First Supplemental Indenture



 Exhibit 4.1 
 Execution Version 
  
  
 PENN VIRGINIA CORPORATION, 
 as
Issuer, 
 PENN VIRGINIA HOLDING CORP. (a Virginia corporation) 
 PENN VIRGINIA OIL & GAS CORPORATION (a Virginia corporation) 
 PENN
VIRGINIA OIL & GAS GP LLC (a Delaware limited liability company) 
 PENN VIRGINIA OIL & GAS LP LLC (a Delaware
limited liability company) 
 PENN VIRGINIA OIL & GAS, L.P. (a Texas limited partnership) 
 PENN VIRGINIA MC CORPORATION (a Delaware corporation) 
 PENN VIRGINIA MC ENERGY L.L.C. (a Delaware limited liability company) 
 and 
 PENN VIRGINIA MC OPERATING COMPANY L.L.C. 
 (a Delaware limited liability company), 
 as Subsidiary Guarantors, 
 and 
 WELL FARGO BANK, NATIONAL
ASSOCIATION, 
 as Trustee 
 FIRST SUPPLEMENTAL INDENTURE 
 Dated as of June 15, 2009 
 to Senior Indenture 
 Dated as of June 15, 2009 
 $300,000,000 10.375% Senior Notes due 2016 
  
  







 CROSS-REFERENCE TABLE 
  

					
	   TIA
 Section
	  	Indenture
Section
	310	 	(a)(1)	  	709
		 	(a)(2)	  	709
		 	(a)(3)	  	N.A.
		 	(a)(4)	  	N.A.
		 	(b)	  	708
		 		  	710
	311	 	(a)	  	713
		 	(b)	  	713
	312	 	(a)	  	801
		 		  	802
		 	(b)	  	802
		 	(c)	  	802
	313	 	(a)	  	803
		 	(b)	  	803
		 	(c)	  	803
		 	(d)	  	803
	314	 	(a)	  	804
		 	(a)(4)	  	201
		 		  	1104
		 	(b)	  	N.A.
		 	(c)(1)	  	202
		 	(c)(2)	  	202
		 	(c)(3)	  	N.A.
		 	(d)	  	N.A.
		 	(e)	  	202
	315	 	(a)	  	701
		 	(b)	  	702
		 	(c)	  	701
		 	(d)	  	701
		 	(e)	  	614
	316	 	(a)	  	201
	316	 	(a)(1)(A)	  	602
		 		  	612
		 	(a)(1)(B)	  	613
		 	(a)(2)	  	N.A.
		 	(b)	  	608
		 	(c)	  	204
	317	 	(a)(1)	  	603
		 	(a)(2)	  	604
		 	(b)	  	1103
	318	 	(a)	  	207

 N.A. means Not Applicable 
  

			
	NOTE:	 	This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Supplemental Indenture.








 TABLE OF CONTENTS 
  


					
	 	  	 	  	Page
	 ARTICLE ONE
 APPLICATION OF SUPPLEMENTAL INDENTURE
 AND CREATION OF THE INITIAL NOTES

			
	 Section 101.
	  	Application of This Supplemental Indenture	  	2
	 Section 102.
	  	Effect of Supplemental Indenture	  	2
	
	 ARTICLE TWO
 DEFINITIONS AND OTHER PROVISIONS
 OF GENERAL APPLICATION

			
	 Section 201.
	  	Definitions	  	3
	 Section 202.
	  	Compliance Certificates and Opinions	  	36
	 Section 203.
	  	Form of Documents Delivered to Trustee	  	37
	 Section 204.
	  	Acts of Holders; Record Dates	  	37
	 Section 205.
	  	Notices, Etc., to Trustee and Company	  	39
	 Section 206.
	  	Notice to Holders; Waiver	  	39
	 Section 207.
	  	Conflict with Trust Indenture Act	  	39
	 Section 208.
	  	Effect of Headings and Table of Contents	  	40
	 Section 209.
	  	Successors and Assigns	  	40
	 Section 210.
	  	Separability Clause	  	40
	 Section 211.
	  	Benefits of Indenture	  	40
	 Section 212.
	  	Governing Law	  	40
	 Section 213.
	  	Legal Holidays	  	40
	 Section 214.
	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	40
	 Section 215.
	  	No Adverse Interpretation of Other Agreements	  	40
	 Section 216.
	  	Counterpart Originals	  	41
	
	 ARTICLE THREE
 NOTE FORMS

			
	 Section 301.
	  	Forms Generally	  	41
	 Section 302.
	  	Form of Legend for Global Notes	  	41
	
	 ARTICLE FOUR
 THE NOTES

			
	 Section 401.
	  	Title and Terms	  	41
	 Section 402.
	  	Denominations	  	42
	 Section 403.
	  	Execution, Authentication, Delivery and Dating	  	42
	 Section 404.
	  	Temporary Securities	  	42
	 Section 405.
	  	Registration, Registration of Transfer and Exchange	  	43
	 Section 406.
	  	Mutilated, Destroyed, Lost and Stolen Notes	  	44
	 Section 407.
	  	Payment of Interest; Interest Rights Preserved	  	45
	 Section 408.
	  	Persons Deemed Owners	  	45
	 Section 409.
	  	Cancellation	  	46

  

 i 









					
	 	  	 	  	Page
	 Section 410.
	  	Computation of Interest	  	46
	
	 ARTICLE FIVE
 SATISFACTION AND DISCHARGE

			
	 Section 501.
	  	Satisfaction and Discharge of Indenture	  	46
	 Section 502.
	  	Application of Trust Money	  	47
	
	 ARTICLE SIX
 REMEDIES

			
	 Section 601.
	  	Events of Default	  	47
	 Section 602.
	  	Acceleration of Maturity; Rescission and Annulment	  	49
	 Section 603.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	50
	 Section 604.
	  	Trustee May File Proofs of Claim	  	50
	 Section 605.
	  	Trustee May Enforce Claims Without Possession of Notes	  	51
	 Section 606.
	  	Application of Money Collected	  	51
	 Section 607.
	  	Limitation on Suits	  	51
	 Section 608.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	52
	 Section 609.
	  	Restoration of Rights and Remedies	  	52
	 Section 610.
	  	Rights and Remedies Cumulative	  	52
	 Section 611.
	  	Delay or Omission Not Waiver	  	52
	 Section 612.
	  	Control by Holders	  	52
	 Section 613.
	  	Waiver of Past Defaults	  	53
	 Section 614.
	  	Undertaking for Costs	  	53
	 Section 615.
	  	Waiver of Usury, Stay or Extension Laws	  	53
	
