent with the most recent audited consolidated financial statements of the Issuer;
and

 

(7)            “$,”
“U.S. Dollars” and “United States Dollars” each refer to United States dollars, or such other money of
the United States that at the time of payment is legal tender for payment of public and private debts.

 

SECTION 1.04.      Financial
Calculations for Limited Condition Transactions and Otherwise.

 

In connection with any action being taken in connection with
a Limited Condition Transaction, for purposes of determining compliance with any provision of this Indenture which requires that
no Default or Event of Default, as applicable, has occurred, is continuing or would result from any such action, as applicable,
such condition shall, at the option of the Issuer, be deemed satisfied, so long as no Default or Event of Default, as applicable,
exists on the date (i) the definitive agreement for such Limited Condition Transaction is entered into, (ii) irrevocable
notice of redemption, purchase, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Equity
Interests or Preferred Stock is given or (iii) solely in connection with an acquisition to which the United Kingdom City Code
on Takeovers and Mergers applies, on which a “Rule 2.7 announcement” of a firm intention to make an offer is published
on a regulatory information service in respect of a target of a Limited Condition Transaction. For the avoidance of doubt, if the
Issuer has exercised its option under the immediately preceding sentence, and any Default or Event of Default, as applicable, occurs
following the date (i) the definitive agreement for the applicable Limited Condition Transaction is entered into, (ii) irrevocable
notice of redemption, purchase, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Equity
Interests or Preferred Stock is given or (iii) solely in connection with an acquisition to which the United Kingdom City Code
on Takeovers and Mergers applies, on which a “Rule 2.7 announcement” of a firm intention to make an offer is published
on a regulatory information service in respect of a target of a Limited Condition Transaction, and, in each case, prior to the
consummation of such Limited Condition Transaction, any such Default or Event of Default, as applicable, shall be deemed to not
have occurred or be continuing for purposes of determining whether any action being taken in connection with such Limited Condition
Transaction is permitted under this Indenture.

 

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In connection with any action being taken in connection with
a Limited Condition Transaction, for purposes of (i) determining compliance with any provision of this Indenture which requires
the calculation of the Secured Leverage Ratio or (ii) testing baskets set forth in this Indenture (including baskets measured
as a percentage of Total Assets), in each case, at the option of the Issuer (the Issuer’s election to exercise such option
in connection with any Limited Condition Transaction, an “LCT Election”), the date of determination of whether
any such action is permitted hereunder, shall be deemed to be the date (x) the definitive agreement for such Limited Condition
Transaction is entered into, (y) irrevocable notice of redemption, purchase, repurchase, defeasance, satisfaction and discharge
or repayment of Indebtedness, Disqualified Equity Interests or Preferred Stock is given or (z) solely in connection with an
acquisition to which the United Kingdom City Code on Takeovers and Mergers applies, on which a “Rule 2.7 announcement”
of a firm intention to make an offer is published on a regulatory information service in respect of a target of a Limited Condition
Transaction, as applicable (the “LCT Test Date”), and if, after giving pro forma effect to the Limited Condition
Transaction and the other transactions to be entered into in connection therewith (including any incurrence or discharge of Indebtedness
and the use of proceeds of such incurrence) as if they had occurred at the beginning of the most recent four consecutive fiscal
quarters ending prior to the LCT Test Date for which consolidated financial statements of the Issuer are available, the Issuer
could have taken such action on the relevant LCT Test Date in compliance with such ratio, basket or amount, such ratio, basket
or amount shall be deemed to have been complied with; provided that (a) if financial statements for one or more subsequent
fiscal quarters shall have become available, the Issuer may elect, in its sole discretion, to redetermine all such ratios, baskets
or amounts (including as to the absence of any continuing Default or Event of Default) 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, baskets or amounts and (b) except as contemplated in the foregoing clause (a), compliance with such ratios, baskets
or amounts (and any related requirements and conditions) (including as to the absence of any continuing Default or Event of Default)
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 being taken in connection therewith (including any incurrence or discharge of Indebtedness and the use
of proceeds of such incurrence). For the avoidance of doubt, if the Issuer has made an LCT Election and any of the ratios, baskets
or amounts for which compliance was determined or tested as of the LCT Test Date is exceeded as a result of fluctuations in any
such ratio, basket or amount, including due to fluctuations in Consolidated Cash Flow or Total Assets of the Issuer or the Person
subject to such Limited Condition Transaction or any applicable currency exchange rate, at or prior to the consummation of the
relevant transaction or action, such baskets, ratios or amounts will not be deemed to have been exceeded as a result of such fluctuations.
If the Issuer has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation
of any ratio, basket or amount on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited
Condition Transaction is consummated or the definitive agreement for such Limited Condition Transaction is terminated or expires
without consummation of such Limited Condition Transaction, any such ratio, basket or amount shall be calculated on a pro forma
basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence or discharge
of Indebtedness and the use of proceeds thereof) have been consummated.

 

Notwithstanding anything to the contrary herein, with respect
to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of any covenant in this Indenture
that does not require compliance with a financial ratio or test (including the Secured Leverage Ratio) (any such amounts, the “Fixed
Amounts”) substantially concurrently or in a series of related transactions with any amounts incurred or transactions
entered into (or consummated) in reliance on a provision in such covenant that requires compliance with any such financial ratio
or test (any such amounts, the “Incurrence Based Amounts”), it is understood and agreed that the Fixed Amounts
(and any cash proceeds thereof) in such covenant shall be disregarded in the calculation of the financial ratio or test applicable
to the Incurrence Based Amounts in such covenant in connection with such incurrence, but full pro forma effect shall be given to
all applicable and related transactions (including the use of proceeds of all Indebtedness to be incurred and any repayments, repurchases
and redemptions of Indebtedness) and all other permitted pro forma adjustments. For the avoidance of doubt, the Trustee shall have
no duty to (i) calculate, or verify the calculation of, any ratio, basket, amount or test in connection with a Limited Condition
Transaction, Fixed Amounts, or Incurrence Based Amounts, (ii) determine whether any Default or Event of Default has occurred,
is continuing or would result from any action, or (iii) determine whether the Issuer has satisfied any condition precedent
to any action or transaction in connection with a Limited Condition Transaction.

 

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ARTICLE Two

 

THE NOTES

 

SECTION 2.01.      Amount
of Notes.

 

Upon
receipt of a written order of the Issuer, the Trustee shall authenticate (i) Initial Notes for original issue on the Issue
Date in the aggregate principal amount not to exceed $500,000,000 and (ii) Additional Notes in an unlimited aggregate principal
amount, upon a written order of the Issuer in the form of an Officer’s Certificate of the Issuer. The Officer’s Certificate
shall specify the amount of the Notes to be authenticated, the date on which the Notes are to be authenticated, and the names
and delivery instructions for each Holder.

 

Upon receipt of a written order of the Issuer in the form of
an Officer’s Certificate, the Trustee shall authenticate Notes in substitution for Notes originally issued to reflect any
name change of the Issuer. Any Additional Notes shall be part of the same issue as the Notes being issued on the date hereof and
shall be treated as one class with the Notes being issued on the date hereof, including, without limitation, for purposes of voting,
waivers, amendments, redemptions and offers to purchase. For the purposes of this Indenture, references to the Notes include Additional
Notes, if any; provided, that if the Additional Notes are not fungible with the Notes for U.S. federal income tax purposes
(as reasonably determined by the Issuer), the Additional Notes will have a separate CUSIP number.

 

SECTION 2.02.      Form and
Dating; Book Entry Provisions.

 

(a)            The
(i) Initial Notes and the Trustee’s certificate of authentication with respect thereto and (ii) any Additional
Notes and the Trustee’s certificate of authentication with respect thereto, in each case, shall be substantially in the form
set forth in Exhibit A hereto (other than, with respect to any Additional Notes, changes related to the issue date, issue
price and first interest payment date of such Additional Notes), which is incorporated in and forms a part of this Indenture. The
Notes may have notations, legends or endorsements required by law, rule or usage to which the Issuer is subject. Each Note
shall be dated the date of its authentication.

 

(b)            (i) 
The Initial Notes shall be offered and sold by the Issuer pursuant to the Purchase Agreement. The Notes shall be resold initially
only (i) to Persons reasonably believed to be QIBs in reliance on Rule 144A under the Securities Act or (ii) outside
the United States, to Persons other than “U.S. persons” as defined in Rule 902 under the Securities Act in compliance
with Regulation S. Notes may thereafter be transferred to, among others, (i) purchasers reasonably believed to be QIBs, (ii) IAIs
and (iii) purchasers in reliance on Regulation S, in each case subject to the restrictions on transfer set forth herein. Notes
initially resold pursuant to Rule 144A shall be issued in the form of one or more permanent global securities in fully registered
form (collectively, the “Rule 144A Global Note”); and Notes initially resold pursuant to Regulation S shall
be issued in the form of one or more temporary global securities in fully registered form (collectively, the “Temporary
Regulation S Global Note”), in each case without interest coupons and with the Global Notes Legend and the Restricted
Notes Legend (and, in the case of the Temporary Regulation S Global Note, the Regulation S Notes Legend and the Temporary Regulation S
Notes Legend) set forth in Section 2.16(e) hereof, which shall be deposited on behalf of the purchasers of the Notes
represented thereby with the Notes Custodian and registered in the name of the Depository or a nominee of the Depository, duly
executed by the Issuer and authenticated by the Trustee as provided in this Indenture. Subject to Section 2.07, and except
as set forth in this Section 2.02(b) or Section 2.16(d), beneficial ownership interests in the Temporary Regulation
S Global Note will not be exchangeable for interests in the Rule 144A Global Note, a permanent global security (the “Permanent
Regulation S Global Note” and together with the Temporary Regulation S Global Note, the “Regulation S Global
Note”) or any other Note prior to the expiration of the Distribution Compliance Period and then, after the expiration
of the Distribution Compliance Period, may be exchanged for interests in a Rule 144A Global Note only upon certification that
such beneficial ownership interests in such Temporary Regulation S Global Note are owned either by non-U.S. persons or U.S. persons
who purchased such interests in a transaction that did not require registration under the Securities Act.

 

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(ii)            After
the expiration of the Distribution Compliance Period, beneficial interests in Regulation S Global Notes may be exchanged for interests
in Rule 144A Global Notes if (1) such exchange occurs in connection with a transfer of Notes in compliance with Rule 144A
or in compliance with another permitted exception under the Securities Act (other than Regulation S) pursuant to the terms of this
Indenture and in compliance with all applicable securities laws of the States of the United States and other jurisdictions and
(2) the transferor of the beneficial interest in the Regulation S Global Note first delivers to the Trustee a written certificate
(in the form of the Form of Exchange Certificate or Form of Transfer Certificate attached to the applicable Note, as
applicable) making all applicable certifications pursuant to such Form of Exchange Certificate or Form of Transfer Certificate,
as applicable.

 

(iii)           Beneficial
interests in Rule 144A Global Notes may be transferred to a Person who takes delivery in the form of an interest in a Regulation
S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers
to the Trustee a written certificate (in the form of Exhibit B hereto) to the effect that such transfer is being made in accordance
with Rule 903 or 904 of Regulation S or Rule 144 (if applicable).

 

(iv)           The
Rule 144A Global Notes, the Temporary Regulation S Global Notes and the Permanent Regulation S Global Notes are collectively
referred to herein as “Global Notes”. The aggregate principal amount of the Global Notes may from time to time
be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided.

 

(c)            This
Section 2.02(c) shall apply only to a Global Note deposited with or on behalf of the Depository.

 

(i)            The
Issuer shall execute and the Trustee shall, in accordance with this Section 2.02(c), authenticate and deliver initially one
or more Global Notes that (A) shall be registered in the name of the Depository for such Global Note or the nominee of such
Depository and (B) shall be delivered by the Trustee to such Depository or pursuant to such Depository’s instructions
or held by the Trustee as custodian for the Depository.

 

(ii)            Members
of, or participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect
to any Global Note held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global
Note, and the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be entitled to treat the Depository as the absolute
owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer,
the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of
such Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Note.

 

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(d)            Except
as provided in Section 2.16 or 2.17, owners of beneficial interests in Global Notes shall not be entitled to receive physical
delivery of Definitive Notes.

 

(e)            The
terms and provisions contained in the Notes shall constitute, and are expressly made, a part of this Indenture and, to the extent
applicable, the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such
terms and provisions and agree to be bound thereby. If there is any conflict between the terms of the Notes and this Indenture,
the terms of this Indenture shall govern.

 

(f)            The
Notes may be presented for registration of transfer and exchange at the offices of the Registrar.

 

SECTION 2.03.      Execution
and Authentication.

 

An Officer (who shall, in each case, have been duly authorized
by all requisite corporate actions) shall sign the Notes for the Issuer by manual, electronic or facsimile signature.

 

If an Officer whose signature is on a Note was an Officer at
the time of such execution but no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless.

 

No Note shall be entitled to any benefit under this Indenture
or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the
form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Note
shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Issuer, and the
Issuer shall deliver such Note to the Trustee for cancellation as provided in Section 2.12, for all purposes of this Indenture
such Note shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits
of this Indenture.

 

The Trustee may appoint an authenticating agent reasonably acceptable
to the Issuer to authenticate the Notes. Unless otherwise provided in the appointment, an authenticating agent may authenticate
the 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 the Issuer and Affiliates of the Issuer. Each
Paying Agent is designated as an authenticating agent for purposes of this Indenture.

 

The Notes shall be issuable only in registered form without
coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

SECTION 2.04.      Registrar
and Paying Agent.

 

The Issuer shall maintain an office or agency (which shall be
located in the Borough of Manhattan in The City of New York, State of New York or the city in which the Corporate Trust Office
of the Trustee is located) where Notes may be presented for registration of transfer or for exchange (the “Registrar”),
and an office or agency where Notes may be presented for payment (the “Paying Agent”) and an office or agency
where notices and demands to or upon the Issuer, if any, in respect of the Notes and this Indenture may be served. The Registrar
shall keep a register of the Notes and of their transfer and exchange. If and for so long as the Trustee is not the Registrar,
the Trustee shall have the right to inspect the register of the Notes during regular business hours. The Issuer may have one or
more additional Paying Agents. The term “Paying Agent” includes any additional Paying Agent. The Issuer or any Affiliate
thereof may act as Paying Agent.

 

    26

     

    

 

The Issuer shall enter into an appropriate agency agreement
with any Agent that is not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate
to such Agent. The Issuer shall notify the Trustee of the name and address of any such Agent. If the Issuer fails to maintain a
Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such and shall be entitled to appropriate
compensation in accordance with Section 7.07. The Issuer or any Wholly Owned Subsidiary may act as Paying Agent, Registrar,
co-registrar or transfer agent.

 

The Issuer initially appoints the Trustee as Registrar and Paying
Agent.

 

SECTION 2.05.      Paying
Agent to Hold Money in Trust.

 

On or prior to each due date of the principal or interest on
any Notes, the Issuer shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming
due. Each Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for
the payment of principal of or premium or interest on the Notes (whether such money has been paid to it by the Issuer or any other
obligor on the Notes or the Guarantors), and the Issuer and the Paying Agent shall notify the Trustee in writing of any default
by the Issuer (or any other obligor on the Notes) in making any such payment. If the Issuer or a Subsidiary of the Issuer serves
as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. Money held in trust
by the Paying Agent need not be segregated except as required by law and in no event shall the Paying Agent be liable for any interest
on any money received by it hereunder. The Issuer at any time may require the Paying Agent to pay all money held by it to the Trustee
and account for any funds disbursed and the Trustee may at any time during the continuance of any Event of Default specified in
Section 6.01(1) or (2), upon written request to the Paying Agent, require such Paying Agent to pay forthwith all money
so held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon making such payment, the Paying Agent
shall have no further liability for the money delivered to the Trustee.

 

SECTION 2.06.       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 the Holders. If the Trustee is not the Registrar,
the Issuer shall furnish to the Trustee at least five Business Days before each Interest Payment Date, and at such other times
as the Trustee may reasonably 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.

 

SECTION 2.07.       Transfer
and Exchange.

 

Subject to Sections 2.02(b), 2.16 and 2.17, when Notes
are presented to the Registrar with a request from such Holder to register a transfer or to exchange them for an equal principal
amount of Notes of other authorized denominations, the Registrar shall register the transfer as requested if the requirements of
this Indenture are met. Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed or
be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar, duly executed by the Holder
thereof or his attorneys duly authorized in writing. To permit registrations of transfers and exchanges, the Issuer shall issue
and execute and the Trustee shall authenticate new Notes evidencing such transfer or exchange at the Registrar’s request.
No service charge shall be made to the Holder for any registration of transfer or exchange. The Registrar may require from the
Holder payment of a sum sufficient to cover any transfer taxes or other governmental charge that may be imposed in relation to
a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.06, 4.08 or 8.05 (in
which events the Issuer shall be responsible for the payment of such taxes). Without the prior consent of the Issuer, the Registrar
shall not be required to exchange or register a transfer (a) of any Note for a period of 15 days immediately preceding the
mailing of notice of redemption of Notes to be redeemed, (b) of any Note selected, called or being called for redemption except
the unredeemed portion of any Note being redeemed in part, or (c) of any Note between a record date and the next succeeding
Interest Payment Date.

 

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Any Holder of any Global Note shall, by acceptance of such Global
Note, agree that transfers of the beneficial interests in such Global Note may be effected only through a book entry system maintained
by the Holder of such Global Note (or its agent), and that ownership of a beneficial interest in such Global Note shall be required
to be reflected in a book entry.

 

Each Holder of a Note agrees to indemnify the Issuer and the
Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation
of any provision of this Indenture and/or applicable U.S. Federal, state or foreign securities law.

 

Neither the Trustee nor the Registrar shall have any duty to
monitor the Issuer’s compliance with or have any responsibility with respect to the Issuer’s compliance with any Federal,
state or foreign securities laws.

 

SECTION 2.08.       Replacement
Notes.

 

If a mutilated Note is surrendered to the Registrar or the Trustee,
or if the Holder claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall
authenticate a replacement Note if such Holder furnishes to the Issuer and the Trustee evidence reasonably acceptable to them of
the ownership and the destruction, loss or theft of such Note and if the requirements of Section 8-405 of the New York Uniform
Commercial Code as in effect on the date of this Indenture are met. If required by the Trustee or the Issuer, an indemnity bond
shall be posted by such Holder, sufficient in the judgment of both to protect the Issuer, the Guarantors, the Trustee or any Paying
Agent from any loss that any of them may suffer if such Note is replaced. The Issuer and the Trustee may charge such Holder for
their reasonable out-of-pocket expenses in replacing such Note (including, without limitation, attorneys’ fees and disbursements)
in replacing such Note. Every replacement Note shall constitute a contractual obligation of the Issuer.

 

SECTION 2.09.       Outstanding
Notes.

 

The Notes outstanding at any time are all Notes that have been
authenticated by the Trustee except for (a) those cancelled by it, (b) those delivered to it for cancellation, (c) to
the extent set forth in Sections 9.01 and 9.02, on or after the date on which the conditions set forth in Section 9.01
or 9.02 have been satisfied, those Notes theretofore authenticated and delivered by the Trustee hereunder and (d) those described
in this Section 2.09 as not outstanding. Subject to Section 2.10, a Note does not cease to be outstanding because the
Issuer or one of its Affiliates holds the Note.

 

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If a Note is replaced pursuant to Section 2.08, it ceases
to be outstanding unless the Trustee and the Issuer receives proof satisfactory to it that the replaced Note is held by a protected
purchaser in whose hands such Note is a legal, valid and binding obligation of the Issuer.

 

If the Paying Agent holds in trust, in its capacity as such,
on any Redemption Date or maturity date, money sufficient to pay all accrued interest and principal with respect to the Notes payable
on that date and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture, then
on and after that date such Notes cease to be outstanding and interest on them ceases to accrue.

 

SECTION 2.10.       Treasury
Notes.

 

In determining whether the Holders of the required principal
amount of Notes have concurred in any declaration of acceleration or notice of default or direction, waiver or consent or any amendment,
modification or other change to this Indenture, Notes owned by the Issuer or any other Affiliate of the Issuer shall be disregarded
as though they were not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent or any amendment, modification or other change to this Indenture, only Notes as to which
a Responsible Officer of the Trustee has received an Officer’s Certificate stating that such Notes are so owned shall be
so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee established to the
satisfaction of the Trustee the pledgee’s right so to act with respect to the Notes and that the pledgee is not the Issuer,
a Guarantor, any other obligor on the Notes or any of their respective Affiliates.

 

SECTION 2.11.       Temporary
Notes.

 

Until definitive Notes are prepared and ready for delivery,
the Issuer may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of
definitive 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. Until such exchange,
temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes.

 

SECTION 2.12.       Cancellation.

 

The Issuer at any time may deliver Notes to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall cancel and destroy such Notes in accordance with its customary procedures. The Trustee
shall upon the request of the Issuer deliver a certificate of such destruction to the Issuer. The Issuer may not reissue or resell,
or issue new Notes to replace, Notes that the Issuer has redeemed or paid, or that have been delivered to the Trustee for cancellation,
other than in accordance with the express provisions of this Indenture.

 

SECTION 2.13.       Defaulted
Interest.

 

If the Issuer defaults on a payment of interest on the Notes,
it shall pay the defaulted interest, plus (to the extent permitted by law) any interest payable on the defaulted interest, in accordance
with the terms hereof, to the Persons who are Holders of such Notes on a subsequent special record date, which date shall be at
least five Business Days prior to the payment date. The Issuer shall fix such special record date and payment date in a manner
satisfactory to the Trustee. The Issuer shall promptly mail to each Holder of such Notes a notice that states the special record
date, the payment date and the amount of defaulted interest, and interest payable on defaulted interest, if any, to be paid. The
Issuer may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements (if applicable)
of any securities exchange on which the Notes may be listed and, upon such notice as may be required by such exchange, if, after
written notice given by the Issuer to the Trustee of the proposed payment pursuant to this sentence, such manner of payment shall
be deemed practicable by the Trustee.

