Document:

Employment Agreement

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of the 28th day of January, 2015 by and between SIBLING GROUP HOLDINGS, INC., a Texas corporation (the "Company"), and BRIAN A. OLIVERSMITH (the "Executive").

W I T N E S S E T H:

WHEREAS, the Company has asked the Executive to serve as Chief Executive Officer of the Company and;

WHEREAS, the parties are desirous of entering into this Agreement in order to ensure the Company of the valuable services of the Executive pursuant to the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the parties hereby agree as follows:

1.

EMPLOYMENT CONDITIONS

(a)  Effective upon the commencement of the Term hereof (as defined in Section 2), the Company hereby employs the Executive as Chief Executive Officer and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth.  As Chief Executive Officer, the Executive shall report only to the Board of Directors of the Company (the “Board” or “Board of Directors”), and shall have powers and authority superior to those of any officer or employee of the Company or any Subsidiary thereof except those reserved to the Board by the Certificate of Formation or Bylaws of the Company as in effect on the date of this Agreement.  It is the intent of the parties that the Executive shall manage the global affairs of the Company in accordance with the plans and strategies developed by the Board of Directors.

2.

TERM

(a)

The term of the Executive's engagement hereunder shall be for two (2) years commencing as of the date of this Agreement (the "Commencement Date") and shall automatically renew for successive one year terms on the two year anniversary of the Commencement Date and each successive anniversary of the Commencement Date terminated in accordance with the terms hereof (the "Term").  In the event the Term of this Agreement extends for a period of more than two years after the Commencement Date, the Company shall have the right to terminate this Agreement upon 180 days prior written notice. In the event of such termination, Executive shall not be entitled to any further compensation under this Agreement notwithstanding anything to the contrary provided for in Section 8. 

3.

DUTIES OF EXECUTIVE

(a)

During the Term of this Agreement, the Executive shall devote his best efforts and full-time and attention to the affairs of the Company.

(b)

Executive will act as the Company’s Chief Executive Officer and shall perform such services and assume such duties and responsibilities as are assigned to Executive by the Board of Directors, which are consistent with the position of Chief Executive Officer, including but not limited to Strategy, Countries targeted,  Pricing, Product Design, Product Offerings, Partnerships, Distribution/Distributors, Personnel, Commissions or sales agent agreements, Portfolio Companies, Sales, Marketing, Budget and any other responsibilities reasonably related to running the Company.

(c)

Notwithstanding Section 3(a) hereof, the Executive may serve on the board of directors of such other corporations, trade associations, charitable organizations or other entities; provided, however, that such services or activities shall not conflict with the Executive's duties to the Company.  

4.

COMPENSATION

Subject to any other provision of this Agreement, during the Term hereof, the Executive shall receive a base salary as described in Schedule A attached hereto.  All salary payments will be, less applicable withholding taxes and other deductions approved by the Executive or required by law in accordance with the usual payroll practices of the Company.

5.

EMPLOYEE BENEFITS

The Executive shall be entitled to a minimum of the lesser of Four (4) weeks of paid vacation or such amount as held by other SIBE senior management during each year with the ability to carry over up to Two (2) weeks of unused vacation from one calendar year to the next.  In addition to the compensation and other benefits provided for elsewhere in this Agreement, the Executive shall receive health insurance for Executive and Executive’s immediate family and shall be reimbursed for all necessary and reasonable business expenses incurred by the Executive in the performance of his duties hereunder in accordance with such reasonable procedures as the Company may adopt generally from time to time.  The Executive shall also be eligible to receive stock or option awards as determined by the Board of Directors.

6.

COUNSEL FEES AND INDEMNIFICATION

(a)

In the event of a Dispute or arbitrable matter under Section 9 hereof the Company shall pay, or reimburse to the Executive, all reasonable fees and costs of his legal counsel incurred by the Executive; provided, however if the Executive does not prevail in a Dispute or arbitrable matter under Section 9 hereof initiated by him, the Executive shall be responsible for the fees and cost of the Executive.

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(b)

The Company shall indemnify and hold harmless the Executive as currently provided in the Company's Certificate of Formation and By-laws.  The rights of indemnification in the Company’s current Certificate of Formation and By-laws shall not be diminished by subsequent modification or amendment without the approval of the Executive, except as such indemnification is modified as required by law.  

(c)

The provisions of this Section 6 shall survive the termination or expiration of this Agreement.

7.

REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE COMPANY AND EXECUTIVE

(a)

The Company hereby represents and warrants to, and agrees with, the Executive as follows:

(i)

this Agreement, and each of the terms and provisions hereof, including, without limitation the undertakings with respect to payment, indemnification set forth herein, do not violate or conflict with (A) any provisions of the Certificate of Formation or the Bylaws of the Company, (B) any agreement by which the Company is bound, (C) any federal, state or local law, rule, or regulation or judicial order.  This Agreement has been duly and validly authorized, executed and delivered by the Company, and is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms;

 

(ii)

the Company has all power and authority (including, without limitation all necessary governmental, judicial or other consents, approvals or authorizations) necessary to enter into this Agreement and to perform its obligations hereunder and thereunder;

 

(iii) 

this Agreement and the employment of the Executive by the Company have been approved by the Board ; and 

 

(iv) 

the Company has exercised reasonable diligence (including consulting with outside counsel) in making the representations and warranties set forth herein and the Board of Directors has authorized the Company to make the representations and warranties set forth herein. 

(b)

The Executive hereby represents and warrants to, and agrees with, the Company as follows:

(i) Executive or any entity affiliated with Executive is not subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act of 1933, as amended (“Disqualification Events”). 

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(c)

Non-Competition 

Executive shall not, and Executive shall cause its Affiliates (as hereinafter defined) not to, in each case, whether directly or indirectly, for itself or through or on behalf of any other Person (as hereinafter defined) during the term of this Agreement and for a period of one year thereafter (the “Restricted Period”): 

(i)

engage in any activities on behalf of or have an interest in any Competitor of the Company, whether as an owner, investor, executive, manager, employee, consultant, contractor, advisor, or otherwise. Executive’s ownership of less than one percent (1%) of any class of stock in a publicly-traded entity shall not be a breach of this Section 7(c)(i).

(ii)

engage in any activities on behalf of or have an interest in any T-Mobile Competitor of the Company, whether as an owner, investor, executive, manager, employee, consultant, contractor, advisor, or otherwise. Executive’s ownership of less than one percent (1%) of any class of stock in a publicly-traded entity shall not be a breach of this Section 7(c)(ii).

(iii)

“Competitor” means any Person or their respective Affiliates doing business throughout the world (the “Territory”) if such Person provides classroom or online education services or products, including, but not limited to language-learning software and services. 

(iv)

“Affiliates” shall mean, with respect to any specified Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, the Person specified, and  (a) “control”, when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or otherwise, (b) the terms “controlling” and “controlled” have meanings correlative to the foregoing and (c) “controlled Affiliate” means, with respect to any specified Person, any other Person that directly or indirectly, through one or more intermediaries, is controlled by the Person specified.

(v)

“Person” shall mean any individual or entity, including any private or public company or trust, exempted company, exempted limited partnership, private limited company, corporation, partnership, limited partnership, limited liability company, trust, charitable trust or other legal entity, wherever organized, or any unincorporated association or  governmental authority.

(vi)

Executive covenants and agrees that should a court at any time determine that any restriction or limitation in this Section 7(c) is unreasonable or unenforceable, it will be deemed amended so as to provide the maximum protection to the Company and be deemed reasonable and enforceable by the court.

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(d)

Non-solicitation 

Executive shall not, and Executive shall cause its affiliates not to, in each case, whether directly or indirectly, for itself or through or on behalf of any other Person during the Restricted Period: 

(i)

solicit, induce, enter into any agreement with, or attempt to influence any individual who was or is an employee, consultant, representative or agent to the Company to terminate their relationship with the Company or to enter into any relationship with such Person or their or any affiliate of such Person, or interfere in any other way with the relationship of any employee, consultant, representative or agent of the Company; or 

 

(ii)

solicit any customer, prospective customer or business contact of the Company, or cause or participate in any actions which could result in the solicitation of such customer, prospective customer or business contact of the Company, to purchase products or services offered by the Company; or 

 

(iii)

solicit any supplier to the Company to cease to provide any of supplier's products or services to the Company or reduce the extent of their relationship with the Company. 

 

(e)

Non-disparagement 

Executive shall note, and Executive shall cause its affiliates not to, in each case, whether directly or indirectly, for itself or through or on behalf of any other Person engage in any conduct that is injurious to the reputation or interests of the Company and its officers, directors, shareholders, employees and agents, including, but not limited to, making disparaging comments (or inducing or encouraging others to make disparaging comments) about the Company and its officers, directors, shareholders, employees and agents, or their respective operations, financial condition, prospects, products or services.

8.

TERMINATION

This Agreement may be terminated only as follows: 

(a)

Manner of Termination By the Company.  This Agreement may be terminated by the Company for Good Cause or Disability of the Executive, only upon a vote of the Board of Directors at a meeting after 30 days' prior written notice to the Executive of such meeting contained in a Notice of Termination and after the Executive (together with his legal counsel) has been given the opportunity to be heard before the Board of Directors.  Except in the event of termination for Good Cause, a Notice of Termination shall not provide for a date of termination less than sixty (60) days from the date the Notice of Termination is given. 

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(b)

Manner of Termination by the Executive.  The Executive may terminate this Agreement, except in the event of his death, only upon Notice of Termination to the Board of Directors.  If the termination is for Good Reason, the Company shall be given thirty (30) days to cure the basis claimed for Good Reason termination.  If the basis for Good Reason termination is cured within such thirty (30) day period to the reasonable satisfaction of the Executive, the Notice of Termination shall be deemed withdrawn.  Except in event of termination for Good Reason, such Notice of Termination shall be given by the Executive at least sixty (60) days in advance of the termination of employment or such shorter time as the Board of Directors may allow. 

(c)

Termination by the Company Other than for Good Cause. death or Disability or by the Executive for Good Reason.  If (A) the Company shall terminate the employment of the Executive during the Term other than for Good Cause, death or Disability, or (B) the Executive terminates this Agreement for Good Reason, then the Executive shall be entitled to receive on the date of termination of this Agreement (subject to delay of such payment in the event of a Dispute over whether a termination was for a Good Reason), and shall have a vested right with respect thereto on the date of termination, a severance payment of cash in an amount equal to one year’s annualized Base Salary Amount], in each case as in effect on the date of such termination and in each case payable at the Company’s election either in one lump sum payment or in six equal monthly installments over six months from the date of termination.

(d)

Termination by the Company for Good Cause Or Voluntary Termination by Executive Without Good Reason.  For purposes of this Agreement, Good Cause shall mean (i) fraud or embezzlement by the Executive against the Company or any of its Subsidiaries or Affiliates; (ii) conviction of the Executive, or pleading of no contest to,  a felony or a crime in the first degree or second degree as used in the Code of Criminal Justice of the State of Texas or other criminal offense involving moral turpitude or dishonesty which reflects upon the Executive's ability to perform his duties hereunder; (iii) habitual substance abuse or excessive absenteeism of the Executive not related to a Disability; (iv) a breach of any representation by Executive under this Agreement or the Share Exchange Agreement entered into among the Company, Urban Planet Media & Entertainment, Corp. and its shareholders; or (v) commission by the Executive of a criminal act or other willful act in direct violation of a written directive of the Board respecting his duties under this Agreement that in the reasonable judgment of the Board causes or will cause substantial economic damage to the Company or its Subsidiaries after written notice (specifying the particulars thereof in reasonable detail) by the Board, and reasonable opportunity to be heard are given to the Executive including his legal counsel by the Board, and the Executive is given reasonable opportunity to cure such failure by the Board subject to the following sentence.  In the event of clause (iv), the Notice of Termination shall specify the actions required by the Executive to cure such breach as well as the time period in which she is expected to take such corrective action where the Board of Directors reasonably determines in the case of clause (iv) that a cure is reasonably possible, and the Executive shall be allowed to correct such situation during the period provided in the Notice of Termination.  In the event the Board of Directors determines that Executive has taken proper and satisfactory corrective action during such period, the Executive shall not be then terminated for Good Cause and the Notice of Termination shall be deemed withdrawn. For the purposes of determining whether Good Cause existed, any act or failure to act by the Executive which is done, or omitted 

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to be done, by him in good faith and with reasonable belief that his action or omission was in the best interests of the Company shall not be deemed to be willful.  Subject to the right to Dispute, in the event of termination of this Agreement for Good Cause or in the event of termination of this Agreement by the Executive without Good Reason all rights of Executive under this Agreement shall terminate as of the date of such termination, except (A) for the right to receive salary, bonus and other compensation and benefits that have accrued for periods prior to the date of such termination, (B) for those provisions of this Agreement that survive the termination or expiration of this Agreement and (C) the Board shall determine within ten (10) days of such termination, whether under the circumstances of the termination the Executive's right to receive any or all or any portion of the following shall be forfeited:  (i) any severance benefits.  The Executive and his legal counsel shall be entitled to meet with the Board prior to such determination.  In the event only of termination by the Company for Good Cause or by the Executive without Good Reason which determination of Good Cause or lack of Good Reason is not reversed in arbitration, any determination by the Board regarding the receipt of any or all or any portion of the amounts described in the immediately preceding clauses (i) and (ii) shall not be reviewable in arbitration or by any court.

(e)

Definition of Good Reason.

For purposes of this Agreement, "Good Reason" shall mean the occurrence of any of the events or conditions described in the subsections below except in connection with a termination of the Executive by the Company for Good Cause, or by reason of the Executive's death or Disability.

(A)

a adverse change, in the Executive's status, title, position, Base Salary (other than in conjunction with an across-the-board reduction in executive salaries)  or responsibilities (including reporting responsibilities); the assignment to the Executive of any material duties or responsibilities which are inconsistent with his status, title or position; or any removal of the Executive from or failure to reappoint or re-elect him to any of such offices or positions;

(B)

any material breach by the Company of any provision of this Agreement after opportunity to cure such breach by the Company as provided herein;

(C)

any purported termination of the Executive's employment for Good Cause by the Company which does not comply with the terms of this Agreement; 

(D)

any act of the Company which adversely change the scope of indemnification currently provided to the Executive or the failure of the Company to comply with or abide by any provision of the Certificate of Formation or By-laws relating to indemnification currently provided to the Executive; 

(E)

the failure of the Company to obtain an agreement, satisfactory to the Executive, from any successors and assigns (including any successor to the Company's business whether by merger, consolidation, transfer of all or substantially all assets, or otherwise) to assume and agree to perform this Agreement, in accordance with the terms hereof.

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(f)

Termination by the Company upon Death or Disability of the Executive.  This Agreement shall terminate upon death of the Executive, and may, at the option of the Company, be terminated by the Company, upon written notice to the Executive (or his personal representative), upon the Disability of the Executive.  Upon any such termination of this Agreement for Disability, the Executive shall no longer be entitled to receive the Base Salary Amount with respect to any period after such termination.  Upon the Executive’s death, the Executive’s estate or his designated beneficiaries, as appropriate shall be entitled to receive within 30 days of his death the Base Salary Amount earned and not yet paid prior to his death. Except as provided herein, after death or disability the Company shall have no further liability to make payments to the Executive or his estate hereunder.

(g)

Payment Terms.  Payment of any amounts to which the Executive shall be entitled pursuant to the provisions of this Section 8 shall be made within ten (10) days following the due date specified herein and if no due date is specified within 10 days of termination of the Executive's employment and the expiration of any cure period except with respect to amounts which are the subject of a Dispute.  Any amounts payable pursuant to this Section 8 which are not made when due within the period specified in this Section 8(g) shall bear interest at a rate equal to the "prime rate" of interest as published from time-to-time in the Eastern Edition of The Wall Street Journal until paid to Executive.

(h)

Benefits.  In the event the Executive's employment with the Company is terminated for any reason prior to the end of the Term, the Executive and his dependents, if any, will continue to participate in any group health plan sponsored by the Company in which the Executive was participating on the date of such termination, for the remainder of the Term subject to payment by the Executive of normal employee contributions.  Thereafter, the Executive and his dependents, if any, shall be entitled to elect continuation of health coverage under Section 4980B of the Code, or any successor provisions thereto, to the extent permitted by applicable law, and subject to payment of applicable contributions by Executive.  In addition to any payments to which the Executive may be entitled upon termination of his employment pursuant to any provision of this Agreement, the Executive shall be entitled to any benefits under any life insurance, pension, supplemental pension, savings, or other employee benefit plan in which the Executive was participating on the date of any such termination only in accordance with and to the extent provided by the terms of such plans upon termination of employment of participants.

(i)

Dispute.  In the event a party hereto receives a Notice of Termination, such party within five (5) days of the receipt thereof may notify the party sending the Notice of Termination that a Dispute exists; provided however that in the event of a cure period such five (5) day period shall commence at the end of such cure period.  In particular and subject to the cure period provision set forth in the first sentence hereof, the Executive shall have five (5) days from the receipt of Notice of Termination to challenge whether or not Good Cause or Disability existed by notifying the Company that he is submitting the Dispute to arbitration pursuant to Section 9.  The Company shall have thirty (30) days, subject to the cure period provision set forth in the first sentence hereof, from the receipt of a Notice of Termination to challenge whether or not Good Reason existed by notifying the Executive that it is submitting the Dispute to arbitration pursuant to Section 9.  In the event the Panel appointed pursuant to Section 9 determines that the 

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purported termination by the Company for Good Cause or Disability or by the Executive for Good Reason was in fact without Good Cause or no Disability was present or for Good Reason if by the Executive, the Executive shall retain all compensation paid to him during the Dispute and be entitled to applicable severance benefits under Section 8.  If a Dispute exists, and so long as the Term would not have expired but for the purported termination and so long as he continues to participate in the prompt resolution of the Dispute the Executive shall be entitled to receive his Base Salary Amount as provided under this Agreement pending resolution of the Dispute as provided herein.  In the event the Executive prevails in the Dispute, then he shall be entitled to receive any amounts to which he may be entitled hereunder.

9.

ARBITRATION

Except as otherwise provided herein, the parties hereby agree that any Dispute or any breach, termination, or challenge to the validity of this Agreement, including without limitation, Executive's challenge of a purported termination for Good Cause or Disability will be resolved pursuant to this Section.  Any controversy, claim or dispute arising out of or relating to this Agreement or the Executive's employment by the Company, including, but not limited to, common law and statutory claims for discrimination, wrongful discharge, and unpaid wages, shall be resolved by arbitration in Austin, Texas (or in the location of the Company’s principal business office) pursuant to the then prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association.

This agreement to arbitrate is specifically enforceable.  Judgment upon any award rendered through such arbitration may be entered in any court having jurisdiction.  The decision of the arbtrators within the scope of the submission will be final and binding on all parties, and any right to judicial action on any matter subject to arbitration hereunder hereby is waived (unless otherwise provided by applicable law), except suit to enforce this arbitration award or in the event arbitration is not available for any reason.  The Company shall pay the costs of arbitration including the fees of the arbitrators.

10.

WAIVER

No waiver of any provision of this Agreement shall be effective and enforceable unless set forth in a written instrument executed by the parties hereto.  No waiver of any provision of this Agreement shall affect the validity or enforceability, or constitute a waiver of future enforcement, of such provision or of any other provision of this Agreement. 

11.

GOVERNING LAW

This Agreement shall in all respects be subject to, governed by and construed in accordance with the laws of the State of Texas without regard to rules governing conflicts of law.

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12.

SEVERABILITY

The invalidity or unenforceability of any provision of this Agreement shall not in any manner whatsoever affect the validity or enforceability of any other provision hereof. Whenever possible, this Agreement shall be construed to permit the full enforcement of each provision hereof, and any declaration of invalidity or unenforceability with regard to any provision hereof shall be construed to minimize the effect of such declaration.  The parties agree in good faith to replace any provision which is found to be unenforceable with a provision which meets the intent of the parties.

13.

NOTICES

All notices required or permitted hereunder shall be in writing and shall be sufficiently given if:  (a) hand delivered (in which case the notice shall be effective upon delivery); (b) emailed or telecopied, provided that in such case a copy of such notice shall be concurrently sent by registered or certified mail, return receipt requested, postage prepaid (in which case the notice shall be effective one day following dispatch); (c) delivered by Express Mail, UPS Next Day Air, Federal Express or other nationally recognized overnight courier service (in which case the notice shall be effective one business day following dispatch); or (d) delivered or mailed by registered or certified mail, return receipt requested, postage prepaid (in which case the notice shall be effective upon receipt), to the parties at the following addresses and/or telecopier numbers, or to such other address or number as a party shall specify by written notice to the others in accordance with this Section.

If to the Company

Sibling Group Holdings, Inc.

901 Mopac Expressway South

Barton Oaks, Plaza One, Suite 300

Austin, TX  78746

Attention: Board of Directors

Facsimile:  

If to Executive

Brian A. OliverSmith

4711 Hope Valley Rd. 

Suite 4f-104 

Durham, NC 27707  

Facsimile:  323-708-7724

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14.

DEATH OR DISABILITY

In the event of the death or Disability of the Executive, the Executive, his estate or his designated beneficiaries shall be entitled to the compensation, rights and benefits as are referred to herein.

15.

BINDING EFFECT

This Agreement together with any written amendments hereto, shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, assigns, heirs and personal representatives, including any successor to the Company's business whether by merger, consolidation, transfer of all or substantially all assets, or otherwise. Except as otherwise provided herein, this Agreement is not intended to confer any rights or remedies upon any person or entity other than the Executive and the Company.

16.

NO SET-OFF

Except as otherwise provided for here, no salary or other compensation received by the Executive in connection with any employment of the Executive after termination of the Executive's employment with the Company will reduce any amounts payable under this Agreement or any agreement entered into in connection herewith. 

17.

AMENDMENTS

No provision of this Agreement may be modified, altered or amended except by written agreement executed by all of the parties hereto.

18.

ENTIRE AGREEMENT

This Agreement is intended by the parties as the final expression of their agreement and intended to be a complete and exclusive statement of the agreements and understandings of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein.  This Agreement supersedes all prior agreements and understandings between the parties with respect to the subject matter hereof.  

19.

HEADINGS

The various headings set forth in this Agreement are inserted for reference purposes only and shall in no way effect the meaning or intent of any provision hereof.

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20.

INTERPRETATION

It is expressly agreed by the parties that the authorship of this Agreement will have no bearing on its interpretation. Each of the parties hereto acknowledges and agrees that the terms and provisions of this Agreement are fair and reasonable and that no such term or provision shall in any event be deemed a penalty.

21.

COUNTERPARTS

This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format file or other similar format file, such signature shall be deemed an original for all purposes and shall create a valid and binding obligation of the party executing same with the same force and effect as if such facsimile or “.pdf” signature page was an original thereof each counterpart shall be deemed an original, but all of which together shall constitute one and the same instrument.

22.

RIGHT TO ASSISTANT

Executive shall be entitled to maintain, who shall after the date hereof be paid by Company, Executive’s current assistant or an assistant of Executive’s choosing.  Such assistant shall devote substantially all of her business time and attention to Executive and assistant’s primary job responsibilities will be determined by Executive.  Such assistant’s compensation shall reasonable and customary and assistant may only be terminated by or with the consent of Executive.

23.  DEFINITIONS.  For purposes of this Agreement the following terms shall have the meanings set forth below:

"Affiliate" of a Person shall mean a corporation, limited liability company trust, or partnership, which, directly or indirectly, controls, is controlled by or is under common control with such Person, and for purposes hereof, "control" shall mean the ownership of 10 % or more of the Voting Stock of the corporation in question. 

"Board of Directors" or "Board" shall mean the Board of Directors of the Company as duly constituted from time to time.

“Code" shall mean the Internal Revenue Code of 1986, as amended, and the rules, regulations and interpretations issued thereunder.

"Contract Year" shall have the meaning given such term in Section 2.

"Disability" shall mean the inability of the Executive to perform his duties of employment for the Company, pursuant to the terms of this Agreement and by-laws of the Company as hereinafter provided, because of physical or mental disability, where such disability shall have existed for a period of more than 120 consecutive days or an aggregate of 180 days in 

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any 365 day period, and if a long-term disability plan is maintained by the Company for the benefit of the Executive, the Executive is entitled to receive long term disability payments under a long term disability plan of the Company.  The fact of whether or not a Disability exists hereunder shall be determined by appropriate medical experts selected by the Board.  The existence of a Disability means that, the Executive's mental and/or physical condition substantially interferes with the Executive's performance of his duties for the Company, as specified in this Agreement.

"Dispute" shall mean (i) in the case of termination of employment of the Executive with the Company by the Company for Disability or Good Cause, that the Executive challenges the existence of Disability or Good Cause; (ii) in the case of termination of employment of the Executive with the Company by the Executive for Good Reason, that the Company challenges the existence of Good Reason. 

"Good Cause" shall have the meaning given such term in Section 8(d).

"Good Reason" shall have the meaning assigned to that term in Section 8(e).

"Notice of Termination" shall mean a notice given by the Executive or the Company which shall indicate the specific basis for termination of employment of the Executive and shall set forth in reasonable detail facts and circumstances claimed to provide a basis for determination of any payments under this Agreement.

"Panel" shall have the meaning given such term in Section 9.

"Person" shall mean any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or government (whether Federal, state, county, city, municipal or otherwise, including, without limitation, any instrumentality, division, agency, body or department thereof).

"Subsidiary" shall mean a corporation of which more than 50% of the Voting Stock is owned, directly or indirectly, by the Company.

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IN WITNESS WHEREOF, the Company by its duly authorized officer and Executive in reliance on the representations and warranties herein has duly executed this Agreement as of the day and year first written above.

				
	SIBLING GROUP HOLDINGS, INC.

	 
	EXECUTIVE

	 
	 
	 
	 

	 
	 
	 
	 

	By:

	 
	 
	 

	Name:

	 
	 
	Brian A. OliverSmith

	Title: 

	Chairman of the Board of Directors

	 
	 

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SCHEDULE A

It is agreed that Executive’s annual salary shall at all times be a minimum of $160,000.  Such annual salary shall be paid in [twenty six (26)] equal installments.  Commencing on January 1, 2016 and annually thereafter, Executive’s annual salary shall increase a minimum of seven percent (7%).

Executive shall also be eligible for a bonus payment at the end of each twelve month period following commencement of this Agreement with such bonus established by the Company’s Board of Directors.  

15EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

 
 VALEANT PHARMACEUTICALS
INTERNATIONAL, INC. 
 5.50% SENIOR NOTES DUE 2023 

 
  

INDENTURE 
 DATED AS OF
JANUARY 30, 2015 
  
  

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

AS TRUSTEE 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	ARTICLE 1	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Other Definitions	  	 	25	  
	 Section 1.3
	  	[RESERVED]	  	 	25	  
	 Section 1.4
	  	Rules of Construction	  	 	25	  
	
	ARTICLE 2	  
	
	THE SECURITIES	  
			
	 Section 2.1
	  	Form and Dating	  	 	26	  
	 Section 2.2
	  	Execution and Authentication	  	 	28	  
	 Section 2.3
	  	Registrar and Paying Agent	  	 	28	  
	 Section 2.4
	  	Paying Agent to Hold Money in Trust	  	 	29	  
	 Section 2.5
	  	Securityholder Lists	  	 	29	  
	 Section 2.6
	  	Transfer and Exchange	  	 	29	  
	 Section 2.7
	  	Replacement Securities	  	 	30	  
	 Section 2.8
	  	Outstanding Securities	  	 	30	  
	 Section 2.9
	  	Treasury Securities	  	 	31	  
	 Section 2.10
	  	Temporary Securities	  	 	31	  
	 Section 2.11
	  	Cancellation	  	 	31	  
	 Section 2.12
	  	Legend; Additional Transfer and Exchange Requirements	  	 	31	  
	 Section 2.13
	  	CUSIP and ISIN Numbers	  	 	34	  
	
	ARTICLE 3	  
	
	REDEMPTION AND PURCHASES	  
			
	 Section 3.1
	  	Right to Redeem	  	 	34	  
	 Section 3.2
	  	Selection of Securities to Be Redeemed	  	 	34	  
	 Section 3.3
	  	Notice of Redemption	  	 	34	  
	 Section 3.4
	  	Effect of Notice of Redemption	  	 	35	  
	 Section 3.5
	  	Deposit of Redemption Price	  	 	36	  
	 Section 3.6
	  	Securities Redeemed in Part	  	 	36	  
	 Section 3.7
	  	Optional Redemption	  	 	36	  
	 Section 3.8
	  	Purchase of Securities at Option of the Holder Upon Change of Control	  	 	37	  
	 Section 3.9
	  	Effect of Change of Control Purchase Notice	  	 	39	  
	 Section 3.10
	  	Deposit of Change of Control Purchase Price	  	 	40	  
	 Section 3.11
	  	Securities Purchased in Part	  	 	40	  
	 Section 3.12
	  	Compliance with Securities Laws upon Purchase of Securities	  	 	40	  
	 Section 3.13
	  	Repayment to the Company	  	 	40	  
	 Section 3.14
	  	Offer to Purchase by Application of Excess Proceeds	  	 	41	  

  
 -i- 

							
	 	  	 	  	Page	 
	ARTICLE 4	  
	  
 COVENANTS
	 
   

			
	 Section 4.1
	  	Payment of Securities	  	 	42	  
	 Section 4.2
	  	Maintenance of Office or Agency	  	 	43	  
	 Section 4.3
	  	Reports	  	 	43	  
	 Section 4.4
	  	Compliance Certificates	  	 	44	  
	 Section 4.5
	  	Further Instruments and Acts	  	 	45	  
	 Section 4.6
	  	Maintenance of Corporate Existence	  	 	45	  
	 Section 4.7
	  	Changes in Covenants When Securities Rated Investment Grade	  	 	45	  
	 Section 4.8
	  	Restricted Payments	  	 	45	  
	 Section 4.9
	  	Incurrence of Indebtedness and Issuance of Preferred Stock	  	 	48	  
	 Section 4.10
	  	[Reserved]	  	 	52	  
	 Section 4.11
	  	Liens	  	 	52	  
	 Section 4.12
	  	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	52	  
	 Section 4.13
	  	Transactions with Affiliates	  	 	54	  
	 Section 4.14
	  	Asset Sales	  	 	55	  
	 Section 4.15
	  	Additional Note Guarantees	  	 	57	  
	 Section 4.16
	  	Designation of Restricted and Unrestricted Subsidiaries	  	 	58	  
	 Section 4.17
	  	Business Activities	  	 	58	  
	 Section 4.18
	  	[Reserved]	  	 	58	  
	 Section 4.19
	  	Stay, Extension and Usury Laws	  	 	58	  
	 Section 4.20
	  	[Reserved]	  	 	58	  
	 Section 4.21
	  	Notice of Default	  	 	58	  
	 Section 4.22
	  	Payment of Additional Amounts	  	 	58	  
	
	ARTICLE 5	  
	
	MERGER, CONSOLIDATION OR SALE OF ASSETS	  
			
	 Section 5.1
	  	Merger, Consolidation or Sale of Assets	  	 	61	  
	 Section 5.2
	  	Successor Substituted	  	 	63	  
	
	ARTICLE 6	  
	
	DEFAULT AND REMEDIES	  
			
	 Section 6.1
	  	Events of Default	  	 	63	  
	 Section 6.2
	  	Acceleration	  	 	65	  
	 Section 6.3
	  	Other Remedies	  	 	65	  
	 Section 6.4
	  	Waiver of Defaults and Events of Default	  	 	65	  
	 Section 6.5
	  	Control by Majority	  	 	66	  
	 Section 6.6
	  	Limitations on Suits	  	 	66	  
	 Section 6.7
	  	Rights of Holders to Receive Payment	  	 	66	  
	 Section 6.8
	  	Collection Suit by Trustee	  	 	66	  
	 Section 6.9
	  	Trustee May File Proofs of Claim	  	 	66	  
	 Section 6.10
	  	Priorities	  	 	67	  
	 Section 6.11
	  	Undertaking for Costs	  	 	67	  

  
 -ii- 

							
	 	  	 	  	Page	 
	ARTICLE 7	  
	
	TRUSTEE	  
			
	 Section 7.1
	  	Duties of Trustee	  	 	67	  
	 Section 7.2
	  	Rights of Trustee	  	 	68	  
	 Section 7.3
	  	Individual Rights of Trustee	  	 	69	  
	 Section 7.4
	  	Trustee’s Disclaimer	  	 	70	  
	 Section 7.5
	  	Notice of Default or Events of Default	  	 	70	  
	 Section 7.6
	  	[RESERVED]	  	 	70	  
	 Section 7.7
	  	Compensation and Indemnity	  	 	70	  
	 Section 7.8
	  	Replacement of Trustee	  	 	70	  
	 Section 7.9
	  	Successor Trustee by Merger, Etc.	  	 	71	  
	 Section 7.10
	  	Eligibility; Disqualification	  	 	71	  
	 Section 7.11
	  	Preferential Collection of Claims Against the Company	  	 	72	  
	
