Indenture



  
 Exhibit 4.2 

 

  
 SECUNDA INTERNATIONAL LIMITED 
  
 SENIOR SECURED FLOATING RATE NOTES DUE 2012 
  
 INDENTURE 
  
 Dated as of August 26, 2004 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
  
 Trustee 
  








  
 Table of Contents

  

					
	 	  	 	  	Page


	 ARTICLE I
	  	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
	 SECTION 1.01.
	  	 Definitions
	  	1
	 SECTION 1.02.
	  	 Other Definitions
	  	31
	 SECTION 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	31
	 SECTION 1.04.
	  	 Rules of Construction
	  	32
			
	 ARTICLE II
	  	 THE NOTES
	  	33
			
	 SECTION 2.01.
	  	 Form and Dating
	  	33
	 SECTION 2.02.
	  	 Execution and Authentication
	  	33
	 SECTION 2.03.
	  	 Registrar, Paying Agent and Calculation Agent
	  	35
	 SECTION 2.04.
	  	 Paying Agent to Hold Money in Trust
	  	36
	 SECTION 2.05.
	  	 Holder Lists
	  	36
	 SECTION 2.06.
	  	 Transfer and Exchange
	  	36
	 SECTION 2.07.
	  	 Replacement Notes
	  	44
	 SECTION 2.08.
	  	 Outstanding Notes
	  	45
	 SECTION 2.09.
	  	 Treasury Notes
	  	45
	 SECTION 2.10.
	  	 Temporary Notes
	  	45
	 SECTION 2.11.
	  	 Cancellation
	  	46
	 SECTION 2.12.
	  	 Calculation of Interest; Computation of Interest
	  	46
	 SECTION 2.13.
	  	 Interest Act (Canada)
	  	46
	 SECTION 2.14.
	  	 Defaulted Interest
	  	46
	 SECTION 2.15.
	  	 CUSIP, Common Code and ISIN Numbers
	  	46
			
	 ARTICLE III
	  	 REDEMPTION AND PREPAYMENT
	  	47
			
	 SECTION 3.01.
	  	 Notices to Trustee
	  	47
	 SECTION 3.02.
	  	 Selection of Notes to be Redeemed
	  	47
	 SECTION 3.03.
	  	 Notice of Redemption
	  	47
	 SECTION 3.04.
	  	 Effect of Notice of Redemption
	  	48
	 SECTION 3.05.
	  	 Deposit of Redemption Price
	  	48
	 SECTION 3.06.
	  	 Notes Redeemed in Part
	  	49
	 SECTION 3.07.
	  	 Optional Redemption
	  	49
	 SECTION 3.08.
	  	 Mandatory Redemption
	  	50
	 SECTION 3.09.
	  	 Offer to Purchase by Application of Excess Asset Disposition Proceeds and Excess Proceeds from the Sale of Collateral
	  	50
	 SECTION 3.10.
	  	 Redemption for Changes in Withholding Tax
	  	51
	 SECTION 3.11.
	  	 Annual Reduction Offer
	  	52
			
	 ARTICLE IV
	  	 COVENANTS
	  	54
			
	 SECTION 4.01.
	  	 Payment of Notes
	  	54
	 SECTION 4.02.
	  	 Maintenance of Office or Agency
	  	54
	 SECTION 4.03.
	  	 Reports
	  	55
	 SECTION 4.04.
	  	 Compliance Certificate
	  	56
	 SECTION 4.05.
	  	 Taxes
	  	56
	 SECTION 4.06.
	  	 Waiver of Stay, Extension and Usury Laws
	  	56
	 SECTION 4.07.
	  	 Limitation on Indebtedness
	  	56
	 SECTION 4.08.
	  	 Limitation on Restricted Payments
	  	59

  

 i 









					
	 SECTION 4.09.
	  	 Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	61
	 SECTION 4.10.
	  	 Limitation on Sales of Assets and Subsidiary Stock
	  	63
	 SECTION 4.11.
	  	 Limitation on Affiliate Transactions
	  	66
	 SECTION 4.12.
	  	 Limitation on Liens
	  	67
	 SECTION 4.13.
	  	 Limitation on Sale/Leaseback Transactions
	  	67
	 SECTION 4.14.
	  	 Future Guarantors
	  	67
	 SECTION 4.15.
	  	 Limitation on Business Activities
	  	68
	 SECTION 4.16.
	  	 Payments for Consent
	  	68
	 SECTION 4.17.
	  	 Offer to Repurchase upon Change of Control
	  	68
	 SECTION 4.18.
	  	 Payment of Additional Amounts
	  	70
	 SECTION 4.19.
	  	 Corporate Existence
	  	72
			
	 ARTICLE V
	  	 SUCCESSORS
	  	72
			
	 SECTION 5.01.
	  	 Merger, Consolidation, or Sale of Assets
	  	72
	 SECTION 5.02.
	  	 Successor Corporation Substituted
	  	73
			
	 ARTICLE VI
	  	 DEFAULTS AND REMEDIES
	  	74
			
	 SECTION 6.01.
	  	 Events of Default
	  	74
	 SECTION 6.02.
	  	 Acceleration
	  	75
	 SECTION 6.03.
	  	 Other Remedies
	  	76
	 SECTION 6.04.
	  	 Waiver of Past Defaults
	  	76
	 SECTION 6.05.
	  	 Control by Majority
	  	76
	 SECTION 6.06.
	  	 Limitation on Suits
	  	77
	 SECTION 6.07.
	  	 Rights of Holders of Notes to Receive Payment
	  	77
	 SECTION 6.08.
	  	 Collection Suit by Trustee
	  	77
	 SECTION 6.09.
	  	 Trustee May File Proofs of Claim
	  	77
	 SECTION 6.10.
	  	 Priorities
	  	78
	 SECTION 6.11.
	  	 Undertaking for Costs
	  	78
			
	 ARTICLE VII
	  	 TRUSTEE
	  	79
			
	 SECTION 7.01.
	  	 Duties of Trustee
	  	79
	 SECTION 7.02.
	  	 Rights of Trustee
	  	80
	 SECTION 7.03.
	  	 Individual Rights of Trustee
	  	81
	 SECTION 7.04.
	  	 Trustee’s Disclaimer
	  	81
	 SECTION 7.05.
	  	 Notice of Defaults
	  	81
	 SECTION 7.06.
	  	 Reports by Trustee to Holders of the Notes
	  	82
	 SECTION 7.07.
	  	 Compensation and Indemnity
	  	82
	 SECTION 7.08.
	  	 Replacement of Trustee
	  	83
	 SECTION 7.09.
	  	 Successor Trustee by Merger, Etc.
	  	84
	 SECTION 7.10.
	  	 Eligibility; Disqualification
	  	84
	 SECTION 7.11.
	  	 Preferential Collection of Claims Against Company
	  	84
			
	 ARTICLE VIII
	  	 SATISFACTION AND DISCHARGE; DEFEASANCE
	  	84
			
	 SECTION 8.01.
	  	 Satisfaction and Discharge of Indenture
	  	84
	 SECTION 8.02.
	  	 Application of Trust Money
	  	85
	 SECTION 8.03.
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	85
	 SECTION 8.04.
	  	 Legal Defeasance
	  	85
	 SECTION 8.05.
	  	 Covenant Defeasance
	  	86
	 SECTION 8.06.
	  	 Conditions to Legal or Covenant Defeasance
	  	86

  

 ii 









					
	 SECTION 8.07.
	  	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	87
	 SECTION 8.08.
	  	 Repayment to Company
	  	88
	 SECTION 8.09.
	  	 Reinstatement
	  	88
			
	 ARTICLE IX
	  	 AMENDMENT, SUPPLEMENT AND WAIVER
	  	89
			
	 SECTION 9.01.
	  	 Without Consent of Holders of Notes
	  	89
	 SECTION 9.02.
	  	 With Consent of Holders of Notes
	  	90
	 SECTION 9.03.
	  	 Compliance with Trust Indenture Act
	  	91
	 SECTION 9.04.
	  	 Revocation and Effect of Consents
	  	91
	 SECTION 9.05.
	  	 Notation on or Exchange of Notes
	  	91
	 SECTION 9.06.
	  	 Trustee to Sign Amendments, Etc.
	  	92
			
	 ARTICLE X
	  	 COLLATERAL AND SECURITY
	  	92
			
	 SECTION 10.01.
	  	 Security Documents
	  	92
	 SECTION 10.02.
	  	 Further Assurances; Opinions
	  	92
	 SECTION 10.03.
	  	 Collateral Agent
	  	94
	 SECTION 10.04.
	  	 Security Documents and Note Guarantees
	  	95
	 SECTION 10.05.
	  	 [This Section Left Intentionally Blank]
	  	96
	 SECTION 10.06.
	  	 Release of Collateral Agent’s Lien
	  	96
	 SECTION 10.07.
	  	 Trustee to Sign Releases
	  	98
			
	 ARTICLE XI
	  	 [THIS ARTICLE INTENTIONALLY LEFT BLANK]
	  	98
			
	 ARTICLE XII
	  	 [THIS ARTICLE INTENTIONALLY LEFT BLANK]
	  	98
			
	 ARTICLE XIII
	  	 GUARANTEES
	  	98
			
	 SECTION 13.01.
	  	 Subsidiary Guarantees
	  	98
	 SECTION 13.02.
	  	 Execution and Delivery of Additional Note Guarantee or Supplemental Indenture; Notation of Note Guarantee
	  	101
	 SECTION 13.03.
	  	 [THIS SECTION INTENTIONALLY LEFT BLANK]
	  	102
	 SECTION 13.04.
	  	 Termination, Release and Discharge
	  	102
	 SECTION 13.05.
	  	 Limitation on Guarantor Liability; Contribution
	  	103
	 SECTION 13.06.
	  	 Trustee to Include Paying Agent
	  	103
			
	 ARTICLE XIV
	  	 MISCELLANEOUS
	  	104
			
	 SECTION 14.01.
	  	 Trust Indenture Act Controls
	  	104
	 SECTION 14.02.
	  	 Notices
	  	104
	 SECTION 14.03.
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	105
	 SECTION 14.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	105
	 SECTION 14.05.
	  	 Statements Required in Certificate or Opinion
	  	105
	 SECTION 14.06.
	  	 Rules by Trustee and Agents
	  	106
	 SECTION 14.07.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	106
	 SECTION 14.08.
	  	 Governing Law
	  	106
	 SECTION 14.09.
	  	 Agent for Service; Submission to Jurisdiction; Waiver of Immunities
	  	106
	 SECTION 14.10.
	  	 Judgment Currency
	  	107
	 SECTION 14.11.
	  	 No Adverse Interpretation of Other Agreements
	  	107
	 SECTION 14.12.
	  	 Successors
	  	107
	 SECTION 14.13.
	  	 Severability
	  	108

  

 iii 









					
	 SECTION 14.14.
	  	 Counterpart Originals
	  	108
	 SECTION 14.15.
	  	 Table of Contents, Headings, Etc.
	  	108
	 SECTION 14.16.
	  	 Language of Notices, Etc
	  	108

  

 iv 









					
	EXHIBIT A	  	Form of Note	  	A-1
			
	EXHIBIT B	  	Form of Certificate of Transfer	  	B-1
			
	EXHIBIT C	  	Form of Certificate of Exchange	  	C-1
			
	EXHIBIT D	  	Form of Certificate from Acquiring Institutional Accredited Investor	  	D-1
			
	EXHIBIT E	  	Form of Supplemental Indenture – Additional Note Guarantees	  	E-1

  

 i 








  
 CROSS-REFERENCE TABLE

  

			
	 Trust Indenture Act Section

	  	Indenture Section


	 310 (a)(1)
	  	7.10           
	        (a)(2)
	  	7.10           
	        (a)(3)
	  	N.A.           
	        (a)(4)
	  	N.A.           
	        (a)(5)
	  	7.10           
	        (b)
	  	7.10           
	        (c)
	  	N.A.           
	 311 (a)
	  	7.11           
	        (b)
	  	7.11           
	        (c)
	  	N.A.           
	 312 (a)
	  	2.05           
	        (b)
	  	14.03           
	        (c)
	  	14.03           
	 313 (a)
	  	7.06           
	        (b)(1)
	  	7.06           
	        (b)(2)
	  	7.06, 7.07  
	        (c)
	  	7.06, 14.02
	        (d)
	  	7.06           
	 314 (a)
	  	4.03           
	        (a)(4)
	  	14.04           
	        (b)
	  	10.02           
	        (c)(1)
	  	N.A.           
	        (c)(2)
	  	N.A.           
	        (c)(3)
	  	N.A.           
	        (d)
	  	10.02           
	        (e)
	  	14.05           
	        (f)
	  	N.A.           
	 315 (a)
	  	7.01           
	        (b)
	  	7.05           
	        (c)
	  	7.01           
	        (d)
	  	7.01           
	        (e)
	  	6.11           
	 316 (a)(last sentence)
	  	2.09           
	        (a)(1)(A)
	  	6.05           
	        (a)(1)(B)
	  	6.04           
	        (a)(2)
	  	N.A.           
	        (b)
	  	6.07           
	        (c)
	  	2.12           
	 317 (a)(1)
	  	6.09           
	        (a)(2)
	  	6.09           
	        (b)
	  	2.04           
	 318 (a)
	  	14.01           
	        (b)
	  	14.01           
	        (c)
	  	14.01           

  
 N.A. means not applicable.


 This Cross-Reference Table shall not, for any purpose, be deemed to be part of
this Indenture. 
  

 ii 








 INDENTURE dated as of August 26, 2004 among SECUNDA INTERNATIONAL
LIMITED, a Nova Scotia corporation (the “Company”), the GUARANTORS (as defined), and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national bank association, as trustee (the “Trustee”). 
  
 The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of (i) the
Company’s Senior Secured Floating Rate Notes due 2012 (such notes as issued hereunder for original issuance on the Issue Date and, if and when issued hereunder, such additional notes as issued for original issuance after the Issue Date,
collectively the “Initial Notes”) and (ii) if and when issued, each series of the Company’s Senior Secured Floating Rate Notes due 2012 issued in exchange for any Initial Notes in an Exchange Offer or upon transfer
pursuant to a Shelf Registration Statement (the “Exchange Notes” and, together with the Initial Notes, the “Notes”): 
  
 ARTICLE I 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.01. Definitions. 
  
 “Additional Assets” means: 
  
 (1) any property, equipment or other capital assets used in a Related Business; 
  
 (2) the Capital Stock of a Person primarily engaged in a Related Business that becomes a Restricted Subsidiary as a result
of the acquisition of such Capital Stock by the Company or another Restricted Subsidiary; or 
  
 (3) Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary; 
  
 provided, however, in the case of a Sale of Collateral, such property, equipment or other assets shall consist solely of Replacement Vessel Assets, and the
principal assets owned by any such Person shall consist of Replacement Vessel Assets. 
  
 “Administrative Agent” means Fortis Capital Corp., as administrative agent under the Credit Agreement, and each successor and replacement thereto in such capacity. 
  
 “Affiliate” of any specified Person means:

  
 (1) any other Person, directly or indirectly, controlling or
controlled by; or 
  
 (2) under direct or indirect common control
with such specified Person. 
  
 For the purposes of this
definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise;
and the terms “controlling” and “controlled” have meanings correlative to the foregoing. For purposes of Sections 4.08, 4.10 and 4.11 only, “Affiliate” shall also mean any beneficial owner of
Capital Stock representing 25% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company or of rights or warrants to purchase such Capital Stock (whether or not currently 

  









 
exercisable) and any Person who would be an Affiliate of any such beneficial owner pursuant to the first sentence hereof. 
  
 “Agent” means any Registrar, Paying Agent or
Authenticating Agent. 
  
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Asset Disposition” means any sale, lease, transfer,
exchange or other disposition (or series of related sales, leases, transfers, exchanges or dispositions) by the Company or any Restricted Subsidiary, including, without limitation, any disposition by means of a merger, consolidation or similar
transaction, by the way of a sale and leaseback or pursuant to loss, destruction, damage, condemnation or similar taking, (each referred to for the purposes of this definition as a “disposition”), of: 
  
 (1) any shares of Capital Stock of a Restricted Subsidiary (other than
directors’ qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary); 
  
 (2) all or substantially all the assets of any division or line of business of the Company or any Restricted Subsidiary; or 
  
 (3) any other assets or rights of the Company or any Restricted Subsidiary
outside of the ordinary course of business of the Company or such Restricted Subsidiary; 
  
 other than, in the case of clauses (1), (2) and (3) above, 
  
 (A) a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Wholly Owned Subsidiary;

  
 (B) for purposes of Section 4.10 only,
(y) a disposition that constitutes a Restricted Payment permitted by the Section 4.08 or a Permitted Investment and (z) a disposition of all or substantially all the assets of the Company or the Company and the Restricted Subsidiaries taken
as a whole, by merger or otherwise, in accordance with the provisions of Section 5.01; 
  
 (C) a disposition of an asset or pursuant to a series of related dispositions, assets with a fair market value of less than $5,000,000;

  
 (D) grants of Liens permitted by Section
4.12 or made pursuant to any Security Documents and dispositions pursuant thereto; 
  
 (E) any charter of vessels of the Company or of any Restricted Subsidiary entered into in the ordinary course of business and with respect
to which the Company or any Restricted Subsidiary is the lessor, except any such charter that provides for the acquisition of such vessel by the lessee during or at the end of the term thereof for an amount that is less than their fair market value
at the time the right to acquire such properties or assets occur; 
  

 2 








 (F) real property or Capital Stock sold in accordance with clause (b)(9) Section
4.11; and 
  
 (G) sales of obsolete and not
practically useable or worn-out equipment in the ordinary course of business. 
  
 “Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate then borne by the Notes, compounded
quarterly) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended); provided that if such
Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.” 
  
 “Average Life” means, as of the date of
determination, with respect to any Indebtedness, 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 or redemption or similar payment with respect to such Indebtedness
multiplied by the amount of such payment by 
  
 (2) the sum of all
such payments. 
  
 “Bankruptcy Code” means
Title 11, U.S. Code, as amended, or any similar federal or state law, or any similar law of any jurisdiction foreign to the United States of America or to any state thereof, including political subdivision thereof, in each case for the relief of
debtors. 
  
 “Board of Directors” means
the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board. 
  
 “Business Day” means any day other than a Legal Holiday. 
  
 “Calculation Agent” has the meaning set forth in the form of Note attached hereto as Exhibit
A. 
  
 “Canadian Dollar Equivalent”
means, with respect to any monetary amount in a currency other than the Canadian dollar, at or as of any time for the determination thereof, the amount of Canadian dollars obtained by converting such foreign currency involved in such computation
into Canadian dollars at the spot rate for the purchase of Canadian dollars with the applicable foreign currency as quoted by Reuters (or, if Reuters ceases to provide such spot quotations, by any other reputable service as is providing such spot
quotations, as selected by the Company) at approximately 11:00 a.m. (New York City time) on the date not more than two business days prior to such determination. 
  
 “Capital Lease Obligations” means an obligation that is required to be classified and accounted for
as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity
thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For 

  

 3 








 
purposes of Section 4.12, a Capital Lease Obligation will be deemed to be secured by a Lien on the property being leased thereby. 
  
 “Capital Stock” of any Person means any and all
shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such
equity. 
  
 “cash equivalents”, means, if
at the relevant time of determination, it is not defined by GAAP, short-term, highly-liquid investments that are (i) readily convertible to known amounts of cash and (ii) so near their maturity that they present insignificant risk of changes in
value because of changes in interest rates. 
  
 “Change
of Control” means the occurrence of one or more of the following events: 
  
 (1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the “beneficial owner” (as
defined in Rule 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (1) such person shall be deemed to have “beneficial ownership” of all shares that any such person 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 otherwise has the right or ability by voting power, contract or otherwise to
elect or designate for election a majority of the Board of Directors of the Company; 
  
 (2) individuals who on the Issue Date constituted the Board of Directors of the Company (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders
of the Company was approved by a vote of a majority of the directors of the Company then still in office who were either directors on the Issue Date or whose election or nomination for election was previously so approved) cease for any reason to
constitute a majority of the Board of Directors of the Company then in office; 
  
 (3) the adoption or approval by the Board of Directors or shareholders of the Company, of a plan relating to the liquidation or dissolution of the Company; or 
  
 (4) the merger or consolidation of the Company with or into another Person or
the merger or consolidation of another Person with or into the Company, or the sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company (determined on a
consolidated basis) to another Person (other than, in all such cases, a Person that is controlled by one or more Permitted Holders) or group of related persons for purposes of Section 13(d) of the Exchange Act, other than a transaction following
which (A) in the case of a merger or consolidation transaction, securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into which such securities are converted as part of such
merger or consolidation transaction) constitute at least a majority of the voting power of the Voting Stock of the surviving Person (or any parent thereof) in such merger or consolidation transaction and (B) in the case of such a sale, lease,
exchange or other transfer of assets transaction, the transferee Person becomes a Subsidiary of the transferor of such assets. 
  
 “Clearstream” means Clearstream Banking, societe anonyme. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  

 4 








 “Collateral” means all of the following property, as more particularly described
in the Security Documents: 
  
 (1) those certain 12 vessels owned
by any one or more of the Company and its Subsidiaries as of the Issue Date, which on such date are registered under the respective names and flags: 
  

			
	 Vessel

	 	 Flag


	Agile	 	Barbados
	J.D. Mitchell	 	Barbados
	Mariner Sea	 	Canada
	Panuke Sea	 	Canada
	Cabot Sea	 	Canada
	Ryan Leet	 	Canada
	Thebaud Sea	 	Canada
	Venture Sea	 	Canada
	Burin Sea	 	Canada
	Trinity Sea	 	Canada
	Sable Sea	 	Canada*
	Hebron Sea	 	Canada

  

	*	Canadian registry has been voluntarily suspended by the Company, and the Vessel currently is registered on the bareboat registry of Barbados. 

  
 (together with each vessel acquired after the Issue Date with the proceeds of Additional
Notes, and including any replacements or substitutions of the foregoing vessels as provided for in this Indenture or the Credit Agreement, the “Vessels”), and (A) all such Vessels’ respective boilers, engines, machinery,
masts, spars, rigging, boats, anchors, cables, chains, tackle, tools, pumps and pumping equipment, apparel, furniture, fittings and equipment, spare parts, and all other appurtenances thereunto appertaining or belonging, whether now owned or
hereafter acquired, whether or not on board said Vessels, and all additions, improvements, renewals and replacements hereafter made in or to said Vessels or any part thereof, or in or to the equipment or any said appurtenances, (B) any and all
rights, privileges and benefits of the Company or any of its Subsidiaries under insurances, awards, warranties, claims, agreements or otherwise to receive monies or other property or interests in relation to, or arising from, any damage to, or
liability, loss or requisition, confiscation, condemnation of title or compulsory acquisition of, the Vessels or any portion thereof and (C) all rights, privileges and benefits of the Company or any of its Subsidiaries to receive payment of monies
or other property or interests in relation to the use, hire or operation of any of the Vessels, or any portion thereof, including any of same arising from, or related to, freights, passage monies, charter monies, hire monies, requisition for hire
compensation, salvage, towage remuneration, demurrage detention monies and other earnings now or hereafter earned under any charter now or hereafter entered into with regard to the Vessels or as a result of any requisition for use of the Vessels
(together with the Vessels, the “Vessel Assets”); 
  
 (2) all outstanding Capital Stock of each of Subsidiary of the Company which on the Issue Date or thereafter (i) owns one or more of the Vessels or other Vessel Assets or (ii) charters or arranges for the charter of
one or more of the Vessels; 
  

 5 








 (3) all general intangibles owned or acquired by the Company or any of its Subsidiaries necessary,
exclusively used for, and in connection with, the ownership, expansion, operation, use, maintenance or sale or other disposition of any of the Vessels or any of the other Vessel Assets; 
  
 (4) each Asset Sale Proceeds Account and all deposits therein and interest thereon and investments thereof, and all property
of every type and description in which any proceeds of any Sale of Collateral or other disposition of Collateral are invested or upon which the Collateral Agent is at any time granted, or required to be granted, a Lien to secure the Secured
Obligations as set forth in Section 4.10; and 
  
 (5) all
proceeds of any of the foregoing; 
  
 provided, that no property of Company
or any of its Subsidiaries whether personalty, realty, tangible, intangible or mixed not specifically included as part of the Collateral will be Collateral. 
  
 “Collateral Agency Agreement” means the Collateral Agency Agreement dated the Issue Date, executed and delivered by the Company,
certain Guarantors, the Trustee, the Administrative Agent and the Collateral Agent, on terms as provided in this Indenture and otherwise on customary terms reasonably satisfactory to the Trustee and the Administrative Agent, in each case, as
amended, supplemented, modified, renewed, restated or replaced, in whole or part, from time to time, in accordance with its terms. 
  
 “Collateral Agent” means Wilmington Trust Company, in its capacity as collateral agent under the Collateral Agency Agreement,
together with its successors in such capacity. 
  
 “Collateral Agent’s Lien” means a Lien granted to the Collateral Agent as security for Secured Obligations. 
  
 “Commodity Hedging Agreements” means, in respect of a Person, any agreements or arrangements designed to protect such Person
against fluctuations in the price of any commodity, in each case, entered into in the ordinary course of business and in connection with the conduct of such Person’s business and not for speculative purposes. 
  
 “Company” means the Person named as the
“Company” in the introductory paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter, the term “Company” shall mean such successor
Person and each successive successor Person. 
  
 “Consolidated Coverage Ratio” as of any date of determination means the ratio of (x) the aggregate amount of EBITDA for the period of the most recent four consecutive fiscal quarters for which financial statements
are available on or prior to the date of such determination to (y) Consolidated Interest Expense for such four fiscal quarters; provided that: 
  
 (1) if the Company or any Restricted Subsidiary has Incurred any Indebtedness since the beginning of such period that remains outstanding or if the
transaction giving rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness, or both, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis
to such Indebtedness as if such Indebtedness had been Incurred on the first day of such period (except that in making such computation, the amount of Indebtedness under any revolving credit facility outstanding on the date of such calculation will
be computed based on (y) the average daily balance of such Indebtedness during such four fiscal quarters or such shorter 

  

 6 








 
period for which such facility was outstanding or (z) if such facility was created after the end of such four fiscal quarters, the average daily balance of
such Indebtedness during the period from the date of creation of such facility to the date of such calculation) and the discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new
Indebtedness as if such discharge had occurred on the first day of such period; 
  
 (2) if the Company or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of such period or if any Indebtedness is to be repaid, repurchased,
defeased or otherwise discharged (in each case other than Indebtedness Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) on the date of the transaction giving rise to the
need to calculate the Consolidated Coverage Ratio, EBITDA and Consolidated Interest Expense for such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such period and as if the Company or
such Restricted Subsidiary has not earned the interest income actually earned during such period in respect of cash or Temporary Cash Investments used to repay, repurchase, defease or otherwise discharge such Indebtedness; 
  
 (3) if since the beginning of such period the Company or any Restricted
Subsidiary shall have made any Asset Disposition, EBITDA for such period shall be reduced by an amount equal to EBITDA (if positive) directly attributable to the assets which are the subject of such Asset Disposition for such period, or increased by
an amount equal to EBITDA (if negative), directly attributable thereto for such period and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any
Indebtedness of the Company or any Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Company and its continuing Restricted Subsidiaries in connection with such Asset Disposition for such period (or, if
the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries
are no longer liable for such Indebtedness after such sale); 
  
 (4) if since the beginning of such period the Company or any Restricted Subsidiary (by merger or otherwise) shall have made an Investment in any Restricted Subsidiary (or any person which becomes a Restricted Subsidiary) or an acquisition
or improvement of assets, including any acquisition of assets occurring in connection with a transaction requiring a calculation to be made hereunder, which constitutes all or substantially all of an operating unit of a business (which for purposes
of the foregoing, shall be deemed to include any vessel acquired for use in a Related Business), EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto (including the Incurrence of
any Indebtedness) as if such Investment or acquisition occurred on the first day of such period; and 
  
 (5) if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Company or any
Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition, any Investment or acquisition of assets that would have required an adjustment pursuant to clause (3) or (4) above if made by the Company or a
Restricted Subsidiary during such period, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset Disposition, Investment or acquisition occurred on the first day of
such period. 
  
 For purposes of this definition, whenever pro
forma effect is to be given to an acquisition of assets, the amount of income or earnings relating thereto and the amount of Consolidated Interest Expense associated with any Indebtedness Incurred in connection therewith, the pro 

  

 7 








 
forma calculations shall be determined in good faith by a responsible financial or accounting officer of the Company. 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 of determination had been the applicable rate for the entire period (taking into account
any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months). 
  
 “Consolidated Interest Expense” means, for any period, the total interest expense of the Company and its consolidated Restricted
Subsidiaries, determined in accordance with GAAP, plus, to the extent not included in such total interest expense, and to the extent incurred by the Company or its Restricted Subsidiaries, without duplication: 
  
 (1) interest expense attributable to Capital Lease Obligations and the
interest expense attributable to leases constituting part of a Sale/Leaseback Transaction; 
  
 (2) amortization of debt discount, premium and debt issuance cost; 
  
 (3) capitalized interest; 
  
 (4) non-cash interest payments and expense; 
  
 (5) the interest component of any deferred payment obligations; 
  

(6) commissions, discounts and other fees and charges Incurred in respect to letters of credit and bankers’ acceptance financing; 
  
 (7) net payments pursuant to, and other net costs associated with, Hedging
Obligations (including amortization of fees); 
  
 (8) dividends in
respect of all Disqualified Stock of the Company or Preferred Stock of any Restricted Subsidiary held by Persons other than the Company or a Wholly Owned Subsidiary (other than dividends payable solely in Capital Stock (other than Disqualified
Stock) of the issuer of such Disqualified stock or Preferred Stock); 
  
 (9) interest incurred in connection with Investments in discontinued operations; and 
  
 (10) the cash contributions to any employee stock ownership plan or similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to any Person (other than the Company) in
connection with Indebtedness Incurred by such plan or trust; 
  
 in each case, whether paid, accrued or scheduled to be paid or accrued during such period (except to the extent accrued in a prior period). 
  
