Exhibit 4.1


 


Execution Version


 





 






 


SAEXPLORATION HOLDINGS, INC.


 


AND EACH OF THE GUARANTORS PARTY HERETO


 


10.000% SENIOR SECURED NOTES DUE 2019


 





 






 


INDENTURE


 


Dated as of July 2, 2014 


 


 






 


U.S. BANK NATIONAL ASSOCIATION


 


as Trustee and Noteholder Collateral Agent 


 


 






 




    	 



    	 



    

  


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE 1
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	23
	Section 1.03	Incorporation by Reference of TIA	24
	Section 1.04	Rules of Construction	24
	 	 	 
	ARTICLE 2
	THE NOTES
	 
	Section 2.01	Form and Dating	25
	Section 2.02	Execution and Authentication	26
	Section 2.03	Registrar and Paying Agent	27
	Section 2.04	Paying Agent to Hold Money in Trust	27
	Section 2.05	Holder Lists	27
	Section 2.06	Transfer and Exchange	27
	Section 2.07	Replacement Notes	36
	Section 2.08	Outstanding Notes	36
	Section 2.09	Treasury Notes	37
	Section 2.10	Temporary Notes	37
	Section 2.11	Cancellation	37
	Section 2.12	Overdue Interest	37
	Section 2.13	Persons Deemed Owners	38
	Section 2.14	Interest Payment Date; Record Date	38
	 	 	 
	ARTICLE 3
	REDEMPTION AND PURCHASE
	 
	Section 3.01	Notices to Trustee	38
	Section 3.02	Selection of Notes to Be Redeemed	38
	Section 3.03	Notice of Redemption	39
	Section 3.04	Effect of Notice of Redemption	40
	Section 3.05	Deposit of Redemption or Purchase Price	40
	Section 3.06	Notes Redeemed or Purchased in Part	40
	Section 3.07	Optional Redemption	40
	Section 3.08	No Sinking Fund Payments	41
	Section 3.09	Offer to Purchase by Application of Excess Proceeds or From Excess Cash Flow	41
	 	 	 
	ARTICLE 4
	COVENANTS
	 
	Section 4.01	Payment of Notes	44
	Section 4.02	Maintenance of Office or Agency	44
	Section 4.03	Corporate Existence; Insurance; Maintenance of Properties	45
	Section 4.04	Compliance Certificate	45
	Section 4.05	Taxes	46
	Section 4.06	Stay, Extension and Usury Laws	46
	Section 4.07	Restricted Payments	46
	Section 4.08	Incurrence of Indebtedness and Issuance of Preferred Stock	49


 




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	 	 	Page
	 	 	 
	Section 4.09	Liens	53
	Section 4.10	[Reserved]	54
	Section 4.11	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	54
	Section 4.12	Transactions with Affiliates	55
	Section 4.13	[Reserved]	57
	Section 4.14	Business Activities	57
	Section 4.15	Additional Note Guarantees	57
	Section 4.16	Designation of Restricted and Unrestricted Subsidiaries	57
	Section 4.17	Payments for Consent	58
	Section 4.18	Reports	58
	Section 4.19	Offer to Repurchase Upon Change of Control	60
	Section 4.20	Asset Sales	61
	 	 	 
	ARTICLE 5
	SUCCESSORS
	 	 	 
	Section 5.01	Merger, Consolidation, or Sale of Assets	64
	Section 5.02	Successor Corporation Substituted	65
	 	 	 
	ARTICLE 6
	DEFAULTS AND REMEDIES
	 
	Section 6.01	Events of Default	65
	Section 6.02	Acceleration	67
	Section 6.03	Other Remedies	67
	Section 6.04	Waiver of Past Defaults	68
	Section 6.05	Control by Majority	68
	Section 6.06	Limitation on Suits	68
	Section 6.08	Collection Suit by Trustee or Noteholder Collateral Agent	69
	Section 6.09	Trustee May File Proofs of Claim	69
	Section 6.10	Priorities	70
	Section 6.11	Undertaking for Costs	70
	 	 	 
	ARTICLE 7
	TRUSTEE
	 
	Section 7.01	Duties of Trustee	70
	Section 7.02	Rights of Trustee	71
	Section 7.03	Individual Rights of Trustee	72
	Section 7.04	Trustee’s Disclaimer	72
	Section 7.05	Notice of Defaults	72
	Section 7.06	Reports by Trustee to Holders of the Notes	73
	Section 7.07	Compensation and Indemnity	73
	Section 7.08	Replacement of Trustee	74
	Section 7.09	Successor Trustee by Merger, etc	75
	Section 7.10	Eligibility; Disqualification	75
	Section 7.11	Preferential Collection of Claims Against Company	75
	Section 7.12	Trustee in Other Capacities; Noteholder Collateral Agent and Paying Agent	75
	 	 	 
	ARTICLE 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	76
	Section 8.02	Legal Defeasance and Discharge	76


 




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	 	 	Page
	 	 	 
	Section 8.03	Covenant Defeasance	77
	Section 8.04	Conditions to Legal or Covenant Defeasance	77
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	78
	Section 8.06	Repayment to Company	78
	Section 8.07	Reinstatement	79
	 	 	 
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER
	 
	Section 9.01	Without Consent of Holders of Notes	79
	Section 9.02	With Consent of Holders of Notes	80
	Section 9.03	[Reserved]	82
	Section 9.04	Revocation and Effect of Consents	82
	Section 9.05	Notation on or Exchange of Notes	82
	Section 9.06	Trustee to Sign Amendments, etc	82
	 	 	 
	ARTICLE 10
	SATISFACTION AND DISCHARGE
	 
	Section 10.01	Satisfaction and Discharge	82
	Section 10.02	Application of Trust Money	83
	 	 	 
	ARTICLE 11
	NOTE GUARANTEES
	 
	Section 11.01	Guarantee	84
	Section 11.02	Limitation on Guarantor Liability	85
	Section 11.03	Execution and Delivery of Guarantee	85
	Section 11.04	Guarantors May Consolidate, etc., on Certain Terms	86
	Section 11.05	Releases	87
	 	 	 
	ARTICLE 12
	SECURITY
	 
	Section 12.01	Grant of Security Interests; Intercreditor Agreement	88
	Section 12.02	Recording and Opinions	89
	Section 12.03	Mortgages and Filings	91
	Section 12.04	Advances to Subsidiaries	92
	Section 12.05	Additional Collateral	92
	Section 12.06	Further Assurances	93
	Section 12.07	Release of Liens	93
	Section 12.08	Form and Sufficiency of Release	95
	Section 12.09	Authorization of Actions to be Taken by the Noteholder Collateral Agent Under the Security Documents	95
	Section 12.10	Authorization of Receipt of Funds by the Trustee Under the Security Documents	96
	Section 12.11	Replacement of Noteholder Collateral Agent	96
	 	 	 
	ARTICLE 13
	MISCELLANEOUS
	 
	Section 13.01	[Reserved]	96
	Section 13.02	Notices	96
	Section 13.03	Communication by Holders of Notes with Other Holders of Notes	98


 




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	 	 	Page
	 	 	 
	Section 13.04	Certificate and Opinion as to Conditions Precedent	98
	Section 13.05	Statements Required in Certificate or Opinion	98
	Section 13.06	Rules by Trustee and Agents	98
	Section 13.07	No Personal Liability of Directors, Officers, Employees and Stockholders	98
	Section 13.08	Governing Law	99
	Section 13.09	No Adverse Interpretation of Other Agreements	99
	Section 13.10	Successors	99
	Section 13.11	Severability	99
	Section 13.12	Counterpart Originals	99
	Section 13.13	Table of Contents, Headings, etc	99
	Section 13.14	Releases	99


 


	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 NOTATION OF GUARANTEE
	Exhibit F	FORM OF SUPPLEMENTAL INDENTURE


 


NOTE: This Table of Contents shall not, for
any purpose, be deemed to be part of this Indenture.


 




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INDENTURE, dated as
of July 2, 2014 among SAExploration Holdings, Inc., a Delaware corporation, the Guarantors (as defined herein) and U.S. Bank National
Association, and any and all successors thereto, as trustee (in such capacity, the “Trustee”) and as Noteholder
Collateral Agent (in such capacity, the “Noteholder Collateral Agent”).


 


The Company, the Guarantors,
the Noteholder Collateral Agent and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit
of the Holders (as defined herein) of the 10.000% Senior Secured Notes due 2019 (the “Notes”):


 


ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE


 


Section 1.01        Definitions.


 


“ABL Agent”
has the meaning assigned to it in the Security Agreement. 


 


“Accession
Agreement” means an accession agreement, if any, to the Security Documents, in substantially the form provided therein,
entered into by the Company, the holders of any Pari Passu Indebtedness and the Noteholder Collateral Agent, from time to time.


 


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


 


(1)      Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person
(regardless of the form of the applicable transaction by which such Person became a Subsidiary) or expressly assumed in connection
with the acquisition of assets from any Person, whether or not such Indebtedness is incurred in connection with, or in contemplation
of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person or of such Indebtedness
being incurred in connection with the acquisition of assets; and


 


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


 


Acquired Debt will
be deemed to be incurred on the date the acquired Person becomes a Subsidiary or date of the applicable acquisition of assets.


 


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


 


“Additional
Notes” means Notes (other than the Initial Notes) originally issued after the date of this Indenture under this Indenture
in accordance with Section 2.02 hereof, as part of the same class as the Initial Notes.


 


“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial
ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings.


 




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“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.


 


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


 


		(1)	1.0% of the principal amount of the Note; or



 


		(2)	the excess of:



 


		(a)	the present value at such redemption date of (i) the redemption price of the Note at January 15,
2017, (such redemption price being set forth in the table appearing in Section 3.07(b) hereof) plus (ii) all required interest
payments due on the Note through January 15, 2017 (excluding accrued but unpaid interest to such redemption date), computed using
a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over



 


		(b)	the principal amount of the Note.



 


Calculation of the Applicable Premium is
a responsibility of the Company and the Trustee shall not be responsible to calculate or verify any calculation related to the
Applicable Premium.


 


“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.


 


“Asset Sale”
means:


 


(1)        the
sale, lease, conveyance or other disposition of any assets by the Company or any of its Restricted Subsidiaries; provided
that the sale, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Company and
its Restricted Subsidiaries taken as a whole will be governed by Section 4.19 and/or Section 5.01 and not by Section 4.20; and


 


(2)        the
issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or any of its Restricted
Subsidiaries of Equity Interests in any of its Restricted Subsidiaries (other than directors' qualifying shares or other shares
required by law to be held by persons other than the Company or a Restricted Subsidiary).


 


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


 


		(1)	any single transaction or series of related transactions that involves assets having a Fair Market
Value of less than $1.0 million;



 


		(2)	a sale, lease, conveyance or other disposition of assets between or among the Company and/or its
Restricted Subsidiaries;



 


		(3)	an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to
a Restricted Subsidiary of the Company;



 




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		(4)	(a) the sale, exchange, lease, conveyance or other transfer of property, products, services, equipment
or accounts receivable in the ordinary course of business and of damaged, worn-out or obsolete assets in the ordinary course of
business, (b) the abandonment or relinquishment of assets, the waiver of contract rights or the settlement, release or surrender
of contract, tort or other claims, in each case, in the ordinary course of business or (c) dispositions pursuant to condemnation
or similar involuntary dispositions;



 


		(5)	the granting of Liens not prohibited by Section 4.09 and dispositions in connection with Permitted
Liens;



 


		(6)	dispositions of Capital Stock of Unrestricted Subsidiaries; and



 


		(7)	a Restricted Payment that does not violate Section 4.07 or a Permitted Investment.



 


“Bankruptcy
Code” means Title 11 of the U.S. Code entitled "Bankruptcy" as now and hereinafter in effect, or any successor
statute.


 


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


 


“Board of
Directors” means:


 


		(1)	with respect to a corporation, the board of directors of the corporation or any committee thereof
duly authorized to act on behalf of such board;



 


		(2)	with respect to a partnership, the board of directors of a direct or indirect general partner of
the partnership;



 


		(3)	with respect to a limited liability company, the direct or indirect managing member or members
or any controlling committee of managing members thereof; and



 


		(4)	with respect to any other Person, the board or committee of such Person serving a similar function.



 


“Business
Day” means any day other than a Saturday, Sunday, or other day on which banking institutions in New York, New York are
authorized or required by law to close.


 


“Capital Lease
Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease
that would at that time be required to be capitalized on a balance sheet prepared 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 prepaid by the lessee without payment of a penalty.


 


“Capital Stock”
means:


 


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



 




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		(2)	in the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) in the equity of such entity;



 


		(3)	in the case of a partnership or limited liability company, partnership interests (whether general
or limited) or membership interests; and



 


		(4)	in the case of any other entity, any other interests or participations that confer on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing entity,



 


but excluding from all
of the foregoing any debt securities convertible into or exchangeable for Capital Stock, whether or not such debt securities include
any right of participation with Capital Stock.


 


“Cash Equivalents”
means:


 


		(1)	United States dollars or any foreign currency in which the Company or any Restricted Subsidiary
conducts business;



 


		(2)	securities issued or directly and fully guaranteed or insured by the United States government or
any agency or instrumentality of the United States government (provided that the full faith and credit of the United States
is pledged in support of those securities) having maturities of not more than one year from the date of acquisition;



 


		(3)	certificates of deposit and Eurodollar time deposits with maturities of one year or less from the
date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case,
with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B”
or better or any commercial bank organized under the laws of another country that is a member of the Organisation for Economic
Co-operation and Development and has total assets in excess of $500.0 million;



 


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



 


		(5)	commercial paper having one of the two highest ratings obtainable from Moody’s or S&P
and, in each case, maturing within twelve months after the date of acquisition; and



 


		(6)	money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds
described in clauses (1) through (5) of this definition.



 


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


 


		(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way
of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets
of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) of the
Exchange Act) other than a Permitted Holder;



 




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		(2)	the adoption or the approval by the holders of Capital Stock of a plan relating to the liquidation
or dissolution of the Company;



 


		(3)	the consummation of any transaction (including, without limitation, any merger or consolidation),
the result of which is that any “person” (as defined above), other than a Permitted Holder, becomes the Beneficial
Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than number
of shares; or



 


		(4)	the Company consolidates with, or merges with or into, any Person, or any Person consolidates with,
or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of
the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting
Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of
such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance).



 


“Clearstream”
means Clearstream Banking, S.A. or any successor thereto.


 


“Collateral”
has the meaning assigned to it in the Security Documents.


 


“Company”
means SAExploration Holdings, Inc., a Delaware corporation, until such time as another Person shall become the "Company"
pursuant to the applicable provisions of this Indenture, and thereafter "Company" shall mean such successor Person.


 


“Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for
such period plus, without duplication:


 


		(1)	an amount equal to (i) any extraordinary, unusual or non-recurring loss plus (ii) any net loss
realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were
deducted in computing such Consolidated Net Income; plus



 


		(2)	provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for
such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus



 


		(3)	the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent
that such Fixed Charges were deducted in computing such Consolidated Net Income; plus



 




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		(4)	depreciation, amortization (including amortization of intangibles but excluding amortization of
prepaid cash expenses that were paid in a prior period) and other non-cash charges and expenses (excluding any such non-cash charge
or expense to the extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization
of a prepaid cash charges or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period
to the extent that such depreciation, amortization and other non-cash charges or expenses were deducted in computing such Consolidated
Net Income; minus



 


		(5)	non-cash items increasing such Consolidated Net Income for such period, other than the accrual
of revenue in the ordinary course of business,



 


in each case, on a consolidated basis and
determined in accordance with GAAP.


 


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


 


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


 


		(1)	the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted
for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions
paid in cash to the specified Person or a Restricted Subsidiary of the Person;



 


		(2)	the Net Income (but not loss) of any Restricted Subsidiary will be excluded to the extent that
the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the
date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly,
by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Restricted Subsidiary or its stockholders;



 


		(3)	the cumulative effect of a change in accounting principles will be excluded; and



 


		(4)	notwithstanding clause (1) above, the Net Income of any Unrestricted Subsidiary will be excluded,
whether or not distributed to the specified Person or one of its Subsidiaries.



 


“Consolidated
Net Tangible Assets” means, with respect to any Person as of any date of determination, the amount which, in accordance
with GAAP, would be set forth under the caption “total assets” (or any like caption) on a consolidated balance sheet
of such Person and its Restricted Subsidiaries, less the sum of (1) all current liabilities and (2) goodwill and intangible assets,
in each case, in accordance with GAAP as of the end of the most recent fiscal quarter for which internal financial statements are
available.


 




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“Corporate
Trust Office of the Trustee” will be at the address of the Trustee specified in Section 13.02 hereof or such other address
as to which the Trustee may give notice to the Company, except as specified in Section 4.02.


 


“Credit Agreement”
means a new credit agreement to be entered into after the Issue Date among the Company, the guarantors party thereto and the lenders
from time to time party thereto, providing for borrowings in an amount not to exceed the amount of Indebtedness permitted pursuant
to Section 4.08(b)(1) including any related notes, Guarantees, collateral documents, security documents, instruments and agreements
executed in connection therewith, and, in each case, as amended, restated, modified, supplemented, renewed, refunded, replaced
(whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to investors) in
whole or in part from time to time.


 


“Credit Facilities”
means one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities, in each
case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such
receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or
in part from time to time.


 


“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.


 


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


 


“Definitive
Note” means a certificated Note registered in the name of the Holder thereof (other than in the name of the Depositary
or its nominee) and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such
Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto.


 


“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, 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.


 


“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature, except
to the extent that such Capital Stock is solely redeemable with, or solely exchangeable for, any capital stock of such Person that
is not Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence
of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that
the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption
complies with Section 4.07. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture
will be the maximum amount that the Company and its Restricted Subsidiaries would become obligated to pay upon the maturity of,
or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends on or prior to the
date that is 91 days after the date on which the Notes mature.


 




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“Domestic
Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any
state of the United States or the District of Columbia.


 


“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).


 


“Equity Offering”
means a public or private sale of Equity Interests of the Company by the Company (other than Disqualified Stock and other than
to a Subsidiary of the Company).


 


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


 


“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto, and the rules and regulations
of the SEC thereunder.


 


“Exchange
Notes” means the Exchange Notes issued in exchanges for Notes pursuant to the Registration Rights Agreement.


 


“Existing
Indebtedness” means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under any Credit Facility,
the Notes and the Note Guarantees) in existence on the date of this Indenture, until such amounts are repaid.


 


“Excluded
Property” has the meaning assigned to it in the Security Agreement.


 


“Fair Market
Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving
distress or necessity of either party, determined in good faith by the Chief Financial Officer or Board of Directors of the Company
(unless otherwise provided in this Indenture).


 


“Fixed Charge
Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of
such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any
of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any
Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems Disqualified Stock or preferred
stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior
to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect (in accordance with Regulation
S-X under the Securities Act) to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other
discharge of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or preferred stock, and the use of
the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter period.


 




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In addition, for purposes
of calculating the Fixed Charge Coverage Ratio:


 


		(1)	acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries,
including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person
or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in equity ownership
of Restricted Subsidiaries of the specified Person, during the four-quarter period or subsequent to such period and on or prior
to the Calculation Date, or that are to be made on the Calculation Date, will be given pro forma effect in accordance with Regulation
S-X under the Securities Act as if they had occurred on the first day of the four-quarter reference period;



 


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



 


		(3)	the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP,
and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but
only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any
of its Restricted Subsidiaries following the Calculation Date;



 


		(4)	any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been
a Restricted Subsidiary at all times during such four-quarter period;



 


		(5)	any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have
been a Restricted Subsidiary at any time during such four-quarter period; and



 


		(6)	if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness
will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking
into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation
Date in excess of 12 months).



 


“Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of:


 


		(1)	the consolidated interest expense of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash
interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated
with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’
acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest
rates; plus



 


		(2)	the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized
during such period; plus



 


		(3)	any interest on Indebtedness of another Person that is guaranteed by such Person or one of its
Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such
Guarantee or Lien is called upon; plus



 




    	9



    	 



    

  


		(4)	all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock
of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests
of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company.



 


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


 


“Foreign Subsidiary
Reorganization” means the transaction or transactions pursuant to which assets utilized primarily in the Company’s
non-U.S. operations and located in non-U.S. jurisdictions or titled in the name of a foreign branch of a Domestic Subsidiary of
the Company will be transferred to one or more Foreign Subsidiaries of the Company formed or to be formed in such respective non-U.S.
jurisdictions.


 


“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect from time to time.


 


“Global Note
Legend” means the legend set forth in Section 2.06(f)(2) 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 in global, book-entry form deposited with or on behalf of and registered
in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend
and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with
Section 2.01 hereof.


 


“Government
Securities” means securities that are:


 


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



 


		(2)	obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation
by the United States of America,



 


which, in either case, are not callable
or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company
as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government
Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt
from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest
on the Government Securities evidenced by such depository receipt.


 




    	10



    	 



    

 


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


 


“Guarantors”
means (1) each Domestic Subsidiary of the Company on the date of this Indenture and (2) each other Subsidiary of the Company that
executes a Note Guarantee in accordance with the provisions of this Indenture, in each case, together with their respective successors
and assigns until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.


 


“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:


 


		(1)	interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest
rate cap agreements and interest rate collar agreements;



 


		(2)	other agreements or arrangements designed to manage interest rates or interest rate risk; and



 


		(3)	other agreements or arrangements designed to protect such Person against fluctuations in currency
exchange rates or commodity prices.



 


“Holder”
means a Person in whose name a Note is registered.


 


“IAI Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued
in a denomination equal to the outstanding principal amount of the Notes initially sold to Institutional Accredited Investors.


 


“Immaterial
Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets, as of that date, are less than $100,000
and whose total revenues for the most recent 12-month period for which consolidated financial statements are available do not exceed
$100,000 for such 12-month period; provided that a Restricted Subsidiary will not be considered to be an Immaterial Subsidiary
if it, directly or indirectly, guarantees or otherwise provides direct credit support for any Indebtedness of the Company.


 


“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent:


 


		(1)	in respect of borrowed money;



 


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



 


		(3)	in respect of banker’s acceptances;



 


		(4)	representing Capital Lease Obligations;



 




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		(5)	representing the balance deferred and unpaid of the purchase price of any property or services
due more than one year after such property is acquired or such services are completed; or



 


		(6)	representing any Hedging Obligations,



 


if and to the extent any of the preceding
items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured
by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the
extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness shall
be calculated without giving effect to the effects of Statement of Financial Accounting Standards No. 133 and related interpretations
to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture
as a result of accounting for any embedded derivatives created by the terms of such Indebtedness.


 


“Indenture”
means this Indenture, pursuant to which the Notes will be issued, among the Company, the Guarantors, the Trustee and the Noteholder
Collateral Agent.


 


“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.


 


“Initial Notes”
means the $150,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.


 


“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.


 


“Intercreditor
Agreement” means any intercreditor agreement (i) whose terms are not materially less favorable to the Holders of the
Notes than those summarized in the Offering Memorandum under “Description of Notes—Security”, (ii) that is entered
into in connection with entering into any Credit Agreement and (iii) that is among the Noteholder Collateral Agent, the ABL Agent,
the Company, the Guarantors and any other parties thereto, as amended, supplemented or modified from time to time.


 


“Investments”
means, with respect to any specified Person, all direct or indirect investments by such Person in other Persons (including Affiliates)
in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel
and other advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on
a balance sheet of such specified Person prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells
or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving
effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to have
made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Company’s Investments
in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.07(c) hereof. The acquisition
by the Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed
to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value
of the Investments held by the acquired Person in such third Person in an amount determined as provided in Section 4.07(c) hereof.
Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made
and without giving effect to subsequent changes in value.


 




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“Issue Date”
means the date of this Indenture.


 


“Kuukpik Joint
Venture” means Kuukpik/SAExploration, LLC, an Alaska limited liability company and a joint venture between SAExploration,
Inc. and Kuukpik Corporation.


 


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


 


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


 


“Mortgage”
means each mortgage, deed of trust, deed to secure debt and any other document or instrument under which any Lien on real property
owned by the Company or any Guarantor is granted to secure the obligations of the Company or any Guarantor under this Indenture.