	 ARTICLE SEVEN
 THE TRUSTEE

			
	 Section 701.
	  	Certain Duties and Responsibilities	  	54
	 Section 702.
	  	Notice of Defaults	  	54
	 Section 703.
	  	Certain Rights of Trustee	  	54
	 Section 704.
	  	Not Responsible for Recitals or Issuance of Notes	  	55
	 Section 705.
	  	May Hold Notes	  	55
	 Section 706.
	  	Money Held in Trust	  	55
	 Section 707.
	  	Compensation and Reimbursement	  	55
	 Section 708.
	  	Conflicting Interests	  	56
	 Section 709.
	  	Corporate Trustee Required; Eligibility	  	56
	 Section 710.
	  	Resignation and Removal; Appointment of Successor	  	56
	 Section 711.
	  	Acceptance of Appointment by Successor	  	57
	 Section 712.
	  	Merger, Conversion, Consolidation or Succession to Business	  	58
	 Section 713.
	  	Preferential Collection of Claims Against Company	  	58
	 Section 714.
	  	Appointment of Authenticating Agent	  	58
	
	 ARTICLE EIGHT
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

			
	 Section 801.
	  	Company to Furnish Trustee Names and Addresses of Holders	  	59
	 Section 802.
	  	Preservation of Information; Communications to Holders	  	60

  

 ii 









					
	 	  	 	  	Page
	 Section 803.
	  	Reports by Trustee	  	60
	 Section 804.
	  	Reports by Company	  	60
	
	 ARTICLE NINE
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

			
	 Section 901.
	  	Company May Consolidate, Etc., Only on Certain Terms	  	61
	 Section 902.
	  	Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms	  	62
	 Section 903.
	  	Certain Permitted Consolidations, Etc.	  	62
	 Section 904.
	  	Successor Substituted	  	62
	
	 ARTICLE TEN
 SUPPLEMENTAL INDENTURES

			
	 Section 1001.
	  	Supplemental Indentures Without Consent of Holders	  	63
	 Section 1002.
	  	Supplemental Indentures With Consent of Holders	  	63
	 Section 1003.
	  	Execution of Supplemental Indentures	  	64
	 Section 1004.
	  	Effect of Supplemental Indentures	  	65
	 Section 1005.
	  	Conformity with Trust Indenture Act	  	65
	 Section 1006.
	  	Reference in Notes to Supplemental Indentures	  	65
	
	 ARTICLE ELEVEN
 COVENANTS

			
	 Section 1101.
	  	Payment of Principal, Premium and Interest	  	65
	 Section 1102.
	  	Maintenance of Office or Agency	  	65
	 Section 1103.
	  	Money for Notes Payments to Be Held in Trust	  	66
	 Section 1104.
	  	Statement by Officers as to Default	  	66
	 Section 1105.
	  	Existence	  	67
	 Section 1106.
	  	[Reserved]	  	67
	 Section 1107.
	  	Payment of Taxes	  	67
	 Section 1108.
	  	[Reserved]	  	67
	 Section 1109.
	  	Waiver of Certain Covenants	  	67
	 Section 1110.
	  	Purchase of Notes Upon a Change of Control	  	67
	 Section 1111.
	  	Limitation on Indebtedness and Preferred Stock	  	69
	 Section 1112.
	  	Limitation on Restricted Payments	  	73
	 Section 1113.
	  	Limitation on Liens	  	77
	 Section 1114.
	  	Limitation on Restrictions on Distributions from Restricted Subsidiaries	  	78
	 Section 1115.
	  	Limitation on Sales of Assets and Subsidiary Stock	  	81
	 Section 1116.
	  	Limitation on Affiliate Transactions	  	83
	 Section 1117.
	  	Future Subsidiary Guarantors	  	85
	 Section 1118.
	  	Payments for Consent	  	85
	 Section 1119.
	  	Covenant Termination	  	86
	
	 ARTICLE TWELVE
 REDEMPTION OF NOTES

			
	 Section 1201.
	  	Applicability of Article	  	86
	 Section 1202.
	  	Election to Redeem; Notice to Trustee	  	86

  

 iii 









					
	 	  	 	  	Page
	 Section 1203.
	  	Optional Redemption	  	86
	 Section 1204.
	  	Selection by Trustee of Notes to Be Redeemed	  	87
	 Section 1205.
	  	Notice of Redemption	  	87
	 Section 1206.
	  	Deposit of Redemption Price	  	88
	 Section 1207.
	  	Notes Payable on Redemption Date	  	88
	 Section 1208.
	  	Notes Redeemed in Part	  	88
	
	 ARTICLE THIRTEEN
 [INTENTIONALLY DELETED]

	
	 ARTICLE FOURTEEN
 DEFEASANCE AND COVENANT DEFEASANCE

			
	 Section 1401.
	  	Company’s Option to Effect Defeasance or Covenant Defeasance	  	89
	 Section 1402.
	  	Defeasance and Discharge	  	89
	 Section 1403.
	  	Covenant Defeasance	  	89
	 Section 1404.
	  	Conditions to Defeasance or Covenant Defeasance	  	90
	 Section 1405.
	  	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	  	91
	 Section 1406.
	  	Reinstatement	  	91
	
	 ARTICLE FIFTEEN
 [INTENTIONALLY DELETED]

	
	 ARTICLE SIXTEEN
 GUARANTEE

			
	 Section 1601.
	  	Unconditional Guarantee	  	92
	 Section 1602.
	  	Execution and Delivery of Guarantee	  	93
	 Section 1603.
	  	Limitation on Subsidiary Guarantors’ Liability	  	94
	 Section 1604.
	  	Release of Subsidiary Guarantors from Guarantee	  	94
	 Section 1605.
	  	Subsidiary Guarantor Contribution	  	94
	
	ANNEX A
		
	 FORM OF NOTE
	  	97
	
	ANNEX B
		
	 NOTATION OF GUARANTEE
	  	104

  