 

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SECTION 2.14.       CUSIP
Number.

 

The Issuer in issuing the Notes may use a “CUSIP”
number, ISIN and “Common Code” number (in each case if then generally in use), and if so, such CUSIP number, ISIN
and Common Code number shall be included 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 or accuracy of such number either as printed in
the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The
Issuer shall promptly notify, and in any event within 10 Business Days, the Trustee of any such CUSIP number, ISIN and Common
Code number used by the Issuer in connection with the issuance of the Notes and of any change in the CUSIP number, ISIN and
Common Code number.

 

SECTION 2.15.      Deposit
of Moneys.

 

Subject to the following paragraph, prior to 11:00 a.m., New
York City time, on each Interest Payment Date and maturity date, the Issuer shall have deposited with the Paying Agent in immediately
available funds money sufficient to make cash payments, if any, due on such Interest Payment Date or maturity date, as the case
may be. The principal and interest on Global Notes shall be payable to the Depository or its nominee, as the case may be, as the
sole registered owner and the sole holder of the Global Notes represented thereby. The principal and interest on Definitive Notes
shall be payable, either in person or by mail, at the office of the Paying Agent.

 

If a Holder has given wire transfer instructions to the Issuer
at least ten Business Days prior to the applicable Interest Payment Date, the Issuer (through the Paying Agent) will make all payments
on such Holder’s Notes by wire transfer of immediately available funds to the account specified in those instructions. Otherwise,
payments on the Notes will be made at the office or agency of the Paying Agent for the Notes unless the Issuer (with notice to
the Paying Agent) elects to make interest payments by check mailed to the Holders at their addresses set forth in the register
of Holders.

 

SECTION 2.16.       Special
Transfer Provisions.

 

(a)            Transfer
and Exchange of Definitive Notes. When Definitive Notes are presented to the Registrar with a request:

 

(x)            to
register the transfer of such Definitive Notes; or

 

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(y)           to
exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations,

 

the Registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive
Notes surrendered for transfer or exchange:

 

(i)    shall
be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar,
duly executed by the Holder thereof or its attorney duly authorized in writing; and

 

(ii)   if
such Definitive Notes are required to bear a Restricted Notes Legend, they are being transferred or exchanged pursuant to an effective
registration statement under the Securities Act (and the transferor certifies the same, in writing, to the Registrar), pursuant
to Section 2.16(b) or pursuant to clause (A) or (B) below:

 

(A)            if
such Definitive Notes are being transferred to the Issuer, such Definitive Notes are accompanied by a certification to that effect;
or

 

(B)            if
such Definitive Notes are being transferred (x) pursuant to an exemption from registration in accordance with Rule 144A,
Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of
the Securities Act: in each case, such Definitive Notes are accompanied by (i) a certification to that effect (in the form
of the Form of Transfer Certificate attached to Exhibit A hereto) and (ii) if the Issuer or the Trustee so requests,
an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the
Restricted Notes Legend set forth in Section 2.16(e)(i).

 

(b)   Restrictions
on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial
interest in a Rule 144A Global Note or a Permanent Regulation S Global Note except upon satisfaction of the requirements set
forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by appropriate instruments of transfer,
in form satisfactory to the Trustee, together with the following documents:

 

(i)            if
such Definitive Note is being transferred to the Issuer, a certificate from such holder in the form attached to the applicable
Note;

 

(ii)            if
such Definitive Note is being transferred to a Person reasonably believed to be a QIB in accordance with Rule 144A under the
Securities Act, a certificate from such holder in the form attached to the applicable Note;

 

(iii)            if
such Definitive Note is being transferred in an offshore transaction in compliance with Rule 903 or Rule 904 of Regulation
S under the Securities Act, a certificate from such holder in the form attached to the applicable Note;

 

(iv)            if
such Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in
accordance with Rule 144 under the Securities Act or any other available exemption from the registration requirements of the
Securities Act, such legal opinions, certifications or other evidence as may reasonably be required by the Issuer or the Trustee
in order to determine that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and any applicable state and foreign securities laws;

 

(v)            if
such Definitive Note is being transferred to an IAI in reliance upon an exemption from the registration requirements of the Securities
Act other than those listed in subparagraphs (ii) through (iv) above, a certificate from such holder in the form attached
to the applicable Note; and

 

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(vi)            written
instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and records with
respect to the appropriate Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the
Rule 144A Global Note or the Permanent Regulation S Global Note, as applicable, such instructions to contain information regarding
the Depository account to be credited with such increase,

 

then the Trustee shall cancel such Definitive Note and cause,
or direct the Notes Custodian to cause, in accordance with the standing instructions and procedures existing between the Depository
and the Notes Custodian, the aggregate principal amount of Notes represented by the Rule 144A Global Note or the Permanent
Regulation S Global Note, as applicable, to be increased by the aggregate principal amount of the Definitive Note to be exchanged
and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the
Rule 144A Global Note or the Permanent Regulation S Global Note, as applicable, equal to the principal amount of the Definitive
Note so canceled. If no Rule 144A Global Notes or Permanent Regulation S Global Notes, as applicable, are then outstanding,
the Issuer shall issue and the Trustee shall authenticate, upon written order of the Issuer in the form of an Officer’s Certificate
of the Issuer, a new Rule 144A Global Note or Permanent Regulation S Global Note, as applicable, in the appropriate principal
amount.

 

(c)           Transfer
and Exchange of Global Notes.

 

(i)            The
transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in accordance with
this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor.
A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written order given in accordance with
the Depository’s procedures containing information regarding the participant account of the Depository to be credited with
a beneficial interest in such Global Note. The Registrar shall, in accordance with such instructions, instruct the Depository to
credit to the account of the Person specified in such instructions a beneficial interest in the Global Note and to debit the account
of the Person making the transfer the beneficial interest in the Global Note being transferred.

 

(ii)            If
the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note,
the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which
such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Registrar
shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which
such interest is being transferred.

 

(iii)            Notwithstanding
any other provisions of Article Two (other than the provisions set forth in Section 2.17), a Global Note may not be transferred
as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another
nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository.

 

(iv)            In
the event that a Global Note is exchanged for Definitive Notes pursuant to Section 2.17, such Notes may be exchanged only
in accordance with such procedures as are substantially consistent with the provisions of this Section 2.16 (including the
certification requirements set forth on the reverse of the Notes intended to ensure that such transfers comply with Rule 144A,
Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from
time to time be adopted by the Issuer.

 

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(d)            Restrictions
on Transfer of Temporary Regulation S Global Notes. During the Distribution Compliance Period, beneficial ownership interests
in Temporary Regulation S Global Notes may only be sold, pledged or transferred in accordance with the Applicable Procedures and
only (i) to the Issuer, (ii) in an offshore transaction in accordance with Regulation S (other than a transaction resulting
in an exchange for an interest in a Permanent Regulation S Global Note) or (iii) pursuant to an effective registration statement
under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United States.

 

(e)            Legend.

 

(i)            Each
Note certificate evidencing the Global Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear
a legend in substantially the following form (the “Global Notes Legend”):

 

UNLESS THIS GLOBAL NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

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

 

Except as permitted by paragraph (ii) and (iii) below
or otherwise agreed by the Issuer and the applicable Holder, each Note certificate evidencing the Global Notes and Definitive Notes
(and all Notes issued in exchange therefor or in substitution thereof), shall bear a legend in substantially the following form
(the “Restricted Notes Legend”):

 

THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THERE IS NO INTENT TO REGISTER THE NOTE. THIS
NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE AND FOREIGN SECURITIES LAWS AND ONLY

 

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(A)            TO
THE ISSUER,

 

(B)            PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT,

 

(C)            TO
A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,

 

(D)            IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,

 

(E)            TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF NOTES OF $250,000 AND IN A TRANSACTION
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR

 

(F)            PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY
TRANSFER IN ACCORDANCE WITH (C), (D) OR (E) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE IN THE FORM ATTACHED
TO THIS NOTE MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (F) ABOVE, THE
ISSUER RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY
BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE AND FOREIGN SECURITIES LAWS. NO REPRESENTATION
IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

Each certificate evidencing a Note offered in reliance on Regulation
S shall, in addition to the foregoing, bear a legend in substantially the following form (the “Regulation S Notes Legend”):

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED
IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER 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 EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE AND FOREIGN SECURITIES LAWS. TERMS USED ABOVE
HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

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In addition, each Note certificate evidencing the Temporary
Regulation S Global Notes shall bear a legend in substantially the following form (the “Temporary Regulation S Notes Legend”):

 

EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS
IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE OR
ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON
TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(3) OF
REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE ISSUER AND
THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN
A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL
OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE ISSUER,
(II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
NOTE WILL NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.

 

AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE
PERIOD, BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL
NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF NOTES IN COMPLIANCE WITH RULE 144A OR IN COMPLIANCE
WITH ANOTHER PERMITTED EXCEPTION UNDER THE SECURITIES ACT (OTHER THAN REGULATION S) PURSUANT TO THE TERMS OF THE INDENTURE AND
IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS AND (2) THE TRANSFEROR
OF THE BENEFICIAL INTEREST IN THIS TEMPORARY REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE
FORM OF FORM OF EXCHANGE CERTIFICATE OR FORM OF TRANSFER CERTIFICATE ATTACHED HERETO, AS APPLICABLE) MAKING ALL
APPLICABLE CERTIFICATIONS PURSUANT TO SUCH FORM OF EXCHANGE CERTIFICATE OR FORM OF TRANSFER CERTIFICATE, AS APPLICABLE.

 

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BENEFICIAL INTERESTS IN A RULE 144A GLOBAL NOTE MAY BE
TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL NOTE, WHETHER BEFORE OR AFTER
THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE
(IN THE FORM ATTACHED TO THE INDENTURE) TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904
OF REGULATION S OR RULE 144 (IF AVAILABLE).

 

(ii)            Upon
any sale or transfer of a Transfer Restricted Note that is a Definitive Note pursuant to Rule 144 under the Securities Act,
the Registrar shall permit the transferee thereof to exchange such Transfer Restricted Note for a Definitive Note that does not
bear the Restricted Notes Legend and rescind any restriction on the transfer of such Transfer Restricted Note, if the transferor
thereof certifies in writing to the Registrar that such sale or transfer was made in reliance on Rule 144 (such certification
to be in a form of the Form of Transfer Certificate attached to Exhibit A hereto) and provides the Issuer or Trustee
with such legal opinions, certifications or other evidence as may reasonably be required in order to determine that such sale or
transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act and any applicable state and foreign securities laws.

 

(iii)            After
a transfer of any Initial Notes during the period of the effectiveness of a shelf registration statement with respect to such Initial
Notes, all requirements pertaining to the Restricted Notes Legend as set forth in this Section 2.16(e) on such Initial
Notes shall cease to apply and the requirements that any such Initial Notes be issued in global form shall continue to apply.

 

(f)            Cancellation
or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been exchanged for Definitive
Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depository for cancellation or retained and cancelled
by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive
Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment
shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to
such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction.

 

(g)            No
Obligation of the Trustee.

 

(i)            None
of the Trustee, Registrar or Paying Agent shall have any responsibility or obligation to any beneficial owner of a Global Note,
a member of, or a participant in the Depository or other Person with respect to the accuracy of the records of the Depository or
its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any
notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given
to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered
Holders (which shall be the Depository or its nominee in the case of a Global Note). The rights of beneficial owners in any Global
Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The
Trustee, Registrar and Paying Agent may rely and shall be fully protected in relying upon information furnished by the Depository
with respect to its members, participants and any beneficial owners.

 

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(ii)            Neither
the Trustee nor the Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof.

 

SECTION 2.17.       Definitive
Notes.

 

(a)            A
Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.02
shall be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to
the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.16
hereof and (i) the Depository notifies the Issuer that it is unwilling or unable to continue as Depository for such Global
Note or if at any time such Depository ceases to be a “clearing agency” registered under the Exchange Act and, in either
case, a successor depository is not appointed by the Issuer within 90 days of such notice or cessation, as applicable, (ii) the
Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of Notes in definitive form, then,
upon surrender by the relevant Global Note Holder of its Global Note, Notes in such form will be issued to each Person that such
Global Note Holder and the Depository identifies as being the beneficial owner of the related Notes, or (iii) an Event of
Default has occurred and is continuing with respect to the Notes and the Depository notifies the Trustee of its decision to exchange
the Global Notes for Definitive Notes.

 

(b)            Any
Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.17 shall be surrendered by the
Depository to the Trustee at the Corporate Trust Office of the Trustee, to be so transferred, in whole or from time to time in
part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an
equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant
to this Section 2.17 shall be executed, authenticated and delivered only in minimum denominations of US$2,000 principal amount
or any integral multiple of US$1,000 in excess thereof and registered in such names as the Depository shall direct. Any Definitive
Note delivered in exchange for an interest in the Transfer Restricted Note shall, except as otherwise provided by Section 2.16(e) hereof,
bear the applicable Restricted Notes Legend set forth in Section 2.16(e) hereof.

 

(c)            Subject
to the provisions of Section 2.17(b) hereof, the registered Holder of a Global Note shall be entitled to grant proxies
and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take
any action which a Holder is entitled to take under this Indenture or the Notes.

 

(d)            In
the event of the occurrence of one of the events specified in Section 2.17(a) hereof, the Issuer shall promptly make
available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons.
In the event that the Definitive Notes are not issued to each such beneficial owner promptly after the Registrar has received a
request from the Holder of a Global Note to issue such Definitive Note, the Issuer expressly acknowledges, with respect to the
right of any Holder to pursue a remedy pursuant to Article 6 of this Indenture, the right of any beneficial holder of Notes
to pursue such remedy with respect to the portion of the Global Note that represents such beneficial holder’s Notes as if
such Definitive Notes had been issued.

 

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(e)            By
its acceptance of any Note bearing any legend in Section 2.16(e), each Holder of such Note acknowledges the restrictions
on transfer of such Note set forth in this Indenture and in such legend in Section 2.16(e) and agrees that it shall
transfer such Note only as provided in this Indenture.

 

The Registrar shall retain for a period of two years copies
of all letters, notices and other written communications received pursuant to Section 2.02 or this Section 2.17. The
Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable
time upon the giving of reasonable notice to the Registrar.

 

SECTION 2.18.       Computation
of Interest.

 

Interest on the Notes shall be computed on the basis of a 360-day
year of twelve 30-day months. The Initial Notes will bear interest from, and including, the Issue Date.

 

ARTICLE Three

 

REDEMPTION

 

SECTION 3.01.       Election
to Redeem; Notices to Trustee.

 

If the Issuer elects to redeem Notes pursuant to paragraph 6
of the Notes, at least 10 days prior to the Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee),
the Issuer shall notify the Trustee in writing of the Redemption Date, the principal amount of Notes to be redeemed and the redemption
price, and deliver to the Trustee an Officer’s Certificate stating that such redemption will comply with the conditions contained
in paragraph 6 of the Notes. Notice given to the Trustee pursuant to this Section 3.01 may be revocable but may not be revoked
after the time that notice is given to Holders pursuant to Section 3.03, except as provided in Section 3.04.

 

SECTION 3.02.       Selection
by Trustee of Notes To Be Redeemed.

 

In the event that less than all of the Notes are to be redeemed
at any time pursuant to a redemption made pursuant to paragraph 6 of such Notes, selection of the Notes for redemption shall
be made on a pro rata basis (if the Notes are issued in physical form) or in accordance with the Depository’s applicable
procedures (if the Notes are issued in global form) and in each case, if the Notes are listed on a national securities exchange,
in compliance with the requirements of the principal national securities exchange on which the Notes are listed; provided,
however, that no Notes of a principal amount of $2,000 or less shall be redeemed in part. If a partial redemption is made
pursuant to paragraph 6 of the Notes, selection of the Notes or portions thereof for redemption shall be made by the Trustee only
on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to the procedures of the Depository),
unless that method is otherwise prohibited. The Trustee shall promptly notify the Issuer of the Notes selected for redemption and,
in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. The Trustee may select for
redemption portions of the principal of the Notes that have denominations larger than $2,000. For all purposes of this Indenture
unless the context otherwise requires, provisions of this Indenture that apply to Notes called for redemption also apply to portions
of Notes called for redemption. The Issuer may acquire Notes by means other than redemption, whether pursuant to an Issuer tender
offer, open market purchase or otherwise, provided such acquisition does not otherwise violate the other terms of this Indenture.

 

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SECTION 3.03.       Notice
of Redemption.

 

At least 10 days, and no more than 60 days, before a Redemption
Date, the Issuer shall mail or cause to be mailed, or deliver electronically or cause to be delivered electronically for any Notes
held by the Depository, notice of redemption to each Holder to be redeemed at his or her last address as the same appears on the
registry books maintained by the Registrar pursuant to Section 2.04, except that redemption notices may be mailed, or delivered
electronically for any Notes held by the Depository, more than 60 days prior to a Redemption Date if the notice is issued in connection
with a satisfaction and discharge of this Indenture. If the Issuer mails such notice to Holders, it shall mail a copy of such notice
to the Trustee at the same time.

 

The notice shall identify the Notes to be redeemed (including
the CUSIP numbers, ISIN and Common Code numbers, if any thereof) and shall state:

 

(1)            the
Redemption Date;

 

(2)            the
redemption price and the amount of premium (or the manner of calculation the redemption price and/or premium) and accrued interest
to be paid;

 

(3)            if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the Redemption
Date and upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued;

 

(4)            the
name and address of the Paying Agent;

 

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

 

(6)            that
unless the Issuer defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after
the Redemption Date;

 

(7)            that
the Notes are being redeemed pursuant to paragraph 6 of the Notes;

 

(8)            the
aggregate principal amount of Notes that are being redeemed; and

 

(9)            if
the redemption is conditional, a description of the applicable conditions and the date by which such conditions are expected to
be satisfied.

 

At the Issuer’s written request made at least five Business
Days prior to the date on which notice is to be given (or such shorter period as the Trustee in its sole discretion may agree),
the Trustee shall give the notice of redemption prepared by the Issuer, in the Issuer’s name and at the Issuer’s sole
expense. In such event, the Issuer shall provide the Trustee with the information required by this Section 3.03.

 

SECTION 3.04.       Effect
of Notice of Redemption.

 

Except as provided below in the next paragraph, once the notice
of redemption described in Section 3.03 is mailed, Notes called for redemption become due and payable on the Redemption Date
and at the redemption price, including any premium, plus interest accrued to the Redemption Date. Upon surrender to the Paying
Agent, such Notes shall be paid at the redemption price, including any premium, plus interest accrued to the Redemption Date, provided
that if the Redemption Date is after a regular record date and on or prior to the Interest Payment Date, the accrued interest shall
be payable to the Holder of the redeemed Notes registered on the relevant record date, and provided, further, that
if a Redemption Date is not a Business Day, payment shall be made on the next succeeding Business Day and no interest shall accrue
for the period from such Redemption Date to such succeeding Business Day. Failure to give notice or any defect in the notice to
any Holder shall not affect the validity of the notice to any other Holder.

 

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Any redemption or notice may, at the Issuer’s option,
be subject to the satisfaction of one or more conditions precedent. In addition, if such redemption or notice 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.

 

The Issuer may provide in any notice that payment of the redemption
price and accrued and unpaid interest, if any, and the performance of the Issuer’s obligations with respect to such redemption
may be performed by another Person.

 

SECTION 3.05.       Deposit
of Redemption Price.

 

On or prior to 11:00 a.m., New York City time, on each
Redemption Date, the Issuer shall deposit with the Paying Agent in immediately available funds money sufficient to pay the redemption
price of, including premium, if any, and accrued and unpaid interest on all Notes to be redeemed on that date other than Notes
or portions thereof called for redemption on that date which have been delivered by the Issuer to the Trustee for cancellation.
Promptly after the calculation of the redemption price, the Issuer shall give the Trustee and any Paying Agent written notice thereof.

 

On and after any Redemption Date, if money sufficient to pay
the redemption price of, including premium, if any, and accrued and unpaid interest on Notes called for redemption shall have been
made available in accordance with the preceding paragraph, the Notes called for redemption shall cease to accrue interest and the
only right of the Holders of such Notes shall be to receive payment of the redemption price of and, subject to the first proviso
in Section 3.04, accrued and unpaid interest on such Notes to the Redemption Date. If any Note surrendered for redemption
shall not be so paid, interest shall be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal
of the Note and any interest not paid on such unpaid principal, in each case, at the rate and in the manner provided in the Notes.

 

SECTION 3.06.       Notes
Redeemed in Part.

 

Upon surrender of a Note that is redeemed in part, the Issuer
shall execute and the Trustee shall authenticate for the Holder thereof a new Note equal in principal amount to the unredeemed
portion of the Note surrendered.

 

SECTION 3.07.       Mandatory
Redemption.

 

The Issuer shall not be required to make mandatory redemption
payments with respect to the Notes.

 

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ARTICLE Four

 

COVENANTS

 

SECTION 4.01.       Payment
of Notes.

 

The Issuer shall pay the principal of and interest on the Notes
on the dates and in the manner provided in the Notes and this Indenture. An installment of principal or interest shall be considered
paid on the date it is due if the Trustee or Paying Agent holds by 11:00 a.m., New York City time, on that date money designated
for and sufficient to pay such installment.

 

The Issuer shall pay interest on overdue principal (including
post-petition interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful, at the rate specified
in the Notes.

 

SECTION 4.02.       Reports
to Holders.

 

(a)            So
long as the Notes are outstanding, the Issuer will deliver to the Trustee within 15 days after the filing of the same with the
SEC, copies of the quarterly and annual reports of the Issuer and of the information, documents and other reports, if any, which
the Issuer is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. Notwithstanding that
the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as the
Notes are outstanding, the Issuer will file with the SEC, in accordance with rules and regulations prescribed from time to
time by the SEC, such of the supplementary and periodic information, documents and reports of the Issuer which may be required
pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange
as may be prescribed in such rules and regulations.

