Document:

Exhibit 4.1

 

 

MAXAR TECHNOLOGIES INC.

as Issuer

 

and

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION

as Trustee and Notes Collateral Agent

 

 

 

Indenture

 

Dated as of June 25, 2020

 

 

 

7.54% Senior Secured Notes due 2027

 

 

     

     

    

 

TABLE OF CONTENTS

	Article 1

                                                                                Definitions and Incorporation by Reference

	Section 1.01. 	Definitions	1
	Section 1.02.	Rules of Construction	52
	Article 2

                                                                                The Notes

	Section 2.01.	Form, Dating and Denominations; Legends	54
	Section 2.02.	Execution and Authentication; Additional Notes	55
	Section 2.03.	Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust	56
	Section 2.04.	Replacement Notes	57
	Section 2.05.	Outstanding Notes	57
	Section 2.06.	Temporary Notes	58
	Section 2.07.	Cancellation	58
	Section 2.08.	CUSIP and ISIN Numbers	58
	Section 2.09.	Registration, Transfer and Exchange	58
	Section 2.10.	Restrictions on Transfer and Exchange	62
	Section 2.11.	Offshore Global Notes	63
	Article 3

                                                                                Redemption; Offer to Purchase

	Section 3.01.	Optional Redemption	63
	Section 3.02.	Mandatory Redemption	65
	Section 3.03.	Method and Effect of Redemption	65
	Section 3.04.	Offer to Purchase	66
	Article 4

                                                                                Covenants

	Section 4.01.	Payment of Notes	69
	Section
    4.02.	Maintenance of Office or Agency	69
	Section 4.03.	Reports and Other Information	69
	Section 4.04.	Compliance Certificate	71
	Section 4.05.	Taxes	71
	Section 4.06.	Stay, Extension and Usury Laws	71
	Section 4.07.	Limitation on Restricted Payments	71
	Section 4.08.	Limitation on Restrictions on Distributions from Restricted Subsidiaries	78
	Section 4.09.	Limitation on Indebtedness	80
	Section 4.10.	Limitation on Asset Sales	86
	Section 4.11.	Limitation on Affiliate Transactions	90
	Section 4.12.	Limitation on Liens	92
	Section 4.13.	Existence	93

 

     

     

    

 

	Section 4.14.	Offer to Repurchase Upon a Change of Control	93
	Section 4.15.	Future Subsidiary Guarantors	95
	Section 4.16.	Maintenance of Insurance	96
	Section 4.17. 	Designation of Restricted and Unrestricted Subsidiaries	96
	Section 4.18.	Suspension of Certain Covenants	97
	Article 5

                                                                                Merger and Consolidation

	Section 5.01.	Merger and Consolidation	98
	Section 5.02.	Successor Entity Substituted	101
	Article 6

                                                                                Defaults and Remedies

	Section 6.01.	Events of Default	101
	Section 6.02.	Acceleration	103
	Section 6.03.	Other Remedies	105
	Section 6.04.	Waiver of Past Defaults	105
	Section 6.05.	Control by Majority	106
	Section 6.06.	Limitation on Suits	106
	Section 6.07.	Rights of Holders to Receive Payment	106
	Section 6.08.	Collection Suit by Trustee	106
	Section 6.09.	Trustee May File Proofs of Claim	107
	Section 6.10.	Priorities	107
	Section 6.11.	Restoration of Rights and Remedies	107
	Section 6.12.	Undertaking for Costs	108
	Section 6.13.	Rights and Remedies Cumulative	108
	Section 6.14.	Delay or Omission Not Waiver	108
	Article 7

                                                                                The Trustee

	Section 7.01.	General	109
	Section 7.02.	Certain Rights of Trustee	110
	Section 7.03.	Individual Rights of Trustee	112
	Section 7.04.	Trustee’s Disclaimer	112
	Section 7.05.	Notice of Default	112
	Section 7.06.	[Reserved]	112
	Section 7.07.	Compensation and Indemnity	113
	Section 7.08.	Replacement of Trustee	113
	Section 7.09.	Successor Trustee by Merger	114
	Section 7.10.	Eligibility	114
	Section 7.11.	Money Held in Trust	115
	Section 7.12.	Security Documents; Intercreditor Agreements	115

 

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        Article
        8

        Legal
        Defeasance and Covenant Discharge

	Section 8.01.	Option to Effect Legal Defeasance or Covenant Defeasance	115
	Section 8.02.	Legal Defeasance and Discharge	115
	Section 8.03.	Covenant Defeasance	116
	Section 8.04.	Conditions to Legal or Covenant Defeasance	117
	Section 8.05.	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	118
	Section 8.06.	Repayment to the Company	118
	Section 8.07.	Reinstatement	119
	Article 9

                                                                                Amendment, Supplement and Waiver

	Section 9.01.	Amendments Without Consent of Holders	119
	Section 9.02.	Amendments with Consent of Holders	122
	Section 9.03.	Revocation and Effect of Consents	124
	Section 9.04.	Trustee and Notes Collateral Agent to Sign Amendments, etc.	124
	Article 10

                                                                                Subsidiary Guarantees

	Section 10.01.	Subsidiary Guarantee	124
	Section 10.02.	Limitation on Subsidiary Guarantor Liability	126
	Section 10.03.	Execution and Delivery	126
	Section 10.04.	Subrogation	127
	Section 10.05.	Benefits Acknowledged	127
	Section 10.06.	Release of Subsidiary Guarantees	127
	Article 11

                                                                                Collateral and Security

	Section 11.01.	Security Documents	128
	Section 11.02.	Notes Collateral Agent	129
	Section 11.03.	Release of Collateral	129
	Section 11.04.	[Reserved]	130
	Section 11.05.	Authorization of Actions to be Taken by the Notes Collateral Agent	130
	Section 11.06.	Authorization of Receipt of Funds by the Trustee and the Notes Collateral Agent Under the Security Documents	130
	Article 12

                                                                                Satisfaction and Discharge

	Section 12.01.	Satisfaction and Discharge	130
	Section 12.02.	Application of Trust Money	131

 

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        Article
        13

        Miscellaneous

	Section 13.01.	Holder Actions	132
	Section 13.02.	Notices	132
	Section 13.03.	Certificate and Opinion as to Conditions Precedent	133
	Section 13.04.	Statements Required in Certificate or Opinion	134
	Section 13.05.	Payment Date Other Than a Business Day	134
	Section 13.06.	Governing Law; Waiver of Jury Trial	135
	Section 13.07.	No Adverse Interpretation of Other Agreements	135
	Section 13.08.	Successors	135
	Section 13.09.	Duplicate Originals	135
	Section 13.10.	Separability	135
	Section 13.11.	Table of Contents and Headings	135
	Section 13.12.	No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders	135

 

EXHIBITS

 

	EXHIBIT A	Form of Note
	 	 
	EXHIBIT B	Form of Supplemental Indenture
	 	 
	EXHIBIT C	 Restricted Legend
	 	 
	EXHIBIT D	DTC Legend
	 	 
	EXHIBIT E	Regulation S Legend
	 	 
	EXHIBIT F	Regulation S Certificate
	 	 
	EXHIBIT G	Rule 144A Certificate
	 	 
	EXHIBIT H	Institutional Accredited Investor Certificate
	 	 
	EXHIBIT I	OID Legend
	 	 
	EXHIBIT J	Form of Second Lien Intercreditor Agreement

 

SCHEDULES

SCHEDULE 1Post-Closing Deliveries

 

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INDENTURE, dated as of June 25, 2020, among
Maxar Technologies Inc., a Delaware corporation (the “Company”), as issuer, the Subsidiary Guarantors party
hereto and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”) and as collateral
agent (in such capacity, the “Notes Collateral Agent”).

 

The provisions of the Trust Indenture Act
will not apply to this Indenture.

 

RECITALS

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance of up to $150,000,000 aggregate principal amount of its 7.54% Senior
Secured Notes due 2027, and, if and when issued, any Additional Notes as provided herein (the “Notes”). All
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done, and the
Company has done all things necessary to make the Notes (in the case of the Additional Notes, when duly authorized), when executed
by the Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of the Company
as hereinafter provided.

 

THIS INDENTURE WITNESSETH

 

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

 

Article
1

Definitions and Incorporation by Reference

 

Section 1.01.     
Definitions.

 

“2019 Transactions” means
the offering, issuance and sale of the Company’s 2023 Senior Secured Notes and amendments to the Senior Credit Facilities
obtained in connection therewith.

 

“2023 Senior Secured Notes”
means the Company’s $1,000,000,000 9.750% Senior Secured Notes due 2023 issued December 2, 2019.

 

“2023 Senior Secured Notes Indenture”
means the indenture dated as of December 2, 2019 pursuant to which the 2023 Senior Secured Notes were issued, as amended, supplemented
or modified from time to time.

 

“2023 Senior Secured Notes Issue
Date” means December 2, 2019.

 

“2023 Senior Secured Notes Secured
Parties” means the 2023 Senior Secured Notes Trustee and the notes collateral agent under the 2023 Senior Secured Notes
Indenture and the holders of the 2023 Senior Secured Notes from time to time.

 

“2023 Senior Secured Notes Trustee”
means the trustee under the 2023 Senior Secured Notes Indenture.

 

     

     

    

 

“Acquired Indebtedness”
means, with respect to any specified Person, (a) Indebtedness of any Person or any of its Subsidiaries existing at the time such
Person becomes a Restricted Subsidiary or is merged, amalgamated or consolidated with or into the Company or a Restricted Subsidiary,
or assumed in connection with the acquisition of assets or property from such Person, in each case whether or not Incurred by such
Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary or such merger,
amalgamation, consolidation or acquisition, and (b) Indebtedness secured by a Lien encumbering any asset or property acquired by
such specified Person. The term “Acquired Indebtedness” does not include Indebtedness of a Person that is redeemed,
defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such Person
becomes a Restricted Subsidiary or is merged, amalgamated or consolidated with or into the Company or a Restricted Subsidiary or
such assets or property are acquired, which Indebtedness of such Person will not be deemed to be Indebtedness of the Company or
any Restricted Subsidiary.

 

“Additional Notes” means
any notes issued under this Indenture (other than the Initial Notes) having the same terms in all respects as the Initial Notes
(or in all respects except with respect to interest paid or payable on or prior to the first Interest Payment Date after the issuance
of such Additional Notes).

 

“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 the purposes of this definition, “control” (including, with correlative meanings, the
terms “controlling,” “controlled by” and “under common control with”) when used with respect
to any Person means possession, directly or indirectly, of the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Affiliate Transaction”
has the meaning assigned to such term in Section 4.11(a).

 

“Agent” means any Registrar,
Paying Agent or Authenticating Agent.

 

“Agent Members” has the
meaning assigned to such term in Section 2.09(b)(3).

 

“Agreed Security Principles”
means the below principles, which qualify and limit any guarantee, security and perfection requirements under this Indenture, the
Notes, the Security Documents and the Intercreditor Agreements:

 

(1) no action will be required to grant
or perfect a Lien on the Collateral located in any jurisdiction other than (A) the United States of America and Canada and (B)
any other jurisdiction in which the value of all assets which are owned by the Company or a Subsidiary Guarantor and reasonably
capable of becoming Collateral are at least $10.0 million (or the equivalent amount in any other currency);

 

(2) no control agreements will be required
over any deposit accounts or securities accounts except deposit accounts or securities accounts of the Company or a Subsidiary
Guarantor located in the United States of America which are not Excluded Accounts;

 

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(3) no actions shall be required to perfect
a security interest in letter of credit rights (except to the extent constituting a supporting obligation for other Collateral
as to which perfection of the security interest in such other Collateral is accomplished solely by filing a UCC of PPSA financing
statement);

 

(4) no pledges will be required over uncertificated
Equity Interests in Subsidiaries;

 

(5) no Subsidiary other than a Subsidiary
Guarantor will be required to provide additional security and Subsidiary Guarantees unless the Company otherwise elects or, in
the case of a Tax Excluded Subsidiary, such additional security or Subsidiary Guarantee are required to ensure compliance with
Section 10.1(17) of the Senior Credit Facilities;

 

(6) no particular item of security will
be required to be granted or perfected if, in the reasonable judgment of the Company the cost or other adverse consequences of
providing or perfecting such item of security shall be materially and disproportionately greater than the benefits to be obtained
by the Notes Secured Parties therefrom, to the extent and for so long as such security is not subject to a Lien securing any other
Pari Passu Lien Obligations;

 

(7) no Subsidiary Guarantors will be required
to give a Subsidiary Guarantee or enter into any Security Documents if it is not within the legal capacity of such Person or if
the same would conflict with the fiduciary duties of the directors of such Person or contravene any legal or regulatory prohibition
or would result in (or in a risk of) personal or criminal liability on the part of any officer or director of such Person; provided
that such Subsidiary Guarantor shall use all reasonable efforts to overcome any such obstacle;

 

(8) no Subsidiary Guarantor will be required
to give a Subsidiary Guarantee or enter into Security Documents if doing so would (a) be prohibited by any applicable law or any
contractual obligation in effect on the 2023 Senior Secured Notes Issue Date (or, with respect to any Subsidiary that is acquired
after the 2023 Senior Secured Notes Issue Date, any contractual obligation in effect on the date of such acquisition that is not
entered into in contemplation thereof) or (II) require any consent, approval, license or authorization of any official body (including,
to the extent applicable, any prohibition under any financial assistance, corporate benefit or thin capitalization rule; provided
that if such prohibition can be overcome through conduct of a “whitewash” process, such a process shall be undertaken);

 

(9) it is acknowledged that in certain jurisdictions
it may be either impossible or impractical to create security over certain categories of assets in which event security will not
be taken over such assets; and

 

(10) general statutory limitations, regulatory
requirements or restrictions, financial assistance, corporate benefit, fraudulent preference, “earnings stripping,”
 “controlled foreign corporation” rules, “thin capitalization” rules (or analogous restrictions), tax restrictions,
retention of title claims, employee consultation or approval requirements, capital maintenance rules and similar principles may
prevent or limit a Subsidiary from providing Subsidiary Guarantee or security or may require that such Subsidiary Guarantee or
security be limited in amount or otherwise; in each case, to the extent and for so long as such Subsidiary Guarantee or security
is not provided, or is similarly limited, with respect to any other Pari Passu Lien Obligations.

 

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

 

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

 

		(2)	the excess, if any, of (a) the present value as of such date of redemption of (i) the redemption price of such Note on June
25, 2024, (each such redemption price set forth in Section 3.01(d)) plus (ii) all required interest payments due on such Note through
June 25, 2024 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury
Rate as of such date of redemption plus 50 basis points, over (b) the then-outstanding principal of such Note, as such amount is
calculated by the Company.

 

“Approved Commercial Bank”
means a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000.

 

“Asset Sale” means, (a)
the sale, lease (other than an operating lease entered into in the ordinary course of business), conveyance, transfer or other
disposition (whether in a single transaction or a series of related transactions that are part of a common plan) of assets or property
of the Company or any Restricted Subsidiary or (b) the issuance or sale of shares of Capital Stock of a Restricted Subsidiary (other
than directors’ qualifying shares and shares issued to foreign nationals or other third parties to the extent required by
applicable law), in each case by the Company or any of its Restricted Subsidiaries (each referred to for the purposes of this definition
as a “disposition”).

 

Notwithstanding the preceding, the following
items shall not be deemed to be Asset Sales:

 

		(1)	an issuance or other disposition of Capital Stock, property or other assets by a Restricted Subsidiary to the Company or by
the Company or a Restricted Subsidiary to a Restricted Subsidiary;

 

		(2)	the disposition of cash, Cash Equivalents and securities not otherwise contrary to this Indenture;

 

		(3)	a disposition of obsolete, surplus, damaged or worn out property, equipment or other assets, or of property, equipment or other
assets that are no longer useful or economically practicable to maintain in the conduct of the business of the Company and its
Restricted Subsidiaries;

 

		(4)	a disposition pursuant to a Sale/Leaseback Transaction;

 

		(5)	the disposition of all or substantially all of the assets and properties of the Company in a manner permitted pursuant to Section
5.01 or any disposition that constitutes a Change of Control;

 

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		(6)	any Restricted Payment that is permitted to be made, and is made, under Section 4.07 or any Permitted Investment;

 

		(7)	any disposition of assets or property, or issuance or sale of Capital Stock of any Restricted Subsidiary, in a single transaction
or series of related transactions with an aggregate Fair Market Value of less than or equal to $25.0 million;

 

		(8)	the creation or incurrence of a Permitted Lien and dispositions in connection therewith;

 

		(9)	dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business
or in bankruptcy or similar proceedings;

 

		(10)	the issuance and sale by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted by Section 4.09;

 

		(11)	the lease, assignment, license, sublicense or sublease of any real or personal property (including, without limitation, of
intellectual property or other general intangibles) in the ordinary course of business;

 

		(12)	a disposition of Receivables under and in accordance with an Asset Securitization, provided that the aggregate amount
of such Receivables subject to such Asset Securitization shall not at any time exceed $400.0 million and such disposition shall
be structured as a “true sale”;

 

		(13)	a surrender or waiver of obligations of trade creditors or customers or contract rights (including, without limitation, pursuant
to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer) or a
compromise, settlement, release or surrender of any contract, tort or other claim in the ordinary course of business;

 

		(14)	dispositions arising from any foreclosures, condemnations, eminent domain, seizure, nationalization or any similar actions
on assets or property;

 

		(15)	a disposition in the ordinary course of business;

 

		(16)	dispositions of non-strategic assets purchased as part of a Permitted Investment; provided that the Fair Market Value
of all such non-strategic assets which are disposed of by the Company or a Subsidiary Guarantor (excluding any non-strategic assets
which such Person is required to dispose of by any government or other body with jurisdiction over such Person) does not exceed
25% of the total Fair Market Value of the assets purchased pursuant to such Permitted Investment (measured at the time of such
Permitted Investment);

 

		(17)	dispositions of Investments in joint ventures, to the extent required by, or made pursuant to, buy/sell arrangements between
the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

 

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		(18)	the unwinding of any Hedging Agreement;

 

		(19)	without limiting the foregoing, the assignment, license, cross-license or sublicense of intellectual property related to any
satellite and/or related ground infrastructure and equipment;

 

		(20)	dispositions of any satellite (or any portion thereof or any rights to acquire any satellite) for Fair Market Value: (i) to
any Person for whom such satellite was procured that is not an Affiliate of the Company or (ii) where the definitive agreement
for such disposition is entered into prior to such satellite entering into commercial service; and

 

		(21)	the settlement or early termination of any Permitted Bond Hedge Transaction and the settlement or early termination of any
related Permitted Warrant Transaction.

 

“Asset Sale Offer” has
the meaning assigned to such term in Section 4.10(d).

 

“Asset Securitization”
means an Asset Sale by or on behalf of a Person at the election of such Person involving receivables and/or other assets in the
course of an asset securitization transaction and regardless of the form of asset securitization, and for the purposes of this
Indenture shall include any disposition of accounts receivable.

 

“Attributable Debt” means,
in respect of any lease (whether characterized as an operating lease under GAAP or not) entered into by a Person or a Subsidiary
thereof as lessee in connection with a sale-lease back transaction, the present value (discounted at the rate of interest implicit
in such transaction, determined in accordance with GAAP) of the lease payments of the lessee, including all rent and payments to
be made by the lessee in connection with the return of the leased property, during the remaining term of the lease (including any
period for which such lease has been extended or may, at the option of the lessor, be extended) but excluding for certainty, amounts
required to be paid on account of insurance, taxes, assessments, utility, operating and labor costs and similar charges; provided
that if such lease constitutes a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined
in accordance with the definition of “Capitalized Lease Obligations.”

 

“Authorized Representative”
means, at any time, (i) in the case of any Pari Passu Lien Credit Facility Obligations or the Senior Credit Facility, the Bank
Collateral Agent, (ii) in the case of the Pari Passu Lien Notes Obligations or the Notes Secured Parties, the Trustee, (iii) in
the case of the 2023 Senior Secured Notes Secured Obligations, the 2023 Senior Secured Notes Trustee, and (iv) in the case of any
other Series of Pari Passu Lien Debt or Pari Passu Lien Secured Parties that become subject to the First Lien Intercreditor Agreement
after December 11, 2019, the trustee, administrative agent or similar representative for the holders of such series named in the
applicable joinder agreement to the First Lien Intercreditor Agreement.

 

“Authenticating Agent”
refers to a Person engaged to authenticate the Notes in the stead of the Trustee, which Person shall be reasonably acceptable to
the Company.

 

“Authentication Order”
has the meaning assigned to such term in Section 2.02(c).

 

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“Average Life” means,
as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (1) the
sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal
payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of
such payment by (2) the sum of all such payments.

 

“Bank Administrative Agent”
has the meaning assigned to such term in the definition of “Senior Credit Facilities.”

 

“Bank Collateral Agent”
has the meaning assigned to such term in the definition of “Senior Credit Facilities.”

 

“Bankruptcy Law” means
(i) for purposes of the Company and the Subsidiary Guarantors, any bankruptcy, insolvency or other similar statute (including,
without limitation, Title 11, U.S. Code or any similar federal or state law for the relief of debtors), regulation or provision
of any jurisdiction in which the Subsidiary Guarantors are organized or conducting business and (ii) for purposes of the Trustee,
any bankruptcy, insolvency or similar statute, regulation or provision of any jurisdiction in which the Trustee is organized.

 

“Board of Directors”
means as to any Person, the board of directors, board of managers, sole member or managing member or other governing body of such
Person, or if such Person is owned or managed by a single entity or has a general partner, the board of directors, board of managers,
sole member or managing member or other governing body of such entity or general partner, or in each case, any duly authorized
committee thereof, and the term “directors” means members of the Board of Directors.

 

“Business Day” means
each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or the place of payment
are authorized or required by law to close. If a payment date at a place of payment is not on a Business Day, payment shall be
made at that place on the next succeeding Business Day, and no interest shall accrue on such payment for the intervening period.

 

“Capital Lease” means
a lease of (or other agreement conveying the right to use) real and/or personal property, which lease is required to be classified
and accounted for as a capital lease on a balance sheet of the lessee under GAAP, provided, that leases under which the
obligations would not constitute Capitalized Lease Obligations pursuant to the proviso in the definition thereof will not constitute
a Capital Lease or Indebtedness hereunder.

 

“Capital Stock” of any
Person means any and all shares, interests, rights to purchase, participations (including rights to receive a share of profits
or losses), equity appreciation rights or other equivalents (however designated) of or in equity of such Person, including any
Preferred Stock or any limited liability company, membership or partnership interests (whether general or limited), together with
any and all warrants, options or other rights to purchase or acquire any of the foregoing, but excluding any debt securities convertible
into or exchangeable for any of the foregoing.

 

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“Capitalized Lease Obligations”
means, as to any Person, the obligations of such Person to pay rent or other amounts under a Capital Lease and, for purposes of
this Indenture, the amount of such obligations shall be the capitalized amount thereof (that is, the amount in effect corresponding
to the principal of such obligations), determined in accordance with GAAP; provided that all obligations of any Person
that are or would have been treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting
Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted
for as operating leases for purposes of all financial definitions and calculations for purpose of this Indenture (whether or not
such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance
with the ASU (on a prospective or retroactive basis or otherwise) to be treated as Capitalized Lease Obligations in the financial
statements to be delivered pursuant to Section 4.03. Notwithstanding the foregoing or anything else to the contrary in this Indenture,
any real property lease resulting from a Sale/Leaseback Transaction shall be accounted for as a Capital Lease (regardless of its
treatment under GAAP) for all purposes of calculating: (i) compliance with the Consolidated Total Debt Ratio Condition and (ii)
the amount of Indebtedness incurred pursuant to Section 4.09.

 

“Captive Insurance Subsidiary”
shall means any Subsidiary of the Company that is subject to regulation as an insurance company (or any Subsidiary of such Subsidiary).

 

“Cash Equivalents” means:

 

		(1)	U.S. dollars, or in the case of any foreign Subsidiary, such local currencies held by it from time to time in the ordinary
course of business;

 

		(2)	securities or investment property issued or directly and fully guaranteed or insured by the United States or Canadian government
or any agency or instrumentality of the United States or Canada, as applicable (provided that the full faith and credit
of the United States is pledged in support thereof);

 

		(3)	marketable general obligations issued by any state of the United States of America, or any province in Canada, or any political
subdivision of any such state or province or any public instrumentality thereof maturing within one year from the date of acquisition
and, at the time of acquisition, having a credit rating of “A” or better from S&P Global Ratings, “A-2”
or better from Moody’s Investors Service, Inc., or “A” or better from Fitch Ratings, Inc., or carrying an equivalent
rating by a nationally recognized Rating Agency, if all of the three named Rating Agencies cease publishing ratings of investments;

 

		(4)	certificates of deposit, demand deposits, time deposits, eurodollar time deposits, overnight bank deposits or bankers’
acceptances having maturities of not more than one year from the date of acquisition thereof issued by any commercial bank the
long-term debt of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by S&P
Global Ratings, “A-2” or the equivalent thereof by Moody’s Investors Service, Inc., or “A” or the
equivalent thereof by Fitch Ratings, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if all of
the three named Rating Agencies cease publishing ratings of investments, and having combined capital and surplus in excess of $500.0
million;

 

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		(5)	repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2), (3) and (4) entered into with any bank meeting the qualifications specified in clause (4) above;

 

		(6)	commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by S&P Global
Ratings, “P-2” or the equivalent thereof by Moody’s Investors Service, Inc., or “F2” or the equivalent
thereof by Fitch Ratings, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if all of the three
named Rating Agencies cease publishing ratings of investments, and in any case maturing within one year after the date of acquisition
thereof;

 

		(7)	interests in any investment company or money market fund which invests 95% or more of its assets in instruments of the type
specified in clauses (1) through (6) above; and

 

		(8)	investments otherwise consistent with the Company’s “Short Term Investment Policy.”

 

“Cash Management Services”
means any of the following to the extent not constituting a line of credit (other than an overnight draft facility that is not
in default): automated clearing house transactions, treasury and/ or cash management services, including, without limitation, cash
aggregation, mirror or concentrator accounts, zero-balance accounts, treasury, depository, overdraft, credit, purchasing or debit
card, non-card e-payables services, electronic funds transfer, treasury management services (including controlled disbursement
services, overdraft automatic clearing house fund transfer services, return items and interstate depository network services),
other demand deposit or operating account relationships, foreign exchange facilities and merchant services.

 

“Certificated Note” means
a certificated Note registered in the name of the Holder substantially in the form of Exhibit A, including appropriate legends
as set forth in Section 2.01(b), but that does not bear the DTC Legend and does not have the “Schedule of Exchanges of Notes”
attached thereto.

 

“CFC” means a controlled
foreign corporation within the meaning of Section 957 of the Code.

 

“Change of Control” means:

 

		(1)	the Company becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote,
written notice or otherwise) of the acquisition by any “person” or “group” of related persons (as such
terms are used in Sections 13(d) and 14(d) of the Exchange Act) of the beneficial ownership (as defined in Rules 13d-3 and 13d-5
under the Exchange Act, except that such person or group shall be deemed to have “beneficial ownership” of all shares
that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage
of time), directly or indirectly, of more than 50% of the total voting power of the Voting
Stock of the Company; or

 

     9

     

    

 

		(2)	the sale, assignment, conveyance, transfer, lease or other disposition (other than by way of merger, amalgamation or consolidation),
in one or a series of related transactions, of all or substantially all of the assets and properties of the Company and its Subsidiaries
taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act); or

 

		(3)	the adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the Company.

 

“Change of Control Offer”
has the meaning assigned to such term in Section 4.14(b).

 

“Change of Control Payment”
has the meaning assigned to such term in Section 4.14(b)(1).

 

“Change of Control Payment Date”
has the meaning assigned to such term in Section 4.14(b)(2).

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Collateral” means, collectively,
all of the present and future assets and properties of the Company or any Subsidiary Guarantors subject (or to be subject) to Liens
created by the Security Documents.

 

“Common Stock” means
with respect to any Person, any and all shares of, interest or other participations in, and other equivalents (however designated
and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes,
without limitation, all series and classes of such common stock.

 

“Company” means Maxar
Technologies Inc. or any successor obligor under this Indenture and the Notes pursuant to Article 5.

 

“Consolidated Coverage Ratio”
means as of any date of determination, with respect to any Person, the ratio of (x) the aggregate amount of the Consolidated EBITDA
of such Person for the most recently ended four consecutive fiscal quarters for which internal financial statements prepared on
a consolidated basis are available, calculated on a Pro Forma Basis, to (y) Consolidated Interest Expense of such Person for such
period, calculated on a Pro Forma Basis; provided that (other than for purposes of Section 4.09(b)(8)) no effect shall be
given to (i) any Indebtedness (and associated Consolidated Interest Expense) Incurred pursuant to Section 4.09(b) on the date of
determination and (ii) the discharge of any Indebtedness (and associated Consolidated Interest Expense) to the extent such discharge
results from the application of the proceeds of any Indebtedness Incurred pursuant to the provisions set forth in Section 4.09(b)
on the date of determination.

 

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“Consolidated Debt”
means, as at any date of determination, the aggregate principal amount of all Indebtedness of the Company and its Restricted Subsidiaries
determined on a consolidated basis (but excluding all Indebtedness of Non-Recourse Subsidiaries) in accordance with GAAP but specifically
excluding:

 

(a)          any Indebtedness
which is not included in part (a), (b), (d) or (e) of the definition thereof;

 

(b)          any Indebtedness
(up to an aggregate maximum amount of $100.0 million) in connection with letters of credit Guaranteed or insured by EDC where such
Indebtedness is not yet due or owing and such letters of credit have been issued as assurance of performance or obligations (except
other Indebtedness) in the ordinary course of business;

 

(c)          in the
case of a Special Subsidiary, the entire portion of the Indebtedness of such Special Subsidiary in excess of the relevant Special
Subsidiary Percentage of such Indebtedness;

 

(d)          Convertible
Debentures; and

 

(e)          Indebtedness
owed to a government that is a member of the OECD, or any agency of such government, where the obligations of the Company or its
relevant Subsidiary can be satisfied, at the option of the Company or such Subsidiary, by delivering common shares of the Company
in accordance with the agreement governing such Indebtedness (whether such common shares are received by the holder of such Indebtedness
as payment or are sold under such agreement to provide cash for payment to the holder of such Indebtedness); provided that
the aggregate principal amount of such Indebtedness shall not at any time exceed $100.0 million;

 

provided that, for the purpose of calculating
Consolidated Debt, Non-Recourse Debt shall be the lesser of (i) the Fair Market Value of all property subject to a Lien securing
such Non-Recourse Debt (as demonstrated to the Notes Collateral Agent’s reasonable satisfaction), and (ii) the amount of
the obligations comprising such Non-Recourse Debt.

 

“Consolidated EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries (excluding
any Non-Recourse Subsidiaries) for such period:

 

		(1)	increased (without duplication) by the following items to the extent deducted in calculating such Consolidated Net Income:

 

		(i)	income tax expense;

 

		(ii)	Consolidated Interest Expense;

 

		(iii)	depreciation, amortization and all other non-cash items;

 

		(iv)	foreign exchange losses to the extent they relate to timing differences as a result of an effective economic hedging relationship
not qualifying for hedge accounting under GAAP;

 

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		(v)	all reserves, provisions or fair value losses established in such period to the extent that such reserves, provisions or fair
value losses do not relate to:

 

(A)         a payment made, or which
becomes payable, during such period; or

 

(B)          a payment which is payable
within 365 days from the end of such period;

 

		(vi)	Restructuring Charges and related charges (which, for the avoidance of doubt, shall include facility closure, facility consolidations,
retention, severance, systems establishment costs, contract termination costs and excess pension charges);

 

		(vii)	any fees and expenses related to the 2019 Transactions or fees and expenses incurred during such period, or any amortization
thereof for such period, in connection with any acquisition, investment, asset disposition, issuance or repayment of debt, issuance
of equity securities, refinancing transaction or amendment or other modification of any debt instrument (in each case, including
any such transaction consummated prior to the 2023 Senior Secured Notes Issue Date and any such transaction undertaken but not
completed) and any charges or non-recurring merger or amalgamation costs incurred during such period as a result of any such transaction;

 

		(viii)	all deferred financing costs written off and premiums paid in connection with any early extinguishment of Indebtedness;

 

		(ix)	the amount of any loss attributed to non-controlling interests;

 

		(x)	charges, losses, or expenses incurred to the extent covered by indemnification or refunding provisions in any document, including
those pertaining to any acquisition consummated prior to the 2023 Senior Secured Notes Issue Date, or any insurance, in each case,
to the extent so reimbursed to the Company or any Restricted Subsidiary (excluding any Non-Recourse Subsidiary);

 

		(xi)	solely for purposes of determining compliance with the Consolidated Total Debt Ratio Condition, so long as the Company maintains
its accounts in accordance with GAAP, development, including technology, and other research costs and expenses;

 

		(xii)	solely for purposes of determining compliance with the Consolidated Total Debt Ratio Condition, so long as the Company maintains
its accounts in accordance with GAAP, proceeds of investment tax credits received during the applicable period (to the extent not
reflected as revenue or income in such period); and

 

     12

     

    

 

		(xiii)	any fees, expenses or charges attributable to the implementation of any Run Rate Adjustment (as defined below),

 

		(2)	increased by pro forma “run rate” cost savings, operating expense reductions and synergies related
to acquisitions, dispositions and other specified transactions, restructurings, cost savings initiatives and other initiatives
and/or actions that are reasonably identifiable, factually supportable and projected by the Company in good faith to result from
actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good
faith determination of an Officer of the Company) within 18 months after such acquisition, disposition or other specified transaction,
restructuring, cost savings initiative or other initiative and/or action (calculated on a pro forma basis as though such
cost savings, operating expense reductions and synergies had been realized on the first day of the period for which Consolidated
EBITDA is being determined and if such cost savings, operating expense reductions and synergies were realized during the entirety
of such period), net of the amount of actual benefits realized during such period from such action (it is understood and agreed
that “run rate” means the full recurring benefit for a period that is associated with any action taken or with respect
to which substantial steps have been taken or are expected to be taken within the time frame described above) (any of the foregoing,
a “Run Rate Adjustment”); provided that (a) the aggregate amount of Run Rate Adjustments added back pursuant
to clause (2) shall not exceed 10% of Consolidated EBITDA for such period (determined prior to giving effect to such all such adjustments);

 

		(3)	increased (with respect to losses) or decreased (with respect to gains) by (without duplication) any net cash
or realized gains and losses relating to (i) amounts denominated in foreign currencies resulting from the application of the Financial
Accounting Standards Board’s Accounting Standards Codification 830 (including net realized cash or gains and losses from
exchange rate fluctuations on intercompany balances and balance sheet items, net of realized gains or losses from related Hedging
Obligations (entered into in the ordinary course of business or consistent with past practice)) or (ii) any other amounts denominated
in or otherwise trued-up to provide similar accounting as if they were denominated in foreign currencies;

 

		(4)	increased (with respect to losses) or decreased (with respect to gains) by (without duplication) any gain or
loss relating to Hedging Obligations (excluding Hedging Obligations entered into in the ordinary course of business or consistent
with past practice);

 

		(5)	proceeds of business interruption insurance received during such period (to the extent not reflected as revenue or income in
such period); less

 

     13

     

    

 

		(6)	the following to the extent included in determining Consolidated Net Income:

 

(i)          foreign exchange gains
to the extent they relate to timing differences as a result of an effective economic hedging relationship not qualifying for hedge
accounting under GAAP; and

 

(ii)         the
amount of any gains attributed to non-controlling interests, all as determined on a consolidated basis in conformity with GAAP.
For all purposes of this Indenture, Consolidated EBITDA will be calculated on a Pro Forma Basis.

 

“Consolidated Interest Expense”
means, without duplication, with respect to any Person and its Restricted Subsidiaries (but excluding Non-Recourse Subsidiaries)
for any period in accordance with GAAP, the sum of:

 

(a)          interest
incurred during such period on Indebtedness;

 

(b)          the
aggregate cost of obtaining short-term and long-term advances of credit, reported as interest expense on the consolidated income
statement of such Person and its Restricted Subsidiaries for such period, including accrued and unpaid interest charges, standby
fees, and discounts and fees payable in respect of bankers acceptances and letters of credit, but for greater certainty excluding
arrangement and underwriting fees;

 

(c)          payments
made or required to be made during such period on account of the interest component (or portion thereof reasonably attributable
to interest or other compensation for the extension of credit) of any payment under a Capitalized Lease Obligations;

 

(d)          interest
on uncertain tax positions;

 

(e)          imputed
interest;

 

(f)           accretion
interest on long term obligations;

 

(g)          forward
points on hedging instruments;

 

(h)          net
payments, if any, made pursuant to interest rate Hedging Obligations with respect to Indebtedness; and

 

(i)           any
discount on the securitization of Receivables, whether or not treated as interest expense under GAAP;

 

less:

 

(j)           any
interest on Subordinated Obligations that is paid or satisfied by the issue of Capital Stock of the Company (other than Disqualified
Stock) or from the proceeds of further Subordinated Obligations;

 

(k)          any
interest, costs or payments in connection with letters of credit Guaranteed or insured by EDC;

 

     14

     

    

 

(l)           in
the case of a Special Subsidiary, the entire portion of Consolidated Interest Expense attributable to such Special Subsidiary in
excess of the relevant Special Subsidiary Percentage of such Consolidated Interest Expense; and

 

(m)         net
payments, if any, received pursuant to interest rate Hedge Agreement with respect to Indebtedness.

 

Notwithstanding the foregoing, (i) for purposes
of calculating the denominator of the Consolidated Coverage Ratio, Consolidated Interest Expense shall be limited to total interest
expense on Indebtedness payable in cash (including the interest component under Capitalized Lease Obligations payable in cash),
but excluding to the extent included in interest expense, (A) fees and expenses associated with the consummation of the 2019 Transactions,
(B) costs associated with obtaining Hedging Agreements and any interest expense attributable to the movement of the mark-to-market
valuation of obligations under Hedging Agreements or other derivative instruments, and any one-time cash costs associated with
breakage in respect of Hedging Agreements for interest rates, (C) fees and expenses associated with any issuance of Equity Interests,
Investments or Indebtedness incurrence and (D) any interest component relating to accretion or accrual of discounted liabilities)
and (ii) where applicable, such calculation shall be on a Pro Forma Basis.

 

“Consolidated Net Income”
means, with respect to any Person for any period, the aggregate of the net income (loss) of such Person and its Restricted Subsidiaries
for such period, calculated on a consolidated basis (excluding Non-Recourse Subsidiaries) in accordance with GAAP; provided,
that the following shall be excluded (without duplication):

 

		(a)	any net income (loss) of any Restricted Subsidiary if such Subsidiary is subject to restrictions, directly or indirectly, on
the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company or
a Subsidiary Guarantor, except that:

 

		(i)	the Company’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated
Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period
to the Company or another Restricted Subsidiary as a dividend (subject, in the case of a dividend to another Restricted Subsidiary,
to the limitation contained in this clause); and

 

		(ii)	the Company’s equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining
such Consolidated Net Income.

 

		(b)	all extraordinary, unusual or non-recurring items;

 

		(c)	gains or losses attributable to asset sales made out of the ordinary course of business or gains or losses realized upon the
disposal, abandonment or discontinuation of the operations of any of the Company or its Restricted Subsidiaries (other than Non-Recourse
Subsidiaries);

 

     15

     

    

 

		(d)	any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative
instruments;

 

		(e)	any net income or loss included in the consolidated statement of operations with respect to noncontrolling interests due to
the application of Accounting Standards Codification Topic 810, Consolidation; and

 

		(f)	the cumulative effect of a change in accounting principles.

 

provided that cash dividends
received from Non-Recourse Subsidiaries in any period shall be included in the calculation of Consolidated Net Income for such
period.

 

“Consolidated Total Debt Ratio,”
means, with respect to any Person as of any date, the ratio of: (1) the aggregate outstanding Consolidated Debt of such Person
and its Restricted Subsidiaries outstanding on such date, to (2) the Consolidated EBITDA of such Person for the most recently
ended four consecutive fiscal quarters for which internal financial statements prepared on a consolidated basis are available,
calculated on a Pro Forma Basis.

 

“Consolidated Total Debt Ratio
Condition” shall mean the condition that shall be satisfied to the extent the Consolidated Total Debt Ratio does not
exceed:

 

(i)           for
any debt incurrence prior to June 30, 2020, 7.25:1.00,

 

(ii)          for
any debt incurrence on or after June 30, 2020 and up to but excluding December 31, 2021, 7.50:1.00,

 

(ii)          for
any debt incurrence on or after December 31, 2021 and up to but excluding December 31, 2022, 7.25:1.00,

 

(iii)        
for any debt incurrence on or after December 31, 2022 and up to but excluding June 30, 2023, 6.25:1.00,

 

(iv)         for
any debt incurrence on or after June 30, 2023, 5.50:1.00.