 iv 








 FIRST SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”), dated as of June 15, 2009,
among Penn Virginia Corporation, a corporation duly organized and existing under the laws of the Commonwealth of Virginia (herein called the “Company”), having its principal office at Three Radnor Corporate Center, 100 Matsonford Road,
Radnor, Pennsylvania 19087, and Penn Virginia Holding Corp. (a Virginia corporation), Penn Virginia Oil & Gas Corporation (a Virginia corporation), Penn Virginia Oil & Gas GP LLC (a Delaware limited liability company), Penn
Virginia Oil & Gas LP LLC (a Delaware limited liability company), Penn Virginia Oil & Gas, L.P. (a Texas limited partnership), Penn Virginia MC Corporation (a Delaware corporation), Penn Virginia MC Energy L.L.C. (a Delaware
limited liability company) and Penn Virginia MC Operating Company L.L.C. (a Delaware limited liability company) (together, the “Subsidiary Guarantors”), and Wells Fargo Bank, National Association, as Trustee (herein called the
“Trustee”) to the indenture, dated as of June 15, 2009, among the Company, the Subsidiary Guarantors and the Trustee (the “Base Indenture” and, as supplemented by this Supplemental Indenture, in respect of the Notes, the
“Indenture”). 
 RECITALS OF THE COMPANY AND THE SUBSIDIARY GUARANTORS 
 The Company and the Subsidiary Guarantors have duly authorized, executed and delivered the Base Indenture to provide for the issuance from time to time
of the Company’s unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series (herein called the “Securities”), and the Guarantee by each of the Subsidiary Guarantors of the Securities, as the Base
Indenture provides. The Trustee has duly executed the Base Indenture. 
 Section 901(7) of the Base Indenture provides, among other
things, that the Company and the Trustee may enter into indentures supplemental to the Base Indenture, without the consent of any Holders of Securities, to establish the form or terms of any Security, as permitted by Section 201 of the Base
Indenture, and to provide for the issuance of any series of Securities, as permitted by Section 301 of the Base Indenture, and to set forth the terms thereof. 
 Pursuant to Section 201 of the Base Indenture, the Company desires to execute this Supplemental Indenture to establish the form and terms, and pursuant to Section 301 of the Base Indenture to provide for the
issuance, of a series of senior notes designated as 10.375% Senior Notes due 2016 in an aggregate principal amount of $300,000,000 (the “Initial Notes”). 
 The Company may, if permitted to do so pursuant to the terms of the Indenture, the Initial Notes and the terms of its other indebtedness existing on such future date, authorize the issuance of, if and when issued,
additional senior notes of the same series as the Initial Notes which may be offered subsequent to the Issue Date in accordance with this Supplemental Indenture (the “Additional Notes” and, together with the Initial Notes, the
“Notes”), pursuant to this Supplemental Indenture and the Company, the Subsidiary Guarantors and the Trustee have agreed that the Company shall issue and deliver, and the Trustee shall authenticate, the Notes pursuant to the terms of the
Indenture and substantially in the form set forth as Annex A attached hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture. 
 The Company and the Subsidiary Guarantors are members of the same consolidated group of companies. The Subsidiary Guarantors will derive direct and
indirect economic benefit from the issuance of the Securities. Accordingly, each Subsidiary Guarantor has duly authorized the execution and delivery of this Supplemental Indenture to provide for its full, unconditional and joint and several
Subsidiary Guarantee of the Notes to the extent provided in or pursuant to the Indenture. 
  

 1 








 This Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended,
that are required to be a part of this Supplemental Indenture and shall, to the extent applicable, be governed by such provisions. 
 All
things necessary have been done to make the Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company. All things necessary to make this Supplemental Indenture
a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE ONE 
 APPLICATION OF SUPPLEMENTAL INDENTURE 
 AND CREATION OF THE INITIAL NOTES 

 Section 101. Application of This Supplemental Indenture. 
 Notwithstanding any other provision of this Supplemental Indenture, the provisions of this Supplemental Indenture, including as provided in Section 102 below, are expressly and solely for the benefit of the
Holders of the Notes and the Subsidiary Guarantees. The Initial Notes constitute a series of Securities (as defined in the Base Indenture) as provided in Section 301 of the Base Indenture. Unless otherwise expressly specified, references in
this Supplemental Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this Supplemental Indenture, and not the Base Indenture or any other document. 
 Section 102. Effect of Supplemental Indenture. 
 With respect
to the Notes (and any Guarantee endorsed thereon) only, the Base Indenture shall be supplemented pursuant to Section 901 thereof to establish the terms of the Notes (and any Guarantee endorsed thereon) as set forth in this Supplemental
Indenture, including as follows: 
  

	 	(a)	Definitions. The definitions and other provisions of general application set forth in Section 101 of the Base Indenture are deleted and replaced in their entirety by the
provisions of Section 201 of this Supplemental Indenture; 

  

	 	(b)	Provisions of General Application and Security Forms. Sections 102 through 113 and Article Two of the Base Indenture are deleted and replaced in their entirety by the
provisions of Articles Two and Three, respectively (other than Section 201 of this Supplemental Indenture) of this Supplemental Indenture; 

  

	 	(c)	Transfer and Exchange. The provisions of Article Three of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Four of this Supplemental
Indenture; 

  

	 	(d)	Satisfaction and Discharge. The provisions of Article Four of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Five of this
Supplemental Indenture; 

  

	 	(e)	Remedies. The provisions of Article Five of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Six of this Supplemental Indenture;


  

 2 









	 	(f)	The Trustee. the provisions of Article Six of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Seven of this Supplemental Indenture;


  

	 	(g)	Holders’ Lists and Reports by Trustee and Company. The provisions of Article Seven of the Base Indenture are deleted and replaced in their entirety by Article Eight of this
Supplemental Indenture; 

  

	 	(h)	Consolidation, Merger, Sale of Assets. The provisions of Article Eight of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Nine of this
Supplemental Indenture; 

  

	 	(i)	Supplemental Indentures. The provisions of Article Nine of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Ten of this
Supplemental Indenture; 

  

	 	(j)	Covenants. The provisions of Article Ten of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Eleven of this Supplemental
Indenture; 

  

	 	(k)	Redemption. The provisions of Article Eleven of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Twelve of this Supplemental
Indenture; 

  

	 	(l)	Conversion. The provisions of Article Thirteen of the Base Indenture are deleted in their entirety; 

  

	 	(m)	Defeasance. The provisions of Article Fourteen of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Fourteen of this Supplemental Indenture;


  

	 	(n)	Sinking Fund. The provisions of Article Fifteen of the Base Indenture are deleted in their entirety; 

  

	 	(o)	Guarantee. The provisions of Article Sixteen of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Sixteen of this Supplemental Indenture;
and 

  

	 	(p)	Annex B of this Supplemental Indenture replaces Annex A of the Base Indenture. 