 “Consolidated Net Income” means, for any period, the consolidated net income of the Company and its consolidated Restricted
Subsidiaries determined in accordance with GAAP; provided that there shall not be included in such Consolidated Net Income: 
  
 (1) any net income of any Person (other than the Company) if such Person is not a Restricted Subsidiary or that is accounted for by the equity method of
accounting, except that: 
  
 (A) subject to the
exclusion contained in clause (3) below, the Company’s equity in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during
such period to the Company or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution paid to a Restricted Subsidiary, to the limitations contained in clause (3) below); and 

 

 8 








 (B) the Company’s equity in a net loss of any such Person for such period shall be
included in determining such Consolidated Net Income; 
  
 (2) any
net income of any Restricted Subsidiary (other than a Guarantor) if such Restricted 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, except that: 
  
 (A)
subject to the exclusion contained in clause (3) below, 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 or other distribution (subject, in the case of a dividend or other distribution paid to another Restricted
Subsidiary, to the limitation contained in this clause); and 
  
 (B) 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; 
  
 (3) any gain or loss realized upon the sale or other disposition of any
assets of the Company, its consolidated Subsidiaries (including pursuant to any sale-and-leaseback arrangement) which is not sold or otherwise disposed of in the ordinary course of business and any gain or loss realized upon the sale or other
disposition of any Capital Stock of any Person; 
  
 (4)
extraordinary gains or losses; 
  
 (5) the cumulative effect of a
change in accounting principles; and 
  
 (6) any unrealized
non-cash gains or losses in respect of currency fluctuations. 
  
 Notwithstanding the foregoing, for the purposes of Section 4.08 only, there shall be excluded from Consolidated Net Income any repurchases, repayments or redemptions of Investments, proceeds realized on the sale of Investments or
return of capital to the Company or a Restricted Subsidiary to the extent such repurchases, repayments, redemptions, proceeds or returns increase the amount of Restricted Payments permitted under such covenant pursuant to clause (a)(3)(D) thereof.

  
 “Consolidated Tangible Assets” means,
as of any date of determination, (i) the total assets less, (ii) to the extent otherwise included and without duplication, the sum of (a) accumulated depreciation and amortization, (b) allowances for doubtful receivables, (c) other applicable
reserves and other property deductible items (for example, unamortized debt discount and expenses and other unamortized costs and charges), (d) excess of cost over fair value of assets of business acquired, as determined in good faith by the Board
of Directors of the Company, (e) any revaluation or other write-up in book value of assets subsequent to the Issue 

  

 9 








 
Date as a result of a change in the method of valuation in accordance with GAAP consistently applied, (f) treasury stock, (g) cash set apart and held in a
sinking or other analogous fund established for the redemption or other retirement of Capital Stock or Indebtedness, (h) Investments in and assets of Unrestricted Subsidiaries, (i) goodwill and other intangibles, in each case as shown on the balance
sheet of the Company and the Restricted Subsidiaries for the most recently ended fiscal quarter for which financial statements are available, determined on a consolidated basis in accordance with GAAP. 
  
 “Corporate Trust Office of the Trustee” shall be at
the address of the Trustee specified in Section 14.02 hereof or such other address as to which the Trustee may give notice to the Company. 
  
 “Credit Agreement” means the Credit Agreement dated as August 26, 2004, among the Company, as borrower, certain Subsidiaries of
the Company, the other credit parties and lenders party thereto and Fortis Capital Corp., as administrative agent and lender, and Fortis Capital Corp., as arranger, together with the related documents thereto (including any guarantees and security
documents), as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time, and any one or more agreements
(and related documents) governing Indebtedness Incurred to Refinance, in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding under such Credit Agreement or a successor Credit Agreement, whether by the
same or any other lender or group of lenders, and whether involving the same or different group of the Company and Restricted Subsidiaries as principal obligors or guarantors. 
  
 “Credit Facility Obligations” means (i) the principal of (in a maximum outstanding amount of
$40,000,000), and accrued interest on, such Indebtedness of the Company Incurred under the Credit Agreement and (ii) all other Obligations under the Credit Agreement and, as related to the Credit Agreement, the Security Documents. 
  
 “Currency Agreement” means, in respect of a Person,
any agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates, in each case, entered into in the ordinary course of business and in connection with the conduct of such Person’s business and not
for speculative purpose. 
  
 “Custodian”
means any receiver, trustee, assignee, liquidator, sequester or similar official under the Bankruptcy Code. 
  
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 
  
 “Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of
Exchanges of Interests in the Global Note” attached thereto. 
  
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all
successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
  

 10 








 “Depositary Agent” means a commercial bank designated by the Company and
reasonably satisfactory to the Collateral Agent, in its capacity as depositary agent under the Collateral Agency Agreement, together with its successors in such capacity. 
  
 “Designated Collateral” has the meaning set forth in Section 6.1 of the Collateral Agency Agreement.

  
 “Designated Vessel Period” has the
meaning set forth in Section 6.1 of the Collateral Agency Agreement. 
  
 “Designated Vessels” mean (i) those certain four (4) Vessels that as of the Issue Date are registered under the names the Thebaud Sea, Venture Sea, Burin Sea and Trinity Sea, respectively, and (ii) such other one or
more Vessels, if any, which the Administrative Agent and the Company jointly notify in writing the Trustee are to be included as a Designated Vessel pursuant to compliance with the asset maintenance coverage requirements of the Credit Agreement.

  
 “Disqualified Stock” means, with
respect to any Person, any Capital Stock which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event: 
  
 (1) matures or is mandatorily redeemable pursuant to a sinking fund
obligation or otherwise; 
  
 (2) is convertible or exchangeable at
the option of the holder for Indebtedness or Disqualified Stock; or 
  
 (3) is mandatorily redeemable or must be purchased upon the occurrence of certain events or otherwise, in whole or in part; 
  
 in each case on or prior to the 91st
day following the Stated Maturity of the Notes; provided, however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase or redeem
such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the 91st day following the Stated Maturity of the Notes shall not constitute Disqualified Stock if: 
  
 (1) the “asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such
Capital Stock than the terms applicable to the Notes and described in Sections 4.10 and 4.17; and 
  
 (2) any such requirement only becomes operative after compliance with such terms applicable to the Notes, including the purchase of any Notes tendered
pursuant thereto. 
  
 The amount of any Disqualified Stock that
does not have a fixed redemption, repayment or repurchase price will be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such
Disqualified Stock is to be determined pursuant to the Indenture; provided that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase
price will be the book value of such Disqualified Stock as reflected in the most recent financial statements of such Person. 
  

 11 








 “dollars” or “$” means Canadian dollars. Whenever the
covenants or default provisions or definitions in this Indenture refer to an amount in Canadian dollars, that amount will be deemed to refer to the Canadian Dollar Equivalent of the amount of any obligation denominated in any other currency or
currencies, including composite currencies and, in any case, no subsequent change in the Canadian Dollar Equivalent after the applicable date of determination will cause such determination to be modified. 
  
 “EBITDA” for any period means the sum of Consolidated
Net Income, plus, without duplication, the following to the extent deducted in calculating such Consolidated Net Income: 
  
 (1) all income tax expense of the Company and its consolidated Restricted Subsidiaries; 
  
 (2) Consolidated Interest Expense; 
  

(3) depreciation and amortization expense of the Company and its consolidated Restricted Subsidiaries (excluding amortization expense attributable to a
prepaid item that was paid in cash in a prior period); 
  
 (4) all
other non-cash charges of the Company and its consolidated Restricted Subsidiaries (excluding any such non-cash charge to the extent that it represents an accrual of, or reserve for, cash expenditures in the future); and 
  
 (5) solely with respect to the calculation of EBITDA for each quarterly
period ending on or before June 30, 2005, and without duplication of any of the amounts in the preceding clauses (1) through (4), (i) the write-off of deferred corporate transaction costs related to a previous corporate financing transaction which,
in the aggregate, are not in excess of $1,200,000, (ii) breakage costs incidental to the Indebtedness and lease obligations being discharged substantially contemporaneous with the original issuance of the Notes which, in the aggregate, are not in
excess of $2,000,000 and (iii) the write-off of deferred finance costs incurred in relation to the Indebtedness and lease obligations described in clause (ii) which, in the aggregate, are not in excess of $2,500,000; 
  
 in each case for such period. Notwithstanding the foregoing, the provision for taxes based on
the income or profits of, and the depreciation and amortization and non-cash charges of, a Restricted Subsidiary shall be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion) that the net income of such
Restricted Subsidiary was included in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior approval (that
has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to such Restricted Subsidiary or its stockholders. 
  
 “Equity Offering” means any sale for cash of Capital
Stock of the Company (excluding sales made to any Restricted Subsidiary and excluding sales of Disqualified Stock) (i) to the public pursuant to an effective registration under the Securities Act or similar laws of Canada or any province thereof or
(ii) in a private placement pursuant to an exemption from registration requirements of the Securities Act or similar laws of Canada or any province thereof. 
  
 “Euroclear” means Euroclear Bank S.A./N.V. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  

 12 








 “Exchange Notes” has the meaning set forth in the preamble of this Indenture.

  
 “Exchange Offer” has the meaning set
forth in a corresponding Registration Rights Agreement. 
  
 “Exchange Offer Registration Statement” has the meaning set forth in a corresponding Registration Rights Agreement. 
  
 “fair market value” means, with respect to consideration received or to be received, or given or to be given, pursuant to any
transaction by the Company or any Restricted Subsidiary, the fair market value of such consideration as determined in good faith by the Board of Directors of the Company. 
  
 “foreign private issuer” has the meaning set forth in Rule 3b-4 of the Exchange Act or any successor
rule or regulation thereto. 
  
 “GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the Issue Date, including those set forth in: 
  
 (1) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants; 
  
 (2) statements and pronouncements of the Financial Accounting Standards
Board; 
  
 (3) such other statements by such other entity as
approved by a significant segment of the accounting profession; and 
  
 (4) the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including
opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC. 
  
 “Global Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which is required to be placed on all Global
Notes issued under this Indenture. 
  
 “Global
Notes” means, individually and collectively, each of the Notes (which may be either Restricted Global Notes or Unrestricted Global Notes) issued or issuable in the global form of Exhibit A hereto issued in accordance with
Section 2.01, 2.06(b)(iv) or 2.06(f) hereof. 
  
 “Government Securities” means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged; (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case under clause (i)
or (ii) above, are not callable or redeemable at the option of the issuers thereof; or (iii) depository receipts issued by a bank or trust company as custodian with respect to any such Government Securities or a specific payment of interest on or
principal of any such Government Securities held by such custodian for the account of holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to
the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities evidenced by such depository receipt. 
  

 13 








 “Guarantee” means any obligation, contingent or otherwise, of any Person directly
or indirectly guaranteeing any Indebtedness of any 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 Person (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise); or 
  
 (2) entered into for the purpose 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” shall not include endorsements for collection or deposit in the ordinary course of business. The term
“Guarantee” used as a verb has a corresponding meaning. 
  
 “Guarantors” means (i) 3013563 Nova Scotia Limited, Secunda Marine International Incorporated, Secunda Marine Services Limited, Secunda Global Marine Inc., JDM Shipping Inc., International Shipping Corporation Inc.,
Secunda Global International Inc., Navis Shipping Incorporated, Secunda Atlantic Incorporated, Secunda Marine Atlantic Limited and Offshore Logistics Incorporated, (ii) each Restricted Subsidiary that becomes a guarantor of the Notes pursuant to
Section 4.14, and (iii) each Restricted Subsidiary executing a supplemental indenture in which such Restricted Subsidiary agrees to be bound by the terms of the Indenture; provided that any Person constituting a Guarantor as described
above shall cease to constitute a Guarantor when its respective Note Guarantee is released in accordance with the terms of this Indenture. 
  
 “Hedging Obligations” of any Person means the net obligations of such Person pursuant to any Interest Rate Agreement, Currency
Agreement or Commodity Hedging Agreement. 
  
 “Holder” means the Person in whose name a Note is registered on the Registrar’s books. 
  
 “IAI Global Note” means, if any hereafter issued, Notes resold to an Institutional Accredited Investor in the United States of
America which shall be in a permanent global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend, the Private Placement Legend, deposited with or on behalf of and registered in the name of the Depositary or its
nominee, and authenticated by the Trustee as herein provided. 
  
 “Incur” means create, incur, issue, assume, Guarantee, incur or otherwise become liable for or with respect to, contingently or otherwise; provided, however, that any Indebtedness or Capital Stock of a Person
existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary. The term
“Incurrence” when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 4.07, (1) amortization of debt discount or the accretion of principal with respect to a
non-interest bearing or other discount security and (2) the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the payment of regularly scheduled dividends on Capital Stock in the form of
additional Capital Stock of the same class and with the same terms will not be deemed to be the Incurrence of Indebtedness. 
  

 14 








 “Indebtedness” means, with respect to any Person on any date of determination
(without duplication): 
  
 (1) the principal in respect of (A)
indebtedness of such Person for money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such
indebtedness to the extent such premium has become due and payable; 
  
 (2) all Capital Lease Obligations of such Person and all Attributable Debt in respect of Sale/ Leaseback Transactions entered into by such Person; 
  
 (3) the principal component of all obligations of such Person issued or assumed as the deferred purchase price of property due more than six months after
the acquisition of such property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); 

 
 (4) the principal component of all obligations of such Person for the
reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) through (3)
above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on
the letter of credit); 
  
 (5) the amount of all obligations of
such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock of such Person or, with respect to any Subsidiary of such Person, the liquidation preference with respect to, any Preferred Stock (but excluding, in
each case, any accrued dividends); 
  
 (6) the principal component
of all obligations of the type referred to in clauses (1) through (5) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor
or otherwise, including by means of any Guarantee; 
  
 (7) the
principal component of all obligations of the type referred to in clauses (1) through (6) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such
obligation being deemed to be the lesser of the value of such property or assets and the amount of the obligation so secured; and 
  
 (8) to the extent not otherwise included in this definition, net Hedging Obligations of such Person; 
  
 The amount of Indebtedness of any Person at any date shall be the outstanding
balance at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date; provided, however, that the
principal amount of any noninterest bearing or other discount security at any date will be the principal amount thereof that would be shown on a balance sheet of such Person dated such date prepared in accordance with GAAP. 
  
 “Indenture” means this Indenture, as amended or
supplemented from time to time in accordance with the terms hereof. 
  

 15 








 “Independent Qualified Party” means an independent investment banking firm,
accounting firm or appraisal firm, in each case of industry recognized standing; provided that such firm is not an Affiliate of the Company. 
  
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
  
 “Initial Notes” has the meaning set forth in the
preamble of this Indenture. 
  
 “Initial
Purchaser” has the meaning set forth in the respective Purchase Agreement. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
  
 “Interest Rate Agreement” means, in respect of a
Person, any agreements or arrangements designed to protect such Person against fluctuations in interest rates accruing on Indebtedness for which it is liable, in each case, entered into in the ordinary course of business and in connection with
conduct of such Person’s business and not for speculative purposes and in respect to a notional amount not in excess of the principal amount of such Indebtedness from time to time outstanding. 
  
 “Investment” in any Person means any direct or
indirect advance, loan (other than advances to customers in the ordinary course of business that are recorded as accounts receivable or advances against supplies on the balance sheet of the lender) or other extension of credit (including by way of
Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock,
Indebtedness or other similar instruments issued by such Person (in each case other than in exchange for Capital Stock (other than Disqualified Stock) of the Company). Except as otherwise provided for herein, the amount of an Investment shall be its
fair value at the time the Investment is made and without giving effect to subsequent changes in value. 
  
 For purposes of the definition of “Unrestricted Subsidiary,” the definition of “Restricted Payment” and Section 4.08:

  
 (1) “Investment” shall include the portion
(proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the net assets of any 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 shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to (A) the
Company’s “Investment” in such Subsidiary at 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 redesignation; and 
  
 (2) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Company. 
  
 “Issue Date” means the first date on which the Notes
are originally issued, authenticated and delivered under this Indenture. 
  

 16 








 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions
in the City of New York or Halifax, Nova Scotia or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next
succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
  
 “Lenders” mean the lender parties from time to time under the Credit Agreement. 
  
 “Letter of Transmittal” means the letter of
transmittal to be prepared by the Company and sent to all Holders of Initial Notes for use by such Holders in connection with an Exchange Offer. 
  
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or
other title retention agreement or lease in the nature thereof, a ship or vessel mortgage or encumbrance, any option or other agreement to sell or give a security interest in, and any filing of or agreement to give any financing statement under, the
Uniform Commercial Code (or equivalent statute) of any jurisdiction). 
  
 “Loans” made loans from time to time made under and pursuant to the terms of the Credit Agreement. 
  
 “Moody’s” means Moody’s Investors Service, Inc., and its successors. 
  
 “Net Available Cash” from an Asset Disposition means
the aggregate cash proceeds and cash equivalents received by the Company or any Restricted Subsidiary therefrom (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise
and proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other
obligations relating to such properties or assets or received in any other noncash form), in each case net of: 
  
 (1) all accounting, investment banking, legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all Federal, state,
provincial, foreign and local taxes required to be paid or be accrued as a liability under GAAP, as a consequence of such Asset Disposition; 
  
 (2) all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon
or other security agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition;

  
 (3) all distributions and other payments required to be made
to minority interest holders in Restricted Subsidiaries as a result of such Asset Disposition; and 
  
 (4) the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the
property or other assets disposed in such Asset Disposition and retained by the Company or any Restricted Subsidiary after such Asset Disposition. 
  

 17 








 “Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock, means
the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with
such issuance or sale and net of taxes paid or payable as a result thereof. 
  
 “Net Sale Consideration” from an Asset Disposition means the aggregate cash proceeds and cash equivalents received by the Company or any Restricted Subsidiary therefrom (including any cash
payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but
excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other noncash form) in respect of any Sale of Collateral, in
each case net of: 
  
 (1) all accounting, investment banking,
legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all Federal, state, provincial, foreign and local taxes required to be paid or be accrued as a liability under GAAP, as a consequence of such Sale of
Collateral; 
  
 (2) all payments made on any Indebtedness which is
secured by any assets subject to such Sale of Collateral, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to
such Sale of Collateral, or by applicable law, be repaid out of the proceeds from such Sale of Collateral; 
  
 (3) all distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries as a result of such Asset
Disposition; and 
  
 (4) the deduction of appropriate amounts
provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the property or other assets disposed in such Sale of Collateral and retained by the Company or any Restricted Subsidiary after such Sale of
Collateral. 
  
 “Non-Recourse
Indebtedness” means Indebtedness or any other obligation: 
  
 (1) as to which neither the Company nor any Restricted Subsidiary, (a) provides any guarantee or credit support of any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness); or
(b) is directly or indirectly liable (as a guarantor or otherwise); 
  
 (2) the Incurrence of which will not result in any recourse against any of the assets of the Company or any Restricted Subsidiary; and 
  
 (3) no default with respect to which would permit (upon notice, lapse of time or any other event or condition, or any combination of the foregoing) any
holder of any other Indebtedness or other obligation of the Company or any Restricted Subsidiary to declare pursuant to the express terms governing such Indebtedness or other obligation a default on such other Indebtedness or other obligation or
cause the payment thereof to be accelerated or payable prior to its Stated Maturity. 
  

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 “Non-U.S. Person” means a person who is not a U.S. Person. 
  
 “Note Custodian” means the Trustee, as custodian for
the Depositary with respect to the Notes in global form, or any successor entity thereto. 
  
 “Note Documents” means this Indenture, the Notes, the Exchange Notes, the Note Guarantees and the Security Documents. 
  
 “Note Guarantee” means the guarantee of the Notes (including any Exchange Notes) by each of the
Guarantors pursuant to Article XIII hereof and any additional guarantee of the Notes (including any Exchange Notes) to be executed by any Restricted Subsidiary of the Company pursuant to Section 4.14 or Section 13.02.

  
 “Note Obligations” means the Notes
(including all additional Notes and all Exchange Notes therefor), the Note Guarantees and all other Obligations of any Obligor under the Note Documents. 
  
 “Notes” has the meaning assigned to it in the preamble to this Indenture. 
  
 “Obligations” means any principal, premium, interest
(including Special Interest, if any, and interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company or its Restricted Subsidiaries whether or not a claim for post-filing interest is allowed
in such proceeding), penalties, fees, indemnifications, reimbursement obligations, damages, liabilities, costs, expenses and other amounts payable under the documentation governing any Indebtedness or in respect thereof. 
  
 “Obligor” means each of the Company, the Guarantors
and any other Persons that has granted to the Collateral Agent a Lien upon any of the Collateral as security for the Secured Obligations. 
  
 “Offering” means the offering of the Original Notes by the Company on the Issue Date. 
  
 “Offering Memorandum” means (i) the Offering
Memorandum of the Company dated August 17, 2004 with respect to the Offering, and (ii) any similar document of the Company dated subsequent to the Issue Date with respect to the offering of Initial Notes other than the Original Notes. 
  
 “Officer” means, with respect to any Person, the
Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President or Director of such Person.

  
 “Officers’ Certificate” means a
certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the
requirements of Sections 14.04 and 14.05 hereof. 
  
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Sections 14.04 and 14.05 hereof. The counsel may be an employee of or
counsel to the Company, any Subsidiary of the Company or the Trustee. 

  

 19 








 
Any Opinion of Counsel may be based, as to matter of fact, upon certificates of Officers of the Company or others, as the case may be. 
  
 “Participant” means, with respect to DTC, Euroclear
or Clearstream, a Person who has an account with DTC, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
  
 “Participating Broker-Dealer” has the meaning set forth in a Registration Rights Agreement.

  
 “Permitted Collateral Liens” means
Liens described in clauses (2), (4), (6), (8), (17), (18), (19) and (20) of the definition of “Permitted Liens. 
  
 “Permitted Holders” means (1) Alfred A. Smithers and his spouse or their lineal descendants, (2) any trust for the benefit of (or
any trustee of such trust), corporation or partnership controlled, directly or indirectly, by one or more Persons described in clause (1) above or (3) any combination of the foregoing. 
  
 “Permitted Investments” means an Investment by the Company or any Restricted Subsidiary in:

  
 (1) the Company, a Restricted Subsidiary or a Person that
will, upon the making of such Investment, become a Restricted Subsidiary; provided, however, that the primary business of such Restricted Subsidiary is a Related Business; 
  
 (2) another Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers
or conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; provided that such Person’s primary business is a Related Business; 
  
 (3) cash and Temporary Cash Investments; 
  
 (4) receivables owing to the Company or any Restricted Subsidiary if created or acquired in the ordinary course of business
and payable or dischargeable in accordance with customary trade terms; provided that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;

  
 (5) payroll, travel and similar advances to cover matters that
are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
  
 (6) loans or advances to employees in the ordinary course of business of the Company or its Restricted Subsidiaries consistent with sound business
practices, but in any event in an aggregate amount not to exceed $2,000,000 in the aggregate outstanding at any one time; 
  
 (7) in addition to the loans and advances referred to in the preceding clause (6), loans or advances to Affiliates of the Company but in any event not to
exceed $3,000,000 in the aggregate outstanding at any one time; 
  
 (8) stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing to the Company or any Restricted Subsidiary or in satisfaction of judgments; 
  

 20 








 (9) any Person to the extent such Investment represents the non-cash portion of the consideration
received for an Asset Disposition as permitted pursuant to Section 4.10; 
  
 (10) any Person where such Investment was acquired by the Company or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable or other rights to payment 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 or other rights to payment or (b) as a result of a
foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 
  
 (11) Currency Agreements, Commodity Hedging Agreements and Interest Rate Agreements; 
  
 (12) one or more joint ventures or Unrestricted Subsidiaries engaged in a
Related Business to the extent that the aggregate amount of all cash and cash equivalents invested by the Company and the Restricted Subsidiaries, taken as a whole, does not exceed the greater of $10,000,000 or 5.0% of Consolidated Tangible Assets;
and 
  
 (13) other Investments in Related Businesses which, when
taken together with all other Investments made pursuant to this clause (13), do not exceed $5,000,000 (with the fair market value of each Investment being measured at the time such Investment is made and without giving effect to subsequent changes
in value); 
  
 provided, however, for the avoidance of doubt, in no event
shall the Collateral, or any portion thereof, be used, directly or indirectly, to make any Investment pursuant to clause (12) or clause (13) above. 
  
 “Permitted Liens” means, with respect to any Person: 
  
 (1) pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar
legislation or to support obligations to insurance companies in respect of deductibles, co-insurance claims or self-insured retention (and letter of credit obligations in respect thereof), or good faith deposits in connection with bids, tenders,
contracts (other than for the payment of Indebtedness), or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or cash equivalents to secure surety or appeal bonds to which
such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business; 
  
 (2) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for sums not
yet due or being contested in good faith by appropriate proceedings that are being diligently contested 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; 
  
 (3) Liens arising solely by
virtue of any statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided, however, that
(A) such deposit 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 

  

 21 








 
Board and (B) such deposit account is not intended by the Company or any Restricted Subsidiary to provide collateral to the depository institution, in each
case, other than for the benefit of the Holders; 
  
 (4) Liens for
taxes, assessments, governmental charges or claims not yet subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings being diligently contested; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor; 
  
 (5) Liens in favor of issuers of surety bonds or letters of credit and bankers’ acceptances issued pursuant to the request of and for the account of such Person in the ordinary course of its business;
provided, however, that such letters of credit and bankers’ acceptances do not constitute Indebtedness; 
  
 (6) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines,
telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not Incurred
in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
  
 (7) Liens securing Indebtedness Incurred in accordance with Section
4.07 to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided that the Lien may not extend to any Collateral or other property owned by such Person
or any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property that do not constitute Collateral and that are affixed or appurtenant thereto), and the Indebtedness (other than any interest thereon) secured by
the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien; 
  
 (8) Liens to secure Indebtedness permitted under the provisions described in
clause (b)(1) of Section 4.07; 
  
 (9) Liens outstanding on
the Issue Date and amendments thereto that are not more restrictive, taken on a whole, than the corresponding Lien on the Issue Date; 
  
 (10) Liens on property or shares of Capital Stock of another Person at the time such other Person becomes a Subsidiary of such Person; provided,
however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such other Person becoming a Subsidiary; provided, further, however, that any such Liens may not extend to any other property owned
by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto); 
  
 (11) Liens on property at the time such Person or any of its Restricted Subsidiaries acquires the property, including any acquisition by means of a merger
or consolidation with or into such Person or a Subsidiary of such Person; provided, however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such acquisition; provided, further, however,
that such Liens may not extend to any other property owned by such 

  

 22 








 
Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto); 
  
 (12) Liens securing Indebtedness or other obligations of a Subsidiary of such
Person owing to such Person or a Wholly Owned Subsidiary of such Person; 
  
 (13) Liens securing obligations under Interest Rate Agreements entered into to protect against fluctuations in interest rates in the ordinary course of business, so long as such obligations relate to Indebtedness that
is, and is permitted to be under the Indenture, secured by a Lien on the same property securing such obligations; 
  
 (14) Liens securing obligations related to Currency Agreements or Commodity Hedging Agreements entered into to protect against fluctuations in exchange
rates and commodity prices in the ordinary course of business, so long as such obligations are secured solely by property that is not Collateral; 
  
 (15) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien permitted under the
Indenture (other than Liens in respect of Indebtedness that is retired by the Company or any Restricted Subsidiary on the Issue Date); provided that: 
  
 (A) such new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant
to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); 
  
 (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (x) the outstanding
principal amount or, if greater, committed amount of the Indebtedness being Refinanced at the time the original Lien became a Permitted Lien and (y) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing,
refunding, extension, renewal or replacement; 
  
 (16) Liens
representing the interest or title of a lessor in connection with any operating lease or similar contract permitted under the Indenture; 
  
 (17) precautionary filings under the UCC or equivalent statute of any applicable jurisdiction; 
  
 (18) Liens securing the Notes and Note Guarantees; 
  
 (19) Liens for salvage or general average; 
  
 (20) Liens incurred in the ordinary course of business of the Company or any
Restricted Subsidiary arising from vessel chartering, operations, drydocking, maintenance, the furnishing of supplies or fuel to vessels and crews wages, in each case (i) of a maritime lien nature and (ii) not involving a claim the delinquency of
which (A) has resulted in the, or could reasonably result in the imminent, risk of sale, forfeiture, hindrance to operation or loss of a vessel or (B) has resulted in a matured claim for the payment of money in excess of $10,000,000, which claim has
been not been discharged within 30 days following its maturity; 
  

 23 








 (21) Liens incurred in the ordinary course of business of the Company or any Restricted Subsidiary which
secure obligations that do not exceed $5,000,000 at any one time outstanding; and 
  
 (22) Liens on the vessel Bold Endurance securing Indebtedness not to exceed the amount of Indebtedness secured by such vessel on the Issue Date. 
  
 For purposes of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness.

  
 “Person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
  
 “Preferred Stock”, as applied to the Capital Stock of
any Person, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such
Person, over shares of Capital Stock of any other class of such Person. 
  
 “Private Placement Legend” means the legend set forth in Section 2.06(g)(i) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture.