 

“Convertible Debentures”
means any convertible subordinated debentures or notes created, issued or assumed by the Company which have all of the following
characteristics:

 

(1)         an
initial final maturity or due date in respect of repayment of principal extending at least 90 days beyond the maturity date of
the Notes in effect at the time such debentures or notes are created, issued or assumed;

 

(2)         no
scheduled or mandatory payment or repurchase of principal thereunder (other than as a result of an acceleration following an event
of default in regard thereto or payment which can be satisfied by the delivery of common shares of the Company as contemplated
in paragraph (5) of this definition and other than on a change of control of the Company where a Change of Control also occurs)
prior to the maturity date of the Notes in effect at the time such debentures or notes are created, issued or assumed;

 

     16

     

    

 

(3)         upon
and during the continuance of an Event of Default or acceleration of any obligations under any Pari Passu Lien Document which has
not been rescinded, (i) all amounts payable in respect of principal, premium (if any) or interest under such debentures or notes
are subordinate and junior in right of payment to all such obligations under the Pari Passu Lien Documents and no payments shall
be made under such debentures or notes, and (ii) no enforcement steps or enforcement proceedings may be commenced in respect of
such debentures or notes;

 

(4)         upon
distribution of the assets of the Company on any dissolution, winding up, liquidation or reorganization of the Company (whether
in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling
of the assets and liabilities of such Person, or otherwise), all obligations under the Pari Passu Lien Documents shall first be
paid in full, or provision made for such payment, before any payment is made on account of principal, premium (if any) or interest
payable in regard to such debentures or notes;

 

(5)         so
long as no default has occurred in respect of such debentures or notes and provided the Company is in compliance with all applicable
securities laws and such common shares are qualified for distribution as required and listed on the Toronto Stock Exchange or another
national or international securities exchange, then any and all payments of interest and principal due and payable under such debentures
or notes can be satisfied, at the option of the Company, by delivering common shares in accordance with this indenture or agreement
governing such debentures or notes (whether such common shares are received by the holders of such debentures or notes as payment
or are sold by a trustee or representative under such indenture or agreement to provide cash for payment to holders of such debentures
or notes) and if not so payable by delivery of common shares, any interest payment made prior to the maturity date of the Notes
will be payable in kind;

 

(6)         the
occurrence of a Default or Event of Default or the acceleration of any obligations under this Indenture or any Pari Passu Lien
Documents, or the enforcement of the rights and remedies of the Pari Passu Lien Secured Parties under any Pari Passu Lien Document,
shall not by reason of specific reference to this Indenture (i) cause a default or event of default (with the passage of time or
otherwise) under such debentures or notes or any indenture governing same, or (ii) cause or permit the obligations under such debentures
or notes to be due and payable prior to the stated maturity thereof (provided such debentures or notes may provide for a
cross-acceleration where such cross-acceleration is by reference to a minimum principal amount of indebtedness in excess of $100.0
million); and

 

(7)         the
Company and any trustee under any indenture governing such debentures or notes shall enter into or have entered into an agreement
(the “Reliance and Enforcement Agreement”) with the Pari Passu Lien Secured Parties (or authorized representatives
thereof) to, inter alia, confirm the right of the Pari Passu Lien Secured Parties to rely upon and enforce such subordination,
on terms and conditions satisfactory to the Pari Passu Lien Secured Parties, acting reasonably.

 

     17

     

    

 

“Convertible Indebtedness”
means Indebtedness of Company (which may be Guaranteed by the Subsidiary Guarantors) permitted to be incurred under the terms of
this Indenture that is either (a) convertible or exchangeable into common stock of the Company (and cash in lieu of fractional
shares) and/or cash (in an amount determined by reference to the price of such common stock) or (b) sold as units with call options,
warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of the
Company and/or cash (in an amount determined by reference to the price of such common stock).

 

“Corporate Trust Office”
means, with respect to the Trustee and the Notes Collateral Agent, the office of the Trustee and the Notes Collateral Agent at
which at any time its corporate trust business relating to this Indenture shall be administered, which such office on the date
hereof shall be the address of the Trustee and the Notes Collateral Agent specified in Section 13.02 hereof or such other address
as to which the Trustee or the Notes Collateral Agent, as applicable, may give notice to the Holders and the Company, or the principle
corporate trust office of any successor trustee or collateral agent (or such address as such successor trustee or collateral agent
may designate by notice to the Holders and the Company).

 

“Covenant Defeasance”
has the meaning assigned to such term in Section 8.03.

 

“Debt Facility” means
one or more debt facilities (including, without limitation, the Senior Credit Facilities) or commercial paper facilities or indentures
with banks or other institutional lenders or trustees 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) or letters of credit or issuances of debt securities evidenced by notes, debentures, bonds or similar instruments,
in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities
to institutional investors) in whole or in part from time to time (and whether or not with the original administrative agent, lenders
or trustee or another administrative agent or agents, other lenders or trustee and whether provided under the original Senior Credit
Facilities, or any other credit or other agreement or indenture).

 

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

 

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

 

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

 

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“Designated Noncash Consideration”
means the Fair Market Value of noncash consideration received by the Company or one of its Restricted Subsidiaries in connection
with an Asset Sale that is so designated as Designated Noncash Consideration by the Company, less the amount of cash or Cash Equivalents
received in connection with a subsequent sale or other disposition of or payment or collection on such Designated Noncash Consideration.

 

“Directing Holder” has
the meaning assigned to it in Section 6.02(d).

 

“Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person 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:

 

		(1)	matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise (other than as a result of a change
of control or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are no
more favorable in any material respect to holders of such Capital Stock than the asset sale and change of control provisions applicable
to the Notes and any purchase requirement triggered thereby may not become operative until compliance with the asset sale and change
of control provisions applicable to the Notes (including the purchase of any Notes tendered pursuant thereto));

 

		(2)	is convertible into or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible or
exchangeable solely at the option of the Company or a Restricted Subsidiary (it being understood that upon such conversion or exchange
it shall be an Incurrence of such Indebtedness or Disqualified Stock)); or

 

		(3)	is redeemable at the option of the holder of the Capital Stock in whole or in part, in each case on or prior to the date 91 days
after the earlier of the final maturity date of the Notes or the date the Notes are no longer outstanding; provided, however,
that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so
redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided, further,
that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries
or a direct or indirect parent of the Company or by any such plan to such employees, such Capital Stock shall not constitute Disqualified
Stock solely because they may be required to be repurchased by the Company or its Subsidiaries or a direct or indirect parent of
the Company in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination,
death or disability.

 

“Dividing Person” has
the meaning assigned to it in the definition of “Division.”

 

“Division” means the
division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing
Person and pursuant to which the Dividing Person may or may not survive.

 

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“Division Successor”
means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities
and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person
which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the
occurrence of such Division.

 

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

 

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

 

“EDC” means Export Development
Canada.

 

“Equity Interests” means
shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equivalent equity or ownership interests in any Person, and any option, warrant or other right entitling the holder
thereof to purchase or otherwise acquire any such equity interest, but excluding from all of the foregoing any debt securities
convertible into Equity Interests or cash based on the value of such Equity Interests.

 

“Equity Offering” means
a public offering or private sale for cash by the Company or any direct or indirect parent of the Company of Capital Stock (other
than Disqualified Stock), other than (x) public offerings with respect to the Company’s Capital Stock, registered on Form
S-4 or S-8, (y) an issuance to any Subsidiary of the Company or (z) any offering of the Company’s Common Stock issued in
connection with a transaction that constitutes a Change of Control.

 

“Event of Default” has
the meaning assigned to such term in Section 6.01.

 

“Excess Proceeds” has
the meaning assigned to such term in Section 4.10(d).

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Excluded Accounts” means
(i) segregated bank accounts constituting (and the balance of which consists solely of funds set aside in connection with) payroll
accounts and accounts dedicated to the payment of accrued employee benefits, medical, dental and employee benefit claims to employees
of the Company or any Restricted Subsidiary, (ii) segregated bank accounts used to cash collateralize letters of credit and (iii)
bank accounts of the Company or any Restricted Subsidiary in the United States of America or Canada that do not have balances in
excess of $10.0 million.

 

“Excluded Assets” means

 

(i)       motor
vehicles in the United States of America, other assets which are subject to certificates of title and commercial tort claims;

 

     20

     

    

 

 

 

(ii)           pledges
and security interests (including in respect of interests in partnerships, joint ventures and other non-wholly owned entities)
to the extent prohibited by Law or prohibited by agreements containing anti-assignment clauses not overridden by the PPSA, UCC
or other applicable Law;

 

(iii)          any
fee owned real property with a value of less than $10.0 million; provided that the foregoing shall not exclude any fee owned
real property which may be (x) encumbered by a Security Document and (y) either is perfected by a PPSA or UCC filing (or equivalent)
or does not require any filing in order to be enforceable against unsecured creditors;

 

(iv)          any
leasehold interest unless, by virtue of the nature of the leasehold premises and any assets affixed thereto, the failure of the
Notes Collateral Agent to enjoy a Lien thereon would reasonably be expected to result in (A) a material impairment of the ability
of the Pari Passu Lien Secured Parties, their respective agent(s) or a receiver to effectively manage any material business of
the Company or any Restricted Subsidiary, or (B) a material reduction in the recovery from the Collateral on a realization of the
Security; provided that the foregoing shall not exclude any leasehold interest which may be (x) encumbered by a Security
Document and (y) either is perfected by a PPSA or UCC filing (or equivalent) or does not require any filing in order to be enforceable
against unsecured creditors;

 

(v)           intent
to use trademark applications;

 

(vi)          Equity
Interests:

 

		(A)	constituting margin stock to the extent and for so long as such assets do not secure any other Pari Passu Lien Obligations;

 

		(B)	in any Immaterial Subsidiary;

 

		(C)	in any Subsidiary that is not a Wholly Owned Subsidiary if the granting of a security interest in such equity would be prohibited
by Law or by organizational or governance documents of any Subsidiary or would trigger termination pursuant to any “change
of control” or similar provision,

 

provided that the foregoing shall not exclude
any Equity Interests in Immaterial Subsidiaries that may be perfected by a PPSA or UCC filing; or

 

		(D)	at the option of the Company, in any Tax Excluded Subsidiary (other than 65% of the voting equity interests and 100% of the
non-voting equity interests in any CFC or FSHCO that is directly owned by the Company or any Subsidiary Guarantor);

 

(vii)         any
lease, license or other agreement or any property subject to a Purchase Money Obligation, Capitalized Lease Obligations or
similar arrangements, in each case, to the extent permitted under the Security Documents to the extent that a grant of a
security interest therein would violate or invalidate such lease, license or agreement, purchase money, capital lease or a
similar arrangement or create a right of termination in favor of any other party thereto (other than the Company or any
Restricted Subsidiary) after giving effect to the applicable anti-assignment provisions of the PPSA, UCC or other applicable
Law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under applicable Law
notwithstanding such prohibition;

 

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(viii)        any
property and assets the pledge of which would require governmental consent, approval, license or authorization that has not been
obtained;

 

(ix)           those
assets as to which the costs of obtaining such a security interest or perfection thereof are excessive in relation to the value
to holders of the Notes of the security to be afforded thereby as reasonably determined by the Company; to the extent and for so
long as such security is not subject to a Lien securing any other Pari Passu Lien Obligations;

 

(x)           the Radarsat
II ground station and ground control equipment;

 

(xi)          U.S.-Owned
Assets;

 

(xii)         at
the option of the Company, any assets owned by a Tax Excluded Subsidiary that is a Subsidiary Guarantor; provided that the
exclusion of such assets shall require compliance with Section 10.1(17) of the Senior Credit Facilities; and

 

(xiii)        any
inventory that is “specifically identified to contracts-in-process” where the granting of a Lien over such inventory
would result in the breach of a contract.

 

“Excluded Subsidiary”
shall mean any Restricted Subsidiary that (i) is an Immaterial Subsidiary, (ii) is not a Wholly-Owned Subsidiary on any date such
Restricted Subsidiary would otherwise be required to become a Subsidiary Guarantor pursuant to the requirements of this Indenture
(for so long as such Restricted Subsidiary remains a non-Wholly-Owned Subsidiary), (iii) is prohibited by any applicable contractual
requirement permitted under this Indenture or applicable Law from guaranteeing or granting Liens to secure the Notes at the time
such Subsidiary becomes a Restricted Subsidiary (and for so long as such restriction or any replacement or renewal thereof is in
effect), (iv) with respect to which the consequence of providing a Subsidiary Guarantee would adversely affect the ability of the
Company and the Restricted Subsidiaries to satisfy applicable Law as determined in the reasonable judgment of the Company, (v)
with respect to which, in the reasonable judgment of the Company, the cost or other adverse consequences of providing a Subsidiary
Guarantee shall be materially and disproportionately greater than the benefits to be obtained by the holders of the Notes therefrom,
(vi) at the option of the Company, is a Tax Excluded Subsidiary (subject to compliance with Section 10.1(17) of the Senior Credit
Facilities), (vii) is a Captive Insurance Subsidiary or (viii) is acquired pursuant to a Permitted Investment and financed with
assumed secured Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such secured Indebtedness
to which such Restricted Subsidiary is a party prohibits such Restricted Subsidiary from guaranteeing the Notes and such prohibition
was not created in contemplation of such Permitted Investment. Notwithstanding the foregoing, no Restricted Subsidiary shall be
an “Excluded Subsidiary” if it guarantees the obligations of the Company under the Senior Credit Facilities.

 

     22

     

    

 

“Fair Market Value” means,
with respect to any asset or property, the price that could be negotiated in an arm’s-length, free market transaction, between
a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction
(as determined in good faith by the Company, whose determination will be conclusive for all purposes under this Indenture and the
Notes).

 

“First Lien Intercreditor Agreement”
means the First Lien Pari Passu Intercreditor Agreement, dated as of December 11, 2019, among the 2023 Senior Secured Notes Trustee,
the Notes collateral agent under the 2023 Senior Secured Notes Indenture, the Bank Administrative Agent, the Bank Collateral Agent
and each additional representative in respect of a Series of Pari Passu Lien Debt from time to time party thereto and acknowledged
and agreed to by the Company, as it may be amended, modified, renewed, restated or replaced, in whole or in part, from time to
time.

 

“FSHCO” means a U.S.
Subsidiary of the Company that has no material assets other than equity interests in, or indebtedness of, one or more CFCs.

 

“Funded Debt” means,
with respect to any specified Person, any Indebtedness of such Person, whether or not contingent, in respect of borrowed money
or advances or evidenced by indentures, bonds, notes, debentures, loan agreements or similar instruments.

 

“GAAP” means generally
accepted accounting principles in the United States of America as in effect as of the 2023 Senior Secured Notes Issue Date, including
those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other
entity as approved by a significant segment of the accounting profession. All ratios and computations based on GAAP contained in
this Indenture will be computed in conformity with GAAP, except that in the event the Company is acquired in a transaction that
is accounted for using purchase accounting, the effects of the application of purchase accounting shall be disregarded in the calculation
of such ratios and other computations contained in this Indenture.

 

“Global Note” means a
Note in registered global form substantially in the form of Exhibit A hereto, including appropriate legends as set forth in Section
2.01(b).

 

“Grantor” means each
of the Company and any other entity pledging property or assets as Collateral.

 

“Guarantee” means, as
to any Person, any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing, any Indebtedness of
any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person:

 

		(1)	to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether
arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, properties, goods, securities
or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or

 

     23

     

    

 

		(2)	entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect
such obligee against loss in respect thereof (in whole or in part); provided, however, that the term “Guarantee”
will not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used
as a verb has a corresponding meaning.

 

“Guarantor Subordinated Obligation”
means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue
Date or thereafter Incurred) that is expressly subordinated in right of payment to the obligations of such Subsidiary Guarantor
under its Subsidiary Guarantee pursuant to a written agreement.

 

“Hedge Agreement” means
any agreement governing Hedging Obligations.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange
contract, currency swap agreement or similar agreement providing for the transfer, modification or mitigation of interest rate,
currency, commodity risks or equity risks either generally or under specific contingencies.

 

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

 

“IAI Global Note” means
a Global Note resold to Institutional Accredited Investors bearing the Restricted Legend.

 

“Immaterial Subsidiary”
means any Restricted Subsidiary which (a) individually has assets which constitute less than 2% of Total Assets and generate less
than 2% of Consolidated EBITDA of the Company for the most recently ended four consecutive fiscal quarters and (b) collectively
with all other Immaterial Subsidiaries has assets which constitute less than 5% of Total Assets and generate less than 5% of Consolidated
EBITDA of the Company for the most recently ended four consecutive fiscal quarters, in each case as determined by the Company with
reference to the most recent financial statements provided to the Trustee.

 

“Incur” means, with respect
to any Indebtedness, Capital Stock or Lien, to issue, assume, Guarantee, incur or otherwise become liable for such Indebtedness,
Capital Stock or Lien; provided, however, that any Indebtedness, Capital Stock or Lien of a Person existing at the time
such Person becomes a Restricted Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) will be
deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary; and the terms “Incurred”
and “Incurrence” have meanings correlative to the foregoing.

 

“Indebtedness” means,
with respect to any Person on any date of determination (without duplication):

 

		(a)	all indebtedness of such Person for borrowed money, including obligations with respect to bankers’ acceptances;

 

     24

     

    

 

		(b)	all indebtedness of such Person for contingent reimbursement obligations with respect to letters of credit or letters of guarantee
which provide credit support for obligations which would otherwise constitute Indebtedness of such Person within the meaning of
this definition or for drawn reimbursement obligations with respect to letters of credit, letters of guarantee and surety bonds
(except to the extent such reimbursement obligations relates to trade payables and such obligation is satisfied with 30 days of
Incurrence); provided that Indebtedness shall not include cash-collateralized (but otherwise unsecured) letters of credit,
letters of guarantee or surety bonds;

 

		(c)	all indebtedness of such Person for the deferred purchase price of property or services, which purchase price is due more than
one year after the date of placing such property in service or taking delivery and title thereto, other than:

 

(i)     
   trade indebtedness on commercially reasonable terms accounted for as accounts payable or deferred revenue;
and

 

(ii)       commercially
reasonable payment terms intended to reflect the commercial interests of contracting parties as opposed to the granting of credit;

 

each as incurred in the ordinary course of business,
net of prepayments thereof;

 

		(d)	all Purchase Money Obligations (including indebtedness in respect of which the rights and remedies of the seller or lender
thereunder in the event of default are limited to repossession or sale of the purchased property, in which case the amount attributed
to Indebtedness shall be the lesser of such indebtedness and the Fair Market Value of the property to which recourse is limited);

 

		(e)	all Capitalized Lease Obligations and other Attributable Debt;

 

		(f)	the amount for which any Equity Interests in the capital of any such Person that is a corporation or other entity may be redeemed
if the holders of such Equity Interests are entitled at such time to require such Person to redeem such Equity Interests, or if
such Person is otherwise obligated at such time to redeem such Equity Interests, in each case whether on notice or otherwise (excluding
any amounts so attributable to Equity Interests held by the Company or a Subsidiary of the Company and redemptions required as
a result of a change of control or asset sale; provided that the relevant asset sale or change of control provisions, taken
as a whole, are no more favorable in any material respect to holders of such Equity Interests than the asset sale and change of
control provisions applicable to the Notes and any purchase requirement triggered thereby may not become operative until compliance
with the asset sale and change of control provisions applicable to the Notes (including the purchase of any Notes tendered pursuant
thereto));

 

		(g)	the amount of any earn-out obligation which is reflected as a liability on the balance sheet of such Person in accordance with
GAAP; and

 

     25

     

    

 

		(h)	the maximum amount which may be outstanding at any time of all Indebtedness of the kinds referred to in (a) through (g) which
is directly or indirectly Guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase or
otherwise acquire (whether or not such Person has assumed or become liable for the payment of such Indebtedness);

 

if and to the extent any of the preceding items (other than
letters of credit, letters of guarantee and surety bonds) would appear as a liability upon a balance sheet (excluding the notes
thereto) of the specified Person prepared in accordance with GAAP; provided that any obligation or liability in connection
with an Asset Securitization that constitutes an Asset Sale under clause (12) of such definition shall not constitute Indebtedness.

 

Notwithstanding the foregoing, in no event
shall the following constitute Indebtedness: (1) money borrowed and set aside at the time of the Incurrence of any Indebtedness
in order to pre-fund the payment of interest on such Indebtedness; provided that such money is held to secure the payment
of such interest; (2) obligations to make payments to one or more insurers under satellite insurance policies in respect of premiums
or the requirement to remit to such insurer(s) a portion of the future revenues generated by a satellite which has been declared
a constructive total loss, in each case in accordance with the terms of the insurance policies relating thereto; (3) obligations
to make progress or incentive payments (including any in-orbit incentive payments) or other deferred payments earned during the
life of a satellite under any satellite manufacturing contract or to make payments under satellite launch contracts in respect
of launch services provided thereunder; (4) obligations to be satisfied by delivery of products or services, including under satellite
capacity or bandwidth arrangements (whether or not classified and accounted for as a capitalized lease or as indebtedness for financial
reporting purposes in accordance with GAAP); (5) Cash Management Services; (6) liabilities arising from Receivables dispositions
consistent with clause (12) of the definition of “Asset Sale”; and (7) obligations, to the extent such obligations
would otherwise constitute Indebtedness, under any agreement that has been irrevocably defeased or irrevocably satisfied and discharged
pursuant to the terms of such agreement.

 

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

 

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

 

“Initial Lien” has the
meaning assigned to it in Section 4.12.

 

“Initial Notes” means
the Notes issued on the Issue Date and any Notes issued in replacement thereof.

 

“Initial Post-Closing Transaction
Documents” means the documents set forth in Part I to Schedule 1.

 

“Initial Purchasers”
means the initial purchasers party to a purchase agreement with the Company relating to the sale of the Notes or Additional Notes
by the Company.

 

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“Institutional Accredited Investor”
means an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act).

 

“Institutional Accredited Investor
Certificate” means a certificate substantially in the form of Exhibit H hereto.

 

“Intercreditor Agreements”
means, collectively, the First Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement.

 

“Interest Payment Date”
means each June 25 and December 25 of each year, and with the final Interest Payment Date being December 31, 2027 instead of December
25, 2027.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s Investors Service, Inc. or BBB- (or the equivalent)
by S&P Global Ratings, or any equivalent rating by any other Rating Agency.

 

“Investments” means,
with respect to any Person (1) all investments by such Person in other Persons (including Affiliates) in the form of (a) loans
(including Guarantees), (b) advances or capital contributions (excluding accounts receivable, trade credit and advances or other
payments made to customers, dealers, suppliers and distributors and payroll, commission, travel and similar advances to officers,
directors, managers, employees, consultants and independent contractors in the ordinary course of business) or (c) purchases or
other acquisitions for consideration of Indebtedness, Capital Stock or other securities issued by any such other Person and (2)
investments that are required by GAAP to be classified on the balance sheet of the Company in the same manner as the other investments
included in clause (1) of this definition to the extent that such transactions involve the transfer of cash or other property;
provided that Investments shall not include:

 

		(1)	intercompany receivables and payables (including with Unrestricted Subsidiaries) in the ordinary course of business in exchange
for goods and services on an arm’s length basis;

 

		(2)	Hedging Obligations entered into in the ordinary course of business and in compliance with this Indenture;

 

		(3)	endorsements of negotiable instruments and documents in the ordinary course of business; and

 

		(4)	an acquisition of assets, property, Capital Stock or other securities by the Company or a Subsidiary for consideration to the
extent such consideration consists of Common Stock of the Company.

 

For purposes of Section 4.07:

 

		(1)	“Investment” will include the portion (proportionate to the Company’s equity interest in such
                                                               Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is
                                                               designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted
                                                               Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary
                                                               in an amount (if positive) equal to (a) the Company’s aggregate “Investment” in such Subsidiary as of the
                                                               time of such redesignation less (b) the portion (proportionate to the Company’s equity interest in such
                                                               Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such designation; and 

 

     27

     

    

 

		(2)	any assets or property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time
of such transfer.

 

“Issue Date” means June
25, 2020.

 

“Issuer” means the Company
together with all successors thereto.

 

“Joinder Agreement” means
the joinder to the First Lien Intercreditor Agreement substantially in the form of Annex II to the First Lien Intercreditor Agreement.

 

“Junior Lien” means a
Lien granted, or purported to be granted, by a Security Document to the applicable Junior Lien Debt Representative, at any time,
upon any property of the Company or any Subsidiary Guarantor to secure Junior Lien Obligations.

 

“Junior Lien Debt” means
any Funded Debt (including borrowings under any Junior Lien Documents) that is secured by a Junior Lien and that was permitted
to be Incurred and permitted to be so secured under the applicable Junior Lien Documents; provided, that, (i) on or before
such Funded Debt is Incurred by the Company or a Subsidiary Guarantor, such Funded Debt is designated by the Company as “Junior
Lien Debt” for the purposes of the Junior Lien Documents in accordance with the Second Lien Intercreditor Agreement, and
(ii) if such Funded Debt is the first series of Junior Lien Debt incurred after the Issue Date, the Junior Lien Debt Representative
for such Funded Debt shall execute and deliver a Second Lien Intercreditor Agreement in accordance with the terms of this Indenture
or, unless such Funded Debt is Incurred under an existing Junior Lien Document for any Series of Junior Lien Debt whose Junior
Lien Debt Representative is already party to the Second Lien Intercreditor Agreement, the Junior Lien Debt Representative for such
Funded Debt executes and delivers a joinder to the Second Lien Intercreditor Agreement in respect of and in accordance with the
Second Lien Intercreditor Agreement. For the avoidance of doubt, Hedging Obligations secured by a Junior Lien do not constitute
Junior Lien Debt but may constitute Junior Lien Obligations.

 

“Junior Lien Debt Representative”
means, in the case of any Series of Junior Lien Debt, the duly authorized collateral agent, trustee, agent or representative of
the holders of such Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt or is appointed
as a representative for such Junior Lien Debt (for purposes related to the administration of the Security Documents) pursuant to
the indenture, credit agreement or other agreement governing such Series of Junior Lien Debt, and who has executed the Second Lien
Intercreditor Agreement or any joinder thereto, together with its successors and assigns in such capacity.

 

     28

     

    

 

“Junior Lien Documents”
means any indenture, notes, credit agreement or other agreement or instrument pursuant to which any Junior Lien Debt is Incurred
and the Junior Lien Security Documents.

 

“Junior Lien Obligations”
means any Junior Lien Debt and all other Obligations in respect of Junior Lien Debt, including any post-petition interest whether
or not allowable, and all guarantees of any of the foregoing; provided such Lien is permitted to be incurred under this Indenture;
provided, further, that the holders of such Indebtedness or their Junior Lien Debt Representative shall become party
to the Second Lien Intercreditor Agreement or any joinder thereto.

 

“Junior Lien Secured Parties”
means the holders of Junior Lien Obligations and each Junior Lien Debt Representative.

 

“Junior Lien Security Documents”
means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements,
control agreements, consent or direct arrangements, or other grants or transfers for security executed and delivered by the Company
or any Subsidiary Guarantor creating or perfecting (or purporting to create or perfect) or governing rights of enforcement with
respect to, a Lien upon Collateral in favor of the applicable Junior Lien Debt Representative, for the benefit of the holders of
Junior Lien Secured Parties, including, without limitation, the Second Lien Intercreditor Agreement, in each case, as amended,
modified, renewed, restated or replaced, in whole or in part, from time to time.

 

“Legal Defeasance” has
the meaning assigned to such term in Section 8.02.

 

“Lien” means, with respect
to any asset or property, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority or encumbrance
of any kind in respect of such asset or property, 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 any asset or property and any filing of or agreement to give any financing statement under the UCC
or PPSA(or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease or an agreement
to sell be deemed to constitute a Lien.

 

“Limited Condition Transaction”
means (1) any acquisition or other Investment permitted under this Indenture by the Company or one or more of its Restricted Subsidiaries
whose consummation is not conditioned on the availability of, or on obtaining, third party financing and (2) any repayment, repurchase
or refinancing of Indebtedness, Disqualified Stock or Preferred Stock with respect to which a notice of repayment (or similar notice)
has been issued.

 

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

 

     29

     

    

 

“Net Cash Proceeds” means
the aggregate cash proceeds (using the Fair Market Value of any Cash Equivalents) received by the Company or any of its Restricted
Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other
disposition of any Designated Noncash Consideration received in any Asset Sale and any cash payments received by way of deferred
payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the
assumption by the acquiring Person of Indebtedness relating to the disposed assets or other consideration received in any other
non-cash form), net of the direct cash costs relating to such Asset Sale and the sale or disposition of such Designated Noncash
Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions),
and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof, amounts required to be applied
to the repayment of principal of, premium, if any, and interest on Indebtedness required (other than pursuant to Section 4.10(b))
to be paid as a result of such transaction, any costs associated with unwinding any related Hedging Obligations in connection with
such transaction and any deduction of appropriate amounts to be provided by the Company or any of its Restricted Subsidiaries as
a reserve in accordance with GAAP against any liabilities associated with the asset or property disposed of in such transaction
and retained by the Company or any of its Restricted Subsidiaries after such sale or other disposition thereof, including, without
limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction.

 

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

 

“Non-Guarantor Subsidiary”
means any Restricted Subsidiary that is not a Subsidiary Guarantor.

 

“Non-Recourse Debt” means
Indebtedness of a Person:

 

(1)           as
to which neither Company nor any Subsidiary Guarantor (i) provides credit support or financial assistance of any nature whatsoever
(including any undertaking, agreement or instrument which would constitute Indebtedness), or (ii) is liable (directly or indirectly,
contingently or otherwise); and

 

(2)           default
with respect to which (including any rights which the holders thereof may have to take enforcement action) would not permit (upon
notice, lapse of time or both) any holder of any other Indebtedness of the Company or any Subsidiary Guarantor to declare a default
on such other Indebtedness or cause a payment thereof to be accelerated or payable prior to its stated maturity.

 

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“Non-Recourse Subsidiary”
means a Subsidiary of the Company (excluding a Restricted Subsidiary) which has been designated as a Non-Recourse Subsidiary in
accordance with this Indenture, and which Subsidiary does not have outstanding any Indebtedness other than Non-Recourse Debt and
Permitted Debt owing to the Company or any Restricted Subsidiary as permitted under this Indenture.

 

“Non-U.S. Person” means
a Person that is not a “U.S. person,” as defined in Regulation S.

 

“Noteholder Direction”
has the meaning assigned to it in Section 6.02(d).

 

“Notes” has the meaning
assigned to such term in the Recitals. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes
under this Indenture; provided that if any Additional Notes subsequently issued are not fungible with any Notes previously
issued for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP or ISIN number, as applicable. Unless
the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.

 

“Notes Secured Parties”
means the Trustee, the Notes Collateral Agent and the holders of the Notes from time to time.

 

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

 

“OECD” means the Organisation
for Economic Co-operation and Development.

 

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

 

“Officer” means, with
respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, Chief
Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Controller, the Treasurer or the
Secretary (or any person serving the equivalent function of any of the foregoing) of such Person.

 

“Officer’s Certificate”
means a certificate signed by an Officer of the Company or a direct or indirect parent of the Company.

 

“Offshore Global Note”
means a Global Note representing Notes issued and sold pursuant to Regulation S.

 

“OID Legend” means the
legend set forth in Exhibit I.

 

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“Opinion of Counsel”
means a written opinion from legal counsel. The counsel may be an employee of or counsel to the Company.

 

“Pari Passu Lien Credit Facility
Obligations” has the meaning assigned to such term in the definition of “Pari Passu Lien Obligations.”

 

“Pari Passu Indebtedness”
means Indebtedness that ranks pari passu in right of payment to the Notes or, with respect to any Subsidiary Guarantor,
such Subsidiary Guarantor’s Subsidiary Guarantee.

 

“Pari Passu Lien” means
a Lien granted, or purported to be granted, pursuant to a Pari Passu Lien Security Document to the applicable Authorized Representative,
at any time, upon any property of the Company or any Subsidiary Guarantor to secure any Pari Passu Lien Obligations.

 

“Pari Passu Lien Debt”
means (1) the Notes issued on the Issue Date commencing on the date on which the Notes are secured by Pari Passu Liens and the
2023 Senior Secured Notes, (2) any Additional Notes and any additional notes issued under the 2023 Senior Secured Notes Indenture,
(3) the Indebtedness under the Senior Credit Facilities and (4) any other Funded Debt (including borrowings under any other Pari
Passu Lien Documents) that is secured by a Pari Passu Lien and that was permitted to be Incurred and permitted to be so secured
under the applicable Pari Passu Lien Documents; provided, that, in the case of this clause (4), (a) on or before such Funded
Debt is Incurred such Funded Debt is designated by the Company as “Pari Passu Lien Debt” for the purposes of an officer’s
certificate executed and delivered in accordance with the First Lien Intercreditor Agreement, and (b) unless such Funded Debt is
Incurred under an existing Pari Passu Lien Document for any Series of Pari Passu Lien Debt whose Authorized Representative is already
party to the First Lien Intercreditor Agreement, the Authorized Representative for such Funded Debt executes and delivers a joinder
to the First Lien Intercreditor Agreement in respect of and in accordance with the First Lien Intercreditor Agreement. For the
avoidance of doubt, Hedging Obligations secured by a Pari Passu Lien do not constitute Pari Passu Lien Debt but may constitute
Pari Passu Lien Obligations.

 

“Pari Passu Lien Documents”
means this Indenture, the Senior Credit Facilities and any other indenture, notes, credit agreement or other agreement or instrument
pursuant to which any Pari Passu Lien Debt is Incurred and the Pari Passu Lien Security Documents.

 

“Pari Passu Lien Notes Obligations”
means Obligations in respect of the Notes, this Indenture, the Subsidiary Guarantees and the Security Documents.

 

“Pari Passu Lien Obligations”
means, collectively, (1) the Pari Passu Lien Notes Obligations, (2) Secured Obligations (as defined in the Senior Credit Facilities)
with respect to the Senior Credit Facilities (the “Pari Passu Lien Credit Facility Obligations”), (3) all Obligations
in respect of the 2023 Senior Secured Notes, and (4) and all other Obligations in respect of each Series of Pari Passu Lien Debt,
including any post-petition interest whether or not allowable, and all guarantees of any of the foregoing.

 

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“Pari Passu Lien Secured Parties”
means (1) the Senior Credit Facility Secured Parties, (2) the Notes Secured Parties, (3) the 2023 Senior Secured Notes Secured
Parties and (4) the holders of any other Pari Passu Lien Obligations and each Authorized Representative thereof.

 

“Pari Passu Lien Security Documents”
means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements,
control agreements, consent or direct arrangements, or other grants or transfers for security executed and delivered by the Company
or any Subsidiary Guarantor creating or perfecting (or purporting to create or perfect) or governing rights of enforcement with
respect to, a Lien upon Collateral in favor of the respective Authorized Representative, for the benefit of any of the applicable
Pari Passu Lien Secured Parties, including, without limitation the First Lien Intercreditor Agreement, in each case, as amended,
modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms.

 

“Paying Agent” refers
to a Person engaged by the Issuer to perform the obligations of the Trustee in respect of payments to be made or funds to be held
hereunder in respect of the Notes.

 

“Performance References”
means the Company or any one or more of the Subsidiary Guarantors.

 

“Permitted Bond Hedge Transaction”
means any call or capped call option (or substantively equivalent derivative transaction) on the Company’s common stock purchased
by the Company in connection with the issuance of any Convertible Indebtedness; provided that the purchase price for such
Permitted Bond Hedge Transaction, less the proceeds received by the Company from the sale of any related Permitted Warrant Transaction,
does not exceed the net proceeds received by the Company from the sale of such Convertible Indebtedness issued in connection with
the Permitted Bond Hedge Transaction.

 

“Permitted Debt” has
the meaning assigned to such term in Section 4.09(b).

 

“Permitted Investment”
means an Investment by the Company or any Restricted Subsidiary in:

 

		(1)	the Company or a Restricted Subsidiary; provided that (i) the amount of Investments made by the Company and the Subsidiary
Guarantors in Restricted Subsidiaries that are not Subsidiary Guarantors that are at that time outstanding, having an aggregate
Fair Market Value (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent
changes in value) at the time of such Investment, together with the amount of Investments in Persons that do not become Subsidiary
Guarantors pursuant to clause (2) of this definition does not exceed the greater of (x) $200.0 million and (y) 3.25% of Total Assets
and (ii) the amount of Investments made pursuant to this clause (1) and clause (2) below in Persons that do not become Subsidiary
Guarantors, together with the amount of Investments made pursuant to clause (14) of this definition, shall not exceed $350.0 million
in the aggregate;

 

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		(2)	any Investment by the Company or any of its Restricted Subsidiaries in a Person that is engaged in a Similar Business if, as
a result of such Investment:

 

		(a)	such Person becomes a Restricted Subsidiary; or

 

		(b)	such Person, in one transaction or a series of related transactions,
is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is
liquidated into, the Company or a Restricted Subsidiary,

 

and, in each case, any Investment held by such Person;
provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger, amalgamation,
consolidation, transfer, conveyance or liquidation; provided, further, that (i) the amount of Investments made by
the Company and the Restricted Subsidiaries in Persons that do not become Subsidiary Guarantors that are at that time outstanding,
having an aggregate Fair Market Value (with the Fair Market Value of each Investment being measured at the time made and without
giving effect to subsequent changes in value) at the time of such Investment, together with the amount of Investments in Restricted
Subsidiaries that are not Subsidiary Guarantors pursuant to clause (1) of this definition does not exceed the greater of (x) $200.0
million and (y) 3.25% of Total Assets and (ii) the amount of Investments made pursuant to this clause (2) and clause (1) above
in Persons that do not become Subsidiary Guarantors, together with the amount of Investments made pursuant to clause (14) of this
definition, shall not exceed $350.0 million in the aggregate;

 

		(3)	cash and Cash Equivalents, and Investments that were Cash Equivalents when made;

 

		(4)	receivables owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business and payable
or dischargeable in accordance with customary trade terms or such other concessionary trade terms as the Company or any such Restricted
Subsidiary deems reasonable under the circumstances;

 

		(5)	commission, payroll 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;

 

		(6)	loans or advances to officers, directors, employees, managers, consultants and independent contractors of the Company or any
Restricted Subsidiary for business-related travel and entertainment expenses, moving and relocation expenses and similar expenses,
in each case in the ordinary course of business;

 

		(7)	loans or advances to, or guarantees of Indebtedness of, officers, directors, employees, managers, consultants and independent
contractors of the Company or any Restricted Subsidiary in an aggregate amount not in excess of $10.0 million at any one time outstanding;

 

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		(8)	any Investment acquired by the Company or any of its Restricted Subsidiaries:

 

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

 

		(b)	in satisfaction of judgments or received in compromise, settlement or resolution of obligations of trade creditors, customers,
dealers or distributors that were incurred in the ordinary course of business or of any litigation, arbitration or other dispute;
or

 

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

 

		(9)	Investments made as a result of (a) the receipt of non-cash consideration from an Asset Sale that was made pursuant to and
in compliance with Section 4.10; provided that, to the extent that the assets sold in such Asset Sale were part of the Collateral
and the assets received as non-cash consideration are required to be pledged as collateral pursuant to the Senior Credit Facilities,
such assets will be pledged as Collateral pursuant to the Security Documents reasonably promptly after receipt by the Company or
a Restricted Subsidiary thereof; or (b) any other disposition of assets or property not constituting an Asset Sale;

 

		(10)	any Investment (a) in existence on the 2023 Senior Secured Notes Issue Date, (b) made pursuant to binding commitments in effect
on the 2023 Senior Secured Notes Issue Date, or (c) that replaces, refinances, refunds, renews or extends any Investment described
under either of the immediately preceding clauses (b) or (c), provided that any such Investment is in an amount that does
not exceed the amount replaced, refinanced, refunded, renewed or extended, except as contemplated pursuant to the terms of such
Investment in existence on the 2023 Senior Secured Notes Issue Date or as otherwise permitted under this definition or under Section
4.07;

 

		(11)	(A) Hedging Obligations, Cash Management Services and Guarantees permitted under Section 4.09; and (B) Permitted Bond Hedge
Transactions that constitute Investments;

 

		(12)	intercompany current liabilities owed to Unrestricted Subsidiaries or Permitted Joint Ventures Incurred in the ordinary course
of business in connection with the cash management operations of the Company and its Subsidiaries;

 

		(13)	Investments made in connection with the funding of contributions under any non-qualified retirement plan or similar employee
compensation plan in an amount not to exceed the amount of compensation expense recognized by the Company and its Restricted Subsidiaries
in connection with such plans;

 

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		(14)	Investments by the Company or any of its Restricted Subsidiaries, when taken together with all other Investments made pursuant
to this clause (14) that are at that time outstanding, having an aggregate Fair Market Value (with the Fair Market Value of each
Investment being measured at the time made and without giving effect to subsequent changes in value) at the time of such Investment,
not to exceed the greater of (x) $200.0 million and (y) 3.25% of Total Assets; provided that the amount of Investments made
pursuant to this clause (14), together with the amount of Investments made in Persons that do not become Subsidiary Guarantors
pursuant to clause (1) and (2) of this definition, shall not exceed $350.0 million in the aggregate;

 

		(15)	Investments to the extent made in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company;

 

	 	(16)	Investments
expressly required pursuant to Pari Passu Lien Documents;

 

		(17)	Guarantees permitted by Section 4.09;

 

		(18)	Guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course of the business of
the Company and its Subsidiaries;

 

		(19)	Investments of a Restricted Subsidiary or the Company acquired after the 2023 Senior Secured Notes Issue Date or of an entity
merged into or consolidated with the Company or a Restricted Subsidiary after the 2023 Senior Secured Notes Issue Date to the extent
that such Investments were not made in contemplation of such acquisition, merger or consolidation and were in existence on the
date of such acquisition, merger or consolidation;

 

		(20)	Investments in the Company or any Restricted Subsidiary in connection with any reorganization or activity undertaken as part
of a bona fide tax planning transaction; provided that:

 

(i)         all
of the steps in such transaction are completed substantially concurrently (except for any continuing Investment permitted by part
(iii) below);

 

(ii)        after
giving effect to such transaction, all of the entities involved in such transaction are solvent or have no material liabilities
(other than intra-group liabilities); and

 

(iii)       after
giving effect to such transaction: (A) any continuing Investment resulting from such transaction qualifies as a Permitted Investment
under another paragraph of this definition, (B) the security interest in the Collateral in respect of the Pari Passu Lien Debt,
taken as a whole, is not impaired in any material respect (as determined by the Company in good faith) and (C) no Default or Event
of Default has occurred and is continuing;

 

(21)         any
repurchase of Indebtedness not constituting Subordinated Obligations; and

 

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(22)         Investments
made with respect to any Permitted Joint Venture (or any Person which upon the making of such Investment becomes a Permitted Joint
Venture), when taken together with all other Investments made pursuant to this clause (22) since the 2023 Senior Secured Notes
Issue Date that are at that time outstanding, having an aggregate Fair Market Value (with the Fair Market Value of each Investment
being measured at the time made and without giving effect to subsequent changes in value) at the time of such Investment not to
exceed the greater of (x) $250.0 million and (y) 5.0% of Total Assets.