 To the extent that the provisions of this Supplemental Indenture (including those referred to in clauses (a) through (p) above) conflict with any provision of the Base Indenture, the provisions of this
Supplemental Indenture shall govern and be controlling, solely with respect to the Notes (and any Guarantee endorsed thereon). 
 ARTICLE
TWO 
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
 Section 201. Definitions 
 For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

  

 3 








 (2) all other terms used herein which are defined in the Trust Indenture Act, or the
Securities Act of 1933, as amended, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted
accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of this instrument; 
 (4) unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a
Section, as the case may be, of this Supplemental Indenture; and 
 (5) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Acquired Indebtedness” means Indebtedness (i) of a Person or any of its Subsidiaries existing at the time such Person becomes or is merged with and into a Restricted Subsidiary or (ii) assumed in
connection with the acquisition of assets from such Person, in each case whether or not Incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary or such acquisition. Acquired
Indebtedness shall be deemed to have been Incurred, with respect to clause (i) of the preceding sentence, on the date such Person becomes or is merged with and into a Restricted Subsidiary and, with respect to clause (ii) of the preceding
sentence, on the date of consummation of such acquisition of assets. 
 “Act”, when used with respect to any Holder, has the
meaning specified in Section 204. 
 “Additional Assets” means: 
 (1) any properties or assets to be used by the Company or a Restricted Subsidiary in the Oil and Gas Business; 
 (2) capital expenditures by the Company or a Restricted Subsidiary in the Oil and Gas Business; 
 (3) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company
or a Restricted Subsidiary; or 
 (4) Capital Stock constituting a minority interest in any Person that at such time is a
Restricted Subsidiary; 
 provided, however, that, in the case of clauses (3) and (4), such Restricted Subsidiary is primarily engaged in
the Oil and Gas Business. 
 “Adjusted Consolidated Net Tangible Assets” of a Person means (without duplication), as of the date of
determination, the remainder of: 
 (a) the sum of: (i) discounted future net revenues from proved oil and gas reserves
of such Person and its Restricted Subsidiaries calculated in accordance with SEC guidelines before any state or federal income taxes, as estimated by the Company in a reserve report prepared 

  

 4 








 
as of the end of the Company’s most recently completed fiscal year for which audited financial statements are available, as increased by, as of the date
of determination, the estimated discounted future net revenues from (A) estimated proved oil and gas reserves acquired since such year end, which reserves were not reflected in such year end reserve report, and (B) estimated oil and gas
reserves attributable to extensions, discoveries and other additions and upward revisions of estimates of proved oil and gas reserves since such year end due to exploration, development or exploitation, production or other activities, which would,
in accordance with standard industry practice, cause such revisions, in the case of clauses (A) and (B) calculated in accordance with SEC guidelines (utilizing the prices for the fiscal quarter ending prior to the date of determination),
and decreased by, as of the date of determination, the estimated discounted future net revenues from (C) estimated proved oil and gas reserves produced or disposed of since such year end, and (D) estimated oil and gas reserves attributable
to downward revisions of estimates of proved oil and gas reserves since such year end due to changes in geological conditions or other factors which would, in accordance with standard industry practice, cause such revisions, in each case calculated
on a pre-tax basis and substantially in accordance with SEC guidelines in the case of clauses (C) and (D) utilizing the prices for the fiscal quarter ending prior to the date of determination; provided, however, that in the
case of each of the determinations made pursuant to clauses (A) through (D), such increases and decreases shall be as estimated by the Company’s petroleum engineers; (ii) the capitalized costs that are attributable to Oil and Gas
Properties of such Person and its Restricted Subsidiaries to which no proved oil and gas reserves are attributable, based on such Person’s books and records as of a date no earlier than the date of such Person’s latest available annual or
quarterly financial statements; (iii) the Net Working Capital of such Person on a date no earlier than the date of such Person’s latest annual or quarterly financial statements; and (iv) the greater of (A) the net book value of
other tangible assets of such Person and its Restricted Subsidiaries, as of a date no earlier than the date of such Person’s latest annual or quarterly financial statement, and (B) the appraised value, as estimated by independent
appraisers, of other tangible assets of such Person and its Restricted Subsidiaries, as of a date no earlier than the date of such Person’s latest audited financial statements; provided, that, if no such appraisal has been performed the
Company shall not be required to obtain such an appraisal and only clause (iv)(A) of this definition shall apply; minus 
 (b)
the sum of: (i) Minority Interests; (ii) any net gas balancing liabilities of such Person and its Restricted Subsidiaries reflected in such Person’s latest annual or quarterly balance sheet (to the extent not deducted in calculating
Net Working Capital of such Person in accordance with clause (a)(iii) above of this definition); (iii) to the extent included in (a)(i) above, the discounted future net revenues, calculated in accordance with SEC guidelines (utilizing the
prices utilized in such Person’s year end reserve report), attributable to reserves which are required to be delivered to third parties to fully satisfy the obligations of the Company and its Restricted Subsidiaries with respect to Volumetric
Production Payments (determined, if applicable, using the schedules specified with respect thereto); and (iv) the discounted future net revenues, calculated in accordance with SEC guidelines, attributable to reserves subject to
Dollar-Denominated Production Payments which, based on the estimates of production and price assumptions included in determining the discounted future net revenues specified in (a)(i) above, would be necessary to fully satisfy the payment
obligations of such Person and its Subsidiaries with respect to Dollar-Denominated Production Payments (determined, if applicable, using the schedules specified with respect thereto). 
 If the Company changes its method of accounting from the successful efforts method of accounting to the full cost or a similar method, “Adjusted
Consolidated Net Tangible Assets” will continue to be calculated as if the Company were still using the successful efforts method of accounting. 
  

 5 








 “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling
or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Applicable Premium” means, with respect to any Note on any applicable Redemption Date, the greater of: 
 (1) 1.0% of the principal amount of such Note; and 
 (2) the excess, if any, of: 
 (a) the present value at such Redemption Date of (i) the Redemption Price of such Note at June 15, 2013 (such redemption price being set forth in the table appearing in the first paragraph of this
Section 1203) plus (ii) all required interest payments (excluding accrued and unpaid interest to such Redemption Date) due on such Note through June 15, 2013 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 such Note. 
 “Asset Disposition” means any direct or indirect sale, lease (other than an operating lease entered into in the ordinary course of the Oil and
Gas Business), transfer, issuance or other disposition, or a series of related sales, leases, transfers, issuances or dispositions that are part of a common plan, of (A) shares of Capital Stock of a Restricted Subsidiary (other than Preferred
Stock of Restricted Subsidiaries issued in compliance with Section 1111, and directors’ qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary), (B) all or
substantially all the assets of any division or line of business of the Company or any Restricted Subsidiary (excluding any division or line of business the assets of which are owned by an Unrestricted Subsidiary) or (C) any other assets of the
Company (excluding shares of Capital Stock of an Unrestricted Subsidiary) or any Restricted Subsidiary outside of the ordinary course of business of the Company or such Restricted Subsidiary (each referred to for the purposes of this definition as a
“disposition”), in each case by the Company or any of its Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction. 
 Notwithstanding the preceding, the following items shall not be deemed to be Asset Dispositions: 
 (1) a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary;

 (2) the sale of cash and Cash Equivalents in the ordinary course of business; 
 (3) a disposition of Hydrocarbons or mineral products inventory in the ordinary course of business; 
 (4) a disposition of damaged, unserviceable, obsolete or worn out equipment or equipment that is no longer necessary for the proper
conduct of the business of the Company and its Restricted Subsidiaries and that is disposed of in each case in the ordinary course of business; 
  