  
 “Purchase Agreement” means (i) the
Purchase Agreement dated August 17, 2004, among the Company, the Guarantors, RBC Capital Markets Corporation, as representative of the Initial Purchasers relating to the Offering, and (ii) any similar agreement dated subsequent to the Issue Date
among the Company, the Guarantors and each Initial Purchaser relating to the offering of Initial Notes other than the Original Notes, in each case as such agreement may be amended, modified or supplemented from time to time. 
  
 “QIB” means a “qualified institutional
buyer” as defined in Rule 144A. 
  
 “Rating
Agency” means each of S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected
by the Company (as certified by a resolution of the Board of Directors) which shall be substituted for S&P or Moody’s, or both, as the case may be. 
  
 “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire,
or to issue other Indebtedness in exchange or replacement for, such indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 
  
 “Refinancing Indebtedness” means Indebtedness that Refinances any Indebtedness of the Company or any
Restricted Subsidiary existing on the Issue Date or Incurred in compliance with the Indenture, including Indebtedness that Refinances Refinancing Indebtedness; provided, however, that: 
  
 (1) such Refinancing Indebtedness has a Stated Maturity no earlier than the
Stated Maturity of the Indebtedness being Refinanced; 
  

 24 








 (2) such 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 has an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal
to or less than the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding or committed (plus fees and expenses, including any premium and defeasance costs) under the Indebtedness
being Refinanced; and 
  
 (4) if the Indebtedness being Refinanced
is subordinated in right of payment to the Notes or Note Guarantees, such Refinancing Indebtedness has a final maturity date later than the maturity of, and is subordinated in right of payment to, the Notes and Note Guarantees, as the case may be,
on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness being Refinanced; 
  
 provided further, however, that Refinancing Indebtedness shall not include (A) Indebtedness of a Restricted Subsidiary that is not a Guarantor which Refinances
Indebtedness of the Company or a Guarantor or (B) Indebtedness of the Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary. 
  
 “Registration Rights Agreement” means (i) the Registration Rights Agreement, dated as of the Issue
Date, by and among the Company, the Guarantors and RBC Capital Markets Corporation, as representative of the initial Purchasers relating to the Offering, and (ii) any similar agreement that the Company and other parties may enter into in relation to
any other Initial Notes, in each case as such agreement may be amended, modified or supplemented from time to time. 
  
 “Regulation S” means Regulation S promulgated under the Securities Act. 
  
 “Regulation S Global Note” means a global Note in the
form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal the outstanding principal
amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
  
 “Related Business” means any business in which the Company was engaged on the Issue Date and any business reasonably related, ancillary or complementary to any business in which the Company was
engaged on the Issue Date, including, without limitation, the ownership, operation, maintenance, construction, conversion or management of marine vessels or performance of marine services, or the provision of logistical support and services to the
marine industry, in each case as so reasonably determined by the Board of Directors of the Company in good faith. 
  
 “Replacement Vessel Assets” means a vessel or related equipment used or useful in a Related Business or on a Vessel, or additions,
improvements, renewals and replacements made with respect thereto or to a Vessel. 
  
 “Responsible Officer”, when used with respect to the Trustee or the Collateral Agent, as the case may be, means any officer, including, without limitation, any vice president, assistant vice
president, assistant treasurer or secretary within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or the corporate trust office of the Collateral 

  

 25 








 
Agent, as the case may be, or any other officer of the Trustee or the Collateral Agent, as the case may be, customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect to particular corporate trust matter, any other officer or employee to whom such matter is referred because of his knowledge of and familiarity with the particular
subject. 
  
 “Restricted Definitive Note”
means a Definitive Note bearing the Private Placement Legend. 
  
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
  
 “Restricted Payment” with respect to any Person means: 
  
 (1) the declaration or payment of any dividends or any other payments or distributions of any sort in respect of its Capital
Stock or similar payment to the direct or indirect holders of its Capital Stock (other than (i) dividends or distributions payable solely in its Capital Stock (other than Disqualified Stock), (ii) dividends or distributions payable solely to the
Company or a Restricted Subsidiary, and (iii) pro rata dividends or other distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to minority stockholders (or owners of an equivalent interest in the case of a Subsidiary that
is an entity other than a corporation)); 
  
 (2) the making of any
payment on, or with respect to, or the purchase, redemption or other acquisition or retirement for value of, any Capital Stock of the Company held by any Person or of any Capital Stock of a Restricted Subsidiary held by any Affiliate of the Company
(other than a Restricted Subsidiary), including the exercise of any option to exchange any Capital Stock (other than into Capital Stock of the Company that is not Disqualified Stock); 
  
 (3) the making of any payment on, or with respect to, or the purchase, repurchase, redemption, defeasance or other
acquisition or retirement for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment of, any Subordinated Obligations of such Person or any of its Subsidiaries; or 
  
 (4) the making of any Investment (other than a Permitted Investment) in any
Person. 
  
 “Restricted Period” means the
40-day distribution compliance period as set forth in Regulation S. 
  
 “Restricted Subsidiary” means any Subsidiary of the Company that is not an Unrestricted Subsidiary. 
  
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Rule 144A Global Note” means the Global Note in the
form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal
amount of the Notes sold in reliance on Rule 144A. 
  
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
  

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 “Rule 904” means Rule 904 promulgated under the Securities Act. 
  
 “S&P” means Standard & Poor’s Ratings
Services, a division of the McGraw-Hill Companies, Inc. and any of its successors. 
  
 “Sale/Leaseback Transaction” means an arrangement relating to property owned by the Company or a Restricted Subsidiary on the Issue Date or thereafter acquired by the Company or a Restricted
Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or a Restricted Subsidiary leases it from such Person. 
  
 “Sale of Collateral” means any Asset Disposition to the extent involving assets or other rights or
property that constitutes Collateral under the Security Documents. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Secured Obligations” means, collectively, the Note Obligations and the Credit Facility Obligations. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Security Documents” means the Collateral Agency Agreement, any one or more security agreements,
pledge agreements, collateral assignments, mortgages, vessel mortgages, marine mortgages, deeds of covenants, assignments of earnings and insurances, share pledges, collateral agency agreements, deeds of trust or other grants or transfers for
security executed and delivered by the Company and any other Obligor creating, or purporting to create, a Lien upon Collateral in favor of the Collateral Agent for the benefit of the holders of the Secured Obligations, subject to certain payment
priorities, in each case as amended, modified, renewed, restated or replaced, in whole or part, from time to time, in accordance with its terms. 
  
 “Senior Indebtedness” means, with respect to any Person, Indebtedness of such Person that is not a Subordinated Obligation of such
Person. 
  
 “Shelf Registration Statement”
has the meaning set forth in a corresponding Registration Rights Agreement. 
  
 “Significant Subsidiary” means any Restricted Subsidiary that (i) owns/leases a Vessel or (ii) would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under
Regulation S-X promulgated by the SEC. 
  
 “Special
Interest” means all special interest then owing pursuant to Section 5 of the Registration Rights Agreement. 
  
 “Stated Maturity” means, with respect to any security, the date specified in such security 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 excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of
any contingency unless such contingency has occurred). 
  
 “Subordinated Obligation” means with respect to a Person, any Indebtedness of such Person (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate or 

  

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junior in right of payment to the Notes or a Note Guarantee of such Person, as the case may be, pursuant to a written agreement to that effect. 

 
 “Subsidiary” means, with respect to any Person:

  
 (1) any corporation, association or other business entity of
which more than 50% of the Voting Stock is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 
  
 (2) any partnership (whether general or limited), limited liability company
or joint venture (a) the sole general partner or the managing general partner or managing member of which is such Person or a Subsidiary of such Person, or (b) if there are more than a single general partner or member, either (i) the only general
partners or managing members of which are such Person and/or one or more Subsidiaries of such Person (or any combination thereof) or (ii) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests,
member interests or other Voting Stock of such partnership, limited liability company or joint venture, respectively. 
  
 “Temporary Cash Investments” means any of the following (which, to the extent not in conflict with the TIA, may include
investments for which the Collateral Agent or any of its Affiliates serves as investment manager or adviser): 
  
 (1) any investment in direct obligations of, or obligations guaranteed by, the United States of America or any agency thereof; 
  
 (2) investments in time deposit accounts, certificates of deposit and money
market deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any state thereof or any other country recognized by the United States
of America, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of US$250,000,000 (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar
equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) or any money-market fund sponsored by a registered broker dealer or mutual fund distributor;

  
 (3) repurchase obligations with a term of not more than 30
days for underlying securities of the types described in clause (1) above entered into with a bank meeting the qualifications described in clause (2) above; 
  
 (4) investments in commercial paper, maturing not more than 90 days after the date of acquisition, issued by a corporation (other than the Company or an
Affiliate of the Company) organized and in existence under the laws of the United States of America or any other country recognized by the United States of America with a rating at the time as of which any investment therein is made of
“P-1” (or higher) according to Moody’s or “A-1” (or higher) according to S&P; and 
  
 (5) investments in securities with maturities of six months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or
territory of the United States of America or Canada, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or “A2” by Moody’s. 
  

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 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb), as amended, as in effect on the date on which this Indenture is qualified under the TIA, except as otherwise provided in Section 9.03. 
  
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter means the successor serving hereunder. 
  
 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 
  
 “Unrestricted Global Note” means a permanent Global Note in the form of Exhibit A attached
hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing a
series of Notes that do not bear the Private Placement Legend. 
  
 “Unrestricted Subsidiary” means (1) any Subsidiary of the Company that at the time of determination shall have been designated an Unrestricted Subsidiary by the Board of Directors of the Company in the manner
provided below, and (2) any Subsidiary of an Unrestricted Subsidiary. 
  
 The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary if it: 
  
 (1) has no indebtedness other than Non-Recourse Indebtedness; 
  
 (2) is not a party to any agreement, contract, arrangement or understanding
with the Company or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained, in light of all the
circumstances, at the time from Persons who are not Affiliates of the Company; 
  
 (3) is a Person with respect to which neither the Company nor any Restricted Subsidiary has any direct or indirect obligation (x) to subscribe for additional Capital Stock or (y) to maintain or preserve such
Person’s financial condition or to cause such Person to achieve any specified levels of operating results; 
  
 (4) does not guarantee, secure with any of its assets or properties or otherwise directly or indirectly provide credit support for any Indebtedness of the
Company or any Restricted Subsidiary; 
  
 (5) does not own any
Capital Stock of or own or hold any Lien on any asset or property of, the Company or any Restricted Subsidiary; and 
  
 (6) would constitute an Investment which the Company could make in compliance with Section 4.08. 
  
 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 the Indenture, and any Indebtedness of such Subsidiary shall be deemed to be 

  

 29 








 
Incurred as of such date and subject to immediate compliance with Section 4.07, the failure with which to so comply will constitute a Default.

  
 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 (A) the Company could Incur $1.00 of additional Indebtedness under paragraph (a) of Section 4.07, calculated on a
pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period and (B) no Default shall have occurred and be continuing. Any such designation by such Board of Directors shall be evidenced to the
Trustee by promptly filing with the Trustee a copy of the resolution of such Board of Directors giving effect to such designation and an officers’ certificate certifying that such designation complied with the foregoing provisions. 

 
 “U.S. dollars” or “US$”
means United States dollars. 
  
 “U.S.
Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 
  
 “Vessel Assets” has the meaning set forth in the definition of the term “Collateral”. 
  
 “Vessels” has the meaning set forth in the definition of the term “Collateral”. 
  
 “Voting Stock” of a Person means all classes of
Capital Stock or other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

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

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 SECTION 1.02. Other Definitions.

  

			
	 Term

	  	Defined in
Section


	 “Additional Amounts”
	  	    4.18
	 “Additional Notes”
	  	    2.02
	 “Affiliate Transaction”
	  	    4.11
	 “Annual Reduction Date”
	  	    3.11
	 “Annual Reduction Offer”
	  	    3.11
	 “Annual Reduction Offer Purchase Date”
	  	    3.11
	 “Asset Disposition Purchase Offer”
	  	    3.09
	 “Asset Sale Offer”
	  	    4.10
	 “Asset Sale Proceeds Account”
	  	    4.10
	 “Canadian Private Placement Legend”
	  	    2.06(g)(iii)
	 “Change of Control Offer”
	  	    4.17
	 “Change of Control Payment”
	  	    4.17
	 “Change of Control Payment Date”
	  	    4.17
	 “Collateral Proceeds Offer”
	  	    4.10
	 “Control Accounts”
	  	  10.03(e)
	 “Covenant Defeasance”
	  	    8.05
	 “DTC”
	  	    2.03
	 “Event of Default”
	  	    6.01
	 “Excess Asset Disposition Proceeds”
	  	    4.10
	 “Excess Proceeds from the Sale of Collateral”
	  	    4.10
	 “Funding Guarantor”
	  	  13.05
	 “Indemnitee”
	  	  10.07
	 “Judgment Currency”
	  	  14.10
	 “Legal Defeasance”
	  	    8.04
	 “Offer Amount”
	  	    3.09
	 “Offer Period”
	  	    3.09
	 “Original Notes”
	  	    2.02
	 “Paying Agent”
	  	    2.03
	 “Payment Default”
	  	    6.01
	 “Purchase Date”
	  	    3.09
	 “Registrar”
	  	    2.03
	 “Relevant Taxing Jurisdiction”
	  	    4.18
	 “Successor Company”
	  	    5.01
	 “Taxes”
	  	    4.18

  
 SECTION 1.03. Incorporation by
Reference of Trust Indenture Act. 
  
 Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes; 
  
 “indenture security holder” means a Holder of a Note; 
  
 “indenture to be qualified” means this Indenture; 
  

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 “indenture trustee” or “institutional trustee” means the Trustee; and 
  
 “obligor” on the Notes means the Company and any successor obligor
upon the Notes. 
  
 All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
  
 SECTION 1.04. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (1) a term has the meaning assigned to it; 
  
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
  
 (3) “or” is not exclusive, and “including” means
“including without limitation,” “including but not limited to” or words of similar import; 
  
 (4) the word “will” shall be construed to have the same meaning and effect as the word “shall;” 
  
 (5) words in the singular include the plural, and in the plural include the
singular; 
  
 (6) provisions apply to successive events and
transactions; 
  
 (7) references to sections of or rules under the
Securities Act shall be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time to time; 
  
 (8) references to “Sections,” “clauses,” “Articles,” “Exhibits” and “Schedules” shall be to Sections,
clauses, Articles, Exhibits and Schedules, respectively, of this Indenture unless otherwise specifically provided; 
  
 (9) the use in this Indenture of the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Indenture in its entirety and not to any particular provision hereof; and 
  
 (10) this Indenture, the other Note Documents, the Security Documents and any documents or instruments delivered pursuant hereto shall be construed
without regard to the identity of the party who drafted the various provisions of the same. Each and every provision of this Indenture, the other Note Documents, the Security Documents and instruments and documents entered into and delivered in
connection therewith shall be construed as though the parties participated equally in the drafting of the same. Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be construed against the
drafting party shall not be applicable either to this Indenture, the other Note Documents or the Security Documents and instruments and documents entered into and delivered in connection therewith. 
  

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 ARTICLE II 
  
 THE NOTES 
  
 SECTION 2.01. Form and Dating. 
  
 The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have
notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of US$1,000 and integral multiples thereof. Subject to Section 4.14
and 13.02 hereof, the Notes may bear notations of Note Guarantees. 
  
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company, the Guarantors and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note or any notation of Note Guarantees thereon conflicts with the express provisions of this Indenture, the provisions of
this Indenture shall, to the extent not prohibited by applicable law, govern and be controlling. 
  
 Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend and the
“Schedule of Exchanges in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend and without the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such aggregate principal amount of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and
redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee, the Depositary or the Note Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  
 The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the
“General Terms and Conditions of Clearstream Bank” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in Regulation S Global Notes that are held by members of, or Participants, in DTC
through Euroclear or Clearstream. 
  
 SECTION 2.02. Execution and
Authentication. 
  
 One Officer shall sign the Notes for the
Company by manual or facsimile signature. 
  
 If an Officer of the
Company whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 
  
 A Note shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee. The signature shall be conclusive
evidence that the Note has been authenticated under this Indenture. 
  

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 The Trustee shall authenticate (i) the Initial Notes for original issue on the Issue Date in the
aggregate principal amount of US$125,000,000 (the “Original Notes”), (ii) additional Initial Notes for original issue from time to time after the Issue Date which are issued in accordance with the provisions of this Indenture
(such additional Initial Notes, the “Additional Notes”), and (iii) any Exchange Notes from time to time for issue only in exchange for a like principal amount of Initial Notes, in each case, upon a written order of the
Company signed by one Officer, which written order shall specify (a) the amount of Notes to be authenticated and the date of original issue thereof, (b) whether the Notes are Initial Notes or Exchange Notes and (c) the amount of Notes to be issued
in global form or definitive form. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 
  
 Notwithstanding anything to the contrary contained herein, the Company may not issue any Additional Notes, unless: 
  
 (1) immediately after giving effect to such issuance, no
Event of Default shall have occurred and be continuing; 
  
 (2) such issuance complies with Section 4.07; and 
  
 (3) (i) the proceeds from each such issuance shall be deposited into a Control Account and withdrawn therefrom solely for the purpose to
acquire, by the Company or one or more Guarantors, one or more vessels of type, function, use and nature substantially similar to that of any of the Vessels included in the Collateral as of the Issue Date, or reasonably related thereto, and which
are placed in use for a Related Business; (ii) contemporaneous with the acquisition of such vessel or vessels, such vessel or vessels and all related equipment, rights and other property used or to be used in connection with, or arising from the
operation of, such vessel or vessels shall be encumbered by a perfected first-priority Lien in favor of the Collateral Agent (subject to Permitted Collateral Liens), with the effect that each such vessel shall constitute a “Vessel” and
together with such related equipment, rights and other property shall constitute “Vessel Assets”, and collectively shall be included in and constitute Collateral; (iii) the Indebtedness incurred to acquire such vessel or vessels, including
the principal amount of Additional Notes issued therefor, shall not in the aggregate exceed 75% of the purchase price of such vessel or vessels and such related equipment, rights and other property or the appraised value thereof (as determined by an
Independent Qualified Party); and (iv) such inclusion of vessels as Collateral shall comply with all applicable provisions and requirements of the Indenture, the Credit Agreement, the Security Documents and the TIA; 
  
 provided, however, that as a condition to the Company’s use of any such
proceeds for any such acquisition (and any related withdrawal from the corresponding Control Account), the Company shall have delivered to the Trustee (y) an Officers’ Certificate stating that funds to be withdrawn from the corresponding
Control Account will be used solely in compliance with above clause (3) and (z) an Officer’s Certificate and an Opinion of Counsel, as applicable, stating that all conditions precedent provided for in this Indenture and applicable Security
Documents, and by the TIA, for such withdrawal and use have been complied with or contemporaneously therewith, will be complied with. 
  
 In addition, no Additional Notes may be issued if the Stated Maturity thereof is within five years of the date of original issuance thereof. 

 

 34 








 With respect to any Additional Notes, the Company shall set forth in (i) a Board Resolution and an
accompanying Officers’ Certificate or (ii) one or more indentures supplemental hereto, the following information: 
  
 (1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
  
 (2) the issue price and the issue date of such Additional
Notes, and the date of first payment of interest; and 
  
 (3) whether such Additional Notes shall be Notes that bear the Private Placement Legend, Global Note Legend and/or be issued as a Definitive Note. 
  
 In authenticating and delivering Additional Notes, the Trustee shall be entitled to receive and shall be fully protected in relying upon, in addition to
the Opinion of Counsel and Officers’ Certificate required by Section 14.04, an Opinion of Counsel as to the due authorization, execution, delivery, validity and enforceability of such Additional Notes, including any Note guarantees
relating thereto. 
  
 The Initial Notes (and for the avoidance of
doubt, both as to Original Notes and Additional Notes) and the Exchange Notes shall be considered collectively as a single class for all purposes of this Indenture. Holders of the Initial Notes and the Exchange Notes will vote and consent together
on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes or the Exchange Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are
entitled to vote or consent. 
  
 The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an agent to deal with Holders or an Affiliate of the Company. 
  
 SECTION 2.03. Registrar, Paying Agent and Calculation Agent. 
  
 The Company shall maintain an office or agency within the United States of America where Notes may be presented for registration of transfer or for
exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The
Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company shall also
appoint a Calculation Agent for purposes specified in the Notes. The Company may change any Paying Agent, Registrar or Calculation Agent without notice to any Holder. The Company shall notify the Trustee in writing in advance of the name and address
of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such. The Company or any of its Subsidiaries may act
as Paying Agent or Registrar. 
  
 The Company initially appoints
The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The Trustee has been appointed by DTC to act as Note Custodian with respect to the Global Notes. 
  

 35 








 The Company initially appoints the Trustee to act as the Registrar, Paying Agent and Calculation Agent.

  
 The Company shall enter into an appropriate agency agreement
with any Agent not a party to this Indenture which agreement shall incorporate the provisions of the TIA and implement the provisions of this Indenture that relate to that Agent. 
  
 SECTION 2.04. Paying Agent to Hold Money in Trust. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in
trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, or premium or Special Interest, if any, or interest on, the Notes, and will notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or an Affiliate of the Company (including any Subsidiary) acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 
  
 SECTION 2.05. Holder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall provide to a Responsible Officer of the Trustee at least seven
Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes, which
list may be conclusively relied upon by the Trustee, and the Company shall otherwise comply with TIA § 312(a). 
  
 SECTION 2.06. Transfer and Exchange. 
  
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Notes will be exchanged by
the Company for Definitive Notes only if (i) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary for the Global Notes or that it is no longer a clearing agency registered
under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary or (ii) the Company in its sole discretion notifies the Trustee in writing that it
elects to cause issuance of the Notes in certificated form. Upon the occurrence of either of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also
may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to Section
2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than 

  

 36 








 
as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section
2.06(b) or (f) hereof. 
  
 (b)
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the
Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs as applicable: 
  
 (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted
Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided,
however, that prior to the expiration of the Restricted Period transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser).
Beneficial interests in any Unrestricted Global Note may be transferred only to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be
delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 
  
 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of
beneficial interests (other than a 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), the transferor of such beneficial interest must deliver to
the Registrar (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such
increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange
referred to in (1) above. Upon an Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon notification from the Registrar that all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture, the Notes and otherwise applicable under the Securities Act have been satisfied, the Trustee shall adjust the principal amount of the relevant Global Notes pursuant to Section 2.06(h)
hereof. 
  
 (iii) Transfer of Beneficial
Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person 

  

 37 








 
who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of clause
(ii) above and the Registrar receives the following: 
  
 (A) if the transferee will take delivery in the form of a beneficial interest in the Rule 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in Item (1)
thereof; 
  
 (B) if the transferee will take
delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in Item (2) thereof; and 
  
 (C) if the transferee will take delivery in the form of a
beneficial interest in the IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications and certificates and Opinion of Counsel required by (3) thereof, in each case, if
applicable. 
  
 (iv) Transfer and Exchange of
Beneficial Interests in a Restricted Global Note for Beneficial Interests in the Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of clause (ii) above and: 
  
 (A) such exchange or transfer is effected pursuant to an
Exchange Offer in accordance with the corresponding Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, is not (1) a broker-dealer, (2)
a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) any such transfer is effected pursuant to a Shelf Registration Statement in accordance with the corresponding Registration Rights
Agreement; 
  
 (C) any such transfer is effected
by a Participating Broker-Dealer pursuant to an Exchange Offer Registration Statement in accordance with the corresponding Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in Item (1)(a) thereof; 
  

 38 








 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in Item
(4) thereof; and 
  
 (3) in each such case set
forth in this subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the Trustee and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are not required in order to maintain compliance with the Securities Act. 
  
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company
shall issue and, upon receipt of an authentication order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of beneficial
interests transferred pursuant to subparagraph (B) or (D) above. 
  
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
  
 (c) [THIS PARAGRAPH INTENTIONALLY LEFT BLANK]

  
 (d) [THIS PARAGRAPH INTENTIONALLY LEFT
BLANK] 
  
 (e) Transfer and Exchange of
Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes.
Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by his attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, pursuant to the provisions of this Section
2.06(e). 
  
 (i) Restricted Definitive Notes
may be transferred to and registered in the name of Persons who take delivery thereof if the Registrar receives the following: 
  
 (A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in Item (1) thereof; 
  
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 of the Securities Act, then the transferor must deliver a certificate
in the form of Exhibit B hereto, including the certifications in Item (2) thereof; and 
  

 39 








 (C) if the transfer will be made pursuant to any other exemption from the registration
requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by Item (3) thereof, if applicable. 
  
 (ii) Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
  
 (A) such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the
corresponding Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, is not (1) a broker-dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person
who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) any such transfer is effected pursuant to a Shelf Registration Statement in accordance with the corresponding Registration Rights Agreement; 
  
 (C) any such transfer is effected by a Participating Broker-Dealer pursuant to an Exchange Offer
Registration Statement in accordance with the corresponding Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in Item (1)(b) thereof; 
  
 (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in Item (4) thereof; and 
  
 (3) in each such case set forth in this subparagraph (D), an Opinion of Counsel in form reasonably
acceptable to the Trustee and the Company to the effect that such exchange or transfer is in compliance with the Securities Act, that the restrictions on transfer contained herein and in the Private Placement Legend are not required in order to
maintain compliance with the Securities Act, and such Restricted Definitive Note is being exchanged or transferred in compliance with any applicable blue sky securities laws of any State of the United States. 
  
 (iii) A Holder of Unrestricted Definitive Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive 

  

 40 








 
Note. Upon receipt of a request for such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the
Holder thereof. Unrestricted Definitive Notes cannot be exchanged for or transferred to Persons who take delivery thereof in the form of a Restricted Definitive Note. 
  
 (f) Exchange Offer. Upon the occurrence of an Exchange Offer in accordance with the corresponding
Registration Rights Agreement, the Company shall issue and, upon receipt of an authentication order in accordance with Section 2.02 hereof, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal
amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that are not (1) broker-dealers, (2) Persons participating in the distribution of the Exchange Notes or (3) Persons
who are affiliates (as defined in Rule 144) of the Company and accepted for exchange in such Exchange Offer and (ii) Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for
exchange in such Exchange Offer without the Private Placement Legend in the appropriate principal amount. Concurrent with the issuance of such Unrestricted Global Notes, the Trustee shall cause the aggregate principal amount of the applicable
Restricted Global Notes to be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and make available for delivery to the Persons designated by the Holders of Definitive Notes so accepted Definitive Notes in the
appropriate principal amount. 
  
 (g)
Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
  
 (i) Private Placement Legend. 
  
 (A) Except as permitted by subparagraph (B) below, each
Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
  
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON WHO IS ACQUIRING THIS SECURITY IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 903 OR RULE 904 OF REGULATION S, (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE THAT IS TWO YEARS AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS SECURITY) AND THE LAST DATE ON WHICH SECUNDA INTERNATIONAL LIMITED (THE “COMPANY”) OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY OR ANY PREDECESSOR OF THIS
SECURITY, OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR 

  

 41 








 
RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE
THE UNITED STATES WITHIN THE MEANING OF REGULATION S OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (II) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATION OF TRANSFER IN THE FORM APPEARING IN THE INDENTURE IS COMPLETED AND DELIVERED BY THE TRANSFER TO THE TRUSTEE.”

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

 
 (ii) Global Note Legend. Each Global Note shall
bear a legend in substantially the following form: 
  
 “THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF, AND IS HELD BY, THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO ARTICLE II OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF SECUNDA INTERNATIONAL LIMITED OR ANY SUCCESSOR THERETO.” 
  
 Additionally, for so long as DTC is the Depositary with respect to any Global Note, each such Global Note shall also bear a legend in substantially the following form: 
  
 “UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE), TO SECUNDA INTERNATIONAL LIMITED OR ANY SUCCESSOR THERETO OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE 

  

 42 








 
DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.” 
  
 (iii) Canadian Private Placement Legend. So long as the Company is not a reporting issuer in Canada, the following legend is prescribed by applicable Canadian securities legislation and applies to trades in the notes involving
Persons in Canada (the immediately following legend, the “Canadian Private Placement Legend”): 
  
 UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER
THE LATER OF (i) AUGUST     , 2004, AND (ii) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA. 
  

(h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have
been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section
2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee, the Note Custodian or the Depositary at the direction of the Trustee,
to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note, by the Trustee, the Note Custodian or by the Depositary at the direction of the Trustee, to reflect such increase. 
  
 (i) General Provisions Relating to Transfers and Exchanges. 
  
 (i) To permit registrations of transfers and exchanges,
subject to Section 2.06, the Company shall execute and, upon the Company’s written order, signed by one or more officers of the Company, the Trustee shall authenticate Global Notes and Definitive Notes at the Registrar’s request.

  
 (ii) No service charge shall be made to a
holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 3.06, 4.10, 4.17 and 9.05 hereof). 
  
 (iii) The Registrar shall not be required to register the
transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits 

  

 43 








 
under this Indenture and the Note Guarantees, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

 
 (v) The Company and the Registrar shall not be required
(A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business
on the day of selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register the transfer of or to exchange a Note
between a record date and the next succeeding interest payment date or (D) to register the transfer of a Note other than in denominations of US$1,000 or multiple integrals thereof. 
  
 (vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the
Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any
Agent or the Company shall be affected by notice to the contrary. 
  
 (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
  
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar
pursuant to this Section 2.06 to effect a transfer or exchange may be submitted by facsimile. 
  
 (ix) The Trustee and the Registrar shall have no obligation or duty to monitor, determine or inquire as (i) to whether any Person is or is
not a Person described in clauses (1), (2) and (3) of each of Sections 2.06(b)(iv)(A), 2.06(e)(ii)(A) and 2.06(f) hereof or (ii) as to whether any Person is or is not a Person, and whether a transfer is made pursuant to the
exemptions from the Securities Act described in Sections 2.06(e)(i)(A) and 2.06(e)(i)(B), or otherwise under applicable law (other than the TIA) with respect to any transfer of any interest in any Note (including any transfers between
or among Participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
  
 SECTION 2.07. Replacement Notes. 
  