 

“Permitted Joint Venture”
means any other Person (other than a Restricted Subsidiary) in which the Company or any of its Restricted Subsidiaries has made
a Permitted Investment or any Investment permitted to be made pursuant to Section 4.07 (or Subsidiary of such Person), which Person
is engaged in a Similar Business and in respect of which the Company or any of its Restricted Subsidiaries beneficially owns at
least 10.0% of the Capital Stock of such Person.

 

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

 

		(1)	(a) Liens on Collateral Incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause
(1) of Section 4.09(b) and obligations secured ratably thereunder; provided that, to the extent such Liens are (x) Pari
Passu Lien Obligations, such Lien will be subject to the First Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement
(if any) and (y) Junior Lien Obligations, such Liens will be subject to the Second Lien Intercreditor Agreement; and (b) Liens
on Collateral Incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (2)(b) of Section
4.09(b) and obligations secured ratably thereunder;

 

		(2)	Liens Incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (4) of Section
4.09(b) and obligations secured ratably thereunder; provided, that such Liens extend only to the assets, property and/or
Equity Interests, the acquisition, design, development, lease, construction, repair, replacement, maintenance, installation, improvement
or insurance of which is financed thereby and any replacements, upgrades, additions, accessions and improvements thereto and any
income or profits thereof and any contracts, licenses, consents, permits, authorizations, services or insurance policies relating
thereto (and including, in each case, the proceeds thereof);

 

		(3)	Liens Incurred in connection with workers’ compensation laws, unemployment insurance laws or similar legislation, in
connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases, or Liens to secure public or statutory
obligations of such Person or to secure surety, stay, customs or appeal bonds, or as security for contested taxes or import or
customs duties or for the payment of rent, in each case Incurred in the ordinary course of business;

 

		(4)	Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, suppliers’, vendors’, materialmen’s,
repairmen’s, construction contractors’, mechanics’ or other like Liens, or other Liens arising out of judgments
or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review (or which, if due and
payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained, to
the extent required by GAAP) or with respect to which the failure to make payment could not reasonably be expected to have a material
adverse effect as determined in good faith by management of the Company;

 

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		(5)	Liens for taxes, assessments or other governmental charges or levies (i) which are not yet due and delinquent, (ii) which are
being contested in good faith by proper legal proceedings or (iii) with respect to which the failure to make payment could not
reasonably be expected to have a material adverse effect as determined in good faith by the Company;

 

		(6)	Liens to secure surety, stay, appeal, bid, indemnification, warranty, release, performance or similar bonds or with respect
to regulatory requirements or letters of credit or bankers’ acceptances or similar obligations in the ordinary course of
business, or Liens with respect to insurance premium financing;

 

		(7)	survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of
way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and
other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities
in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such
Person or to the ownership of its properties that do not in the aggregate materially adversely affect the value of said properties
or materially impair their use in the operation of the business of such Person;

 

		(8)	Liens securing Hedging Obligations, Cash Management Services and other bank products so long as any related Indebtedness is
permitted to be Incurred under this Indenture;

 

		(9)	leases, licenses, subleases, sublicenses, occupancy agreements or assignments of assets or real or personal property (including,
without limitation, real property and intellectual property rights);

 

		(10)	judgment and attachment Liens and Liens arising by reason of a court order or decree and notices of lis pendens and
associated rights related to litigation being contested in good faith, in each case not giving rise to an Event of Default;

 

		(11)	Liens (A) on specific items of inventory or other goods and proceeds of any Person securing such Person’s
                                                                obligations in respect of bankers’ acceptances or letters of credit entered into in the ordinary course of business
                                                                issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other
                                                                goods, (B) arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
                                                                entered into in the ordinary course of business, or (C) in favor of customs and revenue
                                                                authorities arising as a matter of law to secure payment
                                                                of customs duties in connection with the importation and exportation of goods in the ordinary course of business; 

 

     38

     

    

 

		(12)	Liens arising solely by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off,
revocation, refund or chargeback or similar rights and remedies as to deposit or securities accounts or other funds or instruments
maintained with a depositary institution; provided that:

 

		(a)	such deposit or securities account is not a dedicated cash collateral account and is not subject to restrictions against access
by the Company in excess of those set forth by regulations promulgated by the Federal Reserve Board; and

 

		(b)	such deposit or securities account is not intended by the Company or any Restricted Subsidiary to provide collateral to the
depository institution;

 

		(13)	Liens arising from UCC or PPSA financing statement (or equivalent) filings regarding operating leases or consignments entered
into by the Company and its Restricted Subsidiaries in the ordinary course of business;

 

		(14)	Liens existing on the 2023 Senior Secured Notes Issue Date (other than Liens permitted under clauses (1) (which clause (1)
includes Liens Incurred to secure Indebtedness under the Senior Credit Facilities and the 2023 Senior Secured Notes) and clause
(18) (which clause (18) includes Liens Incurred to secure Indebtedness in respect of the Notes) of this definition);

 

		(15)	Liens on assets, property or Equity Interests of a Person at the time such Person becomes a Restricted Subsidiary or is merged,
amalgamated or consolidated with or into the Company or a Restricted Subsidiary; provided, however, that such Liens were
not Incurred in connection with, or in contemplation of, such event; provided further, however, that any such Lien may not
extend to any other property owned by the Company or any other Restricted Subsidiary;

 

		(16)	Liens on assets or property (including Equity Interests) at the time the Company or a Restricted Subsidiary acquires the assets
or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or any Restricted
Subsidiary; provided, however, that such Liens were not Incurred in connection with, or in contemplation of, such acquisition;
provided further, however, that such Liens do not extend to any other property owned by the Company or any other Restricted
Subsidiary;

 

		(17)	Liens securing Indebtedness or other obligations of the Company owing to a Restricted Subsidiary, or of a Restricted Subsidiary
owing to the Company or another Restricted Subsidiary;

 

		(18)	Liens securing Obligations in respect of the Notes and the Subsidiary Guarantees or any Refinancing Indebtedness in respect
thereof (but excluding any Additional Notes and related guarantees);

 

     39

     

    

 

		(19)	Liens securing Indebtedness Incurred to refinance, refund, replace, defease, amend, extend or modify, as a whole or in part,
Indebtedness that was previously so secured pursuant to clauses (8), (14), (15), (16), (18) and (19) of this definition or securing
Refinancing Indebtedness Incurred pursuant to clause (14) of Section 4.09(b); provided that any such Lien is limited to
all or part of the same property or assets (plus any additions, improvements, accessions, replacements, proceeds or dividends or
distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure)
the Indebtedness being refinanced or is in respect of assets or property that is the security for a Permitted Lien hereunder;

 

		(20)	any interest or title of a lessor under any Capitalized Lease Obligation or operating lease; and Liens or rights of distress
reserved in or exercisable under leases for payment of rent or other compliance with the terms of such lease;

 

		(21)	Liens in favor of the Company or any Restricted Subsidiary;

 

		(22)	Liens securing Indebtedness or other obligations in an aggregate principal amount outstanding at any one time not to exceed
the greater of (x) $100.0 million and (y) 2.5% of Total Assets;

 

		(23)	other Liens incurred in the ordinary course of business that do not materially interfere with the ordinary conduct of the business
of the Company and its Restricted Subsidiaries;

 

		(24)	Liens that may be deemed to exist by virtue of contractual provisions that restrict the ability of the Company or any of its
Restricted Subsidiaries from incurring or creating Liens on their assets or property;

 

		(25)	Liens on deposits made or other security provided in the ordinary course of business to secure liability to insurance carriers
or under self-insurance arrangements and Liens on insurance policies and the proceeds thereof securing the financing of the premiums
with respect thereto;

 

		(26)	Liens on satellite assets and other work-in-progress related to a sale contract with a customer securing the obligations of
the Company or any Restricted Subsidiary under such sale contract and Liens encumbering property under construction arising from
progress or partial payments made by a customer of such Person relating to such property;

 

		(27)	Liens on Receivables (including any deposit account in which any collections from such Receivables are deposited; provided
that the only monies deposited to any such deposit account shall be collections from such Receivables); provided that
such Receivables are the subject matter of a securitization that is an Asset Sale under clause (12) of such definition;

 

		(28)	the Liens granted to Her Majesty the Queen in Right of Canada, Canadian Space Agency, by the RADARSAT-2 Master Agreement, effective
December 10, 1998, over tangible and intangible property relating to the
RADARSAT-2 remote sensing space system, wherever located; 

 

     40

     

    

 

 

		(29)	the reservations, limitations, provisos and conditions, if any, expressed in any original grant from the Crown of any real
property or any interest therein or in any comparable grant in jurisdictions other than Canada, provided they do not reduce the
value of the assets of the Person or materially interfere with the use of such assets in the operation of the business of the Person;

 

		(30)	applicable municipal and other governmental restrictions, including municipal by-laws and regulations, affecting the use of
land or the nature of any structures which may be erected thereon, provided such restrictions have been complied with and do not
reduce the value of the assets of the Person or materially interfere with the use of such assets in the operation of the business
of the Person;

 

		(31)	the right reserved to or vested in any governmental or regulatory authority by any statutory provision or by the terms of any
lease, licence, franchise, grant or permit of the Person, to terminate any such lease, licence, franchise, grant or permit, or
to require annual or other payments as a condition to the continuance thereof;

 

		(32)	the right reserved to or vested in any government or subdivision or agency thereof, by the terms of any permit, license, approval,
consent, order, right, certificate, judgment, writ, injunction, award, determination, direction, decree, authorization, franchise,
privilege, grant, waiver, exemption and other similar concession (a “Permit”) acquired by such Person or by
any law, to terminate any such Permit or to require annual or other payments as a condition to the continuance thereof;

 

		(33)	the encumbrance resulting from the pledge or deposit of cash, letters of credit or securities:

 

	 	(i)	in
connection with any of the Liens referred to in clause (4), (5) or (10) of this definition pending a final determination as to
the existence or amount of any obligation referred to therein;

 

	 	(ii)	in
connection with contracts, bids, tenders, leases or expropriation proceedings; or

 

	 	(iii)	to
secure workers compensation, employment insurance or other social security benefits, pension or post-retirement benefits, liabilities
to insurance carriers under insurance or self-insurance arrangements, surety or appeal bonds, performance bonds, costs of litigation
when required by Law and public and statutory obligations;

 

and any right or refund, set-off or charge-back available
to any bank or other financial institution (including under any consolidated banking, mirrored account or similar arrangement);

 

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		(34)	security given to a public utility or any other government or subdivision or agency thereof when required by such utility or
other government or subdivision or agency thereof in connection with the operations of such Person in the ordinary course of its
business and not securing Indebtedness;

 

		(35)	the reservations, limitations, provisos and conditions, if any, expressed in any grants from any public authority, and statutory
exceptions to title;

 

		(36)	Liens granted in the ordinary course of business on commercially reasonable terms as part of Permits or arrangements under
material contracts to secure the return of assets;

 

		(37)	Liens (i) of a collection bank arising under Section 4-210 of the UCC on items in the course of collection (or comparable non-U.S.
liens), (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set-off)
and which are within the general parameters customary in the banking industry or (iii) incurred in connection with a cash management
program established in the ordinary course of business on the cash subject to such program;

 

		(38)	undetermined or inchoate Liens incidental to current operations which have not at such time been filed;

 

		(39)	Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Company or its Restricted
Subsidiaries in the ordinary course of business; and

 

		(40)	Liens on the Capital Stock of Permitted Joint Ventures to secure Indebtedness of such Permitted Joint Ventures or arising under
or pursuant to any joint venture agreement, stockholders agreement, partnership agreement, LLC agreement or similar agreement.

 

For purposes of determining compliance with
this definition, (x) a Lien need not be Incurred solely by reference to one category of Permitted Liens described in this definition
but may be Incurred under any combination of such categories (including in part under one such category and in part under any other
such category), (y) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted
Liens, the Company may, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies
with this definition, and (z) in the event that a portion of the Indebtedness secured by a Lien could be classified as secured
in part pursuant to clause (1) of this definition (giving effect to the Incurrence of such portion of such Indebtedness), the Company,
in its sole discretion, may classify such portion of such Indebtedness (and any Obligations in respect thereof) as having been
secured pursuant to clause (1) of this definition and thereafter the remainder of the Indebtedness as having been secured pursuant
to one or more of the other clauses of this definition.

 

“Permitted Warrant
Transaction” means any call option, warrant or right to purchase (or substantively equivalent derivative
transaction) on the Company’s common stock sold by the Company substantially concurrently with any purchase by the
Company of a related Permitted Bond Hedge Transaction.

 

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

 

“Position Representation”
has the meaning assigned to it in Section 6.02(d).

 

“Post-Closing Lien Searches”
means the lien searches in the jurisdictions and for the companies set forth in Part III of Schedule 1.

 

“PPSA” means, as the
context requires in respect of an asset or jurisdiction, the Personal Property Security Act (or equivalent statute) applicable
to any security interest granted in such asset or otherwise applicable in such jurisdiction.

 

“Preferred Stock,” as
applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) that is preferred
as to the payment of dividends upon liquidation, dissolution or winding up.

 

“Premises” means owned
real properties required to be subject to a mortgage lien that form a portion of the Collateral (including all after-acquired real
property that is not an Excluded Asset).

 

“Pro Forma Basis”
means, with respect to the calculation of any test, financial ratio, metric, basket or covenant under this Indenture,
including the Consolidated Coverage Ratio and the Consolidated Total Debt Ratio, and the calculation of Consolidated EBITDA
or Total Assets of any Person and its Restricted Subsidiaries as of any period or date, that pro forma effect will be
given to any acquisition, merger, amalgamation, consolidation or Investment, any Incurrence, assumption, repayment or
redemption of Indebtedness (including Indebtedness Incurred, assumed, repaid or redeemed as a result of, or to finance, any
relevant transaction and for which any such test, financial ratio, metric, basket or covenant is being calculated), all
sales, transfers and other dispositions or discontinuance of any Subsidiary, line of business, division, segment or operating
unit, any operational change (including the entry into any material contract or arrangement) or any designation of a
Restricted Subsidiary as an Unrestricted Subsidiary or of an Unrestricted Subsidiary as a Restricted Subsidiary, in each case
that has occurred during the four consecutive fiscal quarter period of such Person being used to calculate such test,
financial ratio, metric, basket or covenant (the “Reference Period”), or subsequent to the end of the
Reference Period but prior to such date or prior to or substantially simultaneously with the event for which a determination
under this definition is made (including any such event occurring at a Person who became a Restricted Subsidiary of the
subject Person or was merged, amalgamated or consolidated with or into the subject Person or any other Restricted Subsidiary
of the subject Person after the commencement of the Reference Period), as if each such event occurred on the first day of the
Reference Period; provided that (x) pro forma effect will be given to reasonably identifiable and quantifiable pro
forma cost savings or expense reductions related to operational efficiencies (including the entry into any material
contract or arrangement), strategic initiatives or purchasing improvements and other cost savings, improvements or synergies,
in each case, that have been realized, or are reasonably expected to be realized, by such Person and its Restricted
Subsidiaries based upon actions to be taken within 18 months after the consummation of the action as if such cost savings,
expense reductions, improvements and synergies occurred on the first day of the Reference Period; provided that the
aggregate amount added back pursuant to clause (x) shall not exceed 10% of Consolidated EBITDA for such period (determined
prior to giving effect to such all such adjustments) and (y) no amount shall be added back pursuant to this definition to the
extent duplicative of amounts that are otherwise included in computing Consolidated EBITDA for such Reference Period.

 

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For purposes of making any computation referred
to above:

 

		(1)	if any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness
shall be calculated as if the rate in effect on the date for which a determination under this definition is made had been the applicable
rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligations
have a remaining term in excess of 12 months and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining
term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term);

 

		(2)	interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible
financial or accounting officer, in his or her capacity as such and not in his or her personal capacity, of the Company or a direct
or indirect parent of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP;

 

		(3)	interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate,
a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if
none, then based upon such optional rate as the Company may designate; and

 

		(4)	interest on any Indebtedness under a revolving credit facility or a receivables financing computed on a pro forma basis
shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the greater
of (i) maximum commitments under such revolving facility as of the date of determination and (ii) the aggregate principal amount
of loans outstanding under such revolving facility on such date).

 

Any pro forma calculation may include,
without limitation, adjustments calculated in accordance with Regulation S-X under the Securities Act, and adjustments calculated
to give effect to any Run Rate Adjustments.

 

“Purchase Money
Obligation” means any monetary obligation created or assumed as part of the purchase price of property or assets,
whether or not secured, provided that any Lien incurred in respect of such obligation shall not extend to any property
or assets other than the property or assets acquired in connection with which such obligation was created or assumed and
fixed improvements, if any, erected or constructed thereon and the proceeds thereof.

 

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“Rating Agency” means
(1) each of S&P Global Ratings and Moody’s Investors Service, Inc. or (2) if any of S&P Global Ratings or Moody’s
Investors Service, Inc. ceases to rate the Notes, a nationally recognized statistical rating agency selected by the Company as
a replacement agency for S&P Global Ratings or Moody’s Investors Service, Inc., as the case may be.

 

“Ratio Debt” has the
meaning assigned to such term in Section 4.09(a).

 

“Receivables” means (1)
satellite orbital incentive payments payable to the Company or any Restricted Subsidiary under satellite purchase agreements and
any other contingent payments related to satellite construction projects or (2) any accounts receivable owed to the Company or
any Subsidiary of the Company (whether now existing or arising or acquired in the future) arising in the ordinary course of business
from the sale of goods or services, all collateral securing such accounts receivable, all contracts and contract rights and all
guarantees or other obligations in respect of such accounts receivable, all proceeds of such accounts receivable and other assets
(including contract rights) which are of the type customarily transferred or in respect of which security interests are customarily
granted in connection with securitizations of accounts receivable (as determined in good faith by the Company) and which, in each
case, are sold, conveyed, assigned or otherwise transferred or in which a security interest is granted by the Company or a Subsidiary
of the Company to a Person that is not a Subsidiary of the Company.

 

“Refinancing Indebtedness”
means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, redeem, retire, repay or extend (including
pursuant to any defeasance or discharge mechanism) (or successive refundings, refinancings, replacements, exchanges, renewals,
repayments or extensions) as a whole, or in part, of any Indebtedness existing on the 2023 Senior Secured Notes Issue Date (but
excluding any 2023 Senior Secured Notes refunded, refinanced, replaced, exchanged, renewed, redeemed, retired, repaid or extended
on or prior to the Issue Date) or Incurred in compliance with this Indenture (including Indebtedness of the Company that refinances
Indebtedness of any Restricted Subsidiary, Indebtedness of any Restricted Subsidiary that refinances Indebtedness of another Restricted
Subsidiary or Indebtedness of any Subsidiary Guarantor that refinances Indebtedness of the Company or any Subsidiary Guarantor)
including Indebtedness that refinances Refinancing Indebtedness, provided, however, that:

 

		(1)	(a) the refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being refinanced;

 

		(2)	the refinancing Indebtedness has an Average Life at the time such refinancing Indebtedness is Incurred that is equal to or
greater than the Average Life of the Indebtedness being refinanced;

 

		(3)	such refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an
                                                               aggregate issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding
of the Indebtedness being refinanced (plus, without duplication, any additional Indebtedness Incurred to pay interest, defeasance
costs or premiums (including tender premiums) required by the instruments governing such existing Indebtedness and fees, underwriting
discounts and other costs and expenses incurred in connection therewith);

 

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		(4)	if the Indebtedness being refinanced is subordinated in right of payment to the Notes or the Subsidiary Guarantee, such refinancing
Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantee on terms not materially less favorable,
when taken as a whole, to the Holders as those contained in the documentation governing the Indebtedness being refinanced;

 

		(5)	refinancing Indebtedness shall not include Indebtedness of a Non-Guarantor Subsidiary that refinances Indebtedness of the Company
or a Subsidiary Guarantor; and

 

		(6)	to the extent such refinancing Indebtedness is Secured Indebtedness, the Liens securing such refinancing Indebtedness have
a Lien priority equal or junior to the Liens securing the Indebtedness being extended, replaced, refunded, refinanced, renewed
or defeased.

 

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

 

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

 

“Regular Record Date”
for the interest payable on any Interest Payment Date means the June 10 or December 10 (whether or not a Business Day) next preceding
such Interest Payment Date.

 

“Regulated Bank” means
an Approved Commercial Bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit
Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch,
agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board
of Governors under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to
in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised
by a bank regulatory authority in any jurisdiction.

 

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

 

“Regulation S Certificate”
means a certificate substantially in the form of Exhibit F hereto.

 

“Regulation S Legend”
means the legend set forth in Exhibit E.

 

“Reinstatement Date”
has the meaning assigned to such term in Section 4.21(a).

 

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“Reliance and Enforcement Agreement”
has the meaning assigned to such term in the definition of “Convertible Debentures.”

 

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

 

“Restricted Legend” means
the legend set forth in Exhibit C.

 

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

 

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

 

“Restricted Subsidiary”
means any Subsidiary of the Company other than an Unrestricted Subsidiary or any Non-Recourse Subsidiary.

 

“Restructuring Charges”
means all charges, accruals, reserves, costs and expenses caused by or attributable to (a) any restructuring, relocation, reconfiguration,
conversion, consolidation, closure, start-up, integration, termination, cost saving initiative, business optimization or transition
of any business, facility, function, product, equipment or other asset or property or in respect of any acquisition, disposition
or other transaction, (b) any recruiting, signing, retention or completion bonus or severance, relocation, restructuring or curtailment
costs in each case for any future, current or former officers, directors, employees, managers, consultants or independent consultants
or (c) any modifications to pension and post-retirement benefit plans or arrangements.

 

“Revolver Amendment”
has the meaning assigned to such term in the definition of “Senior Credit Facilities.”

 

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

 

“Rule 144A Certificate”
means (i) a certificate substantially in the form of Exhibit G hereto or (ii) a written certification addressed to the Company
and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for
its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each such
account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as
applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule
144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4)
or has determined not to request such information.

 

“Sale/Leaseback Transaction”
means an arrangement relating to property now owned or hereafter acquired by the Company or a Restricted Subsidiary whereby the
Company or a Restricted Subsidiary transfers such property to a Person (other than the Company or any of its Subsidiaries) and
the Company or a Restricted Subsidiary leases it from such Person.

 

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

 

     47

     

    

 

“SEC” means the United
States Securities and Exchange Commission.

 

“Secondary Post-Closing Transaction
Documents” means the documents set forth in Part II to Schedule 1.

 

“Second Lien Intercreditor Agreement”
means a second lien intercreditor agreement substantially in the form of Exhibit J hereto (with such changes to such form
as may be reasonably acceptable to the Company, the Bank Collateral Agent, the Trustee and the Notes Collateral Agent), among the
Trustee, the Notes Collateral Agent, the Bank Administrative Agent, the Bank Collateral Agent, the applicable Junior Lien Debt
Representative and each additional representative in respect of any Junior Lien Debt and/or a Series of Pari Passu Lien Debt from
time to time party thereto and acknowledged and agreed to by the Company, as it may be amended, modified, renewed, restated or
replaced, in whole or in part, from time to time

 

“Secured Indebtedness”
means any Consolidated Debt of the Company or any of its Restricted Subsidiaries secured by a Lien on property or assets of the
Company or any of its Restricted Subsidiaries (other than property or assets held in a defeasance or similar trust or arrangement
for the benefit of the Indebtedness secured thereby).

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Security Documents”
means each of the security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency
agreements, control agreements, consent or direct arrangements, or other grants or transfers for security executed and delivered
by the Company or any Subsidiary Guarantor creating or perfecting (or purporting to create or perfect) or governing rights of enforcement
with respect to, a Lien upon Collateral in favor of the Notes Collateral Agent.

 

“Senior Credit
Facilities” means the credit facilities comprised of (a) a revolving facility in the initial aggregate principal
amount of $500.0 million (the “Revolving Facility”) and (b) a term B facility in an aggregate principal
amount outstanding as of the Issue Date of $1,960 million (the “Term B Facility”) pursuant to the Restated
Credit Agreement, dated as of October 5, 2017, by and among the Company, as the borrower, the lenders party thereto from
time to time and Royal Bank of Canada, as Administrative Agent (in such capacity, the “Bank Administrative
Agent”) and as Collateral Agent (in such capacity, the “Bank Collateral Agent”), as amended
through the Issue Date, as the same may be further amended, restated, supplemented, modified, renewed, extended, refunded,
restructured; replaced or refinanced in whole or in part from time to time (including increasing the amount loaned
thereunder; provided that such additional Indebtedness is Incurred in accordance with Section 4.09), and in each case
including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection
therewith.

 

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“Senior Credit Facility Secured
Parties” means “Secured Parties” as defined in the Senior Credit Facilities.

 

“Series of Junior Lien Debt”
means, severally, each issue or series of Junior Lien Debt for which a single transfer register is maintained.

 

“Series of Pari Passu Lien Debt”
means, each of (i) the Pari Passu Lien Notes Obligations, (ii) the Pari Passu Lien Credit Facility Obligations, (iii) all Obligations
in respect of the 2023 Senior Secured Notes and the guarantees and security documents in respect thereof and (iv) all other Obligations
in respect of Pari Passu Lien Debt incurred pursuant to any Pari Passu Lien Document, which pursuant to any joinder agreement to
the First Lien Intercreditor Agreement, are to be represented hereunder by a common Authorized Representative (in its capacity
as such for such Pari Passu Lien Debt).

 

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

 

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule
1-02 under Regulation S-X promulgated by the SEC, as in effect on the Issue Date.

 

“Similar Business” means
any business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries on the Issue Date or any business
or other activities that are similar, reasonably related, incidental, complementary or ancillary thereto, or that constitute an
extension, development or expansion thereof.

 

“Special Subsidiary”
means a Subsidiary of the Company that is neither a Non-Recourse Subsidiary nor a Wholly Owned Subsidiary.

 

“Special Subsidiary Percentage”
means, with respect to a specified Special Subsidiary, the percentage of the issued and outstanding Equity Interests of such Special
Subsidiary held directly or indirectly by the Company.

 

“Stated Maturity” means,
with respect to any security, the date specified in the agreement governing or certificate relating to such Indebtedness as the
fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption
provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date
originally scheduled for the payment thereof.

 

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“Subordinated Obligation”
means any Indebtedness of the Company (whether outstanding on the Issue Date or thereafter Incurred) that is subordinated or junior
in right of payment to the Notes pursuant to a written agreement on customary market terms (as determined by the Company in good
faith); and, for greater certainty, such subordination agreement shall contain (A) a standstill period of at least 120 days which
restricts the ability of the subordinated creditor to accelerate the subordinated obligations (except as may be necessary to preserve
or prove claims in bankruptcy or insolvency proceedings) and to initiate bankruptcy or insolvency proceedings and (B) customary
turnover provisions.

 

“Subsidiary” of any Person
means (a) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company
or similar entity) of which more than 50% of the total ordinary voting power of shares of Capital Stock entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof (or Persons performing
similar functions) or (b) any partnership, joint venture limited liability company or similar entity of which more than 50% of
the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable,
is, in the case of clauses (a) and (b), at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person
and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person. Unless otherwise specified herein,
each reference to a Subsidiary will refer to a Subsidiary of the Company.

 

“Subsidiary Guarantee”
means, individually, any Guarantee of payment of the Notes, and, collectively, all such Guarantees. Each such Subsidiary Guarantee
will be in the form prescribed by this Indenture.

 

“Subsidiary Guarantor”
means each Restricted Subsidiary that provides a Subsidiary Guarantee in accordance with this Indenture; provided that upon
release or discharge of such Restricted Subsidiary from its Subsidiary Guarantee in accordance with this Indenture, such Restricted
Subsidiary ceases to be a Subsidiary Guarantor.

 

“Successor Company” has
the meaning assigned to such term in Section 5.01(a)(1).

 

“Successor Guarantor”
has the meaning assigned to such term in Section 5.01(b)(1).

 

“Suspended Covenants”
has the meaning assigned to such term in Section 4.21(b).

 

“Suspension Date” has
the meaning assigned to such term in Section 4.21(a).

 

“Suspension Period” has
the meaning assigned to such term in Section 4.21(b).

 

“Tax Excluded Subsidiary”
means, (a) a Restricted Subsidiary that (i) is a CFC, (ii) is a direct or indirect Subsidiary of a CFC or (iii) is a FSHCO, (b)
any other Restricted Subsidiary with respect to which providing a Subsidiary Guarantee would result in the operation of Section
956 of the Code or any similar law or regulation in any applicable jurisdiction (as reasonably determined by the Company) and (c)
any other Restricted Subsidiary with respect to which providing a Subsidiary Guarantee would otherwise result in material adverse
tax consequences (as reasonably determined by the Company).

 

     50

     

    

 

“Term B Facility” has
the meaning assigned to such term in the definition of “Senior Credit Facilities.”

 

“Total Assets” means,
as of any date of determination, the total assets of the Company and its Restricted Subsidiaries on a consolidated basis determined
in accordance with GAAP, as shown on the most recent internal consolidated balance sheet of the Company, determined on a Pro Forma
Basis.

 

“Transaction Election”
has the meaning assigned to such term in Section 1.02(b).

 

“Transaction Test Date”
has the meaning assigned to such term in Section 1.02(b).

 

“Treasury Rate” means
as of any date of redemption of Notes the yield to maturity at the time of computation of United States Treasury securities with
a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (or is obtainable from
the Federal Reserve System’s Data Download Program as of the date of such H.15) that has become publicly available at least
two Business Days prior to such date (or, if such Statistical Release is no longer published, any publicly available source or
similar market data)) most nearly equal to the period from the redemption date to June 25, 2024; provided, however, that
if the period from the redemption date to June 25, 2024 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 the redemption date to June 25, 2024 is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939.

 

“Trust Officer” means,
when used with respect to the Trustee, any officer within the corporate trust department of the Trustee having direct responsibility
for the administration of this Indenture, or any other officer to whom any corporate trust matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

 

“Trustee” means the party
named as such in the first paragraph of this Indenture or any successor trustee under this Indenture pursuant to Article 7.

 

“UCC” means, as the context
requires in respect of an asset or jurisdiction, the Uniform Commercial Code applicable to any security interest granted in such
asset or otherwise applicable in such jurisdiction.

 

“Unrestricted Subsidiary”
means:

 

		(1)	any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board
of Directors of the Company or any direct or indirect parent of the Company in the manner provided below; and

 

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		(2)	any Subsidiary of an Unrestricted Subsidiary.

 

“U.S. Global Note” means
a Global Note that bears the Restricted Legend representing Notes issued and sold pursuant to Rule 144A.

 

“U.S. Government Obligations”
means securities that are (a) direct obligations of the United States of America for the timely payment of which its full faith
and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America the timely payment of that is unconditionally guaranteed as a full faith and credit obligation of
the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall
also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect
to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations
held by such custodian for the account of the holder of such depositary receipt; provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any
amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest
on the U.S. Government Obligations evidenced by such depositary receipt.

 

“U.S.-Owned Assets” means
assets owned by the United States Department of Defense or any other agency of the United States government, and any assets that
are qualified as classified assets by any applicable Laws of the United States of America.

 

“U.S. Subsidiary” means
any Restricted Subsidiary organized under the laws of the United States of America or any state thereof or the District of Columbia.

 

“Verification Covenant”
has the meaning assigned to it in Section 6.02(e).

 

“Voting Stock” of a Person
means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors,
managers or trustees, as applicable, of such Person.

 

“Wholly Owned Subsidiary”
means a Restricted Subsidiary, all of the Capital Stock of which (other than directors’ qualifying shares or shares or interests
required to be held by foreign nationals or other third parties to the extent required by applicable law) is owned by the Company
or one or more Wholly Owned Subsidiaries.

 

Section 1.02.     
Rules of Construction. (a) Unless the context otherwise requires or except as otherwise expressly provided,

 

(1)           
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(2)           
“herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section, clause or other subdivision;

 

     52

     

    

 

(3)           
 “or” is not exclusive;

 

(4)           
“including” is not limiting;

 

(5)           
words in the singular include the plural, and in the plural include the singular;

 

(6)           
all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless
otherwise indicated;

 

(7)           
references to agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes
or regulations, as amended from time to time (or to successor statutes and regulations); and

 

(8)           
in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions
the Company may divide and classify such transaction as it, in its sole discretion, determines.

 

(b)              Notwithstanding
anything in this Indenture to the contrary, when (i) calculating any applicable ratio in connection with the Incurrence of
Indebtedness, the creation of Liens, the making of any Asset Sale, the making of an Investment, the making of a Restricted
Payment, the designation of a Subsidiary as restricted or unrestricted, the repayment of Indebtedness or for any other
purpose, (ii) determining whether any Default or Event of Default has occurred, is continuing or would result from any
action, or (iii) determining compliance with any representations and warranties and any other condition precedent to any
action or transaction, in each case of clauses (i) through (iii) in connection with a Limited Condition
Transaction, the date of determination of such ratio, whether any Default or Event of Default has occurred, is continuing or
would result therefrom, or the satisfaction of any other condition precedent shall, at the option of the Company (the
Company’s election to exercise such option in connection with any Limited Condition Transaction, a
 “Transaction Election”), be deemed to be the date of declaration of such Restricted Payment or the date
that the definitive agreement for such Restricted Payment, Investment, acquisition, Asset Sale or Incurrence, repayment,
repurchase or refinancing of Indebtedness, Disqualified Stock or Preferred Stock is entered into, the date a public
announcement of an intention to make an offer in respect of the target of such acquisition or Investment or the date of such
notice, which may be conditional, of such repayment, repurchase or refinancing of Indebtedness, Disqualified Stock or
Preferred Stock is given to the holders of such Indebtedness, Disqualified Stock or Preferred Stock (any such date, the
 “Transaction Test Date”). If on a Pro Forma Basis after giving effect to such Limited Condition
Transaction and the other transactions to be entered into in connection therewith (including any Incurrence of Indebtedness
and the use of proceeds thereof), with such ratios, absence of defaults, satisfaction of conditions precedent and other
provisions calculated as if such Limited Condition Transaction or other transactions had occurred at the beginning of the
most recent period of four consecutive fiscal quarters of the Company ended on or prior to such time (taken as one accounting
period) in respect of which internal financial statements for each quarter or fiscal year in such period are available, the
Company could have taken such action on the relevant Transaction Test Date in compliance with the applicable ratios or other
provisions, such provisions shall be deemed to have been complied with. For the avoidance of doubt, (i) if any of such
ratios, absence of defaults, satisfaction of conditions precedent or other provisions are exceeded or breached as a result of
fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA), a change in facts and circumstances or
other provisions at or prior to the consummation of the relevant Limited Condition Transaction, such ratios, absence of
defaults, satisfaction of conditions precedent and other provisions will not be deemed to have been exceeded, breached, or
otherwise failed to have been satisfied as a result of such fluctuations or changed circumstances solely for purposes of
determining whether the Limited Condition Transaction and any related transactions is permitted hereunder and (ii) such
ratios and compliance with such conditions shall not be tested at the time of consummation of such Limited Condition
Transaction or related transactions. If the Company has made a Transaction Election for any Limited Condition Transaction,
then in connection with any subsequent calculation of any ratio or basket availability with respect to any other Limited
Condition Transaction or otherwise on or following the relevant Transaction Test Date and prior to the earlier of the date on
which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition
Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket
shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection
therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) have been consummated. For purposes of
any calculation pursuant to this paragraph of the Consolidated Coverage Ratio, Consolidated Interest Expense may be
calculated using an assumed interest rate for the Indebtedness to be Incurred in connection with such Limited Condition
Transaction based on the indicative interest margin contained in any financing commitment documentation with respect to such
Indebtedness or, if no such indicative interest margin exists, as reasonably determined by the Company in good faith.

 

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Article
2

The Notes

 

Section 2.01.     
Form, Dating and Denominations; Legends. (a) The aggregate principal amount of Notes that may be authenticated and
delivered under this Indenture is unlimited. The Notes and the Trustee’s certificate of authentication will be substantially
in the form attached as Exhibit A. The terms and provisions contained in the form of the Notes annexed as Exhibit A constitute,
and are hereby expressly made, a part of this Indenture. The Notes may have notations, legends or endorsements required by law,
stock exchange or usage. The Initial Notes will be initially represented by Global Notes. Each Note will be dated the date of its
authentication. The Notes will be issuable in minimum denominations of $2,000 in principal amount and any multiple of $1,000 in
excess thereof. The Notes shall be known and designated as “7.54% Senior Secured Notes due 2027” of the Issuer.

 

(b)            
(1)             Except as otherwise provided in paragraph (c), Section 2.10(b)(3), Section 2.10(c) or Section 2.09(b)(4), each Initial
Note or Additional Note will bear the Restricted Legend or Regulation S Legend, as the case may be.

 

(2)           
Each Global Note, whether or not an Initial Note or Additional Note, will bear a legend in substantially the form of the
DTC Legend.

 

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(3)           
 Initial Notes and Additional Notes offered and sold in reliance on Regulation S will be issued as provided in Section 2.11(a).

 

(4)           
Initial Notes and Additional Notes offered and sold in reliance on any exception under the Securities Act other than Regulation
S and Rule 144A will be issued, and upon the request of the Issuer to the Trustee, Initial Notes offered and sold in reliance on
Rule 144A may be issued, in the form of Certificated Notes.

 

(5)           
Initial Notes resold to Institutional Accredited Investors will be in the form of an IAI Global Note.

 

(6)           
Notes issued with original issue discount shall bear a legend in substantially the form of the OID Legend.

 

(c)              If
the Issuer determines (upon the advice of counsel and such other certifications and evidence as the Issuer may reasonably require)
that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for
current public information and that the Restricted Legend or the Regulation S Legend, as the case may be, is no longer necessary
or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance
with the Securities Act, the Issuer may instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee)
a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the
Restricted Legend or the Regulation S Legend, as the case may be, and the Trustee will comply with such instruction.

 

(d)             
By its acceptance of any Note bearing the Restricted Legend or the Regulation S Legend, as the case may be (or any beneficial
interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on
transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend or in the Regulation
S Legend, as the case may be, and agrees that it will transfer such Note (and any such beneficial interest) only in accordance
with this Indenture and such legend.

 

Section 2.02.     
Execution and Authentication; Additional Notes. (a) An Officer shall execute the Notes for the Issuer by facsimile
or manual signature in the name and on behalf of the Issuer. If an Officer whose signature is on a Note no longer holds that office
at the time the Note is authenticated, the Note will still be valid.

 

(b)             
A Note will not be valid until the Trustee manually signs the certificate of authentication on the Note. The signature of
the Trustee on a Note will be conclusive evidence that the Note has been duly and validly authenticated under this Indenture.

 

(c)             
At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed
by the Issuer to the Trustee for authentication. The Trustee will authenticate and deliver:

 

(1)           
Notes for original issue on the Issue Date in the aggregate principal amount of $150,000,000, and

 

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(2)           
 Additional Notes from time to time for original issue after the Issue Date in aggregate principal amounts specified by
the Issuer, subject to the terms of this Indenture,

 

in each case upon a written order of the Issuer
signed by an Officer of the Issuer (an “Authentication Order”). The Authentication Order shall, in the case
of any issuance of Additional Notes, specify the aggregate principal amount of Notes to be authenticated, the date on which the
original issue of Notes is to be authenticated and whether the Notes will be in the form of Global Notes or Certificated Notes.

 

(d)             
In case the Issuer shall be consolidated or merged with or into or wound up into any other Person or shall sell, assign,
convey, transfer or otherwise dispose of all or substantially all of the assets and properties of the Issuer and its Restricted
Subsidiaries, taken as a whole, and the successor Person resulting from such consolidation, or surviving such merger, or into which
the Issuer shall have been merged or wound up into, or the Person which shall have received a sale, assignment, conveyance, transfer
or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to Article 5,
any of the Notes authenticated or delivered prior to such consolidation, merger, sale, assignment, conveyance, transfer or other
disposition may, from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of
the successor Person with such changes in phraseology and form as may be appropriate, but otherwise in substance of like tenor
as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon a written order of the successor
Person signed by an Officer of the successor Person, shall authenticate and make available for delivery Notes as specified in such
order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor
Person pursuant to this Section 2.02(d) in exchange or substitution for or upon registration of transfer of any Notes, such successor
Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time outstanding
for Notes authenticated and delivered in such new name.

 

Section 2.03.      Registrar,
Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust. (a) The Issuer may appoint one or more
Registrars and one or more Paying Agents, and the Trustee may appoint an Authenticating Agent, in which case each reference
in this Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that Agent will be deemed to
be references to the Agent. The Issuer may act as Registrar or (except for purposes of Article 8) Paying Agent. In each case
the Issuer and the Trustee will enter into an appropriate agreement with the Agent implementing the provisions of this
Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. The Issuer
initially appoints the Trustee as Registrar and Paying Agent for the Notes. The Issuer may remove any Registrar or Paying
Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such
removal shall become effective until (i) acceptance of any appointment by a successor as evidenced by an appropriate
agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the
Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment
of a successor in accordance with clause (i) above. The appointment of an Authenticating Agent shall be evidenced by an
instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such
appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by the Authenticating Agent.

 

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(b)             
The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in
trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium,
if any, and interest on the Notes and will promptly notify the Trustee of any Default by the Issuer in making any such payment.
The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed,
and the Trustee may at any time during the continuance of any Payment Default (as defined below), upon written request to a Paying
Agent, require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so,
the Paying Agent will have no further liability for the money so paid over to the Trustee.