 

(b)            In
the event that: (1) the rules and regulations of the SEC permit the Issuer and any direct or indirect parent of the Issuer
to report at such parent entity’s level on a consolidated basis or (2) any direct or indirect parent of the Issuer is
or becomes a Guarantor of the Notes, then in each case consolidated reporting at such parent entity’s level in a manner consistent
with that described in Section 4.02(a) above for the Issuer will satisfy such requirements, and the Issuer is permitted
to satisfy its obligations under this Section 4.02 with respect to financial information relating to the Issuer by furnishing
financial information relating to such direct or indirect parent; provided that in the case of subclauses (1) and (2) above
such financial information is accompanied by consolidating information that explains in reasonable detail the differences between
the information relating to such direct or indirect parent and any of its subsidiaries other than the Issuer and its Subsidiaries,
on the one hand, and the information relating to the Issuer and its Subsidiaries on a standalone basis, on the other hand within
15 Business Days of furnishing or making such information available to the Trustee pursuant to clause (a) above.

 

(c)            In
addition, to the extent not satisfied by the foregoing, the Issuer will agree that, for so long as any Notes are outstanding, it
will furnish or cause to be furnished to Holders and to prospective investors, upon their request, the information required to
be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(d)            Notwithstanding
the foregoing, such requirements shall be deemed satisfied for any particular period or report by posting reports on a website
or any online system (in each case, which may be nonpublic and may be maintained by the Issuer or a third party), by filing or
causing to be filed such reports with the SEC.

 

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(e)            Delivery
of such reports and information to the Trustee shall be for informational purposes only and the Trustee’s receipt of them
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 under this Indenture as to which the Trustee is entitled to
rely exclusively on an Officer’s Certificate).

 

SECTION 4.03.       Waiver
of Stay, Extension or Usury Laws.

 

Each of the Issuer and the Guarantors covenants (to the extent
that it may lawfully do so) that it shall not at any time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any usury law or other law which would prohibit or forgive
any of the Issuer and the Guarantors from paying all or any portion of the principal of, premium, if any, and/or interest on the
Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the
performance of this Indenture; and (to the extent that they may lawfully do so) each of the Issuer and the Guarantors hereby expressly
waives all benefit or advantage of any such law, and covenants that it shall not 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 had been enacted.

 

SECTION 4.04.       Compliance
Certificate.

 

(a)            The
Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer, an Officer’s Certificate
stating that a review of the activities of the Issuer and its Subsidiaries during such fiscal year has been made under the supervision
of the signing Officer with a view to determining whether the Issuer and the Guarantors have kept, observed, performed and fulfilled
their obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his
or her knowledge, the Issuer and the Guarantors have kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and no Default occurred during such period (or, if a Default shall have occurred, describing all such Defaults
of which he or she may have knowledge and what action they are taking or propose to take with respect thereto).

 

SECTION 4.05.       Limitations
on Liens.

 

The Issuer will not, and will not permit any
Subsidiary to, incur any Lien (other than Permitted Liens) of any nature whatsoever against any assets (including Equity Interests
of a Subsidiary) of the Issuer or any Subsidiary, whether owned at the Issue Date or thereafter acquired, which secures Indebtedness
for Borrowed Money of the Issuer or any of its Subsidiaries unless:

 

(1)            in
the case of Liens securing Indebtedness for Borrowed Money that is Subordinated Indebtedness, the Notes or the Note Guarantee of
such Subsidiary, if any, are secured by a Lien on such assets that is senior in priority to such Liens; and

 

(2)            in
all other cases, the Notes or the Note Guarantee of such Subsidiary, if any, are secured equally and ratably with or prior to such
Liens;

 

provided
that any Lien which is granted to secure the Notes or any Note Guarantee under this Section 4.05 shall be automatically and
unconditionally released and discharged at the same time as the discharge of the Lien that gave rise to the obligation to so secure
the Notes or such Note Guarantee, as the case may be.

 

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For the purposes of determining compliance with this Section 4.05,
notwithstanding anything herein to the contrary, (i) in the event that a Lien meets the criteria of more than one of the categories
of Permitted Liens, the Issuer shall, in its sole discretion, classify such Lien and may divide, classify and later reclassify
such Lien in more than one of the types of Permitted Liens; provided that at the time of reclassification it meets the criteria
in such category or categories; provided, further, that if at any time any applicable ratio or financial test for
any category based on an Incurrence Based Amount permits any Liens previously incurred under a category based on a Fixed Amount,
such Lien shall be deemed to have been automatically reclassified as incurred under such category based on an Incurrence Based
Amount; and (ii) (a) if any Indebtedness for Borrowed Money is secured by any Lien outstanding under any category of
Permitted Liens measured by reference to a percentage of Total Assets at the time of incurrence of such Indebtedness for Borrowed
Money, and is refinanced by any Indebtedness for Borrowed Money secured by any Lien incurred by reference to such category of Permitted
Liens, and such refinancing would cause the percentage of Total Assets to be exceeded if calculated based on the Total Assets on
the date of such refinancing, such percentage of Total Assets shall not be deemed to be exceeded (and such refinancing Lien shall
be deemed permitted) so long as the principal amount of such refinancing Indebtedness for Borrowed Money does not exceed the principal
amount of such Indebtedness for Borrowed Money being refinanced, plus the aggregate amount of fees, underwriting discounts, premiums
and other costs and expenses (including accrued and unpaid interest) incurred or payable in connection with such refinancing and
(b) if any Indebtedness for Borrowed Money is secured by any Lien outstanding under any category of Permitted Liens measured
by reference to a dollar amount, and is refinanced by any Indebtedness for Borrowed Money secured by any Lien incurred by reference
to such category of Permitted Liens, and such refinancing would cause such dollar amount to be exceeded, such dollar amount shall
not be deemed to be exceeded (and such refinancing Lien shall be deemed permitted) so long as the principal amount of such refinancing
Indebtedness for Borrowed Money does not exceed the principal amount of such Indebtedness for Borrowed Money being refinanced,
plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses (including accrued and unpaid
interest) incurred or payable in connection with such refinancing.

 

SECTION 4.06.       Future
Note Guarantees.

 

If, after the Issue Date, (a) any Material Domestic Subsidiary
(including any newly formed or newly acquired Material Domestic Subsidiary) that is not a Guarantor guarantees any of the Issuer’s
Indebtedness outstanding (or committed) under the Credit Agreement or any other Capital Markets Debt of the Issuer, in each case,
in a principal or committed amount greater than $100,000,000 (any such Indebtedness of the Issuer, the “Material Subject
Debt”) or (b) the Issuer otherwise elects to have any Subsidiary become a Guarantor, then, in each such case, the
Issuer shall cause such Subsidiary to execute and deliver to the Trustee (in the case of clause (a), by the date that is 60 days
after becoming a guarantor under the Credit Agreement or such Capital Markets Debt, or in the case of clause (b) above at
the Issuer’s option) a supplemental indenture in form and substance satisfactory to the Trustee pursuant to which such Subsidiary
shall unconditionally guarantee all of the Issuer’s obligations under the Notes and this Indenture.

 

SECTION 4.07.       Existence.

 

The Issuer shall do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its legal existence; provided that the foregoing shall not prohibit
any merger, consolidation, liquidation, dissolution or other transaction permitted under Section 5.01.

 

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SECTION 4.08.       Change
of Control Offer.

 

If a Change of Control Triggering Event occurs with respect
to the Notes, unless the Issuer has exercised its right to redeem the Notes, the Issuer will be required to make an offer to purchase
all or, at the Holder’s option, any part (equal to $2,000 or any integral multiple of $1,000 in excess thereof) of each Holder’s
Notes pursuant to a Change of Control Offer.

 

In the Change of Control Offer, the Issuer will be required
to offer payment in cash equal to 101% of the aggregate principal amount of Notes to be purchased, plus accrued and unpaid interest,
if any, on the Notes purchased, to, but not including, the date of purchase (the “Change of Control Payment”).
Within 30 days following any Change of Control Triggering Event with respect to the Notes, unless the Issuer has exercised its
right to redeem the Notes as described above, the Issuer shall mail, or deliver electronically if held by the Depository, a notice
to Holders, with a copy to the Trustee for the Notes, describing the transaction or transactions that constitute the Change of
Control Triggering Event and offering to purchase the Notes (a “Change of Control Offer”) on the date specified
in the notice, which date will be no earlier than 10 and no later than 60 days from the date such notice is sent (the “Change
of Control Payment Date”), pursuant to the procedures required by this Indenture and described in such notice.

 

On the Change of Control Payment Date, the Issuer will be required,
to the extent lawful, to:

 

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

 

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

 

(3)            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 of Notes being purchased.

 

The Paying Agent will be required to promptly mail or transfer
by wire, to each Holder who properly tendered Notes or portions thereof, the purchase price for such Notes or portion thereof,
and the Trustee shall be required to promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder
a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new
Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

The Issuer will not be required to make a Change of Control
Offer upon a Change of Control Triggering Event if another Person makes such an offer in the manner, at the times and otherwise
in compliance with the requirements for an offer made by the Issuer and such Person purchases all Notes or portions thereof properly
tendered and not withdrawn under its offer. In the event that such Person terminates or defaults its offer, the Issuer will be
required to make a Change of Control Offer treating the date of such termination or default as though it were the date of the Change
of Control Triggering Event.

 

A Change of Control Offer may be made in advance of a Change
of Control Triggering Event, and be conditional upon such Change of Control Triggering Event, if a definitive agreement is in place
in respect of the Change of Control at the time of the making of the Change of Control Offer.

 

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The Issuer shall comply with the requirements of applicable
securities laws and regulations in connection with the purchase of the Notes pursuant to a Change of Control Offer. To the extent
that the provisions of any securities laws or regulations conflict with the provisions under this Section 4.08, the Issuer
shall comply with the applicable securities laws and regulations.

 

SECTION 4.09.       Suspension
Event.

 

If on any date following the Issue Date (i) the Notes have
an Investment Grade Rating from both Moody’s and S&P, and the Issuer has delivered written notice of such Investment
Grade Rating to the Trustee, and (ii) no Default has occurred and is continuing under this Indenture (a “Suspension
Event”), then, beginning on that day and continuing at all times thereafter except as provided in the next succeeding
paragraph, Section 4.06 (the “Suspended Covenant”) shall no longer be applicable to the Notes.

 

In the event that the Issuer and the Subsidiaries are not subject
to the Suspended Covenant under this Indenture for any period of time as a result of the foregoing, and on any subsequent date
(the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade
the rating assigned to the Notes below an Investment Grade Rating then the Issuer and the Subsidiaries will thereafter again be
subject to the Suspended Covenant under this Indenture with respect to future events. The Issuer will give the Trustee prompt written
notice of a Reversion Date. In the absence of such notice, the Trustee shall be entitled to assume that no Suspension Event or
Reversion Date has occurred.

 

The period of time between the Suspension Event and the Reversion
Date is referred to in this description as the “Suspension Period.” Notwithstanding that the Suspended Covenant
may be reinstated, no Default will occur or be deemed to have occurred solely as a result of a failure to comply with the Suspended
Covenant during the Suspension Period or the continued existence of circumstances or obligations that occurred without complying
with the Suspended Covenant during the Suspension Period.

 

ARTICLE Five

 

SUCCESSOR CORPORATION

 

SECTION 5.01.       Limitations
on Mergers, Consolidations, etc.

 

The Issuer will not, in a single transaction or a series of
related transactions, consolidate or merge with or into another Person, or sell, lease, transfer, convey or otherwise dispose of
all or substantially all of the assets of the Issuer and its Subsidiaries (taken as a whole) unless:

 

(1)   either:

 

(a)            the
Issuer will be the surviving or continuing Person; or

 

(b)            the
Person formed by or surviving such consolidation or merger or to which such sale, lease, transfer, conveyance or other disposition
shall be made (collectively, the “Successor”) is a corporation, limited liability company or limited partnership
organized and existing under the laws of any State of the United States of America or the District of Columbia, and the Successor
expressly assumes, by supplemental indenture, all of the obligations of the Issuer under the Notes and this Indenture;

 

    45

     

    

 

(2)          immediately
after giving effect to such transaction and the assumption of the obligations as set forth in clause (1)(b) above (if applicable)
and the incurrence of any Indebtedness for Borrowed Money to be incurred in connection therewith, and the use of any net proceeds
therefrom on a pro forma basis, no Default shall have occurred and be continuing;

 

(3)          each
Guarantor, unless it is the other party to such transactions, in which case clause (1)(b) of the second succeeding paragraph
shall apply, shall have, by supplemental indenture, confirmed that its Note Guarantee shall apply to such Person’s obligations
under this Indenture and the Notes; and

 

(4)          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 indenture (if any) complies with this covenant and the applicable provisions of this Indenture.

 

Except as provided in Section 10.04, no Guarantor may consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, unless:

 

(1)          either:

 

(a)            such
Guarantor will be the surviving or continuing Person; or

 

(b)            (except
to the extent such Person would not, after giving effect to such transaction, be required to guarantee the Notes as provided in
Section 4.06) the Person formed by or surviving any such consolidation or merger is another Guarantor or assumes all of the
obligations of such Guarantor under the Note Guarantee of such Guarantor and this Indenture;

 

(2)          immediately
after giving effect to such transaction, no Default shall have occurred and be continuing; and

 

(3)          the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation
or merger and such supplemental indenture (if any) comply with this covenant and the applicable provisions of this Indenture.

 

For purposes of the foregoing, the transfer (by lease, assignment,
sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of
one or more Subsidiaries, the Equity Interests of which constitute all or substantially all of the properties and assets of the
Issuer, will be deemed to be the transfer of all or substantially all of the properties and assets of the Issuer.

 

Notwithstanding the foregoing, any Subsidiary may consolidate
with, merge with or into or sell, convey, transfer, lease or otherwise dispose of, in one transaction or a series of transactions,
all or substantially all of its assets to the Issuer or another Subsidiary; provided if such Subsidiary is a Guarantor,
that the surviving entity (if other than the Issuer) remains or becomes a Guarantor.

 

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SECTION 5.02.      Successor
Person Substituted.

 

Upon any consolidation or merger of the Issuer or a Guarantor,
or any sale, lease, transfer, conveyance or other disposition of all or substantially all of the assets of the Issuer in accordance
with Section 5.01, in which the Issuer or such Guarantor is not the continuing obligor under the Notes or its Note Guarantee,
the surviving entity formed by such consolidation or into which the Issuer or such Guarantor is merged or the Person to which the
conveyance, lease or transfer is made will succeed to, and be substituted for, and may exercise every right and power of, the Issuer
or such Guarantor, as the case may be, under this Indenture, the Notes and the Note Guarantees, as applicable, with the same effect
as if such surviving entity had been named herein as the Issuer or such Guarantor and, except in the case of a lease, the Issuer
or such Guarantor, as the case may be, will be released from the obligation to pay the principal of and interest on the Notes or
in respect of its Note Guarantee, as the case may be, and all of the Issuer’s or such Guarantor’s other obligations
and covenants under the Notes, this Indenture and its Note Guarantee, as applicable.

 

ARTICLE Six

 

DEFAULTS AND REMEDIES

 

SECTION 6.01.       Events of
Default.

 

Each of the following shall be an “Event of Default”:

 

(1)          failure
by the Issuer to pay interest on any of the Notes when it becomes due and payable and the continuance of any such failure for 30
days;

 

(2)          failure
by the Issuer to pay the principal on any of the Notes when it becomes due and payable, whether at stated maturity, upon redemption,
upon purchase, upon acceleration or otherwise;

 

(3)          failure
by the Issuer to comply (a) for 30 days after notice with Section 5.01 or (b) for 45 days after notice in respect
of its obligations to make a Change of Control Offer;

 

(4)          failure
by the Issuer to comply with any other agreement or covenant in this Indenture and continuance of this failure for 60 days after
notice;

 

(5)          default
under any mortgage, indenture or other instrument or agreement under which there may be issued or by which there may be secured
or evidenced Indebtedness for Borrowed Money of the Issuer or any Significant Subsidiary, whether such Indebtedness for Borrowed
Money now exists or is incurred after the Issue Date, which default:

 

(a)            is
caused by a failure to pay at final maturity principal on such Indebtedness for Borrowed Money within the applicable express grace
period and any extensions thereof, or

 

(b)            results
in the acceleration of such Indebtedness for Borrowed Money prior to its express final maturity, and

 

in each case, the principal amount of such Indebtedness
for Borrowed Money, together with any other Indebtedness for Borrowed Money with respect to which an event described in clause
(a) or (b) has occurred and is continuing, aggregates $100.0 million or more;

 

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(6)          one
or more final judgments or orders that exceed $100.0 million in the aggregate (net of amounts covered by insurance or bonded) for
the payment of money have been entered by a court or courts of competent jurisdiction against the Issuer or any Significant Subsidiary
and such judgment or judgments have not been satisfied, stayed, paid, discharged, vacated, bonded, annulled or rescinded within
60 days of being entered;

 

(7)          the
Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(a)            commences
a voluntary case,

 

(b)           consents
to the entry of an order for relief against it in an involuntary case,

 

(c)            consents
to the appointment of a Custodian of it or for all or substantially all of its assets, or

 

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

 

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

 

(a)            is
for relief against the Issuer or any Significant Subsidiary as debtor in an involuntary case,

 

(b)           appoints
a Custodian of the Issuer or any Significant Subsidiary or a Custodian for all or substantially all of the assets of the Issuer
or any Significant Subsidiary, or

 

(c)            orders
the liquidation of the Issuer or any Significant Subsidiary,

 

and, in each case, the order or decree remains unstayed
and in effect for 60 days; or

 

(9)          any
Note Guarantee of a Material Domestic Subsidiary that is a Significant Subsidiary ceases to be in full force and effect (other
than in accordance with the terms of such Note Guarantee and this Indenture) or is declared null and void and unenforceable or
found to be invalid or any such Guarantor that is a Material Domestic Subsidiary that is a Significant Subsidiary denies its liability
in writing under its Note Guarantee (other than by reason of release of a Guarantor from its Note Guarantee in accordance with
the terms of this Indenture and the Note Guarantee).

 

However, a default under clauses (3) and (4) will
not constitute an Event of Default until the Trustee or the holders of at least 25% in principal amount of the outstanding Notes
notify the Issuer of the default and the Issuer does not cure such default within the applicable time specified in clauses (3) and
(4) after receipt of such notice.

 

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SECTION 6.02.      Acceleration.

 

If an Event of Default specified in clause (7) or (8) of
Section 6.01 with respect to the Issuer occurs, all outstanding Notes shall become due and payable without any further action
or notice. If any other Event of Default (other than an Event of Default specified in clause (7) or (8) of Section 6.01
with respect to the Issuer), shall have occurred and be continuing hereunder, the Trustee, by written notice to the Issuer, or
the Holders of at least 25% in aggregate principal amount of the Notes then outstanding by written notice to the Issuer and the
Trustee, may declare all amounts owing under the Notes to be due and payable; provided that no such declaration may occur
with respect to any action taken, and reported publicly or to Holders, more than two years prior to the date of such declaration.

 

Any notice of Default, notice of acceleration or instruction
to the Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”)
provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written representation
from each such Holder delivered to the Issuer and the Trustee that such Holder is not (or, in the case such Holder is the Depository
or its nominee, that such Holder is being instructed solely by beneficial owners that have represented to such Holder that they
are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction
relating to the delivery of a notice of Default shall be deemed a continuing representation until the resulting Event of Default
is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder is deemed, at the time of
providing a Noteholder Direction, to covenant to provide the Issuer with such other information as the Issuer may reasonably request
from time to time in order to verify the accuracy of such Noteholder’s Position Representation within five Business Days
of request therefor (a “Verification Covenant”). In any case in which the Holder is the Depository or its nominee,
any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owners of the Notes
in lieu of the Depository or its nominee, and the Depository shall be entitled to conclusively rely on such Position Representation
and Verification Covenant in delivering its direction to the Trustee.

 

If, following the delivery of a Noteholder Direction, but prior
to acceleration of the Notes, the Issuer determines in good faith that there is a reasonable basis to believe a Directing Holder
was, at any relevant time, in breach of its Position Representation and provide to the Trustee an Officer’s Certificate stating
that the Issuer has initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder
was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from
the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure period
with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final and non-appealable
determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior
to acceleration of the Notes, the Issuer provides to the Trustee an Officer’s Certificate stating that a Directing Holder
failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically stayed and the
cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically
reinstituted and any remedy stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation
shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation
of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient
to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio (other than any indemnity
such Directing Holder may have offered the Trustee), with the effect that such Event of Default shall be deemed never to have occurred,
acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default
or Event of Default.

 

For the avoidance of doubt, the Trustee shall be entitled to
conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture, shall have no duty to inquire
as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant, verify any
statements in any Officer’s Certificate delivered to it, or otherwise make calculations, investigations or determinations
with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The
Trustee shall have no liability to the Issuer, any Holder or any other Person in acting in good faith on a Noteholder Direction.

 

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Upon the effectiveness of such declaration of acceleration,
the aggregate principal of and accrued and unpaid interest on the outstanding Notes shall immediately become due and payable; provided,
however, that after such acceleration, but before a judgment or decree based on acceleration, the Holders of a majority
in aggregate principal amount of such outstanding Notes may rescind and annul such acceleration if all Events of Default, other
than the nonpayment of accelerated principal and interest, have been cured or waived as provided in this Indenture. Notwithstanding
the foregoing, if an Event of Default specified in clause (7) or (8) of Section 6.01 with respect to the Issuer
occurs, all outstanding Notes shall become due and payable without any further action or notice.