	ARTICLE 8	  
	
	 DEFEASANCE; SATISFACTION AND

DISCHARGE OF INDENTURE
	   
   

			
	 Section 8.1
	  	Satisfaction and Discharge of Indenture	  	 	72	  
	 Section 8.2
	  	Legal Defeasance	  	 	73	  
	 Section 8.3
	  	Covenant Defeasance	  	 	74	  
	 Section 8.4
	  	Application of Trust Money	  	 	75	  
	 Section 8.5
	  	Repayment to the Company	  	 	75	  
	 Section 8.6
	  	Reinstatement	  	 	75	  
	
	ARTICLE 9	  
	
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  
			
	 Section 9.1
	  	Without Consent of Holders	  	 	76	  
	 Section 9.2
	  	With Consent of Holders	  	 	76	  
	 Section 9.3
	  	Notice of Amendment, Supplement or Waiver	  	 	77	  
	 Section 9.4
	  	Revocation and Effect of Consents	  	 	77	  
	 Section 9.5
	  	Notation on or Exchange of Securities	  	 	78	  
	 Section 9.6
	  	Trustee to Sign Amendments, Etc.	  	 	78	  
	 Section 9.7
	  	Effect of Supplemental Indentures	  	 	78	  
	
	ARTICLE 10	  
	
	NOTE GUARANTEES	  
			
	 Section 10.1
	  	Note Guarantees	  	 	78	  
	 Section 10.2
	  	Execution and Delivery of Note Guarantees	  	 	80	  
	 Section 10.3
	  	Limitation on Note Guarantor Liability	  	 	80	  
	 Section 10.4
	  	Merger and Consolidation of Note Guarantors	  	 	80	  
	 Section 10.5
	  	Release	  	 	81	  
	 Section 10.6
	  	Canadian Note Guarantee	  	 	81	  

  
 -iii- 

							
	 	  	 	  	Page	 
		  	ARTICLE 11	  			
			
		  	MISCELLANEOUS	  			
			
	 Section 11.1
	  	Certain Trust Indenture Act Sections	  	 	81	  
	 Section 11.2
	  	Notices	  	 	82	  
	 Section 11.3
	  	Communications by Holders With Other Holders	  	 	83	  
	 Section 11.4
	  	Certificate and Opinion of Counsel as to Conditions Precedent	  	 	83	  
	 Section 11.5
	  	Record Date for Vote or Consent of Holders	  	 	83	  
	 Section 11.6
	  	Rules by Trustee, Paying Agent and Registrar	  	 	84	  
	 Section 11.7
	  	Legal Holidays	  	 	84	  
	 Section 11.8
	  	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	84	  
	 Section 11.9
	  	No Adverse Interpretation of Other Agreements	  	 	84	  
	 Section 11.10
	  	No Recourse Against Others	  	 	84	  
	 Section 11.11
	  	Successors	  	 	84	  
	 Section 11.12
	  	Multiple Counterparts	  	 	84	  
	 Section 11.13
	  	Separability	  	 	85	  
	 Section 11.14
	  	Table of Contents, Headings, etc.	  	 	85	  
	 Section 11.15
	  	Calculations in Respect of the Securities	  	 	85	  
	 Section 11.16
	  	Agent for Service and Waiver of Immunities	  	 	85	  
	 Section 11.17
	  	Judgment Currency	  	 	85	  
	 Section 11.18
	  	Foreign Currency Equivalent	  	 	86	  
	 Section 11.19
	  	Usury Savings Clause	  	 	86	  
	 Section 11.20
	  	Interest Act (Canada)	  	 	86	  
	 Section 11.21
	  	Tax Matters	  	 	86	  

					
			
	EXHIBITS	  		  	
			
	 EXHIBIT A
	  	–	  	FORM OF NOTE
	 EXHIBIT B
	  	–	  	FORM OF GUARANTEE
	 EXHIBIT C
	  	–	  	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	 EXHIBIT D
	  	–	  	FORM OF CANADIAN NOTE GUARANTEE

  
 -iv- 

 THIS INDENTURE dated as of January 30, 2015 is among Valeant Pharmaceuticals International,
Inc., a corporation continued under the British Columbia Business Corporations Act (the “Company”), the Note Guarantors party hereto and The Bank of New York Mellon Trust Company, N.A., a national banking association duly organized
under the laws of the United States, as Trustee (the “Trustee”). 
 In consideration of the premises and the purchase of
the Securities by the Holders thereof, all parties agree as follows for the benefit of the other and for the equal and ratable benefit of the registered Holders of the Company’s Securities. 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 

“Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of
such specified Person and which is not satisfied in full at such time, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified
Person; and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Securities” means any additional 5.50% Senior Notes due 2023 that the Company may issue from time to time under
this Indenture in accordance with Section 2.1(c) of this Indenture as part of the same series of Securities issued on the date hereof. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. 
 “Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means, as determined by the Company, with respect to a Security, the greater of 

(1) 1.0% of the then outstanding principal amount of such Security and 

(2) (a) the present value of all remaining required interest and principal payments due on such Security and all premium
payments relating to such Security assuming a redemption date of March 1, 2018, computed using a discount rate equal to the Treasury Rate plus 50 basis points, minus 

(b) the then outstanding principal amount of such Security, minus 

 (c) accrued interest paid on the date of redemption. 

“Applicable Procedures” means, with respect to any transfer or exchange of beneficial ownership interests in the
Global Securities, the rules and procedures of the Depositary, to the extent applicable to such transfer or exchange. 

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets, property or rights outside of the ordinary course of
business; provided that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be
governed by Section 3.8 and/or Section 5.1 hereof and not by the provisions of Section 4.14; and 
 (2) the
issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries, in each case other than directors’ qualifying shares. 

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 

(1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than
$100.0 million; 
 (2) a transfer of assets between or among the Company and its Restricted Subsidiaries; 

(3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to another Restricted
Subsidiary of the Company; 
 (4) any sale of receivables in connection with a Qualified Securitization Transaction; 

(5) the sale or other disposition of cash or Cash Equivalents; 

(6) a Restricted Payment or Permitted Investment that is permitted by Section 4.8 hereof; 

(7) the license or sublicense of intellectual property or other general intangibles and licenses, leases or subleases of other
property which do not materially interfere with the business of the Company and its Restricted Subsidiaries, taken as a whole, determined in good faith by the Company; 

(8) the sale, exchange or other disposition of obsolete, worn out, uneconomical or surplus assets, including any such
intellectual property; 
 (9) the sale, lease, conveyance or other disposition to the extent required by, or made pursuant
to, customary buy/sell arrangements between joint venture parties set forth in joint venture arrangements and similar binding agreements; 

(10) foreclosures on, or condemnation of, assets and the surrender or waiver of contract rights or the settlement, release or
surrender of contract, tort or other claims; and 

  
 -2- 

 (11) sales, transfers or other dispositions of assets for consideration at least
equal to the Fair Market Value of the assets sold or disposed of, but only if the consideration received consists of property or assets (other than cash, except to the extent used as a bona fide means of equalizing the value of the property or
assets involved in the swap transaction; provided, however, that cash does not exceed 10% of the sum of the amount of the cash and the Fair Market Value of the assets received or given) of a nature or type that are used in a business
having property or assets of a nature or type or engaged in a Permitted Business (or Capital Stock of a Person whose assets consist of assets of the type described in this clause (11)). 

“Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present
value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be
extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Bankruptcy Law” means any of Title 11 of the United States Code, the BIA, the CCAA, the WURA and the CBCA, and any
other applicable insolvency, corporate arrangement or restructuring or other similar law of any jurisdiction including any law of any jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it.

 “Beneficial Owner” has the meaning assigned to such term in Rule l3d-3 and Rule 13d-5 under the Exchange Act,
except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that
such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and
“Beneficially Owned” have corresponding meanings. 
 “BIA” means the Bankruptcy and Insolvency Act
(Canada). 
 “Board of Directors” means: 

(1) with respect to a company or corporation, the board of directors of the company or corporation or any committee thereof
duly authorized to act on behalf of such board; 
 (2) with respect to a partnership, the Board of Directors of the general
partner of the partnership or any committee thereof duly authorized to act on behalf of such board; and 
 (3) with respect
to any other Person, the board or committee of such Person serving a similar function. 
 “Business Day” means each day
that is not a Legal Holiday. 
 “Canadian Note Guarantee” means each Guarantee of the obligations with respect to
the Securities issued by each Canadian Note Guarantor pursuant to the terms of this Indenture and substantially in the form of Exhibit D.  

“Canadian Note Guarantor” means each Note Guarantor that is organized under the laws of Canada or any province or
territory thereof. 

  
 -3- 

 “Capital Lease Obligations” means, at the time any determination is to be
made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 

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

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation (including,
without limitation, quotas) that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Cash Equivalents” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (provided, that the full faith and credit of the U.S. is pledged in support thereof) having repricings or maturities of not more than one year from the date of acquisition; 

(2) certificates of deposit and time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any United States commercial bank having capital and surplus in excess of $500.0 million; 

(3) repurchase obligations with a term of not more than 14 days for underlying securities of the types described in clauses
(1) and (2) above entered into with any financial institution meeting the qualifications specified in clause (2) above; 

(4) commercial paper having a rating of at least “P-2” or better from Moody’s or at least “A-2” or
better from S&P, or carrying an equivalent rating by an internationally recognized rating agency and, in each case, maturing within one year after the date of acquisition; 

(5) auction-rate, corporate and municipal securities, in each case (x) having either short-term debt ratings of at least
“P-2” or better from Moody’s or at least “A-2” or better from S&P or long-term senior debt ratings of “A2” or better from Moody’s or at least “A” or better from S&P, or carrying an equivalent
rating by an internationally recognized rating agency, (y) having repricings or maturities of not more than one year from the date of acquisition and (z) which are classifiable as cash and cash equivalents under GAAP; 

(6) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(1) through (5) of this definition; or 
 (7) in the case of the Company or any Foreign Subsidiary: 

  
 -4- 

 (a) direct obligations of the sovereign nation, or any agency thereof, in which
the Company or such Foreign Subsidiary is organized and is conducting business or in obligations fully and unconditionally guaranteed by such sovereign nation, or any agency thereof; provided, that such obligations have repricings or
maturities of not more than one year from the date of acquisition and are used by the Company or such Foreign Subsidiary in accordance with normal investment practices for cash management in investments of the type analogous to clauses
(1) through (5) above; or 
 (b) investments of the type and maturity described in clauses (1) through
(5) above of foreign obligors, which investments or obligors have ratings described in such clauses or equivalent ratings from internationally recognized rating agencies; provided, that such investments are used by the Company or such
Foreign Subsidiary in accordance with normal investment practices for cash management in investments of the type analogous to clauses (1) through (5) above. 

“CBCA” means the Canada Business Corporations Act. 

“CCAA” means the Companies’ Creditors Arrangement Act (Canada). 

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

(1) any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the Beneficial Owner,
other than by way of merger or consolidation of the Company, of shares of the Company’s Voting Stock representing 50% or more of the total voting power of all of the Company’s outstanding Voting Stock; 

(2) the Company consolidates with, or merges with or into, another Person, or the Company, directly or indirectly, sells,
assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole (other than by way of merger or consolidation), in one or a series of
related transactions, or any Person consolidates with, or merges with or into, the Company, in any such event other than pursuant to a transaction in which the Persons that Beneficially Owned the shares of the Company’s Voting Stock immediately
prior to such transaction Beneficially Own at least a majority of the total voting power of all outstanding Voting Stock (other than Disqualified Stock) of the surviving or transferee Person; or 

(3) the holders of the Company’s Capital Stock approve any plan or proposal for the liquidation or dissolution of the
Company (whether or not otherwise in compliance with this Indenture). 
 Notwithstanding the foregoing, a transaction will not be deemed to
involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned Subsidiary of a holding company and (2) (a) the direct or indirect holders of the Voting Stock of the ultimate parent holding company immediately
following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (b) no “person” (as that term is used in Section 13(d)(3) of the Exchange Act)
becomes the Beneficial Owner of 50% or more of the total voting power of the Voting Stock of such ultimate parent holding company. 

“Clearstream” means Clearstream Banking, société anonyme, Luxembourg. 

  
 -5- 

 “Company” means the party named as such in the first paragraph of this Indenture
until a successor replaces it pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Company. 

“Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of
such Person for such period plus: 
 (1) provision for taxes based on income or profits of such
Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

(2) Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that any such expense was
deducted in computing such Consolidated Net Income; plus 
 (3) any restructuring charges or expenses (which, for the
avoidance of doubt, shall include retention, severance, systems establishment costs, excess pension charges, contract termination costs and costs to consolidate facilities and relocate employees), to the extent that any such charge or expense was
deducted in computing such Consolidated Net Income; plus 
 (4) fees and expenses in connection with any proposed or
actual issuance of any Indebtedness or Equity Interests, or any proposed or actual acquisitions, Investments, Asset Sales or divestitures permitted to be incurred under this Indenture; plus 

(5) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period), and other non-cash charges or expenses (including impairment charges and other write-offs of intangible assets and goodwill but excluding any such non-cash charge or expense to the extent that it represents an accrual
of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and
other non-cash charges or expenses were deducted in computing such Consolidated Net Income; minus 
 (6) non-cash
items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business, in each case, on a consolidated basis and determined in accordance with GAAP. 

Notwithstanding the preceding, the provision for taxes based on the income or profits of, and the depreciation and amortization and other
non-cash expenses of, a Restricted Subsidiary of the Company (other than any Note Guarantor) will be added to Consolidated Net Income to compute Consolidated Cash Flow of the Company only to the extent that a corresponding amount would be permitted
at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all
agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders. 

“Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income
of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 

(1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting will be included only to the extent of the 

  
 -6- 

 
amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(2) the Net Income of any Restricted Subsidiary (other than any Note Guarantor) will be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained or cannot be obtained
other than pursuant to customary filings) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary
or its stockholders; 
 (3) the cumulative effect of a change in accounting principles will be excluded; 

(4) any unrealized net gain or loss resulting in such period from Hedging Obligations or other derivative instruments will be
excluded; 
 (5) any expense or charge attributable to the disposition of discontinued operations will be excluded; 

(6) non-cash goodwill or asset impairment charge and any non-cash compensation expense recorded from grants of stock, stock
appreciation or similar rights, stock options, restricted stock or other rights to officers, directors, employees or consultants of such Person or any of its Restricted Subsidiaries will be excluded; 

(7) any amortization expense incurred during such period with respect to products acquired by the Company or any of its
Subsidiaries that are used or useful in a Permitted Business will be excluded; 
 (8) any gain or loss, together with any
related provision for taxes on such gain or loss, realized in connection with: (a) any Asset Sale; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of
such Person or any of its Restricted Subsidiaries will be excluded; 
 (9) any extraordinary, nonrecurring or unusual gain or
loss, together with any related provision for taxes on such extraordinary, nonrecurring or unusual gain or loss will be excluded; and 

(10) to the extent covered by insurance and actually reimbursed, or, so long as the Company has made a determination that there
exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (a) not denied by the applicable carrier in writing within 90 days and (b) in fact reimbursed within 365 days
of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption; provided that (x) if net income is
increased as a result of any amounts received from an insurer in respect of such a liability, casualty event or business interruption and the right to be so reimbursed was used in a prior period to increase Consolidated Net Income pursuant to this
clause (10), such amounts received shall be excluded from Consolidated Net Income and (y) to the extent the actual reimbursement received is less than the expected reimbursement amount excluded in a prior period pursuant to this clause (10),
Consolidated Net Income shall be reduced by the difference in the period in which such lower actual reimbursement amounts are received or 

  
 -7- 

 
in which a final judgment of a court of competent jurisdiction is made that the Company is entitled to no reimbursement. 

“Consolidated Total Assets” means, as of any date of determination, the total assets shown on the consolidated quarterly or
annual balance sheet of the Company and its Restricted Subsidiaries as of the most recent date for which such a quarterly or annual balance sheet is available, determined on a consolidated basis in accordance with GAAP (and in the case of any
determination relating to any incurrence of Indebtedness or Investment, on a pro forma basis). In addition, “Consolidated Total Assets” will be calculated in a manner consistent with the definition of “Fixed Charge Coverage
Ratio” to give effect to transactions that occurred after the date of the most recent quarterly or annual balance sheet date. 

“Corporate Trust Office” means the designated office of the Trustee at which at any particular time its corporate
trust business shall be administered which office at the date of the execution of this Indenture is located at 700 South Flower Street, Suite 500, Los Angeles, California 90017, Attention: Corporate Trust Administration or at any other time at such
other address as the Trustee may designate from time to time by notice to the Company. 
 “Credit Agreement” means
the Third Amended and Restated Credit and Guaranty Agreement, dated as of February 13, 2012, as amended by Amendment No. 1, dated as of March 6, 2012, by Amendment No. 2, dated as of September 10, 2012, by Amendment
No. 3, dated as of January 24, 2013, by Amendment No. 4, dated as of February 21, 2013, by Amendment No. 5, dated as of June 6, 2013, by Amendment No. 6, dated as of June 26, 2013, by Amendment No. 7,
dated as of September 17, 2013, by Amendment No. 8, dated as of December 20, 2013, by the Successor Agent Agreement and Amendment No. 9, dated as of January 8, 2015, by the Joinder Agreement, dated as of June 14, 2012,
by the Joinder Agreement, dated as of July 9, 2012, by the Joinder Agreement, dated as of September 11, 2012, by the Joinder Agreement, dated as of October 2, 2012, by the Joinder Agreement, dated as of December 11, 2012, by the
Joinder Agreements, each dated as of August 5, 2013, by the Joinder Agreements, each dated as of February 6, 2014 and by the Joinder Agreements, each dated as of January 22, 2015 (as it may be amended, restated, replaced, supplemented
or otherwise modified from time to time), among the Company, certain subsidiaries of the Company, as guarantors, the lenders party thereto from time to time, Goldman Sachs Lending Partners LLC, J.P. Morgan Securities LLC and Morgan Stanley Senior
Funding, Inc., as joint lead arrangers and joint bookrunners, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as co-syndication agents, JPMorgan Chase Bank, N.A., as issuing bank, Barclays Bank PLC (as successor to Goldman Sachs
Lending Partners LLC), as administrative agent and collateral agent, as amended, supplemented, restated and otherwise modified, together with the related documents thereto (including any guarantees and security documents). 

“Credit Facilities” means the facilities under the Credit Agreement and one or more other debt facilities, credit
agreements, commercial paper facilities, indentures or other agreements incurred after the Issue Date, in each case with banks, institutional lenders, purchasers, investors, trustees or agents providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or other extensions of credit or other Indebtedness, in
each case including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in
part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time, and any agreement or instrument (and related documents) governing Indebtedness incurred to refinance or replace, in whole or in part,
the borrowings and commitments then outstanding or permitted to be outstanding under such facilities or a successor facility, whether by the same or any other bank, institutional lender, purchaser, investor, trustee or agent or group thereof.

  
 -8- 

 “Custodian” means any receiver, trustee, assignee, liquidator,
sequestrator, receiver-manager, custodian, administrative receiver, administrator or similar official under any Bankruptcy Law. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of
Default. 
 “Definitive Securities” means Securities that are in substantially the form attached hereto as
Exhibit A and that do not include the information to which footnotes 1, 5, 6 and 8 thereof apply. 
 “Designated
Noncash Consideration” means noncash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is designated by the Company as Designated Noncash Consideration, less the amount of cash
or Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration, which cash and Cash Equivalents shall be considered Net Proceeds received as of such date and shall be applied pursuant to Section 4.14.

 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which
it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Securities mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock
provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.8 hereof 

“Dollar Equivalent” of any amount means, at the time of determination thereof, 

(1) if such amount is expressed in U.S. dollars, such amount, or 

(2) if such amount is expressed in any other currency, the equivalent of such amount in U.S. dollars determined by using the
rate of exchange quoted by Barclays Capital Inc. in New York, New York at 11:00 a.m. (New York City time) on the date of determination (or, if such date is not a Business Day, the last Business Day prior thereto) to prime banks in New York for the
spot purchase in the New York currency exchange market of such amount of U.S. dollars with such currency. 
 “Domestic
Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state thereof or the District of Columbia. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means a public or
private offering of Equity Interests (other than Disqualified Stock). 
 “Euroclear” means Morgan Guaranty Trust Company of
New York, Brussels office, as operator of the Euroclear System. 

  
 -9- 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder, as in effect from time to time. 
 “Existing Indebtedness”
means Indebtedness of the Company and its Restricted Subsidiaries (other than Indebtedness incurred under Section 4.9(b)(i) hereof) in existence on the date of this Indenture, until such amounts are repaid. 

“Fair Market Value” means the price that could be negotiated in an arm’s-length transaction, for cash, between a
willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction, determined in good faith by (i) a responsible financial officer or accounting officer of the Company with respect to
valuations not in excess of $750.0 million and (ii) the Board of Directors of the Company with respect to valuations equal to or in excess of $750.0 million, as applicable. 

“Fall Away Event” means such time as the Securities shall have an Investment Grade Rating and the Company shall have
delivered to the Trustee an Officers’ Certificate certifying that the foregoing condition has been satisfied. 
 “Final
Maturity Date” means March 1, 2023. 
 “Fixed Charge Coverage Ratio” means, with respect to any
specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs,
assumes, Guarantees, repays, repurchases or redeems any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage
Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving
pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom as if the same had occurred at the
beginning of the applicable four-quarter reference period. 
 To the extent the Company elects pursuant to an Officers’
Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being incurred prior to the actual incurrence thereof pursuant to Section 4.9(e) hereof, the Company shall deem all or such portion of
such commitment or such Indebtedness, as applicable, as having been incurred and to be outstanding for purposes of calculating the Fixed Charge Coverage Ratio for any period in which the Company makes any such election and for any subsequent period
until such commitments or such Indebtedness, as applicable, are no longer outstanding. 
 In addition, for purposes of calculating the Fixed
Charge Coverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries,
including through consolidations or mergers and including any related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect as
if they had occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference period will be calculated (x) on a pro forma basis in accordance with Regulation S-X promulgated by the SEC and, in
addition, (y) to give effect to any Pro Forma Cost Savings; 

  
 -10- 

 (2) the Consolidated Cash Flow attributable to discontinued operations, as
determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded; and 

(3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the
Calculation Date. 
 “Fixed Charges” means, with respect to any specified Person for any period, the sum, without
duplication, of: 
 (1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of
all payments made or received pursuant to Interest Rate Hedging Obligations; plus 
 (2) the consolidated interest of
such Person and its Restricted Subsidiaries that was capitalized during such period; plus 
 (3) any interest expense
on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries; plus 

(4) all dividends, whether paid or accrued and whether or not in cash, on any Disqualified Stock or any series of preferred
stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company, in
each case, on a consolidated basis and determined in accordance with GAAP; minus 
 (5) the consolidated interest
income of such Person and its Restricted Subsidiaries for such period; minus 
 (6) amortization of deferred financing
fees, debt issuance costs, commissions, fees and expenses and expensing of any financing fees. 
 “Foreign Subsidiary”
means a Restricted Subsidiary that is not organized or existing under the laws of the United States of America or any state or territory thereof or the District of Columbia or is a Restricted Subsidiary of such Foreign Subsidiary. 

“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 have been approved by a significant segment
of the accounting profession, as in effect on the date of this Indenture. 

  
 -11- 

 “Global Securities” means the Securities that are substantially in the
form attached hereto as Exhibit A and that include the information called for by footnotes 1, 5, 6 and 8 thereof, and which are deposited with the Depositary or its custodian and registered in the name of the Depositary or its nominee.

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

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary
course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness. 

“Hedging Obligations” means, with respect to any specified Person: 

(1) Interest Rate Hedging Obligations; and 

(2) the obligations of such Person under agreements or arrangements designed to protect such Person against fluctuations in
currency exchange rates. 
 “Holder” or “Securityholder” means the Person in whose name a Security is
registered on the Registrar’s books. 
 “Indebtedness” means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent (without duplication): 
 (1) in respect of borrowed money;

 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable; or 
 (6) representing net payment obligations under any Hedging
Obligations, 
 if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a
liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes (x) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or
not such Indebtedness is assumed by the specified Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such asset and the amount of the obligation so secured and (y) to the extent not otherwise
included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
 Notwithstanding the foregoing, in connection
with the purchase by a Person or any of its Restricted Subsidiaries of any business, the term “Indebtedness” will exclude indemnification or post-

  
 -12- 

 
closing payment adjustments or earn-out or similar obligations to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet, working capital
calculation or other similar method or such payment depends on the performance of such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable or is of a
contingent nature and, to the extent such payment thereafter becomes fixed and finally determined, the amount is paid within 60 days thereafter. 

The amount of any Indebtedness outstanding as of any date will be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and 

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past
due, in the case of any other Indebtedness. 
 “Indenture” means this Indenture as amended or supplemented from time to
time pursuant to the terms of this Indenture. 
 “Interest Rate Hedging Obligations” means, with respect to any specified
Person, the obligations of such Person under: 
 (1) interest rate swap agreements, interest rate cap agreements and interest
rate collar agreements; and 
 (2) other agreements or arrangements designed to protect such Person against fluctuations in
interest rates. 
 “Investment Grade Rating” means a rating of Baa3 or better by Moody’s or BBB- or
better by S&P (or its equivalent under any successor rating categories of Moody’s or S&P) (or, in each case, if such Rating Agency ceases to rate the Securities for reasons outside of the control of the Company, the equivalent
investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If (i) the
Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no
longer a Restricted Subsidiary of the Company or (ii) a Restricted Subsidiary of the Company is redesignated as an Unrestricted Subsidiary, the Company will be deemed to have made an Investment on the date of any such sale, disposition or
redesignation equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.8(c) hereof. For the avoidance of doubt, acquisitions of or
licenses for products or assets used or useful in a Permitted Business do not constitute Investments. 
 “Issue
Date” means January 30, 2015, the date of the initial issuance of the Securities under this Indenture. 

  
 -13- 

 “Lien” means, with respect to any asset, any mortgage, lien, pledge,
charge (fixed and/or floating), security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any
lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

 “Moody’s” means Moody’s Investors Service, Inc., or any successor to the rating agency business thereof.

 “Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in
accordance with GAAP and before any reduction in respect of preferred stock dividends. 
 “Net Proceeds”
means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received
in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes
paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts required to be applied to the repayment of Indebtedness, other than
Indebtedness under a Credit Facility, secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP.

 “Non-Recourse Debt” means Indebtedness: 

(1) as to which none of the Company or any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Securities) of the Company or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its stated maturity; and 
 (3)
as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Guarantee” means each Guarantee of the obligations with respect to the Securities issued by a Subsidiary of the
Company pursuant to the terms of this Indenture. 
 “Note Guarantor” means each Subsidiary of the Company
that becomes a guarantor of the Securities on the Issue Date, and each other Subsidiary of the Company that thereafter Guarantees the Securities pursuant to the terms of this Indenture. 

  
 -14- 

 “Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the Offering Memorandum dated January 15, 2015, with respect to the Securities. 

“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Chief
Financial Officer, the Controller, Treasurer, the Secretary or any Assistant Controller, Assistant Treasurer or Assistant Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers; provided,
however, that for purposes of Section 4.4 hereof, “Officers’ Certificate” means a certificate signed by the principal executive officer, principal financial officer or principal accounting officer of the
Company and by one other Officer. 
 “Opinion of Counsel” means a written opinion from legal counsel
reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a person who has an account with the
Depositary, Euroclear or Clearstream, respectively, and, with respect to the Depository Trust Company, shall include Euroclear and Clearstream. 

“Permitted Asset Swap” means the substantially concurrent purchase and sale or exchange of assets used or useful in a
Permitted Business or a combination of such assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received must be applied in
accordance with Section 4.14 of this Indenture. 
 “Permitted Business” means any business conducted by
the Company and its Restricted Subsidiaries on the Issue Date and any business that is in the judgment of the Company reasonably related, ancillary or complementary to the business of the Company and its Restricted Subsidiaries on the Issue Date or
a natural extension thereof. 
 “Permitted Investments” means: 

(1) any Investment in the Company or in a Restricted Subsidiary of the Company; 

(2) any Investment in cash and Cash Equivalents; 

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

(a) such Person becomes a Restricted Subsidiary of the Company; or 

(b) such Person is merged or consolidated with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company or a Restricted Subsidiary of the Company; 
 and, in each case, any Investment held by such Person; provided
that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation, transfer, conveyance or liquidation; 

  
 -15- 

 (4) any Investment made as a result of the receipt of non-cash consideration from
an Asset Sale that was made pursuant to and in compliance with Section 4.14 hereof; 
 (5) any Investments made solely
in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company; 
 (6) (i) any Investments
received in compromise of obligations owed to the Company or any of its Restricted Subsidiaries created in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of
any trade creditor or customer or in satisfaction of judgments and (ii) Investments by the Company or any of its Restricted Subsidiaries in a Securitization Special Purpose Entity or any Investment by a Securitization Special Purpose Entity in
any other Person, in each case, in connection with a Qualified Securitization Transaction; 
 (7) receivables owing to the
Company or any Restricted Subsidiary of the Company if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms (which trade terms may include such concessionary trade terms as the
Company or any such Restricted Subsidiary deems reasonable under the circumstances), and other Investments to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility and workers’
compensation, performance and other similar deposits made in the ordinary course of business by the Company or any Restricted Subsidiary; 

(8) Investments represented by Hedging Obligations; 

(9) Investments in existence on the date of this Indenture and any extension, modification or renewal of any such Investments,
but only to the extent such extension, modification or renewal does not involve additional advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the accrual or accretion of
interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investment as in effect on the date of this Indenture); 

(10) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be
treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (11) loans and advances
to officers, directors and employees in the ordinary course of business in the aggregate amount outstanding at any one time not to exceed $25.0 million; 

(12) Investments in a Permitted Joint Venture or Unrestricted Subsidiary, when taken together with all other Investments made
pursuant to this clause (12) that are at the time outstanding, not to exceed the greater of (x) $675.0 million and (y) 2.5% of Consolidated Total Assets; and 

(13) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (13) that are at the time outstanding, not to exceed the greater of (x) $2.0 billion and (y) 7.5%
of Consolidated Total Assets. 

  
 -16- 

 “Permitted Joint Venture” means any joint venture (which may be in the
form of a limited liability company, partnership, corporation or other entity) in which the Company or any of its Restricted Subsidiaries is a joint venturer; provided, however, that the joint venture is
engaged solely in a Permitted Business. 
 “Permitted Liens” means: 

(1) Liens securing Indebtedness and other Obligations under Credit Facilities that were permitted by the terms of this
Indenture to be incurred under Section 4.9(b)(i) hereof; 
 (2) Liens in favor of the Company or any Note Guarantor;

 (3) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with or is
acquired by the Company or any Subsidiary of the Company; provided, that such Liens were not incurred in contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person merged into,
consolidated with or acquired by the Company or the Subsidiary; 
 (4) Liens on property existing at the time of acquisition
of the property by the Company or any Subsidiary of the Company, provided, that such Liens were not incurred in contemplation of such acquisition; 

(5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of
a like nature incurred in the ordinary course of business; 
 (6) Liens to secure Indebtedness (including Capital Lease
Obligations) permitted by Section 4.9(b)(iv) or Section 4.9(b)(v) hereof, covering only the assets acquired with such Indebtedness (and improvements or accessions thereto); 

(7) Liens existing on the date of this Indenture; 

(8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in
good faith by appropriate proceedings promptly instituted and diligently concluded, provided, that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(9) (i) Liens securing Hedging Obligations and (ii) Liens existing under or by reason of Indebtedness or other contractual
requirements of a Securitization Special Purpose Entity or any Standard Securitization Undertaking, in each case in respect of this subclause (ii) in connection with a Qualified Securitization Transaction; 

(10) Liens arising by reason of deposits necessary to obtain standby letters of credit in the ordinary course of business; 

(11) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided,
however, that: 
 (a) the new Lien shall be limited to all or part of the same property and assets that secured or,
under the written agreements pursuant to which the original Lien 

  
 -17- 

 
arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 

(b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding
principal amount or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or
replacement; 
 (12) Liens of the Company or any Restricted Subsidiary of the Company with respect to obligations that do not
exceed the greater of (x) $275.0 million and (y) 1.0% of Consolidated Total Assets at any one time outstanding; 

(13) survey title exceptions, title defects, encumbrances, easements, reservations of, or rights of others for, rights of way,
sewers, electric lines, telegraph or telephone lines and other similar purposes or zoning or other restrictions as to the use of real property not materially interfering with the business of the Company and its Restricted Subsidiaries taken as a
whole; 
 (14) Liens arising by operation of law in favor of landlords, mechanics, carriers, warehousemen, materialmen,
laborers, employees, suppliers or the like, incurred in the ordinary course of business for sums which are not yet delinquent or are being contested in good faith by negotiations or by appropriate proceedings which suspend the collection thereof;

 (15) Liens arising out of judgments, decrees, orders or awards in respect of which the Company or a Restricted Subsidiary
of the Company shall in good faith be prosecuting an appeal or proceedings for review which appeal or proceedings shall not have been finally terminated, or if the period within which such appeal or proceedings may be initiated shall not have
expired; 
 (16) Liens securing the Securities and the Note Guarantees with respect thereto; 

(17) Liens securing one or more local working capital facilities of Foreign Subsidiaries, so long as such Liens do not extend
to the assets of any Person other than such foreign Restricted Subsidiaries; 
 (18) Liens on assets of Foreign Subsidiaries
securing Indebtedness incurred by Foreign Subsidiaries pursuant to Section 4.9(b)(xiii) hereof; 
 (19) Liens imposed
pursuant to licenses, sublicenses, leases and subleases which do not materially interfere with the ordinary conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; 

(20) Liens incurred to secure cash management services in the ordinary course of business; 

(21) customary restrictions on, or options, contracts or other agreements for, transfers of assets contained in agreements
related to any sale of assets pending such sale; provided that such restrictions apply only to the assets to be sold and such sale is otherwise permitted by this Indenture; 

  
 -18- 

 (22) Liens securing obligations to the Trustee arising under this Indenture and
similar Liens in favor of trustees, agents and representatives arising under instruments governing Indebtedness permitted to be incurred under this Indenture; 

(23) Liens on trusts, cash or Cash Equivalents or other funds in connection with the defeasance (whether by covenant or legal
defeasance), discharge or redemption of Indebtedness, pending consummation of a strategic transaction, or similar obligations; provided that such defeasance, discharge or redemption is otherwise permitted by this Indenture; and 

(24) Liens to secure any Indebtedness permitted to be incurred pursuant to Section 4.9, provided that, in the case
of this clause (24), at the time of its incurrence and after giving pro forma effect thereto, the Secured Leverage Ratio would be no greater than 3.50 to 1.0. 