 

Section 2.04.     
Replacement Notes. If a mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receive evidence
to their satisfaction of the loss, destruction or theft of any Note, the Issuer will issue and the Trustee will, upon receipt of
an Authentication Order, authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously
outstanding. Every replacement Note is an additional obligation of the Issuer and entitled to the benefits of this Indenture. The
Holder must furnish an indemnity or security that is sufficient in the judgment of the Trustee to protect the Trustee and in the
judgment of the Issuer to protect the Issuer, the Trustee and any Agent from any loss they may suffer if a Note is replaced. The
Issuer and the Trustee may charge the Holder for their fees and expenses in replacing a Note, including any amounts to cover any
tax or assessment. In case the mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable,
the Issuer in its discretion may pay the Note instead of issuing a replacement Note. It is understood that, notwithstanding anything
in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is
required for the Trustee to authenticate such replacement Note.

 

Section 2.05.     
Outstanding Notes. (a)  Notes outstanding at any time are all Notes that have been authenticated by the
Trustee except for:

 

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

 

(2)           
any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Issuer receive proof satisfactory
to them that the replaced Note is held by a protected purchaser; and

 

(3)           
on or after the maturity date or any redemption date or date for purchase of the Notes pursuant to an Offer to Purchase,
those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Issuer or
an Affiliate of the Issuer) holds money sufficient to pay Notes payable on that date.

 

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(b)              A
Note does not cease to be outstanding because the Issuer or one of its Affiliates holds the Note, provided that in
determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request,
demand, authorization, direction, notice, consent, waiver or other action hereunder (other than in respect of any action
pursuant to Section 9.02 that requires the consent of each Holder of an affected Note), Notes owned by the Issuer or any
Affiliate of the Issuer will be disregarded and deemed not to be outstanding, (it being understood that in determining
whether the Trustee is protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver
or other action, only Notes which the Trustee knows to be so owned will be so disregarded). Notes so owned which have been
pledged in good faith shall not be so disregarded and shall be regarded as outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the
Issuer or any Affiliate of the Issuer.

 

Section 2.06.     
Temporary Notes. Until definitive Notes are ready for delivery, the Issuer may prepare and the Trustee will, upon
receipt of an Authentication Order, authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive
Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officer executing
the temporary Notes, as evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Issuer will cause
definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes will
be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer designated for
the purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any temporary Notes the
Issuer will execute and the Trustee will, upon receipt of an Authentication Order, authenticate and deliver in exchange therefor
a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes will be entitled
to the same benefits under this Indenture as definitive Notes.

 

Section 2.07.     
Cancellation. The Issuer at any time may deliver to the Trustee for cancellation any Notes previously authenticated
and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation
any Notes previously authenticated hereunder which the Issuer has not issued and sold. Any Registrar or the Paying Agent will forward
to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered for
transfer, exchange, payment, replacement or cancellation and dispose of all canceled Notes in accordance with its normal procedures
and upon receipt of a written direction from the Issuer directing it to cancel any such Notes. Upon the written request of the
Issuer, the Trustee shall deliver copies of such canceled Notes to the Issuer. The Issuer may not issue new Notes to replace Notes
it has paid in full or delivered to the Trustee for cancellation.

 

Section 2.08.     
CUSIP and ISIN Numbers. The Issuer in issuing the Notes may use “CUSIP” and/or “ISIN” numbers,
and the Trustee will use CUSIP numbers or ISIN numbers in notices of redemption or exchange or in Offers to Purchase as a convenience
to Holders, the notice to state that no representation is made as to the correctness of such numbers either as printed on the Notes
or as contained in any notice of redemption or exchange or Offer to Purchase. The Issuer will promptly notify the Trustee of any
change in the CUSIP or ISIN numbers.

 

Section 2.09.      Registration,
Transfer and Exchange. (a) The Notes will be issued in registered form only, without coupons. The Trustee shall maintain
a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders
and transfers and exchanges of the Notes. Upon request from the Issuer, the Registrar shall provide the Issuer with a copy of
such Register.

 

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(b)            
(1)             The Notes shall initially be issued in the form of one or more Global Notes. Each Global Note will be registered in
the name of the Depositary for such Global Note or its nominee and, so long as DTC is serving as the Depositary thereof, will bear
the DTC Legend.

 

(2)           
Each Global Note will be delivered to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not a
beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors
or their respective nominees, except (i) as set forth in Section 2.09(b)(4), (ii) if the Issuer in its sole discretion determines
that any Global Note (in whole but not in part) should be exchanged for Certificated Notes and delivers a written notice to such
effect to the Trustee, and (iii) transfers of portions thereof in the form of Certificated Notes may be made upon request of an
Agent Member (for itself or on behalf of a beneficial owner) if required to do so pursuant to any applicable law or regulation,
by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary
and the Registrar and in compliance with this Section and Section 2.10.

 

(3)           
Members of, or participants in, the Depositary (“Agent Members”) will have no rights under this Indenture
with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, and the Depositary may
be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner and Holder of such Global
Note for all purposes whatsoever, including but not limited to notices and payments. Notwithstanding the foregoing, nothing herein
shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depositary or 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 Note. Notwithstanding anything to the contrary contained
herein, any notice to be delivered to DTC (including, but not limited to, a notice of redemption) may be delivered electronically
by the Trustee or the Issuer in accordance with applicable procedures of DTC.

 

(4)            If
(x) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for a Global Note and a
successor depositary is not appointed by the Issuer within 120 days of the notice or (y) an Event of Default has occurred and
is continuing and the Trustee has received a request from Holders of a majority of the aggregate principal amount of
outstanding Notes, the Trustee will promptly exchange each beneficial interest in the Global Note for one or more
Certificated Notes as provided by the Issuer in authorized denominations having an equal aggregate principal amount
registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depositary, and upon
completion of full exchange of the positions in the Global Notes, the Global Note will be canceled. If such Global Note does
not bear the Restricted Legend or the Regulation S Legend, as the case may be, then the Certificated Notes issued in exchange
therefor will not bear the Restricted Legend or the Regulation S Legend, as the case may be. If such Global Note bears the
Restricted Legend or the Regulation S Legend, as the case may be, then the Certificated Notes issued in exchange therefor
will bear the Restricted Legend or the Regulation S Legend, as the case may be.

 

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

 

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

 

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

 

(y)      neither
the Trustee nor the Issuer will be required (i) to issue, register the transfer of or exchange any Note for a period beginning
(1) 15 days before the mailing of a notice of redemption of Notes or an Offer to Purchase or (2) 15 days before a selection of
Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Note so selected
for redemption or purchase in whole or in part, except, in the case of a partial redemption or purchase, that portion of any Note
not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a Regular
Record Date but on or before the corresponding Interest Payment Date, to register the transfer of or exchange any Note on or after
the Regular Record Date and before the date of redemption or purchase. Prior to the registration of any transfer, the Issuer, the
Trustee and their agents may deem and treat the Person in whose name the Note is registered as the owner and Holder thereof for
all purposes (whether or not the Note is overdue), including without limitation the transfer or exchange of such Note, and none
of the Issuer, the Trustee or any Agent shall be affected by notice to the contrary.

 

(e)              
The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance
with the provisions hereof and the applicable procedures of the Depositary. No written request with respect to any such transfer
shall be required to be delivered to the Trustee pursuant to Section 2.09(d) to effect the transfer of a beneficial interest in
a Global Note to a Person who takes delivery thereof in the form of a beneficial interest in the same Global Note.

 

(f)              
From time to time the Issuer will execute and the Trustee will, upon receipt of an Authentication Order, authenticate Global
Notes and Certificated Notes as necessary in order to permit the registration of a transfer or exchange in accordance with this
Section 2.09.

 

(g)              No
service charge will be imposed in connection with any registration of any transfer or exchange of any Note, but the Issuer
may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than a transfer tax or other similar governmental charge payable upon exchange pursuant to subsection
(b)(4)(y)).

 

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(h)                
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than
to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form
with the express requirements hereof.

 

(i)                
(1) Global Note to Global Note. If a beneficial interest in a Global Note is transferred or exchanged for a beneficial
interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred
or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount
of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the
form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange,
cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be
subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other
Global Note for as long as it remains such an interest.

 

(2)           
Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for a Certificated
Note, the Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such
transfer or exchange and (y) deliver one or more new Certificated Notes in authorized denominations having an equal aggregate principal
amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered
in the name of such transferee or owner, as applicable.

 

(3)           
Certificated Note to Global Note. If a Certificated Note is transferred or exchanged for a beneficial interest in
a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global
Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less
than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated
Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the
canceled Certificated Note, registered in the name of the Holder thereof.

 

(4)            Certificated
Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated Note, the Trustee
will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in
authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to
the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange),
registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than
the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes
in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the
canceled Certificated Note, registered in the name of the Holder thereof.

 

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Section 2.10.     
Restrictions on Transfer and Exchange. (a) The transfer or exchange of any Note (or a beneficial interest therein)
may only be made in accordance with this Section, Section 2.09 and Section 2.11, and, in the case of a Global Note (or a beneficial
interest therein), the applicable rules and procedures of the Depositary. The Trustee shall refuse to register any requested transfer
or exchange that does not comply with the preceding sentence.

 

(b)                
Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth
in column A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made
in compliance with the certification requirements (if any) described in the clause of this Section 2.10(b) set forth opposite in
column C below.

 

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

 

(1)           
No certification is required.

 

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

 

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

 

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(4)           
The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Rule
144A Certificate.

 

(c)                
No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein)
after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need
for current public information; provided that the Issuer has provided the Trustee with an Officer’s Certificate to
that effect, and the Issuer may require from any Person requesting a transfer or exchange in reliance upon this clause (1) an opinion
of counsel and any other reasonable certifications and evidence in order to support such certificate. Any Certificated Note delivered
in reliance upon this Section 2.10(c) will not bear the Restricted Legend.

 

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

 

Section 2.11.     
Offshore Global Notes. (a) Each Note originally sold in reliance upon Regulation S will be evidenced by one or more
Offshore Global Notes that bear the Regulation S Legend. During the Restricted Period, beneficial interests in the Offshore Global
Note may only be transferred to or for the account or benefit of Non-U.S. Persons, unless permitted by applicable law.

 

Article
3

Redemption; Offer to Purchase

 

Section 3.01.     
Optional Redemption.

 

(a)                
At any time prior to June 25, 2024, upon not less than ten nor more than 60 days’ prior notice delivered or mailed
to each Holder or otherwise given in accordance with the procedures of the Depositary, the Company may redeem all or part of the
Notes at a redemption price equal to 100.0% of the aggregate principal amount thereof plus the Applicable Premium calculated as
of the date notice of such redemption is delivered, plus accrued and unpaid interest, if any, to, the applicable redemption date
(subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on an Interest Payment Date
falling on or prior to such redemption date).

 

(b)                 At
any time prior to June 25, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal
amount of Notes issued under this Indenture (calculated after giving effect to any issuance of Additional Notes) with the net
cash proceeds of one or more Equity Offerings at a redemption price of 107.54% of the aggregate principal amount thereof,
plus accrued and unpaid interest, if any, to the applicable redemption date (subject to the right of Holders of record on the
relevant Regular Record Date to receive interest due on an Interest Payment Date falling on or prior to such redemption
date); provided that:

 

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(1)           
at least 50% of the aggregate principal amount of Notes issued under this Indenture (calculated after giving effect to any
issuance of Additional Notes) remains outstanding immediately after each such redemption unless all such Notes are redeemed concurrently;
and

 

(2)           
such redemption occurs within 180 days after the closing of such Equity Offering.

 

(c)                
Except pursuant to clause (a) or (b) of this Section 3.01 or Section 4.14(e), the Notes will not be redeemable at the Company’s
option prior to June 25, 2024.

 

(d)                
On and after June 25, 2024, the Company may, at its option, redeem all or, from time to time, a part of the Notes upon not
less than ten nor more than 60 days’ notice, at the following redemption prices (expressed as a percentage of principal amount
of the Notes to be redeemed) set forth below, plus accrued and unpaid interest on the Notes, if any, to the applicable redemption
date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on an Interest Payment
Date falling on or prior to such redemption date), if redeemed during the twelve-month period beginning on June 25, 2024 of the
years indicated below:

 

	Year	 	 	Percentage	 
	2024	 	 	 	105.6550	%
	2025	 	 	 	103.770	%
	2026 and thereafter	 	 	 	101.885	%

 

(e)                
Any redemption pursuant to this Section 3.01 shall be made pursuant to the provisions of Section 3.03 hereof.

 

(f)                
If the optional redemption date is on or after a Regular Record Date and on or before the related Interest Payment Date,
the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business,
on such Regular Record Date.

 

(g)                 Any
redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent. The redemption date
of any redemption that is subject to the satisfaction of one or more conditions precedent may, at the Company’s
discretion, be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its
discretion), or such redemption may not occur and any notice with respect to such redemption may be modified or rescinded in
the event that any or all such conditions shall not have been satisfied (or waived by the Company in its discretion) by the
redemption date, or by the redemption date so delayed (which may exceed 60 days from the date of the redemption notice in
such case). In addition, such notice of redemption may be extended, if such conditions shall not have been satisfied (or
waived by the Company in its discretion) by providing notice to the Holders.

 

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Section 3.02.     
Mandatory Redemption. The Company shall not be required to make any mandatory redemption or sinking fund payments
with respect to the Notes.

 

Section 3.03.     
Method and Effect of Redemption. (a) If the Company elects to redeem Notes pursuant to Section 3.01 or Section 4.14(e),
it shall furnish to the Trustee, at least two Business Days (or such shorter period as the Trustee may agree) before the notice
of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 3.01 or Section 4.14(e), notification
setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of the Notes to be redeemed and (iv) the redemption price.

 

(b)                
Notices of redemption must be delivered or mailed by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company, at least ten days but not more than 60 days before the redemption date to each Holder of
Notes to be redeemed at such Holder’s registered address or otherwise in accordance with the procedures of the Depositary,
except that, notwithstanding Section 3.01 and Section 4.14(e), redemption notices may be delivered or mailed more than 60 days
prior to a redemption date if the notice is issued in connection with Article 8 or Article 12 hereof.

 

(c)                
The notice of redemption will identify the Notes to be redeemed and will include or state the following:

 

(1)           
the redemption date;

 

(2)           
the redemption price;

 

(3)           
the name and address of the Paying Agent;

 

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

 

(5)           
on the redemption date the redemption price will become due and payable on Notes called for redemption, and interest on
Notes called for redemption will cease to accrue on and after the redemption date;

 

(6)           
if any Note is redeemed in part only, on or after the redemption date, upon surrender of such Note for cancellation, a new
Note equal in principal amount to the unredeemed portion of the original Note will be issued in the name of the Holder upon cancellation
of the original Note; and

 

(7)           
if any Note contains a CUSIP or ISIN number, no representation is being made as to the correctness of the CUSIP or ISIN
number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other
identification numbers printed on the Notes.

 

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(d)                
 If fewer than all of the Notes are being redeemed, selection of the Notes for redemption will be made by the Trustee in
compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed and in such
manner as complies with applicable legal requirements and, in the case of Global Notes, the procedures of the Depositary; provided
that the selection of Notes for redemption shall not result in a Holder with a principal amount of Notes less than the minimum
denomination of $2,000. The Trustee will notify the Company promptly of the Notes or portions of Notes selected for redemption,
and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed.

 

(e)                
Once notice of redemption is delivered or mailed to the Holders in accordance with Section 3.03(b), Notes called for redemption
become due and payable at the redemption price on the redemption date, and upon surrender of the Notes called for redemption, the
Company shall redeem such Notes at the redemption price, subject in each case to the satisfaction or waiver of any conditions to
such redemption set forth in the notice of redemption in the case of a conditional redemption pursuant to Section 3.01(g). Commencing
on the redemption date, Notes redeemed will cease to accrue interest. A notice of redemption, if delivered or mailed in a manner
herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case,
failure to deliver or mail a notice of redemption or any defect in the notice to the Holder of any Note designated for redemption
in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Upon surrender of any
Note redeemed in part to the Trustee for cancellation, the Trustee will promptly authenticate and mail (or cause to be transferred
by book entry) to the Holder a new Note equal in principal amount to the unredeemed portion of the surrendered Note; provided
that each such new Note shall be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. It is understood
that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or
Officer’s Certificate is required for the Trustee to authenticate such new Note.

 

Section 3.04.     
Offer to Purchase. (a) An “Offer to Purchase” means an offer by the Company to purchase Notes
that is required by Section 4.10 or Section 4.14. The Company will notify the Trustee at least two Business Days (or such shorter
period as the Trustee may agree) prior to the commencement of an Offer to Purchase.

 

(b)                
The Company shall send or cause to be sent notices of an Offer to Purchase by first class mail, postage prepaid, or electronically,
at least ten days but not more than 60 days before the purchase date to each Holder at such Holder’s registered address or
otherwise in accordance with the procedures of the Depositary. The Offer to Purchase shall be made to all Holders. The notice of
an Offer to Purchase, if delivered or mailed in a manner herein provided, shall be conclusively presumed to have been given, whether
or not the Holder receives such notice. In any case, failure to deliver or mail an Offer to Purchase or any defect in the notice
to the Holder of any Note designated for purchase in whole or in part shall not affect the validity of the proceedings for the
purchase of any other Note.

 

(c)                
The notice of an Offer to Purchase for an Asset Sale Offer must include or state the following:

 

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(1)           
 that an Asset Sale Offer is being made pursuant to this Indenture;

 

(2)           
the aggregate principal amount of the outstanding Notes and, if applicable, Pari Passu Indebtedness offered to be purchased
by the Company pursuant to the Asset Sale Offer (the “Purchase Amount”);

 

(3)           
the purchase price;

 

(4)           
an expiration date for the Offer to Purchase (the “Expiration Date”) not less than ten days or more than
60 days after the commencement of the Asset Sale Offer, and a settlement date for purchase (the “Purchase Date”)
not more than five Business Days after the Expiration Date;

 

(5)           
a Holder may tender all or any portion of its Notes, subject to the requirement that any portion of a Note tendered must
be in minimum amounts of $2,000 and in integral multiples of $1,000 in excess thereof only;

 

(6)           
each Holder electing to tender a Note pursuant to the Asset Sale Offer will be required to surrender such Note, with the
form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry transfer,
to the Company, the Depositary, if appointed by the Company, or a Paying Agent, as applicable, at the address specified in the
notice, prior to the time specified in the notice on the Expiration Date in order to be accepted for purchase in the Offer to Purchase
(any such Note being duly endorsed or accompanied by a duly executed written instrument of transfer);

 

(7)           
interest on any Note not tendered, or tendered but not accepted for purchase by the Company pursuant to the Offer to Purchase,
will continue to accrue;

 

(8)           
on the Purchase Date the purchase price will become due and payable on each Note accepted for purchase, and interest on
Notes purchased will cease to accrue on and after the Purchase Date;

 

(9)           
Holders are entitled to withdraw Notes tendered by giving notice, which must be received by the Company, the Depositary
or the Paying Agent, as the case may be, not later than the time specified in the notice on the Expiration Date, setting forth
the name of the Holder, the principal amount of the tendered Notes and a statement that the Holder is withdrawing its election
to have such Notes purchased;

 

(10)            (i)
if Notes and, if applicable, Pari Passu Indebtedness in an aggregate principal amount less than or equal to the Purchase
Amount are duly tendered or surrendered by the holders or lenders thereof and not duly withdrawn pursuant to the Offer to
Purchase, the Company will purchase all such Notes, and (ii) if Notes and, if applicable, Pari Passu Indebtedness in an
aggregate principal amount in excess of the Purchase Amount are duly tendered or surrendered by the holders or lenders
thereof and not duly withdrawn pursuant to the Offer to Purchase, that the Trustee shall select the Notes to be purchased in
the manner provided in this Indenture and, if applicable, the amount of Notes and Pari Passu Indebtedness accepted for
purchase shall be determined on a pro rata basis based on the principal amount of Notes and Pari Passu Indebtedness accepted
for purchase (with such adjustments as may be appropriate so that only Notes in minimum amounts of $2,000 or in integral
multiples of $1,000 in excess thereof are purchased);

 

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(11)           
if any Note is purchased in part only, on or after the Purchase Date, upon surrender of such Note for cancellation, a new
Note or new Notes equal in principal amount to the unpurchased portion of the original Note will be issued in the name of the Holder
upon cancellation of the original Note; and

 

(12)           
if any Note contains a CUSIP or ISIN number, no representation is being made as to the correctness of the CUSIP or ISIN
number either as printed on the Notes or as contained in the notice of the Offer to Purchase and that the Holder should rely only
on the other identification numbers printed on the Notes.

 

(d)                
If any Note is to be purchased in part only pursuant to an Offer to Purchase, any notice of purchase from any Holder that
relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased.

 

(e)                
Prior to the purchase date, the Company shall accept validly tendered Notes for purchase as required by the Offer to Purchase
and deliver or cause to be delivered to the Trustee all Notes so accepted together with an Officer’s Certificate specifying
which Notes have been accepted for purchase and directing the Trustee to cancel such Notes. On the purchase date, the purchase
price will become due and payable on each Note accepted for purchase, and interest on Notes purchased will cease to accrue on and
after the purchase date, subject in each case to the satisfaction or waiver of any conditions to such purchase set forth in the
Offer to Purchase in the case of a conditional offer pursuant to Section 4.14(f). Upon surrender of any Note purchased in part
to the Trustee for cancellation, the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to
the Holder a new Note equal in principal amount to the unpurchased portion of the surrendered Note; provided that each such
new Note shall be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. It is understood that, notwithstanding
anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate
is required for the Trustee to authenticate such new Note.

 

(f)                
If fewer than all of the Notes are being purchased, selection of the Notes for purchase will be made by the Company in compliance
with the requirements of the principal national securities exchange, if any, on which the Notes are listed and in such manner as
complies with applicable legal requirements and, in the case of Global Notes, the procedures of the Depositary; provided
that the selection of Notes for purchase shall not result in a Holder with a principal amount of Notes less than the minimum denomination
of $2,000. The Company will notify the Trustee promptly of the Notes or portions of Notes selected for purchase, and, in the case
of any Note selected for partial purchase, the principal amount thereof to be purchased.

 

(g)                 The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations, in each case to the extent such laws, rules or regulations are applicable in connection with the repurchase of
Notes pursuant to the Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict
with the provisions of this covenant, the Company will comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under this Indenture by virtue thereof.

 

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Article
4

Covenants

 

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

 

(b)                
The Issuer agrees to pay interest on overdue principal, and, to the extent lawful, overdue installments of interest at the
rate per annum specified in the Notes.

 

(c)                
Payments in respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately available
funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Issuer will make all
payments by wire transfer of immediately available funds to the accounts specified by the Holders thereof or, if no such account
is specified, by mailing a check to each Holder’s registered address.

 

Section
4.02.      Maintenance
of Office or Agency. (a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee or the Registrar) where Notes may be surrendered for registration of transfer or exchange or for presentation for
payment and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served; provided
that legal service of process on the Issuer may not be served at any such office of the Trustee or an affiliate of the Trustee.
The Issuer hereby initially designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer . The
Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.
If at any time the Issuer fails to maintain any such required office or agency or fails to furnish the Trustee with the address
thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the Trustee.

 

(b)                
The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be surrendered
or presented for any or all of such purposes and may from time to time rescind such designations. The Issuer shall give prompt
written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office
or agency.

 

Section 4.03.     
Reports and Other Information. (a) Notwithstanding that the Company is subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act or otherwise reports on an annual and quarterly basis on forms provided for such annual
and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Company shall (a) file with the SEC (unless
the SEC will not accept such filing), and (b) deliver to the Trustee and,upon written request, the registered Holders of the Notes,
without cost to any Holder, from and after the Issue Date:

 

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(1)           
within the time periods specified by the Exchange Act (including all applicable extension periods), an annual report on
Form 10-K (or any successor or comparable form) containing the information required to be contained therein in all material respects
(or required in such successor or comparable form);

 

(2)           
within the time periods specified by the Exchange Act (including all applicable extension periods), a quarterly report on
Form 10-Q (or any successor or comparable form); and

 

(3)           
all current reports that would be required to be filed with the SEC on Form 8-K (or any successor or comparable form).

 

(b)                
In the event that the Company is not permitted to file such reports with the SEC pursuant to the Exchange Act, the Company
shall nevertheless deliver to the Trustee and make available such Exchange Act reports to the Holders of the Notes as if the Company
were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act within the time periods specified by the
Exchange Act (including all applicable extension periods), which requirement may be satisfied by posting such information on its
website, on Intralinks or any comparable password-protected online data system which will require a confidentiality acknowledgment
(with a copy to the Trustee). The Company will hold quarterly conference calls (for the avoidance of doubt, the Company’s
quarterly earnings call shall satisfy such requirement) for the Holders and securities analysts to discuss such financial information
for the previous reporting period no later than ten Business Days after distribution of such financial information.

 

(c)                
In addition, to the extent not satisfied by the foregoing, the Company shall, for so long as any Notes are outstanding,
make available to the Holders of the Notes and to prospective investors, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act.

 

(d)                
Delivery of such reports and information to the Trustee is for informational purposes only and the Trustee’s receipt
of them will not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates).

 

(e)                
The Company will be deemed to have satisfied the information and reporting requirements of this Section 4.03 if the Company
(or any direct or indirect parent of the Company) has filed reports or registration statements containing such information with
the SEC via the SEC’s Electronic Data Gathering, Analysis and Retrieval system (or any successor system) within the time
periods specified above and such reports are publicly available.

 

(f)                
Notwithstanding the foregoing, such reports and other information required to be provided pursuant to this Section 4.03
may be, rather than those of the Company, those of any direct or indirect parent of the Company.

 

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Section 4.04.     
Compliance Certificate. (a) The Company shall deliver to the Trustee within 120 days after the end of each
fiscal year ending after the Issue Date a certificate from the principal executive, financial or accounting officer of the Company
stating that the officer has conducted or supervised a review of the activities of the Company and its Restricted Subsidiaries
and their performance under this Indenture under the preceding fiscal year and that, based upon such review, to the best of his
or her knowledge, the Company has fulfilled its obligations hereunder or, if there has been a Default of which he or she has knowledge,
specifying the Default and its nature and what action the Company is taking or proposes to take with respect thereto.

 

(b)                
If any Default has occurred and is continuing under this Indenture, the Company shall deliver to the Trustee, as soon as
possible and in any event within 30 days after the Company becomes aware of the occurrence of a Default, an Officer’s Certificate
specifying the Default, and what action the Company is taking or proposes to take with respect thereto.

 

Section 4.05.     
Taxes. The Company shall pay or discharge, and cause each of its Restricted Subsidiaries to pay or discharge before
the same become delinquent all material taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted
Subsidiary or its income or profits or property, other than any such tax, assessment or governmental charge that is being contested
in good faith by appropriate legal proceedings or with respect to which the failure to make payment could not reasonably be expected
to have a material adverse effect to the Holders of the Notes as determined in good faith by the Company.

 

Section 4.06.     
Stay, Extension and Usury Laws. The Company and each Subsidiary Guarantor covenants, to the extent that it may lawfully
do so, that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law or any usury law, wherever enacted, now or at any time hereafter in force, or that may affect the covenants
or the performance of this Indenture. The Company and each Subsidiary Guarantor hereby expressly waives, to the extent that it
may lawfully do so, all benefit or advantage of any such law and covenants that it will not, 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 4.07.     
Limitation on Restricted Payments. (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries,
directly or indirectly, to:

 

(1)           
declare or pay any dividend or make any distribution on account of the Company’s or any of its Restricted Subsidiaries’
Capital Stock (including any payment in connection with any merger, amalgamation or consolidation involving the Company or any
of its Restricted Subsidiaries) other than:

 

(x)       dividends
or distributions payable solely in Capital Stock of the Company (other than Disqualified Stock); and

 

(y)       dividends
or distributions by a Restricted Subsidiary so long as, if such Restricted Subsidiary is not a Wholly Owned Subsidiary, the Company
or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution;

 

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(2)           
purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Company or any direct or indirect parent
of the Company held by Persons other than the Company or a Restricted Subsidiary (other than in exchange for Capital Stock of the
Company (other than Disqualified Stock));

 

(3)           
make any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior
to any scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Obligations or Guarantor Subordinated
Obligations, other than:

 

(x)       Indebtedness
of the Company owing to and held by any Restricted Subsidiary or Indebtedness of a Subsidiary Guarantor owing to and held by the
Company or any Restricted Subsidiary; or

 

(y)       the
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations or Guarantor Subordinated
Obligations 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, repurchase, redemption, defeasance or other acquisition or retirement; or

 

(4)           
make any Restricted Investment;

 

(all such payments and other actions referred to in clauses
(1) through (4) (other than any exception thereto) being collectively referred to as “Restricted Payments”),
unless, at the time of and after giving effect to such Restricted Payment:

 

(A)           
no Default shall have occurred and be continuing (or would result therefrom);

 

(B)           
immediately after giving effect to such Restricted Payment on a Pro Forma Basis, the Company would be permitted to Incur
$1.00 of additional Indebtedness as Ratio Debt; and

 

(C)           
such Restricted Payment, together with the aggregate amount of all other Restricted Payments declared or made subsequent
to the 2023 Senior Secured Notes Issue Date (including Restricted Payments permitted by clauses (5) and (12) of Section 4.07(b),
but excluding all other Restricted Payments permitted by Section 4.07(b)) would not exceed the sum of (without duplication):

 

(i)                        50.0%
of the Company’s Consolidated Net Income (or 100% of any loss if Consolidated Net Income is negative) for the period
(taken as one accounting period) commencing on October 1, 2019 occurs to and including the end of the Company’s most
recently ended fiscal quarter for which internal financial statements prepared on a consolidated basis are available; plus

 

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(ii)                       
100.0% of the aggregate net proceeds, including cash and the Fair Market Value of assets or property other than cash, received
by the Company since the 2023 Senior Secured Notes Issue Date from the issue or sale of its Capital Stock (other than Disqualified
Stock), including Capital Stock issued upon exercise of warrants or options; plus

 

(iii)                       
100.0% of the aggregate amount of contributions to the capital of the Company received in cash and the Fair Market Value
of assets or property received other than cash (other than Disqualified Stock); plus

 

(iv)                       
100.0% of any cash dividends or cash distributions received directly or indirectly by the Company or a Restricted Subsidiary
after the 2023 Senior Secured Notes Issue Date from an Unrestricted Subsidiary, to the extent that such dividends or distributions
were not otherwise included in Consolidated Net Income; plus

 

(v)                       
the amount by which Indebtedness of the Company or its Restricted Subsidiaries is reduced on the Company’s consolidated
balance sheet upon the conversion or exchange subsequent to the 2023 Senior Secured Notes Issue Date of any Indebtedness of the
Company or its Restricted Subsidiaries (other than debt owing to and held by a Subsidiary of the Company) convertible or exchangeable
for Capital Stock (other than Disqualified Stock) of the Company (less the amount of any cash, or the Fair Market Value of any
other assets or property, distributed by the Company upon such conversion or exchange); plus

 

(vi)                       
100.0% of the aggregate amount received by the Company or any Restricted Subsidiary in cash and the Fair Market Value of
assets or property (other than cash) received by the Company or any Restricted Subsidiary from:

 

(A)       (i)
the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made by the Company
and its Restricted Subsidiaries in any Person, (ii) repurchases and redemptions of such Restricted Investments from the Company
or a Restricted Subsidiary by any Person (other than the Company or a Restricted Subsidiary), and (iii) prepayments or repayments
of loans or advances or other transfers of assets or property (including by way of dividend or distribution) by such Person to
the Company or any Restricted Subsidiary (other than for reimbursement of tax payments);

 

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(B)       the
sale (other than to the Company or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary; or

 

(C)       any
distribution or dividend from an Unrestricted Subsidiary; plus

 

(vii)                       
in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or a Restricted Subsidiary,
in each case after the 2023 Senior Secured Notes Issue Date, the Fair Market Value of the Investment of the Company and its Restricted
Subsidiaries in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred
or conveyed, as applicable) (valued in each case as provided in the definition of “Investments”), other than to the
extent constituting a Permitted Investment.

 

(b)                
Section 4.07(a) shall not prohibit:

 

(1)           
a Restricted Payment made by exchange for, or out of the proceeds of the issuance or sale of, Capital Stock of the Company
(other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan
or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed
by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination)
or any cash capital contribution to the Company; provided, however, that the amount of net proceeds from such sale of Capital
Stock that is utilized for such Restricted Payment will be excluded from clause (C)(ii) of Section 4.07(a);

 

(2)           
any payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations
of the Company or Guarantor Subordinated Obligations of any Subsidiary Guarantor made by exchange for, or out of the proceeds of,
Refinancing Indebtedness;

 

(3)           
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock of the Company or any
direct or indirect parent of the Company made by exchange for, or out of the proceeds of the issuance or sale of, Capital Stock
of the Company or any direct or indirect parent of the Company or contributions to the equity capital of the Company (other than
Disqualified Stock);

 

(4)            any
payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement of any Subordinated Obligation,
Disqualified Stock or Preferred Stock pursuant to provisions similar to those set forth in Section 4.10 and Section 4.14; provided that,
prior to or simultaneously with such payment, purchase, repurchase, redemption, defeasance or other acquisition or
retirement, the Company (or a third party, to the extent permitted by this Indenture) has made any Change of Control Offer or
Asset Sale Offer, as the case may be, with respect to the Notes and has repurchased, redeemed, defeased or retired all Notes
validly tendered and not validly withdrawn in connection with such Change of Control Offer or Asset Sale Offer, as the case
may be;

 

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(5)           
the payment of any dividend or distribution, or the consummation of any redemption, within 60 days after the date of declaration
thereof or the giving of a redemption notice related thereto, as the case may be, if at such date of declaration or notice such
dividend, distribution or redemption would have complied with this provision;

 

(6)           
the purchase, redemption or other acquisition, cancellation or retirement for value (or Restricted Payments to the Company
or any direct or indirect parent of the Company to finance any such purchase, redemption or other acquisition, cancellation or
retirement for value) of Capital Stock (including related stock appreciation rights or similar securities) of the Company or any
direct or indirect parent of the Company held, directly or indirectly, by any future, present or former employee, officer, director,
manager, consultant or independent contractor of the Company or any Subsidiary of the Company or their assigns, estates, heirs,
family members, spouses or former spouses or permitted transferees (including for all purposes of this clause (6) Capital Stock
held by any entity whose Capital Stock is held by any such future, present or former employee, officer, director, manager, consultant
or independent contractor of the Company or any Subsidiary of the Company or their assigns, estates, heirs, family members, spouses
or former spouses or permitted transferees) pursuant to any stock option plan or management equity plan or any other management
or employee benefit plan or other agreement or arrangement or any stock subscription or shareholder or similar agreement; provided
that the aggregate amounts paid under this clause (6) shall not exceed $25.0 million in the aggregate during any fiscal year; provided,
further that such amount in any fiscal year may be increased by an amount not to exceed:

 

(A)           
the cash proceeds received from the Company from the issuance or sale of Capital Stock (other than Disqualified Stock) of
the Company or any direct or indirect parent of the Company (to the extent contributed to the Company), in each case to any future,
present or former employees, officers, directors, managers, consultants or independent directors of the Company, any Subsidiary
of the Company or any direct or indirect parent of the Company that occurs on or after the 2023 Senior Secured Notes Issue Date;
provided that the amount of such cash proceeds utilized for any such purchase, redemption or other acquisition, cancellation
or retirement for value or dividend pursuant to this clause (6) will not increase the amount available for Restricted Payments
under clause (C)(ii) of Section 4.07(a); plus

 

(B)           
the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries or any direct
or indirect parent of the Company (to the extent contributed to the Company) after the 2023 Senior Secured Notes Issue Date; plus

 

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(C)           
 the amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent
contractors of the Company or its Restricted Subsidiaries or any direct or indirect parent of the Company that are forgone in return
for the receipt of Capital Stock; less

 

(D)           
the amount of cash proceeds described in the subclauses (A), (B) or (C) of this clause (6) previously used to make Restricted
Payments pursuant to this clause (6); provided that the Company may elect to apply all or any portion of the aggregate increase
contemplated by subclause (A), (B) or (C) above in any fiscal year;

 

provided, further, that cancellation of Indebtedness
owing to the Company or any Restricted Subsidiary from any future, current or former officer, director, employee, manager, consultant
or independent contractor (or any permitted transferees thereof) of the Company or any of its Restricted Subsidiaries or any direct
or indirect parent of the Company, in connection with a repurchase of Capital Stock of the Company or any direct or indirect parent
of the Company from such Persons will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other
provisions of this Indenture;

 

(7)           
the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the
Company or any of its Restricted Subsidiaries Incurred in accordance with Section 4.09;

 

(8)           
the purchase, redemption or other acquisition, cancellation or retirement of Equity Interests of the Company: (a) deemed
to occur upon the exercise or exchange of options, warrants, other rights to purchase or acquire Equity Interests of the Company
or other securities convertible into or exchangeable for Equity Interests of the Company if such Equity Interests represent a portion
of the exercise or exchange price thereof, or (b) made in lieu of or in connection with withholding or similar taxes payable or
expected to be payable by any future, present or former director, officer, employee, manager, consultant or independent contractor
of the Company or direct or indirect parent of the Company or any Subsidiary of the Company (or their respective Affiliates, estates,
heirs or immediate family members) in connection with the exercise or exchange of options, warrants, other rights to purchase or
acquire Equity Interests of the Company or other securities convertible into or exchangeable for Equity Interests of the Company
or the grant, vesting or delivery of any of the foregoing;

 

(9)           
the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted
Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash
Equivalents);

 

(10)           
payments in lieu of the issuance of fractional shares in connection with any merger, consolidation, amalgamation or other
business combination, or in connection with any dividend, distribution or split of, or the exercise or exchange of options,warrants
or other rights to purchase or acquire Equity Interests of the Company or other securities convertible into or exchangeable for,
Equity Interests of the Company;

 

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(11)           
the purchase, redemption, acquisition, cancellation or other retirement of any Capital Stock of the Company or a Restricted
Subsidiary to the extent necessary, in the good faith judgment of the Company, to prevent the loss or secure the renewal or reinstatement
of any license, permit or other authorization held by the Company or any of its Subsidiaries issued by any governmental or regulatory
authority or to comply with government contracting regulations;

 

(12)           
dividends or distributions in connection with the making of ordinary dividend payments in respect of the Company’s
Common Stock in an aggregate amount not to exceed $25.0 million in any fiscal year;

 

(13)           
other Restricted Payments in an aggregate amount, which, when taken together with all other Restricted Payments made pursuant
to this clause (13) (as reduced by the amount of capital repaid or otherwise returned from any such Restricted Payments that constituted
Restricted Investments in the form of cash and Cash Equivalents (exclusive of items reflected in Consolidated Net Income)) not
to exceed the greater of (x) $50.0 million and (y) 1.0% of Total Assets; and

 

(14)           
(a) any payments in connection with a Permitted Bond Hedge Transaction and (b) the settlement of any related Permitted Warrant
Transaction (i) by delivery of shares of the Company’s common stock upon settlement thereof or (ii) by (A) set-off against
the related Permitted Bond Hedge Transaction or (B) payment of an early termination amount thereof in the Company’s common
stock upon any early termination thereof,

 

provided, however, that at the time of and after
giving effect to, any Restricted Payment permitted under clauses (12) and (13) of this Section 4.07(b), no Event of Default shall
have occurred and be continuing or would occur as a consequence thereof.

 

(c)                
The amount of any Restricted Payment made in cash shall be its face amount. The amount of any other Restricted Payment shall
be the Fair Market Value (determined as of the date such Restricted Payment is made) of the assets, securities or other property
proposed to be declared, paid, made, purchased, redeemed, retired, defeased or acquired pursuant to such Restricted Payment.

 

(d)                
For purposes of this Section 4.07, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant
to one or more provisions described above and/or one or more of the exceptions contained in the definition of “Permitted
Investment,” the Company may divide and classify such Investment or Restricted Payment (or a portion thereof) in any manner
that complies with this covenant and may later divide and reclassify any such Investment or Restricted Payment so long as the Investment
or Restricted Payment (as so divided and/or reclassified) would be permitted to be made in reliance on the applicable exception
as of the date of such reclassification.

 

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(e)                
 For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the
Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted
Payments and/or Permitted Investments in an amount determined as set forth in the definition of “Investment.” Such
designation shall be permitted only if a Restricted Payment and/or Permitted Investment in such amount would be permitted at such
time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

 

Section 4.08.     
Limitation on Restrictions on Distributions from Restricted Subsidiaries. (a) The Company shall not, and shall not
permit any Restricted Subsidiary (other than a Subsidiary Guarantor) to, directly or indirectly, create or otherwise cause or permit
to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary (other
than a Subsidiary Guarantor) to:

 

(1)           
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 Restricted Subsidiary (it being understood that the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common
Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock);

 

(2)           
make any loans or advances to the Company or any Restricted Subsidiary (it being understood that the subordination of loans
or advances made to the Company or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary
shall not be deemed a restriction on the ability to make loans or advances); or

 

(3)           
sell, lease or transfer any of its assets or property to the Company or any Restricted Subsidiary (it being understood that
such transfers shall not include any type of transfer described in clause (1) or (2) above).