 


“Net Income”
means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before
any reduction in respect of preferred stock dividends, excluding, however:


 


		(1)	any gain (but not loss), together with any related provision for taxes on such gain (but not loss),
realized in connection with (i) any Asset Sale or (ii) the disposition of any securities by such Person or any of its Restricted
Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and



 


		(2)	any extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary
gain (but not loss).



 


“Net Proceeds”
means the aggregate cash proceeds and Cash Equivalents received by the Company or any of its Restricted Subsidiaries in respect
of any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such Asset Sale, including, without
limitation, the amount of any Indebtedness that is secured by such assets and which is required to be repaid by the Company or
Restricted Subsidiary, in connection with such transaction and legal, accounting and investment banking fees, brokers fees, sales
commissions, and any relocation expenses incurred as a result of the Asset Sale and taxes paid or payable as a result of the Asset
Sale after taking into account any available tax credits or deductions and any tax sharing arrangements and (2) any reserve for
adjustment, indemnification, earnout or similar obligations in respect of the sale price of such asset or assets established in
accordance with GAAP.


 


“Non-Recourse
Debt” means Indebtedness:


 


		(1)	as to which neither the Company nor any of its Restricted Subsidiaries (i) provides credit support
of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), or (ii) is directly or indirectly
liable as a guarantor or otherwise;



 




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		(2)	no default with respect to which (including any rights that the holders of the Indebtedness may
have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder
of any other Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness
or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and



 


		(3)	as to which the lenders will not have any recourse to the stock or assets of the Company or any
of its Restricted Subsidiaries (other than Equity Interests of an Unrestricted Subsidiary).



 


“Non-U.S.
Person” means a Person who is not a U.S. Person as defined under Regulation S of the Securities Act.


 


“Note Guarantee”
means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the Notes, executed pursuant
to the provisions of this Indenture.


 


“Noteholder
Collateral Agent” means U.S. Bank National Association, in its capacity as collateral agent for the benefit of the Holders
of Notes under the Security Documents, together with its successors in such capacity.


 


“Notes”
means, collectively, the Notes originally issued under this Indenture as of the Issue Date, and any Additional Notes subsequently
issued, except if otherwise started herein.


 


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


 


“Offering
Memorandum” means the Offering Memorandum dated June 25, 2014 of the Company and Guarantors relating to the Notes.


 


“Officer”
means, with respect to any Person, the Chairman of the Board, the Chairman, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller,
the Secretary or any Vice-President of such Person; provided that, in the case of a limited or general partnership, limited liability
company or other Person that is not a corporation, the term “Officer” shall also include any of the foregoing officers
of a direct or indirect general partner, managing member or other similar 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 Section 13.05 hereof; provided that, if this Indenture expressly calls for an Officers’
Certificate delivered by or signed on behalf of a Person other than the Company, then such certificate shall be signed by two Officers
of such Person, one of whom shall be the principal executive officer, principal financial officer, treasurer or principal accounting
officer of such Person or, in the case of a limited or general partnership, limited liability company or other Person that is not
a corporation, any of the foregoing Officers may be of a direct or indirect general partner, managing member or other similar Person.


 




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“Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Section 13.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee.
Anything in this Indenture, the Note Guarantees or the Notes to the contrary notwithstanding, any such opinion of legal counsel
may rely, as to factual matters, on a certificate of an Officer of the Company or any Guarantor or any other appropriate Person
and on certificates and statements of governmental bodies and officials.


 


“Pari Passu
Indebtedness” means any Indebtedness (1) that is permitted to be incurred under Section 4.08 and (2) that is secured
by a Permitted Lien described in clause (3) of the definition of the Permitted Liens; provided that (i) it is so designated as
Pari Passu Indebtedness in an Officers’ Certificate delivered to the Noteholder Collateral Agent and (ii) an authorized representative
of the holders of such Indebtedness shall have executed and delivered an Accession Agreement.


 


“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).


 


“Permitted
Business” means any business that is the same as, or reasonably related, ancillary or complementary to, any of the businesses
in which the Company or any of its Restricted Subsidiaries was engaged on the date of this Indenture, as described in the Offering
Memorandum, and any business reasonably related or complimentary thereto.


 


“Permitted
Holders” means any of (a) Jeff Hastings, Brian Beatty and Brent Whiteley, (b) any Related Party thereof and (c) any Person
acting in the capacity of an underwriter or initial purchaser in connection with a public or private offering of the Capital Stock
of the Company or any direct or indirect parent entity or securities convertible into or exchangeable or exercisable for such Capital
Stock.


 


“Permitted
Investments” means:


 


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



 


		(2)	any Investment in Cash Equivalents;



 


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



 


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



 


		(b)	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially
all or any substantial portion of its assets or of any of its business units to, or is liquidated into, the Company or a Restricted
Subsidiary of the Company and a Guarantor;



 


		(4)	any Investment made as a result of the receipt of non-cash consideration from an Asset Sale (or
a transaction excluded from the definition thereof) that was made pursuant to and in compliance with Section 4.20;



 


		(5)	any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests
(other than Disqualified Stock) of the Company;



 




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		(6)	any Investments received in compromise or resolution of (a) obligations of trade creditors or customers
that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant
to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b)
litigation, arbitration or other disputes.



 


		(7)	Investments represented by Hedging Obligations;



 


		(8)	loans or advances to employees made in the ordinary course of business of the Company or any Restricted
Subsidiary of the Company in an aggregate principal amount not to exceed $1.0 million at any one time outstanding;



 


		(9)	repurchases of the Notes or Exchange Notes;



 


		(10)	any Investment existing on, or made pursuant to binding commitments existing on, the date of this
Indenture and any Investment consisting of an extension, modification or renewal of any Investment existing on, or made pursuant
to a binding commitment existing on, the date of this Indenture; provided that the amount of any such Investment may be increased
(a) as required by the terms of such Investment or commitment as in existence on the date of this Indenture or (b) as otherwise
permitted under this Indenture;



 


		(11)	advances to customers in the ordinary course of business, prepaid expenses or deposits, and performance
guarantees of contracts or obligations other than Indebtedness;



 


		(12)	Investments in Foreign Subsidiaries as a result of the Foreign Subsidiary Reorganization;



 


		(13)	Investments in joint ventures in aggregate amount not to exceed $5.0 million, provided each such
joint venture is engaged in a Permitted Business;



 


		(14)	any Investment by any Foreign Subsidiary in any other Foreign Subsidiary or any Person, if as a
result the Person becomes a Foreign Subsidiary or the Person is merged or consolidated with or into a transfer or conveyance of
all or substantially all of its assets to, or is liquidated into, any Foreign Subsidiary; and



 


		(15)	other Investments in any Person having an aggregate Fair Market Value (measured on the date each
such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments
made pursuant to this clause (15) that are at the time outstanding, not to exceed $5.0 million.



 


“Permitted
Liens” means:


 


		(1)	Liens on assets of the Company or any Guarantor securing Indebtedness and other Obligations under
Credit Facilities that are permitted to be incurred by Section 4.08(b)(1);



 




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		(2)	Liens to secure Indebtedness (including Capital Lease Obligations) permitted by Section 4.08(b)(4)
covering only the assets constructed or acquired with or financed by such Indebtedness; provided, however such Liens are
created within 180 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions
or commencement of full operation of the assets or property subject to such Lien and do not encumber any other assets or property
of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto;



 


		(3)	Liens created for the benefit of (or to secure) (a) the Notes and the Note Guarantees, (b) Additional
Notes and Note Guarantees related to any Additional Notes and (c) Pari Passu Indebtedness, provided that, in the case of clauses
(b) or (c) at the time such Additional Notes or such Pari Passu Indebtedness is incurred and after giving pro forma effect thereto,
the Secured Leverage Coverage Ratio is not greater than 3.5 to 1.0;



 


		(4)	Liens in favor of the Company or the Guarantors;



 


		(5)	Liens on property of a Person existing at the time such Person becomes a Subsidiary of, or is merged
with or into or consolidated with, the Company or any Subsidiary of the Company; provided that such Liens were in existence prior
to the contemplation of such person becoming a Subsidiary or such merger or consolidation and do not extend to any assets other
than those of the Person that becomes a Subsidiary or is merged into or consolidated with the Company or the Subsidiary;



 


		(6)	Liens on property (including Capital Stock) existing at the time of acquisition of the property
by the Company or any Subsidiary of the Company; provided that such Liens were in existence prior to such acquisition and were
not incurred in contemplation of, such acquisition;



 


		(7)	Liens to secure the performance of statutory obligations, insurance, surety or appeal bonds, workers
compensation obligations, performance bonds or other obligations of a like nature incurred in the ordinary course of business (including
Liens to secure letters of credit issued to assure payment of such obligations);



 


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



 


		(9)	(a) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent
or that are being contested in good faith by appropriate actions promptly instituted and diligently concluded; provided
that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; (b) bankers’
Liens, rights of setoff, Liens arising out of judgments or awards not constituting an Event of Default and notices of lis pendens
and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves
have been made; and (c) Liens on cash collateral for letters of credit or Hedging Obligations permitted by clauses (1), (9) and
(11)(a), respectively, of Section 4.08(b) securing, in the case of letters of credit, an amount not to exceed the face amount of
cash collateralized letters of credit for the benefit of the Company and/or the Guarantors and, in the case of Hedging Obligations,
not to exceed the amount of such Hedging Obligations;



 




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		(10)	Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’
Liens, in each case, incurred in the ordinary course of business; Liens on property or assets under construction (and related rights)
in favor of a contractor or developer arising from progress or partial payments by a third party relating to such property or assets;
and Liens arising from UCC financing statement filings regarding operating leases entered into by the Company and its Restricted
Subsidiaries in the ordinary course of business or Liens occurring solely by the filing of a UCC statement, which filing has not
been consented to by the Company or Restricted Subsidiary;



 


		(11)	survey exceptions, 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 improvements or accessions that were not incurred in connection with Indebtedness and that do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of such
Person;



 


		(12)	Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture;
provided, however, that:



 


		(a)	the new Lien is 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 Indebtedness (plus improvements and accessions
to such property, or proceeds or distributions thereof); and



 


		(b)	the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of
(i) the outstanding principal amount, or, if greater, committed amount, of the original Indebtedness and (ii) an amount necessary
to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;
and



 


		(13)	any extension, renewal or replacement, in whole or in part of any Lien described above in this
definition of “Permitted Liens” (other than Liens described in clause (1) of this definition of “Permitted Liens”);
provided that any such extension, renewal or replacement does not extend to any additional property or assets (plus improvements,
accessions, proceeds, replacements or dividends or distributions in respect thereof);



 


		(14)	Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge
or redemption of Indebtedness, which occurred in accordance with the provisions of this Indenture;



 


		(15)	Liens incurred in the ordinary course of business of the Company or any Guarantor of the Company
with respect to obligations that do not exceed $5.0 million at any one time outstanding;



 


		(16)	Liens securing Indebtedness of any Foreign Subsidiary;



 




    	18



    	 



    

  


		(17)	Liens on any property in favor of domestic or govern governmental bodies to secure partial, progress,
advance or other payments pursuant to any contract or statute, not yet due and payable; and



 


		(18)	Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual
or warranty requirements.



 


“Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange
for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the
Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that:


 


		(1)	the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness
does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced,
defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums,
incurred in connection therewith);



 


		(2)	such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity
date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged, or has a final maturity date more than 91 days after the
final maturity date of the Notes;



 


		(3)	if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated
in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes on
terms, taken as a whole, at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged; and



 


		(4)	such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the
obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged and is initially guaranteed only
by (a) Persons who were obligors on or guarantors of the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged or (b) a Guarantor in accordance with paragraph (10) of the definition of “Permitted Debt.”



 


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


 


“Private Placement
Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued under this Indenture
except where otherwise permitted by the provisions of this Indenture.


 


“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.


 


“Redemption
Date” means the date of redemption established by the Company as set forth under Section 3.07 hereof.


 




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“Registration
Rights Agreement” means the Registration Rights Agreement to be entered into among Jefferies LLC, as the initial purchaser,
the Company and the Guarantors.


 


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


 


“Regulation
S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note or both, as appropriate.


 


“Regulation
S Permanent Global Note” means a permanent Global Note substantially in the form of Exhibit A hereto bearing the Global
Note Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period.


 


“Regulation
S Temporary Global Note” means a temporary Global Note substantially in the form of Exhibit A hereto and bearing the
Global Note Legend, the Private Placement Legend and the legend referred to in Section 2.06(f)(3) deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount
of the Notes initially sold in reliance on Rule 903 of Regulation S.


 


“Related Party”
means:


 


		(1)	any controlling stockholder, 80% or more (based on voting power) owned Subsidiary, or immediate
family member (in the case of an individual) of a Person described in clause (a) of the definition of Permitted Holder; or



 


		(2)	any trust, corporation, partnership, limited liability company or other entity, the beneficiaries,
stockholders, partners, members, owners or Persons beneficially holding an 80% or more controlling interest of which consist of
any one or more Permitted Holders.



 


“Responsible
Officer” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers, who in each case is responsible for the administration of this Indenture, and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge
of and familiarity with the particular subject.


 


“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
Investment” means an Investment other than a Permitted Investment.


 


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


 


“Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.


 


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


 




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


 


“Rule 144A
Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of the Notes initially sold to QIBs.


 


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


 


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


 


“S&P”
means Standard & Poor's Rating Services or any successor to the rating agency business thereof.


 


“SEC”
means the U.S. Securities and Exchange Commission or any successor thereto.


 


“Secured Leverage
Coverage Ratio” means, as of any date of determination, the ratio of (1) consolidated total Indebtedness of the Company
and its Restricted Subsidiaries that is secured by Liens as of such date (provided that in making such calculation, the maximum
amount of Indebtedness that the Company is permitted to incur under Section 4.08(b)(1) shall be deemed outstanding and secured
by a Lien) to (2) the Company’s Consolidated Cash Flow for the most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding such date, determined on a pro forma basis to give effect to any adjustments
to as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage
Ratio.


 


“Securities
Act” means the U.S. Securities Act of 1933, as amended, or any successor thereto, and the rules and regulations of the
SEC thereunder.


 


“Security
Agreement” means the security agreement, dated as of the date of this Indenture, among the Noteholder Collateral Agent,
the Company and the Guarantors, as it may be amended or supplemented from time to time.


 


“Security
Documents” means, collectively, any Intercreditor Agreement, the Security Agreement, each Mortgage, each pledge agreement
and each document or other instrument (other than this Indenture) creating Liens in favor of the Noteholder Collateral Agent as
required by this Indenture, in each case, as the same may be amended or supplemented from time to time.


 


“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02
of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.


 


“Stated Maturity”
means, with respect to any installment of interest or principal of any Indebtedness, the date on which the payment of interest
or principal is scheduled to be paid in the documentation governing such Indebtedness, and will not include any contingent obligations
to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.


 




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“Subsidiary”
means, with respect to any specified Person:


 


		(1)	any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting
agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers,
trustees or similar persons of the corporation, association or other business entity is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and



 


		(2)	any partnership or limited liability company of which (a) more than 50% of the capital accounts,
distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof,
whether in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary
of such Person is a controlling general partner or controlling managing member or otherwise controls such entity.



 


“TIA”
means the Trust Indenture Act of 1939, as amended, and the rules and regulations of the SEC thereunder.


 


“Treasury
Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data)) most nearly equal to the period from the redemption date to January 15,
2017; provided, however, that if the then remaining term of the Notes to January 15, 2017 is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate will be obtained by
linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury
securities for which such yields are given, and provided, further, that if the period from the redemption date to January 15, 2017,
is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity
of one year will be used.


 


“Trustee”
means U.S. Bank National Association until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.


 


“Uniform Commercial
Code” means the Uniform Commercial Code as in effect in any applicable jurisdiction from time to time.


 


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


 


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



 


		(2)	except as permitted by Section 4.12 is not party to any agreement, contract, arrangement or understanding
with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding
are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who
are not Affiliates of the Company;



 




    	22



    	 



    

  


		(3)	is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has
any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s
financial condition or to cause such Person to achieve any specified levels of operating results; and



 


		(4)	has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness
of the Company or any of its Restricted Subsidiaries.



 


“U.S. Person”
means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.


 


“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person.


 


“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:


 


		(1)	the sum of the products obtained by multiplying (i) the amount of each then remaining installment,
sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect of the Indebtedness,
by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment;
by



 


		(2)	the then outstanding principal amount of such Indebtedness.



 


Section 1.02       Other
Definitions.


 


	
          
	 	Defined in
	Term	 	Section
	 	 	 
	“ABL Priority Collateral”	 	12.07
	“Affiliate Transaction”	 	4.12
	“Asset Sale Offer”	 	4.20
	“Authentication Order”	 	2.02
	“Calculation Date”	 	1.01
	“Change of Control Offer”	 	4.19
	“Change of Control Payment”	 	4.19
	“Change of Control Payment Date”	 	4.19
	“Control Agreement”	 	12.01
	“Covenant Defeasance”	 	8.03
	“DTC”	 	2.03
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.20
	“Financial Reports”	 	4.18
	“incur”	 	4.08
	“Indemnified Party”	 	7.07
	“Interest Payment Date”	 	2.14
	“Legal Defeasance”	 	8.02
	“Material Adverse Effect”	 	4.03
	“Notes Documents”	 	12.01
	“Notes Obligations”	 	12.01




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	 	 	Defined in
	Term	 	Section
	 	 	 
	“Offer Amount”	 	3.09
	“Offer Period”	 	3.09
	“Offer to Purchase”	 	3.09
	“Paying Agent”	 	2.03
	“Payment Default”	 	6.01
	“Permitted Debt”	 	4.08
	“Premises”	 	12.03
	“Purchase Date”	 	3.09
	“Record Date”	 	2.14
	“Registrar”	 	2.03
	“Restricted Payments”	 	4.07
	“Successor Guarantor”	 	11.04


 


Section 1.03       Incorporation
by Reference of TIA.


 


Whenever this Indenture
refers to a provision of the TIA, such 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;


 


“indenture
trustee” or “institutional trustee” means the Trustee; and


 


“obligor”
on the Notes and the Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon the Notes and
the Guarantees, respectively.


 


Prior to the filing
of any registration statement pursuant to the Registration Rights Agreement, anything in this Indenture or in any provision of
the TIA that is referred to herein to the contrary notwithstanding, if any provision of the TIA that is referred to in this Indenture
would require that any application, filing, report, other document or other information be provided to or filed with, or any request
or demand be made upon, the SEC or any securities exchange, then such provision shall not be deemed to be part of this Indenture
and neither the Trustee, the Noteholder Collateral Agent, any other Agent, the Company, any Guarantor or any other Person shall
be required to comply with such provision or file or otherwise provide any filing, report, document or other information to, or
make such demand or request to, the SEC or any securities exchange.


 


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;


 






    	24



    	 



    

 


(3)       “or”
is not exclusive;


 


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


 


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


 


(6)       provisions
apply to successive events and transactions;


 


(7)       references
to sections of or rules or regulations under the Securities Act or the Exchange Act will be deemed to include substitute, replacement
of successor sections or rules adopted by the SEC from time to time; and


 


(8)       references
to “interest” mean the interest rate then borne by the Notes, including any overdue interest required by Section 2.12
and any Additional Interest that may accrue on the Notes.


 


ARTICLE 2


THE NOTES


 


Section 2.01       Form
and Dating.


 


(a)       General.
The Notes and the Trustee’s certificate of authentication will 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 will be dated the date of
its authentication. The Notes shall be in minimum denominations of $2,000 in principal amount and integral multiples of $1,000
in principal amount in excess thereof.


 


The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors,
the Noteholder Collateral Agent and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms
and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions
of this Indenture, the provisions of this Indenture shall govern and be controlling.


 


(b)       Global Notes.
Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and
the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will
be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such aggregate principal amount
of the outstanding Notes as will be specified therein, as such aggregate principal amount may from time to time be reduced or increased,
as appropriate, to reflect exchanges, cancellations and redemptions by endorsements on the schedule attached to such Global Note.
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 will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions
given by the Holder thereof as required by Section 2.06 hereof.


 


(c)       Temporary
Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the form of the Regulation S Temporary
Global Note, which will be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as Custodian
for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated
agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereafter
provided.


 






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Following the termination
of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note will be exchanged for beneficial interests
in the Regulation S Permanent Global Note pursuant to the Applicable Procedures upon receipt by the Trustee of (i) a written certificate
from the Depositary, together with certificates from Euroclear and Clearstream certifying that they have received certification
of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except
to the extent of any beneficial owner thereof who acquired a beneficial interest therein during the Restricted Period pursuant
to another exemption from registration under the Securities Act and who will take delivery of such beneficial interest in a Rule
144A Global Note or an IAI Global Note, each bearing the Private Placement Legend, all as contemplated by Section 2.06(b)(2) hereof),
and (ii) an Officers’ Certificate from the Company. Simultaneously with the authentication of the Regulation S Permanent
Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S
Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments
made on the records of the Trustee and the Depositary at the direction of the Trustee, as the case may be, in connection with transfers
of interest as hereinafter provided.


 


(d)       Euroclear
and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” (or in each case any successors thereto) of Clearstream will be applicable to transfers of
beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants
through Euroclear or Clearstream.


 


Section 2.02       Execution
and Authentication.


 


At least one Officer
must sign the Notes for the Company by manual or facsimile signature.


 


If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.


 


A Note will not be
valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.


 


The Trustee will, upon
receipt of a written order of the Company signed by two Officers (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount
of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company
pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof.


 


The Trustee may, with
the prior written consent of the Company (which consent will not be unreasonably withheld), appoint an authenticating agent reasonably
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.


 




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Section 2.03       Registrar
and Paying Agent.


 


The Company will maintain
an office or agency 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 will keep a
register of the Notes and of their transfer and exchange, including the names and addresses of the Holders and the principal amounts
and interest on the Notes. 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 may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing
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, 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
Company may from time to time appoint any other Person as a successor Depositary and thereupon terminate any predecessor Depositary.


 


The Company initially
appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.


 


Section 2.04       Paying
Agent to Hold Money in Trust.


 


The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal, premium, Additional Interest if any, or interest
on the Notes, and will notify the Trustee in writing 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 Guarantor) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will
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 will serve as Paying Agent for the Notes.


 


Section 2.05       Holder
Lists.


 


The Trustee will 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 will furnish to 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,
including names and addresses of Holders in the possession of any Paying Agent other than the Trustee.


 


Section 2.06       Transfer
and Exchange.


 


(a)       Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole 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. All Global Notes will be exchanged by the Company
for Definitive Notes if:


 




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(1)       the
Depositary notifies the Company that the Depositary is unwilling or unable to continue to act as Depositary for the Global Notes
or that it has ceased to be a clearing agency registered under the Exchange Act and, in either case, the Company fails to appoint
a successor Depositary within 90 days after it obtains knowledge of such circumstances;


 


(2)       the
Company in its sole discretion notifies the Trustee in writing that the Company elects to cause the issuance of Definitive Notes;
provided that in no event shall the Regulation S Temporary Global Note be exchanged for Definitive Notes prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to this Indenture
and Rule 903(b)(3)(ii)(B) under the Securities Act; or


 


(3)       there
has occurred and is continuing an Event of Default with respect to the Notes and the Depositary or a Holder requests such exchange
(in which case only the requested portion of the Global Note shall be exchanged).


 


Upon the occurrence of any of the preceding
events in (1), (2) or (3) 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; provided that the exchange
of the Regulation S Temporary Global Note for the Regulation S Permanent Global Note must comply with the other applicable provisions
of this Indenture, including, without limitation, Section 2.01(c) and Regulation S. Every Note authenticated and delivered in exchange
for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall
be authenticated and delivered in the form of, and shall be, a Global Note, except as otherwise expressly provided in this Section
2.06. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests
in a Global Note may be transferred and exchanged as provided in Sections 2.06(b) or (c) hereof. Anything in this Indenture or
the Notes to the contrary notwithstanding, no Holder shall be entitled to receive, and the Company shall not be required to issue,
Definitive Notes except under the circumstances set forth in clause (1), (2) or (3) above of this Section 2.06(a).


 


(b)         Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will 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 will require compliance with
either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:


 


(1)       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 Temporary Global Note may not be made to a U.S.
Person or for the account or benefit of a U.S. Person and may only be made in offshore transactions within the meaning of Regulation
S. 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)(1).