 If any mutilated Note is surrendered to the Trustee or the Company, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, the Company shall issue and the Trustee, upon the written order of the Company signed by one Officer of the Company, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the
Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee and any Agent from any loss that any of them may suffer if a Note is replaced. The
Company and the Trustee may charge for their respective expenses in replacing a Note. If, after the delivery of such replacement Note, a bona fide purchaser of the original Note in lieu of which 

  

 44 








 
such replacement Note was issued presents for payment or registration such original Note, the Trustee shall be entitled to recover such replacement Note from
the Person to whom it was delivered or any Person taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Company, the Trustee and any Agent in connection therewith. 
  
 Subject to the provisions of the final sentence of the preceding paragraph of this Section 2.07, every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
  
 SECTION 2.08.
Outstanding Notes. 
  
 The Notes outstanding at any time
are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those
described in this Section as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
  
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
  
 If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest and Special Interest, if
any, on it ceases to accrue. 
  
 If the Paying Agent (other than
the Company, a Subsidiary of the Company or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest and Special Interest, if any. 
  
 SECTION 2.09. Treasury Notes. 
  
 In determining
whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of
the Trustee actually knows are so owned shall be so disregarded. Notwithstanding the foregoing, Notes that the Company, a Subsidiary of the Company or an Affiliate of the Company offers to purchase or acquires pursuant to an offer, exchange offer,
tender offer or otherwise shall not be deemed to be owned by the Company, such Subsidiary or such Affiliate until legal title to such Notes passes to the Company, such Subsidiary or such Affiliate, as the case may be. 
  
 SECTION 2.10. Temporary Notes. 
  
 Until Definitive Notes are ready for delivery, the Company may prepare and
the Trustee shall authenticate temporary Notes upon a written order of the Company signed by one Officer of the Company. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers
appropriate for temporary Notes and as shall be 

  

 45 








 
reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Notes in exchange
for temporary Notes. 
  
 Holders of temporary Notes shall be
entitled to all of the benefits of this Indenture. 
  
 SECTION 2.11.
Cancellation. 
  
 The Company at any time may deliver
Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall return such canceled Notes to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for
cancellation other than as contemplated by an Exchange Offer. 
  
 SECTION 2.12.
Calculation of Interest; Computation of Interest. 
  
 Interest on the Notes shall be calculated by the Calculation Agent in accordance with the provisions set forth in the Note, and the initial Calculation Agent shall be the Trustee. In addition, interest on the Notes shall be computed on the
basis of a 360-day year of twelve 30-day months, and interest on the Notes for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the number of days elapsed in any partial month. 
  
 SECTION 2.13. Interest Act (Canada) 
  
 Solely for the purpose of providing the disclosure required by the
Interest Act (Canada), the annual rate of interest that is equivalent to the rate payable on the Notes shall be the rate payable multiplied by the actual number of days in the year divided by 360. 
  
 SECTION 2.14. Defaulted Interest. 
  
 If the Company defaults in a payment of interest on the Notes, it shall pay
the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section
4.01 hereof. The Company shall promptly notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record
date and payment date, provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written
request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.

  
 SECTION 2.15. CUSIP, Common Code and ISIN Numbers. 
  
 The Company in issuing the Notes may use “CUSIP”, “Common
Code” and “ISIN” numbers (if then generally in use) in addition to the other identification numbers printed on the Notes, and, if so, the Trustee shall use “CUSIP”, “Common Code” and “ISIN” numbers in
notices of redemption or repurchase, as the case may be, as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained
in any notice of a redemption or repurchase, as the case 

  

 46 








 
may be, and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or repurchase, as the case may
be, shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP”, “Common Code” and “ISIN” numbers. 
  
 ARTICLE III 
  
 REDEMPTION AND PREPAYMENT 
  
 SECTION 3.01. Notices to Trustee. 
  
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 or Section 3.10 hereof, it shall
furnish to the Trustee, at least 45 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii)
the principal amount of Notes to be redeemed, (iv) the redemption price (or method for calculating it) and (v) that the redemption price will be deposited with the Trustee in immediately available funds no later than 10:00 a.m., New York City time,
on the redemption date. 
  
 SECTION 3.02. Selection of Notes to be
Redeemed. 
  
 If less than all of the Notes are to be
redeemed at any time, selection of Notes for redemption shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a
pro rata basis, by lot or in accordance with any other method the Trustee considers fair and appropriate, and which may provide for the selection for redemption of portions of the principal of the Notes in denominations of US$1,000 or
integral multiples thereof. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from
the outstanding Notes not previously called for redemption. 
  
 The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected
shall be in amounts of US$1,000 or whole multiples of US$1,000. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

 
 The provisions of the two preceding paragraphs of this Section 3.02
shall not apply with respect to any redemption affecting only a Global Note, whether such Global Note is to be redeemed in whole or in part. In case of any such redemption in part, the unredeemed portion of the principal amount of the Global Note
shall be in an authorized denomination. 
  
 SECTION 3.03. Notice of
Redemption. 
  
 Subject to the provisions of Sections
3.09 and 3.11 hereof, at least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its
registered address. 
  

 47 








 The notice shall identify the Notes (including CUSIP numbers) to be redeemed and shall state: 

 
 (a) the redemption date; 
  
 (b) the redemption price (or the method for calculating it);

  
 (c) if any Note is being redeemed in part,
the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the
original Note; 
  
 (d) the name and address of
the Paying Agent; 
  
 (e) that Notes called for
redemption must be surrendered to the Paying Agent to collect the redemption price; 
  
 (f) that, unless the Company defaults in making such redemption payment, interest and Special Interest, if any, on Notes called for
redemption cease to accrue on and after the redemption date; 
  
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
  
 (h) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in
such notice or printed on the Notes. 
  
 If any of the Notes to be
redeemed is in the form of a Global Note, then the Company shall modify such notice to the extent necessary to accord with the Applicable Procedures of the Depositary applicable to such redemption. 
  
 At the Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee
give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
  
 SECTION 3.04. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price. A notice of redemption may not be conditional. 
  
 SECTION 3.05. Deposit of Redemption Price. 
  
 No
later than 10:00 a.m. New York City Time on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent immediately available funds sufficient to pay the redemption price of and accrued interest and Special Interest, if
any, on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the 

  

 48 








 
amounts necessary to pay the redemption price of, and accrued interest and Special Interest, if any, on, all Notes to be redeemed. 
  
 If the Company complies with the provisions of the preceding paragraph, on
and after the redemption date, interest (including Special Interest), if any, shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related
interest payment date, then any accrued and unpaid interest (including Special Interest), if any, shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption
shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent
lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  
 SECTION 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the Trustee shall authenticate
for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
  
 SECTION 3.07. Optional Redemption. 
  
 (a) Except as set forth in clause (b) of this Section 3.07 and in Section 3.10, the Notes shall not be redeemable at the
Company’s option prior to September 1, 2006. On or after September 1, 2006, the Notes will be subject to redemption at any time or from time to time at the option of the Company, in whole or in part, upon not less than 30 nor more than 60
days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest (including Special Interest), if any, thereon, to the applicable redemption date (subject to the right of
Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on September 1 of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2006
	  	104.00	%
	 2007
	  	102.00	%
	 2008
	  	101.00	%
	 2009 and thereafter
	  	100.00	%

  
 (b)
In addition, prior to September 1, 2007, the Company may, at it option, on one or more occasions redeem Notes in an aggregate principal amount not to exceed 35% of the aggregate principal amount of Notes originally issued under this Indenture at a
redemption price (expressed as a percentage of the principal amount) equal to the sum of (i) 100% plus (ii) the interest rate per annum (expressed as a percentage) in effect on the date which notice is given, plus accrued and unpaid interest
(including Special Interest), if any, thereon, to the redemption date, with the net cash proceeds of any one or more Equity Offerings; provided that at least 65% of the aggregate principal amount of Notes remain outstanding immediately after
the occurrence of each such redemption (other than Notes held, directly or indirectly, by the Company or its Affiliates); and provided, further, that each such redemption occurs within 90 days after the date of such Equity Offering.

  

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 (c) Any redemption pursuant to this Section 3.07 or Section 3.10 shall be
made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
  
 SECTION 3.08. Mandatory Redemption. 
  
 The
Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. However, pursuant to Sections 3.09, 3.11, 4.10 and 4.17 hereof, under certain circumstances, the Company may be required to
offer to purchase the Notes. 
  
 SECTION 3.09. Offer to Purchase by Application
of Excess Asset Disposition Proceeds and Excess Proceeds from the Sale of Collateral. 
  
 In the event that, pursuant to Section 4.10 hereof, the Company shall commence an offer to all Holders to purchase Notes (an “Asset Disposition Purchase Offer”), it shall follow the
procedures specified below. 
  
 The Asset Disposition Purchase
Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days
after the termination of the Offer Period (the “Purchase Date”), the Company shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.10 hereof (the “Offer
Amount”) or, if less than the Offer Amount has been tendered, all Notes validly tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 

 
 If the Purchase Date is on or after an interest record date and on or
before the related interest payment date, any accrued and unpaid interest and Special Interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest or
Special Interest shall be payable to Holders who tender Notes pursuant to the Asset Disposition Purchase Offer. 
  
 Upon the commencement of an Asset Disposition Purchase Offer, the Company shall send, by first class mail, a notice to each of the Holders, with a copy to
the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Disposition Purchase Offer. The Asset Disposition Purchase Offer shall be made to all Holders. The notice,
which shall govern the terms of the Asset Disposition Purchase Offer, shall state: 
  
 (a) that the Asset Disposition Purchase Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the
length of time the Asset Disposition Purchase Offer shall remain open; 
  
 (b) the Offer Amount, the purchase price and the Purchase Date; 
  
 (c) that any Note not tendered or accepted for payment shall continue to accrete or accrue interest and Special Interest, if any;

  
 (d) that, unless the Company defaults in
making such payment, any Note accepted for payment pursuant to the Asset Disposition Purchase Offer shall cease to accrete or accrue interest and Special Interest, if any, on the Purchase Date; 
  

 50 








 (e) that Holders electing to have a Note purchased pursuant to an Asset Disposition
Purchase Offer may only elect to have all of such Note purchased and may not elect to have only a portion of such Note purchased; 
  
 (f) that Holders electing to have a Note purchased pursuant to any Asset Disposition Purchase Offer shall be required to surrender the
Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed to the Company, the Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three
days before the Purchase Date; 
  
 (g) that
Holders shall be entitled to withdraw their election if the Company, such depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
  
 (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the
Trustee shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of US$1,000, or integral multiples thereof, shall be purchased); and

  
 (i) that Holders whose Notes were purchased
only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  
 If any of the Notes subject to an Asset Disposition Purchase Offer is in the form of a Global Note, then the Company shall modify such notice to the
extent necessary to accord with the Applicable Procedures of the Depositary applicable to such repurchases. 
  
 On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Disposition Purchase Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such
Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the depositary (if any, and as referred to in clause (f) above of this Section 3.09) or the Paying
Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the
Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon written request from the Company, shall authenticate and make available for delivery such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Asset Disposition Purchase Offer on the Purchase
Date. 
  
 SECTION 3.10. Redemption for Changes in Withholding Tax.

  
 (a) The Company will be entitled to redeem
the Notes, at its option, at any time as a whole but not in part, upon not less than 30 nor more than 60 days’ notice, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest (including Special Interest), if
any, thereon to the date of redemption (subject to the right of Holders of 

  

 51 








 
record on the relevant record date to receive interest due on the relevant interest payment date), in the event the Company has become or would become
obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts as a result of: 
  
 (1) a change in or an amendment to the laws (including any regulations promulgated thereunder) of a Relevant Taxing Jurisdiction, which
change or amendment is announced after the Issue Date; or 
  
 (2) any change in or amendment to any official position regarding the application or interpretation of such laws or regulations, which change or amendment is announced after the Issue date; 
  
 and, in each case the Company cannot avoid such obligation by taking reasonable measures
available to it. 
  
 (b) Before the Company
publishes or mails notice of redemption of the Notes as described above, the Company will deliver to the Trustee an Officers’ Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by taking reasonable measures
available to it and an opinion of independent legal counsel of recognized standing stating that the Company would be obligated to pay Additional Amounts as a result of a change in tax laws or regulations or the application or interpretation of such
laws or regulations. No such notice of redemption may be given more than 60 days before or more than 270 days after the Company first becomes liable to pay any Additional Amounts as a result of a change or amendment described above. 
  
 SECTION 3.11. Annual Reduction Offer 
  
 On August 1, 2006, and on each subsequent August 1 thereafter until and
including August 1, 2011 (each an “Annual Reduction Date”), the Company shall offer, on a pro rata basis, to purchase Notes in an aggregate principal amount of US$3,800,000 at a purchase price in cash equal to 100% of
the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date); provided that Notes held, directly or indirectly, by the Company or any of its Affiliates shall not be eligible for such offer. For purposes of this Section 3.11, the phrase “pro rata basis” shall refer to the
ratio of the aggregate principal amount of Notes tendered by a Holder pursuant to an Annual Reduction Offer to the aggregate principal amounts of Notes tendered by all Holders pursuant to such Annual Reduction Offer; provided, however, if
Notes tendered pursuant to an Annual Reduction Offer are in an aggregate principal amount equal to or less than US$3,800,000, then each tendering Holder shall receive the full principal amount of the Notes tendered by it. 
  
 On or prior to each Annual Reduction Date, the Company will mail a notice
(containing all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Annual Reduction Offer) to each Holder with a copy to the Trustee (the “Annual Reduction Offer”) stating: 

 
 (1) that an Annual Reduction Date has occurred, and that the Company is
making an offer, on a pro rata basis, to purchase Notes in an aggregate principal amount of US$3,800,000 at a purchase price in cash equal to 100% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest, if
any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest on the relevant interest payment date), and 

  

 52 








 
each Holder of Notes, other than (directly or indirectly) the Company or any Affiliate of the Company, has the right to require the Company to purchase such
Holder’s pro rata share of such Notes; 
  
 (2) the
purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the “Annual Reduction Offer Purchase Date”); and 
  
 (3) that any Note not tendered or accepted for payment shall continue to accrete or accrue interest and Special Interest, if
any; 
  
 (4) that, unless the Company defaults in making such
payment, any Note accepted for payment pursuant to the Annual Reduction Offer shall cease to accrete or accrue interest and Special Interest, if any, on the Annual Reduction Offer Purchase Date; 
  
 (5) that Holders electing to have a Note purchased pursuant to an Annual
Reduction Offer may only elect to have all of such Note purchased and may not elect to have only a portion of such Note purchased; 
  
 (6) that Holders electing to have a Note purchased pursuant to any Annual Reduction Offer shall be required to surrender the Note, with the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Note completed to the Company, the Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three Business Days before the Annual
Reduction Offer Purchase Date; 
  
 (7) that Holders shall be
entitled to withdraw their election if the Company, such Depositary or the Paying Agent, as the case may be, receives, not later than three Business Days prior to the Annual Reduction Offer Purchase Date, a telegram, telex, facsimile transmission or
letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
  
 (8) that, if the aggregate principal amount of Notes surrendered by Holders
exceeds US$3,800,000, the Trustee shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of US$1,000, or integral multiples thereof,
shall be purchased); and 
  
 (9) that Holders whose Notes were
purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  
 If any of the Notes subject to an Annual Reduction Offer is in the form of a Global Note, then the Company shall modify such
notice to the extent necessary to accord with the Applicable Procedures of the Depositary applicable to such repurchases. 
  
 On or before the Annual Reduction Offer Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the
extent necessary, US$3,800,000 of Notes or portions thereof tendered pursuant to the Annual Reduction Offer, or if less than US$3,800,000 has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating
that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.11. The Company, the Depositary (if any, and as referred to in clause (6) above of this Section 3.11) or the
Paying Agent, as the case may be, shall 

  

 53 








 
promptly (but in any case not later than five days after the Annual Reduction Offer Purchase Date) mail or deliver to each tendering Holder an amount equal
to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon written request from the Company, shall authenticate and make available for
delivery such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly
announce the results of the Annual Reduction Offer on the Annual Reduction Offer Purchase Date. 
  
 In addition, the Company shall comply, to the extent applicable, with the requirements of Section 14(e) under the Exchange Act and any other securities
laws and regulations to the extent such laws and regulations are applicable in connection with an Annual Reduction Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of the covenant described
above, the Company will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.11 by virtue of its compliance with such securities laws or regulations.

  
 ARTICLE IV 
  
 COVENANTS 
  
 SECTION 4.01. Payment of Notes. 
  
 The Company shall pay or cause to be paid the principal of, and premium, if any, interest and Special Interest, if any, on, the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, interest and Special Interest, if any, shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. New York
City Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, interest and Special Interest, if any, then due. The Company shall pay all Special
Interest, if any, in the same manner on the dates and in the amounts set forth in the corresponding Registration Rights Agreement. 
  
 The Company shall pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue principal at the rate borne on
the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments of interest and Special Interest, if any, (without regard to any applicable grace period) at
the same rate to the extent lawful. 
  
 SECTION 4.02. Maintenance of Office or
Agency. 
  
 The Company shall maintain in the United States
of America, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or
for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office
or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee. 
  

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

  
 The Company hereby designates the corporate trust office or
agency of the Trustee at Wells Fargo Corporate Trust, c/o Depository Trust Company, 1st Floor, Street Level, TADS
Department, 55 Water Street, New York, New York, 10041, as one such office or agency of the Company in accordance with Section 2.03. 
  
 SECTION 4.03. Reports. 
  
 (a) Whether or not required by the SEC’s rules and regulations, so long as any Notes are outstanding, the Company shall furnish to
each of the Holders of Notes, within the time periods specified in the SEC’s rules and regulations, beginning with annual financial information for the annual period ended June 30, 2004, (i) all quarterly and annual reports applicable to a
foreign private issuer which would be required to be filed with the SEC if the Company were required to file such reports, and (ii) all current reports applicable to a foreign private issuer which would be required to be filed with the SEC if the
Company were required to file such reports. 
  
 (b) All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report will include a report on the Company’s consolidated financial statements
by the Company’s certified independent accountants. In addition, the Company will file a copy of each of the reports referred to in clauses (a)(i) and (a)(ii) of this Section 4.03 with the SEC for public availability within the time
periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing) and make such information available to securities analysts and prospective investors upon request. 
  
 (c) If at any time, the Company is no longer subject to the
periodic reporting requirements of the Exchange Act for any reason, in lieu of filing such reports with the SEC, the Company may post the reports referred to in clauses (a)(i) and (a)(ii) of this Section 4.03 on its website within the time
periods that would apply if the Company were required to file those reports with the SEC; provided, further, it shall in any event continue to provide copies of such reports to the Trustee and each Holder of the Notes as above
provided. 
  
 (d) The Company and the Guarantors
agree that, for so long as any Notes remain outstanding, at any time they are not required to file the reports required by the preceding paragraphs with the SEC, they will furnish to the Holders of the Notes and to securities analysts and
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d) (4) under the Securities Act. 
  
 (e) Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 
  

 55 








 SECTION 4.04. Compliance Certificate. 
  
 (a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an
Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has
kept, observed, performed and fulfilled its obligations under this Indenture and the other Note Documents, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge no Default or Event of Default
has occurred during such year (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she has knowledge and what action the Company is taking or proposes to take with respect
thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or premium or interest (including any Special Interest), if any, on the Notes is
prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
  
 (b) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 30 days after the occurrence thereof,
an Officer’s Certificate providing notice that an event or circumstance that constitutes a Default or an Event of Default has occurred and is existing and specifying such Default or Event of Default, the status thereof and what action the
Company is taking or proposes to take with respect thereto. 
  
 SECTION 4.05.
Taxes. 
  
 The Company shall pay, and shall cause each of
its Subsidiaries to pay, prior to delinquency, all material taxes, charges, assessments, and governmental levies except such as are contested in good faith and, if required, by appropriate proceedings or where the failure to effect such payment is
not adverse in any material respect to the Holders of the Notes. 
  
 SECTION 4.06.
Waiver of Stay, Extension and Usury Laws. 
  
 Each of the
Company and the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture or any other Note Document; and each of the Company and the Guarantors (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such
power as though no such law had been enacted. 
  
 SECTION 4.07. Limitation on
Indebtedness. 
  
 (a) The Company will not,
and will not permit any Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided that the Company and any Guarantor may Incur Indebtedness if, on the date of such Incurrence and after giving effect thereto on a
pro forma basis, no Default has occurred and is continuing, or would occur as a consequence of such Incurrence, and the Consolidated Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which financial
statements have been or are available immediately preceding the date on which such Indebtedness is Incurred would have been at least (i) 1.75 to 1.0, if such Indebtedness is Incurred on or prior to December 31, 2005 and (ii) 2.0 to 1.0, if such


  

 56 








 
Indebtedness is Incurred on or after January 1, 2006, respectively, as if such Indebtedness had been Incurred at the beginning of such four-quarter period.

  
 (b) Notwithstanding the foregoing paragraph
(a), the Company, any Guarantor or the Restricted Subsidiaries, as applicable, may Incur, to the extent provided below, the following Indebtedness: 
  
 (1) Indebtedness Incurred by the Company or any Guarantor pursuant to the Credit Agreement; provided, that, after giving effect to
any such Incurrence, the aggregate principal amount of all Indebtedness Incurred under this clause (1) and then outstanding does not exceed $40,000,000 at the time such Indebtedness was incurred; 
  
 (2) Indebtedness owed to and held by the Company or a
Restricted Subsidiary; provided that (A) any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other
than to the Company or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor thereon and (B) (i) if the Company is the obligor on such Indebtedness, such Indebtedness is expressly
subordinated to the prior payment in full in cash of all obligations with respect to the Notes or (ii) if a Guarantor is the obligor on such Indebtedness, such Indebtedness is expressly subordinated to the prior payment in full in cash of all
obligations with respect to its Notes Guarantee; 
  
 (3) Indebtedness of the Company under the Notes and of each Guarantor pursuant to its Note Guarantee; 
  
 (4) Indebtedness of the Company or any Restricted Subsidiary outstanding on the Issue Date (but excluding Indebtedness described in clause
(1), (2) or (3) of this paragraph (b)); 
  
 (5)
Indebtedness of a Restricted Subsidiary Incurred and outstanding on the date on which such Subsidiary was acquired by the Company (other than Indebtedness Incurred in connection with, or to provide all or any portion of the funds or credit support
utilized to consummate, the transaction or series of related transactions pursuant to which such Subsidiary became a Subsidiary or was acquired by the Company) and excluding therefrom any of such Indebtedness that is extinguished, retired or repaid
in connection with such acquisition; provided that on the date of such acquisition and after giving pro forma effect thereto, the Company would have been able to Incur at least $1.00 of additional Indebtedness pursuant to paragraph (a)
of this covenant; 
  
 (6) Refinancing
Indebtedness in respect of Indebtedness Incurred pursuant to paragraph (a) or pursuant to clause (3), (4), (5) or (6) of this paragraph; 
  
 (7) Hedging Obligations Incurred to protect the Company and its Restricted Subsidiaries; 
  
 (8) Indebtedness (including Capital Lease Obligations) of
the Company or any Restricted Subsidiary (including any Refinancing Indebtedness with respect thereto) Incurred, in the ordinary course of business, to finance the acquisition, 

  

 57 








 
construction or improvement of any fixed or capital assets used or useable in a Related Business, including any Indebtedness assumed in connection with the
acquisition of any such assets, in an aggregate principal amount which, when taken together with all other Indebtedness Incurred pursuant to this clause (8) and then outstanding, does not exceed the greater of (i) $10,000,000 or (ii) 5% of
Consolidated Tangible Assets (measured at the time of the original incurrence of such Indebtedness, in the case of a Refinancing); 
  
 (9) Indebtedness of the Company or any Restricted Subsidiary arising from customary agreements providing for indemnification, adjustment
of purchase price or similar obligations, in each case, Incurred or assumed in connection with the disposition of any Restricted Subsidiary or any business or fixed or capital assets of the Company or a Restricted Subsidiary; provided,
however, (A) such Indebtedness is not reflected as a liability on the balance sheet of the Company or any Restricted Subsidiary and (B) the maximum liability therefor shall not exceed the gross cash proceeds actually received by the Company or a
Restricted Subsidiary in connection with such disposition; 
  
 (10) any Guarantee by the Company or a Guarantor of any Indebtedness permitted to be Incurred pursuant to paragraph (a) or pursuant to the Indenture; provided that a Guarantee of any Indebtedness of a
Restricted Subsidiary that ceases to be a Restricted Subsidiary shall be deemed to be an Investment other than a Permitted Investment, and subject to compliance with related provisions of the Indenture, at the time its Restricted Subsidiary status
terminates in an amount equal to the maximum principal amount as guaranteed for so long as such Guarantee remains outstanding; 
  
 (11) Indebtedness of the Company or any Restricted Subsidiary in respect of bid, performance, surety or appeal bonds issued for the
account and benefit of the Company or a Restricted Subsidiary and provided in the ordinary course of business of the Company and the Restricted Subsidiaries; and 
  
 (12) in addition to the items referred to in the preceding clauses (1) through (11) above, Indebtedness of
the Company and the Guarantors in an aggregate principal amount which, when taken together with all other Indebtedness Incurred pursuant to this clause (12) and then outstanding will not exceed $2,500,000 at any time outstanding. 
  
 (c) Notwithstanding the foregoing, the Company will not, and
will not permit any Guarantor or Restricted Subsidiary to, Incur any Indebtedness pursuant to the foregoing paragraph (b) if the proceeds thereof (or in the case of any Guarantee pursuant to the foregoing paragraph (b), if the proceeds of direct
Indebtedness so Guaranteed) are used, directly or indirectly, to Incur or Refinance any Subordinated Obligations of the Company or any Guarantor or Restricted Subsidiary unless such Indebtedness shall be subordinated to the Notes or relevant Note
Guarantee, as applicable, to at least the same extent as such as such Subordinated Obligations. 
  
 (d) For purposes of determining compliance with this covenant, (i) in the event that an item of Indebtedness meets the criteria of more
than one of the types of Indebtedness described above in paragraph (b) or is entitled to be incurred pursuant to paragraph (a) of this covenant, the Company, in its sole discretion, will be permitted to classify such item of Indebtedness on the date
of its Incurrence, or later classify or reclassify all or a portion of such item of Indebtedness, in any manner that complies with this covenant and (ii) at each such time, 

  

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the Company will be entitled to divide, classify and reclassify an item of Indebtedness in more than one of the types of Indebtedness described above.

  
 (e) The Company will not, and will not permit
any Guarantor to, directly or indirectly, Incur any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated in right of payment to any other Indebtedness of the Company or of
such Guarantor, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinate in right of payment to the Notes and the relevant Note Guarantee, as the case
may be, to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness of the Company or such Guarantor or Restricted Subsidiary, as the case may be. 
  
 SECTION 4.08. Limitation on Restricted Payments. 
  
 (a) The Company will not, and will not permit any Restricted
Subsidiary to, directly or indirectly, make a Restricted Payment if at the time the Company or such Restricted Subsidiary makes such Restricted Payment and after giving effect thereto: 
  
 (1) a Default shall have occurred and be continuing (or would result therefrom); 
  
 (2) the Company would not be permitted to Incur at least an
additional $1.00 of Indebtedness pursuant to paragraph (a) of Section 4.07; or 
  
 (3) the aggregate amount of such Restricted Payment and all other Restricted Payments since the Issue Date would exceed, after giving
effect to adjustments in the following paragraph (b), the sum of (without duplication): 
  
 (A) 50% of the Consolidated Net Income accrued during the period (treated as one accounting period) from the beginning of the fiscal
quarter immediately following the fiscal quarter in which the Issue Date to the end of the most recent fiscal quarter for which financial statements are available on or prior to the date of such Restricted Payment (or, in case such Consolidated Net
Income shall be a deficit, minus 100% of such deficit); plus 
  
 (B) 100% of the aggregate Net Cash Proceeds received by the Company from the issuance or sale of its Capital Stock (other than Disqualified Stock) subsequent to the Issue Date (other than an issuance or sale to a
Subsidiary of the Company and other than an issuance or sale to an employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees) and 100% of any cash capital contribution
received by the Company from its shareholders subsequent to the Issue Date; plus 
  
 (C) the amount by which Indebtedness of the Company issued after the Issue Date is reduced on the Company’s balance sheet upon the
conversion or exchange (other than by a Subsidiary of the Company) subsequent to the Issue Date of any Indebtedness of the Company convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company 

  

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(less the amount of any cash, or the fair value of any other property, distributed by the Company upon such conversion or exchange); plus 

 
 (D) an amount equal to the sum of (y) the net reduction
in the Investments (other than Permitted Investments) made by the Company or any Restricted Subsidiary in any Person after the Issue Date resulting from repurchases, repayments or redemptions of such Investments by such Person, proceeds realized on
the sale of such Investment and proceeds representing the return of capital (excluding dividends and distributions), in each case received by the Company or any Restricted Subsidiary, and (z) to the extent such Person is an Unrestricted Subsidiary,
the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary;
provided, however, that the foregoing sum shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made and treated as a Restricted Payment by the
Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary. 
  