 

(b)                
Section 4.08(a) shall not apply to any encumbrances or restrictions existing under or by reason of:

 

(1)           
contractual encumbrances or restrictions of the Company or any of its Restricted Subsidiaries in effect on the 2023 Senior
Secured Notes Issue Date, including, without limitation, pursuant to the Senior Credit Facilities, the Security Documents, the
First Lien Intercreditor Agreement (and, if entered into, the Second Lien Intercreditor Agreement), related Hedging Obligations
and Indebtedness permitted pursuant to clause (3) of Section 4.09(b);

 

(2)           
this Indenture, the Notes and the Subsidiary Guarantees;

 

(3)            any
agreement or other instrument of a Person acquired by or merged, amalgamated or consolidated with or into the Company or any
Restricted Subsidiary or of an Unrestricted Subsidiary that is designated a Restricted Subsidiary, in each case that was in
existence at the time of such acquisition (or at the time it merges, amalgamates or consolidates with or into the Company or
any Restricted Subsidiary or is assumed in connection with the acquisition of assets or property from such Person) or
designation, but, in each case, not created in contemplation thereof, which encumbrance or restriction is not applicable to
any Person, or the assets or property of any Person, other than the Person and its Subsidiaries, or the assets or property of
the Person and its Subsidiaries, so acquired or designated (including after-acquired assets and property);

 

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(4)           
in the case of clause (3) of Section 4.08(a), Permitted Liens that limit the right of the debtor to dispose of assets or
property subject to such Liens;

 

(5)           
Purchase Money Obligations, mortgage financings, Capitalized Lease Obligations and similar obligations or agreements permitted
under this Indenture, in each case, that impose encumbrances or restrictions of the nature described in clause (3) of Section 4.08(a)
with respect to the assets or property purchased, acquired, financed, designed, developed, leased, constructed, repaired, replaced,
maintained, installed, improved or insured in connection therewith or thereby (including any proceeds thereof, accessions thereto
and any upgrades or improvements thereto);

 

(6)           
encumbrances or restrictions contained in agreements for the sale, transfer or other disposition of assets or property,
including without limitation customary restrictions with respect to a Subsidiary of the Company pursuant to an agreement that has
been entered into for the sale, transfer or other disposition of all or a portion of the Capital Stock, assets or property of such
Subsidiary;

 

(7)           
restrictions on cash, Cash Equivalents or other deposits or net worth imposed by customers, suppliers or landlords under
contracts entered into in the ordinary course of business or as required by insurance surety or bonding companies;

 

(8)           
any provisions in joint venture agreements, stockholders agreements, partnership agreements, LLC agreements and other similar
agreements, which (x) are customary or entered into in the ordinary course of business or (y) do not adversely affect the Company’s
ability to make payments of principal or interest payments on the Notes when due (as determined by the Company in good faith);

 

(9)           
any provisions in leases, subleases, licenses, sublicenses, asset sale agreements, sale/leaseback agreements or stock sale
agreements and other agreements entered into by the Company or any Restricted Subsidiary that (x) are customary and entered into
in the ordinary course of business or (y) do not adversely affect the Company’s ability to make payments of principal or
interest payments on the Notes when due (as determined by the Company in good faith);

 

(10)           
applicable law or any applicable rule, regulation or order, or any license, permit or other authorization issued by any
governmental or regulatory authority;

 

(11)            encumbrances
or restrictions arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not,
individually or in the aggregate, (x) detract from the value of the assets or property of the Company or any Restricted
Subsidiary in any manner material to the Company or any Restricted Subsidiary (as determined by the Company in good faith),
or (y) materially affect the Company’s ability to make payments of principal or interest payments on the Notes
when due (as determined by the Company in good faith);

 

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(12)           
contractual encumbrances or restrictions contained in any Debt Facilities or other Indebtedness Incurred by the Company
in accordance with Section 4.09 that (x) are not materially more restrictive, when taken as a whole, than those applicable in either
this Indenture or the Senior Credit Facilities on the Issue Date (as determined by the Company in good faith), or (y) do not adversely
affect the Company’s ability to make payments of principal or interest payments on the Notes when due (as determined by the
Company in good faith); or

 

(13)           
any encumbrances or restrictions imposed by any amendment, restatement, modification, renewal, increase, supplement, extension,
refunding, replacement or refinancing of any of the contracts, agreements or other instruments referred to in the immediately preceding
clauses (1) through (12) of this Section 4.08(b); provided, however, that the encumbrances or restrictions contained in
such amendment, restatement, modification, renewal, increase, supplement, extension, refunding, replacement or refinancing are,
in the good faith judgment of the Company, not materially more restrictive, when taken as a whole, than the encumbrances and restrictions
prior to such amendment, restatement, modification, renewal, increase, supplement, extension, refunding, replacement or refinancing.

 

Section 4.09.     
Limitation on Indebtedness. (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Company and
any Restricted Subsidiary may Incur Indebtedness (including Acquired Indebtedness) if the Consolidated Coverage Ratio for the Company,
calculated as of the date on which such additional Indebtedness is Incurred, would have been at least 2.00 to 1.00 (“Ratio
Debt”); provided that the aggregate principal amount of Indebtedness (including Acquired Indebtedness) outstanding
at any one time that may be Incurred pursuant to the foregoing by Non-Guarantor Subsidiaries (together with any Indebtedness that
is Incurred or assumed by Non-Guarantor Subsidiaries under Section 4.09(b)(8)) shall not exceed the greater of (x) $150.0
million and (y) 2.5% of Total Assets.

 

(b)                
Section 4.09(a) shall not apply to the following Indebtedness (collectively, “Permitted Debt”):

 

(1)            Indebtedness
of the Company or any Restricted Subsidiary Incurred under a Debt Facility, the Guarantees thereof and the issuance and
creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’
acceptances being deemed to have a principal amount equal to the face amount thereof), including any Additional Notes (and
any Subsidiary Guarantee thereof), in an aggregate principal amount outstanding at any one time not to exceed (A) in the case
of any Debt Facility that is not a revolving credit facility (including the Term B Facility), $2,470.0 million; provided that
with respect to this clause (A) the Consolidated Total Debt Ratio Condition would be satisfied after giving pro forma effect
to such Incurrence and the use of proceeds therefrom; and (B) in the case of any Debt Facility that is a revolving credit
facility (including the Revolving Facility), $750.0 million; provided, that the maximum amount permitted to be
outstanding under this clause (1) shall not be deemed to limit additional Indebtedness under Debt Facilities to the extent
that the Incurrence of such additional Indebtedness is permitted pursuant to Section 4.09(a) or any of the other provisions
of this Section 4.09;

 

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(2)           
(a) Indebtedness represented by the Notes (other than any Additional Notes), including any Subsidiary Guarantee thereof
and (b) Indebtedness represented by the 2023 Senior Secured Notes and guarantees thereof;

 

(3)           
Indebtedness of the Company and its Restricted Subsidiaries in existence on the 2023 Senior Secured Notes Issue Date (other
than Indebtedness described in clauses (1), (2), (4), (5) or (6) of this Section 4.09(b) that is Incurred or existing on the 2023
Senior Secured Notes Issue Date);

 

(4)           
Capitalized Lease Obligations, mortgage financings and Purchase Money Obligations and (b) any Indebtedness Incurred by the
Company or any of its Restricted Subsidiaries to finance all or any part of the purchase, acquisition, design, development, lease,
construction, replacement, maintenance, installation, improvement or insurance of any property (real or personal), plant or equipment
or other fixed or capital assets (whether through the direct purchase of assets or property or the Capital Stock of any Person
owning any such assets or property) or any satellite launch or in-orbit insurance premiums or launch services, and any Indebtedness
arising from the conversion of the obligations of the Company or any Restricted Subsidiary under or pursuant to any “synthetic
lease” transactions to on-balance sheet Indebtedness, including all Indebtedness Incurred to refund, refinance, replace,
redeem, repurchase, retire, defease, discharge, exchange, renew, repay, prepay or extend any Indebtedness Incurred pursuant to
this clause (4), in an aggregate principal amount outstanding at any one time not to exceed the greater of (x) $150.0 million and
(y) 2.5% of Total Assets, plus, in the case of any refinancing or replacement of Indebtedness permitted under this clause
(4) or any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, original issue discount,
premiums (including tender premiums), defeasance costs and other costs and expenses incurred in connection therewith;

 

(5)           
any Guarantee by the Company or a Restricted Subsidiary of Indebtedness or any other obligation of the Company or any Restricted
Subsidiary so long as the Incurrence of such Indebtedness or other obligation by the Company or such Restricted Subsidiary is permitted
under the terms of this Indenture;

 

(6)           
Indebtedness of the Company owing to a Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to the Company
or another Restricted Subsidiary; provided, however,

 

(A)           
if the Company or a Subsidiary Guarantor Incurs such Indebtedness owing to a Non-Guarantor Subsidiary, such Indebtedness
is subordinated in right of payment to the Company’s Obligations with respect to this Indenture or the Subsidiary Guarantee
of such Subsidiary Guarantor, as applicable; and

 

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(B)        
(i) any subsequent issuance or transfer of Capital Stock or other event which results in any such Indebtedness being beneficially
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 other than the Company or a Restricted Subsidiary of the
Company,

 

will be deemed, in each case, to
constitute an Incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be.

 

(7)           
shares of Preferred Stock of a Restricted Subsidiary issued to the Company or to another Restricted Subsidiary; provided,
that any subsequent issuance or transfer of Capital Stock or other event which results in any Restricted Subsidiary that holds
such Preferred Stock ceasing to be a Restricted Subsidiary or any subsequent transfer of any such shares of Preferred Stock (except
to the Company or another Restricted Subsidiary) shall be deemed, in each case, to constitute an issuance of Preferred Stock;

 

(8)           
Indebtedness (x) (i) of the Company or a Restricted Subsidiary Incurred or assumed in connection with the acquisition of
any assets or property (including Capital Stock), business or Person or (ii) of any Person that is acquired by the Company or a
Restricted Subsidiary or merged into or consolidated or amalgamated with the Company or a Restricted Subsidiary in accordance with
the terms of this Indenture and (y) Incurred or assumed in anticipation of, or in connection with, an acquisition of any assets
or property (including Capital Stock), business or Person; provided, however, that after giving effect to such acquisition,
merger, consolidation or amalgamation and the Incurrence of such Indebtedness, either:

 

(A)           
the Company would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or

 

(B)           
the Consolidated Coverage Ratio of the Company is equal to or greater than such ratio immediately prior to such acquisition,
merger, consolidation or amalgamation;

 

provided that the aggregate
principal amount of Indebtedness outstanding at any one time that may be Incurred pursuant to this clause (8) by Non-Guarantor
Subsidiaries (together with any Indebtedness that is Incurred or assumed by Non-Guarantor Subsidiaries under Section 4.09(a)) shall
not exceed the greater of (x) $150.0 million and (y) 2.5% of Total Assets;

 

(9)           
Hedging Obligations or Cash Management Services not Incurred for speculative purposes;

 

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(10)           
 obligations (including, without limitation, reimbursement obligations with respect to letters of credit or bank guarantees
or similar instruments) in respect of customs, self-insurance, performance, bid, appeal, surety and similar bonds and completion
or performance guarantees and similar obligations provided by the Company or any Restricted Subsidiary;

 

(11)           
Indebtedness Incurred by the Company or any of its Restricted Subsidiaries in respect of workers’ compensation claims,
health, disability or other employee benefits (whether current or former), environmental remediation and other environmental matters
or property, casualty or liability insurance or self-insurance, self-insurance, or other Indebtedness with respect to reimbursement-type
obligations regarding workers’ compensation claims, health, disability or other employee benefits (whether current or former)
or property, casualty or liability insurance, and any guaranties, letters of credit or performance, bid, indemnity, warranty, refund,
statutory, appeal or surety bonds or similar obligations functioning as or supporting any of the foregoing;

 

(12)           
the Incurrence of Indebtedness of the Company or a Restricted Subsidiary providing for indemnification, earn-outs, adjustments
of purchase or acquisition price or similar obligations, in each case Incurred or assumed in connection with the acquisition or
disposition of any business, assets or property of the Company or any business, assets, property or Capital Stock of a Subsidiary,
other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets, property or
a Subsidiary for the purpose of financing such acquisition;

 

(13)           
Indebtedness (A) arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business or (B) owed or issued on a short-term basis to banks and other
financial institutions in the ordinary course of business that arises in connection with ordinary banking arrangements, including
cash management, cash pooling arrangements and related activities to manage cash balances of the Company and its Subsidiaries,
including treasury, depository, overdraft, credit, purchasing or debit card, electronic funds transfer and other cash management
arrangements and Indebtedness in respect of netting services, overdraft protection, credit card programs, automatic clearinghouse
arrangements and similar arrangements;

 

(14)           
the Incurrence by the Company or any Restricted Subsidiary of Refinancing Indebtedness in respect of any Indebtedness Incurred
as Ratio Debt or permitted under clauses (2), (3), (8), and this clause (14) of this Section 4.09(b);

 

(15)            (A)
customer deposits and advance payments received in the ordinary course of business from customers for equipment, goods or
services purchased or leased in the ordinary course of business, (B) Guarantees in the ordinary course of business in respect
of obligations to suppliers, customers, franchisees, lessors, licensees, sub-licensees and distribution partners, (C)
Indebtedness consisting of the financing of insurance premiums or take-or-pay obligations contained in supply arrangements,
in each case in the ordinary course of business, (D) Indebtedness representing deferred compensation to employees of the
Company or any Restricted Subsidiary incurred in the ordinary course of business, and (E) Indebtedness arising from the
endorsement of instruments in the ordinary course of business;

 

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(16)           
Indebtedness Incurred by the Company or its Restricted Subsidiaries in connection with bankers’ acceptances, discounted
bills of exchange, warehouse receipts or similar facilities, in each case Incurred or undertaken in the ordinary course of business;

 

(17)           
Indebtedness owed to a government that is a member of the OECD, or any agency of such government, where the obligations
of the relevant Restricted Subsidiary can be satisfied, at the option of the Company or such Restricted Subsidiary, by delivering
common shares of the Company in accordance with the agreement governing such Indebtedness (whether such common shares are received
by the holder of such Indebtedness as payment or are sold under such agreement to provide cash for payment to the holder of such
Indebtedness); provided that the aggregate principal amount of such Indebtedness referred to in this clause (17) shall not
at any time exceed $100.0 million;

 

(18)           
Indebtedness incurred in connection with letters of credit Guaranteed or insured by EDC where such Indebtedness is not yet
due or owing and such letters of credit have been issued as assurance of performance or obligations (except other Indebtedness)
in the ordinary course of business;

 

(19)           
Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal amount up to 100% of the net cash proceeds
received by the Company after the 2023 Senior Secured Notes Issue Date from the issue or sale of Capital Stock of the Company or
cash contributed to the capital of the Company (in each case, other than proceeds of Disqualified Stock or sales of Capital Stock
to the Company or any of its Subsidiaries); provided, however, that (i) any such net cash proceeds that are so received
or contributed shall not increase the amount available for making Restricted Payments pursuant to Section 4.07(a)(C)(ii) or (C)(iii)
or Section 4.07(b)(1), (3) or (6) to the extent the Company and the Restricted Subsidiaries Incur Indebtedness in reliance thereon
and (ii) any net cash proceeds that are so received or contributed shall be excluded for purposes of Incurring Indebtedness pursuant
to this clause to the extent such net cash proceeds or cash have been applied to make Restricted Payments pursuant to Section 4.07(a)(C)(ii)
or (C)(iii) or Section 4.07(b)(1), (3) or (6);

 

(20)           
Indebtedness incurred in connection with any reorganization or activity undertaken as part of a bona fide tax planning transaction
or any Permitted Investment; provided that:

 

(a)       all of
the steps in such transaction are completed substantially concurrently (except for any continuing Indebtedness permitted by part
(c) below);

 

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(b)       after
giving effect to such transaction: all of the entities involved in such transaction are solvent at the time of such transaction
or have no material liabilities (other than intra-group liabilities); and

 

(c)       after
giving effect to such transaction: (x) any continuing Indebtedness resulting from such transaction would be permitted to be incurred
pursuant to another portion of this covenant, (y) the security interest in the Collateral in respect of the Pari Passu Lien Debt,
taken as a whole, is not impaired in any material respect (as determined by the Company in good faith) and (z) no Default or Event
of Default has occurred and is continuing; and

 

(21)           
in addition to the items referred to in clauses (1) through (20) of this Section 4.09(b), Indebtedness of the Company and
its Restricted Subsidiaries in an aggregate outstanding principal amount which, when taken together with the principal amount of
all other Indebtedness Incurred pursuant to this clause (21) and then outstanding, will not exceed the greater of (x) $150.0 million
and (y) 2.5% of Total Assets.

 

The Company shall not Incur any Indebtedness
under Section 4.09(b) if the proceeds thereof are used, directly or indirectly, to refinance any Subordinated Obligations of the
Company unless such Indebtedness will be subordinated to the Notes to at least the same extent as such Subordinated Obligations.
No Subsidiary Guarantor will Incur any Indebtedness under Section 4.09(b) if the proceeds thereof are used, directly or indirectly,
to refinance any Guarantor Subordinated Obligations of such Subsidiary Guarantor unless such Indebtedness shall be subordinated
to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee to at least the same extent as such Guarantor Subordinated
Obligations. No Non-Guarantor Subsidiary may Incur any Indebtedness if the proceeds are used to refinance Indebtedness of the Company
or a Subsidiary Guarantor.

 

(c)                
For purposes of determining compliance with this Section 4.09:

 

(1)           
in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the categories
of Permitted Debt or is entitled to be Incurred or issued as Ratio Debt, the Company, in its sole discretion, will divide, classify
or reclassify such item of Indebtedness (or any portion thereof) on the date of Incurrence, and may at any later time and from
time to time divide, classify or reclassify such item of Indebtedness (or any portion thereof) in any manner that complies with
this Section 4.09; provided that all Indebtedness outstanding on the 2023 Senior Secured Notes Issue Date under the Senior
Credit Facilities shall be deemed Incurred on the Issue Date under clause (1) of Section 4.09(b) and not as Ratio Debt or under
clause (3) of Section 4.09(b) and may not later be reclassified;

 

(2)           
Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness that are otherwise included in the
determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness;

 

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provided that the Incurrence of the Indebtedness
represented by such guarantee or letter of credit, as the case may be, was in compliance with this covenant;

 

(3)           
the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Non-Guarantor
Subsidiary, will be deemed to be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in
either case, any redemption or repurchase premium) or the liquidation preference thereof, exclusive of any accrued dividends;

 

(4)           
the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount
of the liability in respect thereof determined in accordance with GAAP;

 

(5)           
accrual of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue
discount, the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares
of Preferred Stock or Disqualified Stock of the same class, the accretion of liquidation preference and increases in the amount
of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence
of Indebtedness for purposes of this covenant;

 

(6)           
the amount of any Indebtedness outstanding as of any date shall be (i) the accreted value thereof in the case of any Indebtedness
issued with original issue discount or the aggregate principal amount outstanding in the case of Indebtedness issued with interest
payable in kind and (ii) the principal amount or liquidation preference thereof in the case of any other Indebtedness; and

 

(7)           
the principal amount of any Indebtedness Incurred to refinance or replace other Indebtedness, if Incurred in a different
currency from the Indebtedness being refinanced or replaced, shall be calculated based on the currency exchange rate applicable
to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

 

Unsecured Indebtedness shall not be treated
as subordinated or junior to secured Indebtedness merely because it is unsecured and Indebtedness shall not be treated as subordinated
or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral.

 

If at any time an Unrestricted Subsidiary
becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary
as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date under this Section 4.09, the Company
shall be in Default of this Section 4.09).

 

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For purposes of determining compliance
with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount
of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect
on the date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed or first Incurred (whichever
yields the lower U.S. dollar-equivalent), in the case of revolving credit Indebtedness; provided that if such
Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause
the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in
effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so
long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being
refinanced (plus accrued and unpaid interest and the aggregate amount of premiums (including tender premiums), underwriting
discounts, defeasance costs and fees, discounts and expenses in connection therewith).

 

Section 4.10.     
Limitation on Asset Sales. (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
consummate any Asset Sale unless:

 

(1)           
the Company or any of its Restricted Subsidiaries, as the case may be, receives consideration at least equal to the Fair
Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the Capital Stock, assets or property
sold or otherwise disposed of pursuant to such Asset Sale; and

 

(2)           
at least 75.0% of the consideration from such Asset Sale received by the Company or such Restricted Subsidiary, as the case
may be, is in the form of cash or Cash Equivalents; provided, however, to the extent that the assets sold in such
Asset Sale were part of the Collateral, the assets received as non-cash consideration shall not be Excluded Assets and are required
to be pledged as Collateral pursuant to the Security Documents reasonably promptly after receipt by the Company or a Restricted
Subsidiary thereof. For purposes of this clause (2) the amount of:

 

(A)           
any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet or in the
notes thereto for which internal financial statements are available immediately preceding such date or, if incurred or accrued
subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s or such Restricted
Subsidiary’s balance sheet or in the notes thereto if such incurrence or accrual had taken place on or prior to the date
of such balance sheet in the good faith determination of the Company) of the Company or any Restricted Subsidiary (other than liabilities
that are by their terms subordinated to the Notes) that are extinguished in connection with the transactions relating to such Asset
Sale, or that are assumed by the transferee of any such assets, property or Capital Stock, in each case, pursuant to an agreement
that releases or indemnifies the Company or such Restricted Subsidiary, as the case may be, from further liability therefor;

 

(B)           
any securities, notes or other obligations or other assets or property received by the Company or any Restricted Subsidiary
from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, or by their
terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each
case within 180 days following the receipt thereof; and

 

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(C)           
 any Designated Noncash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having
an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this subclause
(C) that is at that time outstanding, not to exceed 2.0% of Total Assets, calculated 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
without giving effect to subsequent changes in value);

 

shall each be deemed to be Cash
Equivalents.

 

(b)           
Within 365 days after the Company’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset
Sale, the Company or a Restricted Subsidiary, at its option, may apply an amount equal to the Net Cash Proceeds from such Asset
Sale (or any portion thereof) as follows:

 

(1)           
if such Net Cash Proceeds are from an Asset Sale that is not a disposition of Collateral, to repay, prepay, defease, redeem,
reduce, purchase or otherwise retire (and to correspondingly reduce commitments with respect thereto in the case of revolving borrowings):
(x) Indebtedness of the Company (other than any Disqualified Stock or Subordinated Obligations) that is secured by a Lien on assets
that do not constitute a part of the Collateral (other than Indebtedness owed to an Affiliate of the Company) or (y) Indebtedness
of a Restricted Subsidiary (other than any Disqualified Stock or Guarantor Subordinated Obligations) that is secured by a Lien
on assets that do not constitute a part of the Collateral (other than Indebtedness owed to the Company or an Affiliate of the Company);

 

(2)           
if such Net Cash Proceeds are from an Asset Sale that is not a disposition of Collateral, in the case of an Asset Sale by
a Restricted Subsidiary that is a Non-Guarantor Subsidiary, to repay, prepay, defease, redeem, reduce, purchase or otherwise retire
(and to correspondingly reduce commitments with respect thereto in the case of revolving borrowings) Indebtedness of such Restricted
Subsidiary or any other Restricted Subsidiary that is a Non-Guarantor Subsidiary;

 

(3)           
to repay, prepay, defease, redeem, reduce, purchase or otherwise retire (and to correspondingly reduce commitments with
respect thereto in the case of revolving borrowings other than commitments under the Revolving Facility), first, to repay
outstanding borrowings under the Revolving Facility (without reducing commitments) and, thereafter on a pro rata basis: (x) Indebtedness
or other Obligations under the Senior Credit Facilities and any Pari Passu Lien Obligations (other than Indebtedness owed to the
Company or an Affiliate of the Company and the Notes) and (y) the Notes by, at its option (i) redeeming Notes as provided under
Section 3.01, (ii) purchasing Notes through open market purchases (to the extent such purchases are at or above 100.0% of the principal
amount thereof), or (iii) making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders
to purchase their Notes at 100.0% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the
amount of Notes that would otherwise be prepaid;

 

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(4)           
 to make an investment in, purchase or otherwise acquire any one or more businesses, assets (other than working capital
assets), properties or capital expenditures, in each case used or useful in a Similar Business or to make payments (including without
limitation prepayments and progress payments) in connection with such investment, purchase or other acquisition; provided,
that if such investment, purchase or acquisition is in the form of the acquisition of Capital Stock of a Person, such investment,
purchase or acquisition results in such Person becoming a Restricted Subsidiary; provided, further, that the assets
acquired with the Net Cash Proceeds of a disposition shall not be Excluded Assets and are required to be pledged as Collateral
pursuant to the Security Documents reasonably promptly after receipt by the Company or a Restricted Subsidiary thereof;

 

(5)           
to make an investment in, purchase or otherwise acquire any one or more businesses, assets (other than working capital assets)
or properties that replace the businesses, assets and/or properties that are the subject to such Asset Sale; provided, that
the assets acquired with the Net Cash Proceeds of a disposition shall not be Excluded Assets and are required to be pledged as
Collateral pursuant to the Security Documents reasonably promptly after receipt by the Company or a Restricted Subsidiary thereof;
or

 

(6)           
any combination of the foregoing,

 

provided, that the Company and its Restricted
Subsidiaries will be deemed to have complied with the provisions described in clause (4) or (5) of this Section 4.10(b) if and
to the extent that, within 365 days after the Company’s or any Restricted Subsidiary’s receipt of such Net Cash Proceeds,
the Company or a Restricted Subsidiary, as applicable, has entered into and not abandoned or rejected a binding agreement to make
an investment, purchase or other acquisition in compliance with the provision described in clause (4) or (5) of this Section 4.10(b),
and that investment, purchase or other acquisition is thereafter completed within 180 days after the end of such 365-day period.

 

(c)           
Notwithstanding the foregoing, to the extent that repatriation to the United States of any or all of the Net Cash Proceeds
of any Asset Sales by a foreign Subsidiary (x) is prohibited or delayed by applicable local law or (y) would have a material adverse
tax consequence (taking into account any foreign tax credit or other net benefit actually realized in connection with such repatriation
that would not otherwise be realized), as determined by the Company in its sole discretion, the portion of such Net Cash Proceeds
so affected will not be required to be applied in compliance with this covenant; provided that clause (x) of this paragraph
shall apply to such amounts so long, but only so long, as the applicable local law will not permit repatriation to the United States
(the Company hereby agreeing to use commercially reasonable efforts to cause the applicable foreign Subsidiary to take all actions
reasonably required by the applicable local law, applicable organizational impediments or other impediment to permit such repatriation),
and if such repatriation of any of such affected Net Cash Proceeds is permitted under the applicable local law and is not subject
to clause (y) of this paragraph, then, an amount equal to such Net Cash Proceeds will be promptly applied (net of additional taxes
that would be payable or reserved against as a result of repatriating such amounts) in compliance with this covenant. The time
periods set forth in this covenant shall not start until such time as the Net Cash Proceeds may be repatriated (whether or not
such repatriation actually occurs).

 

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(d)           
 Pending the final application of any such Net Cash Proceeds, the Company and its Restricted Subsidiaries may temporarily
reduce Indebtedness (including under a revolving Debt Facility) or otherwise invest or utilize such Net Cash Proceeds in any manner
not prohibited by this Indenture. Any amount of Net Cash Proceeds from any Asset Sale that is not applied or invested as provided
and within the time period set forth in Section 4.10(b) will be deemed to constitute “Excess Proceeds”; provided,
that any amount of proceeds offered to Holders pursuant to clause (3) of Section 4.10(b) or pursuant to an Asset Sale Offer made
at any time after the Asset Sale shall be deemed to have been applied as required and shall not be deemed to be Excess Proceeds
without regard to the extent to which such offer is accepted by the Holders. When the aggregate amount of Excess Proceeds exceeds
$50.0 million, the Company will be required to make an offer (“Asset Sale Offer”) to all Holders of Notes and,
to the extent required by the terms of other Pari Passu Indebtedness, to all holders of other Pari Passu Indebtedness outstanding
with similar provisions requiring the Company (or the Subsidiary Guarantor, as applicable) to make an offer to purchase such Pari
Passu Indebtedness with the proceeds from any Asset Sale, to purchase the maximum principal amount of Notes and any such Pari Passu
Indebtedness to which the Asset Sale Offer applies that may be purchased out of the Excess Proceeds, at an offer price in cash
in an amount equal to 100.0% of the principal amount of the Notes and Pari Passu Indebtedness plus accrued and unpaid interest
to (but not including) the date of purchase (or such lesser price with respect to the Pari Passu Indebtedness, if any, as may be
provided by the terms of such Indebtedness), in accordance with the procedures set forth in this Indenture or the agreements governing
the Pari Passu Indebtedness, as applicable.

 

(e)           
To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so properly tendered and not withdrawn pursuant
to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purpose not
prohibited by this Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof and other Pari Passu Indebtedness
surrendered by Holders or lenders, collectively, exceeds the amount of Excess Proceeds, selection of Notes for purchase will be
made by the Company in accordance with Section 3.04(f). Upon completion of such Asset Sale Offer, the amount of Excess Proceeds
shall be reset at zero.

 

Section 4.11.     
Limitation on Affiliate Transactions. (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly, enter into or conduct any transaction (including for the purchase, sale, lease or exchange of any property
or the rendering of any service) with any Affiliate of the Company involving aggregate consideration in excess of $30.0 million
(an “Affiliate Transaction”) unless:

 

(1)           
the terms of such Affiliate Transaction are not materially less favorable to the Company or such Restricted Subsidiary,
as the case may be, when taken as a whole, than those that would have been obtained by the Company or such Restricted Subsidiary
in a comparable transaction at the time of such transaction on an arm’s-length basis with a Person who is not an Affiliate
(as determined in good faith by the Company); and

 

(2)            in
the event such Affiliate Transaction involves an aggregate consideration in excess of $75.0 million, the terms of such
transaction have been approved by a majority of the disinterested members of the Board of Directors of the Company and the
Board of Directors of the Company shall have determined in good faith that such Affiliate Transaction satisfies the criteria
in clause (1) above.

 

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(b)                
Section 4.11(a) shall not apply to:

 

(1)           
(i) any transaction between or among the Company and/or any of its Restricted Subsidiaries (or an entity that becomes a
Restricted Subsidiary as a result of such transaction); (ii) guarantees issued by the Company or a Restricted Subsidiary for the
benefit of the Company or a Restricted Subsidiary in compliance with Section 4.09, as applicable; or (iii) the Security Documents,
the Intercreditor Agreements or any documents effecting a joinder, accession, amendment or supplement thereto;

 

(2)           
any Restricted Payments permitted by this Indenture or any Permitted Investments;

 

(3)           
any employment, consulting, service or termination agreement, or indemnification arrangement, entered into by the Company
or a Restricted Subsidiary with a future, current or former director, officer, employee, manager, consultant or independent contractor
of the Company or a Restricted Subsidiary (or any direct or indirect parent of the Company to the extent such agreements or arrangements
are in respect of services performed for the Company or any of its Restricted Subsidiaries); the payment of compensation or expense
reimbursement to any future, current or former director, officer, employee, manager, consultant or independent contractor of the
Company or a Restricted Subsidiary (including amounts paid pursuant to any benefit plan or arrangement, any health, disability
or similar insurance plan or any stock option, employee stock purchase or similar plans); or any issuance of securities, or other
payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements and other compensation
arrangements, options to purchase Capital Stock of the Company, subscription agreements, restricted stock plans, restricted stock
unit plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans
and/or indemnity provided on behalf of future, current or former directors, officers, employees, managers, consultants or independent
contractors of the Company or a Restricted Subsidiary, in each case in the ordinary course of business or as otherwise approved
by the Board of Directors of the Company or any direct or indirect parent of the Company;

 

(4)           
payments, loans, advances or guarantees (or cancellation of loans, advances or guarantees) to employees, officers, directors,
managers, consultants or independent contractors for bona fide business purposes or in the ordinary course of business, in an aggregate
amount not in excess of $10.0 million outstanding at any time;

 

(5)            any
agreement or arrangement as in effect as of the 2023 Senior Secured Notes Issue Date (as such agreement or arrangement may be
amended, modified, supplemented, extended, renewed or replaced from time to time, so long as any such amendment,
modification, supplement, extension, renewal or replacement, when taken as a whole, is not materially more disadvantageous to
the Holders (as determined in good faith by the Company) than the terms of the original agreement or arrangement in effect on
the 2023 Senior Secured Notes Issue Date) or any transaction contemplated thereby;

 

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(6)           
any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged,
amalgamated or consolidated with or into the Company or a Restricted Subsidiary, as such agreement may be amended, modified, supplemented,
extended or renewed from time to time; provided that such agreement was not entered into contemplation of such acquisition,
merger, amalgamation or consolidation, and so long as any such amendment, modification, supplement, extension or renewal, when
taken as a whole, is not materially more disadvantageous to the Holders than the applicable agreement as in effect on the date
of such acquisition, merger, amalgamation or consolidation (as determined in good faith by the Company);

 

(7)           
transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in
each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, in each case which are
fair to the Company and its Restricted Subsidiaries or are on terms that are not materially less favorable, when 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 unaffiliated party (as determined in good faith by the Company);

 

(8)           
any transaction with a Person (other than an Unrestricted Subsidiary) that would constitute an Affiliate Transaction solely
because the Company or a Restricted Subsidiary owns Capital Stock of or otherwise controls such Person; provided that no
Affiliate of the Company or any of its Subsidiaries (other than the Company or a Restricted Subsidiary) shall have a beneficial
interest or otherwise participate in such Person;

 

(9)          
transactions between the Company or any of its Restricted Subsidiaries and any Person that would constitute an Affiliate
Transaction solely because such Person is a director, or such Person has a director who is also a director, of the Company or any
direct or indirect parent of the Company; provided, however, that such director abstains from voting as a director
of the Company or such direct or indirect parent of the Company, as the case may be, on any matter involving such other Person;

 

(10)         
any issuance or sale of Capital Stock (other than Disqualified Stock) to Affiliates of the Company and the granting of registration
and other customary rights with respect thereto;

 

(11)         
transactions in which the Company or any Restricted Subsidiary delivers to the Trustee a letter or opinion from an Independent
Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of
view or stating that the terms are not materially less favorable, when taken as a whole, than those that might reasonably have
been obtained by the Company or such Restricted Subsidiary in a comparable transaction at such time on an arms-length basis from
a Person that is not an Affiliate; and

 

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(12)         
 intercompany transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the
Company and the Restricted Subsidiaries or as part of a bona fide tax planning transaction and not for the purpose of circumventing
any covenant set forth in this Indenture.

 

Section 4.12.     
Limitation on Liens. (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, assume or permit to exist any Lien (except Permitted Liens) that secures Obligations under any Indebtedness
or any related guarantee of Indebtedness of any kind (any such lien, the “Initial Lien”), on any asset or property
of the Company or any of its Restricted Subsidiaries now owned or hereafter acquired, except in the case of any assets or property
that do not constitute Collateral, any Initial Lien if the Notes and the Subsidiary Guarantees are secured equally and ratably
with (or prior to) the obligations secured by such Initial Lien (subject to Permitted Liens).

 

(b)                
Any Lien created for the benefit of the holders of the Notes pursuant to Section 4.12(a) shall provide by its terms that
such Lien shall be deemed automatically and unconditionally released and discharged upon the release and discharge of each of the
Initial Liens.

 

(c)                
If the Company or any of its Restricted Subsidiaries creates any Lien upon any asset or property that is not at such time
Collateral in order to secure any Pari Passu Lien Debt, it must concurrently grant a first-priority Lien upon such property or
assets as security for the Notes and the Subsidiary Guarantees, such that the asset or property subject to such Lien will constitute
Collateral under this Indenture and the Security Documents, subject to Permitted Liens.

 

For purposes of determining compliance with
this Section 4.12, (x) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category (or portion
thereof) of Permitted Liens described in the definition thereof or by reference to Section 4.12(a), but may be permitted in part
under any combination thereof and (y) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets
the criteria of one or more of the categories of Permitted Liens described in the definition thereof or is permitted by Section
4.12(a), the Company shall, in its sole discretion, be entitled to divide, classify or reclassify, or later divide, classify, or
reclassify, in whole or in part, any such Lien (or any portion thereof) in any manner.

 

The expansion of Liens by virtue of accretion
or amortization of original issue discount, the payment of dividends on Preferred Stock in the form of additional shares of Preferred
Stock of the same class accretion of original issue discount or liquidation preference, increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing
Indebtedness, will not be deemed to be an incurrence of Liens for purposes of this Section 4.12.

 

Section 4.13.      Existence. The
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the
existence of each of its Restricted Subsidiaries in accordance with their respective organizational documents (as the same
may be amended from time to time), and the material rights (charter and statutory), licenses and franchises of the Company
and its Restricted Subsidiaries, provided that the Company is not required to preserve any such right, license or
franchise, or the existence of any Restricted Subsidiary, in each case if the Company in good faith shall determine that the
maintenance or preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted
Subsidiaries taken as a whole; and provided further that this Section does not prohibit any transaction otherwise
permitted by Section 4.07 or Article 5.

 

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Section 4.14.     
Offer to Repurchase Upon a Change of Control.

 

(a)           
Upon the occurrence of a Change of Control, unless the Company has previously or concurrently exercised its right to redeem
all of the Notes pursuant to Section 3.01, each Holder shall have the right to require the Company to repurchase all or any part
of such Holder’s Notes at a purchase price in cash equal to 101.0% of the aggregate principal amount of the Notes repurchased
plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant Regular
Record Date to receive interest due on an Interest Payment Date falling on or prior to the date of purchase).

 

(b)           
Prior to or within 30 days following any Change of Control, unless the Company has previously or concurrently exercised
its right to redeem all of the Notes pursuant to Section 3.01, the Company shall deliver a notice (the “Change of Control
Offer”) to each Holder or otherwise give notice in accordance with the applicable procedures of the Depositary, with
a copy to the Trustee, stating:

 

(1)           
that a Change of Control has occurred or, if the Change of Control Offer is being made in advance of a Change of Control,
that a Change of Control is expected to occur, and that such Holder has, or upon such occurrence will have, the right to require
the Company to purchase such Holder’s Notes at a purchase price in cash equal to 101.0% of the principal amount of such Notes
plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on a Regular Record
Date to receive interest on the relevant Interest Payment Date) (the “Change of Control Payment”);

 

(2)           
the repurchase date (which shall be no earlier than ten days nor later than 60 days from the date such notice is delivered)
(the “Change of Control Payment Date”);

 

(3)           
if such notice is delivered prior to the occurrence of a Change of Control, that the Change of Control Offer is conditional
on the occurrence of a Change of Control; and

 

(4)           
the procedures determined by the Company, consistent with this Indenture, that a Holder must follow in order to have its
Notes repurchased.

 

On the Change of Control Payment
Date, the Company shall, to the extent lawful:

 

(1)           
accept for payment all Notes or portions of Notes properly tendered and not withdrawn pursuant to the Change of Control
Offer;

 

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(2)           
 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered and not withdrawn; and

 

(3)           
deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted together with an Officer’s
Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with
the terms of this covenant.

 

The Paying Agent shall promptly deliver
to each Holder of Notes properly tendered and not withdrawn the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to
any unpurchased portion of the Notes surrendered, if any, in accordance with Section 3.04(e).

 

(c)           
If the Change of Control Payment Date is on or after a Regular Record Date and on or before the related Interest Payment
Date, any accrued and unpaid interest, if any, shall be paid on the relevant Interest Payment Date to the Person in whose name
a Note is registered at the close of business on such Regular Record Date.

 

(d)         
(i) The Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes
the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such
Change of Control Offer; and (ii) the Company will not be required to make a Change of Control Offer if the Company has previously
or concurrently exercised its right to redeem all of the Notes pursuant to Section 3.01 pursuant to a notice of redemption that
is or has become unconditional.

 

(e)         
The Company or a third party may, at its option, redeem the Notes upon not less than ten nor more than 60 days’ notice,
given not more than 30 days following the consummation of the Change of Control Offer, at a redemption price of 101.0% of the aggregate
principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the applicable redemption date (subject to
the right of holders of record on the relevant record date to receive interest due on an interest payment date falling on or prior
to such redemption date), in connection with the consummation of a Change of Control if at least 90.0% of the Notes outstanding
prior to the Change of Control Payment Date are purchased pursuant to a Change of Control Offer with respect to such Change of
Control.

 

(f)          
Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control,
conditional upon such Change of Control.

 

Section 4.15.     
Future Subsidiary Guarantors.

 

(a)           The
Company shall cause each Restricted Subsidiary (x) that borrows under or Guarantees the Senior Credit Facilities, and (y)
that Guarantees any other Indebtedness of the Company or a Subsidiary Guarantor (other than Indebtedness owing to the Company
or any of its Restricted Subsidiaries) in an aggregate principal amount greater than or equal to $50.0 million, to execute
and deliver to the Trustee a supplemental indenture to this Indenture pursuant to which such Restricted Subsidiary will
irrevocably and unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of,
premium, if any, and interest in respect of the Notes on a senior basis and all other obligations under this Indenture. To
the extent that the assets of any such future Subsidiary Guarantor are required to pledged as collateral pursuant to the
Senior Credit Facilities or any such other Indebtedness, such assets will be pledged as Collateral pursuant to the Security
Documents reasonably promptly after such Restricted Subsidiary issues its Guarantee of the Notes.

 

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(b)          
Notwithstanding the foregoing, in the event (i) a Subsidiary Guarantor is released and discharged in full from all of its
obligations under its Guarantees of any other Indebtedness that gave rise (or would give rise) to its obligation to provide such
Subsidiary Guarantee and (ii) such Subsidiary Guarantor has not Incurred any Indebtedness in reliance on its status as a Subsidiary
Guarantor under Section 4.09 or such Subsidiary Guarantor’s obligations under such Indebtedness are satisfied in full and
discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary (other than a Subsidiary Guarantor) under Section
4.09, then the Subsidiary Guarantee of such Subsidiary Guarantor shall be automatically and unconditionally released or discharged.

 

Section 4.16.     
Maintenance of Insurance. The Company will maintain or cause to be maintained, with financially sound and reputable
insurers, insurance with respect to the business and assets of the Company or any Restricted Subsidiary, in such amounts and against
such liabilities, casualties, risks and contingencies existing from time to time as is customary for prudent owners and operators
of similar businesses and similar property. Without limiting the generality of the foregoing, if a mortgage is required pursuant
to provisions set forth in the First Lien Intercreditor Agreement with respect to any Premises, and such Premises is designated
as, or to be in, a “flood hazard area,” the Company will maintain or cause to be maintained, with financially sound
and reputable insurers, flood insurance on such Premises in such total amount as required under applicable law and otherwise in
compliance with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973.