 

The Trustee shall, within ninety (90) days after the occurrence
of any Default (which the Trustee is deemed to have knowledge of pursuant to this Indenture) with respect to the Notes, give the
Holders notice of all uncured Defaults thereunder known to it; provided, however, that, except in the case of an
Event of Default in payment with respect to the Notes or a Default in complying with Section 5.01, the Trustee shall be protected
in withholding such notice if and so long as it in good faith determines that the withholding of such notice is in the interest
of the Holders.

 

SECTION 6.03.      Other
Remedies.

 

If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any, and
interest on the Notes or to enforce the performance of any provision of the Notes and this Indenture and may take any necessary
action requested of it as Trustee to settle, compromise, adjust or otherwise conclude any proceedings to which it is a party.

 

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 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. No remedy is exclusive of any other remedy. All available remedies are cumulative. Any costs associated
with actions taken by the Trustee under this Section 6.03 shall be reimbursed to the Trustee by the Issuer.

 

SECTION 6.04.      Waiver of
Past Defaults and Events of Default.

 

Subject to Sections 6.02, 6.08 and 8.02, the Holders of a majority
in aggregate principal amount of the Notes then outstanding have the right to waive any existing Default or compliance with any
provision of this Indenture or the Notes. 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.

 

SECTION 6.05.      Control
by Majority.

 

The Holders of a majority in aggregate principal amount of the
then outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee by this Indenture. The Trustee, however, may refuse to follow any direction
that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of another Holder
not taking part in such direction, and the Trustee shall have the right to decline to follow any such direction if the Trustee,
being advised by counsel, determines that the action so directed may not lawfully be taken or if the Trustee in good faith shall,
by a Responsible Officer, determine that the proceedings so directed may result in costs and expenses of the Trustee for which
it has no source of payment or recovery or involve it in personal liability; provided that the Trustee may take any other
action deemed proper by the Trustee which is not inconsistent with such direction.

 

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SECTION 6.06.      Limitation
on Suits.

 

No Holder shall have any right to institute any proceeding with
respect to this Indenture or for any remedy thereunder, unless the Trustee:

 

(1)            has
failed to act for a period of 60 days after receiving written notice of a continuing Event of Default by such Holder and a request
to act by Holders of at least 25% in aggregate principal amount of Notes outstanding;

 

(2)            has
been offered indemnity satisfactory to it in its reasonable judgment; and

 

(3)            has
not received from the Holders of a majority in aggregate principal amount of the outstanding Notes a direction inconsistent with
such request.

 

However, such limitations do not apply to a suit instituted
by a Holder of any Note for enforcement of payment of the principal of or interest on such Note on or after the due date therefor
(after giving effect to the grace period specified in clause (1) of Section 6.01).

 

SECTION 6.07.      No Personal
Liability of Directors, Officers, Employees, Incorporators and Stockholders.

 

No director, officer, employee, incorporator or stockholder
of the Issuer or any Guarantor shall have any liability for any obligations of the Issuer under the Notes or this Indenture or
of any Guarantor under its Note Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes and the Note Guarantees.

 

SECTION 6.08.      Rights
of Holders to Receive Payment.

 

Notwithstanding any other provision of this Indenture, the right
of any Holder to receive payment of principal of, or premium, if any, and interest of the Note on or after the respective due dates
expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute
and unconditional and shall not be impaired or affected without the consent of the Holder.

 

SECTION 6.09.      Collection
Suit by Trustee.

 

If an Event of Default in payment of principal, premium or interest
specified in clause (1) or (2) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in
its own name and as trustee of an express trust against the Issuer or any Guarantor (or any other obligor on the Notes) for the
whole amount of unpaid principal and accrued interest remaining unpaid, together with interest on overdue principal and, to the
extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate set forth
in the Notes.

 

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SECTION 6.10.      Trustee
May File Proofs of Claim.

 

The Trustee may file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings
relative to the Issuer or any Guarantor (or any other obligor upon the Notes), its creditors or its property and shall be entitled
and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate
in any such proceedings 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.

 

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 or reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceedings.

 

SECTION 6.11.      Priorities.

 

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

 

FIRST: to the Trustee for amounts
due under Section 7.07;

 

SECOND: to Holders for amounts
due and unpaid on the Notes for principal, premium, if any, and interest as to each, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Notes; and

 

THIRD: to the Issuer or, to the
extent the Trustee collects any amount from any Guarantor, to such Guarantor.

 

The Trustee may fix a record date and payment date for any payment
to Holders pursuant to this Section 6.11. At least 15 days before such record date, the Trustee shall mail to each Holder
and the Issuer a notice that states the record date, the payment date and the amount to be paid.

 

SECTION 6.12.      Undertaking
for Costs.

 

In any suit for the enforcement of any right or remedy hereunder
or in any suit against the Trustee for any action taken or omitted by it as 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, 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 6.12 does not apply to a suit by
the Trustee, a suit by a Holder pursuant to Section 6.08 or a suit by Holders of more than 10% in principal amount of the
Notes then outstanding.

 

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ARTICLE Seven

 

TRUSTEE

 

SECTION 7.01.      Duties
of Trustee.

 

(a)            If
an Event of Default actually known to a Responsible Officer of the Trustee has occurred and is continuing, the Trustee shall, in
the exercise of its power, use the degree of care of a prudent person in similar circumstances in the conduct of his or her own
affairs.

 

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

 

(1)            the
Trustee need perform only those duties that are specifically set forth in this Indenture and no others; and

 

(2)            in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture but, in the case of any such certificates or opinions which by any provision hereof are required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to determine whether they conform on their face to the requirements
hereof (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

(c)            The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:

 

(1)            this
clause (c) does not limit the effect of clause (b) of this Section 7.01;

 

(2)            the
Trustee shall not be liable for any error of judgment made in good faith, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts;

 

(3)            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 the terms hereof; and

 

(4)            no
provision hereof shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its rights, powers or duties if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

 

(d)            Whether
or not therein expressly so provided, paragraphs (a), (b), (c) and (e) of this Section 7.01 shall govern every provision
of this Indenture that in any way relates to the Trustee.

 

(e)            The
Trustee shall be under no obligation to exercise any of its rights or powers hereunder at the request of any Holder of Notes unless
such Holder of Notes shall have offered to the Trustee security and indemnity satisfactory to the Trustee.

 

(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
or any Guarantor. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the
law.

 

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(g)            Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to the provisions of this Section 7.01.

 

SECTION 7.02.      Rights of
Trustee.

 

Subject to Section 7.01:

 

(1)            The
Trustee may rely on any document reasonably 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.

 

(2)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel, or both, which
shall conform to the provisions of Section 11.05. The Trustee shall be protected and shall not be liable for any action it
takes or omits to take in good faith in reliance on such certificate or opinion.

 

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

 

(4)            The
Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized
or within its rights or powers; provided that the Trustee’s conduct does not constitute negligence or willful misconduct.

 

(5)            The
Trustee may consult with counsel of its selection, and the advice or opinion of such counsel as to matters of law shall be full
and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such counsel.

 

(6)            The
Trustee shall not be deemed to have knowledge of any Default or Event of Default except (i) any Event of Default occurring
pursuant to clause (1) or (2) of Section 6.01 or (ii) any Event of Default of which the Trustee shall have
received written notification provided, the notice references this Indenture and the specific Event of Default. In the absence
of such notice, the Trustee may conclusively assume there is no Default except as aforesaid.

 

(7)            The
Trustee shall be under no obligation to exercise any of its rights or powers hereunder at the request of any Holder of Notes unless
such Holder of Notes shall have offered to the Trustee security and indemnity satisfactory to the Trustee.

 

(8)            The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate (including
any Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction,
consent, order, bond, debenture, note, other evidence of Indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled, upon reasonable notice to the Issuer, to examine the books,
records, and premises of the Issuer, personally or by agent or attorney at the sole cost of the investigation.

 

(9)            The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

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(10)            The
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties hereunder.

 

(11)            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 to each agent, custodian and
other Person employed to act hereunder; provided, however, (i) any agent, custodian and other Person employed to act hereunder
shall only be liable to the extent of its gross negligence, bad faith or willful misconduct; and (ii) only the Trustee, and
not any agent, custodian or other Person employed to act hereunder, shall be held to a prudent person standard upon the occurrence
of and during an Event of Default.

 

(12)            Delivery
of reports, information and documents to the Trustee under Section 4.02 is for informational purposes only and the Trustee’s
receipt of the foregoing shall not constitute constructive notice of any information contained therein, including the Issuer’s
compliance with any of its covenants hereunder (as which the Trustee is entitled to rely exclusively on the Officer’s Certificate).

 

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

 

SECTION 7.03.       Individual
Rights of Trustee.

 

The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may make loans to, accept deposits from, perform services for or otherwise deal with the Issuer
or any Guarantor, or any Affiliates thereof, with the same rights it would have if it were not the Trustee. Any Agent may do the
same with like rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11.

 

SECTION 7.04.      Trustee’s
Disclaimer.

 

The Trustee shall not be responsible for and makes no representation
as to the validity or adequacy of this Indenture or the Notes or any Note Guarantee, it shall not be accountable for the Issuer’s
or any Guarantor’s use of the proceeds from the sale of Notes or any money paid to the Issuer or any Guarantor pursuant to
the terms of this Indenture and it shall not be responsible for the use or application of money received by any Paying Agent other
than the Trustee. The Trustee shall not be responsible for any statement in the Notes, Note Guarantee, this Indenture or any other
document in connection with the sale of the Notes other than its certificate of authentication.

 

SECTION 7.05.      Notice
of Defaults.

 

The Trustee shall, within 90 days after the occurrence of any
Default with respect to the Notes (which the Trustee is aware of pursuant to Section 7.02(6) hereof), give the Holders
notice of all uncured Defaults thereunder known to it; provided, however, that, except in the case of an Event of
Default in payment with respect to the Notes or a Default in complying with Section 5.01, the Trustee shall be protected in
withholding such notice if and so long as it in good faith determines that the withholding of such notice is not opposed to the
interest of the Holders.

 

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SECTION 7.06.      [Reserved].

 

SECTION 7.07.      Compensation
and Indemnity.

 

The Issuer and the Guarantors shall pay to the Trustee and Agents
from time to time reasonable compensation for its services hereunder (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) as agreed to from time to time by the Trustee and the Issuer.
The Issuer and the Guarantors shall reimburse the Trustee and Agents upon request for all reasonable out-of-pocket disbursements,
expenses and advances incurred or made by it in connection with its duties under this Indenture, including the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

 

The Issuer and the Guarantors shall indemnify each of the Trustee
and any predecessor Trustee for, and hold each of them harmless against, any and all loss, damage, claim, liability or expense,
including without limitation taxes (other than taxes based on the income of the Trustee or such Agent) and reasonable attorneys’
fees and expenses incurred by each of them in connection with the acceptance or performance of its duties, or otherwise arising,
under this Indenture including the reasonable costs and expenses of defending itself against any claim (whether brought by the
Issuer, Guarantors, Holders or otherwise) or liability in connection with the exercise or performance of any of its powers or duties
hereunder (including, without limitation, settlement costs and the costs of enforcing the terms of this Indenture or the indemnification
provided herein). The Trustee or Agent shall notify the Issuer and the Guarantors in writing promptly of any claim asserted against
the Trustee or Agent for which it may seek indemnity. However, the failure by the Trustee or Agent to so notify the Issuer and
the Guarantors shall not relieve the Issuer and Guarantors of their obligations hereunder except to the extent the Issuer and the
Guarantors are prejudiced thereby.

 

Notwithstanding the foregoing, the Issuer and the Guarantors
need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through its
negligence, bad faith or willful misconduct. 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 such money or
property held in trust to pay principal of and interest on particular Notes. The obligations of the Issuer and the Guarantors under
this Section 7.07 to compensate and indemnify the Trustee, Agents and each predecessor Trustee and to pay or reimburse the
Trustee, Agents and each predecessor Trustee for expenses, disbursements and advances shall survive the resignation or removal
of the Trustee and the satisfaction, discharge or other termination of this Indenture, including any termination or rejection hereof
under any Bankruptcy Law.

 

When the Trustee incurs expenses or renders services after an
Event of Default specified in clause (7) or (8) of Section 6.01 occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any Bankruptcy Law.

 

For purposes of this Section 7.07, the term “Trustee”
shall include any trustee appointed pursuant to this Article Seven.

 

SECTION 7.08.      Replacement
of Trustee.

 

The Trustee may resign by so notifying the Issuer and the Guarantors
in writing. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove the Trustee by notifying
the Issuer and the removed Trustee in writing and may appoint a successor Trustee with the Issuer’s written consent, which
consent shall not be unreasonably withheld. The Issuer may remove the Trustee at its election if:

 

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

 

(2)            the
Trustee is adjudged a bankrupt or an insolvent;

 

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

 

(4)            the
Trustee otherwise 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. If a Trustee is removed with or
without cause, all fees and expenses (including the reasonable fees and expenses of counsel) of the Trustee incurred in the administration
of the trust or in performing the duties hereunder shall be paid to the Trustee.

 

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

 

If the Trustee fails to comply with Section 7.10, any 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. Immediately following such delivery, the retiring Trustee shall, subject
to its rights under Section 7.07, transfer all property held by it as Trustee to the successor Trustee, 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. A successor Trustee shall mail notice of its succession to each Holder. Notwithstanding replacement
of the Trustee pursuant to this Section 7.08, the Issuer’s and the Guarantors’ obligations under Section 7.07
shall continue for the benefit of the retiring Trustee.

 

SECTION 7.09.      Successor
Trustee by Consolidation, Merger, etc.

 

If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all of its corporate trust assets to, another entity, subject to Section 7.10, the successor
entity without any further act shall be the successor Trustee; provided such entity shall be otherwise qualified and eligible
under this Article Seven.

 

SECTION 7.10.      Eligibility;
Disqualification.

 

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The Trustee (together with its corporate parent) shall have
a combined capital and surplus of at least $50,000,000 as set forth in the most recent applicable published annual report of condition.

 

SECTION 7.11.      [Reserved].

 

SECTION 7.12.      Paying
Agents.

 

The Issuer shall cause each Paying Agent other than the Trustee
to execute and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions
of this Section 7.12:

 

(A)            that
it shall hold all sums held by it as agent for the payment of principal of, or premium, if any, or interest on, the Notes (whether
such sums have been paid to it by the Issuer or by any obligor on the Notes) in trust for the benefit of Holders or the Trustee;

 

(B)            that
it shall at any time during the continuance of any Event of Default, upon written request from the Trustee, deliver to the Trustee
all sums so held in trust by it together with a full accounting thereof; and

 

(C)            that
it shall give the Trustee written notice within three (3) Business Days of any failure of the Issuer (or by any obligor on
the Notes) in the payment of any installment of the principal of, premium, if any, or interest on, the Notes when the same shall
be due and payable.

 

ARTICLE Eight

 

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

SECTION 8.01.      Without
Consent of Holders.

 

The Issuer and the Trustee may amend, waive or supplement this
Indenture, the Note Guarantees or the Notes without prior notice to or consent of any Holder:

 

(1)            to
provide for the assumption of the Issuer’s or a Guarantor’s obligations to the Holders in accordance with Section 5.01;

 

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

 

(3)            to
cure any ambiguity, defect or inconsistency;

 

(4)            to
add any guarantees with respect to the Notes, including the Note Guarantees;

 

(5)            to
release any Guarantor from any of its obligations under its Note Guarantee or this Indenture (to the extent permitted by this Indenture);

 

(6)            to
comply with any requirement of the SEC in connection with any required qualification of this Indenture under the TIA;

 

(7)            to
secure the Notes;

 

(8)            to
provide for the issuance of Additional Notes in accordance with the provisions set forth in this Indenture;

 

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(9)            to
add to the covenants of the Issuer or a Subsidiary for the benefit of the Holders of the Notes or to surrender any right or power
conferred upon the Issuer or a Subsidiary;

 

(10)            to
evidence and provide for the acceptance of appointment by a successor trustee with respect to the Notes and to add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder
by more than one trustee;

 

(11)            to
conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of notes”
section of the Offering Memorandum to the extent that such provision in the “Description of notes” section of the Offering
Memorandum was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees; or

 

(12)            to
make any change that does not materially adversely affect the rights of any Holder hereunder.

 

The Trustee is hereby authorized to join with the Issuer in
the execution of any supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental
indenture which adversely affects its own rights, duties or immunities under this Indenture.

 

SECTION 8.02.      With
Consent of Holders.

 

This Indenture or the Notes may be amended with the consent
(which may include consents obtained in connection with a tender offer or exchange offer for Notes) of the Holders of at least
a majority in aggregate principal amount of the Notes then outstanding, and any existing Default under, or compliance with any
provision of, this Indenture may be waived (other than any continuing Default in the payment of the principal or interest on the
Notes, except a rescission of acceleration of the Notes by the Holders thereof as provided in this Indenture and a waiver of the
payment default that resulted from such acceleration) with the consent (which may include consents obtained in connection with
a tender offer or exchange offer for Notes) of the Holders of a majority in aggregate principal amount of the Notes then outstanding;
provided that, without the consent of each Holder affected, no amendment or waiver may:

 

(1)            reduce,
or change the maturity of, the principal of any Note;

 

(2)            reduce
the rate of or extend the time for payment of interest on any Note;

 

(3)            reduce
any premium payable upon redemption of the Notes or change the date on, or the circumstances under, which any Notes are subject
to redemption (other than provisions relating to the purchase of Notes described in Section 4.08, except that if a Change
of Control Triggering Event has occurred, no amendment or other modification of the obligation of the Issuer to make a Change of
Control Offer relating to such Change of Control Triggering Event shall be made without the consent of each Holder of the Notes
affected);

 

(4)            make
any Note payable in money or currency other than that stated in the Notes;

 

(5)            modify
or change any provision of this Indenture or the related definitions to affect the ranking of the Notes or any Note Guarantee in
a manner that adversely affects the Holders;

 

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(6)            reduce
the percentage of Holders necessary to consent to an amendment or waiver to this Indenture or the Notes;

 

(7)            waive
a default in the payment of principal of or premium or interest on any Notes (except a rescission of acceleration of the Notes
by the Holders thereof as provided in this Indenture and a waiver of the payment default that resulted from such acceleration);
or

 

(8)            impair
the rights of Holders to receive payments of principal of or interest on the Notes on or after the due date therefor or to institute
suit for the enforcement of any payment on the Notes.

 

After an amendment, supplement or waiver under this Section 8.02
becomes effective, the Issuer shall mail or send to the Holders a notice briefly describing the amendment, supplement or waiver.
Any failure of the Issuer to mail or send such notice, or any defect therein, shall not in any way impair or affect the validity
of the amendment, supplement or waiver.

 

Upon the written request of the Issuer, accompanied by a Board
Resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably
satisfactory to the Trustee of the consent of the Holders as aforesaid and upon receipt by the Trustee of the documents described
in Section 8.06, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may, but
shall not be obligated to, enter into such supplemental indenture.

 

It shall not be necessary for the consent of the Holders under
this Section 8.02 to approve the particular form of any proposed amendment, supplement or waiver. It shall be sufficient if
such consent approves the substance thereof.

 

SECTION 8.03.       [Reserved].

 

SECTION 8.04.      Revocation
and Effect of Consents.

 

Until an amendment, supplement, waiver or other action becomes
effective, a consent to it by a Holder is a continuing consent conclusive and binding upon such Holder and every subsequent Holder
of the same Note or portion thereof, and of any Note issued upon the transfer thereof or in exchange therefor or in place thereof,
even if notation of the consent is not made on any such Note. Any such Holder or subsequent Holder, however, may revoke the consent
as to his Note or portion of a Note, if the Trustee receives the written notice of revocation before the date the amendment, supplement,
waiver or other action becomes effective.

 

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.

 

After an amendment, supplement, waiver or other action becomes
effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (8) of Section 8.02.
In that case the amendment, supplement, waiver or other action shall bind each Holder who has consented to it and every subsequent
Holder or portion of a Note that evidences the same debt as the consenting Holder’s Note.

 

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SECTION 8.05.       Notation
on or Exchange of Notes.

 

If an amendment, supplement, or waiver changes the terms of
a Note, the Trustee (in accordance with the specific written direction of the Issuer) shall request the Holder (in accordance with
the specific written direction of the Issuer) to deliver it to the Trustee. In such case, the Trustee shall place an appropriate
notation on the Note about the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines,
the Issuer in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms.
Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement
or waiver.

 

SECTION 8.06.      Trustee
to Sign Amendments, etc.

 

The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article Eight if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment,
supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.01, shall be fully protected in relying
conclusively upon an Officer’s Certificate and an Opinion of Counsel stating, in addition to the matters required by Section 11.04,
that such amendment, supplement or waiver is authorized or permitted by this Indenture and all conditions precedent required hereunder
to such amendment, supplement or waiver have been complied with.

 

ARTICLE Nine

 

DISCHARGE OF INDENTURE; DEFEASANCE

 

SECTION 9.01.      Discharge
of Indenture.

 

This Indenture will be discharged and will cease to be of further
effect as to all outstanding Notes, except the obligations referred to in the last paragraph of this Section 9.01, when either

 

(1)            all
Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes
for whose payment money has been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the
Issuer or discharged from this trust) have been delivered to the Trustee for cancellation, or

 

(2)            (a) 
all Notes not delivered to the Trustee for cancellation otherwise (i) have become due and payable, (ii) shall become
due and payable, or may be called for redemption, within one year or (iii) have been called for redemption pursuant to paragraph
6 of the Notes, and, in any case, the Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust funds,
in trust solely for the benefit of the Holders, U.S. legal tender, U.S. Government Obligations or a combination thereof, in such
amounts as shall be sufficient (without consideration of any reinvestment of interest), as evidenced by an Officer’s Certificate
of the Issuer, to pay and discharge the entire Indebtedness (including all principal and accrued interest) on the Notes not theretofore
delivered to the Trustee for cancellation,

 

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(b)            the
Issuer has paid all other sums payable by it under this Indenture, and

 

(c)            the
Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or on the date of redemption, as the case may be.