In the event that a Permitted Lien meets the criteria of more than one of the types of Permitted Liens (at the time of
incurrence or at a later date), the Company in its sole discretion may divide, classify or from time to time reclassify all or any portion of such Permitted Lien in any manner that complies with this definition and such Permitted Lien shall be
treated as having been made pursuant only to the clause or clauses of the definition of Permitted Lien to which such Permitted Lien has been classified or reclassified. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries
issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness);
provided, that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all
expenses and premiums incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity
date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment
to the Securities, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Securities on terms at least as favorable to the Holders of Securities as
those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 

(4) if the Indebtedness being refinanced is Indebtedness of the Company or a Note Guarantor, such Permitted Refinancing
Indebtedness is also Indebtedness of the Company or a Note Guarantor. 
 “Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

  
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 “Principal” or “principal” of a debt security, including
the Securities, means the principal of the security plus, when appropriate, the premium, if any, on the security. 
 “Pro
Forma Cost Savings” means, without duplication, with respect to any period, the reductions in costs and other operating improvements or operating synergies with respect to an acquisition that are reasonably identifiable, factually
supportable, reasonably attributable to the action specified and reasonably anticipated to result from such actions; provided that the relevant actions have been taken or initiated and the benefits resulting therefrom are anticipated to be
realized within 18 months of the date of such acquisition (including, for the avoidance of doubt, actions that will be taken or initiated so long as the benefits resulting therefrom are anticipated to be realized within 18 months of the date of such
acquisition), as if all such reductions in costs and other operating improvements or operating synergies had been effected as of the beginning of such period, decreased by any recurring incremental expenses incurred or to be incurred during such
four-quarter period in order to achieve such reduction in costs. Pro Forma Cost Savings described in the preceding sentence shall be calculated in good faith by a responsible financial or accounting officer of the Company and shall be accompanied by
a certificate delivered to the Trustee from the Company’s chief financial officer that generally outlines the specific actions taken or expected to be taken and the net cost reductions and other operating improvements or operating synergies
achieved or expected to be achieved from each such action and certifies that such cost reductions and other operating improvements or synergies meet the criteria set forth in the preceding sentence. 

“Qualified Securitization Transaction” means any transaction or series of transactions that may be entered into by the
Company or any of its Restricted Subsidiaries pursuant to which the Company or such Restricted Subsidiary may sell, convey, grant a security interest in or otherwise transfer to a Securitization Special Purpose Entity, and such Securitization
Special Purpose Entity may sell, convey, grant a security interest in or otherwise transfer to any other Person, any Securitization Program Assets (whether now existing or arising in the future). 

“Rating Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate
the Securities for reasons outside of the control of the Company, a nationally recognized statistical rating organization under the Exchange Act selected by the Company as a replacement agency for Moody’s or S&P, as the case may be. 

 “Redemption Date” or “redemption date” means the date specified for redemption of the
Securities in accordance with the terms thereof and this Indenture. 
 “Regulation S” means Regulation S under the
Securities Act or any successor to such regulation. 
 “Regulation S Global Security” means a Global Security in
substantially the form of Exhibit A hereto that includes the information called for by footnotes 1, 5, 6 and 8 thereof and that is deposited with or on behalf of and registered in the name of the Depositary or its nominee, transferred pursuant to
Regulation S. 
 “Restricted Definitive Security” means a Definitive Security that is a Restricted Security. 

“Restricted Global Security” means a permanent Global Security in substantially the form of Exhibit A attached hereto
that bears the Global Security Legend and that has the “Schedule of Exchanges of Interests in the Global Security” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary or a nominee of
the Depositary, representing Securities that bear the Legend. 
 “Restricted Investment” means an Investment other
than a Permitted Investment. 

  
 -20- 

 “Restricted Security” means a Security required to bear the restricted
legend set forth in the form of Securities set forth in Exhibit A of this Indenture. 
 “Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. For the avoidance of doubt, Valeant shall at all times be considered a Restricted Subsidiary of the Company. 

“Rule 144” means Rule 144 promulgated under the Securities Act or any successor to such rule. 

“Rule 144A” means Rule 144A promulgated under the Securities Act or any successor to such rule. 

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

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

“S&P” means Standard & Poor’s Ratings Group, Inc., or any successor to the rating agency business thereof.

 “SEC” means the Securities and Exchange Commission. 

“Secured Leverage Ratio” means the ratio of (i) Total Consolidated Indebtedness of the Company and its Restricted
Subsidiaries that is secured by a Lien on assets of the Company and its Restricted Subsidiaries, after giving effect to all incurrences and repayments of Indebtedness on the relevant transaction date (net of unrestricted and unencumbered cash and
Cash Equivalents of the Company and its Restricted Subsidiaries as of such date), to (ii) Consolidated Cash Flow of the Company for the most recent four consecutive full fiscal quarters for which financial statements are available ending on or
prior to the transaction date. In addition, the “Secured Leverage Ratio” will be calculated in a manner consistent with the definition of “Fixed Charge Coverage Ratio” to give effect to transactions that would require pro forma
adjustments to such ratio. 
 To the extent the Company elects pursuant to an Officers’ Certificate delivered to the Trustee to treat
all or any portion of the commitment under any Indebtedness as being incurred prior to the actual incurrence thereof pursuant to Section 4.9(e) hereof, the Company shall deem all or such portion of such commitment or such Indebtedness, as
applicable, as having been incurred and to be outstanding for purposes of calculating the Secured Leverage Ratio for any period in which the Company makes any such election and for any subsequent period until such commitments or such Indebtedness,
as applicable, are no longer outstanding. 
 “Securities” means the 5.50% Senior Notes due 2023 (each, a
“Security”), as amended or supplemented from time to time, that are issued under this Indenture. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder,
as in effect from time to time. 
 “Securities Custodian” means the Trustee, as custodian with respect to the
Securities in global form, or any successor thereto. 
 “Securitization Program Assets” means (i) all
receivables customarily transferred in connection with asset securitization transactions by the Company or any of its Restricted Subsidiaries pursuant to documents relating to any Qualified Securitization Transaction, (ii) all rights arising
under the  

  
 -21- 

 
documentation governing or related to receivables (including rights in respect of Liens securing such receivables and other credit support in respect of such receivables), any proceeds of such
receivables and any lockboxes or accounts in which such proceeds are deposited, spread accounts and other similar accounts (and any amounts on deposit therein) established in connection with a Qualified Securitization Transaction, any warranty,
indemnity, dilution and other intercompany claim arising out of the documents relating to such Qualified Securitization Transaction and other assets which are customarily transferred or in respect of which security interests are customarily granted
in connection with asset securitizations involving accounts receivable and (iii) all collections (including recoveries) and other proceeds of the assets described in the foregoing clauses (i) and (ii). 

“Securitization Special Purpose Entity” means a Person (including, without limitation, a Restricted Subsidiary)
created in connection with the transactions contemplated by a Qualified Securitization Transaction, which Person engages in no activities and holds no assets other than those incidental to such Qualified Securitization Transaction. 

“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article
1, Rule 1-02 of Regulation S-X, promulgated by the SEC, as such regulation is in effect on the date hereof. 

“Standard Securitization Undertakings” means all representations, warranties, covenants, indemnities, performance
guarantees and servicing obligations entered into by the Company or any Subsidiary (other than a Securitization Special Purpose Entity) which are customary in connection with any Qualified Securitization Transaction. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the
date on which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any specified
Person: 
 (1) any corporation, association or other business entity of which more than 50% of the total voting power of
shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees of the corporation, association or other business entity 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); and 
 (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 that Person or one or more Subsidiaries of that Person (or
any combination thereof). 
 “TIA” means the Trust Indenture Act of 1939, as amended, and the rules and regulations
thereunder as in effect on the date of this Indenture, except to the extent any amendment to the Trust Indenture Act expressly provides for application of the Trust Indenture Act as in effect on another date. 

“Total Consolidated Indebtedness” means Indebtedness consisting of Indebtedness for borrowed money, Capitalized Lease
Obligations, letters of credit (only to the extent of any unreimbursed drawings thereunder), debt obligations evidenced by promissory notes and similar instruments and Guarantees in respect of any of the foregoing. 

  
 -22- 

 “Total Leverage Ratio” means the ratio of (i) Total Consolidated
Indebtedness of the Company and its Restricted Subsidiaries, after giving effect to all incurrences and repayments of Indebtedness on the transaction date (net of unrestricted and unencumbered cash and Cash Equivalents of the Company and its
Restricted Subsidiaries as of such date), to (ii) Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the most recent four consecutive full fiscal quarters for which financial statements are available ending on or prior to
the transaction date. In addition, the “Total Leverage Ratio” will be calculated in a manner consistent with the definition of “Fixed Charge Coverage Ratio” to give effect to the transactions that would require pro forma
adjustments to such ratio.  
 To the extent the Company elects pursuant to an Officers’ Certificate delivered to the Trustee to
treat all or any portion of the commitment under any Indebtedness as being incurred prior to the actual incurrence thereof pursuant to Section 4.9(e) hereof, the Company shall deem all or such portion of such commitment or such Indebtedness, as
applicable, as having been incurred and to be outstanding for purposes of calculating the Total Leverage Ratio for any period in which the Company makes any such election and for any subsequent period until such commitments or such Indebtedness, as
applicable, are no longer outstanding. 
 “Treasury Rate” means the rate per annum equal to the yield to maturity at
the time of computation of United States Treasury securities with a constant maturity most nearly equal to the period from such date of redemption to March 1, 2018; provided, however, that if the period
from such date of redemption to March 1, 2018 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the 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 such date of redemption to March 1, 2018 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company shall obtain the Treasury Rate. 

“Trustee” means the party named as such in the first paragraph of this Indenture until a successor replaces it in
accordance with the provisions of this Indenture, and thereafter means the successor. 
 “Trust Officer”
shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer
of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Unrestricted Subsidiary” means any Subsidiary of the Company (other than Valeant) that is designated by the Board of
Directors of the Company as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors of the Company, but only to the extent that such Subsidiary: 

(1) has no Indebtedness other than Non-Recourse Debt; 

(2) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the
Company unless the terms of any such agreement, contract, arrangement or understanding are not materially less favorable to the Company or such Restricted Subsidiary, in each case, taken as a whole, than those that might be obtained at the time from
Persons who are not Affiliates of the Company; 

  
 -23- 

 (3) is a Person with respect to which neither the Company nor any of its
Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of
operating results; and 
 (4) has not Guaranteed or otherwise directly or indirectly provided credit support for any
Indebtedness of the Company or any of its Restricted Subsidiaries. 
 Any designation of a Subsidiary of the Company as an
Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such
designation complied with the preceding conditions and was permitted by Section 4.8 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be
an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date, and, if such Indebtedness is not permitted to be incurred as
of such date under Section 4.9 hereof, the Company will be in default of such covenant. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such
designation will be deemed to be an incurrence of Indebtedness and, if applicable, related Liens by a Restricted Subsidiary of the Company of any outstanding Indebtedness and, if applicable, related Liens of such Unrestricted Subsidiary and such
designation will only be permitted if (1) such Indebtedness and, if applicable, related Liens are permitted under Section 4.9 hereof and, if applicable, Section 4.11 hereof (other than clause (3) under the definition of
“Permitted Liens”), calculated, if applicable, on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no Default or Event of Default would be in existence following such
designation. 
 “Valeant” means Valeant Pharmaceuticals International, a Delaware corporation, and its successors.

 “Vice President” when used with respect to the Company or the Trustee, means any vice president, whether or not
designated by a number or a word or words added before or after the title “vice president.” 
 “Voting
Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, 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 payments of principal, including payment at final maturity, in respect of the Indebtedness, 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. 

“WURA” means the Winding-Up and Restructuring Act (Canada). 

  
 -24- 

 Section 1.2 Other Definitions. 

 

			
	 TERM
	  	DEFINED IN
SECTION
	 “Acceptable Commitment”
	  	  4.14(b)
	 “Additional Amounts”
	  	  4.22(a)
	 “Affiliate Transaction”
	  	  4.13(a)
	 “Agent Members”
	  	  2.1(b)
	 “Asset Sale Offer”
	  	  4.14(c)/3.14
	 “Authorized Agent”
	  	11.16
	 “Benefited Party”
	  	10.1(b)
	 “Change in Tax Law”
	  	  3.7(e)
	 “Change of Control Offer”
	  	  3.8(b)
	 “Change of Control Purchase Date”
	  	  3.8(b)
	 “Change of Control Purchase Notice”
	  	  3.8(c)
	 “Change of Control Purchase Price”
	  	  3.8(a)
	 “Company Notice”
	  	  3.8(b)
	 “Company Order”
	  	  2.2
	 “Covenant Defeasance”
	  	  8.3
	 “Depositary”
	  	  2.1(a)
	 “DTC”
	  	  2.1(a)
	 “EU Savings Tax Directive”
	  	  4.22(b)(v)
	 “Event of Default”
	  	  6.1
	 “Excess Proceeds”
	  	  4.14(c)
	 “FATCA”
	  	  4.22(b)(viii)
	 “incur”
	  	  4.9(a)
	 “Judgment Currency”
	  	11.17
	 “Legal Defeasance”
	  	  8.2
	 “Legal Holiday”
	  	11.7
	 “Legend”
	  	  2.12(a)
	 “Notice of Default”
	  	  6.1
	 “Offer Amount”
	  	  3.14
	 “Offer Period”
	  	  3.14
	 “Parity Indebtedness”
	  	  3.14
	 “Paying Agent”
	  	  2.3
	 “Payment Default”
	  	  6.1(e)
	 “Payor”
	  	  4.22(a)
	 “Permitted Debt”
	  	  4.9(b)
	 “Purchase Date”
	  	  3.14
	 “QIB”
	  	  2.1(a)
	 “Registrar”
	  	  2.3
	 “Relevant Taxing Jurisdiction”
	  	  4.22(a)
	 “Restricted Payments”
	  	  4.8(a)
	 “Tax”
	  	  4.22(a)

 Section 1.3 [RESERVED] 

Section 1.4 Rules of Construction. Unless the context otherwise requires: 

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

  
 -25- 

 (B) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP; 
 (C) words in the singular include the plural, and words in the plural include the singular; 

(D) provisions apply to successive events and transactions; 

(E) the term “merger” includes a statutory share exchange and the term “merged” has a correlative meaning;

 (F) the masculine gender includes the feminine and the neuter; 

(G) references to agreements and other instruments include subsequent amendments thereto; 

(H) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision; 
 (I) references to ratings by Moody’s or S&P shall include any
successor equivalent ratings if either Moody’s or S&P changes its ratings scale subsequent to the date of this Indenture; 

(J) except as otherwise provided for herein, the Securities will be treated as a single class for all purposes under this
Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; and 
 (K) a reference to
a statute includes all regulations made pursuant to such statute and, unless otherwise specified, the provisions of any statute or regulation which amends, revises, restates, supplements or supersedes any such statute or any such regulation. 

ARTICLE 2 
 THE SECURITIES 

Section 2.1 Form and Dating. The Securities and the Trustee’s certificate of authentication shall be substantially in the
form set forth in Exhibit A, which is incorporated in and made part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. The Company shall provide any such notations, legends or
endorsements to the Trustee in writing. The Securities shall be in a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof. Each Security shall be dated the date of its authentication. The Securities are being offered and
sold by the Company in transactions exempt from, or not subject to, the registration requirements of the Securities Act. 

(a) Restricted Global Securities. All of the Securities are initially being offered and sold to (i) qualified
institutional buyers as defined in Rule 144A (collectively, “QIBs” or individually, each a “QIB”) in reliance on Rule 144A under the Securities Act or (ii) outside the United States to persons other than U.S.
persons in reliance upon Regulation S under the Securities Act, and shall be issued initially in the form of one or more Restricted Global Securities, which shall be deposited on behalf of the purchasers of the Securities represented thereby with
the Trustee, as custodian for the depositary, The Depository Trust Company 

  
 -26- 

 
(“DTC”) (such depositary, or any successor thereto, being hereinafter referred to as the “Depositary”), and registered in the name of its nominee,
Cede & Co., duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Restricted Global Securities may from time to time be increased or decreased by adjustments made on the
records of the Securities Custodian as hereinafter provided, subject in each case to compliance with the Applicable Procedures. 

(b) Form of Securities. Global Securities shall be substantially in the form of Exhibit A attached hereto
(including the Global Security Legend thereon and the “Schedule of Exchanges of Interests in the Global Security” attached thereto). Definitive Securities shall be substantially in the form of Exhibit A attached hereto (but without the
Global Security Legend thereon and without the “Schedule of Exchanges of Interests in the Global Security” attached thereto). Each Global Security shall represent such of the outstanding Securities as shall be specified therein and each
shall provide that it shall represent the aggregate principal amount of outstanding Securities from time to time endorsed thereon and that the aggregate principal amount of outstanding Securities represented thereby may from time to time be reduced
or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Securities represented thereby shall be made
by the Trustee or the Securities Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.12 hereof and shall be made on the records of the Trustee and the Depositary. 

Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture
with respect to any Global Security held on their behalf by the Depositary or under the Global Security, and the Depositary (including, for this purpose, its nominee) may be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner and Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (A) prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by the Depositary or (B) impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any
Security. 
 (c) Additional Securities. Subject to compliance with the provisions of Section 4.9 hereof, the
Company may issue Additional Securities in an unlimited amount under this Indenture. 
 (d) Regulation S Global
Securities. Securities offered and sold in reliance on Regulation S shall be issued in the form of the Regulation S Global Security, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Trustee, as
custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. The aggregate principal amount of the Regulation S Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case
may be, in connection with transfers of interest as hereinafter provided. 
 (e) Book Entry Provisions. The Company
shall execute and the Trustee shall, in accordance with this Section 2.1(e), authenticate and deliver initially one or more Global Securities that (i) shall be registered in the name of the Depositary or its nominee, (ii) shall be

  
 -27- 

 
delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions and (iii) shall bear legends substantially in the form of the first paragraph of Exhibit A
attached hereto. 
 Section 2.2 Execution and Authentication. An Officer of the Company shall sign the Securities for the
Company by manual or facsimile signature. Typographic and other minor errors or defects in any such facsimile signature shall not affect the validity or enforceability of any Security which has been authenticated and delivered by the Trustee. 

If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security
shall be valid nevertheless. 
 A Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of
authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

The Trustee shall authenticate and make available for delivery the Securities for original issue in an initial aggregate principal
amount of $1,000,000,000 upon receipt of a written order of the Company signed by an Officer of the Company (a “Company Order”). The Company Order shall specify the amount of Securities to be authenticated and shall provide that all
such Securities will be represented by a Restricted Global Security and the date on which each original issue of Securities is to be authenticated. The aggregate principal amount of Securities outstanding at any time may not exceed the applicable
amounts in the foregoing sentence, except as provided in Sections 2.1(c), 2.1(d) and 2.7 hereof. 
 The Trustee shall act as the
initial authenticating agent. Thereafter, the Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in
this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent shall have the same rights as an Agent to deal with the Company or an Affiliate of the Company. 

The Securities shall be issuable only in registered form without coupons and only in minimum denominations of $2,000 principal amount and
integral multiples of $1,000 in excess thereof. 
 Section 2.3 Registrar and Paying Agent. The Company shall maintain one or
more offices or agencies where Securities may be presented for registration of transfer or for exchange (each, a “Registrar”), one or more offices or agencies where Securities may be presented for payment (each, a “Paying
Agent”) and one or more offices or agencies where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will at all times maintain a Paying Agent, Registrar and an office or
agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served in the Borough of Manhattan, The City of New York. The Registrar shall keep a register of the Securities and of their transfer and
exchange. 
 The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture. If the Company fails to maintain a Registrar, Paying Agent or agent for
service of notices and demands in any place required by this Indenture, or fail to give the foregoing notice, the Trustee shall act as such. The Company or any Affiliate of the Company may act as Paying Agent (except for the purposes of
Section 4.1 and Article 8). 

  
 -28- 

 The Company hereby initially designates the Trustee as Paying Agent, Registrar and Securities
Custodian, and the office or agency of the Trustee in the Borough of Manhattan, The City of New York (which shall initially be the office located at 101 Barclay Street - 8W, New York, NY 10286) as one such office or agency of the Company for each of
the aforesaid purposes. 
 Section 2.4 Paying Agent to Hold Money in Trust. Prior to 11:00 a.m., New York City time, on each due
date of the principal of or interest on any Securities, the Company shall deposit with a Paying Agent a sum sufficient to pay such principal or interest, if any, so becoming due. A Paying Agent shall hold in trust for the benefit of Securityholders
or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities, and shall notify the Trustee of any default by the Company (or any other obligor on the Securities) in making any such payment. If the
Company or an Affiliate of the Company acts as Paying Agent, the Company or such Affiliate shall, before 11:00 a.m., New York City time, on each due date of the principal of or interest on any Securities, segregate the money and hold it as a
separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee, and the Trustee may at any time during the continuance of any Default, upon written request to a Paying Agent, require such Paying
Agent to pay forthwith to the Trustee all sums so held in trust by such Paying Agent. Upon doing so, the Paying Agent (other than the Company) shall have no further liability for the money. 

Section 2.5 Securityholder 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 Securityholders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee on or before each interest payment date, and at such other times as the Trustee may request in writing,
a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 

Section 2.6 Transfer and Exchange. 

(a) Subject to compliance with any applicable additional requirements contained in Section 2.12 hereof, when a Security is
presented to a Registrar with a request to register a transfer thereof or to exchange such Security for an equal principal amount of Securities of other authorized denominations, the Registrar shall register the transfer or make the exchange as
requested; provided, however, that every Security presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by an assignment form and, if applicable, a transfer certificate in the form(s)
included in Exhibit A and Exhibit C, as applicable, and in form satisfactory to the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing. To permit registration of transfers and exchanges, upon surrender of any
Security for registration of transfer or exchange at an office or agency maintained pursuant to Section 2.3 hereof, the Company shall execute and the Trustee shall authenticate Securities of a like aggregate principal amount at the
Registrar’s request. Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto, and
provided, that this sentence shall not apply to any exchange pursuant to Section 2.10, 2.12(a), 3.6, 3.11 or 9.5 hereof. 

Neither the Company, any Registrar nor the Trustee shall be required to exchange or register a transfer of any Securities or portions thereof
in respect of which a Change of Control Purchase Notice or a notice in connection with an Asset Sale Offer has been delivered and not withdrawn by the Holder thereof (except, in the case of the purchase of a Security in part, the portion thereof not
to be purchased). 
 All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing
the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 

  
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 (b) Any Registrar appointed pursuant to Section 2.3 hereof shall provide to the Trustee such
information as the Trustee may reasonably require in connection with the delivery by such Registrar of Securities upon transfer or exchange of Securities. 

(c) Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer,
exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States federal, state, Canadian federal, provincial or territorial securities law. 

Section 2.7 Replacement Securities. If any mutilated Security is surrendered to the Company, a Registrar or the Trustee, or the
Company, a Registrar and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company, the applicable Registrar and the Trustee such security or indemnity as will be
required by them to save each of them harmless, then, in the absence of notice to the Company, such Registrar or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute, and upon its written request the
Trustee shall authenticate and deliver, in exchange for any such mutilated Security or in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal amount, bearing a number not contemporaneously outstanding.

 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, or is about to be
purchased by the Company pursuant to Article 3, the Company in their discretion may, instead of issuing a new Security, pay or purchase such Security, as the case may be. 

Upon the issuance of any new Securities under this Section 2.7, the Company may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Trustee or the Registrar) in connection therewith. 

Every new Security issued pursuant to this Section 2.7 in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Securities duly issued hereunder. 
 The provisions of this Section 2.7 are (to the extent
lawful) exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.8 Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee, except for
those canceled by it, those delivered to it for cancellation or surrendered for transfer or exchange and those described in this Section 2.8 as not outstanding. 

If a Security is replaced pursuant to Section 2.7 hereof, it ceases to be outstanding unless the Company receives proof satisfactory to
it that the replaced Security is held by a bona fide purchaser. 
 If a Paying Agent (other than the Company or an Affiliate of the Company)
holds on a Redemption Date, Change of Control Purchase Date or the Final Maturity Date money sufficient to pay the principal of (including premium, if any) and interest on Securities (or portions thereof) payable on that date, then on and after such
Redemption Date, Change of Control Purchase Date or the Final Maturity Date, as the case may be, such Securities (or portions thereof, as the case may be) shall cease to be outstanding and interest on them shall cease to accrue. 

  
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 Subject to the restrictions contained in Section 2.9 hereof, a Security does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Security. 
 Section 2.9 Treasury Securities. In
determining whether the Holders of the required principal amount of Securities have concurred in any notice, direction, waiver or consent, Securities owned by the Company or any other obligor on the Securities or by any Affiliate of the Company or
of such other obligor shall be disregarded, except that, for purposes of determining whether the Trustee shall be protected in relying on any such notice, direction, waiver or consent, only Securities which a Trust Officer of the Trustee actually
knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to the
Securities and that the pledgee is neither the Company nor any other obligor on the Securities or any Affiliate of the Company or of such other obligor. 

Section 2.10 Temporary Securities. Until Definitive Securities are ready for delivery, the Company may prepare and execute, and,
upon receipt of a Company Order, the Trustee shall authenticate and deliver, temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities but may have variations that the Company with the consent of the
Trustee considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate and deliver Definitive Securities in exchange for temporary Securities. 

Section 2.11 Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the
Paying Agent shall forward to the Trustee or its agent any Securities surrendered to them for transfer, exchange, payment or conversion. The Trustee and no one else shall cancel, in accordance with its standard procedures, all Securities surrendered
for transfer, exchange, payment, conversion or cancellation and shall deliver the canceled Securities to the Company. All Securities which are purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the Final Maturity Date
may be delivered to the Trustee for cancellation or resold. The Company may not hold or resell such Securities or issue any new Securities to replace any Securities delivered for cancellation 

Section 2.12 Legend; Additional Transfer and Exchange Requirements. 

(a) If Securities are issued upon the transfer, exchange or replacement of Securities subject to restrictions on transfer and bearing the
legends set forth on the form of Securities attached hereto as Exhibit A (collectively, the “Legend”), or if a request is made to remove the Legend on a Security, the Securities so issued shall bear the Legend, or the Legend shall
not be removed, as the case may be, unless there is delivered to the Company such satisfactory evidence, which shall include an opinion of counsel if requested by the Company, as may be reasonably required by the Company, that neither the Legend nor
the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144 under the Securities Act or that such Securities are not “restricted” within the meaning of Rule 144 under
the Securities Act; provided that no such evidence need be supplied in connection with the sale of such Security pursuant to a registration statement that is effective at the time of such sale. Upon (i) provision of satisfactory evidence
if requested, or (ii) notification by the Company to the Trustee and Registrar of the sale of such Security pursuant to a registration statement that is effective at the time of such sale, the Trustee, at the written direction of the Company,
shall authenticate and deliver a Security that does not bear the Legend. If the Legend is removed from the face of a Security and the Security is subsequently held by an Affiliate of the Company, the Legend shall be reinstated. 

(b) A Global Security may not be transferred, in whole or in part, to any Person other than the Depositary or a nominee or any successor
thereof, and no such transfer to any such other Person may 

  
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be registered; provided that the foregoing shall not prohibit any transfer of a Security that is issued in exchange for a Global Security but is not itself a Global Security; provided
further that in no event shall a beneficial interest in a Regulation S Global Security be transferred to a U.S. Person prior to the receipt by the Registrar of any certificates required pursuant to Regulation S, as determined by the Company. No
transfer of a Security to any Person shall be effective under this Indenture or the Securities unless and until such Security has been registered in the name of such Person. Notwithstanding any other provisions of this Indenture or the Securities,
transfers of a Global Security, in whole or in part, shall be made only in accordance with this section 2.12. 
 (c) Subject to the
succeeding paragraph, every Security shall be subject to the restrictions on transfer provided in the Legend. Whenever any Restricted Security is presented or surrendered for registration of transfer or for exchange for a Security registered in a
name other than that of the Holder, such Security must be accompanied by a certificate in substantially the form set forth in Exhibit A, dated the date of such surrender and signed by the Holder of such Security, as to compliance with such
restrictions on transfer. The Registrar shall not be required to accept for such registration of transfer or exchange any Security not so accompanied by a properly completed certificate. 

(d) The restrictions imposed by the Legend upon the transferability of any Security shall cease and terminate when such Security has been sold
pursuant to an effective registration statement under the Securities Act or transferred in compliance with Rule 144 under the Securities Act (or any successor provision thereto) or, if earlier, upon the expiration of the holding period applicable to
sales thereof under Rule 144(d)(1)(ii) under the Securities Act (or any successor provision). Any Security as to which such restrictions on transfer shall have expired in accordance with their terms or shall have terminated may, upon a surrender of
such Security for exchange to the Registrar in accordance with the provisions of this Section 2.12 (accompanied, in the event that such restrictions on transfer have terminated by reason of a transfer in compliance with Rule 144 or any
successor provision, by, if requested by the Company or the Registrar, an opinion of counsel reasonably acceptable to the Company and addressed to the Company to the effect that the transfer of such Security has been made in compliance with Rule 144
or such successor provision), be exchanged for a new Security, of like tenor and aggregate principal amount, which shall not bear the restrictive Legend. The Company shall inform the Trustee of the effective date of any registration statement
registering the Securities under the Securities Act. The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the aforementioned opinion of counsel or registration statement. 

(e) As used in this Section 2.12, the term “transfer” encompasses any sale, pledge, transfer, hypothecation or other
disposition of any Security. 
 (f) The provisions of clauses (iii), (iv) and (v) below shall apply only to Global Securities:

 (i) Notwithstanding any other provisions of this Indenture or the Securities, a Global Security shall not be exchanged in
whole or in part for a Security registered in the name of any Person other than the Depositary or one or more nominees thereof, provided that a Global Security may be exchanged for Securities registered in the names of any person
designated by the Depositary in the event that (A) the Depositary (x) has notified the obligors that it is unwilling or unable to continue as Depositary for such Global Security or (y) such Depositary has ceased to be a “clearing
agency” registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the obligors within 90 days after receipt of such notice or the Company becomes aware of such failure of registration or (B) an Event
of Default has occurred and is continuing with respect to the Securities. Any Global Security exchanged pursuant to clause (A) above shall be so exchanged in whole and not in part, and any Global Security exchanged pursuant to clause
(B) may be exchanged in whole or from time to time in part as directed by the 

  
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Depositary. Any Security issued in exchange for a Global Security or any portion thereof shall be a Global Security; provided that any such Security so issued that is registered in the
name of a Person other than the Depositary or a nominee thereof shall not be a Global Security. 
 (ii) Securities issued in
exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so
exchanged, shall be registered in such names and be in such authorized denominations as the Depositary shall designate and shall bear the applicable legends provided for herein. Any Global Security to be exchanged in whole shall be surrendered by
the Depositary to the Trustee, as Registrar. With regard to any Global Security to be exchanged in part, either such Global Security shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee
with respect to such Global Security, the principal amount thereof shall be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or
adjustment, the Trustee shall authenticate and deliver the Security issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof. 