 (b) The preceding provisions of this covenant will not prohibit any of the following: 
  
 (1) any purchase, repurchase, redemption, defeasance or
other acquisition or retirement for value of Subordinated Obligations of the Company or a Guarantor made by exchange for, or out of the Net Cash Proceeds of the substantially concurrent sale of, Capital Stock of the Company (other than Disqualified
Stock and other than Capital Stock issued or sold to a Subsidiary of the Company or an employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees) or a substantially
concurrent cash capital contribution received by the Company from its shareholders; provided that (A) such Restricted Payment shall be excluded in the calculation of the amount of Restricted Payments in clause (3) of paragraph (a) above and
(B) the Net Cash Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of amounts under clause (3)(B) of paragraph (a) above; 
  
 (2) any purchase, repurchase, redemption, defeasance or
other acquisition or retirement for value of Subordinated Obligations of the Company or a Guarantor made by exchange for, or out of the net cash proceeds of the substantially concurrent Incurrence of Refinancing Indebtedness; provided that
such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments in clause (3) of paragraph (a) above; 
  
 (3) the repurchase or other acquisition of shares of Capital
Stock of the Company of any of its Subsidiaries from employees, former employees, directors or former directors of the Company or any of its Subsidiaries (or permitted transferees of such employees, former employees, directors or former directors),
pursuant to the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by the Board of Directors of the Company under which such individuals purchase or sell or are granted the option to purchase or sell,
shares of such Capital Stock; provided that the aggregate amount of such repurchases and other acquisitions 

  

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shall not exceed $500,000 in any calendar year; provided, further, that such repurchases and other acquisitions shall be included in the calculation
of the amount of Restricted Payments in clause (3) of paragraph (a) above; 
  
 (4) the payment of a dividend within 60 days after the date of declaration of such dividend if the dividend would have been permitted by the provisions of paragraph (a) of this covenant on the date of its declaration;
provided that any such dividend made in reliance on this paragraph shall be included in the calculation of the amount of Restricted Payments in clause (3) of paragraph (a) above; 
  
 (5) dividends on Disqualified Stock to the extent included in the definition of Consolidated Interest
Expense; provided that such Restricted Payments shall be excluded from the calculation of the amount of Restricted Payments in clause (3) of paragraph (a) above; or 
  
 (6) so long as no Event of Default has occurred and is continuing or would be caused thereby, other
Restricted Payments in an aggregate principal amount since the Issue Date not exceeding $10,000,000; provided that such Restricted Payments shall be excluded from the calculation of the amount of Restricted Payments in clause (3) of paragraph
(a) above. 
  
 The amount of all Restricted Payments (other than
cash) shall be the fair market value (as determined in good faith by the Board of Directors of the Company and as evidenced by a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate delivered to the Trustee)
on the date of the transfer, incurrence or issuance of such non-cash Restricted Payment. Not later than (1) the end of any calendar quarter in which any Restricted Payment is made or (2) the making of a Restricted Payment which, when added to the
sum of all previous Restricted Payments made in a calendar quarter, would cause the aggregate of all Restricted Payments made in such quarter to exceed $1,000,000, the Company shall deliver to the Trustee an officers’ certificate stating that
such Restricted Payments were permitted and setting forth the basis upon which the calculations required by this covenant were computed, which calculations may be based upon the Company’s latest available financial statements. 
  
 SECTION 4.09. Limitation on Restrictions on Distributions from Restricted
Subsidiaries. 
  
 The Company will not, and will not permit
any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) pay dividends or make any other
distributions on its Capital Stock to the Company or a Restricted Subsidiary or pay any Indebtedness owed to the Company, (b) make any loans or advances to the Company or (c) transfer any of its property or assets to the Company, except: 

 
 (1) with respect to clauses (a), (b) and (c), 

 
 (A) any encumbrance or restriction pursuant to an
agreement in effect at or entered into on the Issue Date; 
  
 (B) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any Indebtedness Incurred by such Restricted Subsidiary on or prior to the date on which such Restricted
Subsidiary was acquired by the Company (other than Indebtedness 

  

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Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related
transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Company) and outstanding on such date which encumbrance or restriction does not relate to any Person other than such Restricted
Subsidiary; 
  
 (C) any encumbrance or
restriction pursuant to an agreement effecting a Refinancing of Indebtedness Incurred pursuant to an agreement referred to in clause (A), (B), (F) or (G) of clause (1) of this covenant or this clause (C) or contained in any amendment to an agreement
referred to in clause (A), (B), (F) or (G) of clause (1) of this covenant or this clause (C); provided that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement or amendment
taken as a whole are no more restrictive than the encumbrances and restrictions with respect to such Restricted Subsidiary contained in such predecessor agreements; 
  
 (D) any such encumbrance or restriction (i) consisting of customary nonassignment provisions in leases
governing leasehold interests to the extent such provisions restrict the transfer of the lease or the property leased thereunder or (ii) that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is
subject to a lease, license or similar contract; 
  
 (E) any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition;

  
 (F) the Credit Agreement in effect after the
Issue Date to the extent its provisions are no more restrictive with respect to such dividend, distribution or other payment restrictions and loan or investment restrictions, and transfer of property restrictions, than those contained in the Credit
Agreement as in effect on the Issue Date; 
  
 (G) this Indenture, the Notes, the Note Guarantees and the Security Documents; 
  
 (H) any future Liens that may be permitted to be granted under, or incurred not in breach or violation of, any other provision of the
Indenture; 
  
 (I) customary provisions in joint
ventures and similar agreements (relating solely to the respective joint venture or similar entity); and 
  
 (J) restrictions under applicable laws, rules or regulations; and 
  
 (2) with respect to clause (c) only, 
  
 (A) restrictions contained in security agreements or mortgages securing Indebtedness of a Restricted
Subsidiary to the extent such 

  

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restrictions restrict the transfer of the property subject to such security agreements or mortgages and such Indebtedness was Incurred not in breach or
violation of any provision of the Indenture; and 
  
 (B) any encumbrance or restriction by virtue of any transfer or agreement to transfer, option or right with respect to, or Lien on, any property or assets of any Restricted Subsidiary not otherwise prohibited by the Indenture. 

 
 SECTION 4.10. Limitation on Sales of Assets and Subsidiary Stock. 
  
 (a) The Company will not, and will not permit any Restricted
Subsidiary to, directly or indirectly, consummate any Asset Disposition (including a Sale of Collateral) unless: 
  
 (1) the Company or such Restricted Subsidiary receives consideration at the time of such Asset Disposition at least equal to the fair
market value (including as to the value of all non-cash consideration), as determined in good faith by the Board of Directors of the Company, of the shares and assets subject to such Asset Disposition; 
  
 (2) at least 75% of the consideration thereof received by
the Company or such Restricted Subsidiary is in the form of, or any combination of, (i) cash or cash equivalents and (ii) Additional Assets; and 
  
 (3) in the case of a Sale of Collateral, the Collateral Agent is immediately granted a perfected first priority security interest (subject
only to Permitted Collateral Liens) in the Net Sale Consideration therefor received by the Company or such Restricted Subsidiary as additional Collateral under the Security Documents to secure the Secured Obligations, and, in the case of cash or
cash equivalents constituting Net Sale Consideration, such cash or cash equivalents must be deposited into a segregated account under the sole control of the Collateral Agent (an “Asset Sale Proceeds Account”), all on terms
provided for in the applicable Security Documents; 
  
 provided, that any
Asset Disposition pursuant to any loss, destruction or damage to an asset, a condemnation, appropriation or other similar taking, including by deed in lieu of condemnation, or pursuant to the foreclosure or other enforcement of a Lien incurred not
in violation of Section 4.12 or exercise by the related lienholder of rights with respect thereto, including by deed or assignment in lieu of foreclosure shall not be required to satisfy the conditions set forth in clauses (1) and (2) of this
paragraph. 
  
 For the purposes of this covenant, the following are deemed to be
cash or cash equivalents: (i) the assumption of all Indebtedness of the Company or any Restricted Subsidiary (other than liabilities that are Subordinated Obligations), and the release of the Company or such Restricted Subsidiary from all liability
on such Indebtedness, in connection with such Asset Disposition; and (ii) securities received by the Company or any Restricted Subsidiary from the transferee which are promptly converted by the Company or such Restricted Subsidiary into cash.

  

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 (b) Within 365 days after the receipt of any Net Available Cash from an Asset
Disposition, other than a Sale of Collateral, the Company or such Restricted Subsidiary, as the case may be, may apply such Net Available Cash: 
  
 (1) first, to the extent the Company elects, or is required by the terms of any Indebtedness, to prepay, repay, redeem or purchase
Senior Indebtedness (other than any Disqualified Stock) of the Company or such Restricted Subsidiary (in each case other than Indebtedness owed to the Company or an Affiliate of the Company); and 
  
 (2) second, to the extent of the balance of such Net
Available Cash after application in accordance with clause (1), to the extent the Company elects, to acquire Additional Assets; 
  
 provided, however, that (i) in connection with any prepayment, repayment or purchase of Indebtedness pursuant to clause (1) above, the Company or such Restricted
Subsidiary shall permanently retire such Indebtedness and shall cause the related loan commitment, if any, to be permanently reduced in an amount equal to the principal amount so prepaid, repaid or purchased, and (ii) the Company or the applicable
Restricted Subsidiary will be deemed to have complied with clause (2) above if, within 365 days of such Asset Disposition, the Company or such Restricted Subsidiary shall have commenced and not completed or abandoned an expenditure or Investment, or
a binding agreement with respect to an expenditure or Investment, in compliance with clause (2), and that expenditure or Investment is completed within a date one year and six months after the date of such Asset Disposition. Pending application of
such Net Available Cash pursuant to this covenant, such Net Available Cash shall temporarily be invested in Temporary Cash Investments or applied temporarily to reduce revolving credit Indebtedness. Any Net Available Cash from Asset Dispositions,
other than a Sale of Collateral, described in this paragraph that is not applied or invested as provided in the paragraph (b) shall be deemed to constitute “Excess Asset Disposition Proceeds”. 
  
 When the aggregate amount of Excess Asset Disposition Proceeds exceeds
$10,000,000, the Company will be required to make an offer (in accordance with Section 3.09) to all Holders of Notes and holders of each other series of Indebtedness that ranks by its terms pari passu in right of payment with the Notes
and the terms of which contain substantially similar requirements with respect to the application of net proceeds from asset sales as are contained in the Indenture (an “Asset Sale Offer”) to purchase on a pro rata
basis (with the Excess Asset Disposition Proceeds prorated between the holders of Notes and such holders of pari passu Indebtedness based upon outstanding aggregate principal amounts) the maximum principal amount of the Notes and such other
Indebtedness that may be purchased or prepaid, as applicable, out of the prorated Excess Asset Disposition Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, to
the date of purchase, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes and other Indebtedness tendered (and electing to be redeemed or repaid, as applicable) pursuant to an Asset Sale
Offer is less than the Excess Asset Disposition Proceeds, the Company and such Restricted Subsidiary may use any remaining Excess Asset Disposition Proceeds for general corporate purposes and any other purpose not prohibited by the Indenture. If the
aggregate principal amount of Notes and such other Indebtedness surrendered by holders thereof exceeds the amount of the prorated Excess Asset Disposition Proceeds, the Company shall select the Notes and such other Indebtedness to be purchased on a
pro rata basis. Upon completion of each such offer to purchase, the amount of Excess Asset Disposition Proceeds shall be reset at zero. 
  

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 (c) Within 365 days after the receipt of any Net Sale Consideration from an Asset
Disposition that constitutes a Sale of Collateral, the Company or such Restricted Subsidiary, as the case may be, may apply such Net Sale Consideration: 
  
 (1) first, to the extent the Company is required by the terms of the Credit Agreement, to prepay or repay Credit Facility
Obligations, provided, however, that in connection with any such prepayment or repayment, the Company or such Restricted Subsidiary shall permanently retire such Indebtedness and shall cause the related loan commitment, if any, to be
permanently reduced in an amount equal to the principal amount so prepaid or repaid; and 
  
 (2) second, to the extent the Company elects, to prepay or repay Credit Facility Obligations or repurchase and redeem any Notes,
provided, however, that in connection with any such prepayment or repayment, the Company or such Restricted Subsidiary shall permanently retire such Indebtedness, that in connection with the Credit Facility Obligations, shall cause the
related loan commitment, if any, to be permanently reduced in an amount equal to the principal amount so prepaid or repaid, and in connection with the Notes, shall otherwise comply and be in compliance with the Indenture; and 
  
 (3) third, to the extent of the balance of such Net
Sale Collateral Consideration after application in accordance with clause (1), to the extent the Company elects, to acquire (or enter into a definitive contract to acquire, provided that the acquisition related thereto is completed within a
date one year and six months after the date of such Asset Disposition) Additional Assets; 
  
 provided, in each such case, the Collateral Agent shall immediately be granted a perfected first priority security interest (subject to Permitted Collateral Liens) on all of the assets acquired with such Net
Sale Consideration as Collateral under the Security Documents to secure the Secured Obligations, all on terms provided for in the applicable Security Documents. Any Net Sale Consideration from the Sale of Collateral that is not applied or invested
as provided this paragraph (c) shall be deemed to constitute “Excess Proceeds from the Sale of Collateral”. 
  
 When the aggregate amount of Excess Proceeds from the Sale of Collateral exceeds $10,000,000, the Company will be required to make an offer (in accordance
with Section 3.09) to all Holders of Notes (a “Collateral Proceeds Offer”) to purchase or redeem or repay, as applicable, on a pro rata basis (with such Excess Proceeds from the Sale of Collateral prorated
between the Holders of the Notes and holders of Credit Agreement Indebtedness based upon outstanding aggregate principal amounts) the maximum principal amount of the Notes that may be purchased, and the Credit Agreement Indebtedness that may be
prepaid, in each case, out of such Excess Proceeds from the Sale of Collateral, at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, to the date of purchase, in accordance
with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes and Credit Agreement Indebtedness tendered (and electing to be redeemed or repaid, as applicable) pursuant to such Collateral Proceeds Offer is less
than such Excess Proceeds from the Sale of Collateral, the Company and such Restricted Subsidiary may use any remaining Excess Proceeds from the Sale of Collateral, free and clear of any Liens created by any Security Documents or otherwise for the
benefit of any holder of Secured Obligations, for general corporate purposes and any other purpose not prohibited by the Indenture. If the aggregate principal amount of Notes and Credit Agreement Indebtedness surrendered by holders exceeds the
amount of such prorated Excess Proceeds from the Sale of Collateral shall select the Notes to be purchased on a pro rata basis and the administrative agent for the Credit Agreement will select the Credit Agreement Indebtedness to be repaid on
a pro rata basis. Upon completion of the offer to purchase, the amount of Excess Proceeds from the Sale of Collateral shall be reset at zero. 
  

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 (d) The Company will comply, to the extent applicable, with the requirements of Section
14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this covenant. To the extent that the provisions of any securities laws or regulations conflict with 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 the covenant described above by virtue of its compliance with such securities laws or regulations.

  
 SECTION 4.11. Limitation on Affiliate Transactions. 
  
 (a) The Company will not, and will not permit any Restricted
Subsidiary to, directly or indirectly, enter into any transaction (including the purchase, sale, lease or exchange of any property, employee compensation arrangements or the rendering of any service) with, or for the benefit of, any Affiliate of the
Company (an “Affiliate Transaction”) unless: 
  
 (1) the terms of the Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary than those that could be obtained at the time of the Affiliate Transaction in arm’s length dealings
with a Person who is not an Affiliate; 
  
 (2) if
such Affiliate Transaction or series of related Affiliate Transactions involves an amount in excess of $5,000,000, the terms of the Affiliate Transaction are set forth in writing and a majority of the disinterested members of the Board of Directors
of the Company have determined in good faith that the criteria set forth in clause (1) are satisfied and has approved the relevant Affiliate Transaction as evidenced by a resolution; and 
  
 (3) if such Affiliate Transaction or series of related Affiliate Transactions involves an amount in excess
of $10,000,000, the Board of Directors of the Company shall also have received a written opinion from an Independent Qualified Party to the effect that such Affiliate Transaction is fair, from a financial standpoint, to the Company and its
Restricted Subsidiaries. 
  
 (b) The provisions
of the preceding paragraph (a) will not prohibit: 
  
 (1) any Investment (other than a Permitted Investment) or other Restricted Payment, in each case permitted to be made pursuant to Section 4.08; 
  

(2) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
employment arrangements, stock options and stock ownership plans approved by the Board of Directors of the Company; 
  
 (3) loans or advances to employees in the ordinary course of business but in any event not to exceed $2,000,000 in the aggregate
outstanding at any one time; 
  
 (4) in addition
to the loans and advances referred to in the preceding clause (3), loans or advances to Affiliates of the Company but in any event not to exceed $3,000,000 in the aggregate outstanding at any one time; 
  

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 (5) customary indemnities made in the ordinary course of business to employees or
directors of the Company and the Restricted Subsidiaries; 
  
 (6) the payment of reasonable fees to directors of the Company and the Restricted Subsidiaries who are not employees of the Company or the Restricted Subsidiaries; 
  
 (7) any transaction between or among (x) the Company and the
Restricted Subsidiaries and (y) the Restricted Subsidiaries; 
  
 (8) the issuance or sale of any Capital Stock (other than Disqualified Stock) of the Company; and 
  
 (9) the sale by the Company or a Restricted Subsidiary of any real property (and related fixtures or appurtenances), or of the Capital
Stock of the Subsidiary that owns such real property, provided that such real property is the only significant asset owned by such Subsidiary, to a Permitted Holder for consideration in an amount equal to the book value of such assets as
reflected in the then recently available consolidated financial statements of the Company but not to exceed $3,000,000. 
  
 SECTION 4.12. Limitation on Liens. 
  
 The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, Incur or permit to exist any Lien of any nature whatsoever
on (i) any Collateral, except pursuant to a Security Document or Permitted Collateral Liens or (ii) any of its properties that are not Collateral, other than Permitted Liens. 
  
 SECTION 4.13. Limitation on Sale/Leaseback Transactions. 
  
 The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into any
Sale/Leaseback Transaction with respect to any property unless: 
  
 (1) the Company or such Restricted Subsidiary would be entitled to (A) Incur Indebtedness in an amount equal to the Attributable Debt with respect to such Sale/Leaseback Transaction pursuant to paragraph (a) of
Section 4.07 and (B) create a Lien on such property securing such Attributable Debt pursuant to Section 4.12; 
  
 (2) the gross proceeds received by the Company or any Restricted Subsidiary in connection with such Sale/Leaseback Transaction are at
least equal to the fair market value (as determined by the Board of Directors of the Company) of such property; and 
  
 (3) the transfer of such property is permitted by, and the Company applies the proceeds of such transaction in compliance with, Section
4.10. 
  
 SECTION 4.14. Future Guarantors 
  
 If 
  
 (i) (A) the Company or any of the Restricted Subsidiaries forms or acquires a Restricted Subsidiary which,
or (B) any Restricted Subsidiary (other than a Guarantor) 

  

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that exists on the Issue Date (including, without limitation, any Initial Non-Guarantor) at any time following the Issue Date, in either case, Incurs
Indebtedness other than Indebtedness owed to, or a Guarantee in favor of, the Company or a Guarantor, which in either case is Incurred in compliance with the provisions of the Indenture, then with respect to such Subsidiary, or 
  
 (ii) as of the end of any fiscal quarter, the Restricted
Subsidiaries that are not then Guarantors own net assets that have an aggregate fair market value (as determined in good faith by the Board of Directors of the Company) equal to or greater than 5% of the Consolidated Tangible Assets at the end of
such quarter, then the Company will designate one or more of such Restricted Subsidiaries to become Guarantors such that after giving effect to such designation or designations, as the case may be, the total net assets owned by all such remaining
non-Guarantor Restricted Subsidiaries will have an aggregate fair market value (as determined in good faith by the Board of Directors of the Company) of less than 5% of the Consolidated Tangible Assets, then with respect to each such designated
Restricted Subsidiary, 
  
 within 30 days following the date on which it Incurs
Indebtedness (in the case of clause (i) above) or is designated (in the case of clause (ii) above), as the case may be, and the Company will cause such Subsidiary to Guarantee the Notes and, if required by the provisions of this Indenture or the
Security Documents, become a party to the Security Documents and a supplemental indenture in accordance with Section 13.02. 
  
 SECTION 4.15. Limitation on Business Activities. 
  
 The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into in any material respect any line of business
other than a Related Business. 
  
 SECTION 4.16. Payments for Consent

  
 The Company will not, and will not permit any of the
Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder of any Notes for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of the Indenture, the Notes, the Note Guarantee, any Security Document or any other Note Document unless such consideration is offered to be paid or agreed to be paid to all Holders of the Notes that consent, waive or agree to amend in
the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  
 SECTION 4.17. Offer to Repurchase upon Change of Control. 
  
 (a) Upon the occurrence of a Change of Control, the Company will offer to purchase each Holder’s Notes pursuant to the offer
described below (the “Change of Control Offer”) at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest (including Special Interest), if any, thereon, to the date
of purchase (the “Change of Control Payment”) (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
  
 Within 30 days following any Change of Control, the Company will mail a
notice to each Holder, with a copy to the Trustee, stating: (i) the description of the transaction or transactions that constitute the Change of Control, and the circumstances and relevant facts regarding such Change of Control (including
information with respect to pro forma historical income, cash flow 

  

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and capitalization, in each case after giving effect to such Change of Control); (ii) that the Change of Control Offer is being made pursuant to this
Section 4.17, and that all Notes validly tendered and not withdrawn will be accepted for payment; (iii) the purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is
mailed (the “Change of Control Payment Date”); (iv) that any Note not tendered will continue to accrue interest and Special Interest, if any; (v) that, unless the Company defaults in the payment of the Change of Control
Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest and Special Interest, if any, after the Change of Control Payment Date; (vi) that Holders electing to have any Notes purchased pursuant to
a Change of Control Offer will be required to surrender the Notes properly endorsed, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes properly completed, together with other customary documents as the
Company may reasonably request, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; (vii) that Holders will be entitled to withdraw their
election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the
principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and (viii) that Holders whose Notes are being purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to US$1,000 in principal amount or an integral multiple thereof. If any of the Notes subject to a Change of Control Offer are in the form
of a Global Note, then the Company shall modify such notice to the extent necessary to accord with the Applicable Procedures of the Depositary applicable to repurchases. 
  
 In addition, the Company shall comply, to the extent applicable, with the requirements of Rule 14(e) under the Exchange Act
and any other securities laws and regulations to the extent such laws and regulations are applicable in connection with the repurchase of Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of the covenant described hereunder, the Company will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.17 by
virtue of its compliance with such securities laws or regulations. 
  
 (b) On the Change of Control Payment Date, the Company will, to the extent lawful, (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) by no later than
10:00 a.m., New York time, deposit with the Paying Agent in immediately available funds an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered and (iii) deliver or cause to be delivered to the
Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. The Paying Agent will promptly mail to each Holder of Notes so tendered 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;
provided that each such new Note will be in a principal amount of US$1,000 or an integral multiple thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control
Payment Date. 
  
 (c) The Change of Control
provisions described above will be applicable whether or not any other provisions of this Indenture are applicable, except as set forth in Article VIII hereof. 
  

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 (d) The Company will not be required to make a Change of Control Offer following 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 herein applicable to a Change of Control Offer made by the Company and purchases all Notes validly
tendered and not withdrawn under such Change of Control Offer. 
  
 SECTION 4.18.
Payment of Additional Amounts. 
  
 (a) The
Company and the Guarantors will make all payments under or with respect to the Notes and the Note Guarantees free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or
other governmental charge (including penalties, interest and other liabilities related thereto) (hereinafter “Taxes”) imposed or levied by or on behalf of Canada or any political subdivision or any authority or agency therein
or thereof having power to tax, or by any other jurisdiction in which the Company or any Guarantor is organized or is otherwise resident or conducts business for tax purposes or any jurisdiction from or through which payment is made by the Company
or any Guarantor or its agents (each a “Relevant Taxing Jurisdiction”), unless the Company or any Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. 
  
 (b) If the Company or any Guarantor is required to withhold
or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction (other than backup withholding Taxes imposed under the laws of the United States) from any payment made under or with respect to the Notes or any Note
Guarantee, the Company or such Guarantor will be required to pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by Holders of the Notes after such withholding or deduction
(including any withholding or deduction attributable to Additional Amounts payable hereunder) will not be less than the amount such Holders would have received if such Taxes had not been withheld or deducted; provided, however, that the
foregoing obligation to pay Additional Amounts does not apply to any Taxes to the extent such Taxes would not have been so imposed: 
  
 (i) but for the existence of any present or former connection between the relevant Holder (or the beneficial owner of such Notes) and the
Relevant Taxing Jurisdiction (other than the mere receipt of such payment or the mere acquisition, ownership, holding or disposition of any Note); 
  
 (ii) but for the failure of the relevant Holder (or the beneficial owner of such Notes) to use its reasonable best efforts, to the extent
such Holder (or beneficial owner) is legally entitled to do so, to comply with a written request by the Company or a Guarantor to satisfy any certification, identification or other reporting requirements which shall include any applicable forms or
instructions whether imposed by statute, treaty, regulation, or administrative practice concerning the nationality or residence of such holder or the connection of such holder with the Relevant Taxing Jurisdiction; 
  
 (iii) if the payment could have been made without such
deduction or withholding if the relevant Holder had presented the Note for payment within 60 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to
the extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 60 day period); 
  

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 (iv) with respect to any payment of principal of (or premium, if any, on) or interest on
such Note to any Holder who is a fiduciary or partnership or any Person other than the sole beneficial owner of such payment, to the extent that a beneficiary with respect to such fiduciary, a member of such a partnership or the beneficial owner of
such payment would not have been entitled to the Additional Amounts had such beneficiary, member or beneficial owner been the actual Holder of such Note (but only if there is no material cost or expense associated with transferring such Notes to
such beneficiary, partner or beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or beneficial owner); or 
  
 (v) with respect to any Canadian Taxes imposed on a payment of, in lieu of, on account of, or in
satisfaction of, interest (including deemed interest) made by the Company or a Guarantor which is a resident of Canada, where the beneficiary of such payment does not deal at arm’s length with the Company or such Guarantor, as the case may be,
for the purposes of the Income Tax Act (Canada). 
  
 (c) The Company and the Guarantors will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. The
Company and the Guarantors will make reasonable best efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Company and the
Guarantors will provide to the Trustee, within a reasonable time after the date the payment of any Taxes so deducted or withheld are due pursuant to applicable law, either a certified copy of tax receipts evidencing such payment, or, if such tax
receipts are not reasonably available to the Company or such Guarantor, such other documentation that provides reasonable evidence of such payment by the Company or such Guarantor. 
  
 (d) At least 30 days prior to each date on which any payment under or with respect to the Notes is due and
payable (unless such obligation to pay Additional Amounts arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter), if the Company will be obligated to pay Additional Amounts with respect to such
payment, the Company will deliver to the Trustee an officers’ certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay
such Additional Amounts to holders of Notes on the payment date. Each such officers’ certificate shall be relied upon until receipt of a further officers’ certificate addressing such matters. 
  
 (e) Whenever in this Indenture there is mentioned, in any
context: 
  
 (i) the payment of principal;

  
 (ii) purchase prices in connection with a
purchase of Notes; 
  
 (iii) interest; or

  
 (iv) any other amount payable on or with
respect to any of the Notes or the Note Guarantees, 
  
 such reference shall be
deemed to include payment of Additional Amounts as described hereunder to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
  

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 (f) The Company will pay any present or future stamp, court or documentary taxes or any
other excise or property taxes, charges or similar levies that arise in any Relevant Taxing Jurisdiction from the execution, delivery, enforcement or registration of the Notes, the Indenture, the Security Documents or any other document or
instrument in relation thereto, or the receipt of any payments with respect to the Notes. 
  
 (g) The obligations described in this Section 4.18 will survive any termination, defeasance or discharge of the Indenture and will
apply mutatis mutandis to any successor Person to the Company or any Guarantor and to any jurisdiction in which the Company or any Guarantor is organized or is otherwise resident or conducts business for tax purposes or any jurisdiction from
or through which payment is made by the Company or any Guarantors or their respective agents. 
  
 SECTION 4.19. Corporate Existence. 
  
 Subject to Article V hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, and the corporate, partnership or other
existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; provided, however, that the
Company shall not be required to preserve the existence of any of its Restricted Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its
Restricted Subsidiaries, taken as a whole. 
  
 ARTICLE V

  
 SUCCESSORS 
  
 SECTION 5.01. Merger, Consolidation, or Sale of Assets. 
  
 The Company will not, directly or indirectly, consolidate with or merge with
or into, or convey, transfer or lease, in one transaction or a series of transactions, directly or indirectly, all or substantially all of its assets to, any Person, unless: (i) the resulting, surviving or transferee Person (the
“Successor Company”) shall be the Company or a corporation organized or existing under the laws of Canada or any province thereof or the United States, any State thereof or the District of Columbia; (ii) the Successor Company
(if not the Company) shall expressly assume by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under the Notes, this Indenture, all Security Documents and, if
then in effect, the Registration Rights Agreement, pursuant to a supplemental indenture and other appropriate documentation (including a joinder to the Collateral Agency Agreement) in form and substance reasonably satisfactory to the Trustee; (iii)
immediately before and after giving pro forma effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by such
Successor Company or such Subsidiary at the time of such transaction), no Default shall have occurred and be continuing; (iv) except in the case of a merger or consolidation of the Company with or into a Restricted Subsidiary, or a Restricted
Subsidiary transferring all or part of its properties and assets to the Company, or the Company merging with an Affiliate of the Company solely for the purpose and with the sole effect of reincorporating the Company in another jurisdiction, the
Successor Company will, at the time of such transaction and after giving pro forma effect thereto as if such transaction had occurred at the beginning of the applicable four-quarter period, be permitted to Incur at least $1.00 of additional
Indebtedness pursuant to the 

  

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Consolidated Coverage Ratio test set forth in Section 4.07(a) hereof; (v) the Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each starting that such consolidation, merger or transfer and such supplemental indenture and other appropriate documentation (if any) comply with this Indenture and all Security Documents and that all
necessary actions have been taken to preserve the priority and perfection of the Liens of all Security Documents; and (vi) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize
income, gain or loss for United States Federal income tax purposes as a result of such transaction and will be subject to United States Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such transaction had not occurred. 
  