 


(2)       All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar
either:


 




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(A)        both:


 


(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)        both:


 


(1)       a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and


 


(2)       instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above;


 


provided that in no event
shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note
prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certifications required in respect
of such transfer or exchange pursuant to this Indenture or Rule 903 under the Securities Act.


 


Transfers and exchanges of beneficial interests
in the Regulation S Temporary Global Note for beneficial interests in the Regulation S Permanent Global Note shall be made at the
end of the Restricted Period in accordance with the Applicable Procedures and upon receipt of the certifications specified in Section
2.01(c).


 


Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g)
hereof.


 


(3)       Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(2) 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 Temporary Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and


 




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(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, certificates and Opinion of Counsel required by item (3) thereof,
if applicable.


 


(c)         Transfer or
Exchange of Beneficial Interests for Definitive Notes.


 


(1)        Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If in accordance with Section 2.06(a) a beneficial interest
in a Restricted Global Note is to be exchanged for a Restricted Definitive Note or transferred to a Person who takes delivery thereof
in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation:


 


(A)       if the
holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive
Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof;


 


(B)       if such
beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit
B hereto, including the certifications in item (1) thereof;


 


(C)       if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;


 


(D)       if such
beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance
with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;


 


(E)       if such
beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) or (C) above, a certificate to the effect set forth
in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof;


 


(F)       if such
beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit
B hereto, including the certifications in item (3)(b) thereof; or


 


(G)       if such
beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,


 


the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute
and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of
such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer contained therein.


 




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(2)           Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof,
a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a
Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B)
the receipt by the Registrar of any certifications required in respect of such transfer or exchange pursuant to this Indenture
or pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 903 or Rule 904.


 


(d)           Transfer
and Exchange of Definitive Notes for Beneficial Interests.


 


(1)           Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes
to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar
of the following documentation:


 


(A)        if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof;


 


(B)         if
such Restricted Definitive Note is being transferred to a QIB a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (1) thereof;


 


(C)         if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;


 


(D)         if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;


 


(E)         if
such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) or (C) of this Section 2.06(d)(1),
a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof;


 


(F)         if
such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or


 




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(G)         if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,


 


the Trustee will cancel the Restricted
Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the Rule 144A Global Note, in the case of clause (C) above, the Regulation
S Global Note, and in all other cases, the IAI Global Note.


 


(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 will register the transfer or exchange of Definitive Notes.
Prior to such registration of transfer or exchange, the requesting Holder must 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 its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).


 


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


 


(A)        If
the transfer will be made pursuant to Rule 144A, 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, 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 transfer will be made pursuant to any exemption from the registration requirements of the Securities Act other than those listed
in (B) or (C) of this Section 2.06(e), 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.


 


(f)           Legends.
The following legends will 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.


 


(1)           Private
Placement Legend.


 


(A)        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 (except that such legend need not be borne by a Regulation S Permanent Global Note or a Definitive
Note issued in exchange for an interest in a Regulation S Permanent Global Note in compliance with this Indenture):


 




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“THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE 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 SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.
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), (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION
WITHIN THE MEANING OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE
JURISDICTION IN WHICH SUCH PURCHASE IS MADE OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY,
PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF AND THE LAST DATE ON WHICH SAEXPLORATION HOLDINGS, INC. (THE “COMPANY”) OR ANY AFFILIATE OF THE COMPANY
WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR
SO LONG AS THE SECURITIES ARE ELIGIBLE FOR 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 WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S PROMULGATED UNDER
THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, (D) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT
THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
(E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S,
OR REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (F) TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING
CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR
TO THE TRUSTEE OR REGISTRAR. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.”


 




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(2)           Global
Note Legend. Each Global Note will bear a legend in substantially the following form:


 


“THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED PURSUANT TO SECTION
2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.


 


UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”


 


(3)           Regulation
S Temporary Global Note Legend. The Regulation S Temporary Global Note will bear a Legend in substantially the following form:


 


PRIOR TO THE EXPIRATION OF THE
40-DAY "DISTRIBUTION COMPLIANCE PERIOD" (AS DEFINED IN REGULATION S), THIS NOTE MAY NOT BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S.
PERSON WITHIN THE MEANING OF REGULATION S, EXCEPT TO A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED
IN RULE 144A) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND THE INDENTURE OR OTHERWISE IN ACCORDANCE WITH REGULATION
S.


 




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(g)          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 will 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 will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such increase.


 


(h)           General
Provisions Relating to Transfers and Exchanges.


 


(1)           To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.


 


(2)           No
service charge will 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
pursuant to Sections 2.10, 3.06, 3.09, 4.19, 4.20 and 9.05 hereof).


 


(3)           The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.


 


(4)           All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will
be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.


 


(5)           Neither
the Registrar nor the Company will be required:


 


(A)        to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before
the 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 selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part; or


 


(C)         to
register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date.


 


(6)           Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent, the Guarantors 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 premium, if any, interest, or Additional Interest, if any, on such Notes and for all other purposes, and none
of the Trustee, any Guarantor, any Agent or the Company shall be affected by notice to the contrary.


 




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(7)           The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.


 


(8)           All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by facsimile or other electronic transmission.


 


(9)           The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Participants) 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
compliance as to form with the express requirements hereof.


 


(i)            Exchange
Offer. Upon the occurrence of the exchange offer as contemplated by the 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 Global Notes without the legend required by Section 2.06(f)(1) in an aggregate principal amount equal to the principal amount
of the beneficial interests in the Restricted Global Notes accepted for exchange in such exchange offer and (ii) Definitive Notes
without the legend required by Section 2.06(f)(1) in an aggregate principal amount equal to the principal amount of the Restricted
Definitive Notes accepted for exchange in the exchange offer. Concurrently with the issuance of such Notes, the Trustee shall cause
the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute
and the Trustee shall authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Definitive
Notes in the appropriate principal amount.


 


Section 2.07          Replacement
Notes.


 


If any mutilated Note
is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement
Note if the Trustee’s requirements are met. If required by (i) the Trustee to protect the Trustee or (ii) 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, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The
Company may charge for its expenses in replacing a Note.


 


Every replacement Note
is an additional obligation of the Company and will 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 2.08 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; however, Notes held by the Company or a Subsidiary of the Company shall
not be deemed to be outstanding for purposes of Section 3.07(c) hereof.


 




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If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a protected purchaser.


 


If the principal amount
of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest 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 will be deemed to be no longer outstanding
and will cease to accrue interest.


 


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 any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether
the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee knows are so owned will be so disregarded.


 


Section 2.10          Temporary
Notes.


 


Until certificates
representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that
the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company will prepare and the Trustee will
authenticate definitive Notes in exchange for temporary Notes.


 


Holders of temporary
Notes will 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 will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement
of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company upon written request.
The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.


 


Section 2.12          Overdue
Interest.


 


To the extent permitted
by applicable law, the Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Code)
on overdue principal, premium, if any, and interest (without regard to any applicable grace period) from time to time on demand
at the rate equal to 2.00% per annum in excess of the then applicable interest rate (as set forth in the caption on the face of
the form of Note attached hereto as Exhibit A) on the Notes to the extent lawful to the Persons who are Holders on a subsequent
special record date, in each case consistent with Section 4.01 hereof. The Company will notify the Trustee in writing of the amount
of overdue interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be
fixed each such special record date and payment date; provided that no such special record date may be less than 10 days
prior to the related payment date for such overdue 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) will mail or cause to be sent
to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.


 




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All reference to “interest”
in this Indenture and the Notes mean the initial interest rate borne by the Notes and, to the extent permitted by applicable law,
any increases in that rate to the extent overdue interest accrues on the Notes.


 


Section 2.13          Persons
Deemed Owners.


 


The Holder of a Note
may be treated as its owner for all purposes. Only Holders have rights under this Indenture and the Notes.


 


Section 2.14          Interest
Payment Date; Record Date.


 


Interest on outstanding
Notes will accrue at the rate of 10.000% per year and will be payable semi-annually in arrears on January 15 and July 15 of each
year, commencing on January 15, 2015 (each, an “Interest Payment Date”). The Company will make each interest
payment to the Holders of record on the immediately preceding January 1 and July 1 (each, a “Record Date”).
Interest on the Notes will accrue from the date of original issuance or, if interest has already been paid, from the date it was
most recently paid. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.


 


ARTICLE 3

REDEMPTION AND PURCHASE


 


Section 3.01          Notices
to Trustee.


 


If the Company elects
to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least
15 days (or such lesser number of days as the Trustee may agree to) before a notice of redemption is to be mailed to Holders of
Notes pursuant to Section 3.03, an Officers’ Certificate setting forth:


 


(1)           the
paragraph or section of this Indenture or the Notes pursuant to which the redemption shall occur;


 


(2)           the
redemption date;


 


(3)           the
principal amount of Notes to be redeemed; and


 


(4)           the
redemption price.


 


Section 3.02          Selection
of Notes to Be Redeemed.


 


If less than all of
the Notes are to be redeemed at any time, the Trustee or the Registrar will select Notes for redemption on a pro rata basis
(or, in the case of Global Notes, in such manner as the applicable Depositary may require), unless otherwise required by law or
applicable stock exchange requirements (provided a Responsible Officer of the Trustee knows of the listing of the Notes on a stock
exchange).





 




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In the event of partial
redemption, the particular Notes to be redeemed will be selected, unless otherwise provided herein, not less than 30 nor more than
60 days prior to the redemption by the Trustee from the outstanding Notes not previously called for redemption.




 


The Trustee will 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 will be in minimum amounts of $2,000 and integral
multiples of $1,000 in excess thereof; provided that any unredeemed portion of a Note redeemed in part must be an authorized
denomination; and provided further that if all of the Notes of a Holder are to be redeemed, the entire outstanding
amount of Notes held by such Holder shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture
that apply to Notes called for redemption also apply to portions of Notes called for redemption.


 


Section 3.03          Notice
of Redemption.


 


Subject to the provisions
of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to
be mailed, by first class mail, a notice of redemption to the Trustee and each Holder whose Notes are to be redeemed at its registered
address, except that, anything in this Indenture or the Notes to the contrary notwithstanding, redemption notices may be mailed
more than 60 days prior to a redemption date if the notice is issued in connection with a Covenant Defeasance or Legal Defeasance
of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 10 hereof.


 


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


 


(1)           the
redemption date;


 


(2)           the
redemption price;


 


(3)           If
the Notes are being redeemed in part, the portion of the principal amount of such Notes to be redeemed and that, after the redemption
date upon surrender of such Notes, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon
cancellation of the original Note;


 


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


 


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


 


(6)           that,
unless the Company defaults in making such redemption payment, interest on Notes or portions thereof called for redemption ceases
to accrue on and after the redemption date;


 


(7)           the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and


 


(8)           that
no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed
on the Notes.


 




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At the Company’s
request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided, however,
that the Company has delivered to the Trustee, at least 45 days prior to the redemption date (or a shorter period as agreed to
by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in this Section 3.03 above.


 


Section 3.04          Effect
of Notice of Redemption.


 


Once notice of redemption
is mailed in accordance with Section 3.03 hereof, Notes or portions thereof 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 or Purchase Price.


 


No later than 12:00
p.m. (noon) New York City time on the Redemption Date or, in the event of a purchase of Notes pursuant to Sections 4.19 or 4.20
hereof, the purchase date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption
or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent
will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts
necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased.


 


If the Company complies
with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on
the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest
Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest 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 or properly
tendered for purchase and not withdrawn is not so paid on the applicable Redemption Date or purchase date, as applicable, because
of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, and, to the
extent permitted by applicable law, unpaid interest from the Redemption Date or purchase date, as applicable, to but excluding
the date on which such principal and interest is paid, in each case at the rate provided in the Notes and in accordance with Section
4.01 hereof.


 


Section 3.06          Notes
Redeemed or Purchased in Part.


 


Upon surrender of a
Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will
authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered, provided that such Note shall be in an authorized denomination.


 


Section 3.07          Optional
Redemption.


 


(a)           Except
as set forth in clauses (c) and (d) of this Section 3.07, the Notes shall not be redeemable at the option of the Company prior
to January 15, 2017.


 


(b)           On
or after January 15, 2017, the Company may redeem the Notes, in whole or in part, at one time or from time to time, upon not less
than 30 nor (subject to the provisions of the first sentence of Section 3.03 of this Indenture) more than 60 days’ prior
written notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid
interest and Additional Interest, if any, on the Notes redeemed to the applicable Redemption Date, if redeemed during the periods
indicated below, subject to the rights of Holders of Notes on the relevant Record Date to receive interest on the relevant Interest
Payment Date:


 




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	Period	 	Percentage	 
	On or after January 15, 2017 and prior to July 15, 2017	 	 	107.500	%
	On or after July 15, 2017 and prior to July 15, 2018	 	 	105.000	%
	On and after July 15, 2018	 	 	100.000	%



 


Unless the Company defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
Redemption Date.


 


(c)           At
any time prior to January 15, 2017, the Company may, at its option, redeem up to 35% of the aggregate principal amount of Notes,
at one time or from time to time, issued under this Indenture, upon not less than 30 nor (subject to the provisions of the first
sentence of Section 3.03 of this Indenture) more than 60 days’ prior written notice, at a redemption price equal to 110%
of the principal amount, plus accrued and unpaid interest and Additional Interest, if any, to the applicable Redemption Date (subject
to the rights of Holders of Notes on the applicable Record Date to receive interest on the relevant Interest Payment Date), with
the net cash proceeds of Equity Offerings of the Company; provided that (i) at least 65% of the aggregate principal amount
of Notes originally issued under this Indenture (excluding Notes held by the Company and its Subsidiaries) remains outstanding
immediately after such redemption; and (ii) the redemption occurs within 90 days of the date of the closing of such Equity Offering.


 


(d)           At
any time prior to January 15, 2017, the Company may also, at its option, redeem the Notes, in whole or in part, at one time or
from time to time, upon not less than 30 nor (subject to the provisions of the first sentence of Section 3.03 of this Indenture)
more than 60 days’ prior written notice, at a redemption price equal to 100.000% of the principal amount of Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the applicable Redemption
Date, subject to the rights of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment
Date in respect of then outstanding Notes.


 


(e)           Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.


 


Section 3.08          No
Sinking Fund Payments.


 


The Company is not
required to make mandatory redemption or sinking fund payments with respect to the Notes.


 


Section 3.09          Offer
to Purchase by Application of Excess Proceeds.


 


In the event that,
pursuant to Section 4.20 hereof, the Company shall be required to commence an Asset Sale Offer (an “Offer to Purchase”),
it will follow the procedures specified below and in Sections 4.20 (c), (d), (e) and (f):


 


(a)           The
applicable Offer to Purchase shall be made to all Holders and, in the case of an Asset Sale Offer pursuant to Section 4.20, all
holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this
Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets.


 




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(b)           The
Asset Sale Offer will remain open for a period of at least 20 Business Days and not more than 30 Business Days from the date notice
of such offer is sent, except in each case to the extent that a longer period is required by applicable law (in either such case,
the “Offer Period”).


 


(c)           No
later than three Business Days after the termination of the applicable Offer Period (the “Purchase Date”), the
Company will apply all Excess Proceeds (after deducting from such Excess Proceeds an amount equal to all fees and expenses incurred
in connection with the applicable Asset Sale Offer and the purchase, prepayment or redemption of any applicable pari passu
Indebtedness), as applicable, (the “Offer Amount”), to the purchase of Notes and, in the case of an Asset Sale
Offer, such other pari passu Indebtedness (on a pro rata basis, if applicable, determined in the manner described
in Section 4.20) or, if less than the applicable Offer Amount has been tendered and not withdrawn (including, in the case of an
Asset Sale Offer, such pari passu Indebtedness to be repurchases, redeemed or repaid), all Notes tendered in response to
the Offer to Purchase and, in the case of an Asset Sale Offer, any such pari passu Indebtedness.


 


(d)           If
the applicable Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid
interest and Additional Interest, if any, will 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 will be payable to Holders who tender Notes pursuant to the applicable Offer to
Purchase.


 


(e)           Upon
the commencement of an applicable Offer to Purchase, the Company will send, by first class mail, a notice to the Trustee and each
of the Holders. The notice will contain all instructions and materials necessary to enable Holders to tender Notes pursuant to
the applicable Offer to Purchase. The notice, which will govern the terms of the applicable Offer to Purchase, will state:


 


(1)           that
the Offer to Purchase is being made pursuant to this Section 3.09 and Section 4.20 hereof and the length of time the Offer to Purchase
will remain open;


 


(2)           the
Offer Amount, the purchase price and the Purchase Date;


 


(3)           that
any Note not tendered or accepted for payment will continue to accrue interest;


 


(4)           that,
unless the Company defaults in making such payment, any Note or portion thereof accepted for payment pursuant to the Offer to Purchase
will cease to accrue interest on and after the Purchase Date;


 


(5)           that
Holders electing to have a Note purchased pursuant to an Offer to Purchase may elect to have Notes purchased in minimum principal
amounts of $2,000 and integral multiples of $1,000 in principal amount in excess thereof, so long as, in the case of Notes surrendered
for repurchase in part, any portion of a Note not surrendered for repurchase is an authorized denomination;


 


(6)           that
Holders electing to have Notes purchased pursuant to such Offer to Purchase will be required to surrender the Notes, with the form
entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice prior to the
close of business in The City of New York at least three Business Days prior to the last day of the applicable Offer Period;


 




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(7)           that
Holders will be entitled to withdraw their election if the Company, the depositary, if appointed by the Company, or the Paying
Agent, as the case may be, receives, prior to the close of business in The City of New York at least three Business Days prior
to the last day of the applicable Offer Period, a 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 and, in the case of an Asset Sale Offer, other applicable pari passu Indebtedness
surrendered by holders thereof exceeds the Offer Amount, the Trustee or the Registrar will select the Notes to be purchased on
a pro rata basis (with, in the case of an Asset Sale Offer, any applicable pari passu Indebtedness) in the manner provided
in Section 4.20 of this Indenture (with such adjustments as may be deemed appropriate so that only Notes in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof, will be purchased and so that any unrepurchased portion of a Note
repurchased in part is an authorized denomination); and


 


(9)           that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered (or transferred by book-entry transfer).


 


On or before the applicable
Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis as provided in this Section
3.09 and in Section 4.20 hereof, to the extent necessary, the Offer Amount of Notes or portions thereof duly tendered pursuant
to the applicable Offer to Purchase and not duly withdrawn and, in the case of an Asset Sale Offer, any applicable pari passu
Indebtedness or if less than the Offer Amount has been tendered, all Notes duly tendered and not duly withdrawn and, in the case
of an Asset Sale Offer, all applicable pari passu Indebtedness and will deliver or cause to be delivered to the Trustee
the Notes properly accepted together with 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 or the Paying Agent,
as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail 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 (or, in the
case of any Notes that are in global form, make such payment through the facilities of DTC or any other applicable Depositary),
and the Trustee, upon written request from the Company, will promptly authenticate and mail (or cause to be transferred by book
entry) to each such Holder a new Note, 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 (or, in the case of Global Notes, transferred by book entry)
to the Holder thereof. The Company will publicly announce the results of the applicable Offer to Purchase on the Purchase Date.


 


Other than as specifically
provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections
3.05 and 3.06 hereof. For purposes of clarity, the parties hereto agree that, anything in this Indenture or the Notes to the contrary
notwithstanding, interest on any Note or portion thereof accepted for repurchase by the Company pursuant to Section 3.09, 4.19
or 4.20 shall cease to accrue on and after the applicable purchase date unless the Company defaults in making the payment due on
such Note or portion thereof, as applicable, as provided herein.


 


The Company will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with each repurchase of Notes pursuant to this Section 3.09, or Sections
4.19 or 4.20 hereof, and, in the case of an Asset Sale Offer, any pari passu Indebtedness pursuant to an applicable Offer
to Purchase. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section
3.09, Section 3.05, Section 3.06, Section 4.19 or Section 4.20 of this Indenture or any definitions relating thereto, the Company
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under such
provisions of this Indenture by virtue of such compliance.


 




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ARTICLE 4

COVENANTS


 


Section 4.01          Payment
of Notes.


 


The Company will pay
or cause to be paid the principal of, premium, Additional Interest, if any, and interest on, the Notes on the dates and in the
manner provided in this Indenture and the Notes. Principal, premium, Additional Interest, if any, and interest will 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, Additional Interest, if any, and interest then due. The Company shall, to the extent permitted by law, pay
overdue interest, if any, in the same manner, on the dates and in the amounts set forth in the Notes and in this Indenture.


 


If a Holder of $10.0
million aggregate principal amount or more of Definitive Notes has given wire transfer instructions to the Company not later than
15 days prior to the applicable Interest Payment Date, date of maturity, redemption date or other purchase date, providing for
payments to be made to a bank located in the United States, the Company will pay all principal of, and interest and premium, Additional
Interest, if any, on, that Holder’s Notes in accordance with those instructions; provided that payments of principal and
premium, if any, shall be made only against surrender of the applicable Note. All other payments on the Notes will be made at the
office or agency of a Paying Agent unless the Company elects to make interest payments by check mailed to the Holders of the Notes
at their addresses as set forth in the register of Holders or by wire transfer.


 


Anything in this Indenture,
the Notes or the Note Guarantees to the contrary notwithstanding, if any Interest Payment Date, maturity date, Redemption Date,
repurchase date pursuant to Sections 3.09, 4.19 or 4.20 of this Indenture or other date on which any payment of principal, premium,
Additional Interest, if any, or interest on any Note is due is not a Business Date, then such payment need not be made on such
date, but such payment may be made on the next succeeding Business Day with the same force and effect as if made on the date such
payment was originally due, and no interest or other sum shall accrue on the amount payable for the period from and after the date
such payment was originally due nor shall any such delay in payment constitute a Default or Event of Default under this Indenture.


 


Section 4.02          Maintenance
of Office or Agency.


 


The Company will maintain
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 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 will 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 fails to maintain any such required office or
agency or fails 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; provided, however, that, except as otherwise required by applicable law
or a court, no service of legal process may be made on the Company or any Guarantor at an office of the Trustee. Such office shall
initially be at U.S. Bank National Association, Corporate Trust Services, 5555 San Felipe, Suite 1150, Houston, Texas 77056.


 




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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. The Company will 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 of the Trustee as one such office or agency of the Company in accordance with Section 2.03
hereof.


 


Section 4.03          Corporate
Existence; Insurance; Maintenance of Properties.


 


(a)          Subject
to Article 5 and Sections 11.04 and 11.05 hereof, the Company shall do or cause to be done all things necessary to preserve and
keep in full force and effect:


 


(1)           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;
and


 


(2)           the
rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries;


 


provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of its Restricted Subsidiaries, if the Board of Directors or an Officer of the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole,
and that the loss thereof would not have a material adverse effect on the Company and its subsidiaries, taken as a whole (a “Material
Adverse Effect”); provided further, that this Section 4.03 shall not prevent the sale or other disposition of
any Restricted Subsidiary of the Company or any assets of the Company or of any of its Restricted Subsidiaries (whether by merger,
consolidation, sale of Capital Stock or assets or otherwise) that does not violate Section 4.20 of this Indenture.


 


(b)           The
Company will (1) cause all properties used or useful in the conduct of its business or the business of any of its Restricted Subsidiaries
to be maintained and kept in good condition, repair and working order (subject to ordinary wear and tear) as, in the judgment of
the Company, may be necessary so that the business of the Company and its Restricted Subsidiaries may be properly conducted; provided
that this requirement shall not prevent the Company or any Restricted Subsidiary from discontinuing the use, operation or maintenance
of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Company, desirable
in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole and does not violate Section 4.20
hereof; and (2) provide or cause to be provided, for itself and its Restricted Subsidiaries, insurance (including appropriate self
insurance) against loss or damage, that in the reasonable good faith judgment of the Board of Directors, the Chief Executive Officer
or the Chief Financial Officer of the Company is appropriate for the conduct of the business of the Company and its Subsidiaries,
including, but not limited to, products liability insurance, physical damage insurance and public liability insurance, with reputable
insurers and by such Restricted Subsidiaries as are then conducting business.


 


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 further stating, as to each such Officer signing such certificate, that to his or her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred,
describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or
proposes to take with respect thereto).