(iii) Subject to the provisions of clause (v) below, the registered Holder may grant proxies and otherwise authorize any
Person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 

(iv) In the event of the occurrence of any of the events specified in clause (i) above, the obligors will promptly make
available to the Trustee a reasonable supply of Definitive Securities in definitive, fully registered form, without interest coupons. 

(v) Neither Agent members nor any other Persons on whose behalf Agent Members may act shall have any rights under this
Indenture with respect to any Global Security registered in the name of the Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and
any agent of the Company or the Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an
Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Security. 

(vi) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or beneficial owners in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so as and when expressly required by, the terms or this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 (g) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating
Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the equivalent procedures of Clearstream shall be applicable to transfers of beneficial interests in Global Securities that are held by
Participants through Euroclear or Clearstream. 

  
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 Section 2.13 CUSIP and ISIN Numbers. The Company in issuing the Securities may use
one or more “CUSIP” and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” and “ISIN” numbers in notices of purchase as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a purchase and that reliance may be placed only on the other identification numbers printed on
the Securities, and any such purchase shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” and “ISIN” numbers. 

ARTICLE 3 
 REDEMPTION AND
PURCHASES 
 Section 3.1 Right to Redeem. The Company, at its option, may redeem the Securities in accordance with the
provisions of Section 3.7 and 3.8(g) hereof. 
 The Company may not redeem the Securities if it has failed to pay any interest or
premium on the Securities and such failure to pay is continuing. 
 If the Company elects to redeem the Securities, it shall notify the
Trustee at least 45 days prior to the Redemption Date (unless a shorter notice period shall be satisfactory to the Trustee) of the Redemption Date, the aggregate principal amount of the Securities to be redeemed and the Section of this Indenture
pursuant to which the Securities are being redeemed. 
 Section 3.2 Selection of Securities to Be Redeemed. The Company will give not
less than 30 days’ nor more than 60 days’ notice of any redemption; provided that the notice pursuant to Section 3.7(e) shall not be provided (i) earlier than 90 days before the next date on which the Company or the
applicable Note Guarantor would be obligated to pay Additional Amounts and (ii) unless at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. If less than all of the Securities are to be redeemed,
selection of the Securities for redemption shall be made: 
 (i) in compliance with the requirements of the principal
national securities exchange, if any, on which the Securities are listed, or 
 (ii) if the Securities are not listed on a
national securities exchange, by lot or pursuant to applicable depositary procedures. 
 In the event of a partial redemption by lot, the
particular Securities to be redeemed will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the Redemption Date from the outstanding Securities not previously called for redemption. 

The Trustee will promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected
for partial redemption, the principal amount thereof to be redeemed. Securities and portions of Securities selected will be in amounts of $2,000 or whole multiples of $1,000 except that if all of the Securities of a Holder are to be redeemed, the
entire outstanding amount of Securities held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Securities called for redemption also apply to
portions of Securities called for redemption. 
 Section 3.3 Notice of Redemption. At least 30 days but not more than 60 days
before a Redemption Date, the Company shall mail, or shall cause to be mailed, a notice of redemption by first-

  
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class mail, postage prepaid, (or otherwise transmit in accordance with applicable procedures of DTC) to the Trustee and to each Holder of Securities to be redeemed. 

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

 

	 	•	 	the aggregate principal amount of the Securities to be redeemed; 

  

	 	•	 	the Redemption Date (which shall be a Business Day); 

  

	 	•	 	the redemption price; 

  

	 	•	 	the name and address of the Paying Agent; 

  

	 	•	 	that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

  

	 	•	 	if fewer than all the outstanding Securities are to be redeemed, the certificate numbers, if any, and principal amounts of the particular Securities to be redeemed; 

 

	 	•	 	that, unless the Company defaults in the deposit of the redemption price, interest on Securities called for redemption will cease to accrue on and after the Redemption Date; 

 

	 	•	 	the Section of this Indenture pursuant to which the Securities are being redeemed; and 

  

	 	•	 	the CUSIP numbers of the Securities. 

 At the Company’s request, the Trustee shall give the notice
of redemption in the Company’s name and at the Company’s expense, provided that the Company makes such request at least three Business Days prior to the date by which such notice of redemption must be given to Holders in accordance
with this Section 3.3. Concurrently with the mailing of any such notice of redemption, the Company shall issue a press release announcing such redemption, the form and content of which shall be determined by the Company. Redemption notices may
be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Securities pursuant to Sections 8.3 or 8.4 or a satisfaction and discharge of this Indenture pursuant to Section 8.1. If a
redemption is subject to satisfaction of one or more conditions precedent, the applicable redemption notice shall describe such condition, and if applicable, shall state that, in the Company’s discretion, the Redemption Date may be delayed
until such time as any or all such conditions shall be satisfied, without the requirement of an additional notice period to the Holders, 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 as so delayed. The Trustee shall have no responsibility for calculating the Redemption Price. 

Section 3.4 Effect of Notice of Redemption. Once notice of redemption is given and any conditions set forth therein have been
satisfied, Securities called for redemption become due and payable on the Redemption Date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the
notice. If the Redemption Date falls during a period starting after the close of business on an interest payment record date and ending on the opening of business on the first Business Day after the next interest payment date, or if this interest
payment date is not a Business Day, the second Business Day after the interest payment date; then the interest payment will be payable to the Holders who present the Securities for redemption. 

  
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 On and after the Redemption Date, unless the Company defaults in the deposit of the redemption
price, interest will cease to accrue on the Securities or any portion of the Securities called for redemption, and all other rights of the Holder will terminate other than the right to receive the redemption price, without interest from the
Redemption Date, on surrender of the Securities. 
 Section 3.5 Deposit of Redemption Price. Prior to 11:00 a.m. (New York City
time) on the Redemption Date, the Company shall deposit with the Paying Agent (or the Trustee) money sufficient to pay the redemption price (as calculated by the Company) on all Securities to be redeemed on that date. 

Section 3.6 Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder, without service charge, a new Security in an authorized denomination equal in principal amount to, and in exchange for, the unredeemed portion of the Security surrendered. 

Section 3.7 Optional Redemption. 

(a) At any time prior to March 1, 2018, the Company may on any one or more occasions redeem up to 40% of the aggregate principal
amount of the Securities (including the Securities issued after the Issue Date, if any) issued under this Indenture at a redemption price of 105.500% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the
redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 
 (1) at least 60%
of the aggregate principal amount of the Securities (including the Securities issued after the Issue Date, if any) issued under this Indenture remains outstanding immediately after the occurrence of such redemption (excluding the Securities held by
the Company and its Subsidiaries); and 
 (2) the redemption occurs within 180 days of the date of the closing of such Equity
Offering. 
 (b) On or after March 1, 2018, the Company may redeem all or a part of the Securities upon not less than 30 nor more than
60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest on the Securities redeemed, to, but not including, the applicable redemption date, if redeemed during the
twelve-month period beginning on March 1 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2018
	  	 	102.750	% 
	 2019
	  	 	101.375	% 
	 2020 and thereafter
	  	 	100.000	% 

 (c) In addition, at any time prior to March 1, 2018, the Company may redeem the Securities, in whole or
in part, at a redemption price equal to the principal amount of the Securities redeemed plus the Applicable Premium plus accrued and unpaid interest to, but not including, the date of redemption. 

(d) In connection with any optional redemption of the Securities, any such redemption may, at the Company’s discretion, be subject to one
or more conditions precedent. 
 (e) If the Company or any Note Guarantor becomes obligated to pay, on the next date on which any amount
will be payable with respect to the Securities, any Additional Amounts as a result of (i) any amendment to, or change in, the laws or regulations of a Relevant Taxing Jurisdiction (as defined in

  
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Section 4.22 herein), which amendment or change is publicly announced and becomes effective after the date hereof (or, if the applicable Relevant Taxing Jurisdiction became a Relevant
Taxing Jurisdiction on a date after the date hereof, after such later date) or (ii) any amendment to, or change in, an official written interpretation or application of such laws or regulations (including by virtue of a holding by a court of
competent jurisdiction) which amendment or change is publicly announced and becomes effective after the date hereof (or, if the applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction on a date after the date hereof, after such
later date) (each of the foregoing clauses (i) and (ii), a “Change in Tax Law”) and the Company or the applicable Note Guarantor cannot avoid any such payment obligation by taking reasonable measures available to it (including
making payment through a paying agent located in another jurisdiction, but not including the substitution of an obligor if the Company would be required to pay Additional Amounts), the Company may, at its option, redeem the Securities then
outstanding, in whole but not in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the 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), provided however that if such right to redeem is triggered by the obligation of a Note Guarantor to pay Additional Amounts, such right to redeem will apply only if
the payment giving rise to such obligation cannot be made by the Company or another Note Guarantor without the obligation to pay Additional Amounts. Notice of the Company’s intent to redeem the Securities shall not be given until the Company
delivers to the Trustee an opinion of independent tax counsel (the choice of such counsel to be subject to the prior written approval of the Trustee (such approval not to be unreasonably withheld)) to the effect that there has been such Change in
Tax Law which would entitle the Company to redeem the Securities hereunder and an Officers’ Certificate to the effect that the Company or the applicable Note Guarantor cannot avoid its obligation to pay Additional Amounts by taking reasonable
measures available to it. The foregoing provisions shall apply mutatis mutandis to any successor Person to the Company or the applicable Note Guarantor, after such successor Person becomes a party to this Indenture, with respect
to a Change in Tax Law that is publicly announced and becomes effective after such successor Person becomes a party to this Indenture. 

(f) Any redemption pursuant to this Section 3.7 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 

(g) In connection with any Redemption under this Section 3.7, the Company shall deliver to the Trustee an Officers’ Certificate and
Opinion of Counsel to the effect that all conditions precedent in this Indenture to the Redemption have been complied with. 

Section 3.8 Purchase of Securities at Option of the Holder Upon Change of Control. 

(a) If at any time that Securities remain outstanding there shall occur a Change of Control, Securities shall be purchased by the
Company at the option of the Holders, as of the Change of Control Purchase Date, at a purchase price equal to 101% of the principal amount of the Securities, together with accrued and unpaid interest, including interest on any unpaid overdue
interest, if any, to, but excluding, the Change of Control Purchase Date (the “Change of Control Purchase Price”), subject to satisfaction by or on behalf of any Holder of the requirements set forth in subsection (c) of this
Section 3.8. 
 (b) Within 30 days after the occurrence of a Change of Control, the Company shall mail a written notice
(“Company Notice”) of the Change of Control to the Trustee and to each Holder (and to beneficial owners as required by applicable law) pursuant to which the Company shall make an offer (a “Change of Control Offer”)
to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Securities at the Change of Control Purchase Price. The notice shall include the form of a Change of Control
Purchase Notice to be completed by the Holder, shall describe the transaction or transactions that constitute the Change of Control and shall state: 

  
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 (i) that the Change of Control Offer is being made pursuant to this
Section 3.8 and that all Securities tendered will be accepted for payment; 
 (ii) the date by which the Change of
Control Purchase Notice pursuant to this Section 3.8 must be given; 
 (iii) the purchase date, which date shall be no
earlier than 30 days and no later than 60 days after the date the Company Notice is mailed (the “Change of Control Purchase Date”); 

(iv) the Change of Control Purchase Price; 

(v) the Holder’s right to require the Company to purchase the Securities; 

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

(vii) that, unless the Company defaults in making such payment, any Security accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest after the Change of Control Purchase Date; 
 (viii) the procedures that the
Holder must follow to exercise rights under this Section 3.8; and 
 (ix) the procedures for withdrawing a Change of
Control Purchase Notice, including a form of notice of withdrawal. 
 If any of the Securities is in the form of a Global Security, then the
Company shall modify such notice to the extent necessary to accord with the procedures of the Depositary applicable to the repurchase of Global Securities. 

(c) A Holder may exercise its rights specified in subsection (a) of this Section 3.8 upon delivery of a written notice (which
shall be in substantially the form included in Exhibit A hereto, as applicable, and which may be delivered by letter, overnight courier, hand delivery, facsimile transmission or in any other written form and, in the case of Global Securities, may be
delivered electronically or by other means in accordance with the Depositary’s customary procedures) of the exercise of such rights (a “Change of Control Purchase Notice”) to any Paying Agent at any time prior to the close of
business on the Business Day next preceding the Change of Control Purchase Date. 
 The delivery of such Security to any Paying Agent
(together with all necessary endorsements) at the office of such Paying Agent shall be a condition to the receipt by the Holder of the Change of Control Purchase Price therefor. 

The Company shall purchase from the Holder thereof, pursuant to this Section 3.8, a portion of a Security if the principal amount of such
portion is $2,000 or an integral multiple of $1,000 in excess thereof. Provisions of this Indenture that apply to the purchase of all of a Security pursuant to Sections 3.8 through 3.13 also apply to the purchase of such portion of such Security.

 Notwithstanding anything herein to the contrary, any Holder delivering to a Paying Agent the Change of Control Purchase Notice
contemplated by this subsection (c) shall have the right to withdraw such Change of Control Purchase Notice in whole or in a portion thereof that is a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof at any time
prior to the close of business on the 

  
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Business Day next preceding the Change of Control Purchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 3.9 hereof. 

A Paying Agent shall promptly notify the Company of the receipt by it of any Change of Control Purchase Notice or written withdrawal thereof.

 Anything herein to the contrary notwithstanding, in the case of Global Securities, any Change of Control Purchase Notice may be delivered
or withdrawn and such Securities may be surrendered or delivered for purchase in accordance with the Applicable Procedures as in effect from time to time. 

If the Change of Control Purchase Date falls after an interest payment record date and on or before the date that is one Business Day after
the next interest payment date, then the interest payment will be payable to the Holder who presents a Security for purchase. 
 (d) The
Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements applicable to a Change
of Control Offer made by the Company set forth in subsection (b) of this Section 3.8 and purchases all Securities properly tendered and not withdrawn under the Change of Control Offer, (2) notice of redemption with respect to such
Securities has been given pursuant to Section 3.1 or 3.7 hereof, unless and until there is a default in payment of the applicable redemption price, or (3) after giving effect to such Change of Control, (i) no Default or Event of
Default has occurred and is continuing, (ii) the Change of Control transaction has been approved by the Board of Directors of the Company, and (iii) the Securities have received an Investment Grade Rating. In addition, a Change of Control
Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of launching the Change of Control Offer. 

(e) The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control
Payment Date. 
 (f) The provisions under this Indenture relative to the Company’s obligation to make an offer to repurchase the
Securities as a result of a Change of Control (including any required notice period) may be waived or modified with the written consent of the Holders of a majority in principal amount of the Securities, including after the entry into an agreement
that would result in the need to make a Change of Control Offer. 
 (g) In the event that Holders of not less than 90% in aggregate
principal amount of the outstanding Securities validly tender and do not withdraw such Securities in a Change of Control Offer and the Company purchases all of the Securities validly tendered and not withdrawn by such Holders, within 60 days of such
purchase, the Company will have the right, upon not less than 30 days’ nor more than 60 days’ prior notice, to redeem all of the Securities that remain outstanding following such purchase at a redemption price in cash equal to 101% of the
principal amount thereof plus accrued and unpaid interest on the notes to, but excluding, the date of redemption. Any redemption pursuant to this Section 3.8(g) shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 

Section 3.9 Effect of Change of Control Purchase Notice. Upon receipt by any Paying Agent of the Change of Control Purchase Notice
specified in Section 3.8(c) hereof, the Holder of the Security in respect of which such change of Control Purchase Notice was given shall (unless such Change of Control Purchase Notice is withdrawn as specified below) thereafter be entitled to
receive the Change of Control Purchase Price with respect to such Security. Such Change of Control Purchase Price shall be paid to such Holder promptly following the later of (a) the Change of Control Purchase Date with respect to such

  
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Security (provided the conditions in Section 3.8(c) hereof have been satisfied) and (b) the time of delivery of such Security to a Paying Agent by the Holder thereof in the
manner required by Section 3.8(c) hereof. 
 A Change of Control Purchase Notice may be withdrawn by means of a written notice (which
may be delivered by mail, overnight courier, hand delivery, facsimile transmission or in any other written form and, in the case of Global Securities, may be delivered electronically or by other means in accordance with the Depositary’s
customary procedures) of withdrawal delivered by the Holder to a Paying Agent at any time prior to the close of business on the Business Day immediately preceding the Change of Control Purchase Date, specifying the principal amount of the Security
or portion thereof (which must be a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof) with respect to which such notice of withdrawal is being submitted. 

Section 3.10 Deposit of Change of Control Purchase Price. On or before 11:00 a.m. New York City time on the Change of Control
Purchase Date, the Company shall deposit with the Trustee or with a Paying Agent (other than the Company or an Affiliate of the Company) an amount of money (in immediately available funds if deposited on such Change of Control Purchase Date)
sufficient to pay the aggregate Change of Control Purchase Price of all the Securities or portions thereof that are to be purchased as of such Change of Control Purchase Date. The manner in which the deposit required by this Section 3.10 is
made by the Company shall be at the option of the Company, provided that such deposit shall be made in a manner such that the Trustee or a Paying Agent shall have immediately available funds on the Change of Control Purchase Date. 

If a Paying Agent holds, in accordance with the terms hereof, money sufficient to pay the Change of Control Purchase Price of any Security for
which a Change of Control Purchase Notice has been tendered and not withdrawn in accordance with this Indenture then, on the Change of Control Purchase Date, interest will cease to accrue on such Securities or any portion of the Securities as to
which a Change of Control Purchase Notice has been tendered and not withdrawn in accordance with this Indenture and all other rights of the Holder will terminate other than the right to receive the Change of Control Purchase Price, without interest
from the Change of Control Purchase Date, on surrender of the Securities. 
 Section 3.11 Securities Purchased in Part. Any
Security that is to be purchased only in part shall be surrendered at the office of a Paying Agent, and promptly after the Change of Control Purchase Date the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such
Security, without service charge, a new Security or Securities, of such authorized denomination or denominations as may be requested by such Holder, in aggregate principal amount equal to, and in exchange for, the portion of the principal amount of
the Security so surrendered that is not purchased. 
 Section 3.12 Compliance with Securities Laws upon Purchase of Securities.
In connection with any offer to purchase or purchase of Securities under Section 3.8 hereof, the Company shall (a) comply with Rule 14e-1 (or any successor to such Rule), if applicable, under the Exchange Act, and (b) otherwise comply
with all United States federal and state securities laws and Canadian federal, provincial and territorial securities laws in connection with such offer to purchase or purchase of Securities, all so as to permit the rights of the Holders and
obligations of the Company under Sections 3.8 through 3.11 hereof to be exercised in the time and in the manner specified therein. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions
of this Article 3, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Article 3 by virtue of such conflict. 

Section 3.13 Repayment to the Company. To the extent that the aggregate amount of cash deposited by the Company pursuant to
Section 3.10 hereof exceeds the aggregate Change of Control Purchase Price (including interest thereon) of the Securities or portions thereof that the Company is 

  
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obligated to purchase, then promptly after the Change of Control Purchase Date, and upon request, the Trustee or a Paying Agent, as the case may be, shall return any such excess cash to the
Company. 
 Section 3.14 Offer to Purchase by Application of Excess Proceeds. In the event that, pursuant to Section 4.14
hereof, the Company is required to commence an offer to all Holders to purchase Securities (“Asset Sale Offer”), it shall follow the procedures specified below. 

The Asset Sale Offer shall be made to all Holders of Securities and all holders of other indebtedness that is pari passu with the Securities
containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (“Parity Indebtedness”). The Asset Sale Offer shall remain open for a period of at
least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business Days after the
termination of the Offer Period (the “Purchase Date”), the Company shall apply a portion of the Excess Proceeds as calculated pursuant to Section 4.14 hereof (the “Offer Amount”) to the purchase of Securities
and such other Parity Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Securities and other Parity Indebtedness tendered in response to the Asset Sale Offer. Payment for any Securities so
purchased shall be made in the same manner as interest payments are made. 
 Upon the commencement of an Asset Sale Offer, the Company shall
send, by first-class mail, a notice to the Trustee and each of the Holders. The notice will contain all instructions and materials necessary to enable such Holders to tender Securities pursuant to the Asset Sale Offer. The notice, which will govern
the terms of the Asset Sale Offer, will state: 
 (1) that the Asset Sale Offer is being made pursuant to this
Section 3.14 and Section 4.14 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Offer
Amount, the purchase price and the Purchase Date; 
 (3) that any Security not tendered or accepted for payment will continue
to accrue interest; 
 (4) that, unless the Company defaults in making such payment, any Security accepted for payment
pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; 
 (5) that Holders electing to have
a Security purchased pursuant to an Asset Sale Offer may elect to have Securities purchased in integral multiples of $2,000 (or in integral multiples of $1,000 in excess thereof) only; 

(6) that Holders electing to have a Security purchased pursuant to any Asset Sale Offer shall be required to surrender the
Security, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Security completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three days before the Purchase Date; 
 (7) that Holders shall be entitled to withdraw their
election if the Company or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the

  
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Security the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Security purchased; 

(8) that, if the aggregate principal amount of Securities and other Parity Indebtedness surrendered in connection with the
Asset Sale offer exceeds the Offer Amount, the Company shall select the Securities and other Parity Indebtedness to be purchased on a pro rata basis based on the principal amount of Securities and such other Parity Indebtedness surrendered (with
such adjustments as may be deemed appropriate by the Company so that only Securities in denominations of $2,000 (or integral multiples of $1,000 in excess thereof), will be purchased); and 

(9) that Holders whose Securities were purchased only in part will be issued new Securities equal in principal amount to the
unpurchased portion of the Securities surrendered (or transferred by book-entry transfer). 
 On or before the Purchase Date, the Company
shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Securities or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all
Securities tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Securities or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.14. The Company, the
Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Securities tendered by such
Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Security, and the Trustee, upon written request from the Company, shall authenticate and mail or deliver such new Security to such Holder, in a principal
amount equal to any unpurchased portion of the Security surrendered. Any Security not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Asset Sale Offer on
or as soon as practicable after the Purchase Date. 
 Other than as specifically provided in this Section 3.14, any purchase pursuant
to this Section 3.14 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 
 ARTICLE 4 

COVENANTS 
 Section 4.1
Payment of Securities. The Company shall promptly make all payments in respect of the Securities on the dates and in the manner provided in the Securities and this Indenture. An installment of principal or interest shall be considered paid on
the date it is due if the Paying Agent (other than the Company) holds by 11:00 a.m., New York City time, on that date money, deposited by the Company or an Affiliate thereof, sufficient to pay the installment. Except in the case of a redemption, a
Change of Control Offer or an Asset Sale Offer, accrued and unpaid interest on any Security that is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the Person in whose name that Security is
registered at the close of business on the record date for such interest at the office or agency of the Company maintained for such purpose. The Company shall (in immediately available funds), to the fullest extent permitted by law, pay interest on
overdue principal (including premium, if any) and overdue installments of interest from the original due date to the date paid, at the rate applicable to the Security plus 1% per annum, which interest shall be payable on demand. 

The Company will make payments in respect of the Securities represented by the Global Securities (including principal, premium, if any, and
interest) by wire transfer of immediately available 

  
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funds to the accounts specified by the Holder of the Global Security. The Company will make all payments of principal, interest and premium, if any, with respect to Definitive Securities by wire
transfer of immediately available funds to the accounts specified by the Holders of the Definitive Securities, in the case of a Holder holding an aggregate principal amount of notes of $1,000,000 or more, or, if no such account is specified or in
the case of a Holder holding an aggregate principal amount of notes of less than $1,000,000, by mailing a check to each such Holder’s registered address. All payments shall be made in immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. Payments to any Holder holding an aggregate principal amount of Securities in excess of $1,000,000 shall be made by wire transfer in
immediately available funds to an account maintained by such Holder in the United States, if such Holder has provided wire transfer instructions to the Company at least 10 Business Days prior to the payment date. Any wire transfer instructions
received by the Trustee will remain in effect until revoked by the Holder. 
 Section 4.2 Maintenance of Office or Agency. 

(a) The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee
or an affiliate of the Trustee, Registrar or co registrar) where Securities may be surrendered for payment, registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture
may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

(b) The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in the Borough of Manhattan, The City of New York for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Company hereby designates the office of the Trustee set forth in Section 2.3 hereof as one such office or agency of the Company.

 Section 4.3 Reports. 

(a) Whether or not required by the SEC’s rules and regulations, so long as any Securities are outstanding, the Company shall furnish (to
the extent not publicly available on the SEC’s EDGAR system) to the Trustee and the Holders of Securities and post on the Company’s website (in a format that is accessible to Holders of Securities as well as prospective Holders of
Securities), within the time periods specified in the SEC’s rules and regulations: 
 (i) all quarterly and annual
reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file such reports; and 

(ii) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such
reports. 

  
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 All such reports shall be prepared in all material respects in accordance with all of the rules
and regulations applicable to such reports (other than consolidating financial information required by Rule 3-10 or 3-16 of Regulation S-X or any comparable provision so long as the Company complies with Section 4.3(d)). Each annual report on
Form 10-K shall include a report on the Company’s consolidated financial statements by the Company’s certified independent accountants. In addition, the Company shall file a copy of each of the reports referred to in clauses (i) and
(ii) above with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing or the Company is no longer subject to the periodic
reporting requirements of the Exchange Act for any reason) and make such information available to securities analysts and prospective investors upon request. For the avoidance of doubt, the Company will be required to provide the information
described above regardless of whether it continues to file reports with the SEC. 
 (b) If, at any time, the Company is no longer subject to
the periodic reporting requirements of the Exchange Act for any reason, the Company shall nevertheless continue making the reports specified in Section 4.3(a) hereof available to the Holders of the Securities, prospective investors and
securities analysts by posting such information on its website. While the Company remains subject to the periodic reporting requirements of the Exchange Act, the Company agrees that it shall not take any action for the purpose of causing the SEC not
to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company shall post the reports referred to in Section 4.3(a) hereof on its website within the time periods
that would apply if the Company were required to file those reports with the SEC. 
 (c) The Company further agrees that, for so long as any
Securities remain outstanding, at any time it is not required to file the reports required by Section 4.3(a) or (b) hereof with the SEC, it shall furnish to the Holders and to securities analysts and prospective investors, upon their
request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (d) The quarterly and annual
financial information required by Sections 4.3(a) and (b) hereof shall include a reasonably detailed presentation, either on the face of the financial statements, in the footnotes of the financial statements or in Management’s Discussion
and Analysis of Financial Condition and Results of Operations that discloses the total assets, liabilities, revenues and income from operations of Subsidiaries of the Company that do not Guarantee the Securities. The Trustee shall not be responsible
for determining whether clause 4.3(d) has been satisfied, nor shall it have any liability in connection therewith. 
 (e) Delivery of such
reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(f) Notwithstanding anything herein to the contrary, in the event that the Company fails to comply with its obligation to file or provide such
information, documents and reports as required by this Section 4.3, the Company will be deemed to have cured such Default for purposes of Section 6.1(d) upon the filing or provision of all such information, documents and reports required
hereunder prior to the expiration of 60 days after written notice to the Company of such failure from the Trustee or the Holders of at least 25% of the principal amount of such Securities. 

Section 4.4 Compliance Certificates. The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of
the Company (beginning with the fiscal year ending December 31, 2015), an Officers’ Certificate as to the signer’s knowledge of the Company’s compliance with all 

  
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conditions and covenants on their part contained in this Indenture and stating whether or not the signer knows of any Default or Event of Default. If such signer knows of such a Default or Event
of Default, the Officers’ Certificate shall describe the Default or Event of Default and the efforts to remedy the same. For the purposes of this Section 4.4, compliance shall be determined without regard to any grace period or requirement
of notice provided pursuant to the terms of this Indenture. 
 Section 4.5 Further Instruments and Acts. Upon request of the
Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

Section 4.6 Maintenance of Corporate Existence. Subject to Article 5 hereof, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence and the corporate existence of each Restricted Subsidiary; provided, however, that the Company shall not be required to preserve the corporate existence of any
Restricted Subsidiary if (a) the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and the Restricted Subsidiaries, taken as a whole, and that
the loss thereof is not adverse in any material respect to the Holders of the Securities or (b) if a Subsidiary is to be dissolved, such Subsidiary has no assets. 

Section 4.7 Changes in Covenants When Securities Rated Investment Grade. In the event of the occurrence of a Fall Away Event (and
notwithstanding the failure of the Company subsequently to maintain an Investment Grade Rating), the provisions of Sections 4.8, 4.9, 4.12, 4.13 and 4.14 hereof and clause (iv) of Section 5.1(a) hereof will no longer be applicable to the
Securities. 
 Section 4.8 Restricted Payments. 

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

(i) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the
Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company or to the Company or a Restricted
Subsidiary of the Company); 
 (ii) purchase, redeem or otherwise acquire or retire for value (including, without limitation,
in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 

(iii) purchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or
scheduled sinking fund payment, any Indebtedness of the Company or any Note Guarantor that is subordinated in right of payment to the Securities or a Note Guarantee, except (i) from the Company or a Restricted Subsidiary of the Company or
(ii) the purchase, redemption, defeasance or other acquisition or retirement of any such Indebtedness made in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the
date of such purchase, redemption, defeasance or other acquisition or retirement; or 
 (iv) make any Restricted Investment

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

(1) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 (2) the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such
Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.9(a) hereof;
and 
 (3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company
and its Restricted Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clauses (ii) through (ix), (xi) and (xii) of Section 4.8(b)), is less than the sum, without duplication, of: 

(A) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from October 1, 2014
to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such
deficit), plus 
 (B) 100% of the aggregate net cash proceeds (or fair market value of assets) received by the Company
since the Issue Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or
convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company), plus

 (C) to the extent that any Restricted Investment that was made after the Issue Date is sold for cash or otherwise
liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) or (ii) the initial amount of such Restricted Investment, plus 

(D) to the extent that any Unrestricted Subsidiary of the Company is redesignated as a Restricted Subsidiary after the Issue
Date, the lesser of (i) the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary was originally designated as an
Unrestricted Subsidiary, plus 
 (E) $3.7 billion. 

(b) The preceding provisions shall not prohibit: 

(i) the payment of any dividend within 60 days after the date of declaration of the dividend, if at the date of declaration the
dividend payment would have complied with the provisions of this Indenture (it being understood that the amount of any such dividend shall be included in the aggregate amount of Restricted Payments determined in Section 4.8(a)(3) only once and
not as separate Restricted Payments made at both declaration and payment); 

  
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 (ii) any Restricted Payment made in exchange for, or in an amount equal to the
net cash proceeds of, the substantially concurrent sale (other than to the Company or a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock); provided, that an amount equal to such
Restricted Payment will be excluded from clause (3)(B) of Section 4.8(a) hereof; 
 (iii) the defeasance,
redemption, repurchase or other acquisition or retirement of subordinated Indebtedness of the Company or any Note Guarantor with the net cash proceeds from, or in exchange for, an incurrence of Permitted Refinancing Indebtedness; 

(iv) the payment of any dividend by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata
basis; 
 (v) so long as no Default or Event of Default has occurred and is continuing, the repurchase, redemption or other
acquisition or retirement for value of Equity Interests of the Company or any Restricted Subsidiary of the Company held by any present or former employee, director, officer or consultant of, or service provider to, the Company or any of its
Restricted Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the
Company in connection with any such repurchase, retirement or other acquisition), or any stock subscription or shareholder agreement; provided that the aggregate amount of Restricted Payments made under this clause (v) shall not exceed
in any calendar year $25.0 million (with unused amounts for any year being carried over to the next succeeding year, but not to any subsequent year, with the permitted amount for each year being used prior to any amount carried over from the
previous year); provided further that such amount in any calendar year may be increased by an amount not to exceed: 

(i) the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries after the Issue
Date; less 
 (ii) the amount of any Restricted Payments previously made with the cash proceeds described in subclause
(i) of this clause (v); 
 (vi) payments to holders of Equity Interests (or to the holders of Indebtedness that is
convertible into or exchangeable for Equity Interests upon such conversion or exchange) in lieu of the issuance of fractional shares; 

(vii) repurchases of Equity Interests deemed to occur in connection with the exercise or vesting of stock options or similar
instruments to the extent necessary to pay withholding taxes related to such exercise or vesting of stock options or similar instruments; 

(viii) [reserved]; 

(ix) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests
represent a portion of the exercise price of such options or warrants; 
 (x) the repurchase, redemption or other acquisition
or retirement for value of any subordinated Indebtedness or Disqualified Stock pursuant to provisions similar to those described under Section 3.8 and Section 4.14; provided that, prior thereto, all notes tendered by Holders in

  
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connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value; 

(xi) so long as no Default or Event of Default has occurred and is continuing, the declaration and payment of dividends to
holders of any class or series of Disqualified Stock of the Company or its Restricted Subsidiaries issued in accordance with Section 4.9; and 

(xii) so long as no Default or Event of Default has occurred and is continuing, other Restricted Payments; provided,
however, that if the Total Leverage Ratio as of the date of any Restricted Payment to be made pursuant to this clause (xii) is greater than or equal to 3.50 to 1.0, such Restricted Payment shall be permitted to be made pursuant to this
clause (xii) only if the amount of such Restricted Payment, when taken together with the amount of all other Restricted Payments previously made pursuant to this clause (xii), does not exceed $500.0 million in the aggregate. 