 SECTION 5.02. Successor Corporation
Substituted. 
  
 Upon any consolidation or merger, or any
sale, assignment, transfer, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01 hereof, the Successor Company (if other than the Company) shall succeed to, and be
substituted for (so that from and after the date of such consolidation, merger, sale, assignment, lease, transfer, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to such
Successor Company and not to the Person previously defined as Company), and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Company originally had been named as the
Company herein; and when such Successor Company duly assumes all of the obligations and covenants of the Company pursuant to the Notes and hereto, the predecessor Person shall be relieved of all such obligations; provided, however, in the
case of a lease of all or substantially all of its assets, the predecessor Company will not be released from the obligation to pay the principal of, and premium, if any, and interest on, the Notes. The Successor Company thereupon may cause to be
signed, and may issue either in its own name or in the name of the predecessor Person, any or all the Notes issuable hereunder which theretofore shall not have been signed by the predecessor Person and delivered to the Trustee; and, upon the order
of the Successor Company, instead of the predecessor Person, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Notes which previously shall have been signed
and delivered by the officers of the predecessor Person to the Trustee for authentication, and any Notes which the Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in
all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all such Notes had been issued at the date of the execution hereof.

  
 In case of such consolidation, merger, sale, assignment,
lease, transfer, conveyance or other disposition, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 
  

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 ARTICLE VI 
  
 DEFAULTS AND REMEDIES 
  
 SECTION 6.01. Events of Default. 
  
 An “Event of Default” occurs if: 
  
 (a) the Company defaults in the payment when due of interest
on, Special Interest, if any, on, or Additional Amounts with respect to, the Notes, and such default continues for a period of 30 days; 
  
 (b) the Company defaults in the payment when due (whether at the Stated Maturity, upon optional redemption, upon required purchases, upon
declaration of acceleration or otherwise) of principal of or premium, if any, on any Note; 
  
 (c) the Company or any Guarantor fails to comply with its obligations under Section 3.11, 4.10, 4.17 or 5.01 hereof;

  
 (d) the failure by the Company or any
Guarantor, as the case may be, to comply with any of the provisions of Section 4.03, 4.07, 4.08, 4.09, 4.11, 4.12, 4.13 or 4.14 for 30 days after written notice of such failure to the Company by the Trustee or the Holders of at least
25% in aggregate principal amount of the Notes then outstanding; 
  
 (e) the Company or any Guarantor fails to observe or perform any covenant or other agreement in this Indenture, the Notes or the Security Documents (other than the provisions expressly set forth in clauses (a), (b),
(c) or (d) above) for 60 days after written notice of such failure to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding; 
  
 (f) a default occurs under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness by the Company or any of the Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of the Restricted
Subsidiaries), whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default: (i) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness prior to the expiration of the
grace period provided in such Indebtedness on the date of such default (a “Payment Default”) or (ii) results in the acceleration of such Indebtedness prior to its Stated Maturity and, in each case, the principal amount of any
such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $10,000,000 or more; provided, further, that if any
such default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of ten days following the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as
the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; 
  
 (g) the Company, any Guarantor, any of the Company’s
Significant Subsidiaries or any group of Restricted Subsidiaries which, when taken together, would constitute a Significant Subsidiary of the Company, pursuant to or within the meaning of the Bankruptcy Code: 
  
 (i) commences a voluntary case, 
  
 (ii) consents to the entry of an order for relief against it
in an involuntary case, 
  
 (iii) consents to the
appointment of a Custodian of it or for all or substantially all of its property, 
  

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 (iv) makes a general assignment for the benefit of its creditors, or 
  
 (v) generally is not paying its debts as they become due;

  
 (h) a court of competent jurisdiction enters an order or
decree under the Bankruptcy Code that: 
  
 (i) is
for relief against the Company, any Guarantor, any of the Company’s Significant Subsidiaries or any group of Restricted Subsidiaries which, when taken together, would constitute a Significant Subsidiary of the Company, in an involuntary case;

  
 (ii) appoints a Custodian of the Company, any
Guarantor, any of the Company’s Significant Subsidiaries or any group of Restricted Subsidiaries which, when taken together, would constitute a Significant Subsidiary of the Company, or for all or substantially all of the property of the
Company, any Guarantor, any of the Company’s Significant Subsidiaries or any group of Subsidiaries which, when taken together, would constitute a Significant Subsidiary of the Company; or 
  
 (iii) orders the liquidation of the Company, any Guarantor,
any of the Company’s Significant Subsidiaries or any group of Restricted Subsidiaries which, when taken together, would constitute a Significant Subsidiary of the Company; 
  
 and the order or decree remains unstayed and in effect for 60 consecutive days; 
  
 (i) failure of the Company, any Guarantor, any of the Company’s
Significant Subsidiaries or any group of Restricted Subsidiaries which, when taken together, would constitute a Significant Subsidiary of the Company, to pay any judgment, or judgments aggregating, in excess of $10,000,000, which judgment or
judgments, as the case may be, are not discharged, waived or stayed for a period of 60 consecutive days following such judgment; 
  
 (j) any Note Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Note Guarantee and the Indenture) or any
Guarantor denies or disaffirms its obligations under its Note Guarantee; or 
  
 (k) any Security Document or any Lien purported to be granted thereby on any one or more items of Collateral is held in any judicial proceeding to be unenforceable or invalid, in whole or in part, or ceases for any
reason (other than pursuant to a release that is delivered or becomes effective as set forth in this Indenture or any Security Document) to be fully enforceable and perfected. 
  
 SECTION 6.02. Acceleration. 
  
 If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare
the principal of, and premium, if any, and accrued but unpaid interest (and Special Interest, if any) on, all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become so due and payable immediately without
further action or notice, and the Collateral Agent shall immediately become unconditionally entitled to foreclose upon any or all of the Collateral, exercise and enforce its other rights and remedies in respect of the Collateral, subject to the
provisions of this Indenture and the Security Documents, as applicable. Notwithstanding the foregoing, if an Event 

  

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of Default specified in clause (g) or (h) of Section 6.01 hereof occurs with respect to the Company, any Significant Subsidiary of the Company or any
group of Restricted Subsidiaries which, taken together, would constitute a Significant Subsidiary, the principal of, and premium, if any, and accrued but unpaid interest (and Special Interest, if any) on, all outstanding Notes shall be due and
payable immediately without further action or notice, and the Collateral Agent shall immediately become unconditionally entitled to foreclose upon any or all of the Collateral, exercise and enforce its other rights and remedies in respect of the
Collateral, subject to the provisions of this Indenture and the Security Documents, as applicable. The Holders of at least a majority in aggregate principal amount of the then outstanding Notes by verifiable notice to the Trustee may on behalf of
all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal or premium, interest (including Special Interest)
that has become due solely because of the acceleration) have been cured or waived. 
  
 SECTION 6.03. Other Remedies. 
  
 If an Event of
Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, interest and Special Interest, if any, on the Notes or to enforce the performance of any provision of the Notes, this
Indenture or the Security Documents. 
  
 The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
  
 SECTION 6.04. Waiver of Past Defaults. 
  
 Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by verifiable notice to the Trustee may on behalf of the
Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of interest (including Special Interest), if any, on, or the principal of, or
premium on, the Notes including in connection with an offer to purchase. Upon any such waiver, such Default or Event of 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 Event of Default or impair any right consequent thereon. 
  
 SECTION 6.05. Control by Majority. 
  
 Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising
any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the
rights of other Holders of Notes or that may involve the Trustee in personal liability. 
  

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 SECTION 6.06. Limitation on Suits. 
  
 A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 
  
 (a) the Holder of a Note has previously given to the Trustee
written notice of a continuing Event of Default; 
  
 (b) the Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (c) such Holder of a Note or Holders of Notes have offered to the Trustee reasonable security or indemnity against any loss, liability or
expense to be incurred in compliance with such request; 
  
 (d) the Trustee has not complied with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
  
 (e) during such 60-day period, the Holders of a majority in principal amount of the then outstanding Notes
do not give the Trustee a direction inconsistent with the request. 
  
 A Holder of
a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note or to enforce any right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all of such Holders. 
  
 SECTION 6.07. Rights of
Holders of Notes to Receive Payment. 
  
 Notwithstanding any
other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and Special Interest, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in
connection with an offer to purchase or redemption), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  
 SECTION 6.08. Collection Suit by Trustee. 
  
 If an Event of Default specified in Section 6.01(a) or (b)
hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium and Special Interest, if any, and interest remaining
unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel. 
  
 SECTION 6.09. Trustee
May File Proofs of Claim. 
  
 The Trustee is authorized to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled 

  

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and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured
by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 SECTION 6.10. Priorities. 
  
 Except as expressly provided in the Collateral Agency Agreement, if the Trustee collects any money pursuant to this Article, it shall pay out the money in
the following order: 
  
 First: to the Trustee, its agents
and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense, and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders of Notes for amounts due and unpaid on the Notes
for principal, premium and Special Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and Special Interest, if any and interest,
respectively; and 
  
 Third: to the Company or to such
party as a court of competent jurisdiction shall direct. 
  
 The
Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
  
 SECTION 6.11. Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the cost of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and
expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
  

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 ARTICLE VII 
  
 TRUSTEE 
  
 SECTION 7.01. Duties of Trustee. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (i) The Trustee need perform only those duties that are
specifically set forth in this Indenture and the TIA and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee. To the extent of any conflict between the duties of the Trustee hereunder and under
the TIA, the TIA shall control. 
  
 (ii) In the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or
other facts stated therein). 
  
 (c) The Trustee
may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) this paragraph does not limit the effect of paragraph (b) of this Section; 
  
 (ii) the Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.02, 6.04 or 6.05 hereof. 
  
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (e) of this Section. 
  
 (e) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee
security and indemnity satisfactory to the Trustee against any loss, liability or expense. 
  

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 (f) The Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 SECTION 7.02. Rights of Trustee. 
  
 (a) The Trustee may conclusively rely upon any document (whether in its original or facsimile form) believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both which
shall conform to Sections 14.04 and 14.05. The Trustee shall not be liable for, and shall be fully protected in respect of, any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of
Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon. 
  
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes
to be authorized or within the rights or powers conferred upon it by this Indenture. 
  
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be
sufficient if signed by an Officer of the Company. 
  
 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or
indemnity satisfactory to the Trustee against the costs, expenses and liabilities (including fees and expenses of its agents and counsel) that might be incurred by it in compliance with such request or direction. 
  
 (g) The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
  
 (h) The Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Securities and this Indenture. 
  

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 (i) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
  
 (j) The Trustee may request that the Company deliver an
Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign
an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
  
 (k) The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty. 
  
 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 any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such
conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  
 SECTION 7.04. Trustee’s Disclaimer. 
  
 The Trustee shall not be responsible for and makes no representation as to
the validity or adequacy of this Indenture, the Notes or the Security Documents, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any
provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes
or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  
 SECTION 7.05. Notice of Defaults. 
  
 If a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to
Holders of Notes a notice of the Default or Event of Default within the later of (i) 90 days after the date such Default or Event of Default shall have occurred and (ii) 10 days after the date such Responsible Officer first had such actual
knowledge. Except in the case of a Default or Event of Default in payment of principal of, or premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith
determines that withholding the notice is not opposed to the interest of the Holders of the Notes. The Trustee shall not be deemed to have knowledge of a Default or Event of Default other than (A) any Event of Default occurring pursuant to
Section 6.01(a) or 6.01(b); or (B) any Default or Event of Default of which a Responsible Officer shall have received written notification or obtained actual knowledge. As used herein, the term “actual knowledge” means the
actual fact or statement of knowing, without any duty to make any investigation with regard thereto. 
  

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 SECTION 7.06. Reports by Trustee to Holders of the Notes. 
  
 Within 60 days after each April 15 beginning with the April 15 following the
date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA §313(a) (but if no event described in TIA §313(a)
has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA §§313(b)(1) and (b)(2). The Trustee shall also transmit by mail all reports as required by TIA
§313(c). 
  
 A copy of each report at the time of its mailing
to the Holders of Notes shall be mailed to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA §313(d). The Company shall promptly notify the Trustee when the Notes are listed on any
stock exchange or delisted therefrom. 
  
 SECTION 7.07. Compensation and
Indemnity. 
  
 The Company shall pay to the Trustee from time
to time such compensation for its acceptance of this Indenture and services hereunder as such parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel. 
  
 The Company and the Guarantors, jointly and severally, shall indemnify each of the Trustee and each predecessor Trustee, and their respective agents, employees, officers, stockholders and directors, against any and
all losses, liabilities, claims, damages or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture and the Note
Obligations against the Company and/or the Guarantors (including this Section 7.07) and defending itself against or investigating any claim (whether asserted by the Company or any Holder or any other person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability, claim, damage or expense may be attributable to its gross negligence, bad faith or willful misconduct. 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 and the Guarantors shall defend the claim, and the Trustee shall
cooperate in the defense. The Trustee and its agents, employees, officers, stockholders and directors may have separate counsel, and the Company and the Guarantors shall pay the reasonable fees and expenses of such counsel. The Company and the
Guarantors need not pay for any settlement made without their consent, which consent shall not be unreasonably withheld, conditioned or delayed. 
  
 The obligations of the Company and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge of this Indenture.

  
 To secure the Company’s and the Guarantors’ payment
obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture. 
  

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 When the Trustee incurs expenses or renders services after an Event of Default specified in Section
6.01(g) or (h) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under the Bankruptcy Code. 
  
 The Trustee shall comply with the provisions of TIA § 313(b)(2) to the
extent applicable. 
  
 SECTION 7.08. Replacement of Trustee. 
  
 A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
  
 The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a
majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
  
 (a) the Trustee fails to comply with Section 7.10 hereof; 
  
 (b) the Trustee is adjudged a bankrupt or an insolvent or an
order for relief is entered with respect to the Trustee under the Bankruptcy Code; 
  
 (c) a Custodian takes charge of the Trustee or its property; or 
  
 (d) the Trustee becomes incapable of acting. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall
promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by
the Company. 
  
 If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the expense of the Company), the Company, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition any court of
competent jurisdiction (in the case of the Trustee, at the expense of the Company) for the appointment of a successor Trustee. 
  
 If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at least six months, fails to comply with Section
7.10 hereof, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders of the Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for
in Section 7.07 hereof. Notwithstanding replacement of 

  

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the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the
retiring Trustee. 
  
 SECTION 7.09. Successor Trustee by Merger, Etc.

  
 If the Trustee consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. As soon as practicable, the successor Trustee shall mail a notice of its
succession to the Company and the Holders of the Notes. 
  
 SECTION 7.10.
Eligibility; Disqualification. 
  
 There shall at all
times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to
supervision or examination by federal or state authorities and that has a combined capital and surplus of at least US$100,000,000 as set forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of
TIA §310(a)(1), (2) and (5). The Trustee is subject to TIA §310(b). 
  
 SECTION 7.11. Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA §311(a), excluding any creditor relationship listed in TIA §311(b). A Trustee who has resigned or been removed shall be subject to TIA §311(a) to the extent indicated
therein. 
  
 ARTICLE VIII 
  
 SATISFACTION AND DISCHARGE; DEFEASANCE 
  
 SECTION 8.01. Satisfaction and Discharge of Indenture. 
  
 This Indenture shall upon delivery of a written request of an Officer of the
Company to the Trustee cease to be of further effect with respect to the Notes (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for and the payment, indemnity and contribution obligations
of the Company in favor of the Trustee), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when the Company has paid all sums
payable by it under the Indenture and either: 
  
 (a) all such Notes theretofore authenticated and delivered (other than (i) such Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 hereof and (ii) such Notes for whose
payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 8.08 hereof) have been delivered to the Trustee
for cancellation; or 
  
 (b) all such Notes not
theretofore delivered to the Trustee for cancellation or otherwise have become due and payable by reason of the making of a notice of redemption, and (i) the Company has irrevocably deposited or caused to be deposited with the Trustee as trust


  

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funds, in trust solely for the purpose and the benefit of the Holders of such Notes, cash in U.S. dollars in an amount as will be sufficient, without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness (including all principal, premium, if any, and accrued interest) on such Notes not theretofore delivered to the Trustee for cancellation, and (ii) the
Company has delivered to the Trustee irrevocable instructions under this Indenture to apply the deposited funds toward the payment of such Notes at their Stated Maturity or the redemption date, as the case may be. 
  
 In addition, the Company must deliver an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture with respect to the Notes, the obligations of the Company
and the Guarantors to the Trustee under Section 7.07 hereof, and, if U.S. dollars shall have been deposited with the Trustee pursuant to clause (b) of this Section, the obligations of the Company or Trustee under Section 8.02 hereof
and Section 8.08 hereof shall survive. 
  
 SECTION 8.02. Application of
Trust Money. 
  
 Subject to the provisions of Section
8.08 hereof, all money deposited with the Trustee pursuant to Section 8.01 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 Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal, any Special Interest, and any premium and interest for whose payment such money has been deposited
with the Trustee. 
  
 SECTION 8.03. Option to Effect Legal Defeasance or
Covenant Defeasance. 
  
 The Company may, at the option of
its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, exercise its right under either Section 8.04 or 8.05 hereof with respect to all outstanding Notes upon compliance with the
conditions set forth below in this Article VIII. 
  
 SECTION 8.04. Legal
Defeasance. 
  
 Upon the Company’s exercise under
Section 8.03 hereof of the option applicable to this Section 8.04, each of the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.06 hereof, be deemed to have discharged its
obligations with respect to all outstanding Notes and, as applicable, its Note Guarantee on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means
that each of the Company and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, and to the extent applicable, represented by the Note Guarantees, which in each case shall
thereafter be deemed to be “outstanding” only for the purposes of Section 8.07 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes or
Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or
discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.07 hereof, and as more fully set forth in such Section, payments in respect of the 

  

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principal of, and premium, if any, and interest (including Special Interest), if any, on, such Notes when such payments are due (but not the Change of
Control Payment or the payment pursuant to an Annual Reduction Offer or an Asset Disposition Purchase Offer), (b) the Company’s obligations with respect to such Notes under Sections 2.03, 2.04, 2.07, 2.10 and 4.02 hereof, (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith and (d) this Article VIII. Subject to compliance with this Article VIII, the Company may exercise its
option under this Section 8.04 notwithstanding the prior exercise of its option under Section 8.05 hereof. 
  
 SECTION 8.05. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 8.03 hereof of the option applicable to this Section 8.05, each of the Company and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.06 hereof, be released from its obligations under the covenants contained in Article IV hereof (other than those in Sections 4.01, 4.02, 4.05, 4.06,
4.18 and 4.19), clauses (iii) and (iv) of Section 5.01 hereof and Section 13.03 hereof on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the
Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the
Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenants, 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 8.03 hereof of the option applicable to this Section 8.05 hereof, subject to the satisfaction of
the conditions set forth in Section 8.06 hereof, neither Sections 6.01(f), 6.01(i), 6.01(j) and 6.01(k) hereof nor, with respect to any Person other than the Company, Sections 6.01(g) and 6.01(h) hereof
shall constitute Events of Default. 
  
 SECTION 8.06. Conditions to Legal or
Covenant Defeasance. 
  
 The following shall be the
conditions to the application of either Section 8.04 or 8.05 hereof in order to exercise either Legal Defeasance or Covenant Defeasance with respect to the outstanding Notes: 
  
 (a) the Company must irrevocably deposit with the Trustee,
in trust, for the benefit of the Holders, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the
principal of, and premium, if any, and interest (including Special Interest), if any, on, the outstanding Notes on the stated maturity or on the applicable repurchase or redemption date, as the case may be, and the Company must specify whether the
Notes are being defeased to maturity or to a particular repurchase or redemption date; 
  
 (b) in the case of an election under Section 8.04 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in
the United States reasonably acceptable to the Trustee confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a 

  

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change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders
of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred; 
  
 (c) in the case of an election under Section 8.05 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the
Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Covenant Defeasance had not occurred; 
  
 (d) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default arising from a breach of covenants due to the incurrence of Indebtedness
the proceeds of which are used to make such deposit) or insofar as Section 6.01(g) or 6.01(h) hereof is concerned, at any time in the period ending on the 91st day after the date of deposit; 
  
 (e) such deposit will not result in a breach or violation of, or constitute a default under, any material agreement or instrument to which
the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound, or if such breach, violation or default would occur, which is not waived as of, and for all purposes, on and after,
the date of such deposit (other than a Default or an Event of Default arising from a breach of covenants due to the incurrence of Indebtedness the proceeds of which are used to make such deposit); 
  
 (f) the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that after the 91st day following the deposit, the trust funds will not be subject
to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
  
 (g) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Notes over the other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 
  
 (h) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  
 SECTION 8.07. Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. 
  
 Subject to Section 8.08
hereof, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.07, the “Trustee”) pursuant to
Section 8.06 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 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, if any, and interest 

  

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and Special Interest, if any, but such money need not be segregated from other funds except to the extent required by law. 
  
 The Company shall pay, and the Company and the Guarantors shall jointly and
severally indemnify, the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant to Section 8.06 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 VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written
request of the Company any money or Government Securities held by it as provided in Section 8.06 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee and reasonably acceptable to the Trustee (which may be the opinion delivered under Section 8.06(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance. 
  
 SECTION 8.08. Repayment to Company.

  
 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, or premium, if any, or interest and Special Interest, if any, on, any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest and
Special Interest, if any, 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; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 SECTION 8.09. Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any money or Government
Securities in accordance with this Article VIII by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, or if at any time any amounts or securities deposited
in accordance with this Article VIII, or amounts or securities paid or otherwise disbursed therefrom, are revoked, terminated, rescinded or reduced or must otherwise be restored or returned upon any event, including the insolvency, bankruptcy
or reorganization of the Company or any Restricted Subsidiary, then the Company’s and each Guarantor’s obligations under this Indenture, the Notes, the Note Guarantees and the Security Documents, as the case may be, shall be revived and
reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with this Article VIII, or as if such deposit or payment or
disbursement had not been made, as the case may be; provided, however, that, if the Company makes any payment of principal of, or premium, if any, or interest and Special Interest, if any, on, any Note following the reinstatement of its
obligations, the Company shall be subrogated to the 

  

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rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  
 ARTICLE IX 
  
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 SECTION 9.01. Without Consent of Holders of Notes. 
  
 Notwithstanding Sections 9.02 and 12.03 hereof, the Company, the Trustee and the Collateral Agent, as the case may be, may amend or
supplement this Indenture, the Notes, the Note Guarantees or the Security Documents without the consent of any Holder of a Note: 
  
 (a) to cure any ambiguity, omission, defect or inconsistency; 
  
 (b) to provide for the assumption of the Company’s or any Guarantor’s obligations to the Holders
of the Notes by a Successor Company; 
  
 (c) to
provide for 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, or in a manner such that the uncertificated
Notes are described in Section 163(f)(2)(B) of the Code); 
  
 (d) to add additional Guarantors under the Indenture or add Collateral with respect to, or to further secure, the Notes, or to release a Guarantor or Collateral (or a portion thereof) permitted by, and pursuant to the
provisions of the Indenture; 
  
 (e) to add to
the covenants of the Company or any Restricted Subsidiary for the benefit of the Holders of the Notes or to surrender any right or power confirmed upon the Company or any Restricted Subsidiary; 
  
 (f) to make any change that does not adversely affect the
rights of any holder of the Notes (and for purposes of the foregoing, any change in the Indenture, the Notes, the Note Guarantees or the Security Documents made to conform such documents to the description thereof in a related offering circular or
memorandum shall be deemed not to adversely affect the rights of any holder of Notes); 
  
 (g) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; or

  
 (h) as otherwise provided in the Indenture or
Security Documents, as the case may be. 
  
 Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt by a Responsible Officer of the Trustee (and, if applicable, the Collateral Agent) of an
Officers’ Certificate and an Opinion of Counsel, the Trustee shall join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its own rights, duties, liabilities or immunities under this Indenture or otherwise.

  

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 SECTION 9.02. With Consent of Holders of Notes. 
  
 Except as provided below in this Section 9.02 and in Section 12.03 hereof, the Company and the Trustee may
amend or supplement this Indenture (including Sections 3.09, 4.10 and 4.17 hereof), the Notes, the Note Guarantees or any Security Documents with the consent of the Holders of a majority in principal amount of the Notes then
outstanding (including consents obtained in connection with the purchase of, or a tender offer or exchange offer for, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default or compliance
with any provision of this Indenture, the Notes, the Note Guarantees or any Security Documents may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including consents obtained in connection
with a tender offer or exchange offer for the Notes). 
  
 Upon the
request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders of Notes as aforesaid, and upon receipt by a Responsible Officer of the Trustee (and, if applicable, the Collateral Agent) of an Officers’ Certificate and an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee, the Trustee shall join with the Company in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 
  
 It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment
or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the
Holders of a majority in aggregate principal amount of the Notes then outstanding may waive compliance in a particular instance by the Company with any provision of this Indenture, the Notes, the Subsidiary Guarantees or the Security Documents.
However, without the consent of each Holder affected, an amendment or waiver may not (with respect to any Notes held by a non-consenting Holder): 
  
 (a) reduce the amount of Notes whose Holders must consent to an amendment; 
  
 (b) reduce the rate of or extend the time for payment of interest on any Note; 
  
 (c) reduce the principal of or extend the Stated Maturity of
any Note; 
  
 (d) reduce the amount payable upon
the redemption of any Note or change the time at which any Note may be redeemed as described under Section 3.07 or 3.10; 
  
 (e) make any Note payable in money other than that stated in the Note; 
  

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 (f) impair the right of any holder of the Notes to receive payment of principal of and
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; 
  
 (g) make any change in the amendment provisions which
require each Holder’s consent or in the waiver provisions; 
  
 (h) make any change in the ranking or priority of any Note or any Note Guarantee, or release any Guarantor from its Note Guarantee except as provided in this Indenture; 
  
 (i) except as specifically permitted by this Indenture or
any Security Documents, release all or substantially all of the Liens on the Collateral; 
  
 (j) make any change in the provisions of Section 4.18 that adversely affects the rights of any Noteholder to receive Additional
Amounts; or 
  
 (k) make any change to Section
4.17 after a Change of Control has occurred, or any change to Section 3.11 after an Annual Reduction Date has occurred, or any change to the provisions of Section 4.10 at any time that the Company has become obligated to offer to
purchase Notes. 
  
 SECTION 9.03. Compliance with Trust Indenture Act.

  
 Every amendment or supplement to this Indenture, the Notes or
the Note Guarantees shall be set forth in a amended or supplemental indenture that complies with the TIA as then in effect. 
  
 SECTION 9.04. Revocation and Effect of Consents. 
  
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may
revoke the consent as to its Note if the Trustee receives written notice of revocation before the 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 9.05. Notation on or Exchange of
Notes. 
  
 The Trustee may but shall not be obligated to
place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company, in exchange for all Notes, may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or
waiver. 
  
 Failure to make the appropriate notation or issue a
new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
  

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 SECTION 9.06. Trustee to Sign Amendments, Etc. 
  
 The Trustee shall sign any amended or supplemental indenture (or other amendment of the Security Documents) authorized
pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. Furthermore, no amendment or supplement to the provisions of the Security Documents will impose any obligation on the Trustee or
adversely affect the rights of the Trustee in its individual capacity. The Company may not sign an amendment or supplemental indenture until the Board of Directors approves it. In executing any amended or supplemental indenture or amendment, the
Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture
or amendment is authorized or permitted by this Indenture. 
  
 ARTICLE X 
  
 COLLATERAL AND SECURITY 
  
 SECTION 10.01. Security Documents. 
  
 The payment of principal of, and premium and interest (including Special
Interest), if any, on the Notes, the Loans and all other Secured Obligations, when due, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise and whether by the Company pursuant to the Notes or the
Loans or by any Guarantor pursuant to the Note Guarantees or the guarantees of the Loans, and the performance of all other obligations of the Company and its Restricted Subsidiaries under the Note Documents are secured as provided in the Security
Documents. 
  
 SECTION 10.02. Further Assurances; Opinions. 
  
 (a) The Company will, and will cause each of its
Subsidiaries to, do or cause to be done all acts and things which may be required, or which the Collateral Agent or Trustee from time to time may reasonably request, to assure and confirm that the Collateral Agent at all times holds, for the benefit
of the holders of Secured Obligations, duly created, enforceable and perfected first priority Liens (subject to Permitted Collateral Liens) upon the Collateral as contemplated by the Note Documents and the Credit Agreement. 
  
 (b) The Company shall furnish or cause to be addressed and
furnished to the Trustee: 
  
 (1) at the time of
execution and delivery of this Indenture, Opinions of Counsel substantially in the form of the opinions of counsel delivered on the Issue Date to the Administrative Agent, Collateral Agent and the Initial Purchasers relating to (i) any of the
Collateral and/or the Security Documents, (ii) the due authorization, execution and delivery of the Notes, the Indenture, the Note Guarantees and the Security Documents, and the enforceability of such documents, (iii) exemption from the Securities
Act, and (iv) the absence of the then need to qualify the indenture and the Note guarantees under the TIA, in each case, to the extent covered by such opinions; and 
  

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 (2) at the time of delivery thereof after the Issue Date, Opinions of Counsel
substantially in the form of any opinions of counsel delivered after the Issue Date to the Administrative Agent or any Collateral Agent relating to any of the Collateral and/or the Security Documents. 
  