 

In addition, the Issuer must deliver an Officer’s Certificate
and an Opinion of Counsel stating that all conditions precedent to satisfaction and discharge have been complied with.

 

After such delivery, the Trustee shall acknowledge in writing
the discharge of the Issuer’s obligations terminated pursuant to this Section 9.01.

 

Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Issuer in Section 2.07 shall survive until all Notes have been cancelled and the obligations of the
Issuer in Sections 7.07, 9.05 and 9.06 shall survive.

 

SECTION 9.02.      Legal Defeasance.

 

The Issuer may, at its option and at any time, pursuant to a
Board Resolution, be discharged from its obligations with respect to the Notes and the Guarantors discharged from their obligations
under the Note Guarantees on the date the conditions set forth in Section 9.04 are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, such Legal Defeasance means that the Issuer and the Guarantors shall be deemed to have
paid and discharged the entire Indebtedness represented by the Notes and the Note Guarantees with respect thereto and to have satisfied
all its other obligations under such Notes, such Note Guarantees and this Indenture, and this Indenture shall cease to be of further
effect as to all outstanding Notes and Note Guarantees (and the Trustee, at the expense of the Issuer, shall, subject to Section 9.06,
execute instruments in form and substance reasonably satisfactory to the Trustee and Issuer acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged hereunder:

 

(a)          the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and interest on the
Notes when such payments are due solely from the trust funds described in Section 9.04 and as more fully set forth in such
Section,

 

(b)          the
Issuer’s obligations with respect to the Notes under Sections 2.04, 2.05, 2.06, 2.07, 2.08 and 2.11,

 

(c)          the
rights, powers, trusts, duties, and immunities of the Trustee hereunder (including claims of, or payments to, the Trustee under
or pursuant to Section 7.07) and the Issuer’s obligation in connection therewith, and

 

(d)          this
Article Nine.

 

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Subject to compliance with this Article Nine, the Issuer
may exercise its option under this Section 9.02 with respect to Notes notwithstanding the prior exercise of its option under
Section 9.03 with respect to such Notes.

 

SECTION 9.03.       Covenant
Defeasance.

 

The Issuer may, at its option and at any time, pursuant to a
Board Resolution, elect that (x) the Issuer and the Guarantors shall be released from their respective obligations under Sections 4.02,
4.05 and 4.06, 4.08 and (y) clauses (4), (5), (6) and (9) of Section 6.01 shall no longer apply with respect
to the Notes on and after the date the conditions set forth in Section 9.04 are satisfied (hereinafter, “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that 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 specified Section or
portion thereof, whether directly or indirectly by reason of any reference elsewhere herein to any such specified Section or
portion thereof or by reason of any reference in any such specified Section or portion thereof to any other provision herein
or in any other document, and thereafter any omission to comply with such obligations shall not constitute a Default, but the remainder
of this Indenture and the Notes shall be unaffected thereby.

 

SECTION 9.04.       Conditions
to Legal Defeasance or Covenant Defeasance.

 

The following shall be the conditions to application of Section 9.02
or Section 9.03 to the outstanding Notes:

 

(1)          the
Issuer must irrevocably deposit with the Trustee, as trust funds, in trust solely for the benefit of the Holders of the Notes,
U.S. legal tender, U.S. Government Obligations or a combination thereof, in such amounts as shall be sufficient (without consideration
of any reinvestment of interest), as evidenced by an Officer’s Certificate of the Issuer, to pay the principal of and interest
on the Notes on the stated date for payment or on the Redemption Date of the principal or installment of principal of or interest
on the Notes,

 

(2)          in
the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States confirming
that:

 

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

 

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

 

in either case to the effect that, and based thereon,
such Opinion of Counsel shall confirm that, the beneficial owners of such outstanding Notes will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of the Legal Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred,

 

(3)          in
the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that the beneficial owners of such outstanding 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 the Covenant Defeasance had not occurred,

 

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(4)            no
Default shall have occurred and be continuing on the date of such deposit (other than a Default resulting from the borrowing of
funds to be applied to such deposit),

 

(5)            the
Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by it with the
intent of preferring the Holders of such Notes over any other of its creditors or with the intent of defeating, hindering, delaying
or defrauding any other of its creditors or others, and

 

(6)            the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions
provided for in, in the case of the Officer’s Certificate, clauses (1) through (4) and, in the case of the Opinion
of Counsel, clauses (2) and/or (3) of this paragraph, have been complied with.

 

If the funds deposited with the Trustee to effect Covenant Defeasance
are insufficient to pay the principal of and interest on the Notes when due, then the obligations of the Issuer and the Guarantors
under this Indenture shall be revived and no such defeasance shall be deemed to have occurred.

 

SECTION 9.05.       Deposited
Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.

 

All money and U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee pursuant to Section 9.04 in respect of the outstanding Notes shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent, to the Holders of such Notes, of all sums due and to become due thereon in respect of principal, premium,
if any, and accrued interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Issuer and the Guarantors shall (on a joint and several
basis) pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 9.04 or the principal, premium, if any, and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

Anything in this Article Nine to the contrary notwithstanding,
the Trustee shall deliver or pay to the Issuer from time to time any money or U.S. Government Obligations held by it as provided
in Section 9.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION 9.06.       Reinstatement.

 

If the Trustee or Paying Agent is unable to apply any money
or U.S. Government Obligations in accordance with Section 9.01, 9.02 or 9.03 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 each Guarantor’s obligations terminated pursuant to Section 9.01, 9.02 or 9.03, as applicable,
shall be revived and reinstated as though no deposit had occurred pursuant to this Article Nine until such time as the Trustee
or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with Section 9.01; provided
that if the Issuer or the Guarantors have made any payment of principal of, premium, if any, or accrued interest on any Notes because
of the reinstatement of their obligations, the Issuer or the Guarantors, as the case may be, shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying
Agent.

 

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SECTION 9.07.       Moneys
Held by Paying Agent.

 

In connection with the satisfaction and discharge of this Indenture,
all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon written demand of the Issuer, be paid
to the Trustee, or if sufficient moneys have been deposited pursuant to Section 9.04, to the Issuer (or, if such moneys had
been deposited by the Guarantors, to such Guarantors), and thereupon such Paying Agent shall be released from all further liability
with respect to such moneys.

 

SECTION 9.08.       Moneys Held
by Trustee.

 

Subject to applicable law, any moneys deposited with the Trustee
or any Paying Agent or then held by the Issuer or the Guarantors in trust for the payment of the principal of, or premium, if any,
or interest on any Note that are not applied but remain unclaimed by the Holder of such Note for two years after the date upon
which the principal of, or premium, if any, or interest on such Note shall have respectively become due and payable shall be repaid
to the Issuer (or, if appropriate, the Guarantors), or if such moneys are then held by the Issuer or the Guarantors in trust, such
moneys shall be released from such trust; and the Holder of such Note entitled to receive such payment shall thereafter, as an
unsecured general creditor, look only to the Issuer and the Guarantors for the payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money shall thereupon cease; provided that the Trustee or any such Paying
Agent, before being required to make any such repayment, may, at the expense of the Issuer and the Guarantors, either mail to each
Holder affected, at the address shown in the register of the Notes maintained by the Registrar pursuant to Section 2.04, or
cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published
each Business Day and of general circulation in the City of New York, New York, a notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or publication, any unclaimed
balance of such moneys then remaining shall be repaid to the Issuer. After payment to the Issuer or the Guarantors or the release
of any money held in trust by the Issuer or any Guarantors, as the case may be, Holders entitled to the money must look only to
the Issuer and the Guarantors for payment as general creditors unless applicable abandoned property law designates another Person.

 

ARTICLE Ten

 

GUARANTEE OF NOTES

 

SECTION 10.01.     Guarantee.

 

Subject to the provisions of this Article Ten, each Guarantor
(including each Material Domestic Subsidiary that executes this Indenture as a “Guarantor” on the Issue Date and each
Person that becomes a Guarantor in accordance with Section 4.06), by execution of this Indenture or a supplemental indenture
to this Indenture, as applicable, providing for such guarantee, jointly and severally, unconditionally guarantees (each, a “Note
Guarantee” and collectively, the “Note Guarantees”) to each Holder and the Trustee (i) the due
and punctual payment of the principal of and interest on each Note, when and as the same shall become due and payable, whether
at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal of and interest on
the Notes, to the extent lawful, and the due and punctual payment of all obligations of the Issuer to the Holders or the Trustee
all in accordance with the terms of such Note and this Indenture, and (ii) in the case of any extension of time of payment
or renewal of any Notes or any of such other obligations, that the same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, at stated maturity, by acceleration or otherwise. Each Guarantor, by execution
of this Indenture or a supplemental indenture to this Indenture, as applicable, agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of any
such Note or this Indenture, any failure to enforce the provisions of any such Note or this Indenture, any waiver, modification
or indulgence granted to the Issuer with respect thereto by the Holder of such Note, or any other circumstances which may otherwise
constitute a legal or equitable discharge of a surety or such Guarantor.

 

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Each Guarantor, by execution of this Indenture or a supplemental
indenture to this Indenture, as applicable, waives diligence, presentment, demand for payment, filing of claims with a court in
the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice
with respect to any such Note or the Indebtedness evidenced thereby (except as expressly required hereunder, including pursuant
to Article Six hereof) and all demands whatsoever, and covenants that this Note Guarantee shall not be discharged as to any
such Note except by payment in full of the principal thereof and interest thereon or as otherwise provided in this Indenture. Each
Guarantor, by execution of this Indenture or a supplemental indenture to this Indenture, as applicable, agrees that, as between
such Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed
pursuant to this Indenture or such supplemental indenture, as applicable, may be accelerated as provided in Article Six for
the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed by execution of this Indenture or such supplemental indenture, as applicable, and (ii) in
the event of any declaration of acceleration of such obligations as provided in Article Six, such obligations (whether or
not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Note Guarantee.

 

SECTION 10.02.     Execution
and Delivery of Guarantee.

 

If an officer of a Guarantor whose signature is on this Indenture
or a supplemental indenture to this Indenture, as applicable, no longer holds that office at the time the Trustee authenticates
the Note or at any time thereafter, such Guarantor’s Note Guarantee of such Note shall be valid nevertheless.

 

The delivery of any Note by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of any Note Guarantee on behalf of the Guarantor.

 

SECTION 10.03.     Limitation
of Guarantee.

 

The obligations of each Guarantor under its Note Guarantee are
limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of such Guarantor (including,
without limitation, any guarantees under the Credit Agreement) and after giving effect to any collections from or payments made
by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Note Guarantee or pursuant
to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not
constituting a fraudulent conveyance or fraudulent transfer under federal or state law. Each Guarantor that makes a payment or
distribution under its Note Guarantee shall be entitled to a contribution from each other Guarantor in a pro rata amount based
on the adjusted net assets of each Guarantor.

 

    66

     

    

 

SECTION 10.04.     Release
of Guarantor.

 

A Guarantor shall be automatically released from its obligations
under its Note Guarantee and its obligations under this Indenture:

 

(1)             in
the event of dissolution of such Guarantor;

 

(2)             if
such Guarantor ceases to be a Material Domestic Subsidiary, when it first ceases to be a Material Domestic Subsidiary;

 

(3)             upon
the substantially simultaneous release, discharge or termination of the guarantee by such Guarantor of the Material Subject Debt;

 

(4)             upon
the exercise of the legal defeasance option or covenant defeasance option pursuant to Sections 9.02 or 9.03 hereof, as applicable,
or if the obligations under this Indenture are discharged in accordance with the terms hereof, or

 

(5)             in
the case of any Subsidiary that becomes a Guarantor pursuant to clause (b) under Section 4.06 of this Indenture, upon
notice to the Trustee (unless otherwise provided in the applicable supplemental indenture pursuant to which such Subsidiary becomes
a Guarantor) or in any other circumstance described in the applicable supplemental indenture pursuant to which such Subsidiary
becomes a Guarantor,

 

and in each such case, the Issuer has delivered to the Trustee
an Officer’s Certificate or an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to such transactions have been complied with and that such release is authorized and permitted hereunder.

 

The Trustee shall execute any documents reasonably requested
by the Issuer or a Guarantor in order to evidence the release of such Guarantor from its obligations under its Note Guarantee endorsed
on the Notes and under this Article Ten.

 

SECTION 10.05.     Waiver
of Subrogation.

 

Until the Notes have been paid in full, each Guarantor hereby
irrevocably waives any claim or other rights which it may now or hereafter acquire against the Issuer that arise from the existence,
payment, performance or enforcement of such Guarantor’s obligations under its Note Guarantee and this Indenture, including,
without limitation, any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any
claim or remedy of any Holder of Notes against the Issuer, whether or not such claim, remedy or right arises in equity, or under
contract, statute or common law, including, without limitation, the right to take or receive from the Issuer, directly or indirectly,
in cash or other property or by set-off or in any other manner, payment or Notes on account of such claim or other rights. If any
amount shall be paid to any Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full, such
amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the
Holders, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the Notes,
whether matured or unmatured, in accordance with the terms of this Indenture. Each Guarantor acknowledges that it shall receive
direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver set forth in this
Section 10.05 is knowingly made in contemplation of such benefits.

 

    67

     

    

 

ARTICLE Eleven

 

MISCELLANEOUS

 

SECTION 11.01.     Trust
Indenture Act.

 

The provisions of the TIA do not apply to this Indenture or
the Notes.

 

SECTION 11.02.     Notices.

 

Except for notice or communications to Holders, any notice or
communication shall be given in writing and delivered in person, sent by facsimile, delivered by commercial courier service or
mailed by first-class mail, postage prepaid, addressed as follows:

 

If to the Issuer or any Guarantor:

 

ANGI Group, LLC

3601 Walnut Street

Denver, CO 80205

Attention: Chief Financial Officer

 

with copies to:

 

ANGI Group, LLC

3601 Walnut Street

Denver, CO 80205

Attention: General Counsel

 

If to the Trustee:

 

COMPUTERSHARE TRUST COMPANY, N.A.

8742 Lucent Boulevard, Suite 225

Highlands Ranch, Colorado 80129

Attention: Corporate Trust

Fax Number: (303) 262-0608

 

with a copy to:

 

Perkins Coie, LLP

1155 Avenue of the Americas

22nd Floor

New York, New York 10036-2711

Attention: Sean Connery

Fax Number: (212) 977-1649

 

    68

     

    

 

and to:

 

COMPUTERSHARE TRUST COMPANY, N.A.

480 Washington Blvd.

Jersey City, New Jersey 07310

Attention: Legal Department

Fax Number: (201) 680-4610

 

Such notices or communications shall be effective when received
and shall be sufficiently given if so given within the time prescribed in this Indenture.

 

The Issuer, the Guarantors or the Trustee by written notice
to the others may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication mailed to a Holder shall be mailed
to it by first-class mail, postage prepaid, at its address shown on the register kept by the Registrar.

 

Failure to mail a notice or communication to a Holder or any
defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication to a Holder is mailed
in the manner provided above, it shall be deemed duly given, whether or not the addressee receives it.

 

In case by reason of the suspension of regular mail service,
or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification
as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice.

 

The Trustee agrees to accept and act upon instructions or directions,
and, as acceptable to the Trustee, the Issuer’s signatures to the Notes, pursuant to this Indenture sent by unsecured e-mail,
pdf, facsimile transmission or other similar unsecured electronic methods, including without limitation, digital signature provided
by Docusign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative),
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature; provided,
however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions
or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended
and replaced whenever a person is to be added or deleted from the listing. If the Issuer elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its reasonable discretion elects to act upon such
instructions, the Trustee shall be fully protected in acting on such instructions. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding
such instructions conflict or are inconsistent with a subsequent written instruction. Subject to the foregoing provisions of this
Section 11.02, the Issuer agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the
risk or interception and misuse by third parties.

 

SECTION 11.03.     Communications
by Holders with Other Holders.

 

Holders may communicate in the manner contemplated by the provisions
of TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes (it being understood
that, for the avoidance of doubt, the provisions of the Trust Indenture Act do not apply to this Indenture or the Notes). The Issuer,
the Guarantors, the Trustee, the Registrar and anyone else shall have the protections contemplated by the provisions of TIA §
312(c) as if such provisions applied to this Indenture (it being understood that, for the avoidance of doubt, the provisions
of the Trust Indenture Act do not apply to this Indenture or the Notes).

 

    69

     

    

 

SECTION 11.04.     Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer or any Guarantor
to the Trustee to take any action or refrain from taking any action under this Indenture, the Issuer or such Guarantor shall furnish
to the Trustee:

 

(1)             an
Officer’s Certificate (which shall include the statements set forth in Section 11.05) stating that, in the opinion of
the signer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and

 

(2)             an
Opinion of Counsel (which shall include the statements set forth in Section 11.05) stating that, in the opinion of such counsel,
all such conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with.

 

SECTION 11.05.     Statements
Required in Certificate and Opinion.

 

Each certificate and opinion with respect to compliance by or
on behalf of the Issuer or any Guarantor with a condition or covenant provided for in this Indenture (other than the Officer’s
Certificate required by Sections 3.01 or 4.04) shall comply with any requirements set forth in this Indenture and shall include:

 

(1)             a
statement that the Person making such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;

 

(2)             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;

 

(3)             a
statement that, in the opinion of such Person, it or he or she has made such examination or investigation as is necessary to enable
it or him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)             a
statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with; provided,
however, that with respect to such matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificate
of public officials, and provided, further, that an Opinion of Counsel may have customary qualifications for opinions
of the type required.

 

SECTION 11.06.     Rules by
Trustee and Agents.

 

The Trustee may make reasonable rules for action by or
meetings of Holders. The Registrar and Paying Agent may make reasonable rules for their functions.

 

SECTION 11.07.     Business
Days.

 

If a payment date is not a Business Day, payment may be made
on the next succeeding Business Day, and no interest shall accrue for the intervening period.

 

SECTION 11.08.     Governing
Law.

 

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

 

    70

     

    

 

SECTION 11.09.     Waiver
of Jury Trial.

 

EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE AND EACH
HOLDER OF NOTES BY ITS ACCEPTANCE THEREOF 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 AND ANY NOTE GUARANTEES.

 

SECTION 11.10.     Force
Majeure.

 

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

 

SECTION 11.11.     No Adverse
Interpretation of Other Agreements.

 

This Indenture may not be used to interpret another indenture,
loan, security or debt agreement of the Issuer or any Subsidiary. No such indenture, loan, security or debt agreement may be used
to interpret this Indenture.

 

SECTION 11.12.     [Reserved].

 

SECTION 11.13.     Successors.

 

All agreements of the Issuer and the Guarantors in this Indenture
and the Notes shall bind their respective successors. All agreements of the Trustee, any additional trustee and any Paying Agents
in this Indenture shall bind its successor.

 

SECTION 11.14.     Multiple
Counterparts.

 

The parties may sign multiple counterparts of this Indenture.
Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement.

 

SECTION 11.15.     Table
of Contents, Headings, etc.

 

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

 

SECTION 11.16.     Separability.

 

Each provision of this Indenture shall be considered separable
and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Indenture or 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.

 

    71

     

    

 

SECTION 11.17.     USA
Patriot Act.

 

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

 

[Signature pages follow]

 

    72

     

    

 

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

 

	 	 	ANGI GROUP, LLC, as the Issuer
	 	 	 
	 	 	 
	 	 	By:	 /s/ Jamie Cohen
	 	 	 	Name:	 Jamie Cohen
	 	 	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	 	ANGIE’S LIST, INC.
	 	 	 
	 	 	 
	 	 	HOMEADVISOR, INC.
	 	 	 
	 	 	 
	 	 	HANDY TECHNOLOGIES, INC., as a Guarantors
	 	 	 
	 	 	 
	 	 	By:	/s/ Tanya Stanich
	 	 	 	Name:	Tanya Stanich
	 	 	 	Title:	Vice President and Assistant Secretary

 

[Signature Page to ANGI Indenture]

 

    

     

    

 

	 	 	COMPUTERSHARE TRUST COMPANY, N.A.,
    as Trustee
	 	 	
	 	 	 
	 	 	By:	/s/ Jerry Urbanek
	 	 	 	Name:	Jerry Urbanek
	 	 	 	Title:	Trust Officer

 

[Signature Page to ANGI Indenture]

 

    

     

    

 

EXHIBIT A

 

[FORM OF FACE OF INITIAL NOTE]

 

 

    A-1

     

    

 

[Global Notes Legend]

 

UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

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

 

[Restricted Notes Legend]

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THERE IS NO INTENT TO REGISTER THE NOTE. THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE AND FOREIGN SECURITIES LAWS AND ONLY

 

(A)            TO
THE ISSUER,

 

(B)             PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT,

 

(C)             TO
A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,

 

(D)            IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,

 

    A-2

     

    

 

(E)             TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF NOTES OF $250,000 AND IN A TRANSACTION
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR

 

(F)             PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER
IN ACCORDANCE WITH (C), (D) OR (E) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE IN THE FORM ATTACHED TO THIS NOTE
MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (F) ABOVE, THE ISSUER RESERVES
THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN
ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE AND FOREIGN SECURITIES LAWS. NO REPRESENTATION IS
MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

[Regulation S Notes Legend]

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
ORIGINALLY EXEMPT FROM REGISTRATION UNDER 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 EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE AND FOREIGN SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN
TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

[Temporary Regulation S Notes Legend]

 

EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN
THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE OR ANY
OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER,
UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(3) OF REGULATION
S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE ISSUER AND THE TRUSTEE
THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A TRANSACTION
THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP
INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE ISSUER, (II) OUTSIDE
THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
NOTE WILL NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.