(c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value (determined, for purposes of this covenant, by the
Company or, in the case of any asset(s) valued in excess of $750.0 million, by the Board of Directors of the Company) on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such
Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. For purposes of determining compliance with this Section 4.8, in the event that a Restricted Payment meets the criteria of more than one of the categories described
in clauses (i) through (xii) of clause (b) this Section 4.8, including Section 4.8(a) or the definition of “Permitted Investment,” the Company will be permitted to classify such Restricted Payment and later
reclassify all or a portion of such Restricted Payment in any manner that complies with this covenant. In addition, a Restricted Payment need not be permitted solely by reference to one provision permitting such Restricted Payment but may be
permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Restricted Payment. 

Section 4.9 Incurrence of Indebtedness and Issuance of Preferred Stock. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur”), with respect to any Indebtedness (including Acquired Debt), and the Company shall not issue any
Disqualified Stock and shall not permit any of its Restricted Subsidiaries to issue any Disqualified Stock or preferred stock; provided, however, that the Company or any Restricted Subsidiary may incur Indebtedness (including Acquired
Debt) or issue Disqualified Stock and any Restricted Subsidiary may issue preferred stock if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the
net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or preferred stock had been issued, as the case may be, at the beginning of such four-quarter period. 

(b) Subsection (a) of this Section 4.9 shall not prohibit the incurrence of any of the following items of Indebtedness
(collectively, “Permitted Debt”): 
 (i) the incurrence by the Company and its Restricted
Subsidiaries of Indebtedness under Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (i) not to exceed $2,500 million; 

  
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 (ii) the incurrence by the Company and its Restricted Subsidiaries of the
Existing Indebtedness; 
 (iii) the incurrence by the Company and the Note Guarantors of Indebtedness represented by the
Securities issued on the Issue Date (including the Note Guarantees and any future Note Guarantees); 
 (iv) the incurrence by
the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, in an aggregate amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred
pursuant to this clause (iv), not to exceed the greater of (x) $275.0 million and (y) 1.0% of Consolidated Total Assets at any time outstanding; 

(v) mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of
the purchase price or cost of construction or improvement of property, plant or equipment used in the business of the Company or any Restricted Subsidiary of the Company, in an aggregate principal amount, including all Permitted Refinancing
Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (v), not to exceed the greater of (x) $675.0 million and (y) 2.5% of Consolidated Total Assets at any time outstanding; 

(vi) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for,
or the net proceeds of which are used to refund, refinance or replace, Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under Section 4.9(a) hereof or clause (ii), (iii), (xii) or
(xiv) of this Section 4.9(b) or this clause (vi) or, solely to the extent of the excess (if any) of the amount of Indebtedness incurred and outstanding under clause (xx) of this Section 4.9(b) prior to the applicable
refinancing over the maximum aggregate amount permitted to be incurred and outstanding under clause (xx) of this Section 4.9(b) at the time of such refinancing, clause (xx) of this Section 4.9(b); 

(vii) the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the
Company and any of its Restricted Subsidiaries; provided, however, that: 
 (A) if a Note Guarantor is the
obligor on such Indebtedness and the obligee is not the Company or another Note Guarantor, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Securities; and 

(B) (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person
other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the Company shall be deemed, in each case, to
constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that is not permitted by this clause (vii); 

(viii) (i) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations that are incurred in the
ordinary course of business and not for speculative purposes and (ii) the incurrence by a Securitization Special Purpose Entity of Indebtedness in a 

  
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Qualified Securitization Transaction that is without recourse to the Company or to any other Restricted Subsidiary of the Company or their assets (other than Standard Securitization
Undertakings); 
 (ix) the Guarantee by the Company or any Restricted Subsidiary of the Company of Indebtedness of the
Company or any Restricted Subsidiary that was permitted to be incurred under this Section 4.9 (other than the Note Guarantees); provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the
Securities or any Note Guarantee, then the Guarantee shall be subordinated to the same extent as the Indebtedness guaranteed; 

(x) the accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Stock for purposes of this covenant; provided, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued; 

(xi) obligations in respect of performance and surety bonds and completion guarantees or similar obligations provided by the
Company or any Restricted Subsidiary of the Company in each case in the normal course of business (whether or not consistent with past practice); 

(xii) the incurrence by the Company or any of its Restricted Subsidiaries of Acquired Debt; provided, however,
that on the date of acquisition and after giving effect thereto on a pro forma basis, the Fixed Charge Coverage Ratio of the Company (A) would be at least 2.0 to 1.0 or (B) would be equal to or greater than such Fixed Charge Coverage Ratio
immediately prior to such acquisition; 
 (xiii) the incurrence by any Foreign Subsidiary of Indebtedness in an aggregate
principal amount at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (xiii), not to exceed the greater of (x) $675.0 million or
(y) 2.5% of Consolidated Total Assets; 
 (xiv) Indebtedness of the Company or any Restricted Subsidiary incurred in
connection with or in contemplation of, or to provide all or any portion of the funds or credit support utilized to consummate, the acquisition by the Company or any Restricted Subsidiary of the Company of property used or useful in a Permitted
Business (whether through the direct purchase of assets or the purchase of Capital Stock of, or merger or consolidation with, any Person owning such assets); provided, however, on the date of such incurrence and after giving effect
thereto on a pro forma basis, the Fixed Charge Coverage Ratio of the Company (A) would be at least 2.0 to 1.0 or (B) would be equal to or greater than such Fixed Charge Coverage Ratio immediately prior to such incurrence; 

(xv) Indebtedness incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, death, disability or other employee benefits or property, casualty or liability insurance or
self-insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims; provided, however, that upon the drawing of such letters of credit or the incurrence of such
Indebtedness, such obligations are reimbursed within 30 days following such drawing or incurrence; 

  
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 (xvi) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds, provided that such Indebtedness is extinguished within five Business Days of notice of its incurrence; 

(xvii) Indebtedness of the Company or any of its Restricted Subsidiaries supported by a letter of credit issued pursuant to the
Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit; 
 (xviii) Indebtedness
of the Company or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii) take-or-pay or similar obligations contained in supply arrangements, in each case, incurred in the ordinary course of
business; 
 (xix) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an
aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (xix), not to exceed
the greater of (x) $675.0 million and (y) 2.5% of Consolidated Total Assets; and 
 (xx) the incurrence by the
Company or any of its Restricted Subsidiaries of Indebtedness secured by a Lien under Credit Facilities in an aggregate principal amount such that, on a pro forma basis (including a pro forma application of the proceeds therefrom), the Secured
Leverage Ratio would not exceed 3.50 to 1.00. 
 (c) The Company shall not, and shall not permit any Note Guarantor to, incur any
Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company or the Note Guarantors unless such Indebtedness is also contractually subordinated in right of payment to the
Securities on substantially identical terms; provided, however, that no Indebtedness of the Company or the Note Guarantors shall be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company or
any Note Guarantor solely by virtue of being unsecured or having a junior lien priority. 
 (d) For purposes of determining
compliance with this Section 4.9, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xx) of Section 4.9(b) hereof, or is
entitled to be incurred pursuant to subsection (a) of this Section 4.9, the Company shall be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify from time to time all or a portion of such item
of Indebtedness, in any manner that complies with this Section 4.9. Indebtedness permitted by this Section 4.9 need not be permitted solely by reference to one clause permitting such Indebtedness but may be permitted in part by one such
clause and in part by one or more other clauses of this Section 4.9 permitting such Indebtedness. Indebtedness under Credit Facilities outstanding on the Issue Date will be deemed to have been incurred on such date in reliance on the exception
provided by clause (xx) of Section 4.9(b) hereof. 
 (e) In addition, for purposes of determining compliance with this
Section 4.9, the Company or the applicable Restricted Subsidiary may, pursuant to an Officers’ Certificate delivered to the Trustee, elect to treat all or any portion of the commitment under any Indebtedness (including with respect to any
revolving loan commitment) as being incurred at the time of such commitment, in which case any subsequent incurrence of Indebtedness under such commitment shall not be deemed to be an incurrence at such subsequent time. 

  
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 Section 4.10 [Reserved]. 

Section 4.11 Liens. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer
to exist any Lien of any kind on any asset now owned or hereafter acquired, except Permitted Liens, unless contemporaneously therewith: 

(i) in the case of any Lien securing an obligation that ranks pari passu with the Securities or a Note Guarantee,
effective provision is made to secure the Securities or such Note Guarantee, as the case may be, equally and ratably with or prior to such obligation with a Lien on the same assets of the Company or such Restricted Subsidiary, as the case may be;
and 
 (ii) in the case of any Lien securing an obligation that is subordinated in right of payment to the Securities or a
Note Guarantee, effective provision is made to secure the Securities or such Note Guarantee, as the case may be, with a Lien on the same assets of the Company or such Restricted Subsidiary, as the case may be, that is prior to the Lien securing such
subordinated obligation. 
 Any Lien created for the benefit of Holders pursuant to this Section 4.11 shall be automatically and
unconditionally released and discharged, without any action on the part of Holders, upon the release and discharge of each of the Liens described in clauses (i) and (ii) of this Section 4.11. 

Section 4.12 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or
become effective any consensual encumbrance or restriction on the ability of any such Restricted Subsidiary to: 
 (i) pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 

(ii) make loans or advances to the Company or any of its Restricted Subsidiaries; or 

(iii) transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 

(b) The restrictions set forth in Section 4.12(a) hereof shall not apply to encumbrances or restrictions existing under or by reason of:

 (i) agreements, including agreements governing Existing Indebtedness as in effect on the date of this Indenture and any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements, provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the Company, not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of this
Indenture; 
 (ii) this Indenture, the Securities and the Note Guarantees; 

  
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 (iii) any encumbrance or restriction pursuant to Credit Facilities incurred under
clause (i) of Section 4.9(b) hereof; 
 (iv) applicable law, rule, regulation or order, approval, license, permit
or similar restriction, including under contracts with foreign governments or agencies thereof entered into in the ordinary course of business; 

(v) any instrument governing Indebtedness or Capital Stock or assets of a Person acquired by the Company or any of its
Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred, or such Capital Stock was issued, in connection with or in contemplation of such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired and any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of those agreements provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not
materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of the acquisition, provided that, in the case of Indebtedness, such Indebtedness
was permitted to be incurred under Section 4.9 hereof; 
 (vi) customary non-assignment provisions in leases, contracts
and licenses entered into in the ordinary course of business; 
 (vii) purchase money obligations for property that impose
restrictions on that property of the nature described in clause (iii) of Section 4.12(a) hereof; 
 (viii) any
agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions, transfers, loans or advances by that Restricted Subsidiary pending its sale or other disposition; 

(ix) Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such
Permitted Refinancing Indebtedness are not, in the good faith judgment of the Company, materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(x) Permitted Liens securing Indebtedness that limit the right of the debtor to dispose of the assets subject to such Liens;

 (xi) customary provisions in joint venture agreements, asset sale agreements, stock sale agreements and other similar
agreements entered into with the approval of the Board of Directors of the Company or otherwise in the ordinary course of business; 

(xii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (xiii) restrictions in agreements or instruments which prohibit the payment or making of dividends or
other distributions other than on a pro rata basis; 

  
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 (xiv) contractual requirements of a Securitization Special Purpose Entity in
connection with a Qualified Securitization Transaction; provided that such restrictions apply only to such Securitization Special Purpose Entity; and 

(xv) any agreement or instrument governing Indebtedness or Preferred Stock permitted to be incurred subsequent to the Issue
Date pursuant to Section 4.9 hereof which encumbrances or restrictions (x) are not, in the good faith judgment of the Company, materially more restrictive, taken as a whole, than those contained in this Indenture or (y) will not, in
the good faith judgment of the Company, affect the ability of the Company to make anticipated payments of principal, interest or premium on the Securities. 

Section 4.13 Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $100.0 million, unless: 

(i) the Affiliate Transaction is on terms that are no less favorable, taken as a whole, to the Company or the relevant
Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person, as determined by the Company in good faith; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $750.0 million, such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company. 

(b) The following items shall be deemed not to be Affiliate Transactions and, therefore, will not be subject to the provisions of
Section 4.13(a) hereof: 
 (i) any employment agreement or benefit or similar plan entered into by the Company or any of
its Restricted Subsidiaries in the ordinary course of business of the Company or such Restricted Subsidiary; 
 (ii)
transactions between or among the Company and/or its Restricted Subsidiaries; 
 (iii) transactions with a Person that is an
Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 

(iv) the payment of reasonable compensation and fees to, and the provision of customary indemnities to, current or former
officers, directors, employees or consultants of the Company or any of its Restricted Subsidiaries; 
 (v) issuances or sales
of Equity Interests (other than Disqualified Stock) of the Company to Affiliates or employees of or consultants to the Company; 

  
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 (vi) Restricted Payments that are permitted by the provisions of Section 4.8
hereof and Permitted Investments; 
 (vii) transactions effected pursuant to agreements in effect on the date of this
Indenture and any amendment, modification or replacement to such agreement (so long the as amendment, modification or replacement is not, in the good faith judgment of the Company, materially more disadvantageous to the Company or such Restricted
Subsidiary, taken as a whole, than the terms of those agreements in effect on the date of this Indenture); 
 (viii)
[reserved]; 
 (ix) transactions with a Permitted Joint Venture in which the Company or any Restricted Subsidiary holds or
acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions, in the good faith judgment of the Company, are not materially less favorable, taken as a whole, to the Company or such
Restricted Subsidiary than they are to other joint venture partners; 
 (x) any agreement that grants registration and other
customary rights in connection therewith or otherwise to the direct or indirect securityholders of the Company or any Restricted Subsidiary (and the performance of such agreements); 

(xi) transactions with Affiliates solely in their capacity as Holders of Indebtedness or Capital Stock of the Company or any of
its Restricted Subsidiaries, where such Affiliates receive the same consideration as non-Affiliates in such transactions; 

(xii) transactions affected as part of a Qualified Securitization Transaction; and 

(xiii) transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter
from an accounting, appraisal or investment banking firm of national standing stating that such transaction meets the requirements of Section 4.13(a)(i). 

Section 4.14 Asset Sales. 

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

(i) the Company (or its Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at
least equal to the Fair Market Value (determined, for purposes of this clause (i), by the Company or, in the case of any asset(s) valued in excess of $750.0 million, by the Board of Directors of the Company) of the assets or Equity Interests issued
or sold or otherwise disposed of; and 
 (ii) except in the case of a Permitted Asset Swap, at least 75% of the consideration
received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(A) any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted
Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Securities and the Note Guarantees) (i) that are assumed by the transferee of any such assets pursuant to an 

  
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agreement that releases the Company or such Restricted Subsidiary from further liability or (ii) that are discharged by the transferee in a transaction pursuant to which neither the Company
nor any Restricted Subsidiary has any liability following such Asset Sale; 
 (B) any securities, notes or other obligations
received by the Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days after the consummation of the applicable Asset Sale, to the extent of the cash
received in that conversion; and 
 (C) any Designated Noncash Consideration having an aggregate Fair Market Value that, when
taken together with all other Designated Noncash Consideration previously received and then outstanding, does not exceed at the time of the receipt of such Designated Noncash Consideration (with the Fair Market Value of each item of Designated
Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value) the greater of $800.0 million or 3.0% of Consolidated Total Assets. 

(b) Within 450 days after the receipt of any Net Proceeds from an Asset Sale, the Company or the applicable Restricted Subsidiary may apply an
amount equal to those Net Proceeds: 
 (i) to repay Indebtedness and other Obligations under (w) a Credit Facility and,
if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto, (x) other secured Indebtedness (provided, in the case of (x), that such Indebtedness is not subordinated in right of
payment to the notes), (y) other Indebtedness which ranks pari passu in right of payment with the notes (provided, in the case of (y), that the Company shall equally and ratably reduce obligations under the notes in accordance with
Section 3.7 hereof, through privately negotiated transactions or open market purchases (in each case, provided that such purchases are at or above 100% of the principal amount thereof), or by making an offer (in accordance with
Section 4.14(c)) to all Holders to purchase, at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, the pro rata principal amount of notes or (z) other Indebtedness of a Subsidiary that does
not Guarantee the notes, so long as the relevant assets were assets of such Subsidiary; 
 (ii) to acquire all or
substantially all of the assets of, or a majority of the Voting Stock of, another Permitted Business or the minority interest in any Permitted Business; 

(iii) to make payments with respect to the acquisition or license of intellectual property rights that are used in a Permitted
Business; 
 (iv) to make a capital expenditure in or that is useful in a Permitted Business; 

(v) to retire Securities (x) pursuant to Section 3.7 hereof, (y) through privately negotiated transactions or
open market purchases or (z) by making an offer to purchase Securities in accordance with Section 4.14(c); or 

(vi) to acquire other assets that are not classified as current assets (for the avoidance of doubt, including acquisitions of
in-process research and development) under GAAP and that are used or useful in a Permitted Business; 
 provided that a
binding commitment to apply any Net Proceeds from an Asset Sale as set forth in clauses (ii), (iii), (iv) or (vi) of this Section 4.14(b) shall be treated as a permitted 

  
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application of the Net Proceeds from the date of such commitment so long as the Company or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net
Proceeds will be applied to satisfy such commitment within 180 days of the end of such 450-day period (an “Acceptable Commitment”) and, in the event any Acceptable Commitment is later cancelled or terminated for any reason before the Net
Proceeds are applied in connection therewith, then the Company or such Restricted Subsidiary shall be permitted to apply the Net Proceeds in any manner set forth above before the expiration of such 180-day period and, in the event the Company or
such Restricted Subsidiary fails to do so, then such Net Proceeds shall constitute Excess Proceeds. 
 Notwithstanding Sections 4.14(a) and
4.14(b), the Company and its Restricted Subsidiaries will not be required to apply an amount equal to any Net Proceeds in accordance with this covenant except to the extent that the aggregate Net Proceeds from all Asset Sales which are not applied
in accordance with this covenant exceed the greater of $275.0 million or 1.0% of Consolidated Total Assets at the time of receipt of such Net Proceeds. Pending application of an amount equal to Net Proceeds pursuant to this Section 4.14, the
Company or a Restricted Subsidiary may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 

(c) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.14(b) hereof shall constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds the greater of $275.0 million or 1.0% of Consolidated Total Assets, the Company shall make an offer (an “Asset Sale Offer”) to all Holders of
Securities and all holders of Parity Indebtedness to purchase the maximum principal amount of Securities and such other Parity Indebtedness that may be purchased out of the amount of such Excess Proceeds. The offer price in any Asset Sale Offer
shall be equal to 100% of principal amount plus accrued and unpaid interest to, but not including, the date of purchase, and shall be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company and its
Restricted Subsidiaries may use the amount of such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Securities and other Parity Indebtedness tendered into such Asset Sale Offer exceeds
the amount of Excess Proceeds, the Company shall select the Securities and such other Parity Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

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

Section 4.15 Additional Note Guarantees. If any one of the Company’s Subsidiaries that is not a Note Guarantor Guarantees any
Indebtedness of the Company or any Restricted Subsidiary, that Subsidiary shall (i) execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee and a notation of Note Guarantee substantially in the
form of Exhibit B hereto or, in the case that such Subsidiary of the Company is a Canadian Note Guarantor, a Canadian Note Guarantee, pursuant to which such Subsidiary shall unconditionally Guarantee, on a senior unsecured (unless the Securities are
secured pursuant to Section 4.11) basis, all of the Company’s obligations under the Securities and this Indenture on the terms set forth in this Indenture and, if applicable, the Canadian Note Guarantee, and (ii) deliver to the
Trustee an Opinion of Counsel that such supplemental indenture and notation of Note Guarantee or, if applicable, Canadian Note Guarantee, has been duly authorized, 

  
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executed and delivered by such Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such Subsidiary. Thereafter, such Subsidiary shall be a Note Guarantor for all
purposes hereof until such Note Guarantee is released in accordance herewith. 
 Section 4.16 Designation of Restricted and
Unrestricted Subsidiaries. The Company’s Board of Directors may designate any Restricted Subsidiary (other than Valeant) to be an Unrestricted Subsidiary if that designation would not cause a Default. Any designation of a Subsidiary as an
Unrestricted Subsidiary will be deemed to be a designation of each of such entity’s Subsidiaries as Unrestricted Subsidiaries. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all
outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary shall be deemed to be an Investment made as of the time of the designation and will reduce the amount available
for Restricted Payments under Section 4.8 hereof or under one or more of the clauses of the definition of “Permitted Investments,” as determined by the Company. That designation will only be permitted if the Investment would be
permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Company’s Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if the
redesignation would not cause a Default; provided that such redesignation will be deemed to be an incurrence of Indebtedness and, if applicable, an incurrence of related Liens by a Restricted Subsidiary of the Company of any outstanding
Indebtedness and, if applicable, related Liens of such Unrestricted Subsidiary and such redesignation will only be permitted if such Indebtedness and, if applicable, related Liens are permitted under Section 4.9 hereof and, if applicable,
Section 4.11 hereof (other than clause (3) under the definition of Permitted Liens), calculated, if applicable, on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period. 

Section 4.17 Business Activities. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, engage in any
business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries, taken as a whole. 

Section 4.18 [Reserved]. 

Section 4.19 Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at
any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of,
premium, if any, or interest on the Securities 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 the Company (to the extent it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law and covenant that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted. 
 Section 4.20 [Reserved]. 

Section 4.21 Notice of Default. In the event that any Default or Event of Default under Section 6.1 hereof shall occur, the
Company shall give prompt written notice of such Default or Event of Default to the Trustee. 
 Section 4.22 Payment of Additional
Amounts. 
 (a) All payments made by or on behalf of the Company under or with respect to the Securities, or by or on behalf of any Note
Guarantor under or with respect to any Note Guarantee (each such Person, a “Payor”) will be made free and clear of any withholding or deduction for or on account of 

  
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any tax, duty, levy, impost, assessment or other governmental charge of whatever nature (collectively, “Tax”) imposed or levied by or on behalf of any jurisdiction in which such
Payor is organized, resident or doing business for tax purposes or from or through which such Payor makes any payment on the Securities or its Note Guarantee or any department or political subdivision of any of the foregoing (each, a
“Relevant Taxing Jurisdiction”), unless an applicable withholding agent is required to withhold or deduct Taxes by law. If an applicable withholding agent is required by law to withhold or deduct any amount for or on account of
Taxes of any Relevant Taxing Jurisdiction from any payment made under or with respect to any Securities or Note Guarantee, the Payor, subject to the exceptions listed below, will pay additional amounts (“Additional Amounts”) as may
be necessary to ensure that the net amount received by each Holder or beneficial owner of the Securities after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder) will not be less
than the amount the Holder or beneficial owner would have received if such Taxes had not been withheld or deducted. 
 (b) A Payor will not,
however, pay Additional Amounts to a Holder or beneficial owner of Securities: 
 (i) to the extent the Taxes giving rise to
such Additional Amounts would not have been imposed but for the existence of any present or former connection between the Holder or beneficial owner (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a power
over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and the Relevant Taxing Jurisdiction (other than any connection resulting solely from the acquisition, ownership, holding or
disposition of Securities, the receipt of payments thereunder or under any Note Guarantee and/or the exercise or enforcement of rights under any Securities or any Note Guarantee); 

(ii) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the
Holder or beneficial owner of Securities, following the Company’s or the Payor’s written request addressed to the Holder, to the extent such Holder or beneficial owner is legally eligible to do so, to comply with any certification,
identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or
withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); 

(iii) with respect to any estate, inheritance, gift, sales or any similar Taxes; 

(iv) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the presentation by the
Holder or beneficial owner of any Security, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever
occurs later; 
 (v) with respect to any withholding or deduction that is imposed on a payment to an individual and that is
required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income which was adopted by the ECOFIN Council on June 3, 2003 or any law or agreement whether or not solely between Member States of the European
Union implementing or complying with, or introduced in order to conform to or supplement, such directive (the “EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the
Swiss Confederation dated October 26, 2004 

  
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providing for measures equivalent to those laid down in the EU Savings Tax Directive or any law or other governmental regulation implementing or complying with, or introduced in order to conform
to, such agreement; 
 (vi) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but
for the Holder or beneficial owner not dealing at arm’s length, within the meaning of the Income Tax Act (Canada), with such Payor; 

(vii) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for such Holder or
beneficial owner being, or not dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with, a “specified shareholder” of the Company as defined in subsection 18(5) of the Income Tax Act (Canada) for
purposes of the thin capitalization rules in the Income Tax Act (Canada); 
 (viii) to the extent the Taxes giving
rise to such Additional Amounts are United States federal withholding taxes imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”), as in effect on the date hereof (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations, official interpretations or administrative authority promulgated thereunder and any agreements entered
into pursuant to Section 1471(b)(1) of the Code as in effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and, for the avoidance of doubt, any
intergovernmental agreement (and related legislation, rules or practices) implementing the foregoing (taken together, “FATCA”), except to the extent that such Taxes result from a failure of any Paying Agent to comply with FATCA; and

 (ix) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii). 

(c) The applicable withholding agent will (i) make any such withholding or deduction required by applicable law and (ii) remit the
full amount deducted or withheld to the relevant authority in accordance with applicable law. The Payor, as the applicable withholding agent, will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes
so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Payor, as the applicable withholding agent, will provide to the Trustee, within a reasonable time after the date the payment of any Taxes so deducted or withheld
are due pursuant to applicable law, either a certified copy or tax receipts evidencing such payment, or, if such tax receipts are not reasonably available to the Payor, such other documentation that provides reasonable evidence of such payment by
the Payor. 
 (d) Where Tax is payable pursuant to Regulation 803 of the Income Tax Act (Canada) by a Holder or beneficial owner of
the Securities in respect of any amount payable under the Securities to the Holder (other than by reason of a transfer of the Securities to a person resident in Canada with whom the transferor does not deal at arm’s length for the purposes of
such Act), but no Additional Amount is paid in respect of such Tax, the Payor will pay as or on account of interest to the Holder an amount equal to such Tax within 45 days after receiving from the Holder a notice containing reasonable particulars
of the Tax so payable, provided such Holder or beneficial owner would have been entitled to receive Additional Amounts on account of such Tax (and only to the extent of such Additional Amounts that such Holder or beneficial owner would have been
entitled to receive) but for the fact that it is payable otherwise than by deduction or withholding from payments made under or with respect to the Securities. 

(e) Prior to the date on which the payment of any Additional Amounts are due, the Payor will deliver to the Trustee an Officers’
Certificate stating that such Additional Amounts will be payable 

  
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on the applicable payment date, and setting forth the Additional Amounts so payable and will also set forth such other information necessary to enable the Trustee to pay such Additional Amounts
to Holders on the applicable payment date. Any such Officers’ Certificate will be delivered to the Trustee at least two Business Days in advance of when the payments in question are required to be made (unless a shorter period of time is
acceptable to the Trustee in its reasonable discretion). The Payor will promptly publish a notice in accordance with Section 11.2 hereof stating that such Additional Amounts will be payable and describing the obligation to pay such amounts.

 (f) The Payors, jointly and severally, will reimburse the Holders of Securities, upon written request of such Holder of Securities and
certified proof of payment for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder in connection with payments made under or with respect to the Securities or under or with respect to any
Note Guarantee; and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder after such reimbursement will not be less than the
net amount such Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed, provided, however, that the indemnification obligation provided for in this
Section 4.22(f) shall not extend to Taxes imposed for which the Holder of the Securities would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (ix) of Section 4.22(b)
hereof, or to the extent such Holder received Additional Amounts with respect to such payments. 
 (g) In addition, the Payor will pay any
stamp, issue, registration, court, documentary, excise or other similar taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance,
registration or delivery of the Securities or any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction at any time as a result of, or in
connection with, (i) any payments made pursuant to the Securities, any Note Guarantee or any other such document or instrument referred to thereunder and/or (ii) the enforcement of the Securities or any Note Guarantee or any other such
document or instrument referred to thereunder. 
 (h) The obligations described under this Section 4.22 will survive any termination,
defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized, doing business or is otherwise resident for Tax purposes or any
jurisdiction from or through which payment is made by such successor or its respective agents. 
 (i) Whenever this Indenture refers to, in
any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Security or under any Note Guarantee, such reference includes the payment of Additional Amounts or other payments that would be
payable pursuant to this Section 4.22, if applicable. 
 ARTICLE 5 

MERGER, CONSOLIDATION OR SALE OF ASSETS 

Section 5.1 Merger, Consolidation or Sale of Assets. 

(a) The Company shall not, directly or indirectly, (1) consolidate, amalgamate or merge with or into another Person (whether or not the
Company is the surviving corporation) or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company 

  
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and its Restricted Subsidiaries, taken as a whole, in one or more related transactions, to another Person, unless: 

(i) either (x) the Company is the surviving corporation; or (y) the Person formed by or surviving any such
consolidation, amalgamation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is organized and validly existing under the laws of the United States, any state of the
United States or the District of Columbia or under the laws of Canada or any province thereof (provided that if such entity is not a corporation, a co-obligor of the Securities is a corporation); 

(ii) the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or the Person
to which such sale, assignment, transfer, conveyance or other disposition has been made expressly assumes all the obligations of the Company under the Securities and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; 

(iii) immediately after such transaction, no Default or Event of Default exists; 

(iv) either (a) the Company or the Person formed by or surviving any such consolidation, amalgamation or merger (if other
than the Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made shall, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had
occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.9(a) hereof or (b) the Company or the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made would, on the date of such transaction after giving
pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, have a Fixed Charge Coverage Ratio for such Person and its Restricted Subsidiaries that would
be equal to or greater than such ratio for such Person and its Restricted Subsidiaries immediately prior to such action; and 

(v) the Company has delivered to the Trustee an Officers’ Certificate stating that such consolidation, amalgamation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with. 
 (b) The Company may not, directly or indirectly, lease all or substantially all of its properties or
assets, in one or more related transactions, to any other Person. 
 (c) The Company will not permit any Note Guarantor to, directly or
indirectly, (1) consolidate, amalgamate or merge with or into another Person; or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to
another Person unless: 
 (i) except in the case of a Note Guarantor (x) that has been disposed of in its entirety to
another Person (other than to the Company or an Affiliate of the Company), whether through a merger, amalgamation, consolidation or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital
Stock, ceases to be a Subsidiary of the Company, 

  
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in both cases in compliance with its obligations pursuant to Section 4.14 in respect of such disposition, the resulting, surviving or transferee Person (if not such Note Guarantor) shall be
a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, any state thereof or the District of Columbia, and such Person shall expressly assume, by
a guarantee agreement in a form reasonably satisfactory to the Trustee, all the obligations of such Note Guarantor under its Note Guarantee; and 

(ii) immediately after such transaction, no Default or Event of Default exists. 

Notwithstanding the foregoing: (A) any Restricted Subsidiary may consolidate or amalgamate with, merge into or transfer all or part of
its properties and assets to the Company or any Note Guarantor and (B) the Company may merge or amalgamate with an Affiliate of the Company solely for the purpose of reincorporating the Company in another jurisdiction within the United States
of America, any state thereof or the District of Columbia or Canada or any province thereof or converting the Company into a limited liability company organized under the United States of America, any state thereof or the District of Columbia or
Canada or any province thereof (provided that a co-obligor of the Securities is a corporation). 
 Section 5.2 Successor
Substituted. Upon any consolidation of the Company with, or merger or amalgamation of the Company into, any other Person or any conveyance, transfer or lease of all or substantially all of the properties and assets of the Company in accordance
with Section 5.1 hereof, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities. 
 ARTICLE 6 

DEFAULT AND REMEDIES 

Section 6.1 Events of Default. Each of the following is an “Event of Default”: 

(a) default in the payment of any principal of (including, without limitation, any premium, if any, on) the Securities when the same becomes
due and payable (whether at maturity, upon a Redemption Date, Change of Control Purchase Date, Purchase Date or otherwise); 
 (b) default
in the payment of any interest payable on the Securities when the same becomes due and payable and the Default continues for a period of 30 days; 

(c) failure by the Company or any of its Restricted Subsidiaries 

(i) to comply with any of the provisions of Section 3.8, 3.14 or 4.14 of this Indenture, which failure remains uncured for
30 days after notice; or 
 (ii) to comply with the provisions described in Section 5.1 of this Indenture; 

(d) the Company or any of its Restricted Subsidiaries fails to comply with any of the other covenants contained in the Securities or this
Indenture and the Default continues for 60 days after notice 

  
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to the Company from the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding; 

(e) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after
the date of this Indenture, if that default: 
 (i) is caused by a failure to pay principal when due on such Indebtedness
within any applicable grace period provided in such Indebtedness (a “Payment Default”); or 
 (ii) results
in the acceleration of such Indebtedness prior to its express maturity, 
 and, in each case, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $250.0 million or more; 

(f) failure by the Company or any of its Restricted Subsidiaries to pay final non-appealable judgments aggregating in excess of $250.0
million, which judgments are not paid, discharged, stayed or subject to insurance for a period of 60 days after becoming final; 
 (g) any
Note Guarantee by a Significant Subsidiary ceases to be in full force and effect in all material respects (except as contemplated by the terms thereof) or any Note Guarantor that is a Significant Subsidiary denies or disaffirms such Note
Guarantor’s obligations under this Indenture or any Note Guarantee and such Default continues for 10 days after receipt of the notice as specified in this Indenture; 

(h) the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a
voluntary case or proceeding; 
 (ii) consents to the entry of an order for relief against it in an involuntary case or
proceeding; 
 (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property; or

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

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

(i) is for relief against the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case or proceeding; 
 (ii)
appoints a Custodian of the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property
of the Company, 

  
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any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or 

(iii) orders the liquidation of the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; 
 and in each case the order or decree described in this clause
(i) remains unstayed and in effect for 60 consecutive days. 
 Any notice given pursuant to Section 6.1(d) hereof must be in
writing and must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” When any Default under this Section 6.1 is cured, it ceases. 