 




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(b)           So
long as any of the Notes are outstanding, the Company will deliver to the Trustee, within ten Business Days of any Officer becoming
aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action
the Company is taking or proposes to take with respect thereto.


 


Section 4.05          Taxes.


 


The Company will pay,
and will cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental
levies except such as are contested in good faith and by appropriate proceedings or other appropriate actions or if the Board of
Directors or any Officer of the Company shall determine that such failure will not have a Material Adverse Effect.


 


Section 4.06          Stay,
Extension and Usury Laws.


 


The Company and each
of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of 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 will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law has been enacted.


 


Section 4.07          Restricted
Payments.


 


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


 


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


 


(2)           purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation
involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company;


 


(3)           make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the
Company or any Guarantor that is contractually subordinated in right of payment to the Notes or to the Note Guarantee of such Guarantor,
as the case may be (excluding any intercompany Indebtedness between or among the Company and/or any of its Restricted Subsidiaries),
except a payment of regularly scheduled interest or principal at the Stated Maturity thereof; or


 




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(4)           make
any Restricted Investment,


 


(all such payments and
other actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”),


 


unless, at the time of
and after giving effect to such Restricted Payment:


 


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


 


(2)           the
Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had
been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.08(a) hereof; and


 


(3)           such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted
Subsidiaries since the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8), and (9)
of Section 4.07(b)), is less than the sum, without duplication, of:


 


(A)        50%
of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the fiscal
quarter in which the date of this Indenture occurs to the end of the Company’s most recently ended fiscal quarter for which
internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such
period is a deficit, less 100% of such deficit); plus


 


(B)         100%
of the aggregate net cash proceeds received by the Company or a Restricted Subsidiary since the date of this Indenture as a contribution
to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from
the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company
that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt
securities) sold to a Subsidiary of the Company); plus


 


(C)         to
the extent that any Unrestricted Subsidiary of the Company designated as such after the date of this Indenture is redesignated
as a Restricted Subsidiary after the date of this Indenture, the lesser of (i) the Fair Market Value of the Company’s Investment
in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary
was originally designated as an Unrestricted Subsidiary after the date of this Indenture; plus


 


(D)         to
the extent that any Unrestricted Subsidiary of the Company designated as such after the date of this Indenture is redesignated
as a Restricted Subsidiary or it or any other Person is merged or consolidated into the Company or a Restricted Subsidiary, or
all of the assets of such Unrestricted Subsidiary or such other Person are transferred to the Company or a Restricted Subsidiary
after the date of this Indenture in a transaction that complies with the provisions of this Indenture, the lesser of (i) the Fair
Market Value of the aggregate amount of the Investments made by the Company and its Subsidiaries in such Subsidiary or such other
Person, determined as of the date of such redesignation or such other transaction, as applicable, or (ii) such Fair Market Value
as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the date of this Indenture;
plus


 




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(E)         100%
of any dividends received by the Company or a Restricted Subsidiary of the Company after the date of this Indenture from an Unrestricted
Subsidiary of the Company, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the
Company for such period.


 


(b)           So
long as no Default has occurred and is continuing or would be caused thereby, the preceding provisions will not prohibit:


 


(1)           the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice,
the dividend, distribution or redemption payment would have complied with the provisions of this Indenture;


 


(2)           the
making of any Restricted Payment in exchange for, or out of the net cash proceeds of the substantially concurrent sale of, Equity
Interests of the Company (other than Disqualified Stock and other than Equity Interests issued or sold to a Subsidiary of the Company
or an employee stock ownership plan, or similar trust to the extent such sale to an employee stock ownership plan or similar trust
is financed by Indebtedness from or guaranteed by the Company or any Restricted Subsidiary of the Company unless such loans have
been repaid with cash on or prior to the date of determination) or from the substantially concurrent contribution of common equity
capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment
will be excluded from clause (3)(B) of the preceding paragraph;


 


(3)           the
repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company or any Guarantor
that is contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from or in exchange for a substantially
concurrent incurrence of Permitted Refinancing Indebtedness;


 


(4)           the
payment of any dividend (or, in the case of any partnership, limited liability company, or other Person, any similar distribution)
by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis;


 


(5)           the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary
of the Company held by any current or former officer, director, consultant or employee of the Company or any of its Restricted
Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement, equity incentive
plan or agreement or other similar plan or agreement; provided that the aggregate price paid for all such repurchased, redeemed,
acquired or retired Equity Interests may not exceed $1.0 million in any twelve month period;


 




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(6)           the
repurchase of Equity Interests deemed to occur upon the exercise of stock options or other equity awards to the extent such Equity
Interests represent a portion of the exercise price of those stock options or other equity awards and any repurchase or other acquisition
of Equity Interests made in lieu of or to satisfy withholding or similar taxes in connection with any exercise or exchange of stock
options, warrants, equity incentives, other equity awards or other rights to acquire Equity Interests;


 


(7)           the
declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of
the Company or any preferred stock of any Restricted Subsidiary of the Company issued after the date of this Indenture in compliance
with the covenant in Section 4.08;


 


(8)           payments
of cash, dividends, distributions, advances or other Restricted Payments by the Company or any Restricted Subsidiary of the Company
to allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of warrants, stock options, awards
under equity incentive plans or similar securities or (ii) the conversion or exchange of Capital Stock of any such Person or the
conversion or exchange of Indebtedness of any such Person that is convertible into or exchangeable for Capital Stock of such Person;
and


 


(9)           other
Restricted Payments in an aggregate amount not to exceed $5.0 million since the date of this Indenture.


 


(c)           The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment or, in
the case of a dividend or similar distribution, on the date of declaration thereof, of the assets or securities proposed to be
transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The
Fair Market Value of any assets or securities that are required to be valued by this covenant will be determined by the Board of
Directors or Chief Financial Officer of the Company. The Board of Directors’ or Chief Financial Officer’s determination
must be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if
the Fair Market Value exceeds $10.0 million. For purposes of determining compliance with this covenant, if a Restricted Payment
meets the criteria of more than one of the types of Restricted Payments described in clauses (1) through (9) above or the first
paragraph of this covenant, the Company, in its sole discretion, may divide or classify and from time to time divide, re-divide,
classify and reclassify such Restricted Payment among such clauses and/or first paragraph in any manner in compliance with this
covenant.


 


Section 4.08          Incurrence
of Indebtedness and Issuance of Preferred Stock.


 


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


 




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(b)           The
provisions of Section 4.08(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness or issuances
of Disqualified Stock, as applicable (collectively, “Permitted Debt”):


 


(1)           the
incurrence by the Company and the Guarantors of additional Indebtedness and letters of credit under Credit Facilities in an aggregate
amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount equal
to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed the greater of (a)
$20.0 million, less the aggregate amount of all permanent commitment reductions with respect to any revolving credit borrowings
under a Credit Facility that have been made by the Company or any of its Restricted Subsidiaries since the date of this Indenture
and (b) 19.0% of the Company’s Consolidated Net Tangible Assets, but in no event more than $30.0 million; provided, however,
that in no event shall the aggregate principal amount of Indebtedness under such Credit Facilities that is not revolving credit
borrowings exceed $8.0 million;


 


(2)           the
incurrence by the Company and its Restricted Subsidiaries of Existing Indebtedness;


 


(3)           the
incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Note Guarantees to be issued
on the date of this Indenture (but not any Additional Notes for the avoidance of doubt) and the Exchange Notes and the related
Note Guarantees to be issued pursuant to the Registration Rights Agreement;


 


(4)           the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage
financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price
or cost of design, construction, installation or improvement of, or to lease property, plant, equipment or other assets (including
Capital Stock) used in the business of the Company or any of its Restricted Subsidiaries, in an aggregate amount, including all
Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred
pursuant to this clause (4) at any time outstanding not to exceed $5.0 million;


 


(5)           Indebtedness
(including Acquired Debt) of (x) the Company or any Guarantor incurred or issued to finance an acquisition of all or substantially
all of the assets of another Person (whether through merger, consolidation, the direct purchase of such assets or the acquisition
of Capital Stock of the person owning such assets) or (y) Persons that are acquired by the Company or a Guarantor; provided that
after giving effect to the incurrence of such Indebtedness, including all Permitted Refinancing Indebtedness incurred to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (5), and such acquisition, merger
or consolidation (in each case with such pro forma adjustments as are contemplated by the definition of “Fixed Charge Coverage
Ratio”), the Company would have been able to incur $1.00 of additional Indebtedness pursuant to the first paragraph of this
covenant after giving effect to the incurrence of such Indebtedness pursuant to this clause (5);


 


(6)           the
incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany
Indebtedness between or among the Company and/or any of its Restricted Subsidiaries) that was permitted by this Indenture to be
incurred under Section 4.08(a) hereof or clauses (2), (3), (4), (5), (6), (15) or (16) of this Section 4.08(b);


 




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(7)           the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and/or
any of its Restricted Subsidiaries; provided, however, that:


 


(A)        if
the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness
must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the
case of the Company, or the Note Guarantee of such Guarantor, in the case of a Guarantor; and


 


(B)       any
(i) subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other
than the Company or a Restricted Subsidiary of the Company, or (ii) sale or other transfer of any such Indebtedness to a Person
that is not either the Company or a Restricted Subsidiary of the Company will be deemed, in each case, to constitute an incurrence
of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause
(7);


 


(8)           the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares
of preferred stock; provided, however, that any:


 


(A)        subsequent
issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company
or a Restricted Subsidiary of the Company; or


 


(B)        sale
or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of the Company,


 


will be deemed, in each case,
to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (8);


 


(9)           the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business and not
for speculative purposes;


 


(10)         the
Guarantee by the Company or any of the Guarantors of Indebtedness of the Company or a Restricted Subsidiary of the Company that
was permitted to be incurred by another provision of Section 4.08; provided that if the Indebtedness being guaranteed is
subordinated to or pari passu with the Notes, then the Note Guarantee shall be subordinated or pari passu, as applicable,
to other Indebtedness of the Guarantor to the same extent as the Indebtedness guaranteed;


 


(11)         the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims,
insurance contracts, self-insurance obligations, bankers’ acceptances, performance and surety bonds and other similar guarantees
of obligations not constituting Indebtedness in the ordinary course of business;


 


(12)         the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness
is covered within five Business Days following receipt by the Company or such Restricted Subsidiary of notice or such event;


 




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(13)         any
obligation arising from agreements of the Company or any Restricted Subsidiary of the Company providing for indemnification, adjustment
of purchase price, earn outs, or similar obligations, in each case, incurred or assumed in connection with the disposition or acquisition
of any business, assets or Capital Stock of a Restricted Subsidiary (including, without limitation, assets acquired by a Restricted
Subsidiary of the Company and any Person that, as a result of such transaction, becomes a Restricted Subsidiary of the Company)
in a transaction permitted by this Indenture, provided the maximum liability in respect of all such Indebtedness incurred in connection
with a disposition shall at no time exceed the gross proceeds including noncash proceeds (the Fair Market Value of such noncash
proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by
the Company and its Restricted Subsidiaries in connection with such disposition;


 


(14)         Indebtedness
of the Company or a Restricted Subsidiary to the extent that the net proceeds thereof are promptly deposited to effect Legal Defeasance
or Covenant Defeasance of the Notes or to effect satisfaction and discharge of this Indenture;


 


(15)         the
incurrence by Foreign Subsidiaries of Indebtedness in an aggregate amount at any time outstanding pursuant to this clause (15),
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness
incurred pursuant to this clause (15), not to exceed $8.0 million (or the equivalent thereof, measured at the time of each incurrence,
in applicable foreign currency); and


 


(16)         the
incurrence by the Company or any of the Guarantors of additional Indebtedness in an aggregate amount at any time outstanding, including
all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred
pursuant to this clause (16), not to exceed $10.0 million.


 


The Company will not
incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated
in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually subordinated
in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however,
that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company
solely by virtue of being unsecured or by virtue of being secured on a junior Lien basis.


 


For purposes of determining
compliance with this Section 4.08, in the event that an item of proposed Indebtedness meets the criteria of more than one of the
categories of Permitted Debt described in clauses (1) through (16) appearing above in this Section 4.08(b), or is entitled to be
incurred pursuant to Section 4.08(a), the Company will be permitted to classify and divide such item of Indebtedness on the date
of its incurrence, and later reclassify and redivide all or a portion of such item of Indebtedness among any one or more of such
clauses and/or Section 4.08(a), in any manner that complies with this Section 4.08. Indebtedness under Credit Facilities outstanding
on the date of this Indenture will initially be deemed to have been incurred on such date in reliance on the exception provided
by clause (1) of the definition of Permitted Debt. The accrual of interest or dividends on Disqualified Stock, the accretion or
amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with
the same terms, the reclassification of Disqualified Stock as Indebtedness due to a change in accounting principles, and the payment
of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed
to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.08; provided, in
each such case, that the amount of any such accrual, accretion or payment is included in Fixed Charges (to the extent required
by the definition of such term) of the Company as accrued. For purposes of determining compliance with any U.S. dollar denominated
restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign
currency shall be utilized, calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was
incurred. Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that the Company or any Restricted
Subsidiary may incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange
rates or currency values. In determining the amount of Indebtedness outstanding, the outstanding amount of any particular Indebtedness
of any Person shall be counted only once and any obligation of such person or any other Person under any guarantee, Lien, letter
of credit or similar instrument supporting such Indebtedness shall be disregarded so long as it is permitted to be incurred by
the Person or Persons incurring such obligation.


 




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


 


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


 


(2)           with
respect to contingent obligations, the maximum liability upon the occurrences of the contingency giving rise to the obligation;


 


(3)           with
respect to Hedging Obligations, the net amount payable, if any, by the specified Persons if such Hedging Obligations terminated
at that time due to default by such Person;


 


(4)           in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:


 


(A)        the
Fair Market Value of such assets at the date of determination;


 


(B)         the
amount of such Indebtedness of the other Person;


 


(5)           the
maximum amount the Company and its Restricted Subsidiaries would become obligated to pay upon the maturity of, or pursuant to any
mandatory redemption provisions of, such Disqualified Stock, in the case of any Disqualified Stock;


 


(6)           the
amount of the liability in respect thereof determined in accordance with GAAP, in the case of Indebtedness issued at a price that
is less than the principal amount thereof; and


 


(7)           the
principal amount of the Indebtedness, in the case of any other Indebtedness.


 


Section 4.09          Liens.


 


The Company will not,
and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any
Lien of any kind securing Indebtedness or trade payables on any asset or property now owned or hereafter acquired, except Permitted
Liens.


 




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Section 4.10          [Reserved]


 


Section 4.11          Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.


 


(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:


 


(1)           pay
dividends or make any other distributions to the Company or any of its Restricted Subsidiaries on its Capital Stock, or with respect
to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any of its
Restricted Subsidiaries;


 


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


 


(3)           sell,
lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.


 


(b)          However,
the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of:


 


(1)           agreements
governing Existing Indebtedness and Collateral Documents as in effect on the date of this Indenture and any amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive,
taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the
date of this Indenture;


 


(2)           this
Indenture, the Notes, the Note Guarantees and the Security Documents and any amendments, restatements, modifications, supplements,
refunding, replacements or refinancings thereof;


 


(3)           agreements
or instruments (other than those referred to in the clauses (1), (2) or (3) in this Section 4.11(b)) governing Indebtedness permitted
to be incurred under the provisions of the covenant described in Section 4.08 and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of those agreements or instruments; provided that the restrictions
therein are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than
those contained in (x) this Indenture, the Notes, the Note Guarantees and the Security Documents or (y) in the case of any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of any such agreements or instruments,
the agreements or instruments governing such Indebtedness;


 


(4)           applicable
law, rule, regulation, permit or order;


 


(5)           any
agreement or instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries
as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection
with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties
or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in
the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;


 




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(6)           customary
non-assignment provisions in contracts and licenses entered into in the ordinary course of business;


 


(7)           mortgage
financings and other Indebtedness, in each case incurred for the purpose of financing all or any part of the purchase price of
or cost of design, construction, installation or improvement of property, plant, equipment or other assets in the ordinary course
of business and Capital Lease Obligations that impose restrictions on the property that has been, is being or is to be purchased,
leased, designed, constructed, installed or improved, as the case may be, of the nature described in Section 4.11(a)(3);


 


(8)           any
agreement for the sale or other disposition of a Restricted Subsidiary (including, without limitation, by merger, consolidation
or sale or other disposition of Capital Stock) or any assets of a Restricted Subsidiary that restricts distributions by that Restricted
Subsidiary or of such assets pending such sale or other disposition;


 


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


 


(10)         Permitted
Liens and other Liens permitted to be incurred under the provisions of Section 4.09 that limit the right to dispose of the assets
subject to such Liens;


 


(11)         provisions
limiting the disposition or distribution of assets or property in joint venture agreements, partnership agreements, limited liability
company agreements, merger agreements, acquisition agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements
and other similar agreements (including agreements or restrictions entered into in connection with Investments permitted by the
terms of this Indenture to be made), which limitation is applicable only to the assets that are the subject of such agreements
pending the disposition or transfer of such assets; provided that such disposition or transfer complies with Section 4.20;


 


(12)         restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; and


 


(13)         any
instrument governing Indebtedness of a Foreign Subsidiary; provided that such Indebtedness was not prohibited by the terms of this
Indenture.


 


Section 4.12          Transactions
with Affiliates.


 


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


 


(1)           the
Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
could reasonably be expected to have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with
an unrelated Person; and


 




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(2)           the
Company delivers to the Trustee:


 


(A)        with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$1.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that
such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the
Board of Directors of the Company; and


 


(B)        with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$10.0 million, an opinion as to the fairness to the Company or such Subsidiary of such Affiliate Transaction from a financial point
of view issued by an accounting, appraisal or investment banking firm of recognized standing.


 


(b)           the
following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section
4.12(a):


 


(1)           any
employment agreement, employee benefit plan, equity incentive plan, employee stock ownership plan, officer or director indemnification
agreement, compensation agreement or arrangement, customary benefit programs or arrangements for employees, officers or directors
(including vacation plans, health and life insurance plans, deferred compensation plans and retirement or savings plans) or any
similar agreement or arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business
and payments pursuant thereto;


 


(2)           payment
of reasonable and customary fees and reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of directors
or officers of the Company or any of its Restricted Subsidiaries;


 


(3)           loans
or advances to employees in the ordinary course of business not to exceed $1.0 million in the aggregate at any one time outstanding;


 


(4)           transactions
between or among the Company and/or its Restricted Subsidiaries;


 


(5)           transactions
with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company
owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;


 


(6)           any
issuance of Equity Interests (other than Disqualified Stock) of the Company to Affiliates of the Company;


 


(7)           Restricted
Payments that do not violate the provisions of this Indenture described in Section 4.07 and Permitted Investments; and


 


(8)           any
transactions between the Company or any Restricted Subsidiary of the Company and any Person, a director of which is also a director
of the Company or a Restricted Subsidiary; provided that such director abstains from voting as a director of the Company or the
Restricted Subsidiary, as applicable, in connection with the approval of the transaction.


 




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Section 4.13         
[Reserved]


 


Section 4.14          Business
Activities.


 


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


 


Section 4.15          Additional
Note Guarantees.


 


If the Company or any
of its Restricted Subsidiaries acquires or creates another Domestic Subsidiary (other than an Immaterial Subsidiary) after the
date of this Indenture, then the Company will:


 


(1)           cause
that newly acquired or created Domestic Subsidiary to execute a supplemental indenture pursuant to which it will become a Guarantor
in form and substance reasonably satisfactory to the Trustee;


 


(2)           execute
an amendment to the Registration Rights Agreement pursuant to which it becomes subject to the obligations of a Guarantor thereunder;


 


(3)           become
a party to the Security Documents and take all other actions required by the Security Documents to grant to the Noteholder Collateral
Agent for the benefit of the Holders a Lien, to the extent and in the manner required by the Security Documents, in assets that
constitute Collateral pursuant to this Indenture and Security Documents;


 


(4)           take
such further action and execute and deliver such other documents as may be reasonably requested by the Trustee or Noteholder Collateral
Agent to effect the foregoing; and


 


(5)           deliver
an Opinion of Counsel and such other documents as required by this Indenture, and to the Noteholder Collateral Agent as required
by the Security Documents.


 


Section 4.16          Designation
of Restricted and Unrestricted Subsidiaries.


 


(a)           The
Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if:


 


(1)           the
Company could make the Restricted Payment which is deemed to occur upon such designation as described in, and the amount calculated
pursuant to Section 4.07 equal to the appropriate Fair Market Value of all outstanding Investments owned by the Company and its
Restricted Subsidiaries in such Subsidiary at the time of such designation;


 


(2)           such
Restricted Subsidiary meets the definition of an “Unrestricted Subsidiary”;


 


(3)           the
designation would not constitute or cause (with or without the passage of time) a Default or Event of Default or no Default or
Event of Default would be in existence immediately following such designation; and


 




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(4)           the
Company delivers to the Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and
an Officers’ Certificate certifying that such designation complied with the preceding conditions.


 


(b)           If
a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value as of the date of such designation
of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted
Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted
Payments under Section 4.07 or under one or more clauses of the definition of “Permitted Investments,” as determined
by the Company.


 


(c)           If,
at any time, any Unrestricted Subsidiary designated as such would fail to meet the preceding requirements as an Unrestricted Subsidiary,
then such Subsidiary will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness
of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness
is not permitted to be incurred as of such date under Section 4.08, the Company will be in default under Section 4.08.


 


(d)           The
Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company
if:


 


(1)           the
Company and its Restricted Subsidiaries could incur the Indebtedness which is deemed to be incurred upon such designation under
Section 4.08, equal to the total Indebtedness of such Subsidiary calculated on a pro forma basis as if such designation had occurred
at the beginning of the applicable four-quarter reference period following such designation;


 


(2)           the
designation would not constitute or cause a Default or Event of Default; and


 


(3)           the
Company delivers to the Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and
an Officers’ Certificate certifying that such designation complied with the preceding conditions, including the incurrence
of Indebtedness under Section 4.08.


 


Section 4.17          Payments
for Consent.


 


The Company will not,
and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to
or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture, the Notes, the Security Documents or the Registration Rights Agreement unless such consideration is offered
to be paid and is 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 4.18          Reports.


 


(a)           Whether
or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to the
Trustee or cause the Trustee to furnish to the Holders, within the time periods specified in the SEC’s rules and regulations,
including any permitted extensions thereof:


 




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(1)           all
quarterly reports on Form 10-Q and annual reports on Form 10-K that would be required to be filed with the SEC on such forms if
the Company were required to file such reports; and


 


(2)          
all current reports on Form 8-K that would be required to be filed with the SEC on such form 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 on Form 10-K will include a report on the Company’s consolidated financial statements by the Company’s
certified independent accountants. In addition, the Company will post the reports on its website within the time periods specified
in the rules and regulations applicable to such reports, including any permitted extensions thereof, and, following the consummation
of the exchange offer contemplated by the Registration Rights Agreement, the Company will file a copy of each of the reports referred
to in clauses (a)(1) and (a)(2) above with the SEC for public availability within those time periods (unless the SEC will not accept
such a filing).


 


(c)           If,
at any time after consummation of the exchange offer contemplated by the Registration Rights Agreement, the Company is no longer
subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless continue filing
the reports specified in Section 4.18(a) with the SEC within the time periods specified in Section 4.18(a) unless the SEC will
not accept such a filing. The Company will not take any action for the purpose of causing the SEC not to accept any such filings.
If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the
reports referred to in Section 4.18(a) on its website within the time periods, including any permitted extensions thereof, that
would apply if the Company were required to file those reports with the SEC. Notwithstanding anything to the contrary in the foregoing,
if at any time any such reports are not filed by the Company, or are not accepted by the SEC for any reason, for inclusion on the
SEC’s EDGAR service (or any successor thereto), the Company will post such reports on a website no later than the date the
Company is required to provide those reports to the Trustee and the Holders of the Notes and maintain such posting for so long
as any Notes remain outstanding. Access to such reports on such website may be subject to a confidentiality acknowledgment; provided,
that no other conditions, including password protection, may be imposed on access to such reports other than a representation by
the Person accessing such reports that it is the Trustee, a Holder, a beneficial owner of the Notes, a bona fide prospective investor,
a securities analyst or a market maker.


 


(d)           The
Company will hold a quarterly conference call for the Holders and securities analysts to discuss such financial information no
later than ten business days after distribution of such financial information.