 

    A-3

     

    

 

AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD,
BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL NOTE
ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF NOTES IN COMPLIANCE WITH RULE 144A OR IN COMPLIANCE WITH
ANOTHER PERMITTED EXCEPTION UNDER THE SECURITIES ACT (OTHER THAN REGULATION S) PURSUANT TO THE TERMS OF THE INDENTURE AND IN COMPLIANCE
WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS AND (2) THE TRANSFEROR OF THE
BENEFICIAL INTEREST IN THIS TEMPORARY REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM OF
FORM OF EXCHANGE CERTIFICATE OR FORM OF TRANSFER CERTIFICATE ATTACHED HERETO, AS APPLICABLE) MAKING ALL APPLICABLE CERTIFICATIONS
PURSUANT TO SUCH FORM OF EXCHANGE CERTIFICATE OR FORM OF TRANSFER CERTIFICATE, AS APPLICABLE.

 

BENEFICIAL INTERESTS IN A RULE 144A GLOBAL NOTE MAY BE
TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL NOTE, WHETHER BEFORE OR AFTER
THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE
(IN THE FORM ATTACHED TO THE INDENTURE) TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904
OF REGULATION S OR RULE 144 (IF AVAILABLE).

 

    A-4

     

    

 

FORM OF NOTE

 

 

CUSIP [         ]2

ISIN [          ]3

 

ANGI GROUP, LLC

 

	No.	$

 

3.875% SENIOR NOTE DUE 2028

 

ANGI GROUP, LLC, a Delaware limited liability company (the “Issuer”),
for value received, promises to pay to CEDE & CO. or registered assigns the principal sum of             
dollars on August 15, 2028.

 

Interest Payment Dates: February 15 and August 15.

 

Record Dates: February 1 and August 1.

 

Reference is made to the further provisions of this Note contained
herein, which shall for all purposes have the same effect as if set forth at this place.

 

 

 

	2	Rule 144A Note: 001846 AA2

Regulation S Note: U0035L AA7

	3	Rule 144A Note: US001846AA20

Regulation S Note: USU0035LAA71

 

    A-5

     

    

 

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

 

	 	 	ANGI GROUP, LLC
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

 

Dated:

 

    A-6

     

    

 

Certificate of Authentication

 

This is one of the 3.875% Senior Notes due 2028 referred to
in the within-mentioned Indenture.

 

	 	 	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
	 	 	 
	 	 	 
	 	 	By:	                                         
	 	 	 
	 	 	 

Dated:

 

    A-7

     

    

 

[FORM OF REVERSE OF INITIAL NOTE]

 

ANGI GROUP, LLC

 

3.875% SENIOR NOTE DUE 2028

 

1.            Interest.

 

ANGI GROUP, LLC, a Delaware limited liability company (the “Issuer”),
promises to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on
the face hereof at a rate of 3.875% per annum. Interest hereon shall accrue from and including the most recent date to which interest
has been paid or, if no interest has been paid, from and including August 20, 2020 to but excluding the date on which interest
is paid. Interest shall be payable in arrears on each February 15 and August 15 commencing on February 15, 2021.
Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal
and on overdue interest (to the full extent permitted by law) at a rate of 3.875% per annum.

 

2.            Method
of Payment. The Issuer shall pay interest hereon (except defaulted interest) to the Persons who are registered Holders at the
close of business on February 1 or August 1 next preceding the Interest Payment Date (whether or not a Business Day).
Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer (through the Paying Agent) shall pay principal
and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private
debts. If the Holder has given wire transfer instructions to the Issuer at least ten Business Days prior to the payment date, the
Issuer (through the Paying Agent) shall make all payments on this Note by wire transfer of immediately available funds to the account
specified in those instructions. Otherwise, payments on this Note shall be made at the office or agency of the Paying Agent unless
the Issuer (with notice to the Paying Agent) elects to make interest payments by check mailed to the Holders at their addresses
set forth in the register of Holders.

 

3.            Paying
Agent and Registrar. Initially, Computershare Trust Company, N.A., a national banking association (the “Trustee”),
shall act as a Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent or Registrar or co-registrar without
notice. The Issuer or any of its Affiliates may act as Paying Agent or Registrar.

 

4.            Indenture.
The Issuer issued the Notes under an Indenture dated as of August 20, 2020 (the “Indenture”) among the
Issuer, the Guarantors and the Trustee. This is one of an issue of Notes of the Issuer issued, or to be issued, under the Indenture.
The Notes include (i) $500,000,000 aggregate principal amount of the Issuer’s 3.875% Senior Notes due 2028 (the “Initial
Notes”) and (ii) if and when issued, additional Notes that may be issued from time to time under the Indenture subsequent
to August 20, 2020 (the “Additional Notes”). The Initial Notes and the Additional Notes shall be considered
collectively as a single class for all purposes of the Indenture. The terms of the Notes include those set forth in the Indenture.
The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of them. Capitalized and certain
other terms used herein and not otherwise defined have the meanings set forth in the Indenture.

 

5.            Mandatory
Redemption. The Issuer shall not be required to make mandatory redemption payments with respect to the Notes.

 

    A-8

     

    

 

6.            Optional
Redemption. Except as set forth below, the Issuer will not be entitled to redeem the Notes at its option.

 

(i)            At
any time prior to August 15, 2023, the Issuer may redeem all or a part of the Notes, upon notice as described in Section 3.03
of the Indenture, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium,
and accrued and unpaid interest if any, to, but not including, the date of redemption (the “Redemption Date”),
subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date.

 

(ii)           On
and after August 15, 2023, the Issuer may redeem the Notes, in whole or in part, upon notice as described in Section 3.03
of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth
below, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date, if redeemed
during the twelve-month period beginning on August 15, of each of the years indicated below:

 

	Year	 	Percentage	 
	2023	 	 	101.938	%
	2024	 	 	100.969	%
	2025 and thereafter	 	 	100.000	%

 

(iii)          In
addition, until August 15, 2023, the Issuer may, at its option, on one or more occasions redeem up to 40% of the aggregate
principal amount of Notes at a redemption price equal to 103.875% of the aggregate principal amount thereof, plus accrued and unpaid
interest thereon, if any, to, but not including, 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, with the net cash proceeds of one or more Equity
Offerings; provided that at least 50% of the sum of the aggregate principal amount of (x) Notes originally issued under the
Indenture and (y) any Additional Notes issued under the Indenture after the Issue Date remains outstanding immediately after
the occurrence of each such redemption; provided, further, that each such redemption occurs within 90 days of the date of closing
of each such Equity Offering.

 

7.            Notice
of Redemption. Notice of redemption shall be mailed, or delivered electronically if held by the Depository, at least 10 days
but not more than 60 days before the Redemption Date to each Holder to be redeemed at its registered address, except that redemption
notices may be mailed, or delivered electronically if held by the Depository, more than 60 days prior to a Redemption Date if the
notice is issued in connection with a satisfaction and discharge of the Indenture. On and after the Redemption Date, unless the
Issuer defaults in making the redemption payment, interest ceases to accrue on Notes or portions thereof called for redemption.

 

8.            Offers
to Purchase. The Indenture provides that upon the occurrence of a Change of Control Triggering Event and subject to further
limitations contained therein, the Issuer shall make an offer to purchase outstanding Notes in accordance with the procedures set
forth in the Indenture.

 

9.            Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay to it any taxes and fees required
by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Notes or a portion of
a Note selected for redemption for a period of 15 days before a mailing or electronic delivery of notice of redemption.

 

    A-9

     

    

 

10.          Persons
Deemed Owners. The registered Holder of this Note may be treated as the owner of this Note for all purposes.

 

11.          Unclaimed
Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee shall pay the money back
to the Issuer at its written request. After that, Holders entitled to the money must look to the Issuer for payment as general
creditors unless an “abandoned property” law designates another Person.

 

12.          Amendment,
Supplement, Waiver, etc. The Issuer and the Trustee may, without the consent of the Holders of any outstanding Notes,
amend, waive or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities,
defects or inconsistencies, complying with any requirement of the SEC in connection with any required qualification of the Indenture
under the Trust Indenture Act, and making any change that does not materially adversely affect the rights of any Holder. Other
amendments and modifications of the Indenture or the Notes may be made by the Issuer and the Trustee with the consent of the Holders
of not less than a majority of the aggregate principal amount of the outstanding Notes, subject to certain exceptions requiring
the consent of the Holders of the particular Notes to be affected.

 

13.          Defaults
and Remedies. Events of Default are set forth in the Indenture. If an Event of Default specified in clause (7) or (8) of
Section 6.01 of the Indenture with respect to the Issuer occurs, all outstanding Notes shall become due and payable without
any further action or notice. If any other Event of Default (other than an Event of Default specified in clause (7) or
(8) of Section 6.01 of the Indenture with respect to the Issuer), shall have occurred and be continuing hereunder, the
Trustee, by written notice to the Issuer, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding
by written notice to the Issuer and the Trustee, may declare all amounts owing under the Notes to be due and payable. The Trustee
may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders
of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or
power.

 

14.          Trustee
Dealings with Issuer. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may
make loans to, accept deposits from, perform services for or otherwise deal with the Issuer or any Guarantor, or any Affiliates
thereof, with the same rights it would have if it were not Trustee.

 

15.          Discharge.
Subject to certain conditions and as set forth in the Indenture, the Issuer at any time may terminate some or all of its obligations
pursuant to the Indenture, upon the payment of all the Notes or upon the irrevocable deposit with the Trustee of United States
dollars or U.S. Government Obligations sufficient to pay when due principal of and interest on the Notes to maturity or redemption,
as the case may be.

 

16.          Guarantees.
The Note shall be entitled to the benefits of Note Guarantees, if any, made for the benefit of the Holders. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the
Guarantors, if any, the Trustee and the Holders and for events causing release of the Guarantors, if any, from the Note Guarantees,
if any.

 

    A-10

     

    

 

17.          Authentication.
This Note shall not be valid until the Trustee manually or electronically signs the certificate of authentication on the other
side of this Note.

 

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

 

19.          Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TENANT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

20.          CUSIP/ISIN
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer
has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee may use CUSIP/ISIN numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

The Issuer shall furnish to any Holder upon written request
and without charge a copy of the Indenture. Requests may be made to:

 

ANGI Group, LLC

3601 Walnut Street

Denver, CO 80205

Attention: General Counsel

 

    A-11

     

    

 

ASSIGNMENT

  

I or we assign and transfer this Note to:

 

(Insert assignee’s social security
or tax I.D. number)

 

 

 

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

 

and irrevocably appoint:

 

 

 

Agent 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 other side of this Note)

 

	 	 	 	 
	 	Signature Guarantee:	 	 

 

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

 

    A-12

     

    

 

FORM OF TRANSFER CERTIFICATE

 

In connection with any transfer of any of the Notes evidenced
by this certificate occurring while such Note is a Transfer Restricted Note, the undersigned confirms that such Notes are being
transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

		(1)	 ̈	to the Issuer; or

 

		(2)	 ̈	pursuant to a registration statement which has become effective under the Securities Act; or

 

		(3)	 ̈	to a Person reasonably believed to be a qualified institutional buyer (as defined in Rule 144A under the Securities Act)
in compliance with Rule 144A under the Securities Act acquiring for its own account or for the account of a “qualified
institutional buyer” in a transaction meeting the requirements of Rule 144A, and in the case of an exchange of a beneficial
interest in a Temporary Regulation S Global Note for an interest in a Rule 144A Global Note, in compliance with all applicable
securities laws of the States of the United States and other jurisdictions; or

 

		(4)	 ̈	in an offshore transaction in compliance with Rule 903 or Rule 904 of Regulation S under the Securities Act; or

 

		(5)	 ̈	to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act that is not a “qualified institutional buyer” and that is purchasing for its
own account or for the account of another institutional “accredited investor,” in each case in a minimum principal
amount of Notes of US$250,000 and in a transaction exempt from the registration requirements of the Securities Act; or

 

		(6)	 ̈	pursuant to the exemption from registration provided by Rule 144 under the Securities Act or any other available exemption
from the registration requirements of the Securities Act.

 

You confirm that you have notified any transferee
of Notes of the applicable resale restrictions.

 

Unless one of the boxes is checked, the Trustee shall
refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered holder thereof;
provided, however, that if box (6) is checked, the Trustee shall be entitled to require, prior to registering
any such transfer of the Notes, such legal opinions, certifications and other evidence as the Issuer has reasonably requested to
determine that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and any applicable state and foreign securities laws.

 

    A-13

     

    

 

	 	 
	 	Signature

 

    A-14

     

    

 

TO BE COMPLETED BY PURCHASER IF (3) ABOVE
IS CHECKED

  

The undersigned represents and warrants
that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received
such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it understands and acknowledges that the transferor is relying upon the truth and accuracy of the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	Notice: To be executed by an executive officer

 

 

    A-15

     

    

 

TO BE COMPLETED BY PURCHASER IF (5) ABOVE
IS CHECKED.

 

ANGI Group, LLC

3601 Walnut Street

Denver, CO 80205

 

Computershare Trust Company, N.A.

8742 Lucent Boulevard, Suite 225

Highlands Ranch, Colorado 80129

Attention: Corporate Trust

 

Ladies and Gentlemen:

 

This
certificate is delivered to request a transfer of $[                             ]
principal amount of the 3.875% Senior Notes due 2028 (the “Notes”) of ANGI Group, LLC (collectively with
its successors and assigns, the “Company”).

 

Upon transfer, the Notes would be registered
in the name of the new beneficial owner as follows:

 

Name:  _______________________

Address:  _______________________ 

Taxpayer ID Number:  _______________________

 

The undersigned represents and warrants
to you that:

 

1.    We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the United
States Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the
account of another institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are
acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities
Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business.
We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

 

2.    We understand
that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted
in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to
offer, sell or otherwise transfer such Notes, prior to the date that the Notes no longer bear a Restricted Notes Legend (as defined
in the Indenture) (the “Resale Restriction Termination Date”) only (a) to a Person whom we reasonably believe
to be a qualified institutional buyer (as defined in rule 144A under the Securities Act) purchasing for its own account or
for the account of a qualified institutional buyer in a transaction meeting the requirements of Rule 144A, (b) outside
the United States in an offshore transaction in accordance with Rule 904 of Regulation S under the Securities Act, (c) to
an institutional “accredited investor” (as defined above) and that is purchasing for its own account or for the account
of another institutional “accredited investor” in a minimum principal amount of Notes of $250,000 and in a transaction
exempt from the registration requirements of the Securities Act, (d) pursuant to an effective registration statement under
the Securities Act or (e) pursuant to an exemption from registration provided by Rule 144 under the Securities Act or
any other available exemption from the registration requirements of the Securities Act, in each of clauses (a) through (e) in
accordance with any applicable securities laws of any state of the United States. In addition, we will, and each subsequent holder
is required to, notify any purchaser of the Note evidenced hereby of the resale restrictions set forth above. If any resale or
other transfer of the Notes is proposed to be made to an institutional “accredited investor” prior to the Resale Restriction
Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company
and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor”
within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes
for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company
and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of
the Notes pursuant to clause 2(a), 2(b), 2(c) or 2(e) above to require the delivery of an opinion of counsel, certifications
or other information satisfactory to the Company and the Trustee.

 

    A-16

     

    

 

	Dated:	TRANSFEREE: 	 

 

 

	 	By:	 

 

    A-17

     

    

 

FORM OF EXCHANGE CERTIFICATE

 

ANGI Group, LLC

3601 Walnut Street

Denver, CO 80205

 

Computershare Trust Company, N.A.

8742 Lucent Boulevard, Suite 225

Highlands Ranch, Colorado 80129

Attention: Corporate Trust

 

Re: 3.875% Senior Notes
due 2028

 

Reference is hereby made to the Indenture,
dated as of August 20, 2020 (the “Indenture”), among ANGI Group, LLC, a Delaware limited liability company,
as issuer, the guarantors from time to time party thereto and COMPUTERSHARE TRUST COMPANY, N.A., 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 the Note[s] or interest in such Note[s] specified herein, in the principal amount of $__________
in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that
in connection with the Exchange of the Owner’s Regulation S Global Note for a beneficial interest in the Rule 144A Global
Note, with an equal principal amount, the Note[s] or interest in such Note[s] specified herein [is][are] being transferred to a
Person (A) who the transferor reasonably believes to be a QIB, (B) purchasing for its own account or the account of a
QIB in a transaction meeting the requirements of Rule 144A, and (C) in accordance with all applicable securities laws
of the States of the United States and other jurisdictions.

 

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:

 

    A-18

     

    

 

TO BE COMPLETED BY PURCHASER

 

The undersigned represents and warrants that it is purchasing
this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such
account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is
aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding
the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that
it understands and acknowledges that the transferor is relying upon the truth and accuracy of the undersigned’s foregoing
representations in order to claim the exemption from registration provided by Rule 144A.

 

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	Notice: To be executed by an executive officer

 

    A-19

     

    

  

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have all or any part of this Note purchased
by the Issuer pursuant to Section 4.08 of the Indenture, check the box below:

 

 ̈          Section 4.08

 

If you want to have only part of the Note purchased by the Issuer
pursuant to Section 4.08 of the Indenture, state the amount you elect to have purchased:

 

	$ ____________________________________	 
	  ($2,000 or any integral multiple of $1,000 in excess thereof)

 

	Date:	 	 

 

 

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

  

	 	 
	Signature Guaranteed	 

 

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

 

    A-20

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The following increases or decreases 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 officer 

of Trustee or 

Notes Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-21

     

    

 

Exhibit B

 

Form of
Certificate to Be

Delivered in Connection with

Transfers Pursuant to Regulation S

 

[Date]

 

ANGI Group, LLC

3601 Walnut Street

Denver, CO 80205

 

Computershare Trust Company, N.A.

8742 Lucent Boulevard, Suite 225

Highlands Ranch, Colorado 80129

Attention: Corporate Trust

 

		Re:	ANGI Group, LLC 3.875% Senior Notes due 2028 (the “Securities”)

 

Ladies and Gentlemen:

 

In connection with our proposed sale of
$ aggregate principal amount of the Securities, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we
represent and warrant that:

 

(1)            the
offer of the Securities was not made to a Person in the United States;

 

(2)            either
(a) at the time the buy offer was originated, the transferee was outside the United States or we and any Person acting on
our behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in,
on or through the facilities of a designated offshore securities market and neither we nor any Person acting on our behalf knows
that the transaction has been prearranged with a buyer in the United States;

 

(3)            no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903 or Rule 904 of
Regulation S, as applicable;

 

(4)            the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)            we
have advised the transferee of the transfer restrictions applicable to the Securities.

 

You and the Issuer are entitled to rely
upon the truth and accuracy of this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.

 

    B-1

     

    

 

	 	Very truly yours,
	 	 
	 	[Name of Transferor]
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signature

 

    B-2EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

DUCK CREEK TECHNOLOGIES, INC. 

STOCKHOLDERS AGREEMENT 

Dated August 14, 2020 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 1.   DEFINITIONS
	  	 	2	 
		
	 2.   BOARD
	  	 	7	 
	 (a)   Directors
	  	 	7	 
	 (b)   Nomination of Directors and Vacancies of Directors
	  	 	7	 
	 (c)   Nomination of Slate
	  	 	8	 
	 (d)   Voting at Meetings of Stockholders
	  	 	9	 
	 (e)   Board Observers
	  	 	9	 
	 (f)   Committees
	  	 	9	 
	 (g)   Reimbursement of Expenses
	  	 	10	 
		
	 3.   GOVERNANCE
	  	 	10	 
	 (a)   Protective Provisions
	  	 	10	 
		
	 4.   RESTRICTIONS ON TRANSFER
	  	 	12	 
	 (a)   Restricted Persons
	  	 	12	 
	 (b)   Competitors and Financial Sponsors
	  	 	12	 
	 (c)   Joinder
	  	 	12	 
		
	 5.   OPPORTUNITIES
	  	 	12	 
	 (a)   Rights to Opportunities
	  	 	12	 
	 (b)   Presentation of Opportunities
	  	 	13	 
	 (c)   Waiver
	  	 	13	 
		
	 6.   GENERAL INDEMNIFICATION
	  	 	13	 
	 (a)   Indemnification by the Company
	  	 	13	 
	 (b)   Rights Non-Exclusive
	  	 	14	 
	 (c)   Insurance
	  	 	14	 
	 (d)   Expenses
	  	 	14	 
		
	 7.   TAX MATTERS
	  	 	14	 
		
	 8.   MISCELLANEOUS
	  	 	15	 
	 (a)   IPO Expenses
	  	 	15	 
	 (b)   Confidentiality
	  	 	15	 
	 (c)   Notices
	  	 	16	 
	 (d)   Severability
	  	 	17	 
	 (e)   Headings and Sections
	  	 	17	 
	 (f)   Amendment
	  	 	18	 
	 (g)   Waiver
	  	 	18	 
	 (h)   Successors and Assigns
	  	 	18	 
	 (i)  Counterparts
	  	 	18	 
	 (j)  Remedies
	  	 	18	 
	 (k)   Governing Law; Venue and Forum
	  	 	18	 

					
	 (l)  Mutual Waiver of Jury Trial
	  	 	19	 
	 (m) No Strict Construction
	  	 	19	 
	 (n)   Entire Agreement
	  	 	19	 
	 (o)   Delivery by Facsimile or Email
	  	 	19	 
	 (p)   Further Action
	  	 	20	 
	 (q)   Termination
	  	 	20	 
	 (r)   Effectiveness
	  	 	20	 

  
 ii 

 STOCKHOLDERS AGREEMENT 

This STOCKHOLDERS AGREEMENT (this “Agreement”) dated as of August 14, 2020 among (i) Duck Creek Technologies, Inc.,
a Delaware corporation (the “Company”), (ii) Accenture LLP, an Illinois limited liability partnership (“Accenture LLP”), (iii) Accenture Holdings BV, a Dutch private company with limited liability
(“Accenture BV”, and together with Accenture LLP, the “Accenture Investors”), and (iv) Disco (Guernsey) Holdings L.P. Inc., a Guernsey limited partnership (the “Apax Investor”, and
together with the Accenture Investors, the “Investor Parties”). As used in this Agreement, the terms “Accenture Investors” and “Apax Investor” shall each also mean and include any of its Affiliates that hold
Common Stock (as defined in Section 1). 
 WHEREAS, the Company is currently contemplating an underwritten
initial public offering (“IPO”) of its Common Stock; 
 WHEREAS, immediately following the completion of the IPO,
(i) the Company will acquire limited partnership units in Disco Topco Holdings (Cayman), L.P., an exempted limited partnership registered under the laws of the Cayman Islands (the “Disco Partnership”), from the Accenture
Investors and certain other limited partners in the Disco Partnership (other than the Apax Investor) (the “Contributing Limited Partners”), (ii) the Company will acquire shares in Disco (Cayman) GP Co., a Cayman Islands exempted
company (the “General Partner”) from the Accenture Investors, (iii) the Company will issue shares of Common Stock to the Accenture Investors and the Contributing Limited Partners in exchange for the contribution of interests
described in clauses (i) and (ii), and (iv) the Apax Investor will contribute all of its interests in Disco (Cayman) Acquisition Co., an exempted company registered under the laws of the Cayman Islands (“Disco Cayman”),
which directly owns Class A Units in the Disco Partnership and shares in the General Partner, to a newly formed subsidiary (“Apax MergerCo”); 

WHEREAS, immediately following the completion of the IPO, the Company will complete the Reorganization Transactions (as defined in
Section 1), and in connection therewith (i) the Apax Investor will exchange shares of Apax MergerCo for shares of Common Stock and Apax MergerCo will merge with and into the Company, with the Company surviving,
(ii) the Company will redeem a portion of the shares of Common Stock received by the Apax Investor and (iii) the Company will contribute a portion of the proceeds of the IPO to the Disco Partnership, which the Disco Partnership will use to
redeem the Class A Units held by RBW Investment GmbH & Co. KG and the remaining Class B Units held by the Accenture Investors in the Disco Partnership for cash; 

WHEREAS, as a result of the Reorganization Transactions, the Company will indirectly own all of the limited partnership units in the
Disco Partnership, all of the equity interests in the General Partner and all of the equity interests in Disco Cayman; and 

WHEREAS, in connection with, and effective upon the completion of the IPO (such date of completion, the “IPO Date”),
the Company and the Investor Parties wish to set forth certain understandings between such parties, including with respect to governance matters. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein made
and other good and valuable consideration, the parties hereto hereby agree as follows: 
 1. Definitions. 