 6 








 (5) transactions in accordance with Section 901 or 902; 
 (6) an issuance of Capital Stock by a Restricted Subsidiary to the Company or to a Restricted Subsidiary; 
 (7) the making of a Permitted Investment or a Restricted Payment (or a disposition that would constitute a Restricted Payment but for the
exclusions from the definition thereof) permitted by Section 1112; 
 (8) an Asset Swap; 
 (9) dispositions of assets with a fair market value of less than $5.0 million; 
 (10) Permitted Liens; 
 (11) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(12) the licensing or sublicensing of intellectual property (including, without limitation, the licensing of seismic data) or other
general intangibles and licenses, leases or subleases of other property in the ordinary course of business which do not materially interfere with the business of the Company and its Restricted Subsidiaries; 
 (13) foreclosure on assets; 
 (14) any Production Payments and Reserve Sales; provided that any such Production Payments and Reserve Sales, other than incentive compensation programs on terms that are reasonably customary in the Oil and Gas
Business for geologists, geophysicists and other providers of technical services to the Company or a Restricted Subsidiary, shall have been created, Incurred, issued, assumed or Guaranteed in connection with the financing of, and within 60 days
after the acquisition of, the property that is subject thereto; 
 (15) a disposition of oil and natural gas properties in
connection with tax credit transactions complying with Section 29 or any successor or analogous provisions of the Code; 
 (16) surrender or waiver of contract rights, oil and gas leases, or the settlement, release or surrender of contract, tort or other claims of any kind; 
 (17) the abandonment, farmout, lease or sublease of developed or undeveloped Oil and Gas Properties in the ordinary course of business;
and 
 (18) the sale or transfer (whether or not in the ordinary course of business) of any Oil and Gas Property or interest
therein to which no proved reserves are attributable at the time of such sale or transfer. 
 “Asset Swap” means any substantially
contemporaneous (and in any event occurring within 180 days of each other) purchase and sale or exchange of any oil or natural gas properties or assets or interest therein between the Company or any of its Restricted Subsidiaries and another Person;
provided that any cash received must be applied in accordance with Section 1115 as if the Asset Swap were an Asset Disposition. 
  

 7 








 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 714
to act on behalf of the Trustee to authenticate Notes. 
 “Average Life” means, as of the date of determination, with respect to
any Indebtedness or Preferred Stock, the quotient obtained by dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or
redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by (2) the sum of all such payments. 
 “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, as to any Person that is a corporation, the board of directors of such Person or any duly authorized committee
thereof or as to any Person that is not a corporation, the board of managers or such other individual or group serving a similar function. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by its Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
 “Business Day” means each day that is not a Saturday, Sunday or other day on which
commercial banking institutions in New York, New York are authorized or required by law to close. 
 “Capital Stock” of any Person
means any and all shares, units, interests, rights to purchase, warrants, options, participation or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities
convertible into such equity. 
 “Capitalized Lease Obligations” means an obligation that is required to be classified and
accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is
to be made as determined in accordance with GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty. 

“Cash Equivalents” means: 
 (1) securities issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality of the United States (provided that the full faith and credit of the United
States is pledged in support thereof), having maturities of not more than one year from the date of acquisition; 
 (2)
marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition (provided that the
full faith and credit of the United States is pledged in support thereof) and, at the time of acquisition, having a credit rating of “A” (or the equivalent thereof) or better from either S&P or Moody’s; 
  

 8 








 (3) certificates of deposit, time deposits, eurodollar time deposits, overnight bank
deposits or bankers’ acceptances having maturities of not more than one year from the date of acquisition thereof issued by any commercial bank the short-term deposit of which is rated at the time of acquisition thereof at least “A2”
or the equivalent thereof by S&P, or “P-2” or the equivalent thereof by Moody’s, and having combined capital and surplus in excess of $100.0 million; 
 (4) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (1),
(2) and (3) entered into with any bank meeting the qualifications specified in clause (3) above; 
 (5)
commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by S&P or “P-2” or the equivalent thereof by Moody’s, or carrying an equivalent rating by a nationally recognized rating
agency, if both of the two named rating agencies cease publishing ratings of investments, and in any case maturing within one year after the date of acquisition thereof; and 
 (6) interests in any investment company or money market fund which invests 95% or more of its assets in instruments of the type specified
in clauses (1) through (5) above. 
 “Change of Control” means: 
 (1) any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act), is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company (or its successor by merger, consolidation or purchase of all or substantially all of its assets) (for
the purposes of this clause (1), such person or group shall be deemed to Beneficially Own any Voting Stock of the Company held by a parent entity, if such person or group Beneficially Owns, directly or indirectly, more than 50% of the total voting
power of the Voting Stock of such parent entity); 
 (2) the first day on which a majority of the members of the Board of
Directors of the Company are not Continuing Directors; 
 (3) the 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 assets of the Company and its Restricted Subsidiaries taken as a whole to any “person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act); or 
 (4) the adoption by the shareholders of the Company of a plan or proposal
for the liquidation or dissolution of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commodity Agreements” means, in respect of any Person, any forward contract, commodity swap agreement, commodity option agreement or other
similar agreement or arrangement in respect of Hydrocarbons used, produced, processed or sold by such Person that are customary in the Oil and Gas Business and designed to protect such Person against fluctuation in Hydrocarbon prices. 
 “Common Stock” means, with respect to any Person, any and all shares, interests or other participations in, and other equivalents (however
designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes of such common stock. 
  