 


(e)           If
the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information
required by the preceding paragraphs will include a reasonably detailed presentation, either on the face of the financial statements
or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”,
of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial
condition and results of operations of the Unrestricted Subsidiaries of the Company.


 


(f)           In
addition, the Company shall, for so long as any Notes remain outstanding, if at any time the Company is not required to file periodic
reports with the SEC the reports required by this Section 4.18, it will furnish to the Holders of 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.


 




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Section 4.19          Offer
to Repurchase Upon Change of Control.


 


(a)           Upon
the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to each
Holder to repurchase all or any part (equal to a minimum principal amount of $2,000 and integral multiples of $1,000 in principal
amount in excess thereof) of that Holder’s Notes on the terms and subject to the conditions set forth in this Section 4.19.
In the Change of Control Offer, the Company will offer a payment (the “Change of Control Payment”) in cash equal
to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Interest, if any,
on the Notes repurchased to the date of purchase, subject to the rights of Holders of Notes 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 the Trustee and each Holder describing the transaction or transactions that constitute the Change of Control and stating:


 


(1)           that
the Change of Control Offer is being made pursuant to this Section 4.19 and that all Notes duly tendered will be accepted for payment
and


 


(2)           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”);


 


(3)           that
any Note not tendered will continue to accrue interest;


 


(4)           that,
unless the Company defaults in the payment of the Change of Control Payment, all Notes or portions thereof accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date;


 


(5)           that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer the Notes by book-entry
transfer, to the Paying Agent at the address specified in the notice prior to the close of business in The City of New York on
the third Business Day preceding the Change of Control Payment Date;


 


(6)           that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business in The City
of New York on the second Business Day preceding the Change of Control Payment Date, a 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


 


(7)           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 $2,000 in principal amount and integral multiples of $1,000.


 


The Company will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To
the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Indenture,
the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Change of Control provisions of this Section 4.19 by virtue of such compliance.


 




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(b)           On
or before the Change of Control Payment Date, the Company will, to the extent lawful:


 


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


 


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


 


(3)           deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company.


 


(c)           The
Paying Agent will promptly mail to each Holder of Notes properly tendered and not withdrawn the Change of Control Payment for such
Notes (or, in the case of any Notes that are in global form, make such payment through the facilities of DTC or any other applicable
Depositary), and the Company will execute 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 new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess 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.


 


(d)           The
provisions described above in this Section 4.19 that require the Company to make a Change of Control Offer following a Change of
Control will be applicable whether or not any other provisions of this Indenture are applicable.


 


(e)           The
Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable
to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of
Control Offer, or (2) notice of redemption has been given pursuant to Section 3.03 hereof, unless and until there is a default
in payment of the applicable redemption price. Notwithstanding anything to the contrary contained in this Indenture, a Change of
Control Offer may be made in advance of a Change of Control, if a definitive agreement is in place for the Change of Control at
the time the Change of Control Offer is made.


 


Section 4.20          Asset
Sales.


 


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


 


(1)           the
Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal
to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or
Equity Interests issued or sold or otherwise disposed of; and


 


(2)           at
least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or
Cash Equivalents; provided, however, to the extent that any disposition in such Asset Sale was of Collateral, any consideration
received is pledged as Collateral under the Security Documents promptly after receipt of such non-cash consideration by the Company
or such Restricted Subsidiary, to the extent required by and, in accordance with the requirements set forth in this Indenture and
the Security Documents.


 




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For purposes of this
Section 4.20(a), each of the following will be deemed to be cash:


 


(A)       any
liabilities, as shown on the Company’s most recent consolidated balance sheet (or, if incurred after the date of such balance
sheet, as would have been shown on such consolidated balance sheet had they been incurred on or prior to its date), of the Company
or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes
or any Note Guarantee) that are assumed by the transferee of any such assets or any other Person, other than the Company or one
of its Subsidiaries, pursuant to a customary novation or indemnity agreement that releases the Company or such Restricted Subsidiary
from or indemnifies it against further liability;


 


(B)        any
securities, notes, or other obligations received by the Company or any of its Restricted Subsidiaries from such transferee that
are, subject to ordinary settlement periods, converted by the Company or such Restricted Subsidiary into cash, to the extent of
the cash received in that conversion; and


 


(C)        any
stock or assets of the kind referred to in clauses (2) or (4) of Section 4.20(b); and


 


(b)           Within
360 days after the receipt of any Net Proceeds from an Asset Sale, the Company or any Restricted Subsidiary may apply such Net
Proceeds:


 


(1)           to
repay Indebtedness and other Obligations under a Credit Facility; provided that, if the Indebtedness repaid is revolving
credit Indebtedness, to permanently reduce commitments with respect thereto in an amount equal to the principal amount so repaid;


 


(2)           to
acquire all or substantially all of the assets of, or any Capital Stock of, a Permitted Business or one or more Persons primarily
engaged in a Permitted Business, if, after giving effect to any such acquisition of Capital Stock, such Permitted Business or Person,
as the case may be, is or becomes a Restricted Subsidiary of the Company;


 


(3)           to
make a capital expenditure; or


 


(4)           to
acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business;
provided that the assets (including Voting Stock) acquired with the Net Cash Proceeds of a disposition of Collateral are pledged
as Collateral under the Security Documents promptly after receipt of such assets by the Company or one of its Restricted Subsidiaries,
to the extent required by and in accordance with the Security Documents.


 


Pending the final application
of any Net Proceeds, the Company or any Restricted Subsidiary may apply the Net Proceeds to temporarily reduce revolving credit
borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture.


 


Any Net Proceeds from
Asset Sales that are not applied or invested as provided above in this Section 4.20(b) will constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $7.5 million, the Company will, within five days thereof, make an offer (an
“Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness that is pari passu
with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or
redeem with the proceeds of sales of assets, to purchase, prepay or redeem the maximum amount of principal of, and premium, if
any, and interest and Additional Interest, if any, on, the Notes and such other pari passu Indebtedness that may be purchased,
prepaid or redeemed out of the Excess Proceeds (after deducting therefrom all fees and expenses incurred in connection therewith).


 




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(c)           The
offer price for the Notes in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest
and Additional Interest, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders of Notes on
the relevant record date to receive interest due on the relevant Interest Payment Date, and will be payable in cash.


 


(d)           If
any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose
not otherwise prohibited by this Indenture.


 


(e)           If
the sum of the aggregate amount of principal of, and premium, if any, interest and Additional Interest, if any, on, the Notes and
other pari passu Indebtedness tendered into (or required to be prepaid or redeemed in connection with) such Asset Sale Offer
plus the aggregate amount of all fees and expenses incurred in connection with such Asset Sale Offer and the purchase, prepayment
or redemption of any such pari passu Indebtedness exceeds the amount of Excess Proceeds, the Trustee or the Registrar will,
after deducting from such Excess Proceeds an amount equal to all such fees and expenses, select the Notes to be purchased on a
pro rata basis with any such pari passu Indebtedness (except that any Notes represented in global form will be selected
by such method as DTC or the applicable Depositary, as the case may be, or its nominee may require), based on the amounts tendered
or required to be prepaid or redeemed (including, amounts required to be paid in respect of principal, premium, if any, interest
and Additional Interest, if any), with such adjustments as may be deemed appropriate so that Notes are repurchased in denominations
of $2,000 in principal amount and integral multiples of $1,000 in principal amount in excess thereof and so that any such pari
passu Indebtedness issued in specified authorized denominations is only repurchased in such authorized denominations or so
that any unrepurchased portion of a Note or such pari passu Indebtedness that is repurchased in part is an authorized denomination.
Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.


 


(f)           The
Company will not and will not permit any of its Restricted Subsidiaries to, enter into or suffer to exist any agreement (other
than any agreement governing Credit Facilities for Indebtedness permitted to be incurred pursuant to clause (1) of the second paragraph
of Section 4.08 that would place any restriction of any kind (other than pursuant to law or regulation) on the ability of the Company
to make an Asset Sale Offer.


 


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


 




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ARTICLE 5

SUCCESSORS


 


Section 5.01          Merger,
Consolidation, or Sale of Assets.


 


(a)           The
Company will not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Company is the
surviving corporation); or (2) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person,
unless:


 


(1)           either:
(A) the Company is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other
than the Company) or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made is an entity
organized or existing under the laws of the United States, any state of the United States or the District of Columbia;


 


(2)           the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, conveyance, lease or other disposition has been made assumes all the obligations of the Company under the Notes and this
Indenture pursuant to a supplemental indenture, delivers to the Trustee an Opinion of Counsel required by this Indenture, including
as to the enforceability of the supplemental indenture and by amendment, supplement or other instrument joins the Security Documents
in form and substance reasonably required by the Security Documents and takes all other actions required by the Security Documents
to grant to the Noteholder Collateral Agent for the benefit of the Holders of the Notes, to the extent and subject to the exceptions
provided in the Security Documents and this Indenture, a Lien in assets that constitute Collateral pursuant to this Indenture and
the Security Documents;


 


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


 


(4)           the
Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale,
assignment, transfer, conveyance, lease or other disposition has been made would, on the date of such transaction after giving
pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable
four-quarter period, (a) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.08(a) hereof or (b) have a Fixed Charge Coverage Ratio equal to or greater than the actual Fixed
Charge Coverage Ratio for the Company for such four-quarter period; and


 


(5)           the
Company has 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; provided that in giving an Opinion
of Counsel, counsel may rely on an Officers’ Certificate as to any matters of fact.


 


(b)           In
addition, the Company will not, directly or indirectly, lease all or substantially all of the properties and assets of it and its
Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person, except as otherwise provided
for in Section 5.01(a).


 


(c)           This
Section 5.01 will not apply to any sale, assignment, transfer or conveyance, lease or other disposition of assets between or among
the Company and/or its Restricted Subsidiaries.


 




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(d)           Section
5.01(a)(3) and Section 5.01(a)(4) will not apply to (x) any merger or consolidation of the Company with or into one of its Restricted
Subsidiaries for any purpose or (y) with or into an Affiliate solely for the purpose of reincorporation the Company in another
jurisdiction.


 


Section 5.02          Successor
Corporation Substituted.


 


Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries in a transaction that is subject to, and that complies with the provisions
of, Section 5.01 hereof, the Company shall be automatically released from its obligations under this Indenture, the Notes, the
Registration Rights Agreement and the Security Documents and the successor Person formed by such consolidation or into or with
which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed
to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance
or other disposition, the provisions of this Indenture, the Notes, the Note Guarantees and the Registration Rights Agreement referring
to the “Company” shall refer instead to the successor Person and not to the predecessor Company), and may exercise
every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the
Company herein and therein; provided, however, that, in the case of a lease of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries taken as a whole, the predecessor Company shall not be released from its
obligations to pay the principal of and premium and Additional Interest, if any, and interest on the Notes.


 


ARTICLE 6

DEFAULTS AND REMEDIES


 


Section 6.01          Events
of Default.


 


Each of the following
is an “Event of Default”:


 


(1)           default
for 30 days in the payment when due of interest or Additional Interest, if any, with respect to the Notes;


 


(2)           default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;


 


(3)           failure
by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 3.09, 4.19, 4.20 or 5.01 hereof;


 


(4)           failure
by the Company or any of its Restricted Subsidiaries for 60 days after written notice to the Company by the Trustee or the Holders
of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the
other agreements in this Indenture or the Security Documents;


 


(5)           default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or
any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee exists, on, or is created after, the date of this Indenture,
if that default:


 




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(A)          is
caused by a failure to pay principal of, or interest or Additional Interest, if any, or premium, if any, 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


 


(B)         results
in the acceleration of such Indebtedness prior to its express maturity,


 


and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $5.0 million or more; provided that if, prior to any
acceleration of the Notes, (i) any such Payment Default is cured or waived, (ii) any such acceleration is rescinded or (iii) such
Indebtedness is repaid, all Defaults and Events of Default under this Indenture resulting therefrom (but not any acceleration of
the Notes) shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree of any court
of competent jurisdiction;


 


(6)         failure
by the Company or any of its Restricted Subsidiaries to pay final, unappealable judgments entered by a court or courts of competent
jurisdiction aggregating in excess of $5.0 million, which judgments are not paid, discharged or stayed for a period of 60 days;


 


(7)         except
as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding of any court of competent jurisdiction to
be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on
behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee;


 


(8)         breach
by the Company or any of its Restricted Subsidiaries of any representation or warranty or agreement in the Security Documents that
has a material adverse effect on the Holders of the Notes or on the Collateral (and the failure to cure such breach for 60 days)
or the repudiation by the Company or any of its Restricted Subsidiaries of any of their obligations under the Security Documents;


 


(9)         the
Liens created by the Security Documents shall at any time not constitute a valid and perfected Lien on any material portion of
the Collateral intended to be covered thereby (to the extent perfection by filing, registration, recordation or possession is required
by this Indenture or the Security Documents), or, except for expiration in accordance with its terms or amendment, modification,
waiver, termination or release in accordance with the terms of this Indenture or the applicable Security Document, any of the Security
Documents shall for whatever reason be terminated or cease to be in full force and effect (in each case, except in accordance with
the terms thereof or of this Indenture) or any material provisions of the Security Documents shall be unenforceable against the
Company or any of its Restricted Subsidiaries that is a party thereto, if any such case, such default continues for 60 days after
notice, or the enforceability of the Security Documents shall be contested by the Company or any Guarantor;


 


(10)        the
Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of its Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of applicable Bankruptcy Code:


 


(A)         commences
a voluntary case;


 




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


 


(C)         consents
to the appointment of a custodian of it or for all or substantially all of its property;


 


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


 


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


 


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


 


(A)         is
for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case;


 


(B)         appoints
a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property
of the Company or of any of its Restricted Subsidiaries that is a Significant Subsidiary or of any group of Restricted Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary; or


 


(C)         orders
the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary;


 


and the order
or decree remains unstayed and in effect for 90 consecutive days.


 


Section 6.02         Acceleration.


 


In the case of an Event
of Default specified in clause (10) or (11) of Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary of the
Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute
a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the Trustee, by written notice to the Company, or the Holders of at least 25%
in aggregate principal amount of the then outstanding Notes, by written notice to the Trustee and the Company, may declare all
the Notes to be due and payable immediately.


 


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, Additional
Interest, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.


 


The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted
by law.


 




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Section 6.04         Waiver
of Past Defaults.


 


Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all
of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences hereunder, if the
rescission would not conflict with any judgment or decree, except a continuing Default or Event of Default in the payment of interest,
including Additional Interest, or premium, if any, on, or the principal of, the Notes, premium, if any, or interest (including
Additional Interest, if any) on, the Notes (including in connection with an offer to purchase pursuant to Sections 4.19 or 4.20
of this Indenture). Upon any such waiver, such Default or Event of Default shall cease to exist, and any Event of Default arising
from any such Default shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereon.


 


Section 6.05         Control
by Majority.


 


Subject to Section
7.02(f), Holders of a majority in aggregate principal amount of the then outstanding Notes will have the right to direct the time,
method and place of conducting any proceeding for exercising any remedy available to the Trustee, subject to the exceptions set
forth in the next sentence. However, the Trustee may withhold from Holders of Notes notice of any continuing Default or Event of
Default if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment
of principal, interest or premium or Additional Interest, if any.


 


Section 6.06         Limitation
on Suits.


 


Except to enforce the
right to receive payment of principal, premium, if any, or interest or Additional Interest, if any, when due, no Holder of a Note
may pursue any remedy with respect to this Indenture or the Notes unless:


 


(1)         such
Holder has previously given the Trustee written notice that an Event of Default is continuing;


 


(2)         Holders
of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;


 


(3)         such
holders have offered and, if requested, provided to the Trustee security or indemnity reasonably satisfactory to the Trustee against
any loss, liability or expense;


 


(4)         the
Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity;
and


 


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


 


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.


 




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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 interest
and any Additional Interest on the Note, on or after the respective due dates expressed in the Note (including in connection with
an offer to purchase), 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; provided that a Holder shall not have the right to institute any
such suit for the enforcement of payment if and to the extent that the institution or prosecution thereof or the entry of judgment
therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any
property subject to such Lien.


 


Section 6.08         Collection
Suit by Trustee or Noteholder Collateral Agent.


 


If an Event of Default
specified in Sections 6.01(1) or (2) hereof occurs and is continuing, the Trustee or the Noteholder Collateral Agent may recover
judgment (a) in its own name, and (b)(1) in the case of the Trustee, as trustee of an express trust or (2) in the
case of the Noteholder Collateral Agent, as Noteholder Collateral Agent on behalf of the Holders, in each case against the Company
for the whole amount of principal of, premium, if any, and interest and any Additional Interest remaining unpaid on, the Notes
and interest on overdue principal and, to the extent permitted by applicable law, interest and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, disbursements and advances of
the Trustee, the Noteholder Collateral Agent and their respective agents and counsel. Any amounts recovered by the Noteholder Collateral
Agent shall be promptly paid by it to the Trustee.


 


Section 6.09         Trustee
May File Proofs of Claim.


 


The Trustee shall be
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 or the Noteholder Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, the Noteholder Collateral Agent and their respective 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 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 or the Noteholder Collateral Agent, 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, the Noteholder Collateral Agent or their respective agents and counsel, and any other amounts due the Trustee or
the Noteholder Collateral Agent under the Security Documents and 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 or the Noteholder Collateral Agent, as the case may be, to vote in respect of the claim of
any Holder in any such proceeding.


 




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Section 6.10         Priorities.


 


If the Trustee collects
any money or property pursuant to this Article 6, it shall pay out the money or property in the following order:


 


First:to
the Trustee, the Noteholder Collateral Agent, the Paying Agent and the Registrar for amounts due under Section 7.07 hereof, including
payment of all reasonable compensation and expenses incurred, and all reasonable disbursements and advances made, by the Trustee
or the Noteholder Collateral Agent, as the case may be, and the costs and expenses of collection;


 


Second:to
Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest and any Additional Interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium,
if any, interest and Additional Interest, if any, 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 or the Noteholder Collateral Agent,
as the case may be, for any action taken or omitted by it as a Trustee or the Noteholder Collateral Agent, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard
to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by
the Trustee or the Noteholder Collateral Agent, as the case may be, a suit by a Holder of a Note pursuant to Section 6.07 hereof,
or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.


 


ARTICLE 7

TRUSTEE


 


Section 7.01         Duties
of Trustee.


 


(a)          If
an Event of Default has occurred and is continuing, the Trustee will 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:


 


 (1)        the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and


 






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(2)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee will 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 calculation 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 bad faith
or willful misconduct, except that:


 


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


 


(2)         the
Trustee will 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


 


(3)         the
Trustee will 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 6.05 hereof.


 


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


 


(e)          No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability.


 


(f)          The
Trustee will 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.


 


(g)          Subject
to this Section 7.01, the Trustee shall not be liable for the failure to perform its duties and obligations hereunder to the extent
such failure is directly caused by the failure of the Company to perform its obligations hereunder.


 


Section 7.02         Rights
of Trustee.


 


(a)          The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, request, direction, consent, order, bond, note or other paper or document believed by it
to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated
in the document.


 


(b)          Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection 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 will not be responsible for the misconduct or negligence of any agent appointed
with due care.


 




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(d)          The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within 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 will be sufficient
if signed by an Officer of the Company.


 


(f)          Subject
to the provisions of Section 7.01(a) of this Indenture, the Trustee will be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the
Trustee reasonable indemnity or security against any losses, liabilities and expenses that are incurred by it in compliance with
such request or direction.


 


(g)          The
right of the Trustee or an Agent to perform any discretionary act enumerated in this Indenture shall not be construed as a duty.


 


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


 


Section 7.03         Individual
Rights of Trustee.


 


The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may 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 within the meaning of TIA Section 310(b), (other than a conflicting interest arising under the provisions of subparagraph
(1) of TIA Section 310(b) (including, for the avoidance of doubt, subclauses (1)(A), (B) and (C) and the proviso to such subparagraph
(1)) it must eliminate such conflict within 90 days or resign. (For purposes of clarity, the parties hereto agree that no "conflicting
interest" shall arise under TIA Section 310(b) because the Trustee is trustee under another Indenture under which the Company
or any Guarantor is an obligor.) Any Agent may do the same (subject to the above limitations and exclusions) 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 will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Security Documents or the
Notes, 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 will not be responsible for the use or application
of any money received by any Paying Agent other than the Trustee, and it will 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 known to the Trustee, the Trustee will mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs or if discovered later than 90 days, promptly after such discovery.
Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest or Additional Interest,
if any, on, any Note, the Trustee may withhold the notice if it determines that withholding the notice is in the interests of the
Holders of the Notes. The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer
of the Trustee has received written notice of such Default or Event of Default at the Corporate Trust Office of the Trustee.


 




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Section 7.06         Reports
by Trustee to Holders of the Notes.


 


(a)          Within
60 days after each December 15 commencing December 15, 2014, and for so long as Notes remain outstanding, the Trustee will mail
to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (excluding
TIA § 313(a)(5) and (6)) (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 will comply with TIA § 313(b)(2). The Trustee will
also transmit by mail all reports as required by TIA § 313(c)(1) and (3).


 


(b)          A
copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company.


 


Section 7.07         Compensation
and Indemnity.


 


(a)          The
Company will pay to the Trustee, Noteholder Collateral Agent, Paying Agent and Registrar (each, an “Indemnified Party”)
reasonable compensation for its acceptance of this Indenture and the Security Documents and services hereunder and thereunder as
agreed to in writing from time to time. The Trustee’s compensation will not be limited by any law on compensation of a Trustee
of an express trust. The Company will reimburse each Indemnified Party 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 may include the reasonable
compensation, disbursements and expenses of the Indemnified Party’s agents and counsel.


 


(b)          The
Company and the Guarantors will indemnify each Indemnified Party and their respective employees, officers and directors against
any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration
of its duties under this Indenture or the Security Documents, including the costs and expenses (including reasonable compensation
and disbursement of its agents and counsel) of enforcing this Indenture against the Company and the Guarantors (including this
Section 7.07) and defending itself against any claim (whether asserted by the Company, the Guarantors, 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 or expense may be attributable to its negligence or bad faith or willful misconduct. Each Indemnified
Party will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Indemnified Party to so notify
the Company will not relieve the Company or any of the Guarantors of their Obligations hereunder or under the Security Documents.
The Company or such Guarantor will defend the claim and the applicable Indemnified Party will cooperate in the defense. Each Indemnified
Party may have separate legal counsel and the Company will pay the reasonable fees and disbursements of such legal counsel; provided
that, anything herein to the contrary notwithstanding, neither the Company nor any Guarantor shall be required to pay the fees
and expenses of more than one firm of legal counsel for all of the Indemnified Parties in connection with any proceeding or related
proceedings, which legal counsel shall be selected by the Trustee. Neither the Company nor any Guarantor need pay for any settlement
made without the Company's consent, which consent will not be unreasonably withheld.


 


(c)          The
obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture
and the termination of the Security Documents.


 




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(d)          To
secure the Company’s and the Guarantors’ payment Obligations in this Section 7.07, the Trustee and the Noteholder Collateral
Agent will have a Lien prior to the Notes on all money, Collateral or property held or collected by the Trustee, in its capacity
as Trustee, or the Noteholder Collateral Agent in its capacity as Noteholder Collateral Agent, except, in the case of the Trustee,
such funds that are held in trust to pay principal, premium, if any, interest and Additional Interest, if any, on particular Notes
pursuant to Article 8 or 10 hereof. Such Lien will survive the satisfaction and discharge of this Indenture.


 


(e)          When
an Indemnified Party incurs expenses or renders services after an Event of Default specified in Section 6.01(10) or (11) 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 any Bankruptcy Code.


 


(f)          The
Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.


 


Section 7.08         Replacement
of Trustee.


 


(a)          A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.


 


(b)          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 a majority in aggregate 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:


 


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


 


(2)         the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Code;


 


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


 


(4)         the
Trustee becomes incapable of acting.


 


(c)          If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.


 


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


 


(e)          If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.


 




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(f)          A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring
Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Company’s Obligations under Section 7.07 hereof will 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 or entity,
the successor corporation or entity without any further act will be the successor Trustee.


 


Section 7.10         Eligibility;
Disqualification.


 


There will at all times
be a Trustee hereunder that is a corporation or entity 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 $100.0 million as set forth
in its most recent published annual report of condition.