 

Section 4.17.     
Designation of Restricted and Unrestricted Subsidiaries(a). (a) The Board of Directors of the Company or any
direct or indirect parent of the Company may designate any Subsidiary of the Company (including any existing Subsidiary and any
newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through merger, amalgamation or consolidation or Investment
therein) to be an Unrestricted Subsidiary only if:

 

(1)           
such Subsidiary or any of its Subsidiaries has not Guaranteed any Capital Stock or Indebtedness of and does not own any
Capital Stock in, the Company or any Restricted Subsidiary and does not hold any Liens on any property or assets of the Company
or any Restricted Subsidiary (other than a Subsidiary of the Subsidiary to be so designated);

 

(2)           
all the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of designation, and will for so long as
it is an Unrestricted Subsidiary, consist of Non-Recourse Debt;

 

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(3)           
 the aggregate Fair Market Value of all outstanding Investments of the Company and its Restricted Subsidiaries in such Subsidiary
complies with Section 4.07 or constitutes a Permitted Investment; and

 

(4)           
except as permitted under Section 4.11, on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary
is not a party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary with terms
substantially less favorable to the Company or such Restricted Subsidiary, when taken as a whole, than those that would have been
obtained from Persons who are not Affiliates of the Company.

 

Any such designation by the Board of Directors
of the Company or any direct or indirect parent of the Company after the Issue Date shall be evidenced to the Trustee by filing
with the Trustee a resolution of the Board of Directors of the Company or any direct or indirect parent of the Company giving effect
to such designation and an Officer’s Certificate certifying that such designation complies with the foregoing conditions.
If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall
thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall
be deemed to be Incurred as of such date.

 

(b)             
The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
that immediately after giving effect to such designation, no Event of Default shall have occurred and be continuing or would occur
as a consequence thereof and either (i) the Company would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio
Debt after giving effect to such designation or (ii) the Consolidated Coverage Ratio of the Company after giving effect to such
designation would be equal to or greater than such ratio immediately prior to such designation.

 

Section 4.18.     
Suspension of Certain Covenants. (a) Following the first day (the “Suspension Date”) that:

 

(1)           
the Notes have an Investment Grade Rating from both of the Rating Agencies; and

 

(2)           
no Default has occurred and is continuing hereunder,

 

the Subsidiary Guarantees will be automatically
and unconditionally released and discharged and the Company and its Restricted Subsidiaries shall not be subject to the covenants
in Sections Section 4.07, 4.08, 4.09, 4.10, 4.11, 4.15, 4.16 and clause (4) of Section 5.01(a) (collectively, the “Suspended
Covenants”). If at any time following a Suspension Date the Notes’ credit rating is downgraded from an Investment
Grade Rating by any Rating Agency such that the Notes do not have an Investment Grade Rating by any two Rating Agencies, then the
Suspended Covenants will thereafter be reinstated (such date, the “Reinstatement Date”) and be applicable pursuant
to the terms of this Indenture with respect to future events, unless and until a subsequent Suspension Date occurs (in which event
the Suspended Covenants shall no longer be in effect until a subsequent Reinstatement Date occurs). The period of time between
Suspension Date and the Reinstatement Date is referred to as the “Suspension Period.”

 

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(b)              
 Notwithstanding the reinstatement of the Suspended Covenants upon a Reinstatement Date, no Default, Event of Default or
breach of any kind shall be deemed to have occurred or exist under this Indenture, the Notes or the Subsidiary Guarantees with
respect to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any
actions taken or events occurring during the Suspension Period, or any actions taken at any time pursuant to any contractual obligation
arising prior to the Reinstatement Date, regardless of whether such actions or events would have been permitted if the applicable
Suspended Covenants remained in effect during such period. The Company and its Subsidiaries shall be permitted, without causing
a Default or Event of Default or breach of any of the Suspended Covenants (notwithstanding the reinstatement thereof) under this
Indenture, to honor, comply with or otherwise perform any contractual commitments or obligations entered into during a Suspension
Period following a Reinstatement Date and to consummate the transactions contemplated thereby; provided that, to the extent
any such commitment or obligation results in the making of a Restricted Payment, such Restricted Payment shall be made under clause
(C) of Section 4.07(a) or under Section 4.07(b) and, if not permitted by any of such provisions, such Restricted Payment shall
be deemed permitted under clause (C) of Section 4.07(a) and shall be deducted for purposes of calculating the amount pursuant to
such clause (C) (so that the amount available under such clause (C) immediately following such Restricted Payment shall be negative).

 

(c)             
On each Reinstatement Date, all Indebtedness Incurred during the applicable Suspension Period will be classified to have
been Incurred pursuant to clause (3) of Section 4.09(b). Calculations made after each Reinstatement Date of the amount available
to be made as Restricted Payments under Section 4.07 will be made as though Section 4.07 had been in effect prior to, but not during,
the Suspension Period. Upon the Suspension Date, the amount of Excess Proceeds from Asset Sales shall be reset at zero. In addition,
for purposes of Section 4.11, all transactions entered into by the Company or any Restricted Subsidiary with an Affiliate of the
Company during the Suspension Period shall be deemed to have been entered into pursuant to clause (5) of Section 4.11(b), and for
purposes of Section 4.08, all agreements and instruments entered into during the Suspension Period that contain any of the restrictions
contemplated by such covenant shall be deemed to have been entered into pursuant to clause (1) of Section 4.08(b).

 

(d)             
During any period when the Suspended Covenants are suspended, the Board of Directors of the Company may not designate any
of the Company’s Subsidiaries as Unrestricted Subsidiaries pursuant to this Indenture.

 

(e)             
The Company shall provide written notice to the Trustee of the occurrence of any Suspension Date or Reinstatement Date.
The Trustee shall have no obligation to (i) independently determine or verify if such events have occurred, (ii) make any determination
regarding the impact of actions taken during the Suspension Period on future compliance by the Company and the Restricted Subsidiaries
with their covenants or (iii) notify the holders of the occurrence of any action that results in a Suspension Date or Reinstatement
Date.

 

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Section 4.19.     
Post-Closing Deliveries.

 

(a)                
 As soon as reasonably practicable (and no later than 10 days) after the Issue Date, the Company shall deliver, or cause
to be delivered to the Note Collateral Agent:

 

(1)           
copies of the Initial Post-Closing Transaction Documents duly executed by the Company and each Subsidiary Guarantor, in
each case, to the extent party thereto;

 

(2)           
a copy of the Joinder Agreement duly executed by the Company and each Subsidiary Guarantor, in each case, to the extent
party thereto;

 

(3)           
results of the Post-Closing Lien Searches; and

 

(4)           
an Opinion of Counsel to the Company, subject to customary assumptions, limitations and qualifications in form and substance
reasonably satisfactory to the Notes Collateral Agent.

 

(b)                
The Company shall use its commercially reasonable efforts to, as soon as reasonably practicable (and no later than 90 days)
after the Issue Date, deliver, or cause to be delivered the Notes Collateral Agent:

 

(1)           
copies of the Secondary Post-Closing Transaction Documents duly executed by the Company and each Subsidiary Guarantor, in
each case, to the extent party thereto; and

 

(2)           
an Opinion of Counsel to the Company, subject to customary assumptions, limitations and qualifications in form and substance
reasonably satisfactory to the Notes Collateral Agent.

 

(3)           
Neither the Trustee nor the Notes Collateral Agent shall have any liability or responsibility for, and shall be held harmless
from and against, any loss, liability, damage or expense arising out of or in connection with the execution and delivery of the
Initial Post-Closing Transaction Documents, Secondary Post-Closing Transaction Documents and Joinder Agreement occurring after
the Issue Date.

 

Article
5

Merger and Consolidation

 

Section 5.01.     
Merger and Consolidation. (a) The Company shall not consummate a Division as a Dividing Person, consolidate with
or merge with or into or wind up into (whether or not the Company is the surviving corporation), or sell, assign, convey, transfer
or otherwise dispose of all or substantially all of the assets and properties of the Company and its Restricted Subsidiaries, taken
as a whole, in one or more related transactions, to any Person unless:

 

(1)            the
resulting, surviving or transferee Person (the “Successor Company”) or the Division Successor surviving
any Division is the Company or will be a corporation, limited liability company, partnership, limited partnership or trust
organized and existing under the laws of the United States of America, any State of the United States or the District of
Columbia; provided that if such Person is not a corporation, such Person will immediately cause a Subsidiary that is
organized and existing under the laws of the United States of America, any State of the United States or the District of
Columbia and that is a corporation to be added as a co-issuer of the Notes under this Indenture;

 

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(2)           
(x) the Successor Company (if other than the Company) assumes all of the obligations of the Company under the Notes, this
Indenture, the Intercreditor Agreements and the Security Documents pursuant to a supplemental indenture, amendments or other customary
documents or instruments, or (y) in the case of a Division, where the Company is the Dividing Person, the Division Successor shall
remain or become a co-issuer of the Notes;

 

(3)           
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(4)           
immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the applicable four-fiscal-quarter period, either:

 

(A)           
the Successor Company or the Division Successor to the Company, as applicable, would be able to Incur at least $1.00 of
additional Indebtedness as Ratio Debt, or

 

(B)           
the Consolidated Coverage Ratio for the Successor Company or the Division Successor to the Company, as applicable, would
be equal to or greater than such ratio for the Company immediately prior to such transaction;

 

(5)           
each Subsidiary Guarantor (unless it is the other party to the transactions above, in which case clause (1) shall apply)
shall have confirmed in writing to the Trustee that its Subsidiary Guarantee shall apply to such Person’s obligations in
respect of this Indenture and the Notes and its obligations under the Security Documents and Intercreditor Agreements (as applicable)
shall continue to be in effect; and

 

(6)           
Collateral owned by or transferred to the Successor Company or the Division Successor to the Company, as applicable, shall
(i) continue to constitute Collateral under this Indenture and the Security Documents, (ii) be subject to the Lien in favor of
the Notes Collateral Agent for the benefit of the Notes Secured Parties and (iii) not be subject to any Lien other than Permitted
Liens.

 

Notwithstanding the preceding clauses (3)
and (4),

 

(1)           
any Restricted Subsidiary may consolidate with, merge with or into or sell, assign, convey, transfer or otherwise dispose
of all or part of its assets and properties to the Company so long as no Capital Stock of the Restricted Subsidiary is distributed
to any Person other than the Company, and

 

(2)           
the Company may merge with an Affiliate of the Company solely for the purpose of reincorporating the Company in another
jurisdiction.

 

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(b)                
 Subject to the provisions in this Indenture governing release of a Subsidiary Guarantee upon the sale or disposition of
a Restricted Subsidiary that is a Subsidiary Guarantor, the Company shall not permit any Subsidiary Guarantor to consummate a Division
as the Dividing Person (whether or not the Company or such Subsidiary Guarantor is the surviving Person), consolidate with or merge
with or into or wind up into (whether or not the Subsidiary Guarantor is the surviving corporation), or sell, assign, convey, transfer
or otherwise dispose of all or substantially all of its assets and properties to, any Person (other than to the Company or another
Subsidiary Guarantor) unless:

 

(1)           
if such entity remains a Subsidiary Guarantor, (a) the resulting, surviving or transferee Person (the “Successor
Guarantor”) or the Division Successor, as applicable, will be such Subsidiary Guarantor or a corporation, limited liability
company, partnership, limited partnership or trust organized and existing under the laws of the United States of America, any State
of the United States or the District of Columbia (or, in the case of a Canadian Subsidiary Guarantor, under the laws of Canada
or any province thereof); (b) the Successor Guarantor or the Division Successor, as applicable, if other than such Subsidiary Guarantor
or another Subsidiary Guarantor, expressly assumes all of the obligations of such Subsidiary Guarantor under the Notes, this Indenture,
the Security Documents and the Intercreditor Agreements (as applicable) pursuant to a supplemental indenture, amendments or other
customary documents or instruments; (c) immediately after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing; (d) if the Successor Guarantor is other than such Subsidiary Guarantor or another Subsidiary Guarantor,
the Company will have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
Division, consolidation, merger, amalgamation or transfer and such supplemental indenture comply with this Indenture; and (e) if
the Successor Guarantor is other than such Subsidiary Guarantor or another Subsidiary Guarantor, Collateral owned by or transferred
to the Successor Guarantor shall (i) continue to constitute Collateral under this Indenture and the Security Documents, (ii) be
subject to the Lien in favor of the Notes Collateral Agent for the benefit of the Notes Secured Parties and (iii) not be subject
to any Lien other than Permitted Liens; and

 

(2)           
the transaction is made in compliance with Section 4.10 to the extent applicable (it being understood that only such portion
of the Net Cash Proceeds as is required to be applied on the date of such transaction in accordance with the terms of this Indenture
needs to be applied in accordance therewith at such time) and this Section 5.01.

 

(c)                
In addition, the Company shall not, directly or indirectly, lease, or permit any Restricted Subsidiary to lease, all or
substantially all of the properties of it and its Restricted Subsidiaries, taken as a whole, in one or more related transactions,
to any other Person.

 

(d)                 Notwithstanding
the foregoing, any Subsidiary Guarantor may (x) consolidate or merge with or into or sell, assign, convey, transfer, lease or
otherwise dispose of all or part of its assets and properties to another Subsidiary Guarantor or the Company, or (y)
consolidate or merge with or into or sell, assign, convey, transfer, lease or otherwise dispose of all or part of its assets
and properties to a Restricted Subsidiary of the Company solely for the purpose of reincorporating the Subsidiary Guarantor
in a State of the United States or the District of Columbia (or, in the case of a Canadian Subsidiary Guarantor, under the
laws of Canada or any province thereof), as long as the amount of Indebtedness of such Subsidiary Guarantor and its
Restricted Subsidiaries is not increased thereby, and the resulting entity remains or becomes a Subsidiary Guarantor.

 

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(e)                
For purposes of this Section 5.01, the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially
all of the assets and properties of one or more Subsidiaries of the Company, which assets and properties, if held by the Company
instead of such Subsidiaries, would constitute all or substantially all of the assets and properties of the Company on a consolidated
basis, shall be deemed to be the disposition of all or substantially all of the assets and properties of the Company.

 

Section 5.02.     
Successor Entity Substituted.

 

Upon any consolidation or merger, or any
sale, assignment, transfer, conveyance or other disposition of all or substantially all of the assets and properties of the Company
or a Subsidiary Guarantor in accordance with Section 5.01 hereof, the Company or such Subsidiary Guarantor, as the case may be,
shall be released from its obligations under this Indenture or such Subsidiary Guarantee, as the case may be, and the Successor
Company, the Successor Guarantor or Division Successor, as the case may be, shall succeed to, and be substituted for (so that from
and after the date of such consolidation, merger, sale, conveyance or other disposition, the provisions of this Indenture referring
to the Company or such Subsidiary Guarantor, as the case may be, shall refer instead to the Successor Company, the Successor Guarantor
or Division Successor, as the case may be, and not to the Company or such Subsidiary Guarantor), and may exercise every right and
power of, the Company or such Subsidiary Guarantor under this Indenture, the Notes or such Subsidiary Guarantee.

 

Article
6

Defaults and Remedies

 

Section 6.01.     
Events of Default.

 

(a)                
An “Event of Default” means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary):

 

(1)           
default in any payment of interest on any Note when due, continued for 30 days;

 

(2)           
default in the payment of principal of or premium, if any, on any Note when due at its Stated Maturity, upon optional redemption,
upon required repurchase, upon acceleration or otherwise;

 

(3)            failure
by the Company to comply with its obligations under Section 5.01 (other than its obligations under clause (5) of Section
5.01(a)) or the failure by any Subsidiary Guarantor to comply with its obligations under clauses (1)(b), (1)(c), (1)(d) and
(2) of Section 5.01(b);

 

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(4)           
failure by the Company or any Restricted Subsidiary to comply for 30 days after receipt of written notice as provided below
with any of its obligations, covenants and agreements contained in this Indenture (other than a Default referred to in clause (1),
(2) or (3) above); provided, that in the case of a failure to comply with Section 4.03 such period of continuance of such
default or breach shall be 60 days after receipt of written notice as provided below;

 

(5)           
default by the Company or any Restricted Subsidiary 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), other than Indebtedness
owed to the Company or a Restricted Subsidiary, whether such Indebtedness or Guarantee now exists or is created after the Issue
Date, which default:

 

(A)           
is caused by a failure, after the expiration of the grace period provided in such Indebtedness, to pay principal of, or
interest or premium, if any, on such Indebtedness (“Payment Default”); or

 

(B)           
results in the acceleration of such Indebtedness prior to its 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, exceeds $100.0 million;

 

(6)           
an involuntary case or other proceeding is commenced against the Company or any Significant Subsidiary with respect to it
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official over it or substantially all of its property, and such involuntary case
or other proceeding remains undismissed and unstayed for a period of 60 consecutive days; or an order for relief is entered against
the Company or any Significant Subsidiary under the applicable bankruptcy laws as now or hereafter in effect that remains undismissed
and unstayed for a period of 60 consecutive days;

 

(7)           
the Company or any of its Significant Subsidiaries (i) commences a voluntary case under any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect with respect to itself, or consents to the entry of an order for relief against
it in an involuntary case under any such law, (ii) consents to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Company or any of its Significant Subsidiaries or for all
or substantially all of the property and assets of the Company or any of its Significant Subsidiaries or (iii) effects any general
assignment for the benefit of creditors;

 

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(8)           
 failure by the Company or any Significant Subsidiary to pay final and non-appealable judgments aggregating in excess of
$100.0 million (net of any amounts that are covered by insurance provided by a reputable and creditworthy insurance company), which
judgments are not paid, discharged, waived or stayed for a period of 60 consecutive days after such judgments become final;

 

(9)           
any Subsidiary Guarantee of a Significant Subsidiary ceases to be in full force and effect in any material respect (except
as contemplated by the terms of this Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor
that is a Significant Subsidiary denies or disaffirms its obligations under this Indenture or its Subsidiary Guarantee; and

 

(10)           
with respect to any Collateral having a fair market value in excess of $100.0 million, individually or in the aggregate,
(i) the failure of the security interest with respect to such Collateral under the Pari Passu Lien Security Documents, at any time,
to be perfected or in full force and effect for any reason other than in accordance with their terms or the terms of this Indenture,
the Security Documents or the Intercreditor Agreements, which failure continues for a period of 30 consecutive days after any Officer
of the Company or any Subsidiary Guarantor becomes aware of such failure and has not been cured during such time period or (ii)
the assertion by the Company or a Subsidiary Guarantor, in any pleading in any court of competent jurisdiction, that any such security
interest is invalid or unenforceable.

 

(b)                
However, a Default under clause (4) of Section 6.01(a) will not constitute an Event of Default until (1) the Trustee provides
written notice to the Company of the Default or the Holders of 25% in aggregate principal amount of the then-outstanding Notes
provide written notice to the Company of the Default, with a copy to the Trustee, and (2) the Company does not cure such Default
within the applicable time specified in clause (4) of Section 6.01(a) after receipt of such notice.

 

Section 6.02.     
Acceleration. (a) If an Event of Default (other than an Event of Default described in clauses (6) or (7) of Section
6.01(a)) occurs and is continuing, up to two years following the first public notice or notice to the Trustee of such event, the
Trustee by notice in writing specifying the Event of Default and that it is a “notice” to the Company, or the Holders
of at least 25% in aggregate principal amount of the then-outstanding Notes by notice to the Company and the Trustee, may declare
the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable; provided
that a notice of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two
years prior to such notice of Default. Upon the effectiveness of such a declaration, such principal, premium, if any, and accrued
and unpaid interest, if any, shall be due and payable immediately.

 

(b)                 In
the event of a declaration of acceleration of the Notes because an Event of Default described in clause (5) of Section
6.01(a) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the
Default triggering such Event of Default pursuant to clause (5) of Section 6.01(a) shall be remedied or cured by the Company
or a Restricted Subsidiary or waived by the holders of the relevant Indebtedness within 20 days after the declaration of
acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any
judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of
principal, premium, if any, or interest on the Notes that became due solely because of the acceleration of the Notes, have
been cured or waived.

 

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(c)                
If an Event of Default described in clauses (6) or (7) of Section 6.01(a) occurs and is continuing, the principal of, premium,
if any, and accrued and unpaid interest on all the Notes shall become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders.

 

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

 

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

 

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(f)                
Notwithstanding anything in the preceding clauses (d) and (e) of this Section 6.02 to the contrary, any Noteholder Direction
delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or similar proceeding shall not
require compliance with the foregoing paragraphs. In addition, for the avoidance of doubt, the foregoing paragraphs shall not apply
to any Holder that is a Regulated Bank.

 

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

 

(h)                
The Trustee shall not be deemed to have knowledge of an Event of Default under and until it obtains actual written notification
of such Event of Default describing the circumstances of such and identifying the circumstances constituting such Event of Default.
In order to be effective, such written notice must be actually received by a Trust Officer at the Corporate Trust Office; and the
notice must state “Notice of Default.”

 

Section 6.03.     
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue, in its own name or as trustee
of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal of and interest
on the Notes or to enforce the performance of any provision of the Notes or this Indenture. The Trustee may maintain a proceeding
even if it does not possess any of the Notes or does not produce any of them in the proceeding.

 

Section 6.04.     
Waiver of Past Defaults. The Holders of a majority in aggregate principal amount of the then-outstanding Notes may,
by written notice to the Trustee and on behalf of the Holders of all of the Notes, waive, rescind or cancel any declaration of
an existing or past Default or Event of Default and its consequences under this Indenture if such waiver, rescission or cancellation
would not conflict with any judgment or decree of a court of competent jurisdiction, except a continuing Default or Event of Default
in the payment of interest on, or the principal of, the Notes (other than such nonpayment of principal or interest that has become
due as a result of such acceleration). Upon any such waiver, rescission or cancellation, such Default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon.

 

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Section 6.05.     
Control by Majority. Subject to Section 7.02(7), the Holders of a majority in aggregate principal amount of the
then-outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts
with law or this Indenture or that the Trustee determines in good faith is unduly prejudicial to the rights of any other Holder
(it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances
are unduly prejudicial to such Holders) or that would involve the Trustee in personal liability; provided, however that
the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking
any action under this Indenture, the Trustee shall be entitled to indemnification from the Holders satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such action.

 

Section 6.06.     
Limitation on Suits. If an Event of Default occurs and is continuing, the Trustee will be under no obligation to
exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders
have offered to the Trustee an indemnity or security satisfactory to the Trustee against any loss, liability or expense. Except
to enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder may pursue any remedy with
respect to this Indenture or the Notes unless:

 

(1)           
such Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)           
Holders of at least 25% in aggregate principal amount of the then-outstanding Notes have requested the Trustee, by notice
in writing, to pursue the remedy;

 

(3)           
such Holders have offered the Trustee security or indemnity satisfactory to it against any loss, liability or expense;

 

(4)           
the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security
or indemnity; and

 

(5)           
the Holders of a majority in aggregate principal amount of the then-outstanding Notes have not given the Trustee a direction
that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period.

 

Section 6.07.     
Rights of Holders to Receive Payment. Notwithstanding anything to the contrary, the right of a Holder of a Note to
receive payment of principal of or interest on its Note on or after the Stated Maturity thereof, or to bring suit for the enforcement
of any such payment on or after such respective dates, may not be impaired or affected without the consent of that Holder. For
the avoidance of doubt, no amendment to or deletion of any of the covenants set forth in Article 4 (other than Section 4.01) shall
be deemed to impair or affect any rights of holders to receive payment of principal of, premium, if any, and interest on such Holder’s
Notes.

 

Section 6.08.      Collection
Suit by Trustee. If an Event of Default in payment of principal or interest specified in clause (1) or (2) of Section
6.01(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust for the
whole amount of principal and accrued interest remaining unpaid, together with interest on overdue principal and, to the
extent lawful, overdue installments of interest, in each case at the rate specified in the Notes, and such further amount as
is sufficient to cover the costs and expenses of collection, including the compensation of the Trustee and reasonable
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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Section 6.09.     
Trustee May File Proofs of Claim. The Trustee may file proofs of claim and other pleadings, papers or documents as
may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation of the Trustee
or for reasonable expenses, fees, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in
any judicial proceedings relating to the Company or any Subsidiary Guarantor or their respective creditors or property (including
any bankruptcy or insolvency cases or proceedings), and is entitled and empowered to collect, receive and distribute any money,
securities or other property payable or deliverable upon conversion or exchange of the Notes or upon any such claims. Any debtor-in-possession,
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, fees, disbursements and advances
of the Trustee, its agent and counsel, and any other amounts due the Trustee hereunder. Nothing in this Indenture will be deemed
to empower the Trustee to authorize or consent to, or cast a vote with respect to or otherwise accept or adopt on behalf of any
Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder 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 (including upon exercise of remedies with
respect to the Collateral), it shall pay out the money in the following order:

 

First: to the Trustee, the Notes
Collateral Agent and the Agent, in each case for all amounts due to it hereunder;

 

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

 

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

 

The Trustee, upon written notice to the
Company, may fix a record date and payment date for any payment to Holders pursuant to this Section.

 

Section 6.11.      Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted a proceeding to enforce any right or remedy under
this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the
Trustee or to the Holder, then, subject to any determination in the proceeding, the Company, any Subsidiary Guarantors, the
Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Company, any Subsidiary Guarantors, the Trustee and the Holders will continue as though no such
proceeding had been instituted.

 

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Section 6.12.     
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 may require any party litigant in such suit (other
than the Trustee) to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable
attorneys fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith
of the claims or defenses made by the party litigant. This Section 6.12 does not apply to a suit by a Holder to enforce payment
of principal of or interest on any Note on the respective due dates, or a suit by Holders of more than 10% in aggregate principal
amount of the then-outstanding Notes.

 

Section 6.13.     
Rights and Remedies Cumulative. No right or remedy conferred or reserved to the Trustee or to the Holders under this
Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted
by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion
or exercise of any other right or remedy.

 

Section 6.14.     
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy
accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Article
7

The Trustee

 

Section 7.01.     
General. (a) The duties and responsibilities of the Trustee are as provided by the Trust Indenture Act and as set
forth herein. Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee is subject to this Article.

 

(b)                
Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee.
In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same 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).

 

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

 

(d)                
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own gross negligent action,
its own gross negligent failure to act or its own willful misconduct, except that:

 

(1)           
this Subsection shall not be construed to limit the effect of Section 7.01(b);

 

(2)           
neither the Trustee nor the Notes Collateral Agent shall be liable for any error of judgement made in good faith by a Trust
Officer, unless it shall be proved that the Trustee or the Notes Collateral Agent, as applicable, was negligent in ascertaining
the pertinent facts;

 

(3)           
neither the Trustee nor the Notes Collateral Agent shall be liable with respect to any action taken or omitted to be taken
by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Notes
of any series; and

 

(4)           
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.

 

Section 7.02.     
Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d):

 

(1)           
The Trustee may conclusively rely, and will be protected in acting or refraining from acting, upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee,
in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit.

 

(2)           
Before the Trustee acts or refrains from acting (except (x) as provided in Sections 2.04, 3.03(e) and 3.04(e) and (y) with
respect to an Opinion of Counsel, in connection with the original issuance of any Notes or the execution of any amendment or supplement
entered into in connection with adding any Subsidiary Guarantor under this Indenture), it may require an Officer’s Certificate
or an Opinion of Counsel conforming to Section 13.03 and the Trustee will not be liable for any action it takes or omits to take
in good faith in reliance on the certificate or opinion.

 

(3)           
The Trustee shall be entitled to request and receive written instructions from the Company and shall have no responsibility
or liability for any losses or damages of any nature that may arise from any action taken or not taken by the Trustee in accordance
with the written direction of the Company.

 

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(4)           
 The Trustee may act through its attorneys and agents and will not be responsible for the acts or omissions of any agent
appointed with due care.

 

(5)           
The Trustee and the Notes Collateral Agent will 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, unless such Holders have offered to the Trustee or the
Notes Collateral Agent, as applicable, security or indemnity satisfactory to the Trustee or the Notes Collateral Agent, as applicable,
against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

 

(6)           
The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance
with Section 6.05 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this Indenture.

 

(7)           
The Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

 

(8)           
The Trustee shall not be bound to make any investigation into the facts or matters stated in any 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.

 

(9)           
In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action.

 

(10)           
The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee
has actual knowledge thereof.

 

(11)           
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and by the Notes
Collateral Agent, and each Agent employed to act hereunder.

 

(12)           
None of the permissive rights of the Trustee to do things enumerated in this Indenture shall be construed as a duty and,
with respect to such permissive rights, the Trustee shall not be answerable for other than its gross negligence or willful misconduct.

 

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(13)           
 The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(14)           
Neither the Trustee nor the Notes Collateral Agent shall be responsible for, and make no representation as to the existence,
genuineness, value or protection of, any Collateral, for the legality, effectiveness or sufficiency of any Security Document or
for the creation, perfection, continuation, priority, maintenance, sufficiency or protection of any Liens securing the Notes. Neither
the Trustee nor the Notes Collateral Agent shall be responsible for filing any financing or continuation statements or recording
any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of
any Lien or security interest in the Collateral.

 

Section 7.03.     
Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may become the owner or pledgee
of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee.
Any Agent may do the same with like rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For
purposes of Trust Indenture Act Section 311(b)(4) and (6):

 

(a)                
“cash transaction” means any transaction in which full payment for goods or securities sold is made within
seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable
upon demand; and

 

(b)                
“self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn,
negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods,
wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or
merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the
security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship arising
from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

Section 7.04.     
Trustee’s Disclaimer. The Trustee (i) makes no representation as to the validity or adequacy of this Indenture,
the Notes, the Intercreditor Agreements or the Security Documents, (ii) is not accountable for the Company’s use or application
of the proceeds from the Notes and (iii) is not responsible for any statement in the Notes other than its certificate of authentication.

 

Section 7.05.     
Notice of Default. If any Default occurs and is continuing and is actually known to the Trustee, the Trustee shall
deliver to each Holder notice of the Default within 90 days after it occurs or within 30 days after the Trustee has actual knowledge
of the Default, whichever is later. Except in the case of a Default in the payment of principal of, premium, if any, or interest
on any Note, the Trustee may withhold notice if and so long as the Trustee in good faith determines that withholding notice is
in the interests of the Holders.

 

Section 7.06.     
[Reserved] 

 

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Section 7.07.      Compensation
and Indemnity. (a) The Company will pay the Trustee (acting in any capacity hereunder) compensation as agreed upon with
the Trustee in writing between the Company and the Trustee for its services. The compensation of the Trustee is not limited
by any law on compensation of a Trustee of an express trust. The Company will reimburse the Trustee (acting in any capacity
hereunder) upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the
Trustee, including the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

(b)                
The Company shall indemnify the Trustee (acting in any capacity hereunder) for, and hold it harmless against, any loss or
liability or expense incurred by it without willful misconduct, negligence or bad faith on its part arising out of or in connection
with the acceptance or administration of this Indenture and the performance of its duties under this Indenture and the Notes, including
attorneys' fees and expenses and the reasonable costs and expenses enforcing this Indenture (including this Section 7.07), of defending
itself against any claim whether asserted by any Holder or the Company, or liability and of complying with any process served upon
it or any of its officers in connection with the acceptance, exercise or performance of any of its powers or duties under this
Indenture and the Notes. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend any such
claim and the Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. Notwithstanding
the foregoing, the Company shall not be required to indemnify the Trustee with respect to any settlement made without the consent
of the Company, which consent will not be unreasonably withheld.

 

(c)                
To secure the Company’s payment obligations in this Section, the Trustee (acting in any capacity hereunder) will have
a lien prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or
property held in trust to pay principal of, and interest on particular Notes.

 

(d)                
When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(a)(6)
or Section 6.01(a)(7), the expenses (including the reasonable charges and expenses of its counsel) are intended to constitute expenses
of administration under any applicable Federal or state bankruptcy, insolvency or other similar law (including, without limitation
under Section 507 of the United States Bankruptcy Code).

 

(e)                
The provisions of this Article shall survive the termination of this Indenture

 

Section 7.08.     
Replacement of Trustee. (a) (1) The Trustee may resign at any time by written notice to the Company.

 

(2)           
The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by written notice to the Trustee.

 

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

 

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(4)           
 The Company may remove the Trustee if: (i) the Trustee is no longer eligible under Section 7.10; (ii) the Trustee
is adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or
(iv) the Trustee becomes incapable of acting.

 

(5)           
A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section.

 

(b)                
If the Trustee has been removed by the Holders, Holders of a majority in principal amount of the Notes may appoint a successor
Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office
of Trustee for any reason, the Company will promptly appoint a successor Trustee. If the successor Trustee does not deliver its
written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders
of a majority in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment
of a successor Trustee at the Company’s expense.

 

(c)                
Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Company,
(i) the retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided
for in Section 7.07, (ii) the resignation or removal of the retiring Trustee will become effective, and (iii) the successor Trustee
will have all the rights, powers and duties of the Trustee under this Indenture. Upon request of any successor Trustee, the Company
will execute any and all instruments for fully and vesting in and confirming to the successor Trustee all such rights, powers and
trusts. The Company will give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee
to all Holders, and include in the notice the name of the successor Trustee and the address of its Corporate Trust Office.

 

(d)                
Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations and the rights protections
and indemnities afforded the Trustee under Article 7 will continue for the benefit of any retiring or removed Trustee and the maturity
of the Notes and/or termination or discharge of this Indenture.

 

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

 

Section 7.09.     
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee
corporation or national banking association without any further act will be the successor Trustee with the same effect as if the
successor Trustee had been named as the Trustee in this Indenture without the execution or filing of any instrument or paper or
the performance of any further act.

 

Section 7.10.     
Eligibility. This Indenture must always have a Trustee that satisfies the requirements of Trust Indenture Act Section
310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of
condition.

 

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Section 7.11.     
Money Held in Trust. The Trustee will not be liable for interest on any money received by it except as it may agree
with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by
law and except for money held in trust under Article 8.

 

Section 7.12.     
Security Documents; Intercreditor Agreements. By their acceptance of the Notes, the Holders hereby agree to be bound
by, and authorize and direct the Trustee and the Notes Collateral Agent, as the case may be, to execute and deliver, the Intercreditor
Agreements and any Security Documents in which the Trustee or the Notes Collateral Agent, as applicable, is named as a party, including
the Security Agreement and any Security Document executed on or after the Issue Date.

 

Article
8

Legal Defeasance and Covenant Discharge

 

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

 

(a)                
The Company may, at its option and at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding
Notes upon compliance with the conditions set forth below in this Article 8.

 

Section 8.02.     
Legal Defeasance and Discharge.

 

Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company and the Subsidiary Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with
respect to all outstanding Notes and Subsidiary Guarantees on the date the conditions set forth below are satisfied (“Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only
for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, to have satisfied
all of its other obligations under such Notes, the Subsidiary Guarantees and this Indenture including that of the Subsidiary Guarantors
(and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), and
to have cured all then-existing Events of Default, except for the following provisions which shall survive until otherwise terminated
or discharged hereunder:

 

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

 

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

 

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

 

(d)                
this Section 8.02.

 

If the Company exercises the Legal Defeasance
option, (a) the Subsidiary Guarantees in effect at such time shall terminate and each Subsidiary Guarantor shall be automatically
and unconditionally released and discharged from all of its obligations with respect thereto and (b) the Collateral will be released
from the Liens securing the Notes in accordance with the provisions described above.

 

Subject to compliance with this Article
8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof. If the Company exercises its Legal Defeasance option, payment of the Notes may not be accelerated because of an Event of
Default with respect to the Notes.

 

Section 8.03.     
Covenant Defeasance.

 

Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the Subsidiary Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, terminate and be released from their obligations under the
covenants contained in Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16 and 4.17 hereof and
clause (3) and (4) of Section 5.01(a) and, clause (1)(b), (1)(c), (1)(d) and (2) of Section 5.01(b) hereof with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the
Company and the Subsidiary Guarantors may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission
to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section
8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04,
Sections 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (with respect to Significant Subsidiaries only), 6.01(a)(7) (with respect to Significant
Subsidiaries only), 6.01(a)(8), 6.01(a)(9) and 6.01(a)(10) shall not constitute Events of Default.

 

If the Company exercises the Covenant
Defeasance option, (a) the Subsidiary Guarantees in effect at such time will terminate and each Subsidiary Guarantor shall be automatically
and unconditionally released and discharged from all of its obligations with respect thereto and (b) the Collateral will be released
from the Liens securing the Notes in accordance with the provisions described above.

 

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Section 8.04.     
Conditions to Legal or Covenant Defeasance.

 

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

 

In order to exercise either Legal Defeasance
or Covenant Defeasance with respect to the Notes:

 

(1)           
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, non-callable U.S. Government Obligations, or a combination of cash in U.S. dollars and non-callable U.S. Government Obligations,
in 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 Notes on the Stated Maturity or on the applicable redemption
date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption
date;

 

(2)           
in the case of Legal Defeasance, the Company has delivered to the Trustee an Opinion of Counsel confirming that (a) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date, there
has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, the beneficial owners of the respective outstanding Notes shall not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Legal Defeasance and shall be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)           
in the case of Covenant Defeasance, the Company has delivered to the Trustee an Opinion of Counsel confirming that, subject
to customary assumptions and exclusions, the beneficial owners of the respective outstanding Notes shall not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and shall be subject to U.S. federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

 

(4)           
no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings)
or insofar as Events of Default resulting from the borrowing of funds or insolvency events are concerned, at any time in the period
ending on the 91st day after the date of deposit;

 

(5)            the
Company must deliver to the Trustee an Opinion of Counsel to the effect that, assuming, among other things, no intervening
bankruptcy of the Company between the date of deposit and the 91st day following the deposit and assuming that no Holder is
an “insider” of the Company under applicable bankruptcy law, after the 91st day following the deposit, the trust
funds shall not be subject to the effect of any applicable bankruptcy, insolvency, reorganization of similar laws affecting
creditors’ rights generally;

 

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(6)           
the Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company
with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and

 

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

 

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

 

Subject to Section 8.06 hereof, all money
and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding
Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to
the payment, either directly or through any Paying Agent (including the Company or a Subsidiary Guarantor acting as Paying Agent)
as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium
and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant
to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the outstanding Notes.

 

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

 

Section 8.06.     
Repayment to the Company.

 

Subject to applicable unclaimed property
law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal
of, premium or interest on any Note and remaining unclaimed for two years after such principal, and premium or interest has become
due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

 

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Section 8.07.     
Reinstatement.

 

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

 

Article
9

Amendment, Supplement and Waiver

 

Section 9.01.     
Amendments Without Consent of Holders. Notwithstanding Section 9.02 hereof, without the consent of any Holder, the
Company, any Subsidiary Guarantor (with respect to its Subsidiary Guarantor or this Indenture) and the Trustee and the Notes Collateral
Agent may amend or supplement this Indenture, the Notes, the Subsidiary Guarantees, the Security Documents and the Intercreditor
Agreements to:

 

(1)           
cure any ambiguity, omission, mistake, defect or inconsistency;

 

(2)           
comply with Article 5;

 

(3)           
provide for the assumption by a successor entity (or co-issuer) of the obligations of the Company or any Subsidiary Guarantor
under this Indenture, the Notes, any Subsidiary Guarantee, any Security Document, or the Intercreditor Agreements (whether through
Division, merger, amalgamation consolidation, sale of all or substantially all of assets and properties or otherwise);

 

(4)           
provide for or facilitate the issuance of uncertificated Notes in addition to or in place of certificated Notes (provided
that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code);

 

(5)           
comply with the rules of any applicable depositary;

 

(6)           
add Guarantees with respect to the Notes or release a Subsidiary Guarantor from its obligations under its Subsidiary Guarantee,
this Indenture or the Security Documents in accordance with the applicable provisions of this Indenture or the Security Documents;

 

(7)           
make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the Security Documents
or any release, termination or discharge of Collateral that becomes effective as set forth in this Indenture or any of the Security
Documents;

 

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(8)           
 grant any Lien for the benefit of the holders of Pari Passu Lien Debt or Junior Lien Debt in accordance with and as permitted
by the terms of this Indenture and the Intercreditor Agreements;

 

(9)           
add additional secured parties to any Security Document or any Intercreditor Agreement to the extent Liens securing obligations
held by such parties are permitted under this Indenture;

 

(10)         
mortgage, pledge, hypothecate or grant a security interest in favor of the Notes Collateral Agent for the benefit of the
Notes Secured Parties as additional security for the payment and performance of the Company’s and any Subsidiary Guarantor’s
obligations under this Indenture, in any property, or assets, including any of which are required to be mortgaged, pledged or hypothecated,
or in which a security interest is required to be granted to the Notes Collateral Agent or the Trustee in accordance with the terms
of this Indenture or otherwise;

 

(11)         
provide for the succession of any parties to any of the Security Documents (and other amendments that are administrative
or ministerial in nature) and any of the Intercreditor Agreements in connection with an amendment, renewal, extension, substitution,
refinancing, restructuring, replacement, supplementing or other modification from time to time of any agreement in accordance with
the terms of this Indenture, the relevant Security Document and the Intercreditor Agreements;

 

(12)         
add to the covenants of the Company and its Restricted Subsidiaries or Events of Default for the benefit of the Holders
or to make changes that would provide additional rights to Holders or to surrender any right or power conferred upon the Company
or any Subsidiary Guarantor;

 

(13)         
make any change that does not materially adversely affect the rights of any Holder under this Indenture;

 

(14)         
evidence or provide for the appointment under this Indenture of a successor trustee or under the Security Documents of a
successor collateral agent; provided that the successor trustee or successor collateral agent is otherwise qualified and eligible
to act as such under the terms of this Indenture and of the Security Documents, as applicable;

 

(15)         
provide for the issuance of Additional Notes under this Indenture;

 

(16)         
comply with the provisions set forth in Article 10 or Section 4.15;

 

(17)          conform
the text of this Indenture (including any supplemental indenture or other instrument pursuant to which Additional Notes are
issued), the Notes, the Subsidiary Guarantees, the Security Documents or the Intercreditor Agreements to any provision of the
 “Description of Notes” section of the Company’s Offering Memorandum dated June 23, 2020 to the extent that
such provision in such “Description of Notes” section was intended to be a verbatim recitation of a provision of
this Indenture, the Notes, the Subsidiary Guarantees, the Security Documents or the Intercreditor Agreements as confirmed to
the Trustee by an Officer’s Certificate, or, with respect to any Additional Notes or any supplemental indenture or
other instrument pursuant to which Additional Notes are issued, to any provision of the “Description of Notes”
relating to the issuance of the Additional Notes solely to the extent that the “Description of Notes” provides
for terms of such Additional Notes that differ from the terms of the Initial Notes; or

 

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(18)           
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this
Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided, however,
that (A) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities
Act or any applicable securities law and (B) such amendment does not materially and adversely affect the rights of Holders to transfer
Notes.