Section 6.2 Acceleration. If an Event of Default (other than an Event of Default specified in clause (h) or (i) of
Section 6.1 hereof with respect to the Company) occurs and is continuing, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding may, by notice to the Company
and the Trustee, declare all unpaid principal to the date of acceleration on the Securities then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and payable.
If an Event of Default specified in clause (h) or (i) of Section 6.1 hereof with respect to the Company occurs, all unpaid principal (including, without limitation, any premium, if any, then outstanding), and accrued interest, if any,
on the Securities then outstanding shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in aggregate principal amount of the
Securities then outstanding by notice to the Trustee may rescind an acceleration and its consequences if (a) all existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such
declaration of acceleration, have been cured or waived; (b) to the extent the payment of such interest is lawful, interest at a rate of 1% per annum over the amount of interest otherwise payable on such Securities on overdue installments
of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; (c) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (d) all
payments due to the Trustee and any predecessor Trustee under Section 7.7 hereof have been made. No such rescission shall affect any subsequent default or impair any right consequent thereto. 

Section 6.3 Other Remedies. If an Event of Default occurs and is continuing, the Trustee may, but shall not be obligated to,
pursue any available remedy by proceeding at law or in equity to collect the payment of the principal of or interest on the Securities or to enforce the performance of any provision of such Securities or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Securityholder 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 to the extent permitted by law. 
 Section 6.4 Waiver of Defaults and
Events of Default. Subject to Sections 6.7 and 9.2 hereof, the Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may waive an existing Default or Event of Default and its
consequences, except a Default or Event of Default in the payment of the principal of, premium, if any, or interest on any Securities when due or any Default or Event of Default in respect of any provision of this Indenture or the

  
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Securities which, under Section 9.2 hereof, cannot be modified or amended without the consent of the Holder of each Security affected (with respect to any Securities held by a non-consenting
Holder). When a Default or Event of Default is waived, it is cured and ceases. 
 Section 6.5 Control by Majority. The Holders
of a majority in aggregate principal amount of the Securities then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy or power available to the Trustee or exercising any trust or power conferred
on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of another Holder of Securities or the Trustee, or that may involve the
Trustee in personal liability unless the Trustee is offered indemnity satisfactory to it; provided, however, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

Section 6.6 Limitations on Suits. A Holder may not pursue any remedy with respect to this Indenture or the Securities (except
actions for payment of overdue principal, premium, if any, or interest) unless: 
 (a) the Holder gives to the Trustee
written notice of a continuing Event of Default; 
 (b) the Holders of at least 25% in aggregate principal amount of the then
outstanding Securities make a written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer to the
Trustee reasonable indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not
comply with the request within 60 days after receipt of the request and the offer of indemnity; and 
 (e) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Securities. 

Section 6.7 Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
of a Security to receive payment of the principal of, or interest on the Security, on or after the respective due dates expressed in the Security and this Indenture and 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 6.8
Collection Suit by Trustee. If an Event of Default in the payment of principal or interest specified in clause (a) or (b) of Section 6.1 hereof occurs and is continuing with respect to any Securities, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount of principal and accrued interest remaining unpaid, together with, to the extent that payment of such interest
is lawful, interest on overdue principal and overdue installments of interest, in each case at a rate equal to the interest rate then in effect on such Security plus 1% per annum and such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.9 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the 

  
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Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its creditors or its property and shall be
entitled and empowered to collect and receive any money or other property payable or deliverable on any such claims and to distribute the same, 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 7.7 hereof, and to the extent that such payment of the reasonable compensation, expenses, disbursements and advances in any such proceedings shall be denied
for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other property which the Holders may be entitled to receive in such proceedings, whether in
liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to, or, on behalf of any Holder, to authorize, accept or adopt any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following
order: 
 First, to the Trustee for amounts due under Section 7.7 hereof; 

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

Third, the balance, if any, to the Company. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not
apply to a suit made by the Trustee, a suit by a Holder pursuant to Section 6.7 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the Securities then outstanding. 

ARTICLE 7 
 TRUSTEE 

Section 7.1 Duties of Trustee. 

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

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

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

(B) 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. The Trustee, however, shall examine any certificates and opinions which by any provision
hereof are specifically required to be delivered to the Trustee to determine whether or not they conform to the requirements of this Indenture (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: 
 (A) this paragraph does not limit the effect of subsection (b) of this
Section 7.1; 
 (B) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (C) the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5 hereof. 

(d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of any of its rights or powers unless the Trustee shall have received satisfactory indemnity in its opinion against potential costs and liabilities incurred by it relating thereto. 

(e) Every provision of this Indenture that in any way relates to the Trustee is subject to subsections (a), (b), (c) and (d) of this
Section 7.1. 
 (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 Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.2 Rights of Trustee. Subject to Section 7.1 hereof: 

(a) The Trustee may rely conclusively on any document believed by it to be genuine and to have been signed or presented by the
proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or
refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel (or both), which shall conform to Section 11.4(b) hereof. The Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through its agents and shall
not be responsible for the misconduct or negligence of any agent appointed with due care. 

  
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 (d) The Trustee shall not be liable for any action it takes or omits to take in
good faith which it believes to be authorized or within its rights or powers. 
 (e) 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 in respect of any such action taken, omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel. 
 (f) The Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of any event which
is in fact such a default is received by the Trustee at the Corporate Trust Office, and such notice references the Securities and this Indenture. 

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

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

(k) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its 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 and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 Section 7.3 Individual Rights of
Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any
Agent may do the same with like rights. However, the Trustee is subject to Sections 7.10 and 7.11 hereof. 

  
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 Section 7.4 Trustee’s Disclaimer. The Trustee makes no representation as to the
validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its certificate of
authentication. 
 Section 7.5 Notice of Default or Events of Default. If a default or an Event of Default occurs and is
continuing and if it is known to the Trustee, the Trustee shall notify each Securityholder of the Default or Event of Default within 90 days after it is known by the Trustee. However, the Trustee may withhold the notice if and so long as a committee
of its Trust Officers in good faith determines that withholding notice is in the interests of Securityholders, except in the case of a Default or an Event of Default in payment of the principal (including premium, if any) of or interest on any
Security. 
 Section 7.6 [RESERVED] 

Section 7.7 Compensation and Indemnity. The Company shall pay to the Trustee from time to time such compensation (as agreed to
from time to time by the Company and the Trustee in writing) for its services (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall reimburse the Trustee
upon request for all reasonable disbursements, expenses and advances incurred or made by it. Such expenses may include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

Each of the Company and each Guarantor, jointly and severally, shall indemnify the Trustee or any predecessor Trustee (which for purposes of
this Section 7.7 shall include its officers, directors, employees and agents) for, and hold it harmless against, any and all loss, liability or expense including taxes (other than taxes based upon, measured by or determined by the income of the
Trustee), (including reasonable legal fees and expenses) incurred by it in connection with the acceptance or administration of its duties under this Indenture or any action or failure to act as authorized or within the discretion or rights or powers
conferred upon the Trustee hereunder including the reasonable costs and expenses of the Trustee and its counsel in defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties
hereunder. The Trustee shall notify the Company promptly of any claim asserted against the Trustee for which it may seek indemnity. The Company need not pay for any settlement effected without its prior written consent, which shall not be
unreasonably withheld. 
 The Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability
determined by a court of competent jurisdiction to have been caused by its own gross negligence or willful misconduct. 
 To secure the
Company’s payment obligations in this Section 7.7, the Trustee shall have a senior claim to which the Securities are hereby made subordinate on all money or property held or collected by the Trustee, except such money or property held in
trust to pay the principal of and interest on the Securities. The obligations of the Company under this Section 7.7 shall survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee. 

When the Trustee incurs expenses or renders services after an Event of Default specified in clause (h) or (i) of Section 6.1
hereof occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law to the extent permitted by law. The provisions of this Section shall survive the termination of this
Indenture. 
 Section 7.8 Replacement of Trustee. The Trustee may resign by so notifying the Company. The Holders of a majority
in aggregate principal amount of the Securities then outstanding may remove 

  
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the Trustee by so notifying the Trustee and may, with the Company’s written consent, appoint a successor Trustee. The Company may remove the Trustee if: 

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

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

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

(d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company shall promptly appoint a
successor Trustee. The resignation or removal of a Trustee shall not be effective until a successor Trustee shall have delivered the written acceptance of its appointment as described below. 

If a successor Trustee does not take office within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company
or the Holders of 10% in principal amount of the Securities then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Company. 

If the Trustee fails to comply with Section 7.10 hereof, 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 Company. Immediately after that, the retiring Trustee, upon payment of its charges hereunder, shall transfer all property held by it as Trustee to the successor Trustee and be released from its obligations (exclusive of
any liabilities that the retiring Trustee may have incurred while acting as Trustee) hereunder, 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. 
 A retiring Trustee shall not be
liable for the acts or omissions of any successor Trustee after its succession. 
 Notwithstanding replacement of the Trustee pursuant to
this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.9 Successor Trustee by Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust assets (including the administration of this Indenture) to, another corporation, the resulting, surviving or transferee corporation, without any further act, shall be the successor Trustee, provided
such transferee corporation shall qualify and be eligible under Section 7.10 hereof. Such successor Trustee shall promptly mail notice of its succession to the Company and each Holder. 

Section 7.10 Eligibility; Disqualification. The Trustee shall always satisfy the requirements of paragraphs (1), (2) and
(5) of TIA Section 310(a). The Trustee (or its parent holding company) shall have a combined capital and surplus of at least $50,000,000. If at any time the Trustee shall cease to satisfy any such requirements, it shall resign immediately
in the manner and with the effect specified in this Article 7. The Trustee shall be subject to the provisions of TIA Section 310(b). 

  
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 Section 7.11 Preferential Collection of Claims Against the Company. The Trustee shall
comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 

ARTICLE 8 
 DEFEASANCE;
SATISFACTION AND 
 DISCHARGE OF INDENTURE 

Section 8.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect, and the Trustee, on
demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 

(a) either 

(i) all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 2.7 hereof and (ii) Securities for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company as provided in Section 8.5 hereof)
have been delivered to the Trustee for cancellation; or 
 (ii) all Securities not theretofore delivered to the Trustee for
cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be irrevocably deposited cash in U.S.
dollars, non-callable Government Securities or a combination thereof with the Trustee or a Paying Agent (other than the Company or any of their Affiliates) as trust funds in trust for the purpose of and in an amount sufficient, without consideration
of any reinvestment of interest, to pay and discharge the entire indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and accrued interest to the date of maturity or redemption,
provided that with respect to any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purpose of this Indenture to the extent that an amount is deposited with the Trustee equal to the
Applicable Premium calculated by the Company as of the date of the notice of redemption, with any Applicable Premium deficit only required to be deposited with the Trustee on or prior to the date of redemption; 

(b) no Default or Event of Default has occurred and is continuing on the date of the deposit or will occur as a result of the
deposit and the deposit will not result in a breach or violation of or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound, and as to which the rights of the other parties thereto are
senior to those of the Holders; 
 (c) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; 
 (d) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward payment
of the Securities at maturity or Redemption Date, as the case may be; and 

  
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 (e) the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7 hereof
shall survive and, if cash in U.S. dollars, non-callable Government Securities or a combination thereof shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section, the provisions of Sections 2.3,
2.4, 2.5, 2.6, 2.7, 2.12, 4.2 and 7.8, this Article 8 and Section 11.5, shall survive until the Securities have been paid in full. 

Section 8.2 Legal Defeasance. The Company and the Note Guarantors shall be deemed to have paid and will be discharged from any and
all obligations in respect of this Indenture and the Securities and the related Note Guarantees on the date of the deposit referred to in clause (a) of this Section 8.2, and the provisions of this Indenture shall no longer be in effect
(“Legal Defeasance”), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same, except for the following provisions, which shall survive until otherwise terminated or discharged
hereunder: (i) the rights of Holders of outstanding Securities to receive solely from the trust fund described in clause (a) below payments in respect of the principal of, premium, if any, and interest on the Securities when such payments
are due, (ii) the Company’s obligations under Article 2 and Section 4.2 hereof, (iii) the rights, powers, trusts, duties, indemnities and immunities of the Trustee hereunder, including, without limitation, Section 7.7 hereof
and the Company’s obligations in connection therewith and (iv) this Section 8.2. Subject to compliance with this Section 8.2, the Company may exercise its option under this Section 8.2 notwithstanding the prior exercise of
its option under Section 8.3 hereof. The following conditions shall apply to Legal Defeasance: 
 (a) the Company shall
have irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of the Securities, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of, or interest and premium, if any, on the outstanding Securities on the Stated Maturity or on the applicable Redemption Date, as the case may be, and the Company must specify
whether the Securities are being defeased to their Stated Maturity or to a particular Redemption Date; 
 (b) the Company
shall have delivered to the Trustee an Opinion of Counsel (based on a ruling received from or published by the United States Internal Revenue Service or a change in the applicable U.S. federal income tax law since the date of this Indenture) in the
United States reasonably acceptable to the Trustee to the effect that the Beneficial Owners will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) the Company shall have delivered to the Trustee either (i) an Opinion of Counsel in Canada reasonably acceptable to
the Trustee to the effect that, based upon Canadian law then in effect, the Beneficial Owners of the outstanding Securities will not recognize income, gain or loss for Canadian federal, provincial or territorial or other tax purposes, as a result of
such Legal Defeasance and will be subject to Canadian taxes on the same amounts and in the same manner and at the same time as would have been the case if such Legal Defeasance had not occurred or (ii) a ruling directed to the Trustee received
from tax authorities of Canada to the same effect as the Opinion of Counsel described in clause (i) above; 

  
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 (d) no Default or Event of Default shall have occurred and be continuing on the
date of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(e) the Legal Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or
instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; and 

(f) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance have been complied with. 
 After any such irrevocable deposit, the Trustee upon
request shall acknowledge in writing the discharge of the Company’s obligations under the Securities and this Indenture except for those surviving obligations in the immediately preceding paragraph. 

Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.2(b) hereof with respect to a Legal Defeasance need not be
delivered if all Securities not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable upon maturity or redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 Section 8.3
Covenant Defeasance. The Company may omit to comply with any term, provision or condition set forth in clause (iv) of Section 5.1(a) hereof, and the Company and its Restricted Subsidiaries may omit to comply with any term, provision
or condition set forth in Section 3.8, Section 4.3, Sections 4.8 through 4.17 hereof and any breach of clauses (c), (d), (e), (f) or (g), or with respect to Significant Subsidiaries only, clauses (h) or (i) under
Section 6.1 hereof shall be deemed not to be an Event of Default on the date of deposit referred to in clause (a) of this Section 8.3 (“Covenant Defeasance”), if in each case: 

(a) the Company shall have irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of the Securities,
cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium, if
any, on the outstanding Securities on the Stated Maturity or on the applicable Redemption Date, as the case may be, and the Company must specify whether the Securities are being defeased to their Stated Maturity or to a particular Redemption Date;

 (b) the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to
such Trustee confirming that the Beneficial Owners of the outstanding Securities 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; 

(c) the Company shall have delivered to the Trustee either (i) an Opinion of Counsel in Canada reasonably acceptable to
the Trustee to the effect that, based upon Canadian law then in effect, the Beneficial Owners of the outstanding Securities will not recognize income, gain or loss for Canadian federal, provincial or territorial or other tax purposes, as a result of
such Covenant Defeasance and will be subject to Canadian taxes on the same amounts and in the same 

  
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manner and at the same time as would have been the case if such Covenant Defeasance had not occurred or (ii) a ruling directed to the Trustee received from tax authorities of Canada to the
same effect as the Opinion of Counsel described in clause (i) above; 
 (d) no Default or Event of Default shall have
occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(e) the Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement
or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; and 

(f) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Covenant Defeasance 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 Securities when due, then the obligations of the Company and the Note Guarantors under this Indenture will be revived and no such defeasance will be deemed to have
occurred. 
 Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.3(b) hereof with respect to a Covenant
Defeasance need not be delivered if all Securities not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable upon maturity or redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 

Section 8.4 Application of Trust Money. Subject to the provisions of Section 8.5 hereof, the Trustee or a Paying Agent shall
hold in trust, for the benefit of the Holders of Securities, all money deposited with it pursuant to Section 8.1, 8.2 or 8.3 hereof and shall apply the deposited money in accordance with this Indenture and the Securities to the payment of the
principal of and interest on the Securities. 
 Section 8.5 Repayment to the Company. The Trustee and each Paying Agent shall
promptly pay to the Company upon request any excess money (i) deposited with them pursuant to Section 8.1, 8.2 or 8.3 hereof and (ii) held by them at any time. 

The Trustee and each Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that
remains unclaimed for two years after a right to such money has matured; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Company cause to be mailed to
each Holder entitled to such money notice that such money remains unclaimed and that after a date specified therein, which shall be at least 30 days from the date of such mailing, any unclaimed balance of such money then remaining will be repaid to
the Company. After payment to the Company, Holders entitled to money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 

Section 8.6 Reinstatement. If the Trustee or any Paying Agent is unable to apply any money in accordance with Section 8.5
hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the
Securities shall be revived and 

  
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reinstated as though no deposit had occurred pursuant to Section 8.1, 8.2 or 8.3 hereof until such time as the Trustee or such Paying Agent is permitted to apply all such money or Government
Securities in accordance with Section 8.4 hereof; provided, however, that if the Company has made any payment of the principal of or interest on any Securities because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive any such payment from the money or Government Securities held by the Trustee or such Paying Agent. 

ARTICLE 9 
 AMENDMENTS,
SUPPLEMENTS AND WAIVERS 
 Section 9.1 Without Consent of Holders. The Company and the Trustee may amend or supplement this
Indenture or the Securities without notice to or consent of any Holder: 
 (a) to comply with Section 5.1 hereof; 

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

(c) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(d) to provide for the assumption of the Company’s or any Note Guarantor’s obligations to Holders of Securities in
the case of a consolidation or merger or sale of all or substantially all of the Company’s or a Note Guarantor’s assets; 

(e) to make any change that would provide any additional rights or benefits to the Holders of Securities or that does not
adversely affect the legal rights under this Indenture of any such Holder; 
 (f) to comply with requirements of the SEC in
order to effect or maintain the qualification of this Indenture under the TIA; 
 (g) to conform the text of this Indenture
or the Securities to any provision of the section of the Offering Memorandum dated January 15, 2015 captioned “Description of the Notes” to the extent that such provision was intended to be a verbatim recitation of a provision of this
Indenture or the Securities; 
 (h) to provide for the issuance of Additional Securities in accordance with the limitations
set forth in this Indenture as of the date hereof; 
 (i) to add additional Note Guarantees with respect to the Securities or
to confirm and evidence the release, termination or discharge of any Note Guarantee with respect to such Securities when such release, termination or discharge is permitted under this Indenture; or 

(j) to appoint a successor Trustee. 

Section 9.2 With Consent of Holders. The Company and the Trustee may amend or supplement this Indenture with respect to the
Securities with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Securities). The Holders of at least a majority in aggregate principal amount of the Securities then outstanding may waive 

  
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compliance in a particular instance by the Company with any provision of this Indenture or the Securities without notice to any Holder (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Securities). However, notwithstanding the foregoing but subject to Section 9.4 hereof, without the written consent of each Holder of Securities affected hereby, an amendment,
supplement or waiver, including a waiver pursuant to Section 6.4 hereof, may not (with respect to any Securities held by a non-consenting Holder): 

(a) reduce the principal amount of such Securities whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the principal of or change the Stated Maturity of any such Security or alter the provisions with respect to the
redemption of such Securities (excluding, for the avoidance of doubt, provisions relating to Sections 3.8, 3.14 and 4.14); 

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

(d) make any such Security payable in money other than U.S. dollars; 

(e) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of such
Securities to receive payments of principal of, or interest or premium, if any, on such Securities; 
 (f) waive a redemption
payment with respect to any such Security (excluding, for the avoidance of doubt, a payment required by Sections 3.8, 3.14 and 4.14); 

(g) impair the right to institute suit for the enforcement of any payment on or with respect to such Securities; 

(h) modify the Note Guarantees with respect to such Securities in any manner adverse to the Holders of such Securities; or 

(i) make any change in the preceding amendment and waiver provisions with respect to such Securities. 

In addition, except as set forth in Article 10 of this Indenture, without the consent of Holders of at least 66 2/3% in principal amount of
the Securities then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities), no amendment or supplement may release the Note Guarantees. 

It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 Section 9.3 Notice of Amendment,
Supplement or Waiver. After an amendment, supplement or waiver under Section 9.1 or Section 9.2 becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver.
Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 

Section 9.4 Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a
Holder is a continuing consent by the Holder and every subsequent 

  
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Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses
(a) through (i) of Section 9.2 hereof. In that case the amendment, supplement or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the
same debt as the consenting Holder’s Security. 
 Section 9.5 Notation on or Exchange of Securities. If an amendment,
supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder.
Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. 

Section 9.6 Trustee to Sign Amendments, Etc. The Trustee shall sign any amendment or supplemental indenture authorized pursuant to
this Article 9 if the amendment or supplemental indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, in its sole discretion, but need not sign it. In signing or refusing to
sign such amendment or supplemental indenture, the Trustee shall be provided with and, subject to Section 7.1 hereof, shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate stating that such amendment
or supplemental indenture is authorized or permitted by this Indenture and all conditions precedent in this Indenture to such execution have been complied with. The Company may not sign an amendment or supplemental indenture until its Board of
Directors approves it in writing. 
 Section 9.7 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby. 
 ARTICLE 10 

NOTE GUARANTEES 

Section 10.1 Note Guarantees. 

(a) Each of the Note Guarantors, jointly and severally, hereby unconditionally Guarantees to each Holder of a Security authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Securities or the obligations of the Company hereunder or thereunder that: (i) the due and
punctual payment of principal, premium and interest on the Securities shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, (ii) the due and punctual payment of interest on the overdue principal
of and interest on the Securities, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee under this Indenture or any Security shall be promptly paid in full or performed, all in accordance with the terms hereof
and thereof, and (iii) in case of any extension of time of payment or renewal of any Securities or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration pursuant to Section 6.2 hereof or otherwise. Failing payment when due of any amount so 

  
 -78- 

 
guaranteed or any performance so guaranteed for whatever reason, the Note Guarantors shall be jointly and severally obligated to pay the same immediately. Each Note Guarantor shall agree that
this is a Guarantee of payment and not a Guarantee of collection. 
 (b) Each of the Note Guarantors hereby agrees that its obligations with
regard to its Guarantee shall be joint and several, unconditional, irrespective of the validity or enforceability of the Securities or the obligations of the Company under this Indenture, the absence of any action to enforce the same, the recovery
of any judgment against the Company or any other obligor with respect to this Indenture, the Securities or the obligations of the Company under this Indenture or the Securities, any action to enforce the same or any other circumstances (other than
complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Note Guarantor. Each Note Guarantor further, to the extent permitted by law, shall waive and relinquish all claims, rights and remedies accorded by
applicable law to guarantors and shall agree not to assert or take advantage of any such claims, rights or remedies, including but not limited to: (i) any right to require any of the Trustee, the Holders or the Company (each a
“Benefited Party”), as a condition of payment or performance by such Note Guarantor, to (A) proceed against the Company, any other guarantor (including any other Note Guarantor) of the obligations under the Note Guarantees or
any other person, (B) proceed against or exhaust any security held from the Company, any such other guarantor or any other person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any
Benefited Party in favor of the Company or any other person, or (D) pursue any other remedy in the power of any Benefited Party whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability or other
defense of the Company including any defense based on or arising out of the lack of validity or the unenforceability of the obligations under the Note Guarantees or any agreement or instrument relating thereto or by reason of the cessation of the
liability of the Company from any cause other than payment in full of the obligations under the Note Guarantees; (iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in
amount nor in other respects more burdensome than that of the principal; (iv) any defense based upon any Benefited Party’s errors or omissions in the administration of the obligations under the Note Guarantees, except behavior which
amounts to bad faith; (v) (A) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of the Note Guarantees and any legal or equitable discharge of such Note Guarantor’s
obligations hereunder and under its Note Guarantee, (B) the benefit of any statute of limitations affecting such Note Guarantor’s liability hereunder and under its Note Guarantee or the enforcement hereof and thereof, (C) any rights
to set-offs, recoupments and counterclaims and (D) promptness, diligence and any requirement that any Benefited Party protect, secure, perfect or insure any security interest or lien or any property subject thereto; (vi) notices, demands,
presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of the Note Guarantees, notices of default under the Securities or any agreement or instrument related thereto, notices of
any renewal, extension or modification of the obligations under the Note Guarantees or any agreement related thereto, and notices of any extension of credit to the Company and any right to consent to any thereof; (vii) to the extent permitted
under applicable law, the benefits of any “One Action” rule; and (viii) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with
the terms of the Note Guarantees. Except as set forth in Section 10.5, each Note Guarantor shall covenant that its Note Guarantee shall not be discharged except by complete performance of the obligations contained in its Note Guarantee and this
Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Note Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Note Guarantors, any amount paid to either the Trustee or such Holder, any Guarantee, to the extent theretofore discharged, shall be reinstated
in full force and effect. 

  
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 (d) Each Note Guarantor shall agree that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Note Guarantor shall further agree that, as between the Note Guarantors, on the one hand, and the Holders and
the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 6.2 hereof for the purposes of any Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby and (ii) in the event of any declaration of acceleration of such obligations as provided in Section 6.2 hereof, such obligations (whether or not due and payable)
shall forthwith become due and payable by the Note Guarantors for the purpose of any such Guarantee. The Note Guarantors shall have the right to seek contribution from any non-paying Note Guarantor so long as the exercise of such right does not
impair the rights of the Holders under the applicable Guarantee. 
 Section 10.2 Execution and Delivery of Note Guarantees. To
evidence its Guarantee set forth in Section 10.1 hereof, each Note Guarantor hereby agrees that a notation of such Note Guarantee substantially in the form of Exhibit B hereto or, in the case of a Note Guarantor organized under the laws of
Canada or any province or territory thereof, a Canadian Note Guarantee, shall be endorsed by an officer of such Note Guarantor on each Security authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such
Note Guarantor by any of its Officers. Each of the Note Guarantors, jointly and severally, hereby agrees that its Guarantee set forth in Section 10.1 hereof shall remain in full force and effect notwithstanding any failure to endorse on each
Security a notation of such Note Guarantee. If an officer or Officer whose signature is on this Indenture or on the Note Guarantee of a Note Guarantor no longer holds that office at the time the Trustee authenticates the Security on which the Note
Guarantee of such Note Guarantor is endorsed, the Note Guarantee of such Note Guarantor shall be valid nevertheless. The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note
Guarantees set forth in this Indenture on behalf of the Note Guarantors. 
 Section 10.3 Limitation on Note Guarantor Liability.
Each Note Guarantor shall confirm, and by its acceptance of Securities, each Holder hereby confirms, that it is the intention of all such parties that any Guarantee of such Note Guarantor not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar applicable law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee and the Holders
irrevocably agree, and the Note Guarantors shall irrevocably agree, that the obligations of such Note Guarantor under this Article 10 shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Note Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Note Guarantor in respect of the
obligations of such other Note Guarantor under this Article 10, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 

Section 10.4 Merger and Consolidation of Note Guarantors. 

(a) In case of any sale or other disposition, consolidation, amalgamation, merger, sale or conveyance and upon the assumption by the successor
person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Securities and the due and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Note Guarantor, such successor person shall succeed to and be substituted for the Note Guarantor with the same effect as if it had been named herein as a Note Guarantor. Such successor person thereupon may cause to
be signed any or all of the Note Guarantees to be endorsed upon all of the Securities available hereunder which theretofore shall not have been signed by the Company and 

  
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delivered to the Trustee. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter
issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 

(b) Except as set forth in Articles 4 and 5 hereof, and notwithstanding clause (a) of this Section 10.4, nothing contained in this
Indenture or in any of the Securities shall prevent any consolidation, amalgamation or merger of a Note Guarantor with or into the Company or another Note Guarantor, or shall prevent any sale or conveyance of the property of a Note Guarantor as an
entirety or substantially as an entirety to the Company or another Note Guarantor. 
 Section 10.5 Release. 

(a) In the event (i) of a sale or other disposition of all or substantially all of the assets of any Note Guarantor, by way of merger,
amalgamation, consolidation or otherwise, or a sale or other disposition of all the Equity Interests of any Note Guarantor then held by the Issuer and its Restricted Subsidiaries to a person that is not (either before or after giving effect to such
transactions) a Subsidiary of the Company, in each case so long as the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.14 hereof,
(ii) of a designation by the Company of any Restricted Subsidiary that is a Note Guarantor as an Unrestricted Subsidiary in accordance with the definition thereof or in the event that such Note Guarantor ceases to be a Restricted Subsidiary in
accordance with the provisions of this Indenture, (iii) upon the release or discharge of any Guarantee in respect of any Indebtedness that resulted in the issuance after the Issue Date of the Note Guarantee by such Note Guarantor or
(iv) the Company discharges this Indenture under Section 8.1 or exercises its legal or covenant defeasance options under Section 8.2 or 8.3, respectively, such Note Guarantor shall be released and relieved of any obligations under its
Note Guarantee without any further action being required by the Trustee or any Holder. If the Company discharges this Indenture under Section 8.1 or exercises its legal or covenant defeasance options under Section 8.2 or 8.3,
respectively, each Note Guarantor shall be released and relieved of any obligations under its Note Guarantee without any further action being required by the Trustee or any Holder. 

(b) Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or
other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.8 hereof, the Trustee shall execute any documents reasonably required in order to evidence the release of any
Note Guarantor from its obligations under its Guarantee. 
 (c) Any Note Guarantor not released from its obligations under its Note
Guarantee shall remain liable for the full amount of principal of and interest on the Securities and for the other obligations of any Note Guarantor under this Indenture as provided in this Article 10. 

Section 10.6 Canadian Note Guarantee. The Company confirms that each Canadian Note Guarantor has delivered a duly executed
Canadian Note Guarantee to the Trustee for the benefit of the Holders. 
 ARTICLE 11 

MISCELLANEOUS 
 Section 11.1
Certain Trust Indenture Act Sections. 

  
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 The Company shall comply with Sections 314(a)(4), 314(c) and 314(e) of the TIA. 

Section 11.2 Notices. Any demand, authorization notice, request, consent or communication shall be given in writing and delivered
in person or mailed by first-class mail, postage prepaid, addressed as follows or transmitted by facsimile transmission (confirmed by delivery in person or mail by first-class mail, postage prepaid, or by guaranteed overnight courier) to the
following facsimile numbers: 
 If to the Company, to: 

Valeant Pharmaceuticals International, Inc. 

400 Somerset Corporate Boulevard 

Bridgewater, NJ 08807 

Attention: Corporate Secretary 

Facsimile No.: (949) 461-6661 

With a copy to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 

New York, New York 10036 

Attention: Michael Zeidel 

Facsimile No.: (212) 735-3259 

If to the Trustee, to: 

The Bank of New York Mellon Trust Company, N.A. 

400 South Hope Street, Suite 400 

Los Angeles, CA 90071 

Attn: Corporate Trust Unit 

Facsimile No.: (213) 630-6298 

Such notices or communications shall be effective when received. 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication mailed to a Holder shall be mailed by first-class mail or delivered by an overnight delivery service to it 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 is duly given, whether or not the addressee receives it. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods (including pdf files). If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to
act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. 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. The party providing electronic instructions agrees to assume all risks

  
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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. 
 Notwithstanding anything to the contrary contained herein, as long as the
Securities are in the form of a Global Security, notice to the Holders may be made electronically in accordance with procedures of the Depositary. 

Section 11.3 Communications by Holders With Other Holders. Securityholders may communicate pursuant to TIA Section 312(b)
with other Securityholders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and any other person shall have the protection of TIA Section 312(c). 