 


This Indenture will
always have a Trustee who satisfies the requirements of TIA § 310(a)(5). The Trustee is subject to TIA § 310(b),
other than the provisions of subparagraph (1) of TIA Section 310(b) (including subclauses (A), (B), and (C) and of the proviso
to such subparagraph (1)) and other than the provisions of the penultimate paragraph of TIA Section 310(b) providing for an application
to the SEC. For purposes of clarity, the parties hereto agree that no “conflicting interest” shall arise under TIA
Section 310(b) because the Trustee is trustee under another indenture.


 


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.


 


Section 7.12         Trustee
in Other Capacities; Noteholder Collateral Agent and Paying Agent.


 


References to the
Trustee in Sections 7.01(b), (c)(2), (d), (e), (f), and (g). 7.02, 7.03, 7.04, 7.07, and 7.08 shall be understood to include the
Trustee when acting in its other capacities under this Indenture, including, without limitation, as Paying Agent and Noteholder
Collateral Agent. Without limiting the foregoing, and for the avoidance of doubt, such Sections shall be read to apply to the Noteholder
Collateral Agent and the Security Documents, mutatis mutandis, in addition to this Indenture. The privileges, rights, indemnities,
immunities and exculpatory provisions contained in this Indenture shall apply to the Trustee, whenever it is acting under the Notes
Documents.




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ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE


 


Section 8.01         Option
to Effect Legal Defeasance or Covenant Defeasance.


 


The Company may at
any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect
to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the applicable conditions set
forth below in this Article 8.


 


Section 8.02         Legal
Defeasance and Discharge.


 


Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations
with respect to all outstanding Notes (including the Note Guarantees), this Indenture and the Security Documents and all of the
obligations with respect to their Note Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid
and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will thereafter
be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in clauses (1) and (2) of this Section 8.02, and to have satisfied all their other obligations under such Notes, the
Note Guarantees, the Security Documents and this Indenture (and the Trustee and the Noteholder Collateral Agent, on demand of and
at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which
will survive until otherwise terminated or discharged hereunder:


 


(1)         the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium or Additional
Interest, if any, on such Notes when such payments are due, but solely from the trust referred to in Section 8.05 hereof;


 


(2)         the
Company’s obligations with respect to the Notes under Sections 2.06, 2.07, 2.10 and 4.02 hereof;


 


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


 


(4)         the
rights, powers, trusts, duties and immunities of the Trustee under this Indenture, and the Company’s and the Guarantors’
obligations in connection therewith; and


 


(5)         this
Article 8.


 


Subject to compliance
with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.


 




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Section 8.03         Covenant
Defeasance.


 


Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the Guarantors will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants
contained in Sections 3.09, 4.03, and 4.05 and Sections 4.07 through and including 4.20 hereof, and Section 5.01 hereof with respect
to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes will 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 will
continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that,
with respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have
no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section
6.01 hereof or otherwise constitute a default under this Indenture, but, except as specified above and in the immediately following
sentence, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the
Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of
the conditions set forth in Section 8.04 hereof, Sections 6.01(3), (4), (5), (6), (7), (8) and (9) hereof will not constitute Events
of Default.


 


Section 8.04         Conditions
to Legal or Covenant Defeasance.


 


In order to exercise
either Legal Defeasance or Covenant Defeasance under either Sections 8.02 or 8.03 hereof:


 


(1)         the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public
accountants, to pay the principal of, or interest, Additional Interest, if any, and premium, if any, on, the outstanding Notes
on the stated dates for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify
whether the Notes are being defeased to such stated date for payment or to a particular redemption date;


 


(2)         in
the case of Legal Defeasance, the Company must deliver to the Trustee an Opinion of Counsel confirming that (a) the Company has
received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the date of this Indenture, there
has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of
Counsel will 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;


 


(3)         in
the case of Covenant Defeasance, the Company must deliver to the Trustee an Opinion of Counsel 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;


 


(4)         no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit);


 




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(5)         such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound (other than a Default or Event of Default resulting from the borrowing of funds to
be applied to such deposit);


 


(6)         the
Company must deliver 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 other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding any creditors of the Company or others; and


 


(7)         the
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel (which counsel may rely on an Officers'
Certificate as to matters of fact), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant
Defeasance have been complied with.


 


Upon any Legal Defeasance
or Covenant Defeasance, all of the Collateral shall be released from all Liens arising under the Security Documents and this Indenture
and the Security Documents shall automatically terminate.


 


Section 8.05         Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.


 


Subject to Section
8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will 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, interest and Additional Interest, if any, but such money need not be segregated from other funds except
to the extent required by law.


 


The Company will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.


 


Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.


 


Section 8.06         Repayment
to Company.


 


Subject to applicable
abandoned property laws, any money deposited (whether under this Article 8, Section 4.01 or any other provision of this Indenture
or any of the Security Documents) with the Trustee or any Paying Agent, or then held by the Company or any of its Subsidiaries,
in trust for the payment of the principal of, premium, if any, or interest or Additional Interest, if any, on, any Note and remaining
unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company
on its request or (if then held by the Company or any of its Subsidiaries) will be discharged from such trust; and the Holder of
such Note will thereafter be permitted to 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 or any of its Subsidiaries as trustee thereof,
will 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 or The Wall Street Journal, notice that such
money remains unclaimed and that, after a date specified therein, which will 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.


 




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Section 8.07         Reinstatement.


 


If the Trustee or Paying
Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Sections 8.02 or 8.03 hereof,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s and the Guarantors’ Obligations under this Indenture and the Notes
and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Sections 8.02 or 8.03 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money and Government Securities in accordance with
Sections 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company or any Guarantor makes any payment
of principal of, premium, if any, interest or Additional Interest, if any, on, any Note following the reinstatement of its obligations,
the Company or such Guarantor, as applicable, will be subrogated to the rights of the Holders of such Notes to receive such payment
from the money held by the Trustee or Paying Agent.


 


ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER


 


Section 9.01         Without
Consent of Holders of Notes.


 


Notwithstanding Section
9.02 of this Indenture, without the consent of any Holder of Notes, the Company, the Guarantors and the Trustee and, if any amendment
or supplement relates to any Security Document, the Noteholder Collateral Agent, may amend or supplement this Indenture, the Notes,
the Note Guarantees, and the Security Documents:


 


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


 


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


 


(3)         to
provide for the assumption of the Company’s or a Guarantor’s obligations to Holders of Notes and Note Guarantees in
the case of a merger or consolidation or sale, lease or other transfer of all or substantially all of the Company’s or such
Guarantor’s assets, as applicable;


 


(4)         to
make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect
the legal rights under this Indenture of any such Holder in any material respect;


 


(5)         to
comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;


 


(6)         
to conform the text of this Indenture, the Security Documents, the Notes or the Note Guarantees to any provision appearing under
the caption “Description of Notes” in the Offering Memorandum to the extent that such provision in such Description
of Notes was intended to be a substantially verbatim recitation of a provision of this Indenture, the Security Documents, the Notes
or the Note Guarantees, which intent may be evidenced by an Officers’ Certificate to that effect delivered to the Trustee;


 




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(7)         to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date of this
Indenture;


 


(8)         to
allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes;


 


(9)         to
secure the Notes or the Note Guarantees pursuant to the requirements of Section 4.09 hereof or otherwise, including, without limitation,
entering into any amendment or waiver, or entering into any new agreement or instrument, to effect the granting, perfection, protection,
expansion or enhancement of any security interest in any Collateral or additional assets or property to become Collateral for the
benefit of the Holders of Notes, or as required by applicable laws to give effect to, or protect any security interest for the
benefit of the Holders of Notes, in any property or assets so that the security interests therein comply with applicable laws;


 


(10)        to
add any additional guarantees of the Notes or to evidence the release of any Guarantor from its Note Guarantee and such Guarantor’s
obligations under this Indenture and the Security Documents and the release of such Guarantor’s Collateral from the Liens
arising under this Indenture and the Security Documents, in each case as provided in this Indenture and the Security Documents;


 


(11)        to
evidence or provide for the acceptance of appointment under this Indenture of a successor trustee or a successor Noteholder Collateral
Agent;


 


(12)        to
enter into additional or supplemental Security Documents for the benefit of the Holders of the Notes; or


 


(13)        to
release Collateral when permitted or required by this Indenture or the Security Documents.


 


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 the Trustee of the documents described in Section 7.02(b) hereof, the Trustee and, if applicable,
the Noteholder Collateral Agent will join with the Company and the Guarantors in the execution of any amended or supplemental indenture
authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may
be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.


 


Section 9.02         With
Consent of Holders of Notes.


 


Except as provided
in Section 9.01 and in the next three succeeding paragraphs of this Section 9.02, this Indenture, the Notes, the Note Guarantees,
or the Security Documents may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal
amount of the Notes then outstanding voting as a single class (including, without limitation, consents obtained in connection with
a purchase of, or tender offer or exchange offer for, Notes), and any existing Default or Event of Default or compliance with any
provision of this Indenture, the Notes or the Note Guarantees or the Security Documents may be waived with the consent of the Holders
of a majority in aggregate principal amount of the then outstanding Notes voting as a single class (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Section 2.08 hereof
shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02.


 




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Without the consent
of each Holder of Notes affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting
Holder):


 


(1)         reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;


 


(2)         reduce
the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption
of the Notes (except provisions relating to minimum notice of redemption or Sections 3.09, 4.19 and 4.20 hereof);


 


(3)         reduce
the rate of or change the time for payment of interest, including Additional Interest and default interest, on any Note;


 


(4)         waive
a Default or Event of Default in the payment of principal of, or interest, Additional Interest, if any, or premium, on the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes and a waiver of the payment default that resulted from such acceleration);


 


(5)         make
any Note payable in money other than that stated in the Notes;


 


(6)         make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or Additional Interest, if any, or premium, on the Notes;


 


(7)         waive
a redemption payment with respect to any Note (other than a payment required by Sections 3.09, 4.19 or 4.20 hereof);


 


(8)         release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this
Indenture; or


 


(9)         make
any change in the preceding amendment and waiver provisions.


 


In addition, the entering
into the Intercreditor Agreement by the Company and the Guarantors on terms that are materially worse for the Noteholder Collateral
Agent, when, taken as a whole, compared to those summarized in the Offering Memorandum under “Description of Notes—Security”
will require the consent of Holders of at least a majority in aggregate principal amount of the Notes then outstanding.


 




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In addition, any amendment
to, or waiver of, the provisions of this Indenture or any Security Documents that has the effect of releasing all or substantially
all of the Collateral from the Liens securing the Notes will require the consent of the holders of at least 66-2/3% in aggregate
principal amount of the Notes then outstanding.


 


Section 9.03         [Reserved]


 


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. An amendment, supplement or waiver becomes effective in accordance with its
terms and thereafter binds every Holder.


 


The Company may, but
shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement
or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons
who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to
such amendment, supplement or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders
after such record date.


 


Section 9.05         Notation
on or Exchange of Notes.


 


The Trustee may 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, upon receipt of an Authentication Order, authenticate new Notes that reflect the
amendment, supplement or waiver.


 


Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.


 


Section 9.06         Trustee
to Sign Amendments, etc.


 


The Trustee and, if
required by this Article 9, the Noteholder Collateral Agent will sign any amended or supplemental indenture authorized pursuant
to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company approves it.
In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof)
will be fully protected in relying upon, in addition to the documents required by Section 13.04 hereof, an Officers’ Certificate
and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this
Indenture.


 


ARTICLE 10

SATISFACTION AND DISCHARGE


 


Section 10.01         Satisfaction
and Discharge.


 


This Indenture will
be discharged and will cease to be of further effect as to all Notes issued hereunder, when:


 


(1)         either:


 


(A)         all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation;
or


 




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(B)         all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice
of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the
Notes not delivered to the Trustee for cancellation for principal, premium and accrued interest, including any Additional Interest,
to the date of maturity or redemption, as the case may be;


 


(2)         no
Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of,
or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or
any Guarantor is bound;


 


(3)         the
Company or any Guarantor has paid or caused to be paid all other sums payable by it under this Indenture; and


 


(4)         the
Company has delivered irrevocable written instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or on the redemption date, as the case may be.


 


In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel (which counsel may rely on an Officers' Certificate as to matters of fact)
to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.


 


Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (B) of clause
(1) of this Section 10.01, the provisions of Sections 10.02 and 8.06 hereof will survive. In addition, nothing in this Section
10.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge
of this Indenture.


 


Upon any such satisfaction
and discharge, all of the Collateral shall be released from all Liens arising under the Security Documents and this Indenture and
the Security Documents shall automatically terminate.


 


Section 10.02         Application
of Trust Money.


 


Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01 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 (and premium, if any) interest (and Additional Interest, if any) for whose payment such money has been deposited
with the Trustee; but such money need not be segregated from other funds except to the extent required by law.


 




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If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and
any Guarantor’s Obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 10.01 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money and Government
Securities in accordance with Section 10.01 hereof; provided that if the Company or any Guarantor has made any payment of
principal of, premium, if any, or interest or Additional Interest, if any, on, any Notes because of the reinstatement of its obligations,
the Company or such Guarantor, as applicable, shall be subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Securities held by the Trustee or Paying Agent; and provided, further, that no Default or Event of
Default under or as a result of any of the provisions of this Indenture that have been so revived or reinstated shall be deemed
to have occurred during the 90 days immediately following the date of such reinstatement.


 


ARTICLE 11

NOTE GUARANTEES


 


Section 11.01         Guarantee.


 


(a)          Subject
to this Article 11, each of the Guarantors hereby, jointly and severally, fully and unconditionally guarantees, and each Restricted
Subsidiary who hereafter becomes a Guarantor will jointly and severally, fully and unconditionally guarantee, on a senior basis
and a secured basis to the extent of the Collateral pledged by such Guarantor as set forth in Article 12 and the Security Documents,
to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and the Noteholder Collateral Agent and
their respective successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes, the Security
Documents or the Obligations of the Company hereunder or thereunder, that:


 


(1)         the
principal of, premium, if any, interest and Additional Interest, if any, on, the Notes will be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and, to the extent permitted
by applicable law, interest on the Notes, if any, and all other Obligations of the Company to the Holders or the Trustee and the
Noteholder Collateral Agent hereunder or thereunder or under any Security Document will be promptly paid in full or performed,
all in accordance with the terms hereof and thereof; and


 


(2)         in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.


 


Failing payment when
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. The Guarantors agree that this is a guarantee of payment and not a guarantee of collection.


 


(b)          Each
Guarantor hereby agrees, to the extent permitted by applicable law, that its obligations hereunder are unconditional, irrespective
of the validity, regularity or enforceability of the Notes, any Security Document or this Indenture, the absence of any action
to enforce the same, any change in the time, manner or place or payment of, or in any other term of, all or any of the Company's
obligations under this Indenture or any other amendment or waiver of or any consent to any departure from the Notes, this Indenture
or any Security Agreement or any other agreement or instrument relating thereto, any pledge, exchange, release or non-perfection
or loss of priority of any Collateral, any release or amendment of the Note Guarantee of any other Guarantor, any exercise, non-exercise
or waiver of any right, remedy, power or privilege under or in respect of the Notes, this Indenture or any Security Document, any
waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against
the Company, any action to enforce the same, or any other circumstance which might otherwise constitute a legal or equitable discharge
or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of
the Obligations contained in the Notes and this Indenture.


 




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


 


(d)          Each
Guarantor agrees that it will not be entitled to enforce any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees, to the
extent permitted by applicable law, that, as between the Guarantors, on the one hand, and the Holders, the Noteholder Collateral
Agent and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the Obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such
Obligations as provided in Article 6 hereof, such Obligations (whether or not due and payable) will forthwith become due and payable
by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.


 


Section 11.02         Limitation
on Guarantor Liability.


 


Each Guarantor, and
by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Code, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state or other law to the extent applicable to any Note Guarantee
or Guarantor. To effectuate the foregoing intention, the Trustee, the Noteholder Collateral Agent, the Holders and the Guarantors
hereby irrevocably agree that the Obligations of such Guarantor under this Indenture, the Note Guarantees and the Security Documents
will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Guarantor in respect of the Obligations of such other Guarantor
under this Article 11, result in the Obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer
or conveyance.


 




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Section 11.03         Execution
and Delivery of Guarantee.


 


To evidence its Note
Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially
in the form attached as Exhibit E hereto will be signed by an Officer of such Guarantor (by manual or facsimile signature) and
endorsed on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor
by one of its Officers.


 


Each Guarantor hereby
agrees that its Note Guarantee set forth in Section 11.01 hereof will remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Note Guarantee.


 


If an Officer of a
Guarantor whose signature is on this Indenture or the Note Guarantee no longer holds such office at the time the Trustee authenticates
the Note on which such Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless.


 


The delivery of any
Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in
this Indenture on behalf of the Guarantors.


 


In the event that the
Company or any of its Restricted Subsidiaries creates or acquires any Domestic Subsidiary (other than an Immaterial Subsidiary)
after the Issue Date, the Company will, if required by Section 4.15 hereof, cause such Domestic Subsidiary to comply with the provisions
of Section 4.15 hereof and this Article 11, to the extent applicable; provided that the Company shall not be required to
cause any such new Domestic Subsidiary to execute a notation of its Guarantee on any Notes that were issued prior to the time that
such Domestic Subsidiary became a Guarantor.


 


Section 11.04         Guarantors
May Consolidate, etc., on Certain Terms.


 


Except as otherwise
provided in Section 11.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another
Guarantor, unless:


 


(1)         immediately
after giving effect to that transaction, no Default or Event of Default exists; and


 


(2)         either
(A) (i) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation
or merger (the “Successor Guarantor”), if other than such Guarantor, unconditionally assumes all the obligations
of such Guarantor under its Note Guarantee, this Indenture, the Security Documents and the Registration Rights Agreement pursuant
to a supplemental indenture to this Indenture, appropriate amendments to the Security Documents and an amendment to the Registration
Rights Agreement; (ii) the Successor Guarantor causes such amendments, supplements or other instruments to be executed, delivered,
filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Liens under the applicable
Security Documents on the Collateral owned by or transferred to the Successor Guarantor, together with such financing statements
(or other filings) as may be required to perfect any security interests in such Collateral which may be perfected by the filing
of a financing statement or other filings or registrations under the Uniform Commercial Code, filings or registrations under any
other registries or the applicable law of any other relevant jurisdiction; (iii) the Collateral owned by or transferred to the
Successor Guarantor shall: (1) continue to constitute Collateral under this Indenture and the applicable Security Documents, (2)
be subject to Liens in favor of the Noteholder Collateral Agent for the benefit of the secured parties and (3) not be subject to
any Lien other than Permitted Liens; and (iv) the property and assets of the Person which is merged or consolidated with or into
the Successor Guarantor, to the extent that they are property or assets of the types which would constitute Collateral under the
applicable Security Documents, shall be treated as after-acquired property and the Successor Guarantor shall take such action as
may be reasonably necessary to cause such property and assets to be made subject to the Liens under the applicable Security Documents
all in the manner and to the extent required in this Indenture and the Security Documents; or (B) the Net Proceeds, if any, of
such sale or other disposition are applied in accordance with the applicable provisions of this Indenture and the Security Documents,


 




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provided, however,
that the transfer, sale or other disposition of all or substantially all of the assets of, directly or indirectly, the Guarantors
as a whole will also be governed by Article 5 and may be subject to Section 4.19 hereof.


 


In case of any such
consolidation, merger, sale or conveyance and, if the Successor Person was not immediately prior to such transaction a Guarantor,
upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the predecessor Guarantor’s obligations under the Note Guarantee endorsed upon the Notes and the
due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the predecessor Guarantor,
such successor Person will succeed to and be substituted for the predecessor Guarantor with the same effect as if it had been named
herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed
upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee
(it being understood and agreed that such successor Person need not execute a notation of its Guarantee on Notes issued prior to
the time that it became a Guarantor). All the Note Guarantees so issued will in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as
though all of such Note Guarantees had been issued at the date of the execution hereof.


 


Except as set forth
in Articles 4 and 5 hereof, and notwithstanding clauses (1) and (2) above, nothing contained in this Indenture or in any of the
Notes or the Security Documents will prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor,
or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company
or another Guarantor.


 


Section 11.05         Releases.


 


The Note Guarantee
of a Guarantor will be released:


 


(1)         in
connection with any sale or other disposition of all or substantially all of the assets of such Guarantor (including by way of
merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted
Subsidiary of the Company, if the sale or other disposition does not violate Section 4.20 hereof;


 


(2)         in
connection with any sale or other disposition of all of the Capital Stock of such Guarantor owned by the Company or any of its
Restricted Subsidiaries to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted
Subsidiary of the Company, if the sale or other disposition does not violate Section 4.20 hereof and the Guarantor ceases to be
a Restricted Subsidiary of the Company as a result of the sale or other disposition;


 


(3)         if
the Company designates any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with the applicable
provisions of this Indenture;


 




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(4)         upon
Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in
accordance with Article 10 hereof; or


 


(5)         upon
the liquidation or dissolution of such Guarantor provided no Default or Event of Default has occurred and is continuing.


 


If the Note Guarantee
of a Guarantor is released, then such Guarantor will automatically be released from all of its Obligations under this Indenture,
the Security Documents and the Registration Rights Agreement and all Collateral of such Guarantor will be released from any Liens
arising under this Indenture or the Security Documents. Any Guarantor not released from its Obligations under its Note Guarantee
as provided in this Section 11.05 will, subject to Section 11.02, remain liable for the full amount of principal of and interest
and Additional Interest, if any, and premium, if any, on the Notes and for the other Obligations of any Guarantor under this Indenture
as provided in this Article 11.


 


ARTICLE 12

SECURITY


 


Section 12.01         Grant
of Security Interests; Intercreditor Agreement.


 


(a)          The
Company and the Guarantors:


 


(1)         shall
grant a security interest or mortgage lien, as applicable, in the Collateral as set forth in the Security Documents to the Noteholder
Collateral Agent for the benefit of the Holders, the Trustee and the Noteholder Collateral Agent to secure the due and punctual
payment of the Notes Obligations (as defined in the Security Agreement) and the performance of all other Obligations of the Company
and the Guarantors to the Holders, the Noteholder Collateral Agent and the Trustee under the Notes Documents (as defined in the
Security Agreement), subject to the terms of the Intercreditor Agreement, this Indenture and any other Permitted Liens;


 


(2)         hereby
covenant (A) to perform and observe their obligations under the Security Documents and (B) take any and all commercially reasonable
actions (including without limitation the covenants set forth in the Security Documents and in this Article) required to cause
the Security Documents to create and maintain, as security for the Obligations contained in the Notes Documents, valid and enforceable
and (in the case of security interests on personal property) perfected, in each case except as expressly provided herein or therein,
security interests or mortgage liens, as applicable, in and on all the Collateral, in favor of the Noteholder Collateral Agent,
superior to and prior to the rights of all third Persons except for Permitted Liens and so long as the Intercreditor Agreement
is in full force and effect except as otherwise provided in the Intercreditor Agreement and as may otherwise be limited by the
terms of the Security Documents; and


 


(3)         shall
do or cause to be done, at their sole cost and expense, all such actions and things as may be required by the provisions of the
Security Documents, to confirm to the Noteholder Collateral Agent the security interests in the Collateral contemplated hereby
and by the Security Documents, as from time to time constituted, so as to render the same available for the security and benefit
of the Notes Documents according to the intent and purpose herein and therein expressed.


 


(b)          Each
Holder, by its acceptance of a Note:


 




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(1)         appoints
the Noteholder Collateral Agent to act as its agent (and by its signature below, the Noteholder Collateral Agent accepts such appointment);


 


(2)         consents
and agrees to the terms of each of the Security Documents, as the same may be in effect or may be amended, restated, supplemented
or otherwise modified from time to time in accordance with their respective terms, and authorizes and directs the Noteholder Collateral
Agent to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith;
and


 


(3)         appoints,
authorizes and, upon the Company’s request, directs the Noteholder Collateral Agent to enter, at any time including a future
date, into the Intercreditor Agreement with the ABL Agent acting for the benefit of financial institutions that become party to
the Credit Agreement, in form and substance reasonably satisfactory to the Noteholder Collateral Agent.