 

The Holders of the Notes will be deemed
to have consented (x) to the entry into the Second Lien Intercreditor Agreement by the Trustee and the Notes Collateral Agent with
the holders of any Junior Lien Obligations (or any authorized agent or trustee therefor) that are incurred in compliance with this
Indenture to establish that the Liens on any Collateral securing such Junior Lien Obligations shall be junior to the Liens securing
the Pari Passu Lien Obligations (including the obligations under this Indenture, the Notes and the Subsidiary Guarantees) without
any further consent and (y) for purposes of the Security Documents and the Intercreditor Agreements to any of the following amendments,
waivers and other modifications to the Security Documents and the Intercreditor Agreements:

 

(1)            
(A) to add other parties (or any authorized agent thereof or trustee therefor) holding Pari Passu Lien Obligations that
are Incurred in compliance with this Indenture and (B) to establish that the Liens on any Collateral securing such Pari Passu Lien
Obligations shall rank equally with the Liens on such Collateral securing the obligations under this Indenture and the Notes and
the Subsidiary Guarantees, all on the terms provided for in each of the Security Documents and the First Lien Intercreditor Agreement
in effect immediately prior to such amendment; and

 

(2)            
(A) to add other parties (or any authorized agent thereof or trustee therefor) holding Junior Lien Obligations that are
Incurred in compliance with this Indenture and (B) to establish that the Liens on any Collateral securing such Junior Lien Obligations
shall be junior to the Liens securing the Pari Passu Lien Obligations (including the obligations under this Indenture, the Notes
and the Subsidiary Guarantees), all on the terms provided for in each of the Security Documents and the Second Lien Intercreditor
Agreement in effect immediately prior to such amendment.

 

After an amendment or supplement under this
Indenture becomes effective, the Company is required to deliver or mail to the Holders a notice briefly describing such amendment,
supplement or waiver. However, the failure to deliver or mail such notice to all the Holders, or any defect in the notice, shall
not impair or affect the validity of the amendment, supplement or waiver.

 

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Upon the request of the Company and upon
receipt by the Trustee of the documents described in Section 9.04 and Section 13.03 hereof, as applicable, the Trustee shall join
with the Company and the Subsidiary Guarantors in the execution of any amended or supplemental indenture or other document authorized
or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture or other document that affects
its own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.02.     
Amendments with Consent of Holders(a). (a) Except as provided in this Section 9.02, the Company, the Subsidiary
Guarantors (as applicable) and the Trustee may amend or supplement this Indenture, the Notes, the Subsidiary Guarantees, the Security
Documents and the Intercreditor Agreements with the consent of the Holders of a majority in aggregate principal amount of the then-outstanding
Notes (including Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 6.04 and 6.06 hereof, any existing
or past Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any,
or interest on the Notes, except a Payment Default resulting from an acceleration that has been rescinded) or compliance with any
provision of this Indenture, the Notes, the Subsidiary Guarantees, the Security Documents or the Intercreditor Agreements may be
waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional
Notes, if any) voting as a single class (including consents obtained in connection with the purchase of, or tender offer or exchange
offer for, Notes). Section 2.05 hereof shall determine which Notes are considered to be “outstanding” for the purposes
of this Section 9.02.

 

(b)                  
Upon the request of the Company and upon the filing with the Trustee of evidence of the consent of the Holders of Notes
as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.04 and Section 13.03 hereof, as applicable,
the Trustee shall join with the Company in the execution of such amended or supplemental indenture or other document unless such
amended or supplemental indenture or other document directly affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended
or supplemental indenture.

 

(c)                   
It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form
of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. A consent
to any amendment, supplement or waiver under this Indenture by any Holder of Notes given in connection with a tender of such Holder’s
Notes shall not be rendered invalid by such tender.

 

(d)                   
After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall deliver or mail to
the Holders a notice briefly describing such amendment, supplement or waiver; provided that the failure to deliver or mail
such notice to all the Holders, or any defect in the notice will not impair or affect the validity of the amendment, supplement
or waiver.

 

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(e)                  
 Without the consent of each affected Holder of Notes, an amendment, supplement or waiver under this Section 9.02 may not
(with respect to any Notes held by a non-consenting Holder):

 

(1)            
reduce the percentage of the aggregate principal amount of Notes whose Holders must consent to an amendment, supplement
or waiver;

 

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

 

(3)            
reduce the principal of or extend the Stated Maturity of any Note;

 

(4)           
waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes (except
a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then-outstanding
Notes with respect to a Payment Default and a waiver of the Payment Default that resulted from such acceleration);

 

(5)            
reduce the premium payable upon the redemption or repurchase of any Note or change the time at which any Note may be redeemed
or repurchased under Section 3.01, Section 4.10 and Section 4.14 whether through an amendment or waiver of provisions in the covenants,
definitions or otherwise (except amendments to the definition of “Change of Control”) (other than any change to the
notice periods with respect to such redemption and provided that, for the avoidance of doubt, the provisions of Section 4.14 relating
to the Company’s obligation to make an offer to repurchase the Notes as a result of a Change of Control may be waived or
modified with the written consent of the Holders of a majority in principal amount of the Notes then outstanding);

 

(6)             
make any Note payable in money other than that stated in the Note;

 

(7)             
otherwise impair the right of any Holder to receive payment of principal, premium, if any, and interest on such Holder’s
Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s
Notes;

 

(8)             
make any change in the amendment provisions which require each Holder’s consent or in the provisions of this Indenture
relating to waivers of Defaults or Events of Default; or

 

(9)             
modify the Subsidiary Guarantees in any manner materially adverse to the Holders of the Notes.

 

In addition, the consent of the Holders representing
at least two-thirds of the aggregate principal amount of outstanding Notes will be required to release the Liens for the benefit
of the Notes Secured Parties on all or substantially all of the Collateral, other than in accordance with this Indenture.

 

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Section 9.03.      
Revocation and Effect of Consents.

 

Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note. However, except as may be provided by the terms of any request for consent, any such Holder of a Note
or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before
the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

 

Section 9.04.     
Trustee and Notes Collateral Agent to Sign Amendments, etc.

 

The Trustee and Notes Collateral Agent
(if applicable) shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment or supplement
does not adversely affect the rights, duties, liabilities or immunities of the Trustee and the Notes Collateral Agent, as applicable.
In executing any amendment, supplement or waiver, the Trustee and the Notes Collateral Agent (if applicable) shall be entitled
to receive and (subject to Section 7.01 and Section 7.02 hereof) shall be fully protected in relying upon the documents required
by Section 13.03 hereof.

 

Notwithstanding anything to the contrary
herein, no Opinion of Counsel with respect to conditions precedent or as to whether the supplement is authorized or permitted will
be required for the Trustee or the Notes Collateral Agent to execute any amendment or supplement entered into solely in connection
with adding Subsidiary Guarantors in the form of Exhibit B hereof.

 

Article
10

Subsidiary Guarantees

 

Section 10.01.    
Subsidiary Guarantee.

 

(a)                   
Subject to this Article 10, each of the Subsidiary Guarantors shall, jointly and severally, irrevocably and unconditionally
guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder,
that: (a) the principal of, premium, if any, or interest on the Notes shall be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful,
and all other Obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal
of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Failing payment when due of any
amount so guaranteed or any performance so guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and severally
obligated to pay the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee
of collection.

 

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(b)                  
 The Subsidiary Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company,
any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense
of a guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenants that this Subsidiary Guarantee shall not be discharged except by complete performance
of the obligations contained in the Notes and this Indenture.

 

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

 

(d)                   
Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Subsidiary Guarantor
further agrees that, as between the Subsidiary Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this
Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article
6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantors
for the purpose of this Subsidiary Guarantee. The Subsidiary Guarantors shall have the right to seek contribution from any non-paying
Subsidiary Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantees.

 

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

 

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

 

(g)                   
Each payment to be made by a Subsidiary Guarantor in respect of its Subsidiary Guarantee shall be made without set-off,
counterclaim, reduction or diminution of any kind or nature.

 

(h)                   
All provisions set forth herein with respect to the Subsidiary Guarantees are subject to the Agreed Security Principles.

 

Section 10.02. 
    Limitation on Subsidiary Guarantor Liability.

 

(a)                   
Each Subsidiary Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all
such parties that the Subsidiary Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or
state law to the extent applicable to any Subsidiary Guarantee.

 

(b)                  
To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that
the obligations of each Subsidiary Guarantor under its Subsidiary Guarantee will be limited to the maximum amount as will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without
limitation, any Guarantees under the Senior Credit Facilities) 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 Subsidiary Guarantor in respect
of the obligations of such other Subsidiary Guarantor under this Article 10, result in the obligations of such Subsidiary Guarantor
under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Any Subsidiary
Guarantor that makes a payment under its Subsidiary Guarantee will be entitled upon payment in full of all Guaranteed Obligations
under this Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary Guarantor’s
pro rata portion of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment
determined in accordance with GAAP.

 

Section 10.03.    
Execution and Delivery.

 

To evidence its Subsidiary Guarantee set
forth in Section 10.01 hereof, each Subsidiary Guarantor hereby agrees that this Indenture shall be executed on behalf of such
Subsidiary Guarantor by an Officer of such Subsidiary Guarantor.

 

Each Subsidiary Guarantor hereby agrees
that its Subsidiary Guarantee set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding the absence
of the endorsement of any notation of such Subsidiary Guarantee on the Notes.

 

If an Officer whose signature is on this
Indenture no longer holds that office at the time the Trustee authenticates the Note, the Subsidiary Guarantee shall be valid nevertheless.

 

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The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set forth in this Indenture
on behalf of the Subsidiary Guarantors.

 

To the extent required by Section 4.15
hereof, the Company shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.15
hereof and this Article 10, to the extent applicable.

 

Section 10.04. 
Subrogation.

 

Each Subsidiary Guarantor shall be subrogated
to all rights of Holders of Notes against the Company in respect of any amounts paid by any Subsidiary Guarantor pursuant to the
provisions of Section 10.01 hereof; provided that, if an Event of Default has occurred and is continuing, no Subsidiary
Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all
amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in full.

 

Section 10.05.    
Benefits Acknowledged.

 

Each Subsidiary Guarantor acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee
and waivers made by it pursuant to its Subsidiary Guarantee are knowingly made in contemplation of such benefits.

 

Section 10.06.    
Release of Subsidiary Guarantees.

 

A Subsidiary Guarantee by a Subsidiary
Guarantor shall be automatically and unconditionally released and discharged, and no further action by such Subsidiary Guarantor,
the Company or the Trustee is required for the release of such Subsidiary Guarantor’s Subsidiary Guarantee, upon:

 

(1)            
the occurrence of any sale, exchange, transfer or other disposition (by merger, amalgamation, consolidation or otherwise)
of all of the Capital Stock of such Subsidiary Guarantor (including any sale, exchange, transfer or other disposition after which
the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary) or of all or substantially all of the assets and property
of such Subsidiary Guarantor, which sale, exchange, transfer or other disposition is made in compliance with the applicable provisions
of this Indenture (to the extent such provisions are required to be satisfied as of the date of the transaction); provided
that such Subsidiary Guarantor is also released from all of its obligations in respect of the Senior Credit Facilities;

 

(2)            
the release or discharge of such Subsidiary Guarantor from its Guarantee of Indebtedness of the Company and the Subsidiary
Guarantors under the Senior Credit Facilities and the 2023 Senior Secured Notes, except (i) a discharge or release by or as a result
of payment under such Guarantee (it being understood that a release subject to a contingent reinstatement is still a release, and
that if any such Guarantee is so reinstated, such Subsidiary Guarantee shall also be reinstated to the extent that such Subsidiary
Guarantor would then be required to Guarantee the Notes pursuant to this Indenture) and

 

     127

     

    

 

(ii) a discharge or release by or as a result of an
amendment, modification or waiver of the provision in respect of minimum guarantor coverage set forth in Section 10.1(17) of the
Senior Credit Facilities as in effect on the December 11, 2019 (or defaults arising thereunder) requiring consent of the lenders
under the Senior Credit Facilities;

 

(3)            
the designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in compliance
with Section 4.17;

 

(4)            
upon such Person becoming an Excluded Subsidiary or Non-Recourse Subsidiary, in each case as a result of a transaction or
designation permitted by this Indenture;

 

(5)            
the Company exercising its Legal Defeasance option or Covenant Defeasance option as set forth in Article 8 or the Company’s
obligations under this Indenture being discharged in accordance with the terms of this Indenture;

 

(6)            
upon the full and final payment of all Pari Passu Lien Notes Obligations of the Company and such Subsidiary Guarantor; or

 

(7)            
as described in Section 4.15(b).

 

The Company will notify the Trustee in writing
in respect of any release of a Subsidiary Guarantee; provided that such notification will not be a condition to the effectiveness
of such release.

 

Article
11

Collateral and Security

 

Section 11.01.     Security
Documents. The due and punctual payment of the Pari Passu Lien Notes Obligations, including payment of the principal of,
premium, if any, and interest on the Notes when the same shall be due and payable, whether on an Interest Payment Date, at
maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any,
and interest on the Notes and performance of all other Obligations of the Company and the Subsidiary Guarantors to the
Holders, the Trustee or the Notes Collateral Agent under this Indenture, the Notes, the Subsidiary Guarantees and the
Security Documents, according to the terms hereunder or thereunder, shall be secured as provided in the Security Documents,
which define the terms of the Liens that secure Pari Passu Lien Notes Obligations, subject to the terms of the Intercreditor
Agreements. The Trustee and the Company hereby acknowledge and agree that the Notes Collateral Agent holds the Collateral in
trust for the benefit of the Holders, the Trustee and the Notes Collateral Agent and pursuant to the terms of the Security
Documents and the Intercreditor Agreements. The Company and the Guarantors shall make all filings and recordings (including
filings of continuation statements and amendments to UCC financing statements that may be necessary to continue the
effectiveness of such UCC financing statements) as are required by the Security Documents to create, preserve, maintain or
validate (at the sole cost and expense of the Issuer and the Guarantors) the security interests created by the Security
Documents in the Collateral (subject to the terms of the Intercreditor Agreements and the Security Documents) as a perfected
security interest to the extent perfection is required by the Security Documents and within the time frames set forth
therein, subject only to Permitted Liens, and with the priority required by the Intercreditor Agreements, and the other
Security Documents. In addition, the Trustee and Notes Collateral Agent shall have no responsibility or liability (i) in
connection with the acts or omissions of the Company in respect of the foregoing or (ii) for or with respect to the legality,
validity and enforceability of any security interest created in the Collateral or the perfection and priority of such
security interest.

 

     128

     

    

 

Section 11.02. 
Notes Collateral Agent. (a) The holders of the Notes have, and by accepting a Note, each holder will be deemed to
have, appointed the Notes Collateral Agent to act as its agent under the Security Documents and Intercreditor Agreements. The holders
of the Notes have, and by accepting a Note, each holder will be deemed to have, authorized the Notes Collateral Agent to (i) perform
the duties and exercise the rights, powers and discretions that are specifically given to it under the Security Documents and Intercreditor
Agreements, together with any other incidental rights, power and discretions; and (ii) execute each Security Document and
Intercreditor Agreement, waiver, modification, amendment, renewal or replacement expressed to be executed by the Notes Collateral
Agent on its behalf.  

 

(b)                  
The rights, duties and obligations of the Notes Collateral Agent will be subject to the Intercreditor Agreements.

 

Section 11.03.    
Release of Collateral. The security interests in the Collateral in respect of the Notes and the Subsidiary Guarantees
will be automatically and unconditionally released and discharged under any one or more of the following circumstances:

 

(1)            
to enable the Company and the Subsidiary Guarantors to consummate the sale, transfer or other disposition of such property
or assets or any Subsidiary holding such property or assets (other than any such sale, transfer or other disposition to the Company
or a Subsidiary Guarantor) to the extent permitted under Section 4.10; provided that such Collateral is also released in
respect of the Senior Credit Facilities and all other Pari Passu Lien Obligations and Junior Lien Obligations and the security
documents related thereto;

 

(2)             
in respect of the property and assets of a Subsidiary Guarantor, upon the designation of such Subsidiary Guarantor to be
an Unrestricted Subsidiary in accordance with Section 4.07 and the definition of “Unrestricted Subsidiary”;

 

(3)             
as permitted under any Intercreditor Agreement;

 

(4)            
as permitted under Article 9;

 

(5)            
the Company exercising the Legal Defeasance option or Covenant Defeasance option pursuant to Article 8 or the Company’s
obligations herein being discharged in accordance with Article 12;

 

(6)            
upon the full and final payment of all Pari Passu Lien Notes Obligations of the Company and the Subsidiary Guarantors;

 

     129

     

    

 

(7)             
 as permitted under Section 4.12(b);

 

(8)             
if the property subject to such security interest is owned by a Subsidiary Guarantor, upon release of such Subsidiary from
its obligations under its Note Guarantee in accordance with this Indenture; or

 

(9)            
to the extent (and only for so long as) the property subject to such security interest constitutes Excluded Assets.

 

Section 11.04. 
    [Reserved]. 

 

Section 11.05. 
   Authorization of Actions to be Taken by the Notes Collateral Agent . The Company, the Subsidiary Guarantors and each
Holder of Notes, by their acceptance of any Notes and the Guarantees thereof, (a) hereby appoints Wilmington Trust, National Association,
as Notes Collateral Agent, and Wilmington Trust, National Association accepts such appointment and (b) agrees that the Notes Collateral
Agent shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to the Trustee under
Article 7 hereof, including the compensation, reimbursement, and indemnification provisions set forth in Section 7.07 hereof and
the resignation and removal provisions of Section 7.08 hereof (with the references to the Trustee therein being deemed to refer
to the Notes Collateral Agent). Furthermore, each Holder of a Note, by accepting such Note, consents to and approves the terms
of and authorizes and directs the Notes Collateral Agent to (i) enter into and perform the duties provided for in the Intercreditor
Agreements and each other Security Document in each of its capacities thereunder and (ii) bind the Holders to the terms of the
Intercreditor Agreements. The parties hereto (and the Holders by their acceptance of any Notes and the Guarantees thereof) further
acknowledge and agree that the Notes Collateral Agent shall only act (or refrain from acting) upon the direction of Trustee, acting
in accordance with the terms hereof.

 

Section 11.06. 
Authorization of Receipt of Funds by the Trustee and the Notes Collateral Agent Under the Security Documents. The
Trustee and the Notes Collateral Agent are authorized to receive any funds for the benefit of Holders distributed under the Security
Documents to the Trustee or the Notes Collateral Agent, to apply such funds as provided in this Indenture and to make further distributions
of such funds in accordance with the applicable provisions of Section 6.10 hereof.

 

Article
12

Satisfaction and Discharge

 

Section 12.01. 
Satisfaction and Discharge.

 

This Indenture shall be discharged and shall
cease to be of further effect (and any Collateral then securing the Notes or any Subsidiary Guarantees shall be released) as to
all Notes, when:

 

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(1)             
 either:

 

(A)           
all Notes that have been authenticated and delivered, except lost, stolen or destroyed Notes that have been replaced pursuant
to Section 2.04 or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Issuer
and thereafter repaid to the Issuer or discharged from trust, have been delivered to the Trustee for cancellation; or

 

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

 

(2)             
the Issuer or any Subsidiary Guarantor has paid or caused to be paid all sums then due and payable under this Indenture;
and

 

(3)            
the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or the redemption date, as the case may be,

 

then the Trustee shall acknowledge satisfaction and discharge
of this Indenture with respect to the Notes on demand of the Issuer (accompanied by an Officer’s Certificate and an Opinion
of Counsel stating that all conditions precedent specified herein relating to the satisfaction and discharge of this Indenture
have been complied with) and at the cost and expense of the Issuer.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money shall have been deposited with the Trustee pursuant to clause (1)(B) of this Section 12.01, the provisions
of Section 12.02 and Section 8.06 shall survive.

 

Section 12.02. 
   Application of Trust Money.

 

Subject to the provisions of Section 8.06
hereof, all money deposited with the Trustee pursuant to Section 12.01 hereof shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium)
and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.

 

     131

     

    

 

If the Trustee or Paying Agent is unable
to apply any money or U.S. Government Obligations in accordance with Section 12.01 hereof by reason of any legal proceeding or
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer’s and any Subsidiary Guarantor’s obligations under this Indenture and the Notes shall be revived
and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Issuer has made
any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent.

 

Article
13

Miscellaneous

 

Section 13.01. 
Holder Actions. (a) [Reserved].

 

(b)                  
(1) Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or other action provided
by this Indenture to be given or taken by a Holder (for purposes of this Section 13.01, an “act”) may be evidenced
by an instrument signed by the Holder delivered to the Trustee. The fact and date of the execution of the instrument, or the authority
of the person executing it, may be proved in any manner that the Trustee deems sufficient.

 

(2)            
The Trustee may make reasonable rules for action by or at a meeting of Holders, which will be binding on all the Holders.

 

(c)                  
Any act by the Holder of any Note binds that Holder and every subsequent Holder of a Note that evidences the same debt as
the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (d), a Holder may revoke an
act as to its Notes, but only if the Trustee receives the notice of revocation before the date the amendment or waiver or other
consequence of the act becomes effective.

 

(d)                  
The Issuer may, but is not obligated to, fix a record date (which need not be within the time limits otherwise prescribed
by Trust Indenture Act Section 316(c)) for the purpose of determining the Holders entitled to act with respect to any amendment
or waiver or in any other regard, except that during the continuance of an Event of Default, only the Trustee may set a record
date as to notices of Default, any declaration or acceleration or any other remedies or other consequences of the Event of Default.
If a record date is fixed, those Persons that were Holders at such record date and only those Persons will be entitled to act,
or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid
or effective for more than 90 days after the record date.

 

Section 13.02. 
    Notices. (a) Any notice or communication to the Company, the Trustee or the Notes Collateral
Agent will be deemed given if in writing (i) when delivered in person or (ii) three days after mailing when mailed by first
class mail, (iii) when sent by facsimile transmission, with transmission confirmed or (iv) the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. Notices or communications to a
Subsidiary Guarantor will be deemed given if given to the Company. In each case the notice or communication should be
addressed as follows:

 

		if to the Company:	 
	 	 	 
	 	Maxar Technologies Inc.	 
	 	1300 W. 120th Avenue	 
	 	Westminster, Colorado	 
	 	80234	 
	 	Fax No.: (303) 684-1688	 
	 	Attention: Treasurer and General Counsel	 
	 	 	 
	 	if to the Trustee or the Notes Collateral Agent:	 
	 	 	 
	 	Wilmington Trust, National Association	 
	 	Global Capital Markets	 
	 	246 Goose Lane, Suite 105,	 
	 	Guilford, Connecticut 06437	 
	 	Fax No.: 888-316-6238	 
	 	 	 
	 	Attention: Maxar Technologies Inc. Administrator	 

 

     132

     

    

 

Each of the Company, the Trustee or the Notes Collateral Agent
by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

(b)                   
Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder will be
deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or by other electronic
means or such other delivery system as the Trustee agrees to accept. Notwithstanding the foregoing, as to any Global Note registered
in the name of a Depositary or its nominee, any notice or communication shall be sufficiently given if given to the Depositary
according to the applicable procedures of the Depositary (or as otherwise as agreed by the Company, the Trustee and the Depositary).
Copies of any notice or communication to a Holder, if given by the Issuer, will be mailed to the Trustee at the same time. Defect
in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders.

 

(c)                   
Where this Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed
with the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance upon such waivers.

 

(d)                   
If a notice or communication is delivered or mailed in the manner provided above within the time prescribed, it is duly
given, whether or not the addressee receives it.

 

Section 13.03. 
    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Company to the Trustee or Notes Collateral Agent to take any action under this Indenture (except (x) as provided in Sections
2.04, 3.03(e) and 3.04(e) and (y) with respect to an Opinion of Counsel, in connection with the original issuance of any
Notes or the execution of any amendment or supplement entered into in connection with adding any Subsidiary Guarantor under
this Indenture and no other matters otherwise requiring an Opinion of Counsel), the Issuer shall furnish to the Trustee or
Notes Collateral Agent, as applicable:

 

(1)             
an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for
in this Indenture relating to the proposed action have been complied with; and

 

     133

     

    

 

(2)             
an Opinion of Counsel stating that all such conditions precedent have been complied with.

 

Section 13.04. 
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof) shall include:

 

(1)             
a statement that each person signing the certificate or opinion has read such covenant or condition;

 

(2)             
a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained
in the certificate or opinion is based;

 

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

 

(4)             
a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with,

 

provided that an Opinion of Counsel
may rely on an Officer’s Certificate or certificates of public officials with respect to matters of fact.

 

Section 13.05.    
Payment Date Other Than a Business Day. If any payment with respect to a payment of any principal of, premium, if
any, or interest on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note) is due
on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day
with the same force and effect as if made on such date, and no interest will accrue for the intervening period.

 

     134

     

    

 

Section 13.06. 
    Governing Law; Waiver of Jury Trial; Jurisdiction. This Indenture, including any Subsidiary
Guarantees, and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. The
Company, the Subsidiary Guarantors, the Trustee and the Notes Collateral Agent, and each Holder of a Note by its acceptance
thereof, irrevocably waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in any
legal proceeding arising out of or relating to this Indenture, the Notes, any Subsidiary Guarantee, the Security Documents,
the Intercreditor Agreements or any transaction contemplated thereby. The parties hereby submit to the non-exclusive
jurisdiction of any U.S. federal or state court located in the Borough of Manhattan in the City of New York in any suit,
action or proceeding arising out of or relating to this Indenture, the Notes, the Subsidiary Guarantees or the transactions
contemplated hereby. The Company and each Subsidiary Guarantor agrees that a final judgment in any such suit, action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Indenture or the Notes shall affect any right that the Trustee, the Notes Collateral Agent
or any Holder may otherwise have to bring any suit, action or proceeding relating to this Indenture, the Notes, the
Subsidiary Guarantees or the transactions contemplated hereby against the Company or any Subsidiary Guarantor or its
properties in the courts of any jurisdiction and they each hereby irrevocably and unconditionally waive, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any
such court.

 

Section 13.07.    
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture or loan
or debt agreement of the Company or any of its Subsidiaries, and no such indenture or loan or debt agreement may be used to interpret
this Indenture.

 

Section 13.08.    
Successors. All agreements of the Issuer or any Subsidiary Guarantor in this Indenture and the Notes will bind its
successors. All agreements of the Trustee or Notes Collateral Agent in this Indenture will bind its successors.

 

Section 13.09. 
    Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement.

 

Section 13.10. 
    Separability. In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.

 

Section 13.11. 
    Table of Contents and Headings. 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 of this Indenture and in no way modify or
restrict any of the terms and provisions of this Indenture.

 

Section 13.12.    
No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders. No director, officer, employee,
incorporator, member or stockholder of the Issuer or any Subsidiary Guarantor, as such, will have any liability for any obligations
of the Issuer or such Subsidiary Guarantor under the Notes, any Subsidiary Guarantee or this Indenture or for any claim based on,
in respect of, or by reason of, such obligations. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes.

 

Section 13.13.
     Force Majeure. The Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond
its control, including without limitation, any act or provision of any present or future law or regulation or governmental
authority; acts of God; earthquakes; fires; floods; wars; terrorism; epidemics or pandemics; civil or military disturbances;
sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or
communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; or the
unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

 

[Signature page follows]

 

     135

     

    

 

SIGNATURES

 

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

 

		MAXAR TECHNOLOGIES INC.
 as Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Biggs C. Porter
	 	 	 Name: Biggs C. Porter
	 	 	Title: Executive Vice President and Chief Financial Officer
	 	 	 
	 	 	 
	 	MAXAR TECHNOLOGIES HOLDINGS INC.
	 	DIGITALGLOBE, INC.
	 	SPACE SYSTEMS/LORAL, LLC
	 	RADIANT SOLUTIONS HOLDINGS, INC.
	 	RADIANT GEOSPATIAL SOLUTIONS LLC
	 	as Guarantor
	 	 	 
	 	 	 
	 	/s/ Laurie Korneffel
	 	Name: Laurie Korneffel
	 	Title: Secretary
	 	 
	 	 
	 	MDA COMMUNICATIONS HOLDINGS, LLC
	 	 
	 	/s/ Laurie Korneffel
	 	 
	 	Name: Laurie Korneffel
	 	Title: Manager
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 
	 	as Trustee
	 	 
	 	/s/ Nedine P. Sutton
	 	 
	 	Name: Nedine P. Sutton
	 	Title: Vice President

 

[Signature Page
to Indenture]

 

     

     

    

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 
	 	as Notes Collateral Agent
	 	 
	 	/s/ Nedine P. Sutton
	 	 
	 	Name: Nedine P. Sutton
	 	Title: Vice President

  

[Signature Page
to Indenture]

 

    

     

    

 

EXHIBIT A

 

[FACE OF NOTE]

 

MAXAR TECHNOLOGIES INC.

 

7.54% Senior Secured Note due 2027

 

CUSIP [144A: [ • ]
/ Reg S: [ •]] / ISIN [144A: [ • ]
/ Reg S: [ • ]]

 

No.$_______________

 

Maxar Technologies Inc., a Delaware corporation
(the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received,
promises to pay to ____________________, or its registered assigns, the principal sum of ____________ DOLLARS ($______) on December
31, 2027.

 

Interest Rate: 7.54% per annum.

 

Interest Payment Dates: June 25 and December
25, commencing ________, with the final Interest Payment Date being December 31, 2027 rather than December 25, 2027.

 

Regular Record Dates: June 10 and December
10.

 

Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as if set forth at this
place.

 

     A-1

     

    

 

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

 

	Date:	 	 	MAXAR TECHNOLOGIES INC.
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

     A-2

     

    

 

(Form of Trustee’s Certificate of
Authentication)

 

This is one of the 7.54% Senior Secured
Notes due 2027 described in the Indenture referred to in this Note.

 

	 	Wilmington Trust, National Association, as Trustee
	 	 
		By:	 
	 	 	Authorized Signatory

 

Dated:

 

     A-3

     

    

 

[REVERSE SIDE OF NOTE]

 

MAXAR TECHNOLOGIES INC.

 

7.54% Senior Secured Note due 2027

 

1.             Principal and
Interest.

 

The Company promises to pay the principal
of this Note on December 31, 2027.

 

The Company promises to pay interest on
the principal amount of this Note on each interest payment date, as set forth on the face of this Note, at the rate of 7.54% per
annum.

 

Interest will be payable semiannually (to
the Holders of record of the Notes at the close of business on the June 10 or December 10 immediately preceding the interest payment
date) on each interest payment date, commencing ________.

 

Interest on this Note will accrue from the
most recent date to which interest has been paid on this Note (or, if there is no existing Default in the payment of interest and
if this Note is authenticated between a regular record date and the next interest payment date, from such interest payment date)
or, if no interest has been paid, from the Issue Date. Interest will be computed in the basis of a 360-day year of twelve 30-day
months.

 

The Company will pay interest on overdue
principal, premium, if any, and, to the extent lawful, interest at the interest rate on the Notes.

 

2.             Indentures; Note
Guaranty.

 

This is one of the Notes issued under an
Indenture dated as of June 25, 2020 (as amended or supplemented from time to time, the “Indenture”), among the
Company, the Subsidiary Guarantors and Wilmington Trust, National Association, as Trustee. Capitalized terms used herein are used
as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture. The Notes
are subject to all such terms, and Holders are referred to the Indenture for a statement of all such terms. To the extent permitted
by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of
the Indenture will control.

 

The Notes are general senior obligations
of the Company, pari passu in right of payment with any existing and future unsubordinated Indebtedness of the Company.
The Indenture limits the original aggregate principal amount of the Notes to $150,000,000, but Additional Notes may be issued pursuant
to the Indenture, and the originally issued Notes and all such Additional Notes vote together for all purposes as a single class.
This Note may be guaranteed as set forth in the Indenture.

 

    A-4

     

    

 

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

 

This Note is subject to optional redemption,
and may be the subject of an Offer to Purchase, as further described in the Indenture. There is no sinking fund applicable to this
Note and there is no mandatory redemption applicable to this Note.

 

If the Company deposits with the Trustee
money or U.S. Government Obligations sufficient to pay the then outstanding principal of, premium, if any, and accrued interest
on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes
or may be discharged from certain of its obligations under certain provisions of the Indenture.

 

4.             Registered Form;
Denominations; Transfer; Exchange.

 

The Notes are in registered form without
coupons in minimum denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof. A Holder may register
the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture,
there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note
or certain portions of a Note.

 

5.             Defaults and
Remedies.

 

If an Event of Default (other than an Event
of Default arising from certain events of bankruptcy or insolvency), occurs and is continuing, up to two years following the first
public notice or notice to the Trustee of such event, the Trustee by notice in writing specifying the Event of Default and that
it is a “notice” to the Company, or the Holders of at least 25% in aggregate principal amount of the then-outstanding
Notes by notice to the Company and the Trustee, may declare the principal of, premium, if any, and accrued and unpaid interest,
if any, on all the Notes to be due and payable; provided that a notice of Default may not be given with respect to any action
taken, and reported publicly or to Holders, more than two years prior to such notice of Default. Upon the effectiveness of such
a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, shall be due and payable immediately.
If certain events of bankruptcy or insolvency with respect to the Company occur and is continuing, the principal of, premium, if
any, and accrued and unpaid interest, if any, on all of the Notes automatically become due and payable.

 

6.             Amendment and
Waiver.

 

The Indenture, the Subsidiary Guarantees
or the Notes may be amended or supplemented as provided in the Indenture.

 

7.             Authentication.

 

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

 

    A-5

     

    

 

8.             Governing Law;
Waiver of Jury Trial.

 

This Note shall be governed by, and construed
in accordance with, the laws of the State of New York. The Company and the Trustee each irrevocably waives, to the fullest extent
permitted by applicable law, any and all rights to trial by jury in any legal proceeding arising out of or relating to the Indenture
or this Note, or any transaction contemplated thereby.

 

9.             Abbreviations.

 

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

 

10.           Collateral.

 

The Notes are expected to be secured by
the Collateral on the terms of and subject to the conditions set forth in the Indenture, the Security Documents and the Intercreditor
Agreements, subject to release or termination as provided in the Indenture, the Security Documents and the Intercreditor Agreements.

 

The Company will furnish a copy of the Indenture
to any Holder upon written request and without charge.

 

    A-6

     

    

 

[FORM OF TRANSFER NOTICE]

 

FOR VALUE RECEIVED the undersigned registered
Holder hereby sell(s), assign(s) and transfer(s) unto

 

	Insert Taxpayer Identification No.
	 
	 
	Please print or typewrite name and address including zip code of assignee
	 
	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
	 

 

attorney to transfer said Note on the books of the Company with
full power of substitution in the premises.

 

    A-7

     

    

 

[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES
BEARING A RESTRICTED LEGEND]

 

In connection with any transfer of this
Note, the undersigned confirms that such transfer is made without utilizing any general solicitation or general advertising and
further as follows:

 

Check One

 

 ̈        (1)
This Note is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities
Act of 1933, as amended and certification in the form of Exhibit G to the Indenture is being furnished herewith.

 

 ̈        (2)
This Note is being transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act
of 1933, as amended, provided by Regulation S thereunder, and certification in the form of Exhibit F to the Indenture is being
furnished herewith.

 

or

 

 ̈        (3)
This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with
the conditions of transfer set forth in this Note and the Indenture.

 

If none of the foregoing boxes is checked,
the Trustee will refuse to register this Note in the name of any Person other than the Holder hereof unless and until the conditions
to any such transfer of registration set forth herein and in the Indenture have been satisfied.

 

	Date:	 	 
	 	 	 
	Seller
	By  	 	 
	 

NOTICE: The signature to this assignment must correspond
with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change
whatsoever.

 

    A-8

     

    

 

	Signature Guarantee:1	 

 

	By	 
	To be executed by an executive officer

 

 

 

1Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other
 “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-9

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you wish to have all of this Note purchased
by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, check the box:

 

		[ ] Section 4.10	[ ] Section 4.14

 

If you wish to have a portion of this Note
purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount (in original principal amount)
below:

 

$_____________________.

 

Date:____________

 

Your Signature:__________________________

 

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

 

Signature Guarantee:1_____________________________

 

 

1Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation
in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

 

    A-10

     

    

 

SCHEDULE OF EXCHANGES OF NOTES

 

The following exchanges of a part of this Global Note for one
or more Certificated Notes or a part of another Global Note, or exchanges of a part of another Global Note or Certificated Note
for an interest in this Global Note, have been made:

 

	Date of Exchange	 	Amount of decrease
 in principal amount
 of this Global Note	 	Amount of increase
 in principal amount
 of this Global Note	 	Principal amount of
 this Global Note
 following such
 decrease (or
 increase)	 	Signature of
 authorized signatory of
 Trustee	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    A-11

     

    

 

EXHIBIT B

 

SUPPLEMENTAL INDENTURE

dated as of __________, ____

among

MAXAR TECHNOLOGIES INC.,

[NAME OF SUBSIDIARY GUARANTOR]

 

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

 

 

7.54% Senior Secured Notes due 2027

 

    B-1

     

    

 

THIS SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), entered into as of [  ̃ ], [  ̃ ],
among Maxar Technologies Inc., a Delaware corporation (the “Company”), [insert each Subsidiary Guarantor executing
this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”) and Wilmington Trust,
National Association, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company, certain existing Subsidiary
Guarantors and the Trustee entered into the Indenture, dated as of June 25, 2020 (as amended or supplemented from time to time,
the “Indenture”), relating to the Company’s 7.54% Senior Secured Notes due 2027 (the “Notes”);
and

 

WHEREAS, the Company is permitted to add
further Subsidiary Guarantors without consent of the Holders pursuant to Section 9.01(6) and is required to add further Subsidiary
Guarantors under certain circumstances as set forth in Section 4.15.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby
agree as follows:

 

Section 1. Capitalized terms used herein
and not otherwise defined herein are used as defined in the Indenture.

 

Section 2. Each Undersigned, by its execution
of this Supplemental Indenture, agrees to be a Subsidiary Guarantor under the Indenture and to be bound by the terms of the Indenture
applicable to Subsidiary Guarantors, including, but not limited to, Article 10 thereof. Notwithstanding the foregoing, the Subsidiary
Guarantee of the Undersigned shall be automatically and unconditionally released and discharged as set forth in the Indenture,
including, but not limited to, under the circumstances described in Section 4.15(b), Section 4.21, Article 8, Section 10.06 and
Article 12 thereof, and no further action by the Subsidiary Guarantor, the Company or the Trustee is required for the release of
the Undersigned’s Subsidiary Guarantee as contemplated therein.

 

Section 3. This Supplemental Indenture shall
be governed by and construed in accordance with the laws of the State of New York.

 

Section 4. This Supplemental Indenture may
be signed in various counterparts which together will constitute one and the same instrument.

 

Section 5. This Supplemental Indenture is
an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.

 

    B-2

     

    

 

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

 

	 	MAXAR TECHNOLOGIES INC., as Issuer
	 	 
		By:	 
	 	 	Name:
	 	 	Title:

 

	 	[SUBSIDIARY GUARANTOR]
		By:	 
	 	 	Name:
	 	 	Title:

 

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

 

    B-3

     

    

 

EXHIBIT C

 

RESTRICTED LEGEND

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

		(1)	REPRESENTS THAT IT, AND ANY ACCOUNT FOR WHICH IT IS ACTING, (A) IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN
THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) OR (B) IS NOT A “U.S. PERSON” (WITHIN THE MEANING OF RULE 902
OF REGULATION S UNDER THE SECURITIES ACT) AND IS PURCHASING THE NOTES IN AN OFFSHORE TRANSACTION, AND THAT IT EXERCISES SOLE INVESTMENT
DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

		(2)	AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL
INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE NEXT PARAGRAPH), EXCEPT:

 

		(A)	TO THE ISSUER OR ANY SUBSIDIARY THEREOF; OR

 

		(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; OR

 

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

 

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

 

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

 

THE RESALE RESTRICTION TERMINATION DATE WILL BE
THE DATE (1) THAT IS AT LEAST SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH
THE ISSUER OR ANY AFFILIATE OF THE ISSUER WERE THE OWNERS OF THIS NOTE AND (2) ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE
THAT THIS LEGEND SHALL BE DEEMED REMOVED FROM THIS SECURITY, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE
RELATING TO THIS SECURITY.

 

    C-1

     

    

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE
WITH (2)(E) ABOVE, THE ISSUER AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

UNLESS PERMITTED UNDER APPLICABLE CANADIAN SECURITIES
LEGISLATION, THE HOLDER OF THE SECURITY EVIDENCED HEREBY MUST NOT TRADE THE SECURITY IN, OR TO A PERSON IN ANY PROVINCE OR TERRITORY
OF, CANADA BEFORE THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE DATE OF THE ISSUANCE OF THIS SECURITY.