Section 11.4 Certificate and Opinion of Counsel as to Conditions Precedent. 

(a) Upon any request or application by the Company to the Trustee to take any action under this Indenture other than the initial issuance of
the Securities and the Note Guarantees, the Company shall furnish to the Trustee at the request of the Trustee: 
 (A) an
Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent (including any covenants, compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed
action have been complied with; and 
 (B) an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent (including any covenants, compliance with which constitutes a condition precedent) have been complied with. 
 (b) Each
Officers’ Certificate and Opinion of Counsel with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

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

(B) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (C) a statement that, in the opinion of such person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(D) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; 

provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of
public officials. 
 Section 11.5 Record Date for Vote or Consent of Holders. The Company (or, in the event deposits have
been made pursuant to Section 8.1, 8.2 or 8.3 hereof, the Trustee) may set a record date for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this
Indenture, which record date shall not be more than thirty (30) days prior to the date of the commencement of solicitation of such action. Notwithstanding the provisions 

  
 -83- 

 
of Section 9.4 hereof, if a record date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly designated proxies), and only those
persons, shall be entitled to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date. 

Section 11.6 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules (not inconsistent with the terms
of this Indenture) for action by or at a meeting of Holders. Any Registrar or Paying Agent may make reasonable rules for its functions. 

Section 11.7 Legal Holidays. A “Legal Holiday” is a Saturday, Sunday or a day on which state or federally
chartered banking institutions in New York, New York and the state in which the Corporate Trust Office is located are not required to be open. If a payment date, including any Redemption Date, Purchase Date, Change of Control Purchase Date and Final
Maturity Date, is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period on such payment. If an interest record date is a Legal Holiday, the record date
shall not be affected. 
 Section 11.8 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) This Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York, without
regard to principles of conflicts of laws. 
 (b) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or
United States Federal court sitting in The City of New York over any suit, action or proceeding arising out of or relating to this Indenture. The Company irrevocably waives, to the fullest extent permitted by law, any objection which it may now or
hereafter have to the laying of venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. 

(c) EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 11.9 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 11.10 No Recourse Against Others. All liability described in paragraph 13 of the Form of the Securities attached hereto as
Exhibit A of any director, officer, employee or shareowner, as such, of the Company or any Note Guarantor is waived and released. 

Section 11.11 Successors. All agreements of the Company in this Indenture and the Securities shall bind their successors. All
agreements of the Trustee in this Indenture shall bind its successor. 
 Section 11.12 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 the same agreement. 

  
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 Section 11.13 Separability. In case any provisions in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 11.14 Table of Contents, Headings, etc. The table of contents 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 11.15 Calculations in Respect of the Securities. The Company and its agents shall make all calculations under this
Indenture and the Securities in good faith. In the absence of manifest error, such calculations shall be final and binding on all Holders. The Company shall provide a copy of such calculations to the Trustee as required hereunder. 

Section 11.16 Agent for Service and Waiver of Immunities. By the execution and delivery of this Indenture, the Company and each
Note Guarantor that is not a Domestic Subsidiary, within 10 days of becoming a Note Guarantor that is not a Domestic Subsidiary, as applicable, will (i) acknowledge that they will designate and appoint CT Corporation or another Person
satisfactory to the Trustee (the “Authorized Agent”), as their authorized agent upon whom process may be served in any suit or proceeding arising out of or relating to this Indenture or the Securities that may be instituted in any
federal or state court in the State of New York or brought under federal or state securities laws, and acknowledge that the Authorized Agent has accepted such designation, (ii) submit to the jurisdiction of any such court in any such suit or
proceeding, and (iii) agree that service of process upon the Authorized Agent and written notice of said service to the Company or the Note Guarantor that is not a Domestic Subsidiary, as applicable, in accordance with Section 11.2 shall
be deemed effective service of process in any such suit or proceeding. The Company and each Note Guarantor that is not a Domestic Subsidiary further agrees to take any reasonable action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and appointment of the Authorized Agent in full force and effect so long as any of the Securities shall be outstanding; provided, however, that the Company and
each Note Guarantor that is not a Domestic Subsidiary, as applicable, may, by written notice to the Trustee, designate such additional or alternative agent for service of process under this Section 11.16 that (i) maintains an office
located in the Borough of Manhattan, The City of New York, in the State of New York, (ii) is either (x) counsel for the Company or such Note Guarantor, as applicable or (y) a corporate service company which acts as agent for service
of process for other persons in the ordinary course of its business and (iii) agrees to act as agent for service of process in accordance with this Section 11.16. Such written notice shall identify the name of such agent for process and
the address of the office of such agent for process in the Borough of Manhattan, The City of New York, State of New York. Upon the written request of any Holder, the Trustee shall deliver a copy of such notice to such Holder. 

Section 11.17 Judgment Currency. The Company and each Note Guarantor shall indemnify each Holder and each Person, if any, who
controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any loss incurred by such party as a result of any judgment or order being given or made against the Company or any Note
Guarantor for any U.S. dollar amount due under this Indenture and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars and as a result of any variation as between
(i) the rate of exchange at which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York at which such party on the date of
payment of such judgment or order is able to purchase U.S. dollars with the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency to purchase U.S. dollars upon such party’s
receipt thereof. The foregoing indemnity shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “spot 

  
 -85- 

 
rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, U.S. dollars. 

Section 11.18 Foreign Currency Equivalent. For purposes of determining compliance with any U.S. dollar-denominated restriction or
amount, the U.S. dollar equivalent principal amount of any amount denominated in a foreign currency will be the Dollar Equivalent calculated on the date the Indebtedness was incurred or other transaction was entered into; provided that if any
Permitted Refinancing Indebtedness denominated in a currency other than U.S. dollars is incurred to refinance Indebtedness denominated in the same currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be
exceeded if calculated on the date of such refinancing, such Permitted Refinancing Indebtedness shall be deemed not to exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision in this Indenture, no
restriction or amount will be exceeded solely as a result of fluctuations in the exchange rate of currencies. 
 Section 11.19 Usury
Savings Clause. If any provision of this Indenture or any Security would obligate the Company to make any payment of or on account of interest or other amount in an amount or calculated at a rate which would result in a receipt by any Holder of
interest at a criminal rate (as such term is construed under the Criminal Code (Canada)), then notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of
interest, as the case may be, as would not so result in a receipt by such Holder of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest
required to be paid to such Holder, and (2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Holder which would constitute “interest” for purposes of Section 347 of the
Criminal Code (Canada). 
 Section 11.20 Interest Act (Canada). For purposes of disclosure pursuant to the Interest
Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided for in this Indenture and any Security (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or any other
period of time less than a calendar year) are equivalent are the rates so provided for multiplied by the actual number of days in the applicable calendar year and divided by 360 or the actual number of days in such other period of time,
respectively. 
 Section 11.21 Tax Matters. Each of the parties hereto agree to cooperate and to provide the other with such
information as each may have in its possession to enable the determination of whether any payments pursuant to the Indenture are subject to the withholding requirements described in Section 1471(b) of the Code or otherwise imposed pursuant to
Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof (“Applicable Law”). The Trustee shall be entitled to make any withholding or deduction from payments under the
Indenture to the extent necessary to comply with Applicable Law. Nothing in the immediately preceding sentence shall be construed as obligating the Trustee to make any “gross up” payment or similar reimbursement in connection with a
payment in respect of which amounts are so withheld or deducted or affecting a Payor’s obligation to make any payments of Additional Amount pursuant to Section 4.22 of this Indenture. 

[SIGNATURE PAGES FOLLOW] 

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

	
	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.

 
					
			
	 By:
	 		    	/s/ Howard B. Schiller
		 	  

		 	Name:	    	Howard B. Schiller
		 	Title:	    	Executive Vice President and Chief Financial Officer

  
 (Signature Page to
Indenture) 

 
							
	GUARANTORS:
	
	 VALEANT PHARMACEUTICALS

INTERNATIONAL

			
	 By: 
	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Senior Vice President and Treasurer
	
	 BAUSCH & LOMB INCORPORATED

			
	 By:
	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Senior Vice President and Treasurer
	
	BAUSCH & LOMB HOLDINGS INCORPORATED
			
	 By:
	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Vice President and Treasurer
	
	 SOLTA MEDICAL, INC.

			
	 By:
	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Vice President and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	 ATON PHARMA, INC.

			
	 By: 
	 		    	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	    	Linda A. LaGorga
		 	 Title:
	    	Senior Vice President and Treasurer
	
	 CORIA LABORATORIES, LTD.

			
	 By:
	 		    	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	    	Linda A. LaGorga
		 	 Title:
	    	Senior Vice President and Treasurer
	
	 DOW PHARMACEUTICAL SCIENCES, INC.

			
	 By:
	 		    	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	    	Linda A. LaGorga
		 	 Title:
	    	Senior Vice President and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	 OBAGI MEDICAL PRODUCTS, INC.

			
	 By: 
	 		    	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	    	Linda A. LaGorga
		 	 Title:
	    	Treasurer
	
	 OMP, INC.

			
	 By:
	 		    	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	    	Linda A. LaGorga
		 	 Title:
	    	Treasurer
	
	 ONPHARMA INC.

			
	 By:
	 		    	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	    	Linda A. LaGorga
		 	 Title:
	    	Treasurer

  
 (Signature Page to
Indenture) 

			
	Signed by	    	
	Valeant Holdco 2 Pty Ltd (ACN 154 341 367)	    	
	 in accordance with section 127 of the 

Corporations Act 2001 by two directors:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director (please print)

  

			
	Signed by	    	
	Wirra Holdings Pty Limited (ACN 122 216 577)	    	
	 in accordance with section 127 of the 

Corporations Act 2001 by two directors:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director (please print)

  
 (Signature Page to
Indenture) 

			
	Signed by	    	
	Wirra Operations Pty Limited (ACN 122 250 088)	    	
	 in accordance with section 127 of the 

Corporations Act 2001 by two directors:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director (please print)

  

			
	Signed by	    	
	 iNova Pharmaceuticals (Australia) Pty

Limited (ACN 000 222 408)
	    	
	 in accordance with section 127 of the 

Corporations Act 2001 by two directors:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director (please print)

  
 (Signature Page to
Indenture) 

			
	Signed by	    	
	Wirra IP Pty Limited (ACN 122 536 350)	    	
	 in accordance with section 127 of the 

Corporations Act 2001 by two directors:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director (please print)

  

			
	Signed by	    	
	iNova Sub Pty Limited (ACN 134 398 815)	    	
	 in accordance with section 127 of the 

Corporations Act 2001 by two directors:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director (please print)

  
 (Signature Page to
Indenture) 

			
	Signed by	    	
	 Valeant Pharmaceuticals Australasia

Pty Limited (ACN 001 083 352)
	    	
		
	 in accordance with section 127 of the 

Corporations Act 2001 by a director and secretary/director:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Linda A. LaGorga

	Signature of director	    	Signature of director/secretary
		
	 Robert R. Chai-Onn
	    	 Linda A. LaGorga

	Name of director (please print)	    	Name of director/secretary (please print)

  

			
	Signed by	    	
	DermaTech Pty Limited (ACN 003 982 161)	    	
		
	 in accordance with section 127 of the

Corporations Act 2001 by a director and secretary/director:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director/secretary
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director/secretary (please print)

  
 (Signature Page to
Indenture) 

			
	Signed by	    	
	 Private Formula International Holdings

Pty Ltd (ACN 095 450 918)
	    	
		
	 in accordance with section 127 of the 

Corporations Act 2001 by a director and secretary/director:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director/secretary
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director/secretary (please print)

  

			
	Signed by	    	
	 Private Formula International Pty Ltd

(ACN 095 451 442)
	    	
		
	 in accordance with section 127 of the 

Corporations Act 2001 by a director and secretary/director:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director/secretary
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director/secretary (please print)

  
 (Signature Page to
Indenture) 

			
	Signed by	    	
	Ganehill Pty Ltd (ACN 065 261 538)	    	
		
	 in accordance with section 127 of the 

Corporations Act 2001 by a director and secretary/director:
	    	
		
	 /s/ Robert R. Chai-Onn
	    	 /s/ Howard B. Schiller

	Signature of director	    	Signature of director/secretary
		
	 Robert R. Chai-Onn
	    	 Howard B. Schiller

	Name of director (please print)	    	Name of director/secretary (please print)

  
 (Signature Page to
Indenture) 

			
	Signed by	    	
	 Bausch & Lomb (Australia) Pty Ltd

(ACN: 000 650 251)
	    	
		
	 in accordance with section 127 of the 

Corporations Act 2001 by a director and secretary/director:
	    	
		
	 /s/ Linda LaGorga
	    	 /s/ Ling Zeng

	Signature of director	    	Signature of director/secretary
		
	 Linda LaGorga
	    	 Ling Zeng

	Name of director (please print)	    	Name of director/secretary (please print)

  
 (Signature Page to
Indenture) 

 
					
	HYTHE PROPERTY INCORPORATED
			
	 By: 
	 		    	/s/ Mauricio Zavala
		 	  

		 	Name:	    	Mauricio Zavala
		 	Title:	    	Assistant Secretary

  
 (Signature Page to
Indenture) 

 
					
	 VALEANT INTERNATIONAL BERMUDA

			
	By: 	 		    	/s/ Graham Jackson
		 	  

		 	Name:	    	Graham Jackson
		 	Title:	    	Director
	
	VALEANT PHARMACEUTICALS NOMINEE BERMUDA
			
	By: 	 		    	/s/ Peter McCurdy
		 	  

		 	Name:	    	Peter McCurdy
		 	Title:	    	President and Assistant Secretary

  
 (Signature Page to
Indenture) 

 
					
	PROBIÓTICA LABORATÓRIOS LTDA.
			
	By: 	 		    	/s/ Marcelo Noll Barboza
		 	  

		 	Name:	    	Marcelo Noll Barboza
		 	Title:	    	Officer
			
	By: 	 		    	/s/ Guilherme Maradei
		 	  

		 	Name:	    	Guilherme Maradei
		 	Title:	    	Officer

  
 (Signature Page to
Indenture) 

 
					
	IOLAB CORPORATION
			
	By: 	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Treasurer
	
	TECHNOLAS PERFECT VISION, INC.
			
	By:	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Vice President and Treasurer
	
	BAUSCH & LOMB PHARMA HOLDINGS CORP.
			
	By:	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Treasurer
	
	BAUSCH & LOMB CHINA, INC.
			
	By:	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Vice President and Treasurer
	
	BAUSCH & LOMB SOUTH ASIA, INC.
			
	By:	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Vice President and Treasurer
	
	BAUSCH & LOMB TECHNOLOGY CORPORATION
			
	By:	 		    	/s/ Linda A. LaGorga
		 	  

		 	Name:	    	Linda A. LaGorga
		 	Title:	    	Treasurer

  
 (Signature Page to
Indenture) 

 
					
	 RHC HOLDINGS, INC.

			
	 By: 
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Treasurer
	
	 SIGHT SAVERS, INC.

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer
	
	 BAUSCH & LOMB INTERNATIONAL, INC.

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer
	
	 BAUSCH & LOMB REALTY CORPORATION.

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer
	
	 ISTA PHARMACEUTICALS, LLC

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer
	
	 VRX HOLDCO, INC.

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Chief Financial Officer and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	 VALEANT CANADA GP LIMITED

			
	 By:  
	 		 	/s/ Howard B. Schiller
		 	  

		 	 Name:
	 	Howard B. Schiller
		 	 Title:
	 	Executive Vice President and Chief Financial Officer
	
	 VALEANT CANADA S.E.C./VALEANT CANADA LP

			
	 By:
	 		 	/s/ Howard B. Schiller
		 	  

		 	 Name:
	 	Howard B. Schiller
		 	 Title:
	 	Executive Vice President and Chief Financial Officer
	
	 V-BAC HOLDING CORP.

			
	 By:
	 		 	/s/ Robert R. Chai-Onn
		 	  

		 	 Name:
	 	Robert R. Chai-Onn
		 	 Title:
	 	Vice President

  
 (Signature Page to
Indenture) 

 
					
	 MEDICIS PHARMACEUTICAL CORPORATION

			
	 By:  
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer
	
	 OCEANSIDE PHARMACEUTICALS, INC.

			
	 By:
	 		 	/s/ Howard B. Schiller
		 	  

		 	 Name:
	 	Howard B. Schiller
		 	 Title:
	 	Chief Financial Officer and Treasurer
	
	 DR. LEWINN’S PRIVATE FORMULA INTERNATIONAL, INC.

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer
	
	 PRINCETON PHARMA HOLDINGS, LLC

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer
	
	 PRIVATE FORMULA CORP.

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer
	
	 RENAUD SKIN CARE LABORATORIES, INC.

			
	 By:
	 		 	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	 	Linda A. LaGorga
		 	 Title:
	 	Senior Vice President and Treasurer

  
 (Signature Page to
Indenture) 

 
			
	 VALEANT BIOMEDICALS, INC.

		
	 By:
	 	/s/ Howard B. Schiller
		 	  

	 Name:
	 	Howard B. Schiller
	 Title:
	 	Chief Financial Officer and Treasurer
	
	 VALEANT PHARMACEUTICALS NORTH AMERICA LLC

		
	 By:
	 	/s/ Linda A. LaGorga
		 	  

	 Name:
	 	Linda A. LaGorga
	 Title:
	 	Senior Vice President and Treasurer
	
	 BIOVAIL AMERICAS CORP.

		
	 By:
	 	/s/ Howard B. Schiller
		 	  

	 Name:
	 	Howard B. Schiller
	 Title:
	 	Chief Financial Officer and Treasurer
	
	 ORAPHARMA, INC.

		
	 By:
	 	/s/ Linda A. LaGorga
		 	  

	 Name:
	 	Linda A. LaGorga
	 Title:
	 	Senior Vice President and Treasurer
	
	 ORAPHARMA TOPCO HOLDINGS, INC.

		
	 By:
	 	/s/ Linda A. LaGorga
		 	  

	 Name:
	 	Linda A. LaGorga
	 Title:
	 	Senior Vice President and Treasurer
	
	 PRESTWICK PHARMACEUTICALS, INC.

		
	 By:
	 	/s/ Howard B. Schiller
		 	  

	 Name:
	 	Howard B. Schiller
	 Title:
	 	Chief Financial Officer and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	 BIOVAIL INTERNATIONAL S.Á.R.L.

			
	 By:
	 	/s/ Michael Kennan	 	/s/ Giuseppe Di Modica
		 	  

	 Name:
	 	Michael Kennan	 	Giuseppe Di Modica
	 Title:
	 	Manager	 	Manager
	
	VALEANT PHARMACEUTICALS LUXEMBOURG S.Á.R.L.
			
	 By:
	 	/s/ Michael Kennan	 	/s/ Giuseppe Di Modica
		 	  

	 Name:
	 	Michael Kennan	 	Giuseppe Di Modica
	 Title:
	 	Manager	 	Manager
	
	 VALEANT INTERNATIONAL LUXEMBOURG S.Á.R.L.

			
	 By:
	 	/s/ Michael Kennan	 	/s/ Giuseppe Di Modica
		 	  

	 Name:
	 	Michael Kennan	 	Giuseppe Di Modica
	 Title:
	 	Manager	 	Manager
	
	 BAUSCH & LOMB LUXEMBOURG S.Á.R.L.

			
	 By:
	 	/s/ Michael Kennan	 	/s/ Giuseppe Di Modica
		 	  

	 Name:
	 	Michael Kennan	 	Giuseppe Di Modica
	 Title:
	 	Manager	 	Manager

  
 (Signature Page to
Indenture) 

 
					
	 LABORATOIRE CHAUVIN S.A.S.

			
	 By:  
	 		 	/s/ Linda LaGorga
		 	  

		 	 Name:
	 	Linda LaGorga
		 	 Title:
	 	General Manager
	
	 BAUSCH & LOMB FRANCE S.A.S.

			
	 By:
	 		 	/s/ Linda LaGorga
		 	  

		 	 Name:
	 	Linda LaGorga
		 	 Title:
	 	General Manager
	
	 BCF S.A.S.

			
	 By:
	 		 	/s/ Linda LaGorga
		 	  

		 	 Name:
	 	Linda LaGorga
		 	 Title:
	 	General Manager
	
	 CHAUVIN OPSIA S.A.S.

			
	 By:
	 		 	/s/ Linda LaGorga
		 	  

		 	 Name:
	 	Linda LaGorga
		 	 Title:
	 	General Manager

  
 (Signature Page to
Indenture) 

 
					
	 VALEANT PHARMA HUNGARY LLC

			
	 By:  
	 		 	/s/ István Langer
		 	  

		 	 Name:
	 	István Langer
		 	 Title:
	 	Managing Director
	
	 VALEANT PHARMA HUNGARY LLC

			
	 By:
	 		 	/s/ Zoltán Gábor
		 	  

		 	 Name:
	 	Zoltán Gábor
		 	 Title:
	 	Finance Director

  
 (Signature Page to
Indenture) 

 
					
	 VALEANT PHARMACEUTICALS IRELAND

			
	 By:  
	 		 	/s/ Graham Jackson
		 	  

		 	 Name:
	 	Graham Jackson
		 	 Title:
	 	Director
	
	 VALEANT HOLDINGS IRELAND

			
	 By:
	 		 	/s/ Graham Jackson
		 	  

		 	 Name:
	 	Graham Jackson
		 	 Title:
	 	Director

  
 (Signature Page to
Indenture) 

 
					
	B.L.J. COMPANY, LTD.
			
	 By: 
	 		    	/s/ Ian Dolling
		 	  

		 	 Name:
	    	Ian Dolling
		 	 Title:
	    	Representative Director and President

  
 (Signature Page to
Indenture) 

 
					
	 AB SANITAS

			
	 By: 
	 		    	/s/ Saulius Žemaitis
		 	  

		 	 Name:
	    	Saulius Žemaitis
		 	 Title:
	    	General Manager

  
 (Signature Page to
Indenture) 

 
					
	 UCYCLYD PHARMA, INC.

			
	 By: 
	 		    	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	    	Linda A. LaGorga
		 	 Title:
	    	Senior Vice President and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	 VALEANT EUROPE B.V.

			
	 By: 
	 		    	/s/ Robert Meijer
		 	  

		 	 Name:
	    	Robert Meijer
		 	 Title:
	    	Attorney-in-Fact
	
	 BAUSCH & LOMB B.V.

			
	 By:
	 		    	/s/ Robert Meijer
		 	  

		 	 Name:
	    	Robert Meijer
		 	 Title:
	    	Attorney-in-Fact
	
	 BAUSCH & LOMB OPS B.V.

			
	 By:
	 		    	/s/ Robert Meijer
		 	  

		 	 Name:
	    	Robert Meijer
		 	 Title:
	    	Attorney-in-Fact

  
 (Signature Page to
Indenture) 

 
					
	PRZEDSIĘBIORSTWO FARMACEUTYCZNE JELFA S.A.
			
	 By: 
				/s/ Marcin Wnukowski
		 	  

			Name:		Marcin Wnukowski
			Title:		Attorney-in-Fact
	
	 VALEANT SP.Z O. O.

			
	 By:
				/s/ Marcin Wnukowski
		 	  

			Name:		Marcin Wnukowski
			Title:		Attorney-in-Fact
	
	 VP VALEANT SP. Z O.O.SP.J.

			
	 By:
				/s/ Marcin Wnukowski
		 	  

			Name:		Marcin Wnukowski
			Title:		Attorney-in-Fact
	
	VALEANT SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ SP.J.
			
	 By:
				/s/ Marcin Wnukowski
		 	  

			Name:		Marcin Wnukowski
			Title:		Attorney-in-Fact

  
 (Signature Page to
Indenture) 

					
	PHARMASWISS D.O.O., BEOGRAD
			
	 By: 
	 		    	/s/ Dejan Antonić
		 	  

		 	 Name:
	    	Dejan Antonić
		 	 Title:
	    	General Manager
			
		 		    	(corporate stamp)

  
 (Signature Page to
Indenture) 

					
	PHARMASWISS D.O.O., LJUBLJANA
			
	 By: 
	 		    	/s/ Senahil Asanagić
		 	  

		 	 Name:
	    	Senahil Asanagić
		 	 Title:
	    	Director

  
 (Signature Page to
Indenture) 

					
	 INOVA PHARMACEUTICALS PROPRIETARY

LIMITED

			
	 By: 
	 		    	/s/ Howard Schiller
		 	  

		 	 Name:
	    	Howard B. Schiller
		 	 Title:
	    	Director

  
 (Signature Page to
Indenture) 

 
					
	PHARMASWISS SA
			
	 By: 
	 		    	/s/ Matthias Courvoisier
		 	  

		 	 Name:
	    	Matthias Courvoisier
		 	 Title:
	    	Director

  
 (Signature Page to
Indenture) 

			
	 Executed by BAUSCH & LOMB U.K. LIMITED, acting

	 by:

		
	 /s/ Linda A. LaGorga
	 	
	 Director
	 	
	
	 Name of director: Linda A. LaGorga

in the presence of:

		
	 /s/ Kaleena Nguyen
	 	
	 Name of witness: Kaleena Nguyen

	 Address: 400 Somerset Corporate Blvd.

	                Bridgewater, New Jersey 08807
U.S.A.

	
	 Occupation: Legal

  
 (Signature Page to
Indenture) 

 
					
	BAUSCH & LOMB IOM S.P.A.
			
	 By: 
	 		    	/s/ Linda A. LaGorga
		 	  

		 	 Name:
	    	Linda A. LaGorga
		 	 Title:
	    	Director

  
 (Signature Page to
Indenture) 

									
	 SIGNED for and on behalf
	 	 	)	  	  		  	
	 of VALEANT PHARMACEUTICALS
	 	 	)	  	  		  	
	 NEW ZEALAND LIMITED
	 	 	)	  	  		  	

							
		  		    	   /s/ Howard Schiller	  	      /s/ Robert R. Chai-Onn
		  		    	  

											
		  		    	    Name:	 	Howard Schiller	  	  Name:	  	Robert R. Chai-Onn
		  		    	    Title:	 	Director	  	  Title:	  	Director

  
 (Signature Page to
Indenture) 

 
					
	 INOVA PHARMACEUTICALS (SINGAPORE) PTE

LIMITED

			
	 By: 
	 		    	/s/ Howard Schiller
		 	  

		 	 Name:
	    	Howard Schiller
		 	 Title:
	    	Director

  

  
 (Signature Page to
Indenture) 

 
					
	 THE BANK OF NEW YORK MELLON TRUST

COMPANY, N.A., AS TRUSTEE

			
	 By: 
	 		    	/s/ John A. (Alex) Briffett
		 	  

		 	 Name:
	    	John A. (Alex) Briffett
		 	 Title:
	    	Vice President

  
 (Signature Page to
Indenture) 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 
 [THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT
AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”),
(2) AGREES THAT IT WILL NOT PRIOR TO THE FIRST ANNIVERSARY OF THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER- DEALER) TO THE
TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY 

 

	1 	 Include only if the Security is a Global Security. 

  
 A-1 

 
RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF
THE ISSUER SO REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE
ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.]2 
 [CANADIAN RESALE LEGEND 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A
DAY AFTER JANUARY 30, 2015.]3 
 [THIS SECURITY AND ANY RELATED DOCUMENTATION MAY BE
AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THIS NOTE TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER
OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS SECURITY SHALL BE DEEMED BY THE ACCEPTANCE OF THIS NOTE TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.]4 

 

	2 	Include only if the Security is a Restricted Security. 

	3 	Include until no longer necessary under Canadian securities laws. 

	4 	Include only if the Security is a Restricted Security. 

  
 A-2 

 VALEANT PHARMACEUTICALS INTERNATIONAL, INC. 

 

			
	 CUSIP:
[                    ]
	  	No. [    ]

 5.50% SENIOR NOTES DUE 2023 

Valeant Pharmaceuticals International, Inc., a corporation continued under the British Columbia Business Corporations Act (the
“Company,” which term shall include any successor corporation under the Indenture referred to on the reverse hereof) promises to pay to
                            or its registered assigns, the principal sum of
                    Dollars ($        ) on March 1, 2023 [or such greater or lesser amount as is
indicated on the Schedule of Exchanges of Notes on the other side of this Note]5 and to pay interest thereon as provided on the other side of this Note. 

Interest Payment Dates: March 1 and September 1, beginning September 1, 2015. 

Record Dates: February 15 and August 15. 

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

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

	
	 VALEANT PHARMACEUTICALS
 INTERNATIONAL,
INC.

 
					
			
	 By:
	 		 	  

		 		 	Name:
		 		 	Title:

  

	
	 Trustee’s Certificate of Authentication:

This is one of the Securities referred to in the

within-mentioned Indenture for the 5.50%

Senior Notes due 2023.

	
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY,
N.A., as Trustee

	
	
By:                        
                                         
         

	 Authorized Signatory

	
	 Dated:
                                         
                           

  
  

	5 	Include only if the Security is a Global Security. 

  
 A-3 

 [FORM OF REVERSE SIDE OF SECURITY] 

VALEANT PHARMACEUTICALS INTERNATIONAL, INC. 

5.50% SENIOR NOTES DUE 2023 
  

	1.	INTEREST 

 The Company shall pay interest on this Note semiannually in arrears on March 1
and September 1, each an “interest payment date,” of each year, commencing on September 1, 2015, at the rate per annum specified in the title of this Note. Interest shall accrue from and including January 30, 2015 or
else the most recent interest payment date to which interest had been paid or duly provided for to but excluding the date on which such interest is paid. Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months.

 The Company shall, (in immediately available funds) to the fullest extent permitted by law, pay interest on overdue principal (including
premium, if any) and overdue installments of interest from the original due date to the date paid, at the rate applicable to this Note plus 1% per annum, which interest shall be payable on demand. 

The interest so payable and punctually paid or duly provided for on any interest payment date will be paid to the Person in whose name this
Note is registered at the close of business on February 15 or August 15 preceding such interest payment date (the “Record Date”) except as provided in the Indenture. Payment of the principal of (and premium, if any) and
interest on this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts and as otherwise provided in the Indenture. 

 

	2.	METHOD OF PAYMENT 

 [The Company will make payments in respect of this Note (including
principal, premium, if any, interest) by wire transfer of immediately available funds to the accounts specified by the Holder.]6 [The Company will make all payments of principal, interest and
premium, if any, with respect to this Note by wire transfer of immediately available funds to the accounts specified by the Holders, in the case of a Holder holding an aggregate principal amount of Securities of $1,000,000 or more, or, if no such
account is specified or in the case of a Holder holding an aggregate principal amount of Securities of less than $1,000,000, by mailing a check to each such Holder’s registered address.]7 All
payments shall be made in immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments to any Holder holding an aggregate principal
amount of Securities in excess of $1,000,000 shall be made by wire transfer in immediately available funds to an account maintained by such Holder in the United States, if such Holder has provided wire transfer instructions to the Company at least
10 Business Days prior to the payment date. Any wire transfer instructions received by the Trustee will remain in effect until revoked by the Holder. Notwithstanding the foregoing, so long as this Note is registered in the name of a Depositary or
its nominee, all payments hereon shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. 

 

	6 	Include only if the Security is a Global Security. 

	7 	Include only if the Security is a Definitive Security. 

  
 A-4 

	3.	PAYING AGENT AND REGISTRAR 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee,” which term shall include any successor trustee under the Indenture hereinafter referred to) will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holder. The
Company or any of their Subsidiaries may, subject to certain limitations set forth in the Indenture, act as Paying Agent or Registrar. 
  

	4.	INDENTURE, LIMITATIONS 

 This Note is one of a duly authorized issue of Securities of the
Company designated as its 5.50% Senior Notes due 2023 (the “Notes”), issued under an Indenture dated as of January 30, 2015 (together with any supplemental indentures thereto, the “Indenture”), among the
Company, the Note Guarantors and the Trustee. The terms of this Note include those stated in the Indenture. This Note is subject to all such terms, and the Holder of this Note is referred to the Indenture and said Act for a statement of them.
Capitalized terms used and not defined herein have the meanings assigned to such terms in the Indenture. 
 The Company shall be entitled to
issue Additional Securities pursuant to Section 2.1(c) of the Indenture. 
  

	5.	OPTIONAL REDEMPTION; PURCHASE OF NOTES AT OPTION OF HOLDER. 

 (a) Optional Redemption.
The Notes are redeemable at the option of the Company at the prices, and upon the terms and conditions, set forth in Section 3.7 of the Indenture. 