 


In connection with
entering into the Intercreditor Agreement pursuant to clause (3) of the preceding sentence or any Control Agreement (as defined
in the Security Agreement) pursuant to clause (2) of the preceding sentence, the Noteholder Collateral Agent shall be entitled
to receive and rely on, an Officers' Certificate and an Opinion of Counsel pursuant to Sections 13.04 and 13.05 that the entry
into the Intercreditor Agreement or such Control Agreement complies with the conditions relating thereto contained in this Indenture
or in the Security Agreement, as applicable.


 


(c)          This
Article 12, the Security Agreement and the other Security Documents (other than the Intercreditor Agreement) will be subject to
the terms, limitations and conditions set forth in the Intercreditor Agreement.


 


(d)          Subject
to the terms of the Security Documents and this Indenture, the Trustee will determine and will direct the Noteholder Collateral
Agent as to the circumstances and manner in which the Collateral will be disposed of and how remedies against Collateral are to
be exercised during the continuance of an Event of Default, including, but not limited to, the determination of whether to release
all or any portion of the Collateral from the Liens created by the Security Documents and whether to foreclose on the Collateral
following a Default or Event of Default; provided that the foregoing shall not prevent the Company or any of its Subsidiaries from
disposing of Collateral as expressly permitted under the provisions of this Indenture and the Security Documents.


 


Section 12.02         Recording
and Opinions.


 


(a)          The
Company shall, in accordance with and subject to the terms of the Security Documents, and shall cause each of the Guarantors to,
at their sole cost and expense, file UCC-1 financing statements in the applicable filing office naming the Company or a Guarantor,
as applicable, as debtor in order to perfect the security interest granted by them or under the Security Documents in the Collateral
of the Company and the Guarantors and deliver to the Noteholder Collateral Agent the certificates representing the Pledged Securities
(as defined in the Security Agreement), and take or cause to be taken, in accordance with the Security Documents, all commercially
reasonable action required to perfect (except as expressly provided in the Security Documents), maintain (with the priority required
under the Security Documents), preserve and protect the security interests or mortgage liens, as applicable, in the Collateral
granted by the Security Documents, including, in the case of personal property, (i) the filing of financing statements, continuation
statements, collateral assignments and any instruments of further assurance, in such manner and in such places as may be required
by law to preserve and protect fully the rights of the Holders, the Noteholder Collateral Agent, and the Trustee under the Notes
Documents in the Collateral pursuant to the terms of the Security Documents, and (ii) the delivery of the certificates, if any,
evidencing any certificated securities pledged under the Security Documents, duly endorsed in blank or accompanied by undated stock
powers or other instruments of transfer executed in blank. The Company and the Guarantors shall, in accordance with the Security
Documents, from time to time promptly pay all financing and continuation statement recording and/or filing fees, charges and recording
and similar taxes relating to the Notes Documents and any amendments hereto or thereto and any other instruments of further assurance
required pursuant thereto. Neither the Company nor any Guarantor will take any action, or omit to take any action, which action
or omission would adversely affect or impair in any material respect the security interests in the Collateral granted by the Company
and the Guarantors for the benefit of the Noteholder Collateral Agent, the Trustee or the Holders except as expressly set forth
in the Notes Documents. Neither the Trustee nor the Noteholder Collateral Agent shall have any duty to see to any perfection of
such security interest in the Collateral, including the recording or filing of any document or in confirming or maintaining the
perfection of any such liens.


 




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(b)          If
property of a type constituting Collateral is acquired by the Company or any Guarantor that is not automatically subject to a perfected
(to the extent required by the Security Agreement) security interest or mortgage lien, as applicable, under the Security Documents
or a Restricted Subsidiary of the Company becomes a new Guarantor, then the Company or such Guarantor, as applicable, will, as
soon as reasonably practicable after such property’s acquisition or such Subsidiary becoming a Guarantor,


 


(1)         grant
Liens on such property (or, in the case of a new Guarantor, all of its assets constituting the type that is Collateral) in favor
of the Noteholder Collateral Agent for the benefit of the Holders of the Notes (and, to the extent such grant would require the
execution and delivery of a Security Document), the Company or such Guarantor shall, if such property is personal property, execute
and deliver such Security Document on substantially the same terms as the Security Document covering personal property, Collateral
owned by the Company or a Guarantor on the Issue Date (but with such changes therein as may be necessary or appropriate to conform
to local law or practice), including execution of a supplement to the Security Agreement and, if such property is real property,
execute a new Mortgage or an amendment to an existing Mortgage granting a mortgage lien on such property as required by Section
12.03 hereof);


 


(2)         deliver
any certificates (including in the case of real property title insurance) and other documentation in respect thereof as required
by the Security Documents and, in the case of real property, Section 12.03 of this Indenture; and


 


(3)         in
the case of personal property, cause the security interest granted in such Security Document to be perfected to the same extent
and with the same priority as the Liens (subject to Permitted Liens) granted on Collateral owned by the Company or a Guarantor
on the Issue Date are perfected (including, with respect to Equity Interests of a Subsidiary or intercompany debt, perfection by
control to the extent required by the applicable Security Document, and in the case of real property, cause the new Mortgage or
amendment to the existing Mortgage, as applicable, to be filed or recorded as required by Section 12.03 hereof).


 


(c)          The
Company shall furnish to the Trustee and the Noteholder Collateral Agent (if other than the Trustee), on or within one month of
December 31 of each year, commencing December 31, 2014, an Opinion of Counsel with respect to Collateral as defined in the Security
Agreement that constitutes property covered by Article 9 of the UCC and as to which perfection may be accomplished by possession,
control or filing of a financial statement under Article 9 of the UCC either (1) stating that, in the opinion of such counsel,
all action necessary and required under the Security Documents to perfect or continue the perfection of the security interests
created by the Security Agreement in such Article 9 Collateral has been taken and reciting the details of such action or referring
to prior Opinions of Counsel in which such details are given or (2) stating that, in the Opinion of such Counsel, no such action
is necessary to perfect or continue the perfection of any security interest created under the Security Agreement. Such opinion
may be subject to the limitations and assumptions of any prior opinion (including the opinions delivered on the Issue Date in connection
with the offering of the Notes) to the extent such limitations and assumptions are applicable and other customary assumptions and
limitations.


 




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Section 12.03         Mortgages
and Filings.


 


Neither the Company
nor any of the Guarantors owns any real property in fee simple on the Issue Date. If any real property having a Fair Market Value
of more than $5.0 million shall be acquired by the Company or a Guarantor after the Issue Date that is not Excluded Property (as
defined in the Security Agreement) (individually and collectively, the “Premises”), the Company shall use commercially
reasonable efforts to deliver to the Noteholder Collateral Agent within 90 days of the Issue Date, or with respect to the Premises
acquired after the Issue Date, within 120 days of the date of acquisition of such Premises or, in the case of any Premises located
outside of the United States of America, within such period of time (which may be longer than 120 days after the date of acquisition
of such Premises), as may be reasonably necessary to obtain and deliver the following documents, (subject to the terms of the Intercreditor
Agreement):


 


(a)          fully
executed counterparts of Mortgages, duly executed by the Company or a Guarantor, as applicable, together with evidence of the completion
(or satisfactory arrangements for the completion), of all recordings and filings of such Mortgage and any financing statements
as may be necessary to create a valid, recorded Lien in favor of the Noteholder Collateral Agent (subject to no liens other than
Permitted Liens) against the properties purported to be covered thereby;


 


(b)          mortgagee’s
title insurance policies in favor of the Noteholder Collateral Agent, as mortgagee for the ratable benefit of the Noteholder Collateral
Agent and the Holders in an amount equal to the Fair Market Value of the Premises, insuring that title to such Premises is indefeasible
and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances
other than Permitted Liens (including any defects or encumbrances that do not in the aggregate materially adversely affect the
value of said Premises or materially adversely impair their use in the operation of the Premises), together with such endorsements,
coinsurance and reinsurance, as the Company determines are customary and shall be accompanied by evidence of the payment in full
of all premiums thereon;


 


(c)          with
respect to each of the Premises, the most recent survey of such Premises, together with either (i) an updated survey certification
in favor of the Noteholder Collateral Agent from the applicable surveyor stating that, based on a visual inspection of the Premises
and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (ii) an affidavit from the Company
or a Guarantor, as applicable, stating that there has been no change, sufficient for the title insurance company to remove all
standard survey exceptions and issue the endorsements to the title insurance
policies;


 


(d)          a
flood zone certification respecting the Premises, if applicable;


 


(e)          an
opinion from local counsel in each state where a Premises is located and covering customary local counsel matters with respect
to the Mortgage;


 


(f)          copies
of all real property leases in which the Company or a Guarantor, as applicable, holds the lessor’s interest or other real
property agreements relating to possessory interests, if any, in each case that the Board of Directors or an Officer of the Company
determines, in the exercise of its reasonable discretion, are material with respect to the Company and its Restricted Subsidiaries
considered as a whole;


 




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(g)          copies
certified by the Secretary, Assistant Secretary or other Officer of the Company or a Guarantor, as applicable, of (i) all organizational
documents of the Company or a Guarantor, as applicable, and (ii) documents, evidencing the corporate authority of the Company or
a Guarantor, as applicable, to enter into the Mortgage;


 


(h)          evidence
that the Company or a Guarantor, as applicable, has made all notifications, registrations and filings, to the extent that applicable
laws, including without limitation environmental, health and safety laws, require such notifications, registrations and filings
in connection with the Mortgage or, with respect to Premises acquired after the Issue Date, the acquisition of the Premises;


 


(i)          evidence
of casualty and property insurance as required by the applicable Mortgage;


 


(j)          evidence
that all applicable mortgage or transfer taxes and filing or recording fees relating to the granting or recording of the applicable
Mortgage required hereunder have been paid in full; and


 


(k)          an
Officers’ Certificate reasonably certifying that all items in this Section 12.03 have been delivered.


 


Section 12.04         Advances
to Subsidiaries.


 


If the Company or any
Restricted Subsidiary makes any loans or other advances to Restricted Subsidiaries after the Issue Date, then such loans or other
advances will either (1) be evidenced by intercompany notes in favor of the Company or such Restricted Subsidiary and will be pledged
pursuant to the Security Documents as Collateral to secure the Notes, or (2) the Company will not, and will cause the applicable
Restricted Subsidiary not to, pledge or deliver any such intercompany note as security for Indebtedness to any other party. Any
such intercompany note will be payable upon demand. If the Restricted Subsidiary is not a party to the Intercompany Subordinated
Note (as defined in the Security Agreement), such Restricted Subsidiary shall, within 30 days of making such loan or advance, execute
and deliver to the Noteholder Collateral Agent a joinder to the Intercompany Subordinated Note in the form attached as Exhibit
3 to the Security Agreement.


 


Section 12.05         Additional
Collateral.


 


If property of a type
constituting Collateral is acquired by the Company or a Guarantor that is not automatically subject to a perfected security interest
under the Security Documents or a Restricted Subsidiary becomes a Guarantor, then the Company and such Guarantor, as applicable,
will, as soon as reasonably practicable after such property’s acquisition or such Subsidiary becoming a Guarantor:


 


(a) grant Liens
on such property (or, in the case of a new Guarantor, all of its assets constituting the type that is Collateral) in favor of the
Noteholder Collateral Agent for the benefit of the Holders of Notes (and, to the extent such grant would require the execution
and delivery of a Security Document, the Company or such Guarantor shall execute and deliver such Security Document on substantially
the same terms as the Security Documents covering Collateral owned by the Company or a Guarantor on the Issue Date including, with
respect to personal property, execution of a supplement to the Security Agreement and, with respect to fee-owned real property
having a Fair Market Value in excess of $5.0 million, execution of a new mortgage or an amendment to an existing mortgage);


 


(b) deliver certain
certificates in respect thereof as required by the Security Documents and, in the case of real property located in the United States,
a title insurance policy relating to any mortgage therein; and


 




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(c) to the extent
required by the Security Documents, cause the Lien granted in such Security Document to be duly perfected to the same extent and
with the same priority as the Liens (subject to Permitted Liens) granted on Collateral owned by the Company or a Guarantor on the
Issue Date are perfected (including, with respect to Equity Interests of a Subsidiary or intercompany debt, perfection by control
to the extent required by the applicable Security Document and, to the extent applicable to assets and property not constituting
Excluded Property, taking such action as may be required under the terms of the Security Document to be taken under the laws of
any applicable foreign jurisdiction to create, perfect and maintain the requisite priority of such Lien under such laws, including,
to the extent so required, entering into security documentation governed by foreign law).


 


In addition, to the
extent any disposition of assets or property in an Asset Sale is of Collateral, any non-cash consideration received by the Company
or any Restricted Subsidiary will be pledged as Collateral under the Security Documents as soon as reasonably practicable after
such sale, in accordance with the requirements set forth in the Security Documents.


 


Notwithstanding the
foregoing, the Board of Directors of the Company and the Guarantors shall have discretion to determine not to obtain or perfect
a security interest in non-U.S. assets or property under the circumstances described in Section 3.7 of the Security Agreement.


 


Section 12.06         Further
Assurances.


 


(a)          Neither
the Company nor any Guarantor will enter into any agreement that requires the proceeds received from any sale of Collateral to
be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted or
required by this Indenture or the Security Documents (including, without limitation, the Intercreditor Agreement)..


 


(b)          
Subject to the terms of the Intercreditor Agreement, neither the Company nor any Guarantor will take or omit to take any action
which would adversely affect or impair in any material respect the Liens in favor of the Noteholder Collateral Agent with respect
to the Collateral, except as otherwise permitted or required by the Security Documents or this Indenture.


 


(c) The Company
shall, and shall cause each Guarantor to, at their sole cost and expense, (i) execute and deliver all such agreements and instruments
and take all further action as the Noteholder Collateral Agent may reasonably request to more fully or accurately describe the
property intended to be Collateral or the obligations intended to be secured by the Security Documents; and (ii) file any such
notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the
Liens created by the Security Documents.


 


(d) The Company
will, and shall cause its Subsidiaries to, as soon as reasonably practicable, following the Issue Date, terminate and release all
Liens on assets located outside the United States (other than Liens securing intercompany obligations between any Foreign Subsidiary,
on the one hand, and the Company or any Guarantor, on the other hand), or on any Equity Interests of any Foreign Subsidiaries owned
by the Company or any Guarantor, in each case that secured the obligations of the Company and its Subsidiaries under the credit
agreement among the Company, the subsidiaries party thereto, the lenders party thereto and MC Admin Co LLC, as administrative agent,
dated as of November 28, 2012, as amended.


 


Section 12.07         Release
of Liens.


 


(a)          Subject
to the terms of the Notes Documents and the Intercreditor Agreement, the Company and the Guarantors will be entitled to releases
of assets included in the Collateral from the Liens securing the Notes Obligations under the Notes Documents under any one or more
of the following circumstances and such Liens on such assets shall automatically, without the need for any further action by any
Person, be released, terminated and discharged:


 




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(1)         with
respect to any asset constituting Collateral, if such Collateral is sold or otherwise disposed of (including by way of merger or
consolidation, among other things) in accordance with the terms of Section 4.20 and the Security Documents and the Company has
delivered to the Noteholder Collateral Agent an Officers’ Certificate certifying to such effect; provided (a) any
cash received from a disposition of Collateral will be required to be deposited in a deposit account controlled by the Company
and held as Collateral subject to the Liens created by the applicable Security Documents pending its application or use in compliance
with Section 4.20 hereof and, from such deposit account, the Company or any Restricted Subsidiary may withdraw funds to deploy
the proceeds of an Asset Sale in compliance with Section 4.20 hereof; and (b) that to the extent that any disposition in such Asset
Sale was of Collateral, the non-cash consideration received will, to the extent required by the Security Documents, be pledged
as Collateral under the Security Documents as soon as reasonably practicable after such sale, in accordance with the requirements
set forth in this Indenture and the Security Documents;


 


(2)         if
any Guarantor is released from its Note Guarantee in accordance with the terms of this Indenture (including by virtue of such Guarantor
ceasing to be a Restricted Subsidiary), that Guarantor’s assets will also be released from the Liens securing its Note Guarantee
and its other Obligations under this Indenture, its Note Guarantees and the Security Documents.


 


(3)         if
required in accordance with the terms of the Intercreditor Agreement or any Security Document;


 


(4)         upon
Legal Defeasance or Covenant Defeasance pursuant to Article 8 hereof or satisfaction and discharge pursuant to Article 10 hereof;


 


(5)         if
such property or assets become Excluded Property;


 


(6)         with
the consent of the Holders of Notes of the requisite percentage of outstanding Notes in accordance with Article 9 of this Indenture;
or


 


(7)         if,
in connection with the exercise of the ABL Agent’s remedies in respect of any ABL Priority Collateral (as defined in the
Security Agreement), the ABL Agent, on behalf of holders of ABL Obligations, as defined in the Intercreditor Agreement, releases
any of its Liens on any part of the ABL Priority Collateral, then the Liens, if any, of the Noteholder Collateral Agent for the
benefit of the Holders of the Notes on the ABL Priority Collateral sold or disposed of in connection with such exercise will be
automatically, unconditionally and simultaneously released; and, in such event, the Noteholder Collateral Agent, on behalf of itself
and the Holders of the Notes, at the Company's expense, promptly will execute and deliver to the ABL Agent such termination statement,
releases and other documents as the ABL Agent may request in writing to effectively confirm such release.


 


(b)          Subject
to the terms of the Intercreditor Agreement, upon receipt of any necessary or proper instruments of termination, satisfaction or
release prepared by the Company or the Guarantors, as the case may be, the Noteholder Collateral Agent and, if applicable, the
Trustee, shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted
to be released pursuant to this Indenture or the Security Documents, including the Intercreditor Agreement; provided that
(except for dispositions excluded from the definition of the term “Asset Sale”) the Company or the applicable Guarantor,
as the case may be, executes and delivers an Officers’ Certificate to the Noteholder Collateral Agent certifying that the
release of such Collateral is permitted under the terms of this Indenture and that all conditions precedent to such release have
been satisfied.


 




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(c)          The
release of any Collateral from the terms of the Security Documents pursuant to this Section 12.07 shall not be deemed to impair
the Collateral under the Notes Documents in contravention of the provisions thereof and hereof.


 


Section 12.08         Form
and Sufficiency of Release.


 


In the event that the
Company or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any
portion of the Collateral that may be sold, exchanged or otherwise disposed of by the Company or any Guarantor to any Person other
than the Company or a Guarantor in accordance with the Notes Documents, and the Company or any Guarantor requests in writing that
the Noteholder Collateral Agent and, if applicable, the Trustee furnish a written disclaimer, release or quit-claim of any interest
in such property under the Notes Documents, the Noteholder Collateral Agent and, if applicable, the Trustee shall execute, acknowledge
and deliver to the Company or such Guarantor (in proper form prepared by the Company or such Guarantor) such an instrument promptly
after satisfaction of the conditions set forth herein for delivery of any such release. Notwithstanding the preceding sentence,
all purchasers and grantees of any property or rights purporting to be released herefrom shall be entitled to rely upon any release
executed by the Noteholder Collateral Agent hereunder as sufficient for the purpose of the Notes Documents and as constituting
a good and valid release of the property therein described from the Lien of the Notes Documents.


 


Section 12.09         Authorization
of Actions to be Taken by the Noteholder Collateral Agent Under the Security Documents.


 


Subject to the provisions
of the applicable Security Documents, the Trustee and each Holder, by acceptance of any Notes, agrees that (a) the Noteholder Collateral
Agent shall execute and deliver the Security Documents, and all agreements, documents and instruments incidental thereto, and act
in accordance with the terms thereof, (b) the Noteholder Collateral Agent may, in its sole discretion and without the consent of
the Trustee or the Holders, take all actions it deems necessary or appropriate in order to (i) preserve the Collateral or rights
under the Security Documents and (ii) collect and receive any and all amounts payable in respect of the Obligations of the Company
and the Guarantors hereunder and under the Notes Documents and (c) the Noteholder Collateral Agent shall have power to institute
and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any act that
may be unlawful or in violation of the Notes Documents, and such suits and proceedings as the Noteholder Collateral Agent may deem
expedient to preserve or protect its interests and the interests of the Holders in the Collateral (including the 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 thereunder or be prejudicial to the interests of the Noteholder Collateral Agent, the
Holders or the Trustee). Notwithstanding the foregoing, the Noteholder Collateral Agent may, at the expense of the Company, request
the direction of the Holders with respect to any such actions and upon receipt of the written consent of the Holders of a majority
in aggregate principal amount of the then outstanding Notes, shall take such actions; provided that all actions so taken
shall, at all times, be in conformity with the requirements of the Intercreditor Agreement, if applicable.


 




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Section 12.10         Authorization
of Receipt of Funds by the Trustee Under the Security Documents.


 


The Noteholder Collateral
Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the Security
Documents and to the extent not prohibited under the Intercreditor Agreement for turnover to the Trustee to make further distributions
of such funds to itself, the Trustee and the Holders in accordance with the provisions of Section 6.10 and the other provisions
of this Indenture.


 


Section 12.11         Replacement
of Noteholder Collateral Agent.


 


A resignation or removal
of the Noteholder Collateral Agent and appointment of a successor Noteholder Collateral Agent shall be effected pursuant to the
terms of the Security Agreement and this Section 12.11.


 


Subject to the appointment
and acceptance of a successor Noteholder Collateral Agent as provided below, the Noteholder Collateral Agent may resign at any
time by giving notice thereof to the Company, the Guarantors, the Trustee and the Holders. Upon receipt of such notice, the Company
shall appoint a successor Noteholder Collateral Agent. Upon acceptance by a successor Noteholder Collateral Agent of an appointment
to serve as Noteholder Collateral Agent hereunder and under the Notes Documents, such successor Noteholder Collateral Agent shall
thereupon succeed to and become vested with all the rights, powers, duties and obligations of the retiring Noteholder Collateral
Agent without further act. Any successor to U.S. Bank National Association by merger or acquisition of stock or acquisition of
the corporate trust business shall continue to be Noteholder Collateral Agent hereunder without further act on the part of the
parties hereto, unless such successor resigns as provided above.


 


Section 12.12 Conflicting Provisions.
Notwithstanding any other provision hereof to the contrary, with respect to Foreign Located Assets and Foreign Equity (each as
defined in the Security Agreement), in the event of any conflict or inconsistency between this Agreement and Article III of the
Security Agreement, the provisions of Article III of the Security Agreement shall control.


 


ARTICLE 13


MISCELLANEOUS


 


Section 13.01         [Reserved]


 


Section 13.02         Notices.


 


Any notice or communication
by the Company, any Guarantor, the Noteholder Collateral Agent or the Trustee to the others is duly given if in writing and delivered
in person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier
providing for next day business delivery, to the others’ address:


 


If to the Company and/or any Guarantor:



SAExploration Holdings, Inc.


1160 Dairy Ashford, Suite 160


Houston, Texas 77079


Attention: Chief Financial Officer


 


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


 




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Strasburger & Price, L.L.P.


909 Fannin Street, Suite 2300


Houston, Texas 77010


Attention: Garney Griggs, Esq.


 


If to the Trustee or Noteholder Collateral Agent:


 


U.S. Bank National Association

5555 San Felipe Street, Suite 1150


Houston, Texas 77056


Attention: Mauri J. Cowen


 


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


 


Thompson & Knight
LLP


333 Clay St., Suite
3300


Houston, Texas. 77002


Attention: Cassandra
G. Mott, Esq.


 


The Company, any Guarantor,
the Noteholder Collateral Agent or the Trustee, by notice to the others, may designate additional or different addresses for subsequent
notices or communications.


 


All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery.


 


Any notice or communication
to a Holder may be delivered by hand, email or fax (if such Holder has provided an email address or fax number), or mailed by first
class mail, or by overnight air courier providing for next day delivery to its address shown on the register kept by the Registrar.
Failure to mail a notice or communication to a Holder or any defect in it will 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 will mail a copy to the Trustee and each Agent at the same time.


 


Notwithstanding any
other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any
notice of redemption) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given
to the Depositary for such Note (or its designee), pursuant to the customary procedures of such Depositary.


 


A copy of this Indenture
and the Security Documents may be requested from the Company in writing by a Holder for no charge.


 




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Section 13.03         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, the Note Guarantee, any Security
Document or the Notes. The Company, the Trustee, the Noteholder Collateral Agent, the Registrar and anyone else shall have the
protection of TIA § 312(c).