 

    C-2

     

    

 

EXHIBIT D

 

DTC LEGEND

 

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

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE. TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO.
OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 

    D-1

     

    

 

EXHIBIT E

 

REGULATION S LEGEND

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

		(1)	REPRESENTS THAT IT, AND ANY ACCOUNT FOR WHICH IT IS ACTING, (A) IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN
THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) OR (B) IS NOT A “U.S. PERSON” (WITHIN THE MEANING OF RULE 902
OF REGULATION S UNDER THE SECURITIES ACT) AND IS PURCHASING THE NOTES IN AN OFFSHORE TRANSACTION, AND THAT IT EXERCISES SOLE INVESTMENT
DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

		(2)	AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL
INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE NEXT PARAGRAPH), EXCEPT:

 

		(A)	TO THE ISSUER OR ANY SUBSIDIARY THEREOF; OR

 

		(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; OR

 

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

 

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

 

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

 

THE RESALE RESTRICTION TERMINATION DATE WILL BE
THE DATE (1) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR
ANY AFFILIATE OF THE ISSUER WERE THE OWNERS OF THIS NOTE AND (2) ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE THAT THIS
LEGEND SHALL BE DEEMED REMOVED FROM THIS SECURITY, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE RELATING TO
THIS SECURITY.

 

    2

     

    

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE
WITH (2)(E) ABOVE, THE ISSUER AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

UNLESS PERMITTED UNDER APPLICABLE CANADIAN SECURITIES
LEGISLATION, THE HOLDER OF THE SECURITY EVIDENCED HEREBY MUST NOT TRADE THE SECURITY IN, OR TO A PERSON IN ANY PROVINCE OR TERRITORY
OF, CANADA BEFORE THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE DATE OF THE ISSUANCE OF THIS SECURITY.

 

    3

     

    

 

EXHIBIT F

 

Regulation S Certificate

 

_________, ____

 

Wilmington Trust, National Association

Global Capital Markets

246 Goose Lane, Suite 105

Guilford, Connecticut 06437

Attention: Maxar Technologies Inc. Administrator

 

	 	Re:	
        Maxar Technologies Inc.

        7.54% Senior Secured Notes due 2027 (the “Notes”)

        Issued under the Indenture (the “Indenture”) dated

        as of June 25, 2020 relating to the Notes

 

Ladies and Gentlemen:

 

Terms are used in this Certificate as used
in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except
as otherwise stated herein.

 

[CHECK A OR B AS APPLICABLE.]

 

		 ̈	A.       This Certificate relates to our proposed transfer of $____ aggregate principal amount of Notes issued under the Indenture.
We hereby certify, represent and warrant as follows:

 

		1.	The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded
from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is acting
is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in
Rule 902(h)(3)) and such offer and sale was not and will not be specifically targeted at an identifiable group of U.S. citizens
abroad.

 

		2.	Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy
order was originated, the buyer was outside the United States or we and any person acting on our behalf reasonably believed that
the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore
securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer
in the United States.

 

    F-1

     

    

 

		3.	Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the
United States with respect to the Notes.

 

		4.	The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

		5.	If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed
transfer takes place during the Restricted Period (as defined in the Indenture), or we are an officer or director of the Company
or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the
provisions of Rule 904(b) of Regulation S.

 

		 ̈	B.        This Certificate relates to our proposed exchange of $____ aggregate principal amount of Notes issued under the Indenture
for an equal principal amount of Notes to be held by us. We hereby certify, represent and warrant as follows:

 

		1.	At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded
from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting
was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in
Rule 902(h)(3); and we were not a member of an identifiable group of U.S. citizens abroad.

 

		2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated,
we were outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore
securities market and we did not pre-arrange the transaction in the United States.

 

		3.	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

    F-2

     

    

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,   
	 	 
	 	[NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
	 	 
	 	By:	 
	   	 	Name:
	   		Title:
	   		Address:

 

Date: _________________

 

    F-3

     

    

 

 

EXHIBIT G

 

Rule 144A Certificate

 

_________, ____

 

Wilmington Trust, National Association

Global Capital Markets

246 Goose Lane, Suite 105

Guilford, Connecticut 06437

Attention: Maxar Technologies Inc. Administrator

 

	 	Re:	
        Maxar Technologies Inc.

        7.54% Senior Secured Notes due 2027 (the “Notes”)

        Issued under the Indenture (the “Indenture”) dated

        as of June 25, 2020 relating to the Notes

 

Ladies and Gentlemen:

 

This Certificate relates to:

 

[CHECK A OR B AS APPLICABLE.]

 

 ̈A.Our proposed purchase of $____ aggregate principal amount of Notes issued under the Indenture.

 

 ̈B.Our proposed exchange of
$____ aggregate principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

 

We hereby confirm, represent and warrant
that:

 

		1.	We and, if applicable, each account for which we are acting in the aggregate owned and invested more than $100,000,000 in securities
of issuers that are not affiliated with us (or such accounts, if applicable), as of _________, 20__, which is a date on or since
close of our most recent fiscal year.

 

		2.	We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule
144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”).

 

		3.	If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account.

 

		4.	We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption
from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date
of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4) or
have determined not to request such information.

 

    G-1

     

    

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	
        Very truly yours,

         

        [NAME OF PURCHASER (FOR TRANSFERS)
        OR OWNER (FOR EXCHANGES)]

         

	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	Address:	 

 

Date: _________________

 

    G-2

     

    

 

EXHIBIT H

 

Institutional Accredited Investor Certificate

 

Wilmington Trust, National Association

Global Capital Markets

246 Goose Lane, Suite 105

Guilford, Connecticut 06437

 

Attention: Maxar Technologies Inc. Administrator

 

	 	Re:	
        Maxar Technologies Inc.

        7.54% Senior Secured Notes due 2027 (the “Notes”)

        Issued under the Indenture (the “Indenture”) dated

        as of June 25, 2020 relating to the Notes

 

Ladies and Gentlemen:

 

This Certificate relates to:

 

[CHECK A OR B AS APPLICABLE.]

 

 ̈A.Our proposed purchase of $____ aggregate principal amount of Notes issued under the Indenture.

 

 ̈B.Our proposed exchange of
$____ aggregate principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

 

We hereby confirm, represent and warrant
that:

 

		1.	We are an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”) (an “Institutional Accredited Investor”).

 

		2.	Any acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited
Investors as to which we exercise sole investment discretion.

 

		3.	We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks
of an investment in the Notes and we and any accounts for which we are acting are able to bear the economic risks of and an entire
loss of our or their investment in the Notes.

 

		4.	We are not acquiring the Notes with a view to, or for offer or sale in connection with, any distribution thereof in a transaction
that would violate the Securities Act or the securities laws of any State of the United States or any other applicable jurisdiction;
provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain
at all times within our and their control.

 

    H-1

     

    

 

		5.	We understand and acknowledge that the offer and sale of the Notes have not been registered under the Securities Act and that
the Notes and any interest therein may not be offered or sold within the United States or to or for the benefit of U.S. persons
except as set forth below.

 

		6.	The principal amount of Notes to which this Certificate relates is at least equal to $250,000.

 

We agree for the benefit of the Company,
on our own behalf and on behalf of each account for which we are acting, that such Notes may be offered, sold, pledged or otherwise
transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and
only (a) to the Company, (b) pursuant to a registration statement which has become effective under the Securities Act, (c) to a
qualified institutional buyer in compliance with Rule 144A under the Securities Act, (d) in an offshore transaction in compliance
with Rule 904 of Regulation S under the Securities Act, (e) in a principal amount of not less than $250,000, to an Institutional
Accredited Investor that, prior to such transfer, delivers to the Trustee a duly completed and signed certificate (the form of
which may be obtained from the Trustee) relating to the restrictions on transfer of the Notes or (f) pursuant to an exemption from
registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements
of the Securities Act. We further agree to provide any Person purchasing any of the Notes 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. We understand that, on any proposed resale of the Notes or beneficial interest therein, we shall 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.

 

Prior to the registration of any transfer
in accordance with (c) or (d) above, we acknowledge that a duly completed and signed certificate (the form of which may be obtained
from the Trustee) must be delivered to the Trustee. Prior to the registration of any transfer in accordance with (e) or (f) above,
we acknowledge that the Company reserves the right to require the delivery of such legal opinions, certifications or other evidence
as may reasonably be required in order to determine that the proposed transfer is being made in compliance with the Securities
Act and applicable state securities laws. We acknowledge that no representation is made as to the availability of any Rule 144
exemption from the registration requirements of the Securities Act.

 

We understand that the Trustee will
not be required to accept for registration of transfer any Notes acquired by us, except upon presentation of evidence
satisfactory to the Company and the Trustee that the foregoing restrictions on transfer have been complied with. We further
understand that the Notes acquired by us will be in the form of definitive physical certificates and that such certificates
will bear a legend reflecting the substance of the preceding paragraph. We further agree to provide to any person acquiring
any of the Notes from us a notice advising such person that resales of the Notes are restricted as stated herein and that
certificates representing the Notes will bear a legend to that effect.

 

    H-2

     

    

 

We agree to notify you promptly in writing
if any of our acknowledgments, representations or agreements herein ceases to be accurate and complete.

 

We represent to you that we have full power
to make the foregoing acknowledgments, representations and agreements on our own behalf and on behalf of any account for which
we are acting.

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	
        Very truly yours,

         

        [NAME OF PURCHASER (FOR TRANSFERS)
        OR OWNER (FOR EXCHANGES)]

         

	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	Address:	 

 

Date: _________________

 

    H-3

     

    

 

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

 

By:  _________________________________

 

Date:  ________________________________

 

Taxpayer ID number:  ___________________

 

    H-4

     

    

 

EXHIBIT I

 

OID LEGEND

 

THE
FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED), AND THIS LEGEND IS REQUIRED
BY SECTION 1275(C) OF THE CODE. HOLDERS MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF OID, THE ISSUE PRICE, THE ISSUE DATE AND
THE YIELD TO MATURITY RELATING TO THE NOTES BY CONTACTING MAXAR TECHNOLOGIES INC., 1300 W. 120TH AVENUE, WESTMINSTER, COLORADO
80234, ATTENTION: TREASURER AND GENERAL COUNSEL.

 

    

     

    

 

EXHIBIT J

 

Form of Second Lien
Intercreditor Agreement

 

    

     

    

 

schedule
1

POST-CLOSING Deliveries

 

Part I

 

		1.	A
                                         security agreement (the “Security Agreement”), in form substantially similar
                                         to that certain Security Agreement dated as of December 11, 2019 (the “2023
                                         Senior Secured Notes Certification Date”) and with all representations and
                                         certifications therein relating to the 2023 Senior Secured Notes Certification Date,
                                         by and among the Company, as grantor, the other grantors party thereto, and Wilmington
                                         Trust, National Association, as notes collateral agent under the 2023 Senior Secured
                                         Notes Indenture (the “2023 Senior Secured Notes Collateral Agent”).
	 	 	 
	 	2.	A perfection
                                         certificate (the “Perfection Certificate”), in form substantially
                                         similar to that certain Perfection Certificate dated as of December 11, 2019 delivered
                                         in connection with the 2023 Senior Secured Notes (as defined in the Indenture) and with
                                         all representations and certifications therein relating to the 2023 Senior Secured Notes
                                         Certification Date, by and among the Company, as grantor and the other grantors party
                                         thereto.
	 	 	 
	 	3.	UCC-1 financing
                                         statements with respect to the Company and each Guarantor, in proper form for filing,
                                         registration or recordation in each such entity’s jurisdiction of organization.

 

Part II

	 
	 	1.	A supplement to the Perfection Certificate.
	 
	 	2.	Intellectual property security agreements, confirming the grant of security interests in intellectual property pursuant to the
Security Agreement, in form substantially similar to the forms of intellectual property security agreements attached to the Security
Agreement.
	 
	 	3.	A control agreement with respect to deposit accounts of the Company and certain of the Guarantors maintained with Bank of America,
N.A., in form substantially similar to that certain Second Amended and Restated Deposit Account Control Agreement dated as of
December 11, 2019 (as amended prior to the date hereof) by and among the Company, as grantor, the other grantors party thereto,
the Bank Collateral Agent (as defined in the Indenture), the 2023 Senior Secured Notes Collateral Agent and Bank of America, N.A.
	 
	 	4.	A collateral assignment of leases in favor of Notes Collateral Agent in form substantially similar to that certain Collateral
Assignment of Leases dated as of December 11, 2019 by and among certain Guarantors party thereto and the 2023 Senior Secured Notes
Collateral Agent.
	 
	 	5.	A deed and charge over accounts in favor of Notes Collateral Agent in form substantially similar to that certain Deed and Charge
Over Accounts dated as of December 11, 2019 by and among certain Guarantors party thereto and the 2023 Senior Secured Notes Collateral
Agent.
	 

Part III 

 

Lien Search Jurisdictions

 

    	 		 

     

    

 

	Company/Guarantors	Jurisdiction
	Maxar Technologies Inc.	
        Delaware Secretary of State

        Colorado Secretary of State

	Maxar Technologies Holdings Inc.	
        Delaware Secretary of State

        Colorado Secretary of State

	DigitalGlobe, Inc.	
        Delaware Secretary of State

        Colorado Secretary of State

	Space Systems/Loral, LLC	
        Delaware Secretary of State

        California Secretary of State

	Radiant Solutions Holdings, Inc.	
        Delaware Secretary of State

        Colorado Secretary of State

	Radiant Geospatial Solutions LLC	
        Delaware Secretary of State

        Colorado Secretary of State

	MDA Communications Holdings, LLC	
        Delaware Secretary of State

        Colorado Secretary of Stateex_191612.htm

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this “Agreement”) is dated as of June 26, 2020, between GeoVax Labs, Inc., a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1     Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Debentures (as defined herein), and (b) the following terms have the meanings set forth in this Section 1.1:

 

“Acquiring Person” shall have the meaning ascribed to such term in Section 4.7.

 

“Action” shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of Directors” means the board of directors of the Company.

 

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally are open for use by customers on such day.

 

 

 

 

“Closing” means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived.

 

“Commission” means the United States Securities and Exchange Commission.

 

“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

 

“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company Counsel” means Womble Bond Dickinson (US) LLP, with offices located at Atlantic Station, 271 17th Street, NW, Suite 2400, Atlanta, GA 30363-1017.

 

“Conversion Price” shall have the meaning ascribed to such term in the Debentures.

 

“Conversion Shares” shall have the meaning ascribed to such term in the Debentures.

 

“Debentures” means the 5% Original Issue Discount Senior Secured Convertible Debentures due, subject to the terms therein, 12 months from their date of issuance, issued by the Company to the Purchasers hereunder, in the form of Exhibit A attached hereto.

 

“Disclosure Schedules” shall have the meaning ascribed to such term in Section 3.1.

 

“Disclosure Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, or (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof.

 

“EGS” means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

2

 

 

“Effective Date” means the earliest of the date that (a) the initial Registration Statement has been declared effective by the Commission, (b) all of the Underlying Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one year anniversary of the Closing Date provided that no holder of the Underlying Shares is an Affiliate of the Company or (d) all of the Underlying Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions and Company Counsel has delivered to such holders a standing written unqualified opinion that resales may then be made by such holders of the Underlying Shares pursuant to such exemption which opinion shall be in form and substance reasonably acceptable to such holders.

 

“Evaluation Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits, stock dividends, contract and anti-dilution provisions in effect on the date hereof, or combinations) or to extend the term of such securities, (c) securities issued pursuant to a Qualified Offering, and (d) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended.

 

“FDA” shall have the meaning ascribed to such term in Section 3.1(ll).

 

3

 

 

“FDCA” shall have the meaning ascribed to such term in Section 3.1(ll).

 

“GAAP” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness” shall have the meaning ascribed to such term in Section 3.1(bb).

 

“Intellectual Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Legend Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other similar restriction.

 

“Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material Permits” shall have the meaning ascribed to such term in Section 3.1(m).

 

“Maximum Rate” shall have the meaning ascribed to such term in Section 5.17.

 

“Participation Maximum” shall have the meaning ascribed to such term in Section 4.12(a).

 

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

 

“Pledged Securities” means any and all certificates and other instruments representing or evidencing all of the capital stock and other equity interests of the Subsidiaries.

 

“Principal Amount” means, as to each Purchaser, the amounts set forth below such Purchaser’s signature block on the signature pages hereto next to the heading “Principal Amount,” in United States Dollars, which shall equal, in the aggregate for all such Purchasers, $1,200,000.

 

“Pro Rata Portion” shall have the meaning ascribed to such term in Section 4.12(e).

 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

 

“Public Information Failure” shall have the meaning ascribed to such term in Section 4.3(b).

 

4

 

 

“Public Information Failure Payments” shall have the meaning ascribed to such term in Section 4.3(b).

 

“Purchaser Party” shall have the meaning ascribed to such term in Section 4.10.

 

“Qualified Offering” means a single public offering for cash of Common Stock and/or Common Stock Equivalents with initial gross proceeds to the Company equal to or greater than $6,000,000 which results in the listing of the Company’s Common Stock on a “national securities exchange” as defined in the Exchange Act.

 

“Registrable Shares” means the Underlying Shares, provided that any particular securities of such Registrable Shares shall cease to be Registrable Shares when (i) any registration statement of the Company that covers the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (ii) such securities shall have become eligible to be sold to the public by the Purchaser pursuant to Rule 144 under the Securities Act without any limitations on volume or manner of sale, or (iii) subsequent disposition of such securities shall not require registration or qualification of them under the Securities Act or of any similar state law then in force. Warrant Shares subject to a particular Warrant shall cease to be Registrable Securities at such time as cashless exercise is available pursuant to Section 2 (c) of the Warrants.

 

“Registration Statement” means a registration statement covering the resale of the Underlying Shares by each Purchaser as provided for in this Agreement.

 

“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Required Minimum” means, as of any date from the date of this Agreement, five times (5x) the maximum aggregate number of shares of Common Stock then issued or potentially issuable in the future pursuant to the Transaction Documents, including any Underlying Shares issuable upon exercise in full of all Warrants or upon conversion in full of all Debentures (including Underlying Shares issuable as payment of interest on the Debentures), ignoring any exercise or conversion limits set forth therein.

 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

5

 

 

“Securities” means the Debentures, the Warrants and the Underlying Shares.

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Security Agreement” means the Security Agreement, dated the date hereof, among the Company and the Purchasers, in the form of Exhibit C attached hereto.

 

“Security Documents” shall mean the Security Agreement, the original Pledged Securities, along with medallion guaranteed executed blank stock powers to the Pledged Securities, and any other documents and filing required thereunder in order to grant the Purchasers a first priority security interest in the assets of the Company and the Subsidiaries as provided in the Security Agreement, including all UCC-1 financing statements.

 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing shares of Common Stock).

 

“Strategic Investor” means an investor whose business directly or indirectly involves owning, supplying, developing, purchasing from or providing services to biotechnology businesses, as opposed to making passive investments.

 

“Subscription Amount” means, as to each Purchaser, the aggregate amount to be paid for Debentures and Warrants purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars and immediately available funds, which shall equal, in the aggregate for all such Purchasers, $1,050,000.

 

“Subsequent Financing” shall have the meaning ascribed to such term in Section 4.12(a).

 

“Subsequent Financing Notice” shall have the meaning ascribed to such term in Section 4.12(b).

 

“Subsidiary” means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Subsidiary Guarantee” means the Subsidiary Guarantee, dated the date hereof, by each Subsidiary in favor of the Purchasers, in the form of Exhibit D attached hereto.

 

“Trading Day” means a day on which the principal Trading Market is open for trading.

 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

6

 

 

“Transaction Documents” means this Agreement, the Debentures, the Warrants, the Security Agreement, the Subsidiary Guarantee, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer Agent” means American Stock Transfer and Trust Company, the current transfer agent of the Company, with a mailing address of 6201 15th Avenue, New York, NY 11219 and a facsimile number of 718-765-8712, and any successor transfer agent of the Company.

 

“Underlying Shares” means the Warrant Shares and Conversion Shares, including without limitation, shares of Common Stock issued and issuable in lieu of the cash payment of interest on the Debentures in accordance with the terms of the Debentures, in each case without respect to any limitation or restriction on the conversion of the Debentures or the exercise of the Warrants.

 

“Variable Rate Transaction” shall have the meaning ascribed to such term in Section 4.13(b).

 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Warrants” means, collectively, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants shall be exercisable immediately and have a term of exercise equal to five (5) years, in the form of Exhibit B attached hereto.

 

“Warrant Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

 

7

 

 

ARTICLE II.

PURCHASE AND SALE

 

2.1     Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, an aggregate of $1,200,000 in Principal Amount of the Debentures. Each Purchaser shall deliver to the Company, via wire transfer, immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and the Company shall deliver to each Purchaser its respective Debenture and a Warrant, as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2(a) and 2.2(b), respectively, at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree.

 

2.2     Deliveries.

 

(a)     On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)        this Agreement duly executed by the Company;

 

(ii)       a legal opinion of Company Counsel, in form and substance, reasonably satisfactory to the Purchasers;

 

(iii)      a Debenture in an amount equal to such Purchaser’s Principal Amount, registered in the name of such Purchaser;

 

(iv)     a Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 100% of such Purchaser’s Conversion Shares on the Closing Date with an exercise price equal to $0.50 subject to adjustment therein;

 

(v)       the Company’s wire instructions, on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer of the Company;

 

(vi)      the Security Agreement, duly executed by the Company and each Subsidiary, along with the other Security Documents, duly executed by the parties thereto; and

 

(vii)     the Subsidiary Guarantee duly executed by the subsidiaries;

 

(b)     On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)        this Agreement duly executed by such Purchaser;

 

8

 

 

(ii)       such Purchaser’s Subscription Amount by wire transfer to the account specified in the Company’s wire instructions; and

 

(iii)      the Security Agreement duly executed by such Purchaser.

 

2.3     Closing Conditions.

 

(a)     The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)     the accuracy of the representations and warranties of the Purchasers contained herein in all material respects on (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)     all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

 

(iii)     the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)     The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)     the accuracy of the representations and warranties of the Company contained herein in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)     all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)     the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)     there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

9

 

 

(v)     from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s principal Trading Market and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1     Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules of the Company attached hereto (the “Disclosure Schedules”), which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)     Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). Except as set forth on such schedule, the Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

(b)     Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospect or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

10

 

 

(c)     Authorization; Enforcement.

 

(i)     The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and such other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which the Company is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(ii)     Each Subsidiary has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by the Subsidiary Guarantee and otherwise to carry out its obligations thereunder. The execution and delivery of the Subsidiary Guarantee and the consummation by it of the transactions contemplated thereby have been duly authorized by all necessary action on the part of such Subsidiary, and no further action is required by such Subsidiary, its board of directors, its managers or its members, as applicable, in connection therewith. The Subsidiary Guarantee has been (or upon delivery will have been) duly executed by such Subsidiary and, when delivered in accordance with the terms thereof, will constitute the valid and binding obligation of such Subsidiary enforceable against such Subsidiary in accordance with its terms, except (A) as listed by general equitable principals and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (B) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (C) insofar as indemnification and contribution provisions may be limited by applicable law.

 

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(d)     No Conflicts. Except as set forth on Schedule 3.1(d), the execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)     Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.6 of this Agreement, (ii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities and the listing of the Underlying Shares for trading thereon in the time and manner required thereby and (iii) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the “Required Approvals”).

 

(f)     Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Underlying Shares, when issued in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock for issuance of the Underlying Shares at least equal to the Required Minimum on the date hereof.

 

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(g)     Capitalization. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall also include the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company as of the date hereof. Except as set forth on Schedule 3.1(g), the Company has not issued any capital stock since its most recently filed current or periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. Except as set forth in Schedule 3.1(g), no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 3.1(g) and as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the Purchasers). Except as set forth in Schedule 3.1(g), there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders’ agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders. Purchasers acknowledge that, as noted in SEC Reports, Immutak Oncology, Inc., a subsidiary, is seeking to raise capital directly to support its business.

 

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(h)     SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company is an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)     Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the entering into of this Agreement and the other Transaction Documents, and issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

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(j)     Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(k)     Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l)     Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

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(m)     Environmental Laws.   The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(n)     Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(o)     Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

 

(p)     Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(q)     Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers’ insurance coverage at least equal to the aggregate Subscription Amount. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

 

(r)     Transactions with Affiliates and Employees. Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from providing for the borrowing of money from or lending of money to, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.

 

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(s)     Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

(t)     Certain Fees. Except as set forth in Schedule 3.1(t), no brokerage or finder’s fees or commissions or other remuneration are or will be payable by the Company or any Subsidiaries directly or indirectly to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(u)     Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market.

 

(v)     Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.

 

(w)     Registration Rights. Other than each of the Purchasers, no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiaries.

 

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(x)     Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. Except as previously reported in the SEC Reports, the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

(y)     Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(z)     Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person, to its knowledge, acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. To the Company’s best knowledge, the press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

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(aa)     No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated. 

 

(bb)     Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities, but excluding amounts owed to the Company’s current and former officers and directors under salary/fee deferral arrangements) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted through the estimated date of the Qualified Offering and as proposed to be conducted through the estimated date of the Qualified Offering, including capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid (excluding amounts owed to the Company’s current and former officers and directors under salary/fee deferral arrangements). The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(bb) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

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(cc)     Tax Status.  Except for matters that would not, individually or in the aggregate, have or could reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.

 

(dd)     No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(ee)     Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision of FCPA.

 

(ff)     Accountants. The Company’s accounting firm is set forth on Schedule 3.1(ff) of the Disclosure Schedules. To the knowledge and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending December 31, 2020.

 

(gg)     Seniority. As of the Closing Date, no Indebtedness or other claim against the Company is senior to the Debentures in right of payment, whether with respect to interest or upon liquidation or dissolution, or otherwise, other than indebtedness secured by purchase money security interests (which is senior only as to underlying assets covered thereby) and capital lease obligations (which is senior only as to the property covered thereby).

 

(hh)     No Disagreements with Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform any of its obligations under any of the Transaction Documents.

 

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(ii)     Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(jj)     Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(g) and 4.15 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities, (iii) any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, may presently have a “short” position in the Common Stock and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Underlying Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted.  The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

(kk)     Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.

 

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(ll)     FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the Company's knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA.  The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving or clearing for marketing any product being developed or proposed to be developed by the Company.

 

(mm)     Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

 

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(nn)     Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(oo)     U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s request.

 

(pp)     Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(qq)     Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

 

(rr)     No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer Covered Persons”) is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

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(ss)     Other Covered Persons. Except as set forth on Schedule 3.1(ss), the Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.

 

3.2     Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

 

(a)     Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)     Own Account. Such Purchaser understands that the Securities are “restricted securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder as an investment in the ordinary course of its business.

 

(c)     Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises any Warrants or converts any Debentures it will be an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

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(d)     Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)     General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

 

(f)     Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

 

(g)     Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty against, or a prohibition of, any actions with respect to the borrowing of, arrangement to borrow, identification of the availability of, and/or securing of, securities of the Company in order for such Purchaser (or its broker or other financial representative) to effect Short Sales or similar transactions in the future.

 

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The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1     Transfer Restrictions.

 

(a)     The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

 

(b)     The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following form:

 

[NEITHER] THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON [EXERCISE] [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

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The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including if the Securities are subject to registration pursuant to an effective registration statement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling stockholders identified therein.

 

(c)     Certificates evidencing the Underlying Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while a registration statement (including the Registration Statement) covering the resale of such Underlying Shares is effective under the Securities Act, (ii) following any sale of such Underlying Shares pursuant to Rule 144 (assuming cashless exercise of the Warrants), (iii) if such Underlying Shares are eligible for sale under Rule 144 (assuming cashless exercise of the Warrants) without the requirement for the Company to be in compliance with the public company information required under Rule 144 and without volume or number of a sale restrictions, (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall, at its expense, cause its counsel, or at the option of a Purchaser, counsel determined by such Purchaser, to issue a legal opinion to the Transfer Agent or the Purchaser if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively. If all or any portion of a Debenture is converted or Warrant is exercised at a time when there is an effective registration statement to cover the resale of the Underlying Shares, or if such Underlying Shares may be sold under Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 (assuming cashless exercise of the Warrants) as to such Underlying Shares and without volume or manner-of-sale restrictions or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then such Underlying Shares shall be issued free of all legends. The Company agrees that following the Effective Date or at such time as such legend is no longer required under this Section 4.1(c), it will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Underlying Shares, as applicable, issued with a restrictive legend (such date, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Certificates for Underlying Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of a certificate representing Underlying Shares, as applicable, issued with a restrictive legend.

 

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(d)     In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial liquidated damages and not as a penalty, for each $1,000 of Underlying Shares (based on the VWAP of the Common Stock on the date such Securities are submitted to the Transfer Agent) properly delivered for removal of the restrictive legend under this Agreement (and applicable law) and subject to Section 4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Purchaser of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock that such Purchaser anticipated receiving from the Company without any restrictive legend, then, an amount equal to the excess of such Purchaser’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In Price”) over the product of (A) such number of Underlying Shares that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by such Purchaser to the Company of the applicable Underlying Shares (as the case may be) and ending on the date of such delivery and payment under this clause (ii).

 

(e)     Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities as set forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.

 

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4.2     Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Underlying Shares pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.

 

4.3     Furnishing of Information; Public Information.

 

(a)     Until the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

(b)     At any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of the Securities may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144 (i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Securities, an amount in cash equal to two percent (2.0%) of the aggregate Subscription Amount of such Purchaser’s Securities on the day of a Public Information Failure and on every thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required  for the Purchasers to transfer the Underlying Shares pursuant to Rule 144.  The payments to which a Purchaser shall be entitled pursuant to this Section 4.3(b) are referred to herein as “Public Information Failure Payments.”  Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured.  In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

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4.4     Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require stockholder approval prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

 

4.5     Conversion and Exercise Procedures. Each of the form of Notice of Exercise included in the Warrants and the form of Notice of Conversion included in the Debentures set forth the totality of the procedures required of the Purchasers in order to exercise the Warrants or convert the Debentures. Without limiting the preceding sentences, no ink-original Notice of Exercise or Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise or Notice of Conversion form be required by the Company in order to exercise the Warrants or convert the Debentures. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants or convert their Debentures. The Company shall honor exercises of Warrants and conversions of the Debentures and shall deliver Underlying Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.6     Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with (i) any Registration Statement and (ii) the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

 

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4.7     Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents.

 

4.8     Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.6, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file the information constituting or containing such material non-public information in such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.9     Use of Proceeds. Except as set forth on Schedule 4.9 attached hereto, the Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes of the Company or any of its Subsidiaries and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than payment or trade payables in the ordinary course of the Company’s business and prior practice and payments made on the Debenture), (b) for lending money, giving credit, making advances or paying back salary to any officers, directors, employees or Affiliates of the Company, (c) for the redemption of any Common Stock or Common Stock Equivalents, (d) for the settlement of any outstanding litigation or (e) in violation of FCPA or OFAC regulations.

 

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4.10     Indemnification of Purchasers. Subject to the provisions of this Section 4.10, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by a Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.10 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

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4.11     Reservation and Listing of Securities.

 

(a)     The Company shall maintain a reserve of the Required Minimum from its duly authorized shares of Common Stock for issuance pursuant to the Transaction Documents in such amount as may then be required to fulfill its obligations in full under the Transaction Documents.

 

(b)     If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required Minimum on such date, then the Board of Directors shall use commercially reasonable efforts to amend the Company’s certificate or articles of incorporation to increase the number of authorized but unissued shares of Common Stock to at least the Required Minimum at such time, as soon as possible and in any event not later than the 75th day after such date.

 

(c)     The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Required Minimum on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Purchasers evidence of such listing or quotation and (iv) maintain the listing or quotation of such Common Stock on any date at least equal to the Required Minimum on such date on such Trading Market or another Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

4.12     Participation in Future Financing.

 

(a)     From the date hereof until the later of (i) the date that is the 12 month anniversary of the Closing Date and (ii) the date no more amounts are payable under the Debenture (or each Debenture), upon any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents or any offering of debt or any other type of financing (other than an Exempt Issuance) with gross proceeds of less than $15,000,000, for consideration (a “Subsequent Financing”), each Purchaser shall have the right to participate in the Subsequent Financing in an amount not to exceed, in the aggregate among such Purchasers, 25% of the Subsequent Financing (the “Participation Maximum”) on the same terms, conditions and price provided for in the Subsequent Financing.

 

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(b)     Between the time period of 4:00 pm (New York City time) and 6:00 pm (New York City time) on the Trading Day immediately prior to the Trading Day of the expected announcement of the Subsequent Financing (or, if the Trading Day of the expected announcement of the Subsequent Financing is the first Trading Day following a holiday or a weekend (including a holiday weekend), between the time period of 4:00 pm (New York City time) on the Trading Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the day immediately prior to the Trading Day of the expected announcement of the Subsequent Financing), the Company shall deliver to each Purchaser a written notice of the Company’s intention to effect a Subsequent Financing (a “Subsequent Financing Notice”), which notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet and transaction documents relating thereto as an attachment.

 

(c)     Any Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by 6:30 am (New York City time) on the Trading Day following the date on which the Subsequent Financing Notice is delivered to such Purchaser (the “Notice Termination Time”) that such Purchaser elects to participate in the Subsequent Financing, the amount of such Purchaser’s participation, and representing and warranting that such Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from a Purchaser as of such Notice Termination Time, such Purchaser shall be deemed to have notified the Company that it does not elect to participate in such Subsequent Financing.

 

(d)     If, by the Notice Termination Time, notifications by the Purchasers of their election to participate in the Subsequent Financing (or to cause their designees to participate) is, in the aggregate, less than the total amount of the Subsequent Financing, then the Company may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice.

 

(e)     If, by the Notice Termination Time, the Company receives responses to a Subsequent Financing Notice from Purchasers seeking to purchase more than the aggregate amount of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro Rata Portion (as defined below) of the Participation Maximum.  “Pro Rata Portion” means the ratio of (x) the Subscription Amount of Securities purchased on the Closing Date by a Purchaser participating under this Section 4.12 to (y) the sum of the aggregate Subscription Amounts of Securities purchased on the Closing Date by all Purchasers participating in an investment under this Section 4.12.

 

(f)     The Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of participation set forth above in this Section 4.12, if the definitive agreement related to the initial Subsequent Financing Notice is not entered into for any reason on the terms set forth in such Subsequent Financing Notice within two (2) Trading Days after the date of delivery of the initial Subsequent Financing Notice.

 

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(g)     The Company and each Purchaser agree that, if any Purchaser elects to participate in the Subsequent Financing, the transaction documents related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is intended to, exclude one or more of the Purchasers from participating in a Subsequent Financing, including, but not limited to, provisions whereby such Purchaser shall be required to agree to any restrictions on trading as to any of the Securities purchased hereunder or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior written consent of such Purchaser. In addition, the Company and each Purchaser agree that, in connection with a Subsequent Financing, the transaction documents related to the Subsequent Financing shall include a requirement for the Company to issue a widely disseminated press release by 9:30 am (New York City time) on the Trading Day of execution of the transaction documents in such Subsequent Financing (or, if the date of execution is not a Trading Day, on the immediately following Trading Day) that discloses the material terms of the transactions contemplated by the transaction documents in such Subsequent Financing.

 

(h)     Notwithstanding anything to the contrary in this Section 4.12 and unless otherwise agreed to by such Purchaser, the Company shall either confirm in writing to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that such Purchaser will not be in possession of any material, non-public information, by 9:30 am (New York City time) on the second (2nd) Trading Day following date of delivery of the Subsequent Financing Notice. If by 9:30 am (New York City time) on such second (2nd) Trading Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by such Purchaser, such transaction shall be deemed to have been abandoned and such Purchaser shall not be deemed to be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries. 

 

(i)     Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, an investment by Strategic Investors, or an offering of equity or debt securities that results at the closing of such offering in the Company receiving gross proceeds of $15 million or greater.

 

(j)      Each Purchaser covenants and agrees that concurrently with the closing of the Qualified Offering, the Purchaser shall enter into a lock-up agreement with the Company in a form reasonably acceptable to the Purchaser relating to all of the securities issued upon mandatory conversion of the Debenture for a period of 30 days from the closing of the Qualified Offering (the “Lock-Up Period”). Each Purchaser further covenants and agrees that immediately following the Lock-Up Period, each Purchaser shall enter into a leak-out agreement with the Company in a form reasonably acceptable to the Purchaser, for the sale of up to 10% per Trading Day of such number of shares of Common Stock received by the Purchaser following a mandatory conversion of the Debenture upon the consummation of the Qualified Offering, for an additional 60 days.

 

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4.13     Subsequent Equity Sales.

 

(a)     From the date hereof until 180 days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents, except Exempt Issuances.

 

(b)     From the date hereof until the earlier of (i) such time as no Purchaser holds any of the Debentures or (ii) the 18-month anniversary of the Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

(c)     Notwithstanding the foregoing, this Section 4.13 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.

 

4.14     Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the similarly situated parties to such Transaction Documents. Further, the Company shall not make any payment of principal or interest on a Debenture in amounts which are disproportionate to the respective Principal Amounts outstanding on each of the other Debentures at any applicable time. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

 

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4.15     Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales, of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.6, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.6.  Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

 

4.16     Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

4.17     Capital Changes. Until the 18 month anniversary of the Closing Date, the Company shall not undertake a reverse or forward stock split or reclassification of the Common Stock without the prior written consent of the Purchasers holding a majority in Principal Amount outstanding of the Debentures; provided however, such written consent of the Purchasers shall not be unreasonably withheld if such reverse or forward stock split or reclassification of the Common Stock is required for the Company to list its Common Stock on a national securities exchange, and shall be deemed given if a reverse stock split is effected in connection with a Qualified Offering at the recommendation of the underwriter or placement agent.

 

4.18     [Reserved.]

 

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4.19     Notice of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person.

 

4.20     Piggy-Back Registration.

 

(a)     If the Company proposes to register any of its Common Stock, it will give prompt written notice to the Purchasers of its intention to effect such registration (the “Incidental Registration”). Within ten Business Days of receiving such written notice of an Incidental Registration, each Purchaser may make a written request (the “Piggy-Back Request”) that the Company include in the proposed Incidental Registration all, or a portion, of the Registrable Shares owned by the Purchaser (which Piggy-Back Request shall set forth the number of Registrable Shares intended to be disposed of by the Purchaser and the intended method of disposition thereof).

 

(b)     The Company will use its commercially reasonable efforts to include in any Incidental Registration all Registrable Shares which the Company has been requested to register pursuant to any timely Piggy-Back Request, to the extent required to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Shares so to be registered. If the Registrable Shares are not included in an Incidental Registration by the 90th calendar day after the Closing Date, then the Company shall immediately prepare and file a registration statement on such form as may be required covering the Registrable Shares.

 

(c)      Notwithstanding the preceding Sections 4.20(a) and 4.20(b): (i) the Company shall not be obligated pursuant to this Section 4.20 to effect a registration of Registrable Shares requested pursuant to a timely Piggy-Back Request if the Company discontinues the related Incidental Registration at any time prior to the effective date of any registration statement filed in connection therewith; (ii) if a registration pursuant to this Section 4.20 involves an underwritten offering, and the managing underwriter (or, in the case of an offering that is not underwritten, an investment banker) shall advise the Company that, in its opinion, the number of securities requested and otherwise proposed to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company will include in such registration the number which the Company is so advised can be sold in such offering in the following order: first, the securities the Company proposes to sell for its own account in such registration, second, the Registrable Shares of the Purchaser requesting to be included in such Registration, through a timely Piggy-Back Request (in proportion to the relative beneficial ownership of common stock by the Purchasers, on the one hand, and the beneficial ownership of common stock by Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd., on the other hand) and, third, all other securities requested to be included in such registration on a pro rata basis; and (iii) if the Company is engaged in, or has definitive plans to engage in, any activity or negotiations that, in the good faith determination of the Board of Directors, would be adversely affected by disclosure that would be required in connection with a registration to the material detriment of the Company, then the Company may delay such registration for a period of 20 days from the date of termination or disclosure of such activity or negotiations.

 

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ARTICLE V.

MISCELLANEOUS

 

5.1     Termination.  This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof, provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2     Fees and Expenses. At the Closing, the Company has agreed to reimburse Cavalry Fund I LP the sum of up to $30,000 for its out-of-pocket legal fees and expenses, of which $5,000 has been paid prior to the Closing. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any conversion or exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers. For the avoidance of doubt, the Company shall also pay all of its attorney’s fees, transfer agent fees, and other out-of-pocket fees and expenses incurred by it related to any Purchaser sales pursuant to Rule 144.

 

5.3     Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4     Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

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5.5     Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers holding at least 67% in Principal Amount outstanding of the Debentures or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

 

5.6     Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

5.7     Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8     No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.10.

 

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5.9     Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.10, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

 

5.10     Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11     Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page was an original thereof.

 

5.12     Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13     Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; provided, however, that, in the case of a rescission of a conversion of a Debenture or exercise of a Warrant, the applicable Purchaser shall be required to return any shares of Common Stock subject to any such rescinded conversion or exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

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5.14     Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

5.15     Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 

5.16     Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17     Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any Action or Proceeding that may be brought by any Purchaser in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly agreed and provided that the total liability of the Company under the Transaction Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to any Purchaser with respect to indebtedness evidenced by the Transaction Documents, such excess shall be applied by such Purchaser to the unpaid principal balance of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at such Purchaser’s election.

 

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5.18     Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS only represents Cavalry Fund I LP. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document to which the Company and the Purchasers are a party is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

5.19     Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

 

5.20     Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

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5.21     Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

5.22     WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	
			GEOVAX LABS, INC.

			 

				
			Address for Notice:

			 

			1900 Lake Park Drive, Suite 380

			Smyrna, GA 30080

			 

			
	
			By: /s/ David A. Dodd____________________

			     Name: David A. Dodd

			     Title:  President & CEO

			 

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

				
			Email: 

			Fax:

			
	
			 

			T. Clark Fitzgerald III

			c/o Womble Bond Dickinson (US) LLP

			271 17th St

			Suite 2400

			Atlanta, Ga 30363-101

			Email: clark.fitzgerald@wbd-us.com

			 

				 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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[PURCHASER SIGNATURE PAGES TO GEOVAX sECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of Purchaser: __________________________________

 

Name of Authorized Signatory: ____________________________________________________

 

Title of Authorized Signatory: _____________________________________________________

 

Email Address of Authorized Signatory: _____________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

 

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

 

 

 

Subscription Amount: $_____________

 

Principal Amount: $_______________

 

Warrant Shares: _______________

 

 

EIN Number: _______________________

 

 

[SIGNATURE PAGES CONTINUE]

 

 

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