 (c) If the Company or any of its Subsidiaries at any time
owns or acquires any property, right or interests described in the definition of Collateral that is not subject to a valid, enforceable perfected first priority Lien (subject to Permitted Collateral Liens) in favor of the Collateral Agent as
security for the Secured Obligations, then the Company will, or will cause such Subsidiary to, concurrently: 
  
 (1) execute and deliver to the Collateral Agent a Security Document upon substantially the same terms as the Security Documents delivered
in connection with the issuance of the Notes, granting a Lien upon such Collateral in favor of the Collateral Agent for the benefit of the holders of Secured Obligations; and 
  
 (2) cause the Lien granted in such Security Document to be duly perfected in any manner permitted by law and
cause each other Lien upon such Collateral to be released, unless it is a Permitted Collateral Lien. 
  
 (d) At any time and from time to time, the Company will, and will cause each Restricted Subsidiary to, promptly execute, acknowledge and
deliver such Security Documents, instruments, certificates, notices and other documents and take such other actions as shall be required or which the Collateral Agent may reasonably request to create, perfect, protect, assure or enforce the Liens
and benefits intended to be conferred as contemplated by this Indenture and the Credit Agreement for the benefit of the holders of the Secured Obligations. 
  
 (e) The Company and the Guarantors will at all times comply with the provisions of TIA §314(b). 
  
 (f) To the extent required, the Company will cause TIA
§313(b), relating to reports, and TIA §314(d), relating to the release of property or securities or relating to the substitution therefore of any property or securities to be subjected to the Lien of the Security Documents, to be complied
with. Any certificate or opinion required by TIA §314(d) may be made by an officer of the Company except in cases where TIA §314(d) requires that such certificate or opinion be made by an independent Person, which Person will be an
independent engineer, appraiser or other expert selected by or reasonably satisfactory to the Trustee. Notwithstanding anything to the contrary in this paragraph, the Company will not be required to comply with all or any portion of TIA §314(d)
if it determines, in good faith based on advice of counsel, that under the terms of TIA §314(d) and/or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive
orders, all or any portion of TIA §314(d) is inapplicable to one or a series of released Collateral. 
  
 (g) To the extent required, the Company will furnish to the Trustee, prior to each proposed release of Collateral pursuant to the Security
Documents: 
  
 (i) all documents required by TIA
§314(d); and 
  
 (ii) an Opinion of Counsel
to the effect that such accompanying documents constitute all documents required by TIA §314(d). 
  

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 (h) If any Collateral is released in accordance with this Indenture or any Security
Document and if the Company has delivered the certificates and documents required by the Security Documents and this Section 10.02, the Trustee will determine whether it has received all documentation required by TIA §314(d) in
connection with such release and, based on such determination and the Opinion of Counsel delivered pursuant to this Indenture, will deliver a certificate to the Collateral Agent setting forth such determination. 
  
 SECTION 10.03. Collateral Agent. 
  
 (a) Wilmington Trust Company will serve as the Collateral
Agent for the benefit of the holders of the Notes and Loans and other Secured Obligations from time to time. The Collateral Agent may not be the same institution serving as the Administrative Agent or as the Trustee. 
  
 (b) The Collateral Agent is authorized and empowered to
appoint one or more co-Collateral Agents or sub-agents or bailees to hold Collateral or to take such other action as it deems necessary or appropriate. 
  
 (c) Neither the Trustee nor the Collateral Agent nor any of their respective officers, directors, employees, attorneys or agents will be
responsible or liable for the existence, genuineness, value or protection of any Collateral, for the legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency or protection
of any Collateral Agent’s Lien, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Collateral Agent’s Liens or Security Documents or any
delay in doing so. 
  
 (d) The Collateral Agent
will be subject to such directions as may be given it by the Trustee and by the Administrative Agent from time to time as required or permitted by this Indenture, the Collateral Agency Agreement and the Credit Agreement. The relative rights with
respect to control of the Collateral Agent will be specified in the Collateral Agency Agreement by and among the Company, the Guarantors, the Trustee, the Administrative Agent and the Collateral Agent. Except as provided in the Collateral Agency
Agreement and otherwise, except as directed by the holders of a majority in principal amount of the Notes and the Loans then outstanding, voting together as a single class, the Collateral Agent will not be obligated: 
  
 (i) to act upon directions purported to be delivered to it
by any other Person; or 
  
 (ii) to foreclose
upon or otherwise enforce any Lien or other remedy at law or pursuant to any Security Document. 
  
 (e) The Collateral Agent is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and
to make further distributions of such funds to the Holders according to the provisions of this Indenture and the Security Documents, as the case may be. The Collateral Agent is further authorized to establish one or more control accounts (the
“Control Accounts”) to receive, maintain and from which to distribute funds in accordance with the applicable provisions of this Indenture or the Security Documents, as the case may be, which shall at all times hereafter
until this Indenture shall have terminated, be maintained with, and under the sole control of, the Collateral Agent. 
  

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 (f) The Collateral Agent will be accountable only for amounts that it actually receives
as a result of the Collateral Agent’s Lien or Security Documents. 
  
 (g) In acting as Collateral Agent or co-Collateral Agent, the Collateral Agent and each co-Collateral Agent may rely upon and enforce each and all of the rights, powers, immunities, indemnities and benefits as set
forth in the Collateral Agency Agreement. 
  
 (h)
The Company will deliver to the Trustee copies of all Security Documents delivered to the Collateral Agent and copies of all documents delivered to the Collateral Agent pursuant to the Security Documents. 
  
 SECTION 10.04. Security Documents and Note Guarantees. 
  
 (a) Each Holder hereby authorizes the Trustee and the
Collateral Agent, as applicable, on behalf of and for the benefit such Holder of Notes, to be the agent for and representative of such Holder with respect to the Note Guarantees, the Collateral and the Security Documents. 
  
 (b) Each Holder, by its acceptance of any Notes and the Note
Guarantees, consents and agrees to the terms of the Security Documents, as the same may be in effect or may be amended from time to time in accordance with their terms, and authorizes and directs each of the Collateral Agent and Trustee to perform
its respective obligations and exercise its respective rights under the Security Documents in accordance therewith. 
  
 (c) Anything contained in any of the Note Documents to the contrary notwithstanding, each Holder hereby agrees that no Holder shall have
any right individually to realize upon any of the Collateral, it being understood and agreed that all powers, rights and remedies of the Trustee hereunder may be exercised solely by the Trustee in accordance with the terms hereof and all powers,
rights and remedies in respect of the Collateral under the Security Documents may be exercised solely by the Collateral Agent. 
  
 (d) Subject to the provisions of the Security Documents, the Trustee may, in its sole discretion and without the consent of the Holders,
on behalf of the Holders, take all actions it deems necessary or appropriate in order to (i) enforce any of its rights or any of the rights of the Holders under the Security Documents and (ii) collect and receive any and all amounts payable in
respect of the Collateral in respect of the obligations of the Company and the Guarantors hereunder and thereunder. Subject to the provisions of the Security Documents, the Trustee shall have the power to institute and to maintain such suits and
proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee may deem expedient to
preserve or protect its interest and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or the Trustee).

  
 (e) Where any provision of this Indenture or
any Security Document requires that additional property or assets be added to the Collateral, the Company shall deliver to the Trustee and the Collateral Agent the following: 
  
 (i) a request from the Company that such Collateral be added; 
  

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 (ii) the form of instrument adding such Collateral, which, based on the type and location
of the property subject thereto, shall be in substantially the form of the applicable Security Documents entered into on the date of this Indenture, with such changes thereto as the Company shall consider appropriate, or in such other form as the
Company shall deem proper, provided that any such changes or such form are administratively satisfactory to the Collateral Agent; 
  
 (iii) an Officers’ Certificate to the effect that the Collateral being added is in the form, consists of the assets and is in the
amount or otherwise has the fair market value required by this Indenture; 
  
 (iv) an Officers’ Certificate and Opinion of Counsel to the effect that all conditions precedent provided for in this Indenture to the addition of such Collateral have been complied with, which Opinion of Counsel
shall also opine as to the creation and perfection of the Collateral Agent’s Lien on such Collateral and as to the due authorization, execution, delivery, validity and enforceability of the Security Document being entered into; and 

 
 (v) such financing statements or other filings or
recording instruments, if any, as the Company shall deem necessary to perfect the Collateral Agent’s Lien in such Collateral. 
  
 SECTION 10.05. [THIS SECTION LEFT INTENTIONALLY BLANK] 
  
 SECTION 10.06. Release of Collateral Agent’s Lien. 
  
 Subject to the conditions and provisions of the Security Documents, the Collateral Agent shall cause the Collateral to be
released from the Collateral Agent’s Lien with respect to the Note Obligations: 
  
 (a) upon satisfaction and discharge of this Indenture as set forth in Section 8.01 hereof; 
  
 (b) upon a Legal Defeasance or Covenant Defeasance as set
forth in Sections 8.04, 8.05 and 8.06 hereof, as the case may be; 
  
 (c) upon payment in full of the Notes and all other Note Obligations that are outstanding, due and payable at the time the Notes are paid
in full; 
  
 (d) as to any Collateral that
constitutes all or substantially all of the Collateral, with the consent of the holders of 100% in principal amount of the Notes (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes); 
  
 (e) subject to the provisions
of Collateral Agency Agreement, (A) as to any Collateral (other than the Designated Collateral), or as to any Designated Collateral as to which the Administrative Agent has not timely exercised, during an applicable Designated Vessel Period, its
right to direct enforcement of Liens on Designated Collateral, in each case which constitutes less than all or substantially all of the Collateral, with the consent of the holders of a 

  

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majority in principal amount of the Notes then outstanding and all Loans then outstanding (or if no Loans are then outstanding but the commitments to make
such Loans remains then in effect, of such commitments then in effect), voting together as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes ), and (B)
as to any Designated Collateral, (i) with the consent of all the Lenders if such release is incidental to the Lender’s right to direct the activity of the Collateral Agent with respect to the enforcement of, and realization on, the Liens on or
with respect to a Designated Vessel, as provided in Section 6.1 of the Collateral Agency Agreement, or (ii) with the consent of (x) all of the Lenders and (y) the holders of a majority in principal amount of the Notes then outstanding, if
otherwise; 
  
 (f) as to any Collateral (A) that
is sold or otherwise disposed of by the Company or any of its Restricted Subsidiaries in a transaction permitted by this Indenture, at the time of such sale or disposition, to the extent of the interest sold or disposed of is not in breach of the
terms of Section 4.10 hereof, (B) that constitutes a portion of the Asset Sales Proceeds Account that are to be applied or distributed as described in Section 4.10, (C) that constitutes Excess Proceeds from the Sale of Collateral which
have been offered to, but not accepted by, the holders of Notes and Loans and are released as set forth in Section 4.10(c) hereof, or (D) that is owned or at any time acquired by a Subsidiary of the Company that has been released from its
Note Guarantee; or 
  
 (g) in the event there is
a substitution of property for Collateral, subject to a first-priority Lien (subject to Permitted Collateral Liens) in favor of the Collateral Agent to secure the Secured Obligations being placed on such substituted property and otherwise
consummated in compliance with the applicable provisions of the Indenture, the TIA and the Security Documents. 
  
 Notwithstanding the provisions described above so long as no Event of Default under the Indenture shall have occurred and be continuing or would result
therefrom, the Company or a Subsidiary may, without any release or consent required on the part of the Trustee, engage in ordinary course activities; provided that in connection therewith, each of the Company and its Subsidiaries, as
applicable, complies with the provisions of the Indenture and Credit Agreement and other related documents which are applicable to any such activity or transactions. Such activities include the right to, among other things, the following:

  
 (1) sell or otherwise dispose of any property
subject to the Lien of the Security Documents, which may have become worn out or obsolete; 
  
 (2) abandon, terminate, cancel, release or make alterations in or substitutions of any leases or contracts subject to the Lien of the
Security Documents; 
  
 (3) surrender or modify
any franchise, license or permit subject to the Lien of the Security Documents which it may own or under which it may be operating; 
  
 (4) alter, repair, replace, change the location or position of and add to its structures, machinery, systems, equipment, fixtures and
appurtenances; 
  
 (5) demolish, dismantle, tear
down or scrap any Collateral; and 
  
 (6)
charter, lease or sub-lease any vessel. 
  

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 SECTION 10.07. Trustee to Sign Releases. 
  
 The Trustee shall or shall instruct the Collateral Agent to execute any release, quitclaim, termination, supplement or
waiver authorized pursuant to and adopted in accordance with this Article X and the provisions of any applicable Security Document. The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel
and an Officers’ Certificate, copies of which shall be provided to the Collateral Agent, each stating that the execution of any release, quitclaim, termination, supplement or waiver authorized pursuant to this Article X is authorized or
permitted by this Indenture and such Security Documents. For the avoidance of doubt, such Opinion of Counsel shall not be an expense of the Trustee. 
  
 ARTICLE XI 
  
 [THIS ARTICLE INTENTIONALLY LEFT BLANK] 
  
 ARTICLE XII 
  
 [THIS ARTICLE INTENTIONALLY LEFT BLANK] 
  
 ARTICLE
XIII 
  
 GUARANTEES 
  
 SECTION 13.01. Subsidiary Guarantees. 
  
 Subject to Section 13.05 hereof, each of the Guarantors hereby,
jointly and severally, unconditionally guarantees, and each Person who in the future becomes a Guarantor by executing a supplemental indenture in the form attached to this Indenture as Exhibit E shall, jointly and severally, unconditionally
guarantee, on a senior basis to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, the Notes and the Obligations of the Company hereunder and thereunder, that: 
  
 (a) the principal of, and premium, if any, and interest
(including Special Interest), if any, on, the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, and premium,
if any, and (to the extent permitted by law) interest (including Special Interest), if any, on, the Notes, and all other payment Obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full and
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, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, subject to any applicable grace period, whether at stated maturity, by acceleration, redemption or otherwise. 
  
 Failing payment when so due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. An Event of Default under this Indenture or the Notes shall constitute an event of default under the Subsidiary Guarantees, and shall entitle the Holders to accelerate the Obligations of the Guarantors
hereunder and under the Notes in the same manner and to the same extent as the Obligations of the Company hereunder and under the Notes. This is a guarantee of 

  

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payment and not of collection, and, to the maximum extent permitted by applicable law, each Guarantor hereby waives and agrees not to assert or take
advantage of, and each Guarantor’s liability under its Subsidiary Guarantee shall be absolute and unconditional irrespective of: 
  
 (i) any right to require the Trustee to proceed against the Company or any other Person or to resort to, proceed against or exhaust any
security held by it at any time or to pursue any other remedy in its power before proceeding against such Guarantor; 
  
 (ii) the defense of the statute of limitations in any action hereunder or for the collection or performance of any of the obligations
guaranteed hereunder; 
  
 (iii) any defense that
may arise by reason of the incapacity, lack of authority, death or disability of, or revocation hereof by such Guarantor or the revocation or repudiation of any of the Note Documents by the Company, any other Guarantor or any other Person or the
failure of any Guarantor to file or enforce a claim against the estate (either in administration, bankruptcy, or any other proceeding) of the Company or any other Person; 
  
 (iv) the unenforceability in whole or in part of any of the Note Documents or any other instrument, document
or agreement; 
  
 (v) any election, in any
proceeding by or against the Company or any other Person under the Bankruptcy Code, of the application of Section 1111(b)(2) of such Code; 
  
 (vi) any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code; 
  
 (vii) demand, presentment, protest and notice of any kind,
and notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of the Company, a Guarantor or any other Person under this or any other instrument, in connection with
any of the obligations guaranteed hereunder or any collateral now or hereafter given for any of such obligations; 
  
 (viii) any defense based upon an election of remedies by the Trustee, including, without limitation, an election to proceed by
non-judicial rather than judicial foreclosure, which destroys or otherwise impairs the subrogation rights of such Guarantor or any other Guarantor, or the right of such Guarantor, any other Guarantor or any other Person to proceed against the
Company for reimbursement, or both; 
  
 (ix) any
suretyship defense or right of any nature otherwise available to such Guarantor under the laws of any state, including, without limitations, provisions to the effect that: 
  
 (A) the obligation of a surety must not be either larger in amount or in other respects more burdensome
than that of the principal; 
  
 (B) a surety is
not liable if for any reason other than the mere personal disability of the principal, there is no liability upon the part of the 

  

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principal at the time of execution of the contract, or the liability of the principal thereafter ceases; 
  
 (C) a surety is exonerated if the creditor alters the
original obligation of the principal without the consent of the surety; 
  
 (D) a surety is exonerated to the extent that the creditor fails to proceed against the principal, or to pursue any other remedy in the creditor’s power which the surety cannot pursue and which would lighten the
surety’s burden; 
  
 (E) a surety may
compel its principal to perform the obligation when due; 
  
 (F) if a surety satisfies the principal obligation, or any part thereof, the principal is obligated to reimburse the surety for the amounts paid by the surety; 
  
 (G) a surety, upon satisfaction of the obligation of the
principal, is entitled to enforce remedies which the creditor then has against the principal; 
  
 (H) a surety is entitled to the benefit of security held by the creditor for the performance of the principal obligation held by the
creditor; 
  
 (I) whenever the property of a
surety is hypothecated with property of the principal, the surety is entitled to have the property of the principal first applied to the discharge of the obligation; and 
  
 (J) the principal may designate the portion of any obligation to be satisfied by the surety in the event
that the principal provides partial satisfaction of such obligation; and 
  
 (x) any rights to direct the manner in which, or the order in which, the Trustee must proceed to recover against any collateral given by such Guarantor, any other Guarantor or any other Person to secure the
obligations secured hereunder, including, without limitation, any prohibition against obtaining a deficiency judgment and any requirement that any deficiency judgment be obtained only through judicial proceedings. 
  
 The Company and the Guarantors are obligated and fully liable for all amounts
due under the Note Obligations. The Collateral Agent (and the Trustee) has the right to sue on the Note Obligations and obtain a judgment against the undersigned Obligors for satisfaction of all amounts due under the Note Obligations either before,
after or without a judicial foreclosure of any Lien on any Collateral. Each Guarantor hereby acknowledges that none of the Trustee, any Holder and any other Person have a duty to disclose to such Guarantor any facts such Person may now or hereafter
know about the Company, regardless of whether such Person has reason to believe that any such facts materially increase the risk beyond that which such Guarantor intends to assume or has reason to believe that such facts are unknown to such
Guarantor or has a reasonable opportunity to communicate such facts to such Guarantor, it being understood and agreed that each Guarantor is fully responsible for being and keeping informed of the financial 

  

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condition of the Company and of all circumstances bearing on the risk of nonpayment or nonperformance of any obligations hereby guaranteed. Each Guarantor
further acknowledges that the suretyship defenses and rights waived hereunder may provide partial or complete defenses to the recovery by the Trustee from such Guarantor and/or grant such Guarantor certain rights, the enforcement or realization of
which could reduce or eliminate such Guarantor’s liability hereunder to the Company. 
  
 If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any Note Custodian, Trustee, liquidator or other similar official acting in relation to either the
Company or the Guarantors, any amount paid by the Company or any Guarantor to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor agrees that it
shall not be entitled to, and hereby waives, any right to exercise any right of subrogation in relation to the Holders in respect of any Obligations guaranteed hereby, until all Obligations are paid in full. Each Guarantor further agrees that, as
between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes of its Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed thereby, and (y) in the event of any declaration of acceleration of such Obligations as provided in Article VI
hereof, such Obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of its Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor pursuant
to Section 13.05 hereof after the Notes and the Obligations hereunder shall have been paid in full to the Holders under the Subsidiary Guarantees. 
  
 SECTION 13.02. Execution and Delivery of Additional Note Guarantee or Supplemental Indenture; Notation of Note Guarantee. 
  
 To effect any additional Note Guarantee set forth in Section 13.01
hereof, any future Guarantor shall execute and deliver a supplemental indenture substantially in the form of Exhibit E hereto, which supplemental indenture shall be executed on behalf of such Guarantor, by manual or facsimile signature, by an
Officer of such Guarantor. 
  
 To evidence its Note Guarantee set
forth in Section 13.01 hereof, each Guarantor of a Note hereby agrees that a notation of such Note Guarantee substantially in the form set forth on Exhibit A hereof shall be endorsed by manual or facsimile signature of an Officer or
other authorized representative of such Guarantor or of an Officer of the Company as attorney-in fact for such Guarantor on each such Note authenticated and delivered by the Trustee, and that this Indenture shall be executed on behalf of such
Guarantor, by manual or facsimile signature, by an Officer or other authorized representative of such Guarantor. For so long as a Note Guarantee of such Guarantor remains in full force and effect, each Guarantor hereby irrevocably appoints the
Company as its attorney-in-fact for the purpose of executing in the name and on behalf of such Guarantor any endorsement of a notation of a Subsidiary Guarantee on any Note, any supplemental indenture to this Indenture, or consent to any such
supplemental indenture, which the Company and the Trustee are authorized to enter into pursuant to Sections 9.01 or 9.02 of this Indenture. If an Officer of the Company whose signature is on this Indenture or on the Note Guarantee no
longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, such Note Guarantee shall be valid nevertheless. 
  

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 Each Guarantor hereby agrees that its Note Guarantee set forth in Section 13.01 hereof shall
remain in full force and effect notwithstanding any failure to endorse on each or any Note a notation of such Note Guarantee. 
  
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this
Indenture on behalf of the Guarantors. 
  
 SECTION 13.03. [THIS
SECTION INTENTIONALLY LEFT BLANK]. 
  
 SECTION 13.04.
Termination, Release and Discharge. 
  
 (a) Upon the sale or disposition of a Guarantor (by merger, consolidation, the sale of its Capital Stock or the sale of all or substantially all of its assets), and whether or not the Guarantor is the surviving corporation in such
transaction, to a Person which, after giving effect to such transaction, is not the Company or a Restricted Subsidiary, and which sale or disposition is otherwise in compliance with this Indenture (and for the avoidance of doubt, without regard to
the application of Section 13.04(b)), then (i) such Guarantor will be automatically released from all its Obligations under this Indenture and its Note Guarantee, the Registration Rights Agreement and the Security Documents to which it is a
party, (ii) such Note Guarantee will terminate and (iii) the Liens, if any, on the Collateral encumbered by such Guarantor pursuant to the Security Documents shall be released with respect to the Notes. For the avoidance of doubt, the provisions of
Section 13.04(b) will have no application to any sale or disposition of a Guarantor (by merger, consolidation, the sale of its Capital Stock or the sale of all or substantially all of its assets) described in this Section 13.04(a).

  
 (b) Except as provided in a transaction
covered by Section 13.04(a), the Company will not permit any Guarantor to, directly or indirectly, consolidate with or merge with or into any Person (other than the Company or another Guarantor), unless: 
  
 (1) (i) the resulting, surviving or transferee Person will
expressly assume, by supplemental indenture substantially in the form of Exhibit E hereto, executed and delivered to the Trustee, all the obligations of such Guarantor under its Note Guarantee, this Indenture, the Registration Rights
Agreement and the Security Documents to which it is a party and shall cause such amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required by applicable law to preserve and protect the
Liens on the Collateral owned by or transferred to the surviving entity, together with such financing statements or other filings as may be required to perfect any Liens in such Collateral which may be perfected by the filing of a financing
statement under the Uniform Commercial Code of the relevant states or such other filing under similar statutes; and (ii) the Company will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture; or 
  
 (2) the transaction is made in compliance with Section 4.10. 
  
 (c) Each Guarantor will be deemed released from all its Obligations under this Indenture, its Security
Documents, its Note Guarantee and the Registration Rights Agreement, and such Note Guarantee will terminate, upon (i) the Legal Defeasance or Covenant 

  

 102 








 
Defeasance of the Notes pursuant to the provisions of Article VIII hereof or (ii) the liquidation or dissolution of such Guarantor. 
  
 (d) Each Guarantor will be released from its Obligations
under this Indenture, its Security Documents, its Note Guarantee and the Registration Rights Agreement if the Company designates such Guarantor as an Unrestricted Subsidiary, and such designation complies with the other applicable provisions of this
Indenture. 
  
 (e) Upon delivery by the Company
to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the effect that any of the foregoing has occurred, the Trustee shall execute any documents reasonably required in order to evidence the applicable release and termination.

  
 SECTION 13.05. Limitation on Guarantor Liability; Contribution.

  
 For purposes hereof, and notwithstanding any term or
provision of this Indenture to the contrary, the obligations of each Guarantor hereunder will be limited to the lesser of (i) the aggregate amount of the Obligations of the Company under the Notes and the Indenture and (ii) the maximum amount as
will, after giving effect to all other contingent and fixed liabilities of such Guarantor (including, without limitation, any guarantees under the Credit Agreement) and after giving effect to any collections from or payments made by or on behalf of
any other Guarantor in respect of the Obligations of such other Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the Obligations of such Guarantor under its Note Guarantee not
constituting a fraudulent conveyance or fraudulent transfer under federal, state or foreign law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally; provided that, it will be a
presumption in any lawsuit or other proceeding in which a Guarantor is a party that the amount guaranteed pursuant to its Note Guarantee is the amount set forth in clause (i) above unless any creditor, representative of creditors of such Guarantor,
or debtor in possession or trustee in bankruptcy of such Guarantor, otherwise proves in such a lawsuit that the aggregate liability of such Guarantor is the amount set forth in clause (ii) above. In making any determination as to solvency or
sufficiency of capital of a Guarantor in accordance with the previous sentence, the right of such Guarantor to contribution from other Guarantors as set forth below, and any other rights such Guarantor may have, contractual or otherwise, shall be
taken into account. 
  
 In order to provide for just and equitable
contribution among the Guarantors, the Guarantors shall agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”) under its Subsidiary Guarantee, such Funding
Guarantor shall be entitled to a contribution from all other Guarantors in a pro rata amount based on the net assets (determined in accordance with GAAP) of each Guarantor (including the Funding Guarantor) for all payments, damages and
expenses incurred by that Funding Guarantor in discharging the Company’s obligations with respect to the Notes or any other Guarantor’s Obligations with respect to its Subsidiary Guarantee. 
  
 SECTION 13.06. Trustee to Include Paying Agent. 
  
 In case at any time any Paying Agent other than the Trustee shall have been
appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article XIII shall in each case (unless the context shall otherwise require) be construed as extending to and including such
Paying Agent within its meaning as fully and for all intents and purposes as if such Paying Agent were named in this Article XIII in place of the Trustee. 
  

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 ARTICLE XIV 
  
 MISCELLANEOUS 
  
 SECTION 14.01. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed
duties shall control. 
  
 SECTION 14.02. Notices. 
  
 Any notice or communication by the Company, any Guarantor or the Trustee to
the others is duly given if in writing and delivered to the others’ address as follows: 
  
 If to the Company, any Guarantor, any other Obligor or any Subsidiary of the Company: 
  
 Secunda International Limited 
 One Canal
Street 
 Darthmouth, Nova Scotia 
 B2Y 2W1 Canada 
 Attention: Corporate Secretary 
  
 If to the Trustee: 
  
 Wells Fargo Bank, National Association 
 Corporate Trust 
 Sixth Street and Marquette Avenue 
 MACN 9303-120 
 Minneapolis, Minnesota 55489 
 Fax No.: (612) 667-9825 
 Attention: Secunda Administrator 
  
 If to the Collateral Agent: 
  
 Wilmington Trust Company 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Fax No.: (302) 636-4145 
 Attention: Corporate Trust 
 Ref: Secunda Collateral Agency 
  
 The Company, any Guarantor, the Trustee or the Collateral Agent, by notice to
the others may designate additional or different addresses for subsequent notices or communications. 
  
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: (i) at the time delivered by hand, if
personally delivered; (ii) five Business Days after being deposited in the mail, postage prepaid, if mailed; (iii) when answered back, if telexed; (iv) when receipt acknowledged, if faxed; and (v) the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery. 
  

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 Any notice or communication to a Holder shall be mailed by first class mail, certified or registered,
return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the
extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or
not the addressee receives it. 
  
 If the Company mails a notice
or communication to Holders, it shall mail a copy to the Trustee, the Collateral Agent and each Agent at the same time. 
  
 SECTION 14.03. Communication by Holders of Notes with Other Holders of Notes. 
  
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture
or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 SECTION 14.04. Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

  
 (a) an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 14.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been satisfied; and 
  
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 14.05 hereof) stating that, in the opinion of such counsel, all
such conditions precedent and covenants have been satisfied. 
  
 SECTION 14.05.
Statements Required in Certificate or Opinion. 
  
 Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall
include: 
  
 (a) a statement that the Person
making such certificate or opinion has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (c) a statement that, in the opinion of such Person, he or
she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  

 105 








 (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied. 
  
 SECTION 14.06. Rules by Trustee and
Agents. 
  
 The Trustee may make reasonable rules for action
by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  
 SECTION 14.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No past, present or future director, officer, employee, manager, incorporator, partner, member or stockholder or other owner
of Capital Stock of the Company or any of its Subsidiaries, or of any member, partner or stockholder of any such entity, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, this Indenture, the Note
Guarantees or the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. 
  
 SECTION 14.08. Governing Law.

  
 THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND
BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES. 
  
 SECTION
14.09. Agent for Service; Submission to Jurisdiction; Waiver of Immunities. 
  