 


Section 13.04         Certificate
and Opinion as to Conditions Precedent.


 


Upon any request or
application by the Company to the Trustee or the Noteholder Collateral Agent, as the case may be, to take any action under this
Indenture or any Security Document, the Company shall furnish to the Trustee or the Noteholder Collateral Agent, as the case may
be, evidence of compliance with the conditions precedent, if any, provided for in this Indenture or any Security Document (including
any covenants compliance with which constitutes a condition precedent), to include:


 


(1)         an
Officers’ Certificate (which must include the statements set forth in Section 13.05 hereof) stating that, in the opinion
of the signers, all conditions precedent, provided for in this Indenture or any Security Document relating to the proposed action
have been satisfied; and


 


(2)         an
Opinion of Counsel (which must include the statements set forth in Section 13.05 hereof) stating that, in the opinion of such counsel,
all such conditions precedent have been satisfied.


 


Section 13.05         Statements
Required in Certificate or Opinion.


 


Each certificate or
opinion with respect to compliance with a condition provided for in this Indenture or any Security Document must include:


 


(1)         a
statement that the Person making such certificate or opinion has read such condition;


 


(2)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;


 


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


 


(4)         a
statement as to whether or not, in the opinion of such Person, such condition has been satisfied.


 


Section 13.06         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 13.07         No
Personal Liability of Directors, Officers, Employees and Stockholders.


 


No director, officer,
employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any Obligations of
the Company or the Guarantors 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 of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes.


 




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Section 13.08         Governing
Law.


 


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


 


Section 13.09         No
Adverse Interpretation of Other Agreements.


 


To the extent permitted
by applicable law, 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 13.10         Successors.


 


All agreements of the
Company in this Indenture and the Notes will bind its successors to the extent provided in this Indenture. All agreements of the
Trustee and the Noteholder Collateral Agent in this Indenture will bind their successors. All agreements of each Guarantor in this
Indenture will bind its successors, except as otherwise provided in Section 11.05 hereof.


 


Section 13.11         Severability.


 


In case any provision
in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.


 


Section 13.12         Counterpart
Originals.


 


The parties may sign
any number of copies of this Indenture. Each signed copy or counterpart will be an original, but all of them together represent
the same agreement. This Indenture may be executed in multiple counterparts, which when taken together, shall constitute one instrument.
The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.


 


Section 13.13         Table
of Contents, Headings, etc.


 


The Table of Contents
and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.


 


Section 13.14         Releases.


 


If any provision of this
Indenture provides that, upon the occurrence of specified events or the satisfaction of specified conditions, any Collateral shall
be released or the Company or any Guarantor shall be released from its obligations under this Indenture, any Security Document,
any Note or any Note Guarantee, then the Trustee and the Noteholder Collateral Agent shall execute and deliver (in each case at
the expense and request of the Company), such instruments, agreements, releases, termination statements, certificates and other
documents as the Company shall reasonably request in order to effect or evidence such release.


 


[Signatures on following page]


 




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IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.


 


	 	SAEXPLORATION HOLDINGS, INC., as Issuer
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary
	 	 	 
	 	SAEXPLORATION SUB, INC., as a Guarantor
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary
	 	 	 
	 	SAEXPLORATION, INC., as a Guarantor
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary
	 	 	 
	 	NES, LLC, as a Guarantor
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary
	 	 	 
	 	SAEXPLORATION SEISMIC SERVICES (US)

LLC, as a Guarantor
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary


 


[Signature Page to Indenture]


 




    	 



    	 



    

  


	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 /s/ Mauri J. Cowen
	 	 	Name: Mauri J. Cowen
	 	 	Title: Vice President
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as

Noteholder Collateral Agent
	 	 
	 	By:	 /s/ Mauri J. Cowen
	 	 	Name: Mauri J. Cowen
	 	 	Title: Vice President


 


[Signature Page to Indenture]


 




    	 



    	 



    

 


EXHIBIT A


 





 






 


[For Global Notes Only] THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THIS INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT
OF THE COMPANY.


 


UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.


 




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[For Rule 144A/IAI/Temporary
Regulation S Notes] THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE 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
SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 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),
(B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S PROMULGATED
UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH, THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE OR
(C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES
ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH
SAEXPLORATION HOLDINGS, INC. (THE "COMPANY") OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR
OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR 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 WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S.
PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT AND IN ACCORDANCE
WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, (D) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501 (A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY
FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S OR REGISTRAR’S, AS APPLICABLE,
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER
IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.


 


[For Temporary Regulation
S Notes] [PRIOR TO THE EXPIRATION OF THE 40-DAY "DISTRIBUTION COMPLIANCE PERIOD" (AS DEFINED IN REGULATION S), THIS NOTE
MAY NOT BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF WITHIN THE UNITED STATES OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON WITHIN THE MEANING OF REGULATION S, EXCEPT TO A PERSON REASONABLY BELIEVED TO BE
A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND THE INDENTURE
OR OTHERWISE IN ACCORDANCE WITH REGULATION S.]


 




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[Face of Note]


 


CUSIP 144A: 78636X AA3


Reg S: U7787T AA5


IAI: 78636X AB1


 


10.000% Senior Secured Notes due 2019


	 	 
	No. ___	$____________


 


SAEXPLORATION HOLDINGS, INC.


 


promises to pay to               
or registered assigns, the principal sum of __________________________________________________________ DOLLARS [or such other amount
as shall be specified on the Schedule of Exchanges of Interests in the Global Note attached hereto]* on July 15, 2019.


 


Interest Payment Dates: January 15 and
July 15, commencing on January 15, 2015.


 


Record Dates: January 1 and July 1


 


Dated: _______________, 20__


  


	 	SAEXPLORATION  HOLDINGS, INC.
	 	   	         
	   	By:	           
	 	 	Name:  
	 	 	Title:


 


This is one of the Notes referred to

in the within-mentioned Indenture:






U.S. BANK NATIONAL ASSOCIATION,

  as Trustee


 





	By:	 	 	 
	 	Authorized Signatory	 	 







  


Dated:


 


*Applicable only to Global Notes


 




    	A-3



    	 



    

  


[Back of Note]


10.000% Senior Secured Notes due 2019


 


Capitalized terms used
herein and not defined herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.


 


(1)         Interest.
SAExploration Holdings, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal
amount of this Note at a rate of 10.000% per annum, from July 2, 2014 until July 15, 2019. The Company will pay interest semi-annually
in arrears on January 15 and July 15 of each year (each, an “Interest Payment Date”). Interest on the Notes
will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or
duly provided for, from the date of issuance; provided that if there is no existing default in the payment of interest,
and if this Note is authenticated between a record date referred to on the face hereof (each, a “Record Date”)
and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided
further that the first Interest Payment Date shall be January 15, 2015. To the extent permitted by applicable law, the Company
will pay interest (including post-petition interest in any proceeding under any Bankruptcy Code) on overdue principal, premium,
if any, and interest (without regard to any applicable grace period), from time to time on demand at a rate equal to 2% per annum
in excess of the interest rate set forth in the caption on the face of this Note to the Person who is the Holder of this Note on
a subsequent special record date, all as provided in the Indenture. All reference to “interest” in this Note and the
Indenture mean the initial interest rate borne by the Notes and, to the extent permitted by applicable law, any increases in that
rate to the extent overdue interest accrues on the Notes (unless the Indenture states otherwise). Interest will be computed on
the basis of a 360-day year comprised of twelve 30-day months. Anything in this Note, the Note Guarantees or the Indenture to the
contrary notwithstanding, if any Interest Payment Date, maturity date, Redemption Date, repurchase date pursuant to Sections 3.09,
4.19 or 4.20 of the Indenture or other date on which any payment of principal, premium, if any, interest or Additional Interest,
if any, on this Note is due is not a Business Date, then such payment need not be made on such date, but such payment may be made
on the next succeeding Business Day with the same force and effect as if made on the date such payment was originally due, and
no interest or other sum shall accrue on the amount payable for the period from and after the date such payment was originally
due nor shall any such delay in payment constitute a Default or Event of Default under the Indenture.


 


(2)         Method
of Payment. The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the close
of business on January 1 or July 1, as the case may be, next preceding the applicable Interest Payment Date, even if such Notes
are transferred or exchanged after such Record Date and on or before such Interest Payment Date, except as provided in Section
2.12 of the Indenture with respect to default and overdue interest and except that interest payable on redemption of any Note on
a Redemption Date that is not an Interest Payment Date, or any repurchase of any Note on a repurchase date pursuant to Sections
3.09, 4.19 or 4.20 of the Indenture that is not an Interest Payment Date, shall be paid to the Persons to whom such redemption
price or repurchase price, as the case may be, is payable. The Notes will be payable as to principal, premium, if any, interest
and Additional Interest, if any, at the office or agency of the Company maintained for such purpose, or, at the option of the Company,
payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided
that (1) payment by wire transfer of immediately available funds will be required with respect to principal of and interest and
premium on, all Global Notes (unless otherwise required by the applicable Depositary). In addition, if a Holder of $10.0 million
aggregate principal amount or more of Definitive Notes has given wire transfer instructions to the Company not later than 15 days
prior to the applicable Interest Payment Date, date of maturity, redemption date or other purchase date, providing for payments
to be made to a bank located in the United States, the Company will pay all principal of, and interest and premium, if any, on,
that Holder’s Notes in accordance with those instructions; provided that payments of principal and premium, if any, shall
be made only against surrender of the applicable Note. Such payment will 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. The principal of the Notes shall be payable
only upon surrender of any Note at the specified offices of the Paying Agent. If the due date for payment of the principal in respect
of any Note is not a Business Day at the place in which it is presented for payment, the Holder thereof shall not be entitled to
payment of the amount due until the next succeeding Business Day at such place.


 




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(3)         Paying
Agent and Registrar. Initially, U.S. 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; provided no Event of Default is continuing.


 


(4)         Indenture,
Registration Rights Agreement and Security Documents. The Company issued the Notes under an Indenture dated as of July
2, 2014 (the “Indenture”) among the Company, the Guarantors, the Noteholder Collateral Agent and the Trustee.
The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred
to the Indenture for a statement of 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. The Indenture does not limit the aggregate principal
amount of Notes that may be issued thereunder. Holders are entitled to the benefits of the Registration Rights Agreement and the
Security Documents.


 


(5)         Ranking.
This Note shall constitute a senior obligation of the Company and the Obligation of the Company under the Indenture and this Note
shall be secured pursuant to the Security Documents and will be subject to the Intercreditor Agreement from and after such time
as the Noteholder Collateral Agent and any other parties thereto shall have entered into the Intercreditor Agreement.


 


(6)         Optional
Redemption. The Notes are subject to redemption at the option of the Company as provided in Article III of the Indenture.


 


(7)         No
Sinking Fund Payments. The Company is not required to make sinking fund payments with respect to the Notes.


 


(8)         Repurchase
at the Option of Holder.


 


(a)  If
there is a Change of Control, the Company will be required, on the terms and subject to the conditions set forth in the Indenture,
to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to minimum
amounts of $2,000 in principal amount and integral multiples of $1,000 in principal amount in excess thereof) of each Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid
interest, thereon to the date of purchase (the “Change of Control Payment”), subject to the rights of Holders
on the relevant Record Date to receive interest due on the relevant Interest Payment Date in respect of then outstanding Notes.
Within 30 days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing
the Change of Control Offer as required by the Indenture.


 




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(b)  If
the Company or a Restricted Subsidiary of the Company consummates an Asset Sale, the Company in circumstances specified in the
Indenture may be required to commence an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders
of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the Indenture
with respect to offers to purchase or redeem with the proceeds of sales of assets pursuant to Section 4.20 of the Indenture to
purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess
Proceeds so long as they exceed $7.5 million (less the aggregate amount of all fees and expenses incurred in connection with such
Asset Sale Offer and any purchase, prepayment or redemption of any such pari passu Indebtedness) 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, subject
to the right of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date, all
on the terms and subject to the conditions set forth in the Indenture. Holders of Notes that are the subject of such an offer to
purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes
purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes.


 


(9)         Notice
of Redemption. Notice of redemption will be mailed by or on behalf of the Company at least 30 days but not more than
60 days before the Redemption Date to the Trustee and each Holder whose Notes are to be redeemed at its registered address, except
that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a
Covenant Defeasance or Legal Defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or
10 thereof. Notes in denominations larger than $2,000 in principal amount may be redeemed in part but only in whole multiples of
$1,000 in principal amount (provided that any unredeemed portion of any Note must be in a principal amount of $2,000 or any integral
multiple of $1,000 in excess thereof), unless all of the Notes held by a Holder are to be redeemed.


 


(10)        Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 in principal amount
and integral multiples of $1,000 in principal amount in excess thereof. 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, the Company need not exchange or register the transfer
of any Notes for a period of 15 days before the day of any 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. Only Holders have rights
under the Indenture and the Notes.


 


(12)        Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes, the Note Guarantees and Security Documents
may be amended or supplemented with the consent of the Holders of a majority in aggregate principal amount of the then outstanding
Notes, voting as a single class, and any existing Default or Event or Default or compliance with any provision of the Indenture,
the Notes, the Note Guarantees or the Security Documents may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes, voting as a single class. Without the consent of any Holder of a Note, the Indenture,
the Notes, the Note Guarantees and Security Documents may be amended or supplemented to cure any ambiguity, defect or inconsistency
and to effect certain other changes as set forth in the Indenture.


 




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(13)        Defaults
and Remedies. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will
become due and payable immediately without further action or notice. Holders may not enforce the Indenture, Security Documents
or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. 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 in the payment
of principal or interest or Additional Interest, if any, or premium, if any,) if and so long as a committee of Trustees' Responsible
Officers in good faith determines that withholding the notice is in the interest of the Holders of the Notes. The Holders of a
majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders
of all of the Notes, rescind an acceleration or 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 or Additional Interest, if any, or premium, if any,
on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Company is required, within 10 Business Days of any Officer of the Company becoming aware of any Default
or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.


 


(14)        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.


 


(15)        No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the 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 of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes.


 


(16)        Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.


 


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


 


(18)        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-7



    	 



    

  


(19)        Governing
Law. THIS NOTE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.


 


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


 


SAExploration Holdings, Inc.


1160 Dairy Ashford, Suite 160


Houston, Texas, 77079


Attention: Chief Financial Officer


 




    	A-8



    	 



    

  


Assignment
Form


 


To assign this Note,
fill in the form below:


 


	 	 
	(I) or (we) assign and transfer this Note to:   	 
	 	 
	 	(Insert assignee’s legal name)
	 	 
	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	(Print or type assignee’s name, address and zip code)



 


	and irrevocably appoint	 
	to transfer this Note on the books of the 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*: _________________________


 


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


 




    	A-9



    	 



    

  


Option of Holder to Elect Purchase


 


If you want to elect
to have this Note purchased by the Company pursuant to Sections 4.19 or 4.20 of the Indenture, check the appropriate box below:


 


	 ̈ Section 4.19 	 	 ̈ Section 4.20


 


If you want to elect
to have only part of the Note purchased by the Company pursuant to Sections 4.19 or 4.20 of the Indenture, state the amount you
elect to have purchased (must be a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof, and the portion,
if any, of this Note that is not being tendered for purchase must be in a principal amount of $2,000 or an integral multiple of
$1,000 in excess thereof):


 


$_______________


 


Date: _______________


 





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







 





	 	Tax Identification No.:  	 







 


Signature Guarantee*: _________________________


 


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


 




    	A-10



    	 



    

  


Schedule
of Exchanges of 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 officer

of Trustee or

Custodian
	 	 	 	 	 	 	 	 	 


 


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



 




    	A-11



    	 



    

 


EXHIBIT B


 


FORM OF CERTIFICATE OF TRANSFER


 


SAExploration Holdings, Inc.


1160 Dairy Ashford, Suite 160


Houston, Texas 77079


Attention: Chief Financial Officer


 


U.S. Bank National Association


5555 San Felipe Street, Suite 1150


 


Houston, Texas, 77056


 


Re:   10.000%
Senior Secured Notes due 2019


 


Reference is hereby made to the Indenture,
dated as of July 2, 2014 (the “Indenture”), among SAExploration Holdings, Inc., as issuer (the “Company”),
the Guarantors party thereto and U.S. Bank National Association, as Trustee or Noteholder Collateral Agent. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.


 


___________________,
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to ___________________________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:


 


[CHECK ALL THAT APPLY]


 


1.    ̈
Check if Transferee will take delivery of a beneficial interest in the Rule 144A Global Note or a Restricted Definitive Note
pursuant to Rule 144A. The Transfer is being effected pursuant to an in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue
sky securities laws of any state of the United States. 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 Rule 144A Global Note and/or the Restricted 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 Temporary Global Note, the Regulation
S Permanent 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, as defined in Regulation S under the Securities Act,
and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (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, as defined
in Regulation S under the Securities Act, or for the account or benefit of a U.S. Person. 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 Permanent Global Note, the Regulation S Temporary
Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.


 




    	B-1



    	 



    

  


3.     ̈
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted 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 Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged
in any general solicitation or general advertising within the meaning of Regulation D under the Securities Act and the Transfer
complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive
Note and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee
in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of
which the Transferor has attached to this certification), to the effect that such Transfer is in 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 be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI
Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act.


 






    	B-2



    	 



    




 


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)	 ̈ Rule
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 of (a), (b) or (c)]


 


		(a)	 ̈ a beneficial
interest in the:



 


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



 


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



 


		(iii)	 ̈ IAI Global
Note (CUSIP _________), or



 


		(b)	 ̈ a Restricted
Definitive Note; or



 


		(c)	 ̈ an Unrestricted
Definitive Note.



 


in accordance with
the terms of the Indenture.


 




    	B-4



    	 



    

  


EXHIBIT C


  


FORM OF CERTIFICATE OF EXCHANGE


  


SAExploration Holdings, Inc.


1160 Dairy Ashford, Suite 160


Houston, Texas, 77079


Attention: Chief Financial Officer


 


U.S. Bank National Association


5555 San Felipe Street, Suite 1150


Houston, Texas, 77056


 


		Re:	10.000% Senior Secured Notes due 2019



 


(CUSIP ____________)


 


Reference is hereby
made to the Indenture, dated as of July 2, 2014 (the “Indenture”), among SAExploration Holdings, Inc., as issuer
(the “Company”), the Guarantors party thereto and U.S. Bank National Association, as Trustee and Noteholder
Collateral Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.


 


__________________________,
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $____________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that:


 


1.          Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes


 


(a)    ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive
Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Note and in the Indenture and the Securities Act of 1933, as amended (the "Securities Act").


 


(b)    ̈
Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with
the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈
Rule 144A Global Note,  ̈ Regulation S Global Note, or  ̈
IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the applicable Restricted Global Note and pursuant to and in accordance with the Securities Act, and in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.


 




    	C-1



    	 



    

  


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: ______________________


 




    	C-2



    	 



    

  


EXHIBIT D


  


FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR


 


SAExploration Holdings, Inc.


1160 Dairy Ashford, Suite 160


Houston, Texas, 77079


Attention: Chief Financial Officer


 


U.S. Bank National Association


5555 San Felipe Street, Suite 1150


Houston, Texas, 77056


 


Re: 10.000%
Senior Secured Notes due 2019


 


Reference is hereby made to the Indenture,
dated as of July 2, 2014 (the “Indenture”), among SAExploration Holdings, Inc., as issuer (the “Company”),
the Guarantors party thereto and U.S. Bank National Association, as Trustee and Noteholder Collateral Agent. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture.


 


In connection with
our proposed purchase of $____________ aggregate principal amount of:


 


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


 


(b)   ̈
a Definitive Note,


 


we confirm that:


 


1.          We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).


 


2.          We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do
so only (A) to the Company or any subsidiary thereof, (B) for so long as the Notes are eligible for resale pursuant to Rule 144A
under the Securities Act, to a person we reasonably believe 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 which
notice is given that the transfer is being made in reliance on Rule 144A under the Securities Act, (C) pursuant to offers and sales
to non-U.S. persons that occur outside the United States within the meaning of Regulation S promulgated under the Securities Act
and in accordance with the laws applicable to it in the jurisdiction in which such purchase is made, (D) to an institutional “accredited
investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that is acquiring such Notes or
such interest therein for its own account, or for the account of such an institutional accredited investor, for investment purposes
and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act, (E) pursuant
to a registration statement which has been declared effective under the Securities Act, or (F) pursuant to another available exemption
from registration requirements of the Securities Act.


 




    	D-1



    	 



    

  


3.          We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you, the
Registrar and the Company such certifications, legal opinions and other information as you, the Registrar and the Company may reasonably
require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased
by us will bear a legend to the foregoing effect and to the effect set forth in Section 2 above.


 


4.          We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or its investment.


 


5.          We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor” as defined above) as to each of which we exercise sole investment discretion.


 


You and the Company
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.


 


	 	 	 
	 	 	[Insert Name of Accredited Investor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Dated: _______________________


 




    	D-2



    	 



    

  


EXHIBIT E


  


FORM OF NOTATION OF GUARANTEE


 


For value received, each Guarantor (which
term includes any successor to such Guarantor under the Indenture referred to below) has, jointly and severally, fully and unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of July 2, 2014 (the
“Indenture”) among SAExploration Holdings, Inc., (the “Company”), the Guarantors party thereto
and U.S. Bank National Association, as trustee and as noteholder collateral agent (the “Trustee”), and the Noteholder
Collateral Agent (a) the due and punctual payment of the principal of, premium, if any, interest and Additional Interest, if any,
on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest, to the
extent permitted by applicable law, on overdue principal of and overdue interest on the Notes, if any, and the due and punctual
performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture
and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note
Guarantee and the Indenture, and the limitations thereon, are expressly set forth in Article 11 of the Indenture and reference
is hereby made to the Indenture for the precise terms of the Note Guarantee.


 


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


 


Capitalized terms used
but not defined herein have the meanings given to them in the Indenture.


 


[Signature Page Follows]


 




    	E-1



    	 



    

  


	 	SAEXPLORATION SUB, INC., as a Guarantor
	 	 
	 	By:	              
	 	Name:
	 	Title:
	 	 
	 	SAEXPLORATION, INC., as a Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	NES, LLC, as a Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	SAEXPLORATION SEISMIC SERVICES (US),

LLC, as a Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:


 




    	E-2



    	 



    

  


EXHIBIT F


 


 


FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS


 


Supplemental
Indenture (this “Supplemental Indenture”), dated as of ________________, 20__, among __________________
(the “Guaranteeing Subsidiary”), a subsidiary of SAExploration Holdings, Inc. (or its permitted successor),
a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred
to herein) and U.S. Bank National Association, as trustee, and Noteholder Collateral Agent under the Indenture referred to below
(the “Trustee”).


 


WITNESSETH


 


WHEREAS, the Company
has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of July 2, 2014
providing for the issuance of 10.000% Senior Secured Notes due 2019 (the “Notes”);


 


WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall fully and unconditionally guarantee all of the Company’s Obligations
under the Notes and the Indenture on the terms and conditions set forth herein (the “Guarantee”); 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
parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes and the Noteholder Collateral
Agent as follows:


 


1.          Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.


 


2.          Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 11 thereof, and subject
to the limitations therein.


 


3.          No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as
such, will have any liability for any obligations of the Company or the Guarantors (including the Guaranteeing Subsidiary) under
the Notes, the 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 of Notes by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes.


 


4.          NEW
YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.


 


5.          Counterparts.
This Supplemental Indenture may be executed in multiple counterparts, which when taken together, shall constitute one instrument.
The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original
Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
their original signatures for all purposes.


 




    	 



    	 



    

  


6.          Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.


 


7.          The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by
the Guaranteeing Subsidiary and the Company.


 




    	F-2



    	 



    




 


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


 


Dated: _______________,
20__


 


	 	SAEXPLORATION  HOLDINGS, INC.
	 	 
	 	By:  	       
	 	 	Name:
	 	 	Title:
	 	 
	 	[Guaranteeing Subsidiary]
	 	 
	 	By:  	      
	 	 	Name:
	 	 	Title:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	  AS TRUSTEE
	 	 	 
	 	By:  	    
	 	 	Authorized Signatory
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	  AS NOTEHOLDER COLLATERAL AGENT
	 	 	 
	 	By:  	      
	 	 	Authorized Signatory


 




    	F-3