 9 








 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board,
its Vice Chairman of the Board, its President or a Vice President, and delivered to the Trustee. 
 “Consolidated Coverage Ratio”
means as of any date of determination, the ratio of (x) the aggregate amount of Consolidated EBITDAX of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which
financial statements are in existence to (y) Consolidated Interest Expense for such four fiscal quarters, provided, however, that: 
 (1) if the Company or any Restricted Subsidiary: 
 (a) has Incurred any Indebtedness since
the beginning of such period that remains outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness, Consolidated EBITDAX and Consolidated
Interest Expense for such period will be calculated after giving effect on a pro forma basis to such Indebtedness and the use of proceeds thereof as if such Indebtedness had been Incurred on the first day of such period and such proceeds had been
applied as of such date (except that in making such computation, the amount of Indebtedness under any revolving Credit Facility outstanding on the date of such calculation will be deemed to be (i) the average daily balance of such Indebtedness
during such four fiscal quarters or such shorter period for which such facility was outstanding or (ii) if such revolving Credit Facility was created after the end of such four fiscal quarters, the average daily balance of such Indebtedness
during the period from the date of creation of such revolving Credit Facility to the date of such calculation, in each case, provided that such average daily balance shall take into account any repayment of Indebtedness under such revolving
Credit Facility as provided in clause (b)); or 
 (b) has repaid, repurchased, defeased or otherwise discharged any
Indebtedness since the beginning of the period, including with the proceeds of such new Indebtedness, that is no longer outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated Coverage
Ratio involves a discharge of Indebtedness (in each case other than Indebtedness Incurred under any revolving Credit Facility unless such Indebtedness has been permanently repaid and the related commitment terminated), Consolidated EBITDAX and
Consolidated Interest Expense for such period will be calculated after giving effect on a pro forma basis to such discharge of such Indebtedness as if such discharge had occurred on the first day of such period; 
 (2) if, since the beginning of such period, the Company or any Restricted Subsidiary has made any Asset Disposition or if the transaction
giving rise to the need to calculate the Consolidated Coverage Ratio is such an Asset Disposition, the Consolidated EBITDAX for such period will be reduced by an amount equal to the Consolidated EBITDAX (if positive) directly attributable to the
assets which are the subject of such Asset Disposition for such period or increased by an amount equal to the Consolidated EBITDAX (if negative) directly attributable thereto for such period and Consolidated Interest Expense for such period shall be
reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Company or any Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Company and its
continuing Restricted Subsidiaries in connection with or with the proceeds from such Asset Disposition for such period (or, if the Capital Stock of any 

  

 10 








 
Restricted Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to
the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale); 
 (3) if, since the beginning of such period, the Company or any Restricted Subsidiary (by merger or otherwise) has made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary or is merged with or into
the Company or a Restricted Subsidiary) or an acquisition (or will have received a contribution) of assets, including any acquisition or contribution of assets occurring in connection with a transaction causing a calculation to be made hereunder,
which constitutes all or substantially all of a company, division, operating unit, segment, business, group of related assets or line of business, Consolidated EBITDAX and Consolidated Interest Expense for such period will be calculated after giving
pro forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition or contribution had occurred on the first day of such period; and 
 (4) if, since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary or was merged with or into the
Company or any Restricted Subsidiary since the beginning of such period) made any Asset Disposition or any Investment or acquisition of assets that would have required an adjustment pursuant to clause (2) or (3) above if made by the
Company or a Restricted Subsidiary during such period, Consolidated EBITDAX and Consolidated Interest Expense for such period will be calculated after giving pro forma effect thereto as if such Asset Disposition or Investment or acquisition of
assets had occurred on the first day of such period. 
 For purposes of this definition, whenever pro forma effect is to be given to any
calculation under this definition, the pro forma calculations will be determined in good faith by a responsible financial or accounting officer of the Company; provided that such officer may in his or her discretion include any reasonably
identifiable and factually supportable pro forma changes to Consolidated EBITDAX, including any pro forma expenses and cost reductions, that have occurred or in the judgment of such officer are reasonably expected to occur within 12 months of the
date of the applicable transaction (regardless of whether such expense or cost reduction or any other operating improvements could then be reflected properly in pro forma financial statements prepared in accordance with Regulation S-X under the
Securities Act or any other regulation or policy of the SEC). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest expense on such Indebtedness will be calculated as if the average rate in effect
from the beginning of such period to the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness, but if the remaining term of such Interest Rate
Agreement is less than 12 months, then such Interest Rate Agreement shall only be taken into account for that portion of the period equal to the remaining term thereof). If any Indebtedness that is being given pro forma effect bears an interest rate
at the option of the Company, the interest rate shall be calculated by applying such optional rate chosen by the Company. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate,
a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 
 “Consolidated EBITDAX” for any period means, without duplication, the Consolidated Net Income for such period, plus the following, without
duplication and to the extent deducted (and not added back) in calculating such Consolidated Net Income: 
 (1) Consolidated
Interest Expense; 
  

 11 








 (2) Consolidated Income Taxes of the Company and its Restricted Subsidiaries; 

(3) consolidated depletion and depreciation expense of the Company and its Restricted Subsidiaries; 
 (4) consolidated amortization expense or impairment charges of the Company and its Restricted Subsidiaries recorded in connection with the
application of Statement of Financial Accounting Standard No. 142, “Goodwill and Other Intangibles” and Statement of Financial Accounting Standard No. 144, “Accounting for the Impairment or Disposal of Long Lived
Assets”; 
 (5) other non-cash charges of the Company and its Restricted Subsidiaries (excluding any such non-cash charge
to the extent it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period not included in the calculation); and 
 (6) consolidated exploration expense of the Company and its Restricted Subsidiaries, 
 if applicable for such period; and less, to the extent included in calculating such Consolidated Net Income and in excess of any costs or expenses attributable thereto
that were deducted (and not added back) in calculating such Consolidated Net Income, the sum of (x) the amount of deferred revenues that are amortized during such period and are attributable to reserves that are subject to Volumetric Production
Payments, (y) amounts recorded in accordance with GAAP as repayments of principal and interest pursuant to Dollar-Denominated Production Payments and (z) other non-cash gains (excluding any non-cash gain to the extent it represents the
reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDAX in any prior period). 
 Notwithstanding the
preceding sentence, clauses (2) through (6) relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated Net Income to compute Consolidated EBITDAX of such Person only to the extent (and in the same proportion)
that the net income (loss) of such Restricted Subsidiary was included in calculating the Consolidated Net Income of such Person and, to the extent the amounts set forth in clauses (2) through (6) are in excess of those necessary to offset
a net loss of such Restricted Subsidiary or if such Restricted Subsidiary has net income for such period included in Consolidated Net Income, only if a corresponding amount would be permitted at the date of determination to be dividended to the
Company by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to
that Restricted Subsidiary or its stockholders. 
 “Consolidated Income Taxes” means, with respect to any Person for any period,
taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income, profits or capital of such Person or such Person and its
Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any governmental authority. 
 “Consolidated Interest Expense” means, for any period, the total consolidated interest expense of the Company and its Restricted Subsidiaries,
whether paid or accrued, plus, to the extent not included in such interest expense and without duplication: 
 (1) interest
expense attributable to Capitalized Lease Obligations and the interest component of any deferred payment obligations; 
  

 12 








 (2) amortization of debt discount and debt issuance cost (provided that any
amortization of bond premium will be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has otherwise reduced Consolidated Interest Expense); 
 (3) non-cash interest expense; 
 (4) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing; 
 (5) the interest expense on Indebtedness of another Person that is Guaranteed by the Company or one of its Restricted Subsidiaries or
secured by a Lien on assets of the Company or one of its Restricted Subsidiaries, to the extent such Guarantee becomes payable or such Lien becomes subject to foreclosure; 
 (6) costs associated with Interest Rate Agreements (including amortization of fees); provided, however, that if Interest
Rate Agreements result in net benefits rather than costs, such benefits shall be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such net benefits are otherwise reflected in Consolidated Net Income; 
 (7) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; and