As used in this Agreement, the following terms shall have the following meanings: 

“Accenture BV” has the meaning set forth in the introductory paragraph. 

“Accenture Director(s)” has the meaning set forth in Section 2(b)(i). 

“Accenture Group” means the Accenture Investors and their Affiliates. 

“Accenture Investors” has the meaning set forth in the introductory paragraph. 

“Accenture LLP” has the meaning set forth in the introductory paragraph. 

“Action” means any claim, charge, demand, action, cause of action, inquiry, audit, suit, arbitration, indictment, litigation,
hearing or other proceeding (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, whether public or private). 

“Adjusted EBITDA” means, for any period, the Consolidated Net Income of the Company for such period, excluding any of the
following items and without double-counting (and so that, to the extent any of the following have been expensed, charged or deducted in computing such Consolidated Net Income, they shall be added back and to the extent any items have been recorded
to increase such Consolidated Net Income, they shall be deducted): (a) charges for income, corporation, franchise or similar taxes (including any taxes based on profits, capital and/or repatriated funds) and deferred tax (or deducting any credits
for income, corporation, franchise or similar taxes (including any taxes based on profits, capital and/or repatriated funds) and deferred tax); (b) charges for interest payable and similar charges, including, without limitation, any charges in
respect of the incurrence of debt or with respect to the amortization of capitalized debt issuance costs, factoring costs and the fees paid or payable for guarantees, hedges or letters of credit (or deducting any credits for interest receivable and
similar income); (c) charges for depreciation, amortization or impairment of assets; (d) charges for any equity-based or other noncash equity related compensation expense; (e) charges for any
non-cash losses or non-cash expenses; (f) any increase in deferred revenue from the prior period, including both current and long-term balances (or deducting any
decrease in deferred revenue from the prior period, including both current and long-term balances); (g) non-recurring items including, without limitation, transaction expenses, restructuring costs, facilities
relocation costs, acquisition or disposition transaction expenses and fees, and acquisition integration costs and expenses (including any severance costs in connection therewith); and (h) the effects of purchase accounting to the extent they
reduce net income (or deducting the effects of purchase accounting to the extent they increase net income), in each case, as determined in accordance with GAAP, to the extent applicable. 

“Affiliate” means, when used with reference to another Person, any Person, directly or indirectly, through one or more
intermediaries, controlling, controlled by, or under common control with, such other Person. In addition, Affiliates of an Investor Party shall include all of its partners, officers and employees in their capacities as such. 

  
 2 

 “Agreement” has the meaning set forth in the introductory paragraph of this
Agreement. 
 “Alliance Agreement” means that certain Strategic Alliance Agreement, dated as of the Original Closing Date,
by and among Accenture LLP and the Partnership, as it may be amended, restated, supplemented or otherwise modified from time to time. 

“Apax Director(s)” has the meaning set forth in Section 2(b)(ii). 

“Apax Group” means the Apax Investor and its Affiliates. 

“Apax Investor” has the meaning set forth in the introductory paragraph. 

“Apax MergerCo” has the meaning set forth in the recitals. 

“Authorized Recipients” has the meaning set forth in Section 8(b)(i). 

“Board” means the Company’s board of directors. 

“Business Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New
York are authorized or required to close. 
 “Bylaws” means the bylaws of the Company, as in effect on the IPO Date and as
may be amended from time to time. 
 “CEO Director” means the Director then serving as the Chief Executive Officer of the
Company. 
 “Certificate of Incorporation” means the certificate of incorporation of the Company, as in effect on the IPO
Date and as may be amended from time to time. 
 “Chosen Courts” has the meaning set forth in
Section 8(k). 
 “Common Stock” means the common stock, par value $0.01 per share, of the
Company. 
 “Company” has the meaning set forth in the introductory paragraph. 

“Company Sale” means each of the following events, in each case, whether direct or indirect: 

(i) the sale of all or substantially all of the assets of the Company or a Subsidiary thereof (the assets of such Subsidiary comprising at
least 50.0% of the consolidated assets of the Company and its Subsidiaries, taken as a whole); or 
 (ii) a merger, reorganization or other
transaction in which at least 50% of the outstanding voting power of the Company is transferred to a third party, except for any merger, reorganization or other transaction involving the Company or a Subsidiary of the Company in which the holders of
Equity Securities of the Company outstanding immediately prior to such transaction continue to hold Equity Securities that represent, immediately following such transaction, at least a majority, by voting power, of the Equity Securities, in
substantially the same proportions, of (A) the surviving or resulting entity or (B) if the surviving or resulting entity is a wholly owned Subsidiary of another entity following such transaction, the parent entity of such surviving or
resulting entity. 

  
 3 

 “Competitor” means any Person engaged at the time of determination in the
operation of businesses which are competitive with any of the businesses of the Company or any of its Subsidiaries (i) as conducted as of the Original Closing Date or (ii) as any such businesses is conducted at such time (so long as
consistent with the Roll-Up Strategy), or which otherwise currently competes with any product line of or service offered by the Company or any of its Subsidiaries. For the avoidance of doubt, the term
“Competitor” does not include investment funds or other institutional investors that have investments in operating businesses that meet the definition of “Competitor” set forth in the first sentence of this definition. 

“Confidential Information” has the meaning set forth in Section 8(b)(i). 

“Consent Matters” shall have the meaning set forth in Section 3(a). 

“Consolidated Net Income” means, for any period, the net income or loss of the Company for such period on a consolidated
basis determined in accordance with GAAP, excluding the income of any Person in which any other Person (other than the Company and its wholly owned Subsidiaries) has a joint economic interest, except to the extent of the amount of dividends or other
distributions actually paid to the Company or any of its wholly owned Subsidiaries by such Person during such period. 

“Contributing Limited Partners” has the meaning set forth in the recitals. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of company securities, by contract or otherwise. 
 “Controlled Affiliate”
of any Person means any Affiliate that directly or indirectly, through one or more intermediaries, is Controlled by such Person. 

“Convertible Debt Securities” means, as applicable, any debt securities directly or indirectly convertible into, or
exchangeable for, any capital stock, shares, partnership or membership interests in the Company or any of its Subsidiaries. 

“Directors” means the directors of the Company at the applicable time. 

“Disco Cayman” has the meaning set forth in the recitals. 

“Disco Partnership” has the meaning set forth in the recitals. 

“Duck Creek US” means Duck Creek Technologies LLC, a Delaware limited liability company. 

“Equity Incentive Plan” means the Company’s existing equity incentive plan or any new equity incentive plan. 

  
 4 

 “Equity Securities” means, as applicable, (a) any capital stock,
partnership or membership interests or other share capital; (b) any equity securities directly or indirectly convertible into or exchangeable for any capital stock, partnership or membership interests or other share capital or containing any
profit participation features; (c) any rights or options directly or indirectly to subscribe for or to purchase any capital stock, partnership or membership interests, other share capital or securities containing any profit participation
features or to subscribe for or to purchase any securities directly or indirectly convertible into or exchangeable for any capital stock, partnership or membership interests, other share capital or securities containing any profit participation
features (including any Convertible Debt Securities); or (d) any share appreciation rights, phantom share rights or other similar rights. 

“Filings” means annual, quarterly and current reports and other documents filed or furnished by the Company or any Subsidiary
of the Company under the Exchange Act; annual reports to stockholders, annual and quarterly statutory statements of the Company or any Subsidiary of the Company; and any registration statements, prospectuses and other documents filed or furnished by
the Company or any of its Subsidiaries or Controlled Affiliates under the Securities Act. 
 “GAAP” means generally
accepted accounting principles in the United States of America as in effect from time to time, consistently applied throughout the applicable periods both as to classification of items and amounts. 

“General Partner” has the meaning set forth in the recitals. 

“Governmental Entity” means the United States of America or any other nation, any state or other political subdivision
thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including any court, in each case, having jurisdiction over the Company or any of its Subsidiaries or any of the property or
other assets of the Company or any of its Subsidiaries. 
 “Independent Director” means a Director who is not affiliated
with the Apax Investor or the Accenture Investors. 
 “Investor Parties” has the meaning set forth in the introductory
paragraph. 
 “IPO” has the meaning set forth in the recitals. 

“IPO Date” has the meaning set forth in the recitals. 

“IPO Expenses” means, with respect to any Person, any and all reasonable out-of-pocket expenses (other than underwriting discounts and commissions) incurred or accrued by such Person in connection with the IPO or any underwriting agreement entered into in accordance therewith,
including (i) all fees and expenses complying with all applicable securities laws, (ii) all road show, printing, messenger and delivery expenses, (iii) the fees and disbursements of counsel and (iv) other fees and expenses of
such Person. 
 “Losses” has the meaning set forth in Section 6(a).  

  
 5 

 “Observer” has the meaning set forth in
Section 2(e). 
 “Original Closing Date” means August 1, 2016. 

“Person” means an individual, a partnership (including a limited partnership), a corporation, a limited liability company, an
exempted company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“Pre-IPO Tax Matter” has the meaning set forth in
Section 3(a)(i)(11). 
 “Public Offering” means the sale in an underwritten public offering of
the Company’s Equity Securities pursuant to an effective registration statement or similar document filed under the Securities Act or applicable foreign securities regulations. 

“Registration Rights Agreement” means the Amended and Restated Registration Rights Agreement, dated as of the date hereof and
as may be amended from time to time, by and among Disco Topco Holdings (Cayman), L.P., a Cayman Islands exempted limited partnership, Disco (Cayman) Acquisition Co., an exempted company incorporated under the Laws of the Cayman Islands, Accenture
Holdings BV, a private limited liability company organized under the Laws of the Netherlands, Accenture LLP, an Illinois limited partnership, the Class E Investors (as defined therein) and the individuals listed in Schedule A thereto. 

“Reorganization Transactions” means those actions set forth on Schedule 1.1(a) hereto. 

“Restricted Persons” means those persons set forth on Schedule 1.1(b) hereto. 

“Restricted Shares” means shares of Common Stock awarded under the Company’s Equity Incentive Plan, subject to time and
performance vesting restrictions. 
 “Restrictive Covenants Side Letter” means that letter agreement, dated as of the
Original Closing Date, as amended or amended and restated from time to time, by and among Accenture Holdings plc, a company registered in Ireland, Accenture LLP, Accenture International SARL, a company registered in Luxembourg, the Apax Investor,
Apax Partners, L.P., the General Partner and the Disco Partnership. 
 “Roll-Up
Strategy” means the acquisition of software and software analytics businesses primarily serving property and casualty carriers and agencies. 

“SEC” has the meaning set forth in Section 2(f). 

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

“Stockholders” means holders of Common Stock of the Company. 

  
 6 

 “Subsidiary” means, with respect to any Person, any corporation, limited
liability company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of 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 owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company,
partnership, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries
of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if
such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control any managing member, general partner or analogous controlling Person of such
limited liability company, partnership, association or other business entity. Unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 

“Transfer” means any direct or indirect sale, transfer, assignment, offer, pledge, charge, mortgage, exchange, hypothecation,
grant of participation interest in, grant of a security interest or other direct or indirect disposition or encumbrance of legal title to or any beneficial interest in any Equity Security, as the case may be (all of the foregoing, whether with or
without consideration, whether voluntarily or involuntarily or by operation of law). 
 2. Board. 

(a) Directors. On the IPO Date, the Board shall be comprised of 9 Directors, which shall initially be the following individuals: Jason
Wright and Roy Mackenzie, who shall be the initial “Apax Directors”; Stuart Nicoll and Domingo Miron, who shall be the initial “Accenture Directors”; Michael Jackowski, who shall be the initial “CEO Director”; and Chuck
Moran, G. Larry Wilson, Francis J. Pelzer and Kathy Crusco, who shall be the initial “Independent Directors”. 
 (b) Nomination
of Directors and Vacancies of Directors. Notwithstanding anything herein to the contrary, following the IPO Date: 
 (i) For so long as
the Accenture Investors own at least: 
 (1) 20.0% of the outstanding Equity Securities of the Company that are not Restricted Shares, the
Accenture Investors shall have the right, but not the obligation, to nominate to the Board two (2) Directors; or 
 (2) 10.0% of the
outstanding Equity Securities of the Company that are not Restricted Shares, but less than 20.0% of the outstanding Equity Securities of the Company that are not Restricted Shares, the Accenture Investors shall have the right, but not the
obligation, to nominate to the Board one (1) Director. 
 Any such Director(s) shall be the “Accenture Director” or “Accenture
Directors,” as applicable. The CEO Director and any Independent Director shall not be deemed to be Accenture Directors. 

  
 7 

 (ii) For so long as the Apax Investor owns at least: 

(1) 40.0% of the outstanding Equity Securities of the Company that are not Restricted Shares, the Apax Investor shall have the right, but not
the obligation, to nominate to the Board three (3) Directors; 
 (2) 20.0% of the outstanding Equity Securities of the Company that are
not Restricted Shares, but less than 40.0% of the outstanding Equity Securities of the Company that are not Restricted Shares, the Apax Investor shall have the right, but not the obligation, to nominate to the Board two (2) Directors; or 

(3) 10.0% of the outstanding Equity Securities of the Company that are not Restricted Shares, but less than 20.0% of the outstanding Equity
Securities of the Company that are not Restricted Shares, the Apax Investor shall have the right, but not the obligation, to nominate to the Board one (1) Director. 

Any such Director(s) shall be the “Apax Director” or “Apax Directors,” as applicable. The CEO Director and any Independent Director shall
not be deemed to be an Apax Director. 
 (iii) Unless the Board otherwise requests, the office of a Director shall be vacated in the event of
a reduction in the number of available Accenture Director or Apax Director designations in accordance with the provisions of Section 2(b)(i) or (ii), respectively, in which case the Accenture Investors
or the Apax Investor, as the case may be, shall use its best efforts to obtain the resignation of its designee(s) from the Board and any committee on which such Director serves. 

(iv) Subject to the Directors’ fiduciary duties, the Board shall include in the slate of nominees recommended by the Board, the Persons
designated pursuant to Section 2(b)(i) and (ii). 
 (v) In the event that a vacancy is created at any time by the
death, disability, removal or resignation of any Director designated pursuant to this Section 2, subject to their fiduciary duties under applicable law, the remaining Directors shall cause the vacancy created thereby to be
filled, (1) in the case of a vacancy created by an Accenture Director, by a new designee of the Accenture Investors, (2) in the case of a vacancy created by an Apax Director, by a new designee of the Apax Investor, (3) in the case of
a vacancy created by the Chief Executive Officer, by a replacement Chief Executive Officer, and (4) in the case of a vacancy created by an Independent Director, by a person identified by the Board (with the assistance of the Nominating and
Corporate Governance Committee or similar committee of the Board) and nominated by the Nominating and Corporate Governance Committee or a similar committee of the Board, and the Company agrees to take, at any time and from time to time, all actions
necessary to cause any vacancies to be filled pursuant to this Section 2(b)(v); provided, that notwithstanding the foregoing, in the absence of any designation from the Accenture Investors and/or Apax Investor
holding the right to designate a Director as specified above, the Director previously designated by them and then serving shall be reelected if still eligible and willing to serve as provided herein and otherwise, such Board seat shall remain
vacant. 
 (c) Nomination of Slate. At each meeting of the Stockholders of the Company at which Directors of the Company are to be
elected, the Company agrees to use its best efforts to cause the election of the slate of nominees recommended by the Board which, subject to the Directors’ fiduciary duties, will include the Persons designated pursuant to
Section 2(b). 

  
 8 

 (d) Voting at Meetings of Stockholders. Each of the Investor Parties agrees to vote,
and to procure the vote of its Affiliates, to vote in person or by proxy, or to act by written consent (if applicable) with respect to all Equity Securities of the Company having the right to vote for the election of Directors beneficially owned by
it to cause the election of the Persons designated pursuant to Section 2(b). 
 (e) Board Observers.
(x) For so long as the Apax Investor owns at least 5.0% of the outstanding Equity Securities of the Company that are not Restricted Shares but less than 10.0% of the outstanding Equity Securities of the Company that are not Restricted Shares,
the Apax Investor and (y), for so long as the Accenture Investors, collectively, own at least 5.0% of the outstanding Equity Securities of the Company that are not Restricted Shares but less than 10.0% of the outstanding Equity Securities of the
Company that are not Restricted Shares, the Accenture Investors, collectively, shall each be entitled to appoint a non-voting observer to the Board (each, an “Observer”), which Observer shall
be entitled to attend all meetings of the Board and any committees thereof, and to receive any notices, minutes, consents and other materials that were provided to the Directors at the same time and the same manner, subject to such Observer entering
into a customary confidentiality agreement in form and substance reasonably approved by the Board; provided, that such Observer may be excluded from any portion of any such meetings and/or distributions of materials if the Company is advised
by its legal counsel that such Observer’s attendance at such meeting or receipt of such materials would jeopardize any attorney-client privilege. 

(f) Committees. Subject to applicable law, the Board may delegate any of its power and authority to manage the business and affairs of
the Company to any standing or special committee upon such terms as it sees fit as permitted by law and as set forth in the resolutions creating such committee. As of the IPO Date, the Board has designated the following committees: the Audit
Committee, the Nominating and Corporate Governance Committee and the Compensation Committee. As of the IPO Date, the Audit Committee, the Nominating and Corporate Governance Committee and the Compensation Committee shall be comprised of the persons
identified in the section entitled “Management – Committees of the Board of Directors” in the Company’s Form S-1 registration statement filed with the U.S. Securities and Exchange
Commission (the “SEC”) on August 12, 2020. For so long as the Accenture Investors or Apax Investor, as applicable, are entitled to designate one or more Directors pursuant to Section 2(b), such
Investor Party shall be entitled to designate one member of each committee of the Board; provided, that, any special committee established to evaluate any transaction in which the Apax Group or the Accenture Group has an interest which is in
conflict with the interests of the Company shall not include any Director designated by the Apax Investor and/or Accenture Investors, as applicable. It is understood by the parties hereto that the Apax Investor and/or Accenture Investors shall not
be required to have its Directors represented on any committee and any failure to exercise such right in this section in a prior period shall not constitute any waiver of such right in a subsequent period. Each committee shall keep regular minutes
and report to the Board when required. 

  
 9 

 (g) Reimbursement of Expenses. Any Accenture Director and any Apax Director shall be
entitled to the same cash compensation and participation in Company equity plans and same indemnification in connection with his or her role as a director as the other Directors, and each Accenture Director and each Apax Director shall be entitled
to reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board, or any committees thereof and meetings of the
Stockholders of the Company (if attending in their capacity as a Director at the request of the Board). 
 3. Governance. 