(b) Repurchase at Option of Holder. If there is a Change of Control, the Company shall be required to make an offer (a “Change
of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and
unpaid interest thereon, if any, to, but excluding, the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control, the Company shall mail a notice to each Holder setting forth the procedures
governing the Change of Control Offer as required by the Indenture. 
 If after the Company or a Restricted Subsidiary consummates any Asset
Sale, the aggregate amount of Excess Proceeds exceeds the greater of $275.0 million or 1.0% of Consolidated Total Assets, the Company shall commence an offer to all Holders of Notes and all holders of other Parity Indebtedness to purchase the
maximum aggregate principal amount of Notes and such other Parity Indebtedness that may be purchased (or repaid, prepaid or redeemed) equal to the aggregate Excess Proceeds (an “Asset Sale Offer”) pursuant to Section 4.14 of
the Indenture to purchase the maximum principal amount of Notes and other Parity Indebtedness that may be purchased out of the amount of such Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus
accrued and unpaid interest to, but not including, the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes and other Parity Indebtedness tendered
pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company (or such Restricted Subsidiary) may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other
Parity Indebtedness surrendered by holders thereof exceeds the amount of Excess Proceeds, the Company shall select the Notes and other Parity Indebtedness to be purchased on a pro rata basis. Holders of Notes that are the subject of an offer
to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes.

  
 A-5 

 (d) Notice of Redemption. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes
held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  

	6.	DENOMINATIONS, TRANSFER, EXCHANGE, CANCELLATION 

 The Notes are in registered form, without
coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of 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 any taxes or other governmental charges that may be imposed in relation thereto by law or permitted by the Indenture. 

All Notes surrendered for payment, registration of transfer or exchange or conversion will, if surrendered to the Company or any of its other
Agents with respect to the Notes, be delivered to the Trustee. The Trustee will promptly cancel all Notes delivered to it. No Notes will be authenticated in exchange for any Notes cancelled, except as provided in the Indenture. 

 

	7.	PERSONS DEEMED OWNERS 

 The Holder of a Note may be treated as the owner of it for all purposes.

  

	8.	UNCLAIMED MONEY 

 If money for the payment of principal or interest remains unclaimed for two
years, the Trustee or Paying Agent will pay the money back to the Company at its written request, subject to applicable unclaimed property law. After that, Holders entitled to money must look to the Company for payment as general creditors unless an
applicable abandoned property law designates another person. 
  

	9.	AMENDMENT, SUPPLEMENT AND WAIVER 

 Subject to certain exceptions, the Indenture (with respect to
the Notes) or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and an existing default or Event of Default and its consequence or compliance
with any provision of the Indenture or the Notes may be waived in a particular instance with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without the consent of or notice to any Holder, the
Company and the Trustee may amend or supplement the Indenture (with respect to the Notes) or the Notes to, among other things, cure any ambiguity, defect or inconsistency or make any other change that does not adversely affect the rights of any
Holder. 
 In addition, except as set forth under Article 10, without the consent of Holders of at least 66 2/3% in principal amount of the
Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), no amendment or supplement may release the Note Guarantees. 

 

	10.	SUCCESSOR ENTITY 

 When a successor corporation assumes all the obligations of its predecessor
under the Notes and the Indenture in accordance with the terms and conditions of the Indenture, the predecessor corporation (except in certain circumstances specified in the Indenture) shall be released from those obligations. 

  
 A-6 

	11.	DEFAULTS AND REMEDIES 

 Under the Indenture, an Event of Default includes: (i) default in
payment of any principal (including, without limitation, any premium) on the Notes when due; (ii) default for 30 days in payment of interest on any Notes; (iii) failure by the Company or any of its Restricted Subsidiaries for 60 days after
notice to it to comply with certain covenants contained in the Indenture or the Notes; (iv) default in the payment of certain indebtedness of the Company or a Significant Subsidiary; (v) certain events of bankruptcy, insolvency or
reorganization of the Company or any Significant Subsidiary; and (vi) certain other events described in the Indenture. If an Event of Default (other than as a result of certain events of bankruptcy, insolvency or reorganization of the Company)
occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding may declare all unpaid principal, premium, if any, and accrued interest, if any, to the date of acceleration on the
Notes then outstanding to be due and payable immediately, all as and to the extent provided in the Indenture. If an Event of Default occurs as a result of certain events of bankruptcy, insolvency or reorganization of the Company, unpaid principal,
premium, if any, and accrued interest, if any, on the Notes then outstanding shall become due and payable immediately without any declaration or other act on the part of the Trustee or any Holder, all as and to the extent provided in the Indenture.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in
aggregate principal amount of the Notes then outstanding may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal or interest) if
it determines that withholding notice is in their interests. The Company is required to file periodic reports with the Trustee as to the absence of default. 
  

	12.	TRUSTEE DEALINGS WITH THE COMPANY 

 The Bank of New York Mellon Trust Company, N.A., the Trustee
under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from and perform services for the Company or an Affiliate of the Company and may otherwise deal with the Company or an Affiliate of the Company as if it
were not the Trustee. 
  

	13.	NO RECOURSE AGAINST OTHERS 

 A director, officer, employee or shareowner, as such, of the
Company or any Note Guarantor shall not have any liability for any obligations of the Company or any Note Guarantor under the Notes or the Indenture nor for any claim based on, in respect of or by reason of such obligations or their creation. The
Holder of this Note by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of this Note. 
  

	14.	AUTHENTICATION 

 This Note shall not be valid until the Trustee or an authenticating agent
manually signs the certificate of authentication on the other side of this Note. 
  

	15.	ABBREVIATIONS AND DEFINITIONS 

 Customary abbreviations may be used in the name of the Holder or
an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and UGMA (= Uniform Gifts to Minors Act). 

  
 A-7 

	16.	INDENTURE TO CONTROL; GOVERNING LAW 

 In the case of any conflict between the provisions of this
Note and the Indenture, the provisions of the Indenture shall control. This Note shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of law. 

The Company will furnish to any Holder, upon written request and without charge, a copy of the Indenture. Requests may be made to: Valeant
Pharmaceuticals International, Inc., 400 Somerset Corporate Boulevard, Bridgewater, New Jersey 08807, Telephone: (905) 286-3000, Attention: Investor Relations. 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

	
	  

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

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)
	
	and irrevocably appoint
	
	  

 agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 

 

									
		 		 		 	 Your Signature:

				
	Date:    	 	  
	 		 	  

		 		 		 	   (Sign exactly as your name appears on the other side

  of this Note)

  

			
	*Signature guaranteed by:
		
	By:    	 	 

  

	*	The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the New
York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee. 

  
 A-9 

 OPTION TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 3.8 or Section 4.14 of the Indenture, check the appropriate box
below: 

 ̈    Section 3.8         
            ̈     Section 4.14 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 3.8 or Section 4.14 of the Indenture, state the
amount you elect to have purchased: 

$                 

Date:                         
                  
  

	
	 Your Signature:

	
	  

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

Note)

 
			
		
	 Tax Identification No.:
	 	  

 Signature
Guarantee*:                                       
    
  

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

  
 A-10 

 SCHEDULE OF EXCHANGES OF NOTES8 

The following exchanges, repurchases or conversions of a part of this global Note have been made: 

 

							
	 PRINCIPAL AMOUNT

OF THIS GLOBAL

SECURITY FOLLOWING
 SUCH DECREASE
DATE
 OF EXCHANGE
 (OR
INCREASE)
	  	AUTHORIZED
SIGNATORY OF
SECURITIES
CUSTODIAN	  	AMOUNT OF DECREASE
IN PRINCIPAL AMOUNT
OF THIS GLOBAL
SECURITY	  	AMOUNT OF INCREASE
IN PRINCIPAL AMOUNT
OF THIS GLOBAL
SECURITY
		  		  		  	

  

	8 	This schedule should be included only if the Security is a Global Security. 

  
 A-11 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION 

OF TRANSFER OF RESTRICTED SECURITIES9 

 

	Re:	5.50% Senior Notes due 2023 (the “Notes”) of Valeant 

 Pharmaceuticals International, Inc. (the
“Company”). 
 This certificate relates to $        principal amount of Notes owned
in (check applicable box) 
  ̈  book-entry or   ̈  definitive form by                            (the
“Transferor”). 
 The Transferor has requested a Registrar or the Trustee to exchange or register the transfer of such
Notes. 
 In connection with such request and in respect of each such Note, the Transferor does hereby certify that the Transferor is
familiar with transfer restrictions relating to the Notes as provided in Section 2.12 of the Indenture dated as of January 30, 2015 among Valeant Pharmaceuticals International, Inc., the Note Guarantors party thereto and The Bank of New
York Mellon Trust Company, N.A., as trustee (the “Indenture”), and the transfer of such Note is in accordance with any applicable securities laws of any state and is being made pursuant to an effective registration statement under
the Securities Act of 1933, as amended (the “Securities Act”) (check applicable box) or the transfer or exchange, as the case may be, of such Note does not require registration under the Securities Act because (check applicable
box): 
  

	 	 ̈	Such Note is being transferred pursuant to an effective registration statement under the Securities Act. 

  

	 	 ̈	Such Note is being acquired for the Transferor’s own account, without transfer. 

  

	 	 ̈	Such Note is being transferred to the Company or a Subsidiary (as defined in the Indenture) of the Company. 

  

	 	 ̈	Such Note is being transferred to a person the Transferor reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A or any successor provision thereto (“Rule 144A”)
under the Securities Act) that is purchasing for its own account or for the account of a “qualified institutional buyer,” in each case to whom notice has been given that the transfer is being made in reliance on such Rule 144A, and in each
case in reliance on Rule 144A. 

  

	 	 ̈	Such Note is being transferred pursuant to and in compliance with an exemption from the registration requirements under the Securities Act in accordance with Rule 144 (or any successor thereto) (“Rule
144”) under the Securities Act. 

  

	 	 ̈	Such Note is being transferred to a Non-U.S. Person in an offshore transaction in compliance with Rule 904 of Regulation S under the Securities Act (or any successor thereto). 

 

	 	 ̈	Such Note is being transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of the Securities Act) that has provided a letter addressed to the

  

	9 	This certificate should be included only if this Security is a Restricted Security. 

  
 A-12 

	 	
Company, in the form of Exhibit C attached to the Indenture, containing certain representations and agreements. 

 

					
	 Date:  
	 	  
	    	  

		 		    	  (Insert Name of Transferor)

  
 A-13 

 EXHIBIT B 

FORM OF GUARANTEE 
 [Name
of Note Guarantor] and its successors under the Indenture, jointly and severally with any other Note Guarantors, hereby irrevocably and unconditionally (i) guarantee the due and punctual payment of the principal of, premium, if any, and
interest on the Securities, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue principal of and interest, if any, on the Securities, to the extent lawful, and the due and punctual
performance of all other obligations of Valeant Pharmaceuticals International, Inc. (the “Company”) to the Holders or the Trustee, all in accordance with the terms set forth in Article 10 of the Indenture and (ii) in case of
any extension of time of payment or renewal of any Securities or any of such other obligations, guarantee that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. Capitalized terms used herein have the meanings assigned to them in the Indenture unless otherwise indicated.  

No stockholder, officer, director or incorporator, as such, past, present or future, of [name of Note Guarantor] shall have any personal
liability under this Note Guarantee by reason of his, her or its status as such stockholder, officer, director or incorporator. This Note Guarantee shall be binding upon [name of Note Guarantor] and its successors and assigns and shall inure to the
benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and
be vested in such transferee or assignee, all subject to the terms and conditions hereof. 
 This Note Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication on the Security upon which this Note Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers. 

THE TERMS OF ARTICLE 10 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

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

 

	
	 [NAME OF NOTE GUARANTOR]

 
			
		
	 By:
	 	  

			
		 	    Name:
		 	    Title:

  
 B-1 

 EXHIBIT C 

FORM OF CERTIFICATE FROM ACQUIRING 

INSTITUTIONAL ACCREDITED INVESTOR 
 Valeant
Pharmaceuticals International, Inc. 
 400 Somerset Corporate Boulevard 

Bridgewater, NJ 08807 
 Attention: General Counsel 

Facsimile No.: (949) 461-6609 

Re:        5.50% SENIOR NOTES DUE 2023 

Dear Sirs: 
 Reference is hereby made to the
Indenture, dated as of January 30, 2015 (the “Indenture”), among Valeant Pharmaceuticals International, Inc., as issuer (the “Company”), the Note Guarantors party thereto and The Bank of New York Mellon Trust
Company, N.A., a banking corporation duly organized under the laws of the State of New York, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of
$                aggregate principal amount of 5.50% Senior Notes due 2023 (the “Securities”), we confirm that: 

1. We understand that any subsequent transfer of the Securities or any interest therein is subject to certain restrictions and conditions set
forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Securities or any interest therein except in compliance with, such restrictions and conditions and the United States Securities Act
of 1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the Securities have not been
registered under the Securities Act, and that the Securities and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as
hereinafter stated, that if we should sell the Securities or any interest therein, we will do so only (A) to the Company or any of its subsidiaries, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) inside the United States to an institutional “accredited investor” (as defined below) purchasing for its own account or for the account of another institutional accredited investor
that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter, (D) pursuant to the provisions of Rule 144 under the Securities
Act (if available), (E) in accordance with another exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel acceptable to the Company) or (F) pursuant to an effective registration statement
under the Securities Act, and we further agree to provide to any person purchasing the Securities from us in a transaction meeting the requirements of clauses (A) through (F) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein. 
 3. We understand that, on any proposed resale of the Securities or beneficial interest therein,
we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Securities purchased by us will bear a legend to the foregoing effect. 

  
 C-1 

 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the Securities Act) and 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 Securities, and we and any accounts
for which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are acquiring the Securities or
beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “Accredited Investor”) as to each of which we exercise sole investment discretion. 

You and the Company are entitled to rely upon 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. 
 Dated: 

 

	
	 [Insert Name of Accredited Investor]

			
		
	 By:
	 	  

		 	Name:
		 	Title:

  
 C-2 

 EXHIBIT D 

FORM OF CANADIAN NOTE GUARANTEE10 

THIS CANADIAN NOTE GUARANTEE (as amended, restated, modified, renewed or extended from time to time, and including, for the avoidance of any
doubt, the preamble and recitals hereto, this “Canadian Note Guarantee”), is executed and delivered as of — by —
(“Guarantor”) in favour of The Bank of New York Mellon Trust Company, N.A., a national banking association duly organized under the laws of the United States, as trustee (the “Trustee”) for the benefit of each
Holder (together with the Trustee, collectively, the “Beneficiaries”). 
 RECITALS: 

 

	A.	Reference is made to that Indenture dated as of January 30, 2015 among Valeant Pharmaceuticals International, Inc., a corporation continued under the British Columbia Business Corporations Act (the
“Company”), the Note Guarantors party thereto and, the Trustee (as amended, supplemented, restated, extended, renewed, or replaced from time to time, the “Indenture”). 

 

	B.	Guarantor is an Affiliate of the Company, and, as such, will benefit by virtue of the financial accommodations extended to the Company pursuant to the Indenture. 

THEREFORE, Guarantor agrees as follows: 

Section 1. 

Definitions and Principles of Interpretation 
  

	1.1.	Definitions. 

 All capitalized terms used and not defined elsewhere in this Canadian Note Guarantee, and
all capitalized terms used and not defined in the provisions incorporated by reference into this Canadian Note Guarantee, shall have the meanings ascribed to them in the Indenture (such meanings to be determined as if such terms were to be
interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable in the Province of Ontario) and shall be incorporated by reference into this Canadian Note Guarantee, and the following words and terms have
the meanings set out below: 
 “Guaranteed Obligations” has the meaning given to it in Section 2.1(a). 

“Indenture” has the meaning given to it in the recitals to this Canadian Note Guarantee. 

“Insolvency Proceeding” means (a) any proceeding by or against any Person seeking to adjudicate it a bankrupt or insolvent, or seeking
dissolution, liquidation, winding-up, reorganization, administration, arrangement, adjustment, protection, relief, rescheduling or composition of it or its debts under any Bankruptcy Law, or seeking the entry of an order for relief or the
appointment of a monitor, receiver, interim receiver, administrative receiver, administrator, receiver-manager, manager, examiner, trustee, custodian, liquidator, sequestrator, agent or other similar official for any such Person or for any
substantial part of its property under any provision of any Bankruptcy Law, or (b) the appointment of a monitor, receiver, interim receiver, administrative receiver, administrator, receiver-manager, manager, 

 

	10 	 Subject to review by Osler. 

  
 D-3 

 
examiner, trustee, liquidator, custodian, sequestrator, agent or similar official for such Person or a substantial part of its assets shall occur under any Bankruptcy Law. 

 

	1.2.	Certain Rules of Interpretation. 

 In this Canadian Note Guarantee: 

 

	(a)	Governing Law – This Canadian Note Guarantee (including terms incorporated by reference to the Indenture) is a contract made under and shall be governed by and construed in accordance with the laws of the
Province of Ontario and the federal laws of Canada applicable in the Province of Ontario. 

  

	(b)	Headings – Headings of Articles and Sections are inserted for convenience of reference only and shall not affect the construction or interpretation of this Canadian Note Guarantee. 

 

	(c)	Including – Where the word “including” or “includes” is used in this Canadian Note Guarantee, it means “including (or includes) without limitation”. 

 

	(d)	No Strict Construction – The language used in this Canadian Note Guarantee is the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against
any party. 

  

	(e)	Number and Gender – Unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders. 

 

	(f)	Statutory references – A reference to a statute includes all regulations made pursuant to such statute and, unless otherwise specified, the provisions of any statute or regulation which amends,
revises, restates, supplements or supersedes any such statute or any such regulation. 

  

	(g)	Time – Time is of the essence in the performance of Guarantor’s obligations under this Canadian Note Guarantee. 

Section 2. 

GUARANTEE 
  

	2.1.	Guarantee of the Obligations. 

  

	(a)	 Guarantor hereby unconditionally Guarantees to each Holder of a Security authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the Indenture, the Securities or the obligations of the Company thereunder that: (i) the due and punctual payment of principal, premium and interest on the Securities
shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, (ii) the due and punctual payment of interest on the overdue principal of and interest on the Securities, if any, if lawful, and all other
obligations of the Company to the Holders or the Trustee under the Indenture or any Security shall be promptly paid in full or performed, all in accordance with the terms thereof, and (iii) in case of any extension of time of payment or renewal
of any Securities or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration pursuant to Section 6.2 of
the Indenture or otherwise (collectively, the “Guaranteed Obligations”). Guarantor agrees that this Canadian 

  
 D-4 

	 	
Note Guarantee is a guarantee of payment and not a guarantee of collection. Failing payment when due of any Guaranteed Obligations for whatever reason, Guarantor shall be obligated to pay the
same immediately. 

  

	(b)	Guarantor hereby agrees that its obligations with regard to its Canadian Note Guarantee shall be unconditional, irrespective of the validity or enforceability of the Securities or the obligations of the Company under
the Indenture, the absence of any action to enforce the same, the recovery of any judgment against the Company or any other obligor with respect to the Indenture, the Securities or the obligations of the Company under the Indenture or the
Securities, any action to enforce the same or any other circumstances (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Guarantor further, to the extent permitted by
applicable law, hereby waives and relinquishes all claims, rights and remedies accorded by applicable law to guarantors and shall agree not to assert or take advantage of any such claims, rights or remedies, including but not limited to:
(i) any right to require any Beneficiary, as a condition of payment or performance by Guarantor, to (A) proceed against the Company, any other guarantor (including any other Note Guarantor) of the Guaranteed Obligations or any other
person, (B) proceed against or exhaust any security held from the Company, any such other guarantor or any other person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any Beneficiary in
favour of the Company or any other person, or (D) pursue any other remedy in the power of any Beneficiary whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Company
including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Company from any cause
other than payment in full of the Guaranteed Obligations; (iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of
the principal; (iv) any defense based upon any Beneficiary’s errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (v) (A) any principles or provisions of law,
statutory or otherwise, which are or might be in conflict with the terms of this Canadian Note Guarantee and any legal or equitable discharge of Guarantor’s obligations hereunder and under this Canadian Note Guarantee, (B) the benefit of
any statute of limitations affecting Guarantor’s liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and counterclaims and (D) promptness, diligence and any requirement that any Beneficiary protect,
secure, perfect or insure any security interest or lien or any property subject thereto; (vi) notices, demands, presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of this
Canadian Note Guarantee, notices of default under the Securities or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, and notices of any
extension of credit to the Company and any right to consent to any thereof; and (vii) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict
with the terms of this Canadian Note Guarantee. 

  

	(c)	If any Holder or the Trustee is required by any court or otherwise to return to the Company, any Note Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or
any Note Guarantor, any amount paid to either the Trustee or such Holder, this Canadian Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

 

	(d)	 Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby
until payment in full of all Guaranteed 

  
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Obligations. Guarantor further agrees that, as between Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations may be
accelerated as provided in Section 6.2 of the Indenture for the purposes of this Canadian Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations and
(ii) in the event of any declaration of acceleration of such obligations as provided in Section 6.2 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by Guarantor for the purpose of
this Canadian Note Guarantee. Guarantor shall not exercise any right to seek contribution from any non-paying Note Guarantor if the exercise of such right impairs the rights of the Holders under the Note Guarantees. 

 

	2.2.	Merger and Consolidation of Guarantors 

  

	(a)	In case of any sale or other disposition, consolidation, merger, amalgamation or conveyance and upon the assumption by the successor person on terms and conditions satisfactory to the Trustee of the obligations of
Guarantor under this Canadian Note Guarantee, and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by Guarantor, such successor person shall succeed to and be substituted for Guarantor under
this Canadian Note Guarantee with the same effect as if it had been named herein as Guarantor. 

  

	(b)	Except as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clause (a) of this Section 2.2, nothing contained in the Indenture or in any of the Securities shall prevent any consolidation,
merger or amalgamation of a Note Guarantor with or into the Company or another Note Guarantor, or shall prevent any sale or conveyance of the property of a Note Guarantor as an entirety or substantially as an entirety to the Company or another Note
Guarantor. 

  

	2.3.	Release 

  

	(a)	In the event (i) of a sale or other disposition of all or substantially all of the assets of Guarantor, by way of merger, amalgamation, consolidation or otherwise, or a sale or other disposition of all the Equity
Interests of any Guarantor, in each case to a person that is not (either before or after giving effect to such transactions) a Subsidiary of the Company, so long as the Net Proceeds of such sale or other disposition are applied in accordance with
the applicable provisions of the Indenture, including without limitation Section 4.14 thereof, (ii) of a designation by the Company of Guarantor as an Unrestricted Subsidiary in accordance with the definition thereof, (iii) upon the
release or discharge of this Canadian Note Guarantee in respect of any Indebtedness that resulted in the issuance after the Issue Date of this Canadian Note Guarantee by Guarantor or (iv) the Company discharges the Indenture under
Section 8.1 thereof or exercises its legal or covenant defeasance options under Section 8.2 or 8.3 thereof, respectively, Guarantor or, in the case of a sale or other disposition of all or substantially all of the assets of Guarantor, the
Person acquiring such property, shall be released and relieved of any obligations under this Canadian Note Guarantee without any further action being required by the Trustee or any Holder. 

 

	(b)	Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of the
Indenture, including without limitation Section 4.8 thereof, the Trustee shall execute any documents reasonably required in order to evidence the release of Guarantor from its obligations under this Canadian Note Guarantee. 

  
 D-6 

 Section 3. 

Miscellaneous 
  

	3.1.	Limitations Act, 2002 (Ontario) 

 Any and all limitation periods provided for
in the Limitations Act, 2002 (Ontario), as amended from time to time, or any other applicable law limiting the time for which an action may be commenced shall be excluded from application to the obligations of Guarantor hereunder to
fullest extent permitted by such Act or applicable law. 
  

	3.2.	Usury Savings Clause 

 If any provision of this Canadian Note Guarantee, the Indenture or any
Security would obligate any Canadian Note Guarantor to make any payment of or on account of interest or other amount in an amount or calculated at a rate which would result in a receipt by any Holder of interest at a criminal rate (as such term is
construed under the Criminal Code (Canada)), then notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not
so result in a receipt by such Holder of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Holder, and
(2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Holder which would constitute “interest” for purposes of Section 347 of the Criminal Code (Canada).  

 

	3.3.	Interest Act (Canada) 

 For purposes of disclosure pursuant to the Interest Act (Canada),
the annual rates of interest or fees to which the rates of interest or fees provided for in this Canadian Note Guarantee, the Indenture or the Securities (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or
any other period of time less than a calendar year) are equivalent are the rates so provided for multiplied by the actual number of days in the applicable calendar year and divided by 360 or the actual number of days in such other period of time,
respectively. 
  

	3.4.	Counterparts; Execution 

 This Canadian Note Guarantee may be executed in any number of counterparts and
by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart
of this Canadian Note Guarantee facsimile or other similar method of electronic transmission (including by way of email attachment) shall be equally as effective as delivery of an original executed counterpart of this Canadian Note Guarantee. 

 

	3.5.	Severability 

 If, in any jurisdiction, any provision of this Canadian Note Guarantee or its application
to any party or circumstance is restricted, prohibited or unenforceable, such provision shall, as to that jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining
provisions of this Canadian Note Guarantee and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances. 

  
 D-7 

	3.6.	Notices 

 All notices and other communications hereunder shall be in writing and shall be mailed, sent,
or delivered in accordance with the terms of the Indenture. 
  

	3.7.	Successors 

 This Canadian Note Guarantee shall be binding upon Guarantor and its successors and shall
inure to the benefit of the successors of the Beneficiaries. 
  

	3.8.	Judgment Currency 

 Guarantor shall indemnify each Holder and each Person, if any, who controls
any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any loss incurred by such party as a result of any judgment or order being given or made against Guarantor for any U.S. dollar
amount due under this Canadian Note Guarantee and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars and as a result of any variation as between (i) the rate of
exchange at which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York at which such party on the date of payment of such
judgment or order is able to purchase U.S. dollars with the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency to purchase U.S. dollars upon such party’s receipt thereof.
Any amount due from Guarantor under this Section 3.8 shall be due as a separate debt and shall not be affected by such judgment or order as aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange
payable in connection with the purchase of, or conversion into, U.S. dollars. 
  

	3.9.	Payment of Additional Amounts 

  

	(a)	All payments made under or with respect to this Canadian Note Guarantee by Guarantor will be made free and clear of any withholding or deduction for or on account of any tax, duty, levy, impost, assessment or other
governmental charge of whatever nature (collectively, “Tax”) imposed or levied by or on behalf of Canada or any other jurisdiction in which Guarantor is organized, resident or doing business for tax purposes or from or through which
Guarantor makes any payment on the Canadian Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless Guarantor is required to withhold or deduct Taxes by law. If Guarantor is
required by law to withhold or deduct any amount for or on account of Taxes of any Relevant Taxing Jurisdiction from any payment made under or with respect to this Canadian Note Guarantee, Guarantor, subject to the exceptions listed below, will pay
additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by each Holder or beneficial owner of the Securities after such withholding or deduction (including withholding or deduction
attributable to Additional Amounts payable hereunder) will not be less than the amount the Holder or beneficial owner would have received if such Taxes had not been withheld or deducted. 

 

	(b)	Guarantor will not, however, pay Additional Amounts to a Holder or beneficial owner of Securities: 

  

	 	(i)	 to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the existence of any present or former connection
between the Holder or beneficial owner (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or

  
 D-8 

	 	
beneficial owner is an estate, trust, partnership or corporation) and the Relevant Taxing Jurisdiction (other than any connection resulting solely from the acquisition, ownership, holding or
disposition of Securities, the receipt of payments thereunder or under this Canadian Note Guarantee and/or the exercise or enforcement of rights under any Securities or this Canadian Note Guarantee); 

 

	 	(ii)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner of Securities, following Guarantor’s written request addressed to the
Holder, to the extent such Holder or beneficial owner is legally eligible to do so, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative
practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the
Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); 

  

	 	(iii)	with respect to any estate, inheritance, gift, sales or any similar Taxes; 

  

	 	(iv)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the presentation by the Holder or beneficial owner of any Security, where presentation is required, for payment on a
date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

 

	 	(v)	with respect to any withholding or deduction that is imposed on a payment to an individual and that is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income which was
adopted by the ECOFIN Council on June 3, 2003 or any law or agreement whether or not solely between Member States of the European Union implementing or complying with, or introduced in order to conform to or supplement, such directive (the
“EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the Swiss Confederation dated October 26, 2004 providing for measures equivalent to those laid down in the EU
Savings Tax Directive or any law or other governmental regulation implementing or complying with, or introduced in order to conform to, such agreement; 

  

	 	(vi)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the Holder or beneficial owner not dealing at arm’s length, within the meaning of the Income Tax Act
(Canada), with the Company or Guarantor; 

  

	 	(vii)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for such Holder or beneficial owner being, or not dealing at arm’s length (within the meaning of the Income Tax Act
(Canada)) with, a “specified shareholder” of the Company as defined in subsection 18(5) of the Income Tax Act (Canada) for purposes of the thin capitalization rules in the Income Tax Act (Canada); 

 

	 	(viii)	 to the extent the Taxes giving rise to such Additional Amounts are United States federal withholding tax imposed pursuant to Sections 1471 through
1474 of the Internal Revenue Code of 1986, as amended as of the date of hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any

  
 D-9 

	 	
current or future regulations, official interpretations or administrative authority promulgated thereunder and any agreements entered into pursuant to Section 1471(b)(1) of the Code as in
effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and, for the avoidance of doubt, any intergovernmental agreement (and related legislation, rules or
practices) implementing the foregoing (taken together, “FATCA”), except to the extent that such Taxes result from a failure of any Paying Agent to comply with FATCA; and 

 

	 	(ix)	any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii). 

  

	(c)	Guarantor will (i) make any such withholding or deduction required by applicable law and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law.
Guarantor will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. Guarantor will provide to the Trustee, within a
reasonable time after the date the payment of any Taxes so deducted or withheld are due pursuant to applicable law, either a certified copy or tax receipts evidencing such payment, or, if such tax receipts are not reasonably available to Guarantor,
such other documentation that provides reasonable evidence of such payment by Guarantor. 

  

	(d)	Where Tax is payable pursuant to Regulation 803 of the Income Tax Act (Canada) by a Holder or beneficial owner of the Securities in respect of any amount payable under the Canadian Note Guarantee to the Holder
(other than by reason of a transfer of the Securities to a person resident in Canada with whom the transferor does not deal at arm’s length for the purposes of such Act), but no Additional Amount is paid in respect of such Tax, Guarantor will
pay as or on account of interest to the Holder an amount equal to such Tax within 45 days after receiving from the Holder a notice containing reasonable particulars of the Tax so payable, provided such Holder or beneficial owner would have been
entitled to receive Additional Amounts on account of such Tax (and only to the extent of such Additional Amounts that such Holder or beneficial owner would have been entitled to receive) but for the fact that it is payable otherwise than by
deduction or withholding from payments made under or with respect to the Canadian Note Guarantee. 

  

	(e)	Prior to the date on which the payment of any Additional Amounts are due, Guarantor will deliver to the Trustee such Additional Amounts payable together with an Officers’ Certificate stating that such Additional
Amounts will be payable on the applicable payment date, and setting forth the Additional Amounts so payable and will also set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the applicable
payment date. Any such Officers’ Certificate will be delivered to the Trustee at least 2 Business Days in advance of when the payments in question are required to be made (unless a shorter period of time is acceptable to the Trustee in its
reasonable discretion). Guarantor will promptly publish a notice in accordance with Section 11.2 of the Indenture stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. 

 

	(f)	 Guarantor will reimburse the Holders of Securities, upon written request of such Holder of Securities and certified proof of payment for the amount of
(i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder in connection with payments made under or with respect to this Canadian Note Guarantee; and (ii) any Taxes levied or imposed with respect to any
reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder after such reimbursement will not be less than the net amount such Holder would have received if the Taxes giving rise to the
reimbursement described in clauses (i) and/or (ii) had not been imposed, provided, however, that the indemnification 

  
 D-10 

	 	
obligation provided for in this Section 3.9(f) shall not extend to Taxes imposed for which the Holder of the Securities would not have been eligible to receive payment of Additional Amounts
hereunder by virtue of clauses (i) through (ix) of Section 3.9(b) hereof, or to the extent such Holder received Additional Amounts with respect to such payments. 

 

	(g)	In addition, Guarantor will pay any stamp, issue, registration, court, documentary, excise or other similar taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Relevant
Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of this Canadian Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant
Taxing Jurisdiction at any time as a result of, or in connection with, (i) any payments made pursuant to any Guarantee or any other such document or instrument referred to thereunder and/or (ii) the enforcement of this Canadian Note
Guarantee or any other such document or instrument referred to thereunder. 

  

	(h)	Obligations described under this Section 3.9 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to Guarantor and to any jurisdiction in
which such successor is organized, doing business or is otherwise resident for Tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. 

 

	(i)	Whenever this Canadian Note Guarantee refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Security or under this Canadian Note
Guarantee, such reference includes the payment of Additional Amounts or other payments that would be payable pursuant to this Section 3.9, if applicable. 

- remainder of page intentionally left blank - 

  
 D-11 

 IN WITNESS WHEREOF, Guarantor has executed and delivered this Guarantee as of the first
date written above. 
  

			
	—, as Canadian Note Guarantor
		
	By:	 	 
		 	Name:
		 	Title:

  
 D-12

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