 By the execution and delivery of this Indenture, each of the Company and each Guarantor (i) acknowledges that it has, by separate written instrument, designated and appointed Wilmington Trust Company as its authorized
agent upon which process may be served in any suit, action or proceeding arising out of or relating to the Notes, this Indenture, the Note Guarantees and the Security Documents that may be instituted in any Federal or State court in the State of New
York, Borough of Manhattan, or brought under United States Federal or State securities laws or brought by the Trustee (whether in its individual capacity or in its capacity as Trustee hereunder), and acknowledges that Wilmington Trust Company has
accepted such designation, (ii) submits to the jurisdiction of any such court in any such suit, action or proceeding, and (iii) agrees that service of process upon Wilmington Trust Company at 520 Madison Avenue, 33rd Floor, New York, New York 10022 and written notice of said service to the Company (mailed or delivered to the Company’s Corporate Secretary at
its principal office as specified in Section 14.02 hereof), shall be deemed in every respect effective service of process upon it in any such suit or proceeding. The Company and each Guarantor further agree to take any and all action,
including the execution and filing of any and all such documents and instruments as may be necessary to continue such designation and appointment of Wilmington Trust Company, in full force and effect so long as this Indenture shall be in full force
and effect; provided that the Company may and shall (to the extent Wilmington Trust Company ceases to be able to be served on the basis contemplated herein), by written notice to the Trustee, designate such additional or alternative agent for
service of process under this Section 14.09 that (i) maintains an office located in the Borough of Manhattan, The City of New York in the State of New York, (ii) is either (x) counsel for the Company or (y) a corporate service company which
acts as agent for service of process for other Persons in the ordinary course of its business and 

  

 106 








 
(iii) agrees to act as agent for service of process in accordance with this Section 14.09, but in any event, there shall, at all times, be at least
one agent for service of process for the Company and any Guarantors, if any, appointed and acting in accordance with this Section 14.09. Such notice shall identify the name of such agent for process and the address of such agent for process
in the Borough of Manhattan, The City of New York, State of New York. Upon the request of any Holder, the Trustee shall deliver such information to such Holder. Notwithstanding the foregoing, any action against the Company or any Guarantor arising
out, or based on, this Indenture or any Note may also instituted by the Holder of such Note in any court in the jurisdiction of organization of the Company or any Guarantor, as the case may be, and each of them accepts jurisdiction of such court in
any such action. 
  
 To the extent that the Company or any
Guarantor, or any of its properties, assets or revenues, may have or may hereafter become entitled to, or have attributed to it or such properties, assets or revenue, any right of immunity, on the grounds of sovereignty or otherwise, from any legal
action, suit or proceeding, from the giving of any relief in any thereof, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of
judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its
obligations, liabilities or any other matter under or arising out of or in connection with this Indenture, the Notes or any Security Documents, each of the Company and the Guarantors, to the maximum extent permitted by law, hereby irrevocably and
unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. 
  
 SECTION 14.10. Judgment Currency. 
  
 The Company agrees to indemnify the Trustee, the Collateral Agent and each Holder against any loss incurred by it as a result of any judgment or order
being given or made and expressed and paid in a currency (the “Judgment Currency”) other than United States dollars and as a result of any variation as between (i) the rate of exchange at which the United States dollar amount
is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York at which the Trustee, the Collateral Agent or such Holder on the date of payment of such judgment or order
is able to purchase United States dollars with the amount of the Judgment Currency actually received by the Trustee, the Collateral Agent or such Holder. The foregoing indemnity shall constitute a separate and independent obligation of the Company
and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or
conversion into, United States dollars. 
  
 SECTION 14.11. No Adverse
Interpretation of Other Agreements. 
  
 This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 SECTION 14.12. Successors. 
  
 Except as expressly provided in this Indenture, all agreements of the
Company in this Indenture and the Notes shall bind its successors. Except as expressly provided in this Indenture, 

  

 107 








 
all agreements of each Guarantor in this Indenture and the Note Guarantees shall bind its successors. All agreements of the Trustee in this Indenture shall
bind its successors. 
  
 SECTION 14.13. Severability. 
  
 In case any provision in this Indenture or in the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 SECTION 14.14. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture, and each party hereto may sign any number of separate copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. 
  
 SECTION 14.15. Table of Contents, Headings, Etc. 
  
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or
restrict any of the terms or provisions hereof. 
  
 SECTION 14.16. Language of
Notices, Etc. 
  
 Any request, demand, authorization,
direction, notice, consent, waiver or Act required or permitted under this Indenture, the Notes or the Security Documents shall be in the English language. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 108 








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

  
 Dated as of August 26, 2004 
  

			
	SECUNDA INTERNATIONAL LIMITED
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President

	
	GUARANTORS
	
	3013563 NOVA SCOTIA LIMITED
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President

	
	SECUNDA MARINE INTERNATIONAL INCORPORATED
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President

	
	SECUNDA MARINE SERVICES LIMITED
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President



  










			
	SECUNDA GLOBAL MARINE INC.
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: Director and Authorized Person

	
	JDM SHIPPING INC.
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: Director and Authorized Person

	
	INTERNATIONAL SHIPPING CORPORATION INC.
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: Director and Authorized Person

	
	SECUNDA GLOBAL INTERNATIONAL INC.
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: Director and Authorized Person

	
	NAVIS SHIPPING INCORPORATED
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President



  










			
	SECUNDA ATLANTIC INCORPORATED
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President

	
	SECUNDA MARINE ATLANTIC LIMITED
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President

	
	OFFSHORE LOGISTICS INCORPORATED
		
	 By:
	 	 /s/ Alfred A. Smithers

	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

		
	 By:
	 	 /s/ Frank McDonald

	 	 	 Name: Frank McDonald

	 	 	 Title: Vice President



  









  
 EXHIBITS 

 

			
		
	Exhibit A	  	FORM OF NOTE
		
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
		
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
		
	Exhibit D	  	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
		
	Exhibit E	  	FORM OF SUPPLEMENTAL INDENTURE – ADDITIONAL NOTE GUARANTEES

  









  
 EXHIBIT A 

 
 (Face of Note) 
  
 CUSIP/ISIN ________ 
  
 Senior Secured Floating Rate Notes due 2012 
  

			
	 No. [__]
	  	US$__________

  
 SECUNDA INTERNATIONAL LIMITED 
  
 For value received, Secunda International Limited, a Nova Scotia corporation, promises to pay to _____________________________ 
  

or registered assigns, 
  
 the principal sum of _____________________________ 
  
 U.S. dollars [in Global Note -, as revised by the Schedule of Exchanges of Interests in the Global Note attached hereto] on __________ __, 2012. 
  
 Interest Payment Dates: January 15, April 15, July 15 and October 15. 
  
 Record Dates: January 1, April 1, July 1 and October 1. 
  
 Additional provisions of this Note are set forth in the other side of this Note. 
  
 IN WITNESS WHEREOF, Secunda International Limited has caused this Note to be
duly signed and delivered by its duly authorized office. 
  

			
	SECUNDA INTERNATIONAL LIMITED
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 


  
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Senior Secured 
 Floating Rate Notes due 2012 

referred to in the within- 
 mentioned Indenture: 
  

									
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee 
	 	 	 	 
					
	 By:
	 	 	 	 	 	Dated:	 	 
	 	 	 Authorized Signatory
	 	 	 	 	 	 

  

 A-1 








  
 (Back of Note) 
  
 Senior Secured Floating Rate Notes due 2012 
  
 [Insert the Global Note Legend, if applicable, pursuant to the provisions
of the Indenture] 
  
 [Insert the Private Placement Legend,
if applicable, pursuant to the provisions of the Indenture] 
  
 [Insert the Canadian Private Placement Legend, if applicable, pursuant to the provisions of the Indenture] 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. Secunda International Limited, a Nova Scotia corporation
(the “Company”), promises to pay interest on the principal amount of this Note at a rate of LIBOR (determined as set forth below) plus 8.00% per annum (reset quarterly). The Company will pay interest and Special Interest, if
any, quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”), and at maturity.
Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that the first Interest Payment Date shall be January 15, 2005. The
Company shall pay interest (including postpetition interest in any proceeding under the Bankruptcy Code) on overdue principal and premium, if any, from time to time on demand at the rate borne on the Notes; it shall pay interest (including
post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments of interest and Special Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate, in each case, to the
extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 LIBOR shall be determined by the calculation agent (the “Calculation Agent”), which shall initially be the Trustee. Set forth
below is a summary of certain of the defined terms used in the calculation of interest on the Notes. 
  
 “LIBOR,” with respect to an Interest Period, will be the rate (expressed as a percentage per annum) for deposits in United States
dollars for a three-month period beginning on the first day of such Interest Period that appears on Telerate Page 3750 as of 11:00 a.m., London time, on the Determination Date. If Telerate page 3750 does not include such a rate or is unavailable on
a Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide such bank’s offered quotation (expressed as a
percentage per annum), as of approximately 11:00 a.m., London time, on such Determination Date, to prime banks in the London interbank market for deposits in a Representative Amount in United States dollars for a three-month period beginning on the
first day of such Interest Period. If at least two such offered quotations are so provided, LIBOR for the Interest Period will be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, the Calculation Agent will
request each of three major banks in New York City, as selected by the Calculation Agent, to provide such bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on such Determination Date, for
loans in a Representative Amount in U.S. dollars to leading European banks for a three-month period beginning on the first day of such 

  

 A-2 








 
Interest Period. If at least two such rates are so provided, LIBOR for the Interest Period will be the arithmetic mean of such rates. If fewer than two such
rates are so provided, then LIBOR for the Interest Period will be LIBOR in effect with respect to the immediately preceding Interest Period. 
  
 “Interest Period” means the period commencing on and including an interest payment date and ending on and including the day
immediately preceding the next succeeding interest payment date, with the exception that the first Interest Period shall commence on and include the Issue Date and end on and include January 14, 2005. 
  
 “Determination Date,” with respect to an Interest
Period, will be the second London Banking Day preceding the first day of the Interest Period. 
  
 “London Banking Day” is any day in which dealings in U.S. dollars are transacted or, with respect to any future date, are expected to be transacted in the London interbank market. 

 
 “Representative Amount” means a principal amount
of not less than US$1,000,000 for a single transaction in the relevant market at the relevant time. 
  
 “Telerate Page 3750” means the display designated as “Page 3750” on the Moneyline Telerate service (or such other page
as may replace Page 3750 on that service). 
  
 All percentages
resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards (e.g., 9.876545% (or .09876545)
being rounded to 9.87655% (or .0987655). All calculations will be rounded to the nearest cent (with one-half cent being rounded upwards). 
  
 The interest rate on the Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law
of general application or the Criminal Code (Canada). 
  
 The Calculation Agent will, upon the request of the holder of any Note, provide the interest rate then in effect with respect to the Notes. All calculation made by the Calculation Agent in the absence of manifest error will be conclusive
for all purposes and binding on the Company, the Guarantors and the Holders of the Notes. 
  
 Solely for the purpose of providing the disclosure required by the Interest Act (Canada), the annual rate of interest that is equivalent to the rate payable on the Notes shall be the rate payable multiplied by
the actual number of days in the year divided by 360. 
  
 2.
Method of Payment. The Company will pay interest on the Notes (except defaulted interest) and Special Interest to the Persons who are registered Holders of Notes at the close of business on the January 1, April 1, July 1 and October 1 next
preceding the Interest Payment Date, even if such Notes are canceled on registration of transfer or exchange after such record date and on or before such Interest Payment Date, except as provided in Section 2.14 of the Indenture with respect to
defaulted interest. The Notes will be payable as to principal, premium and Special Interest, if any, and interest at the office or agency of the Company maintained for such purpose within the United States of America, or, at the option of the
Company, payment of interest and Special Interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer 

  

 A-3 








 
of immediately available funds will be required with respect to principal of, and interest, premium and Special Interest on, all Global Notes. Such payment
shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
  
 4. Indenture. The Company issued the Notes under an Indenture dated as of August 26, 2004
(“Indenture”) among the Company, the Guarantors and the Trustee, as the same may be amended, modified or supplemented from time to time. The terms of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling to the extent not prohibited by applicable law. 
  
 5. Optional Redemption. The Notes may be redeemed at the
Company’s option to the extent and at the prices set forth in Article III of the Indenture. 
  
 6. Notice of Redemption. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed at its registered address. Notes in denominations larger than US$1,000 may be redeemed in part but only in whole multiples of US$1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the
redemption date, interest and Special Interest, if any, cease to accrue on Notes or portions thereof called for redemption. 
  
 7. Mandatory Redemption. The Company shall not be required to make mandatory redemption payments with respect to the Notes. 
  
 8. Collateral and Security. The Notes and the Note Guarantees will be
secured together with the Loans and the guarantees of the Loans by the Guarantors, by first priority Liens (subject to Permitted Collateral Liens), granted to the Collateral Agent for the benefit of the holders of the Secured Obligations, in all of
the Collateral. Holders of the Notes shall have the rights set forth in the Security Documents with respect to such Collateral. 
  
 9. Repurchase at Option of Holder. 
  
 (a) The Indenture provides that upon the occurrence of a Change of Control, an Annual Reduction Date or an Asset Disposition and subject
to further limitations contained therein, the Company shall make an offer to purchase outstanding Notes in accordance with the procedures set forth in the Indenture. 
  
 (b) Holders of Notes that are the subject of an offer to purchase will receive a Change of Control Offer, a
notice of an Annual Reduction Offer, an Asset Disposition Purchase Offer or a Collateral Proceeds Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of
Holder to Elect Purchase” on the reverse of the Notes. 
  

 A-4 








 10. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in
denominations of US$1,000 and integral multiples of US$1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period
between a record date and the corresponding Interest Payment Date. 
  
 11. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
  
 12. Amendment, Supplement and Waiver. Without the consent of any Holder of a Note, the Indenture, the Notes and the Security Documents may be
amended or supplemented by the Company, Guarantors and the Trustee for certain specified purposes, including among other things, to cure any ambiguity, omission, defect or inconsistency, to maintain the qualification of the Indenture under the TIA,
and to make changes that do not adversely affect the rights of any Holder. Subject to certain exceptions requiring the consent of all Holders of the particular Notes to be affected, the Indenture, the Notes and the Security Documents may be amended
or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, and any existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes. 
  
 13. Restrictive Covenants. The Indenture imposes certain limitations on the ability of the Company, the Guarantors and the Restrictive Subsidiaries to, among other things, Incur additional Indebtedness, make
payments in respect to their Capital Stock or certain Indebtedness, make certain Investments, create or incur Liens, engage in certain activities, enter into transactions with Affiliates, enter into agreements restricting the ability of Restricted
Subsidiaries to pay dividends or make distributions, merge or consolidate with other Persons or transfer assets. Such limitations are subject to a number of important qualifications and exceptions. Pursuant to Section 4.04 of the Indenture,
the Company must annually report to the Trustee on compliance with such limitations. 
  
 14. Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations, if an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, if an Event of Default arises from certain events of bankruptcy or insolvency, all outstanding Notes will
become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Under certain circumstances, Holders of a majority in principal amount of the then outstanding Notes may
direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest)
if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default
or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a 

  

 A-5 








 
statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default. 
  
 15. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for, the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee. 
  
 16. No Recourse
Against Others. A director, officer, employee, manager, incorporator, partner, member or stockholder of the Company or any Subsidiary of the Company or any Guarantor, as such, shall not have any liability for any obligations of the Company or
Guarantors under the Notes, the Note Guarantees, the Indenture or the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 17. Note Guarantees. The Notes are entitled to the benefits of certain Note Guarantees made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 
  
 18. Authentication. This Note shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee or an
authenticating agent. 
  
 19. Abbreviations. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TENANT (= tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act). 
  
 20. Additional
Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to Holders of Initial Notes shall have all the rights set forth in the Registration Rights Agreement dated as of August 26, 2004,
among the Company, the Guarantors and the parties named on the signature pages thereof or, in the case of Initial Notes other than Original Notes, Holders of such Restricted Global Notes and Restricted Global Notes shall have the rights set forth in
one or more similar agreements that the Company and other parties may enter into in relation to such other Initial Notes, in each case as such agreement may be amended, modified or supplemented from time to time (collectively, the
“Registration Rights Agreement”). 
  
 21.
CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon. 
  

 A-6 








 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture,
the Registration Rights Agreement and/or the Security Documents. Requests may be made to: 
  
 Secunda International Limited 
 One Canal Street 
 Darthmouth, Nova Scotia B2Y 2W1 Canada 
 Attention: Corporate Secretary 
  
 22. Governing Law.
THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS NOTE. 
  

 A-7 








  
 NOTATION OF NOTE
GUARANTEES 
  
 Payment of principal of, and premium, if any,
interest and Special Interest, if any, on, this Note is jointly, severally, and unconditionally guaranteed on a senior basis to the extent and in the manner set forth in the Indenture by the Guarantors who have become parties to the Indenture,
including the Guarantors duly endorsing this notation. Note Guarantees are subject to release under circumstances set forth in the Indenture. 
  


					
	 GUARANTORS
  
 3013563 NOVA SCOTIA LIMITED

		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 
	
	SECUNDA MARINE INTERNATIONAL INCORPORATED
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 
	
	SECUNDA MARINE SERVICES LIMITED
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 
	
	SECUNDA GLOBAL MARINE INC.
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 


  

 A-8 









					
	JDM SHIPPING INC.
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 
	
	INTERNATIONAL SHIPPING CORPORATION INC.
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 
	
	SECUNDA GLOBAL INTERNATIONAL INC.
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 
	
	NAVIS SHIPPING INCORPORATED
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 
	
	SECUNDA ATLANTIC INCORPORATED
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 


  

 A-9 









					
	SECUNDA MARINE ATLANTIC LIMITED
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 
	
	OFFSHORE LOGISTICS INCORPORATED 
		
	 By:
	 	 
	 	 	 Name:
	 	 



					
	 	 	 Title:
	 	 


  

 A-10 








  
 Assignment Form

  
 To assign this Note, fill in the form below: (I) or (we)
assign and transfer this Note to 
  

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

  

  

  

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

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

  

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

  

 A-11 








  
 Option of Holder to Elect
Purchase 
  
 If you want to elect to have this Note purchased
by the Company pursuant to Section 3.11, 4.10 or 4.17 of the Indenture, check the box below: 
  

					
	 ̈ Section 3.11	 	 ̈ Section 4.10	 	 ̈ Section 4.17

  
 If you want to elect
to have only part of the Note purchased by the Company pursuant to Section 3.11, Section 4.10 or Section 4.17 of the Indenture, state the amount you elect to have purchased: 
  
 $ ______________________________ 
  
 Date: 
 Your Signature:
________________________________________________________________ 
 (Sign exactly as your name appears on the face of the
Note) 
  
 Tax Identification No.:
_______________________________________________________________________________________ 
 SIGNATURE GUARANTEE 
  

  

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

  

 A-12 








  
 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE*** 
  
 The following exchanges of
a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange

	 	 Amount of decrease in
Principal Amount of this
Global Note

	 	 Amount of increase in
Principal Amount of this
Global Note

	  	Principal Amount of this
Global Note following
such decrease (or
increase)

	  	Signature of authorized
signatory of Trustee or
Note Custodian





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

  

 A-13 








  
 EXHIBIT B 

 
 FORM OF CERTIFICATE OF TRANSFER 
  
 Secunda International Limited 
 One Canal Street 
 Darthmouth, Nova Scotia B2Y 2W1 Canada 
 Attention:                      
  
 Wells Fargo Bank, National Association 
 ______________________ 
                     ,
                                  
 Attention: Corporate Trust Administration 
  

	 	Re:	Secunda International Limited Senior Secured Floating Rate Notes due 2012 

  
 Reference is hereby made to the Indenture, dated as of August 26, 2004 (the “Indenture”), among Secunda International Limited, as
issuer (the “Company”), the Guarantors named therein and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
                      (the “Transferor”), owns and proposes to transfer the Note[s] or interest in such in
such Note[s] specified in Annex A hereto, in the principal amount of US$                     in such Note[s] or interests (the
“Transfer”), to                          (the “Transferee”), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
  
 [CHECK ALL THAT APPLY] 
  
 1.  ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a
Restricted Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the
meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the
Indenture and the Securities Act. 
  
 2.  ̈ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant to
Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a
person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the
United States or (y) the 

  

 B-1 








 
transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its
behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act and
(iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a
U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 
  
 3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation
S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any
applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
  
 (a)  ̈ such Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act; 
  
 or 
  
 (b)
 ̈ such Transfer is being effected to the Company or a subsidiary thereof; 
  
 or 
  
 (c)  ̈ such Transfer is being
effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; or 
  
 (d)  ̈ such Transfer is being effected to an accredited investor within the meaning of Rule (501)(a)(1), (2), (3) or (7) under the Securities Act (“Institutional Accredited Investor”) or pursuant to another exemption from
the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby certifies that the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global
Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by, if the Transfer is to an Institutional Accredited Investor, a certificate executed by the Transferee in the form of Exhibit D to
the Indenture. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the IAI Global Note and/or the Definitive Notes and in the Indenture and the Securities Act. 
  

 B-2 








 4.  ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
  

(a)  ̈ Check if Transfer is
pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws
of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture. 
  
 (b)  ̈ Check if Transfer is Pursuant to Regulation S. (i) The transfer is being effected pursuant to and in accordance with Rule
903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
 (c)  ̈ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
  
 This certificate and the statements contained herein are made for your
benefit and the benefit of the Company. 
  

			
	 
	[Insert Name of Transferor]
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

		
	 Dated:
	 	 

  

 B-3 








  
 ANNEX A TO CERTIFICATE OF
TRANSFER 
  

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

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

	 	(a)	 ̈ a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP
                    ), or 

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP
                    ); or 

  

	 	(iii)	 ̈ IAI Global Note (CUSIP
                    ); or 

  

	 	(b)	 ̈ a Restricted Definitive Note. 

  

	2.	After the Transfer the Transferee will hold: 

  
 [CHECK ONE] 
  

	 	(a)	 ̈ a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP
                    ), or 

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP
                    ), or 

  

	 	(iii)	 ̈ IAI Global Note (CUSIP
                    ); or 

  

	 	(iv)	 ̈ Unrestricted Global Note (CUSIP
                    ); or 

  

	 	(b)	 ̈ a Restricted Definitive Note. 

  

	 	(c)	 ̈ an Unrestricted Definitive Note, 

  
 in accordance with the terms of the Indenture. 
  

 B-4 








  
 EXHIBIT C 

 
 FORM OF CERTIFICATE OF EXCHANGE 
  
 Secunda International Limited 
 One Canal Street 
 Darthmouth, Nova Scotia B2Y 2W1 Canada 
 Attention:                      
  
 Wells Fargo Bank, National Association 
 ______________________ 
                     ,
                                  
 Attention: Corporate Trust Administration 
  

	 	Re:	Secunda International Limited Senior Secured Floating Rate Notes due 2012 

  
 (CUSIP/ISIN) 
  
 Reference is hereby made to the Indenture, dated as of August 26, 2004 (the “Indenture”), among Secunda International Limited, as
issuer (the “Company”), the Guarantors named therein and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
                      (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s]
specified herein, in the principal amount of US$             in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that: 
  
 Exchange of Restricted Definitive Notes or
Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
  
 (a)  ̈ Check if Exchange is
from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States. 
  
 (b)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not 

  

 C-1 








 
required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

			
	 
	 [Insert Name of Owner]

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:



  
 Dated:
                                        

  

 C-2 








  
 EXHIBIT D 

 
 FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL 
 ACCREDITED INVESTOR 
  
 [Note: As of the Issue Date, no CUSIP or ISIN number has been obtained for an IAI Note, and, among other conditions, the Note
contemplated in this Form will require the issuance of a separate CUSIP/ISIN number] 
  
 Secunda International Limited 
 One Canal Street 
 Darthmouth, Nova Scotia B2Y 2W1 Canada 
 Attention:
                     
  
 Wells Fargo Bank, National Association 
 _______________ 
                 ,
                          
 Attention: Corporate Trust Administration 
  

	 	Re:	Secunda International Limited Senior Secured Floating Rate Notes due 2012 

  
 Reference is hereby made to the Indenture, dated as of August 26, 2004 (the “Indenture”), among Secunda International Limited, as
issuer (the “Company”), the Guarantors named therein and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
 In connection with our proposed purchase of
US$                     aggregate principal amount of: 
  

	 	(a)	 ̈ a beneficial interest in a Global Note, or 

  

	 	(b)	 ̈ a Definitive Note, 

  
 we confirm that: 
  

	1.	we are an “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”), or an entity in which all of the equity owners are accredited investors within the meaning of Rule (501)(a)(1), (2), (3) or (7) under the Securities Act (an “institutional accredited investor”);


  

	2.	(A) any purchase of the Notes by us will be for our own account or for the account of one or more other institutional accredited investors or as fiduciary for the account of one or
more trusts, each of which is an “accredited investor” within the meaning of Rule 501(a)(7) under the Securities Act and for each of which we exercise sole investment discretion or (B) we are a “bank,” within the meaning of
Section 3(a)(2) of the Securities Act, or a “savings and loan association” or other institution described in Section 3(a)(5)(A) of the Securities Act that is acquiring Notes as fiduciary for the account of one or more institutions for
which we exercise sole investment discretion; 

  

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	3.	we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of purchasing Notes; 

  

	4.	we are not acquiring the Notes with a view to 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 jurisdictions, provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary shall remain at all times within our control; 

  

	5.	we have received a copy of the Offering Memorandum relating to the offering of the Notes and acknowledge that we have had access to such financial and other information, and have
been afforded the opportunity to ask such questions of representatives of the Company and receive answers thereto, as we deem necessary in connection with our decision to purchase the Notes; and 

  

	6.	(A) we are not an employee benefit plan or other arrangement that is subject to the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal
Revenue Code of 1986, as amended, or an entity whose underlying assets include assets of such a plan or arrangement (pursuant to 29 C.F.R. Section 2510.3-101 or otherwise), and we are not purchasing (and will not hold) the Notes on behalf of, or
with the assets of, any such plan, arrangement or entity; or (B) our purchase and holding of the Notes are completely covered by the full exemptive relief provided by U.S. Department of Labor Prohibited Transaction Class Exemption 96-23, 95-60,
91-38, 90-1 or 84-14. 

  
 We understand that the
Notes were offered in a transaction not involving any public offering in the United States within the meaning of the Securities Act and that the Notes have not been registered under the Securities Act or any state securities laws, and they were
offered for resale in transactions not requiring registration under the Securities Act. We agree, on our own behalf, and on behalf of each account for which we acquire any Notes, that if in the future we decide to offer, resell, pledge or otherwise
transfer such Notes, such Notes may be offered, resold, pledged or otherwise transferred only (a) to the Company or a subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) inside the United States to a
person who is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (d) inside the United States, to an institutional accredited investor that, prior to
such transfer, furnishes to the trustee, a signed letter similar to this letter containing certain representations relating to restrictions on transfer of the note evidenced hereby, (e) pursuant to offers and sales to Non-U.S. Persons that occur
outside the United States within the meaning of Regulation S under the Securities Act, or (f) pursuant to another available exemption from the registration requirements of the Securities Act, and, in each case, in accordance with any applicable
securities laws of any State or any other applicable jurisdiction and in accordance with the legends set forth on the Notes. We further agree to provide any person purchasing any of the Notes other than pursuant to clause (b) above from us a notice
advising such purchaser that resales of such securities are restricted as stated herein. We understand that the registrar and transfer agent for the Notes will not be required to accept for registration of transfer any Notes, except upon
presentation of evidence satisfactory to the Company that the foregoing restrictions on transfer have been complied with. We further understand that any Notes we receive will be in the form of definitive physical certificates and that such
certificates will bear a legend reflecting the substance of this paragraph. 
  
 THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

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 We acknowledge that you and the Company will rely upon the truth and accuracy of our acknowledgments,
confirmations and agreements in this letter. Further, we acknowledge and agree that you and the Company are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or,
official inquiry with respect to the matters covered hereby. 
  

			
	 
	[Insert Name of Accredited Investor]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:



  
 Dated:_______________________ 
  

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 EXHIBIT E 

 
 FORM OF SUPPLEMENTAL INDENTURE 
  
 ADDITIONAL NOTE GUARANTEES 
  
 SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of                     , 20         among Secunda
International Limited, a Nova Scotia corporation (the “Company”), [name of New Guarantor] (the “New Guarantor”), and Wells Fargo Bank, National Association, as trustee under the indenture referred to
below (the “Trustee”). Capitalized terms used herein and not defined herein shall have the meaning ascribed to them in the Indenture (as defined below). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company and the existing Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended, supplemented and in
effect, the “Indenture”), dated as of August 26, 2004, providing for the issuance of its Senior Secured Floating Rate Notes due 2012; 
  
 WHEREAS, Article XIII of the Indenture provides that under certain circumstances the Company may or must cause certain of its Subsidiaries to execute and
deliver to the Trustee a supplemental indenture pursuant to which such Subsidiaries shall unconditionally guarantee all of the Company’s Obligations under the Notes pursuant to a Note Guarantee on the terms and conditions set forth herein; and

  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the
Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the New Guarantor and the Trustee mutually covenant and agree
for the equal and ratable benefit of the Holders of the Notes as follows: 
  
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
  
 2. Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all other Guarantors, to
unconditionally guarantee the Company’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XIII of the Indenture and to be bound by all of the provisions of the Indenture applicable to
a Guarantor thereunder and to perform all of the obligations and agreements of a Guarantor under the Indenture. 
  
 3. No Recourse Against Others. No past, present or future director, officer, employee, manager, incorporator, partner, member, agent, shareholder
or other owner of Capital Stock of any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

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 4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS SUPPLEMENTAL INDENTURE. 
  
 5. Severability
Clause. In case any provision of this Supplemental Indenture 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 and such
provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 
  
 6. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of the Notes heretofore or hereafter
authenticated and delivered shall be bound hereby. 
  
 7.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 8. Effect of Headings. The Section headings herein are for convenience
only and shall not affect the construction hereof. 
  
 9. The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the correctness of the recitals of fact contained herein, all of which
recitals are made solely by the New Guarantor. 
  
 IN WITNESS
WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and delivered, all as of the date first above written. 
  
 Dated: 
  

			
	 SECUNDA INTERNATIONAL LIMITED

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 [New Guarantor]

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:



  

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	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:



  

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