(a) Protective Provisions. Notwithstanding any other provision of this Agreement and to the fullest extent permitted by applicable law,
in addition to the approval of the Directors, the following actions described in this Section 3(a) (collectively, the “Consent Matters”) shall require the prior written consent of the Accenture Investors
and/or the Apax Investor as set out below: 
 (i) none of the following actions shall be taken by the Company, including any proposal by the
Board to be put to the vote of the Stockholders of the Company with respect thereto, without (A) the prior written consent of the Accenture Investors for so long as they collectively own at least 5.0% of the outstanding Equity Securities that
are not Restricted Shares and (B) the prior written consent of the Apax Investor for so long as it owns at least 5.0% of the outstanding Equity Securities that are not Restricted Shares (except as set forth in the proviso in
Section 3(a)(i)(1)): 
 (1) amending, altering or changing, or waiving any rights under, this
Agreement, the organizational documents, including the Certificate of Incorporation or the Bylaws of the Company, (which shall also be subject to Section 8(f)) and/or the organizational documents of any Subsidiary of the
Company; provided, that, notwithstanding the foregoing, for so long as the Accenture Investors or Apax Investor, as applicable, own any outstanding Equity Securities, any amendment, alteration, or change to, or waiver under, other
organizational documents, including the Certificate of Incorporation or the Bylaws of the Company, and/or the organizational documents of any Subsidiary of the Company that would adversely affect in any respect any rights specific to the Accenture
Investors or Apax Investor shall (subject to applicable law) require the written consent of the Accenture Investors or Apax Investor, as applicable; 

(2) authorizing or issuing any Equity Securities of the Company having rights, preferences or privileges that are superior or senior to the
outstanding Common Stock (or any securities convertible or exchangeable therefor pursuant to their terms); 
 (3) any transaction with any
Stockholder or Affiliate of a Stockholder or any director or officer of the Company or any of its Subsidiaries (other than employment agreements with officers not otherwise affiliated with a Stockholder and the Alliance Agreement); 

(4) the Company or any of its Subsidiaries entering into any line of business outside of (A) providing software, computer programs and
applications to clients and performing services with respect to such software, computer programs and applications and (B) performing services with respect to related third-party software, computer programs and applications of such clients as is
required in connection with the performance of services to such clients; 

  
 10 

 (5) changing the entity classification of the Company or any of its Subsidiaries or
otherwise entering into any restructuring transaction, in each case, if such action would adversely change the tax treatment of the Accenture Investors’ investment in the Company, as applicable, or otherwise result in adverse tax consequences
to the Accenture Group (and such consent shall not be unreasonably withheld, conditioned or delayed); 
 (6) causing the Company or the
Disco Partnership to be treated as having a permanent establishment in any jurisdiction other than the jurisdiction of its formation or incorporation, as applicable; 

(7) all increases to the size of the Board that expands the Board to more than 9 Directors; 

(8) Transferring or otherwise disposing of any Equity Interests of, or liquidating, dissolving, merging or otherwise entering into a
reorganization transaction with respect to Disco Cayman; 
 (9) Transferring or otherwise disposing of any Equity Interests of, or
liquidating, dissolving, merging or otherwise entering into a reorganization transaction with respect to Duck Creek US; 
 (10) approving
the settlement, resolution or concession of (or any material action with respect to) any examination or administrative or judicial proceeding of the Disco Partnership’s affairs by tax authorities that relates to any taxable period (or portion
thereof) that begins prior to the IPO Date (a “Pre-IPO Tax Matter”); 
 (11)
winding up the Company; and 
 (12) entering into any agreement with respect to the matters described in the foregoing clauses
(1) through (11) or taking any such action indirectly. 
 (ii) none of the following actions shall be taken by the Company, including
any proposal by the Board to be put to the vote of the Stockholders of the Company with respect thereto, without (A) the prior written consent of the Accenture Investors for so long as the Accenture Investors collectively own at least 20.0% of
the outstanding Equity Securities that are not Restricted Shares and (B) the prior written consent of the Apax Investor for so long as it owns at least 20.0% of the outstanding Equity Securities that are not Restricted Shares: 

(1) effecting any (A) acquisition of the equity ownership of, or substantially all of the assets, properties or business of, any Person,
in one transaction or a series of related transactions, (B) divestiture, in one transaction or a series of related transactions, of any Equity Securities of the Subsidiaries of the Company or material assets of the Company and/or its
Subsidiaries, or (C) other material strategic transactions, in each case ((A), (B) and (C)) that are inconsistent with either (x) the Company’s business objectives as identified by the Board or (y) the Roll-Up Strategy; 

  
 11 

 (2) the declaration or payment of any dividend or other distribution to the Stockholders by
the Company or redemption, repurchase or exchange (as applicable) of any Equity Securities of the Company, from proceeds from the creation or incurrence of indebtedness and related transactions (including the creation or incurrence of such
indebtedness) if the payment thereof would result in the Company and its Subsidiaries having indebtedness for borrowed money (excluding intercompany indebtedness) in excess of four times the Company’s Adjusted EBITDA for the 12-month period
ending on the last day of the most recently completed fiscal quarter; 
 (3) issuing or granting any Equity Securities of the Company or its
Subsidiaries, other than (A) grants under the Company’s Equity Incentive Plan, or (B) in connection with mergers or acquisitions in accordance with the Roll-Up Strategy; provided, that in
each case ((A) and (B)) such issuance or grant (x) is not made to a Restricted Person (other than in connection with a Company Sale after August 1, 2021), and (y) is on terms as may have been previously consented to by the Accenture
Investors and/or Apax Investor, as applicable; and 
 (4) entry by the Company into any agreement with respect to the matters described in
the foregoing clauses (1) through (3) or taking any such action indirectly. 
 4. Restrictions on Transfer. 

(a) Restricted Persons. The Apax Investor may not Transfer any Equity Securities of the Company to a Restricted Person without the prior
written consent of the Accenture Investors; provided, that the Apax Investor may Transfer Equity Securities of the Company to a Restricted Person in connection with a Company Sale. If the Accenture Investors cease to own any Equity Securities of the
Company, this Section 4(a) shall terminate and be of no further force or effect. 
 (b) Competitors and
Financial Sponsors. Without the prior written consent of the Apax Investor, the Accenture Investors may not Transfer any Equity Securities of the Company to a Competitor. At such time as the Apax Investor ceases to own any Equity Securities of
the Company, this Section 4(b) shall terminate and be of no further force or effect. 
 (c) Joinder. No
Transfer shall be effective or valid hereunder unless the transferee has previously executed and delivered a joinder to this Agreement. 

5. Opportunities. 
 (a)
Rights to Opportunities. Except as otherwise provided in the Certificate of Incorporation, the Bylaws, this Agreement, the Restrictive Covenants Side Letter or the Alliance Agreement, (i) each Investor Party and its officers,
directors and Affiliates may engage in or possess any interest in other investments, business ventures or Persons of any nature or description, independently or with others, similar or dissimilar to, or that competes with, the investments or
business of the Company or any of its Subsidiaries, and may provide advice and other assistance to any such investment, business venture or Person; (ii) the Company or any of its Subsidiaries and the Stockholders shall have no rights by virtue
of this Agreement in and to such investments, business ventures or Persons or the income or profits derived therefrom; and (iii) the pursuit of any such investment or venture, even if competitive with the business of the Company or any of its
Subsidiaries, shall, to the maximum extent permitted by applicable law and subject to compliance with the Certificate of Incorporation, the Restrictive Covenants Side Letter and the Alliance Agreement not be deemed wrongful or improper and shall not
constitute a conflict of interest or breach of fiduciary or other duty with respect to the Company or any of its Subsidiaries or the Stockholders. 

  
 12 

 (b) Presentation of Opportunities. Except as otherwise provided in the Certificate of
Incorporation, the Bylaws, this Agreement, the Restrictive Covenants Side Letter or the Alliance Agreement to the maximum extent permitted by applicable law, no Investor Party shall be obligated to present any particular investment or business
opportunity to the Company or any of its Subsidiaries even if such opportunity is of a character that, if presented to the Company or any of its Subsidiaries, could be pursued by the Company or any of its Subsidiaries, and any Investor Party and its
officers, directors and Affiliates shall have the right to pursue for its own account (individually or as a partner or a fiduciary) or to recommend to any other Person any such investment opportunity. 

(c) Waiver. To the maximum extent permitted by applicable law, the Company, on behalf of itself and its Subsidiaries, waives and
renounces any right, interest or expectancy of the Company and/or any of its Subsidiaries in, or being offered an opportunity to participate in, business opportunities that are from time to time presented to an Investor Party or business
opportunities of which an Investor Party gains knowledge, even if the opportunity is competitive with the business of the Company and/or any of its Subsidiaries. 

6. General Indemnification. 

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless each Investor Party and its Affiliates and their
respective officers, directors, employees, managers, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such Investor Party or such other indemnified
Person against any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (collectively, the “Losses”) incurred by such Investor Party or
other indemnified Person before or after the date of this Agreement, in each case, based on, arising out of, resulting from or in connection with any Action and based on, arising out of, pertaining to or in connection with (i) any untrue
statement or alleged untrue statement of a material fact contained in any Filing or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and/or
(ii) any Action to which any Investor Party or other indemnified Person is made a party or involved in its capacity as a stockholder or owner of securities of the Company (or in their capacity as an officer, director, employee, manager,
partner, agent or controlling person of such Investor Party or other such indemnified party), provided that the foregoing indemnification rights shall not be available to the extent that (A) any such Losses are incurred as a result of such
Investor Party’s willful misconduct or gross negligence, (B) any such Losses are incurred as a result of non-compliance by such Investor Party with any laws or regulations applicable to any of them,
(C) any such Losses are incurred as a result of non-compliance by such Investor Party with its obligations under this Agreement, (D) subject to the rights of contribution provided for below, to the
extent indemnification for any Losses would violate any applicable law, regulation or public policy; or (E) in the case of clause (i) above, other than misstatements or omissions made in reliance on information relating to and furnished by
such Investor Party in writing expressly for use in the preparation of such Filing. For purposes of this 

  
 13 

 
Section 6(a), none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a
final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Investor Party or such other indemnified
Person as to any previously advanced indemnity payments made by the Company under this Section 6(a), then such payments shall be promptly repaid by such Investor Party or such other indemnified Person to the Company. The
rights of any Investor Party or such other indemnified Person to indemnification hereunder will be in addition to any other rights any such party may have under any other agreement or instrument referenced above or any other agreement or instrument
to which such Investor Party or such other indemnified Person is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. In the event of any payment of indemnification pursuant to this
Section 6(a), so long as any Investor Party or such other indemnified Person is fully indemnified for all Losses, the Company will be subrogated to the extent of such payment to all of the related rights of recovery of the
Investor Party or such other indemnified Person to which such payment is made against all other Persons. The indemnity agreement contained in this Section 6(a) shall be applicable whether or not any Action or the facts or
transactions giving rise to such Action arose prior to, on or subsequent to the date of this Agreement. 
 (b) Rights Non-Exclusive. The rights to indemnification and the payment of expenses incurred in defending an Action in advance of its final disposition conferred in this Section 6 shall not be
exclusive of any other right which any person may have or hereafter acquire under any statute, provision of this Agreement, any other agreement or otherwise. 

(c) Insurance. The Company shall cause the Disco Partnership to maintain insurance, at its expense, and shall cause each Subsidiary to
maintain insurance at such Subsidiary’s expense, on its own behalf and on behalf of any person who is or was at any time after the Original Closing Date a director, officer, or employee of the General Partner, or a director, officer, employee,
fiduciary or agent of the Disco Partnership or any of its Subsidiaries against any liability asserted against him or her and incurred by him or her in any such capacity, whether or not the Disco Partnership would have the power to indemnify such
person against such liability under this Section 6. For so long as the Accenture Investors have a right to designate at least one director to the Board, the Accenture Investors shall have the right to review such insurance,
and upon request, be provided a copy of such insurance. 
 (d) Expenses. The Company shall pay any expenses incurred by any Person
described in Section 6(a) in defending an Action periodically upon receipt of an undertaking by or on behalf of such Person to repay such amount if it shall ultimately be determined that he or she is not entitled to be
indemnified by the Company. 
 7. Tax Matters. 

(a) The Accenture Investors shall have the right to participate, at their own expense and through representation of their choice, in any Pre-IPO Tax Matter, including through attending any meetings or proceedings with tax authorities, joining in preparation of defense in any such examination or proceeding, and reviewing and commenting on any
documents prior to submission in connection with the foregoing. 

  
 14 

 (b) The Company (and its applicable withholding agents and paying agents) shall only be
entitled to deduct and withhold taxes on any payments on or with respect to the Equity Securities of the Company to the extent required by applicable tax law; provided that, if the Company determines that an amount is required to be deducted and
withheld with respect to the Equity Securities held by an Accenture Investor or the Apax Investor, at least fifteen (15) business days prior to the date the applicable payment is scheduled to be made, the Company shall (i) provide the
applicable Accenture Investor or Apax Investor, as applicable, with written notice of the intent to deduct and withhold, which notice shall include the basis for the withholding and an estimate of the amount proposed to be deducted and withheld, and
(ii) provide the applicable Accenture Investor or Apax Investor, as applicable, with a reasonable opportunity to provide forms or other evidence that would exempt such amounts from withholding, and shall otherwise reasonably cooperate to
minimize any such withholding. Upon request by the Company in writing, each Accenture Investor and the Apax Investor shall provide the Company with a properly completed and duly executed IRS Form W-9 or
applicable IRS Form W-8. 
 8. Miscellaneous. 

(a) IPO Expenses. The Company shall pay all IPO Expenses of the Company and each Investor Party in connection with the IPO. 

(b) Confidentiality. 
 (i)
Each Investor Party agrees to hold, and to use its reasonable efforts to cause its authorized representatives to hold, in strict confidence, the books and records of the Company and all information relating to the Company’s properties,
operations, financial condition or affairs, in each case, which are furnished to it pursuant to the terms of this Agreement, including to a Director appointed in accordance with this Agreement (collectively, the “Confidential
Information”). Notwithstanding anything herein to the contrary, Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by
an Investor Party, (ii) is or becomes available to an Investor Party or any of its Authorized Recipients (as defined below) on a nonconfidential basis from a third-party source, which source, to the knowledge of such Investor Party, is not
bound by a legal duty of confidentiality to the Company in respect of such Confidential Information, or (iii) is independently developed by an Investor Party or its Authorized Recipients. Notwithstanding anything herein to the contrary, an
Investor Party may disclose any Confidential Information to (x) any of its representatives and (y) any Affiliates (the persons in clauses (x) and (y), collectively, the “Authorized Recipients”). If an Investor Party
or any of its Authorized Recipients is required or requested by law or regulation or any legal or judicial process to disclose any Confidential Information, if disclosure of Confidential Information is required by any Governmental Entity having
authority over such Investor Party or Authorized Recipient, or if disclosure of Confidential Information is required in connection with the tax affairs of such Investor Party or Authorized Recipient, such Investor Party or Authorized Recipient, as
the case may be, may disclose only such portion of such Confidential Information as may be required or requested without liability hereunder. 

  
 15 

 (ii) For the avoidance of doubt, any Accenture Director and any Apax Director may disclose
any information about the Company and its Subsidiaries received by such Accenture Director or Apax Director (whether or not in his/her capacity as a Director of the Company) to, in the case of an Accenture Director, the other Accenture Director and
to the Accenture Investor, and, in the case of an Apax Director, the other Apax Directors and the Apax Investors, provided that any such information disclosed that would otherwise constitute Confidential Information shall be treated by the Accenture
Investors and the Apax Investors, as applicable, in accordance with this Section 8(b). 
 (c) Notices. All
notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient,
(b) sent by facsimile to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if sent by facsimile before 5:00 p.m. New York time on a Business Day, and otherwise on the
next Business Day, (c) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid) or (d) transmitted, if sent by email transmission before 5:00 p.m. New York time on a Business Day, and
otherwise on the next Business Day. Such notices, demands and other communications shall be sent to the Company and the Investor Parties at the addresses indicated below or, in each case, to any such other address or to the attention of such other
person as the recipient party has specified by prior written notice to the sending party. 
 If to the Company, to: 

Duck Creek Technologies, Inc. 

22 Boston Wharf Road 
 Boston,
MA 02210 
 USA 
 Attention:
Michael Jackowski 
 Email: michael.a.jackowski@duckcreek.com 

with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 
 New York,
NY 10001 
 USA 
 Attention:
Ann Beth Stebbins 
 Email: annbeth.stebbins@skadden.com 

If to the Apax Investor, to: 

Disco (Guernsey) Holdings L.P. Inc. 

c/o Apax Partners, L.P. 
 601
Lexington Ave., 53rd Floor 
 New York, NY 10022 

USA 
 Attention: Jason Wright

 Email: Jason.wright@apax.com 

  
 16 

 with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 
 New York,
NY 10001 
 USA 
 Attention:
Ann Beth Stebbins 
 Email: annbeth.stebbins@skadden.com 

If to the Accenture Investors, to: 

Accenture LLP 
 161 North Clark
Street 
 Chicago, IL 60601 

USA 
 Attention: Aaron Holmes

         Siobhan McCleary 

Email: aaron.holmes@accenture.com 

            siobhan.mccleary@accenture.com 

with a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 USA 
 Attention:
Sarkis Jebejian, P.C. 
         David B. Feirstein 

        Keri Schick Norton 

Email: sarkis.jebejian@kirkland.com 

            david.feirstein@kirkland.com 

            keri.schicknorton@kirkland.com 

(d) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(e) Headings and Sections. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa. The use of the words “including” or “include” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such agreement, document or instrument
as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. The use of the words “or,” “either” and “any” shall not be exclusive. 

  
 17 

 (f) Amendment. This Agreement may be amended, supplemented or otherwise modified only
by a written instrument executed by the parties hereto. No wavier by any party of any of the provisions hereof will be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by any party hereto of a breach
of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. 
 (g) Waiver. No failure by
any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant,
duty, agreement or condition. Any waiver by the Company or any Investor Party of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall only be effective if executed in
writing by the party making such waiver. 
 (h) Successors and Assigns. All covenants and agreements contained in this Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns; provided, that no Person claiming by, through or under a party (whether as such party’s successor in interest or
otherwise), as distinct from such party itself, shall have any rights as, or in respect to, a party to this Agreement (including the right to approve or vote on any matter or to notice thereof). 

(i) Counterparts. This Agreement may be executed simultaneously in two or more separate counterparts, any one of which need not contain
the signatures of more than one party, but each of which shall be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 

(j) Remedies. Each party hereto shall have all rights and remedies set forth in this Agreement and all rights and remedies which such
Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any applicable law. Any Person having any rights under any provision of this Agreement or any other agreements contemplated
hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. 

(k) Governing Law; Venue and Forum. This Agreement and the exhibits and schedules hereto shall be governed by, and construed in
accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware
declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware, or, if both the Court of Chancery of the State of Delaware and the federal courts within the State of Delaware decline to accept

  
 18 

 
jurisdiction over a particular matter, any other state court within the State of Delaware, and, in each case, any appellate court therefrom (together, the “Chosen Courts”), for
the purposes of any Action arising out of this Agreement (and agrees that no such Action relating to this Agreement shall be brought by it or any of its Subsidiaries except in such courts). Each of the parties further agrees that, to the fullest
extent permitted by applicable law, service of any process, summons, notice or document by U.S. registered mail to such person’s respective address set forth in Section 8(a) shall be effective service of process for
any Action in the State of Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each of the parties hereto irrevocably and unconditionally waives (and agrees not to
plead or claim), any objection to the laying of venue of any Action arising out of this Agreement or any of the other transactions contemplated by this Agreement in the Chosen Courts, or that any such Action, brought in any such court has been
brought in an inconvenient forum. 
 (l) Mutual Waiver of Jury Trial. As a specifically bargained inducement for each of the parties
to enter into this Agreement (with each party having had opportunity to consult counsel), each party hereto expressly and irrevocably waives the right to trial by jury in any lawsuit or legal proceeding relating to or arising in any way from this
Agreement or the transactions contemplated herein, and any lawsuit or legal proceeding relating to or arising in any way to this Agreement or the transactions contemplated herein shall be tried in a court of competent jurisdiction by a judge sitting
without a jury. 
 (m) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

(n) Entire Agreement. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof. There
are no other agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. 

(o) Delivery by Facsimile or Email. This Agreement, the agreements referred to herein, and each other agreement or instrument
entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or email with scan or facsimile attachment, shall be treated
in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto or to any such agreement or
instrument shall raise the use of a facsimile machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email as a defense to the
formation or enforceability of a contract, and each such party forever waives any such defense. 

  
 19 

 (p) Further Action. The parties agree to execute and deliver all documents, provide
all information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 

(q) Termination. This Agreement shall terminate as it relates to each Investor Party at such time as such Investor Party ceases
to own any Equity Securities of the Company, except that such termination shall not affect (i) rights perfected or obligations incurred by such Investor Party under this Agreement prior to such termination, and (ii) rights or obligations
expressly stated to survive such cessation of ownership of Equity Securities of the Company, provided further that any rights of the Investor Parties under the Registration Rights Agreement shall survive in accordance with the terms of the
Registration Rights Agreement; and provided further that any indemnification rights of the Investor Parties shall survive such termination. 

(r) Effectiveness. This Agreement shall become effective upon completion of the IPO on the IPO Date; provided, that this
Agreement shall be of no force and effect (i) prior to the completion of IPO and (ii) if the IPO has not been consummated within ten (10) Business Days from the date of this Agreement. 

[Signature pages follow] 

  
 20 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date
first above written. 
  

					
	DUCK CREEK TECHNOLOGIES, INC.
		
	By:	 	 /s/ Michael Jackowski

		 	Name:	 	Michael Jackowski
		 	Title:	 	Chief Executive Officer

  
 [Signature Page to
Stockholders Agreement] 

 
					
	DISCO (GUERNSEY) HOLDINGS L.P. INC.
		
	By:	 	Disco (Guernsey) GP Co. Limited, its General Partner
		
	By:	 	 /s/ Mark Babbe

		 	Name:	 	Mark Babbe
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Stockholders Agreement] 

 
					
	ACCENTURE LLP
		
	By:	 	 /s/ Siobhan McCleary

		 	Name:	 	Siobhan McCleary
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Stockholders Agreement] 

 
					
	ACCENTURE HOLDINGS BV
		
	By:	 	 /s/ Ronald J. Roberts

		 	Name:	 	Ronald J. Roberts
		 	Title:	 	Secretary

  
 [Signature Page to
Stockholders Agreement]

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