 (8) all dividends paid or payable in cash, Cash Equivalents or Indebtedness or accrued during such period on any series of
Disqualified Stock of the Company or on Preferred Stock of its Restricted Subsidiaries payable to a party other than the Company or a Wholly-Owned Subsidiary; 
 minus, to the extent included above, write-off of deferred financing costs (and interest) attributable to Dollar-Denominated Production Payments. 
 For the purpose of calculating the Consolidated Coverage Ratio in connection with the Incurrence of any Indebtedness described in the final paragraph of the definition of “Indebtedness”, the calculation of
Consolidated Interest Expense shall include all interest expense (including any amounts described in clauses (1) through (8) above) relating to any Indebtedness of the Company or any Restricted Subsidiary described in the final
paragraph of the definition of “Indebtedness.” 
 “Consolidated Net Income” means, for any period, the aggregate net
income (loss) of the Company and its consolidated Subsidiaries determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends of such Person; provided, however, that there will not be included (to
the extent otherwise included therein) in such Consolidated Net Income: 
 (1) any net income (loss) of any Person (other than
the Company) if such Person is not a Restricted Subsidiary, except that: 
 (a) subject to the limitations contained in
clauses (3) and (4) below, the Company’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such
period to the Company or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in clause (2) below); and 
  

 13 








 (b) the Company’s equity in a net loss of any such Person for such period will be
included in determining such Consolidated Net Income to the extent such loss has been funded with cash from the Company or a Restricted Subsidiary during such period; 
 (2) any net income (but not loss) of any Restricted Subsidiary if such Subsidiary is subject to restrictions, directly or indirectly, on
the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that: 
 (a) subject to the limitations contained in clauses (3), (4) and (5) below, the Company’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated
Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend
or other distribution paid to another Restricted Subsidiary, to the limitation contained in this clause); and 
 (b) the
Company’s equity in a net loss of any such Restricted Subsidiary for such period will be included in determining such Consolidated Net Income; 
 (3) any gain (loss) realized upon the sale or other disposition of any property, plant or equipment of the Company or its consolidated Subsidiaries (including pursuant to any Sale/Leaseback Transaction) which is not
sold or otherwise disposed of in the ordinary course of business and any gain (loss) realized upon the sale or other disposition of any Capital Stock of any Person; 
 (4) any extraordinary or nonrecurring gains or losses, together with any related provision for taxes on such gains or losses and all
related fees and expenses; 
 (5) the cumulative effect of a change in accounting principles; 
 (6) any asset impairment writedowns on Oil and Gas Properties under GAAP or SEC guidelines; 
 (7) any unrealized non-cash gains or losses or charges in respect of Hedging Obligations (including those resulting from the application
of Statement of Financial Accounting Standard No. 133); 
 (8) income or loss attributable to discontinued operations
(including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued); and 
 (9) any non-cash compensation charge arising from any grant of stock, stock options or other equity based awards; provided that the proceeds resulting from any such grant will be excluded from
Section 1112(c)(ii). 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of
the Company who: (1) was a member of such Board of Directors on the date of the Indenture; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members
of such Board of Directors at the time of such nomination or election. 
  

 14 








 “Corporate Trust Office” means the principal office of the Trustee in the City of New York, New
York at which at any particular time its corporate trust business shall be administered. 
 “corporation” means a corporation,
association, company, joint-stock company, partnership or business trust. 
 “Covenant Defeasance” has the meaning specified in
Section 1403. 
 “Credit Facility” means, with respect to the Company or any Restricted Subsidiary, one or more debt
facilities (including, without limitation, the Senior Secured Credit Agreement), indentures or commercial paper facilities 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 or refinanced in whole or in part from time to time
(and whether or not with the original administrative agent and lenders or another administrative agent or agents or other lenders and whether provided under the original Senior Secured Credit Agreement or any other credit or other agreement or
indenture). 
 “Currency Agreement” means in respect of a Person any foreign exchange contract, currency swap agreement, futures
contract, option contract or other similar agreement as to which such Person is a party or a beneficiary. 
 “Default” means any
event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning
specified in Section 407. 
 “Defeasance” has the meaning specified in Section 1402. 
 “Depositary” means, with respect to Notes issued in whole or in part in the form of one or more Global Notes, a clearing agency registered
under the Exchange Act that is designated to act as Depositary for such Notes. 
 “Disqualified Stock” means, with respect to any
Person, any Capital Stock of such Person which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) at the option of the holder of the Capital Stock) or upon the happening of any event:

 (1) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself
Disqualified Stock) pursuant to a sinking fund obligation or otherwise; 
 (2) is convertible or exchangeable for Indebtedness
or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Company or a Restricted Subsidiary); or 
 (3) is redeemable at the option of the holder of the Capital Stock in whole or in part, 
 in each case on or prior to the
date that is 91 days after the earlier of the date (a) of the Stated Maturity of the Notes or (b) on which there are no Notes outstanding; provided that only the portion of Capital Stock which so matures or is mandatorily
redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided 

  

 15 








 
further, that any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to
repurchase such Capital Stock upon the occurrence of a change of control or asset sale (each defined in a substantially identical manner to the corresponding definitions in the Indenture) shall not constitute Disqualified Stock if the terms of such
Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable) provide that (i) the Company may not repurchase or redeem any such Capital Stock (and all such securities into which it is
convertible or for which it is ratable or exchangeable) pursuant to such provision prior to compliance by the Company with the provisions of Sections 1110 and 1115 and (ii) such repurchase or redemption will be permitted solely to the extent
also permitted in accordance with Section 1112. 
 The amount of any Disqualified Stock that does not have a fixed redemption, repayment
or repurchase price will be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant
to the Indenture; provided, however, that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price will be the book value of
such Disqualified Stock as reflected in the most recent financial statements of such Person. 
 “Dollar-Denominated Production
Payments” means production payment obligations recorded as liabilities in accordance with GAAP, together with all undertakings and obligations in connection therewith. 
 “Eliminated Covenants” has the meaning specified in Section 1119. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that
is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means a public or private offering for cash by the
Company of Capital Stock (other than Disqualified Stock), other than public offerings registered on Form S-8. 
 “Event of Default”
has the meaning specified in Section 501. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “Expiration Date” has the meaning specified in Section 204.

 “Foreign Subsidiary” means any Restricted Subsidiary that is not organized under the laws of the United States of America or any
state thereof or the District of Columbia. 
 “Funding Guarantor” has the meaning specified in Section 1605. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. All ratios and
computations based on GAAP contained in the Indenture will be computed in conformity with GAAP. 
 “Global Note” means a Note that
evidences all or part of the Notes and bears the legend set forth in Section 302. 
  

 16 








 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or 
 (2) entered into
for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 
 provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business or any obligation to the extent it is payable only in
Capital Stock of the Guarantor that is not Disqualified Stock. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor Subordinated Obligation” means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate in
right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement. 
 “Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement. 
 “Holder” means a Person in whose name a Note is registered on the registrar’s books. 
 “Hydrocarbons” means oil, natural gas, casing head gas, drip gasoline, natural gasoline, condensate, distillate, liquid Hydrocarbons, gaseous
Hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom. 
 “Immaterial
Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets, as of that date, are less than $1,000,000 and whose total revenues for the most recent 12-month period do not exceed $1,000,000; 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. 
 “Incur” means issue, create, assume, Guarantee, incur or otherwise become directly or indirectly liable for, contingently or otherwise;
provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by such
Restricted Subsidiary at the time it becomes a Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing. 
 “Indebtedness” means, with respect to any Person on any date of determination (without duplication, whether or not contingent): 
 (1) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money; 
  

 17 








 (2) the principal of and premium (if any) in respect of obligations of such Person
evidenced by bonds, debentures, notes or other similar instruments; 
 (3) the principal component of all obligations of such
Person in respect of letters of credit, bankers’ acceptances or other similar instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a trade payable, to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon, such obligation is satisfied within 30 days of payment on the letter of credit); 
 (4) the principal component of all obligations of such Person (other than obligations payable solely in Capital Stock that is not
Disqualified Stock) to pay the deferred and unpaid purchase price of property (except as described in clause (8) of the penultimate paragraph of this definition of Indebtedness), which purchase price is due more than six months after the date
of placing such property in service or taking delivery and title thereto to the extent such obligations would appear as a liabilities upon the consolidated balance sheet of such Person in accordance with GAAP; 
 (5) Capitalized Lease Obligations of such Person to the extent such Capitalized Lease Obligations would appear as liabilities on the
consolidated balance sheet of such Person in accordance with GAAP; 
 (6) the principal component or liquidation preference of
all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary that is not a Subsidiary Guarantor, any Preferred Stock (but excluding, in each case, any
accrued dividends); 
 (7) the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such
Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination (as determined
in the good faith by the Board of Directors) and (b) the amount of such Indebtedness of such other Persons; 
 (8) the
principal component of Indebtedness of other Persons to the extent Guaranteed by such Person; and 
 (9) to the extent not
otherwise included in this definition, net obligations of such Person under Commodity Agreements, Currency Agreements and Interest Rate Agreements (the amount of any such obligations to be equal at any time to the termination value of such agreement
or arrangement giving rise to such obligation that would be payable by such Person at such time); 
 provided, however, that any indebtedness
which has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Cash Equivalents (in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments of
interest and premium, if any) in a trust or account created or pledged for the sole benefit of the holders of such indebtedness, and subject to no other Liens, shall not constitute “Indebtedness.” 
 The amount of Indebtedness of any Person at any date will be the outstanding balance at such date of all unconditional obligations as described above and
the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date. 
 Notwithstanding the preceding, “Indebtedness” shall not include: 
 (1) Production Payments and Reserve
Sales; 
  

 18 








 (2) any obligation of a Person in respect of a farm-in agreement or similar arrangement
whereby such Person agrees to pay all or a share of the drilling, completion or other expenses of an exploratory or development well (which agreement may be subject to a maximum payment obligation, after which expenses are shared in accordance with
the working or participation interest therein or in accordance with the agreement of the parties) or perform the drilling, completion or other operation on such well in exchange for an ownership interest in an oil or gas property; 
 (3) any obligations under Currency Agreements, Commodity Agreements and Interest Rate Agreements; provided that such agreements are
entered into for bona fide hedging purposes of the Company or its Restricted Subsidiaries (as determined in good faith by the Board of Directors or senior management of the Company, whether or not accounted for as a hedge in accordance with GAAP)
and, in the case of Currency Agreements or Commodity Agreements, such Currency Agreements or Commodity Agreements are related to business transactions of the Company or its Restricted Subsidiaries entered into in the ordinary course of business and,
in the case of Interest Rate Agreements, such Interest Rate Agreements substantially correspond in terms of notional amount, duration and interest rates, as applicable, to Indebtedness of the Company or its Restricted Subsidiaries Incurred without
violation of the Indenture; 
 (4) any obligation arising from agreements of the Company or a Restricted Subsidiary providing
for indemnification, Guarantees, adjustment of purchase price, holdbacks, contingency payment obligations or similar obligations (other than Guarantees of Indebtedness), in each case, Incurred or assumed in connection with the acquisition or
disposition of any business, assets or Capital Stock of a Restricted Subsidiary, provided that such Indebtedness is not reflected on the face of the balance sheet of the Company or any Restricted Subsidiary; 
 (5) any obligation arising from the honoring by a bank or other financial institution of a check, draft or similar instrument (except in
the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within five business days of Incurrence; 
 (6) in-kind obligations relating to net oil or natural gas balancing positions arising in the ordinary course of business; 
 (7) all contracts and other obligations, agreements instruments or arrangements described in clauses (20), (21), (22), (29)(a) or
(30) of the definition of “Permitted Liens”; 
 (8) accrued expenses and trade payables and other accrued
liabilities arising in the ordinary course of business that are not overdue by 90 days past the invoice or billing date or more or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; and

 (9) payables (except as described in the immediately preceding clause (8) of this paragraph) and Indebtedness of the
Company or a Restricted Subsidiary owing to and held by any wholly-owned (other than directors’ qualifying shares or other de minimis shareholders) Unrestricted Subsidiary of the Company (a “Close Unrestricted Subsidiary”);
provided, however, that (i) any subsequent issuance or transfer of Capital Stock or any other event which results in any such payables and Indebtedness being held by a Person other than a Close Unrestricted Subsidiary and
(ii) any sale or other transfer of any such payables or Indebtedness to a Person other than 

  

 19 








 
the Company, a Restricted Subsidiary of the Company or a Close Unrestricted Subsidiary shall be deemed, in each case, to constitute and Incurrence of
Indebtedness by the Company or such Restricted Subsidiary, as the case may be. 
 In addition, “Indebtedness” of any Person shall
include Indebtedness described in the first paragraph of this definition of “Indebtedness” that would not appear as a liability on the balance sheet of such Person if: 
 (1) such Indebtedness is the obligation of a partnership or joint venture that is not a Restricted Subsidiary (a “Joint
Venture”); 
 (2) such Person or a Restricted Subsidiary of such Person is a general partner of the Joint Venture or
otherwise liable for all or a portion of the Joint Venture’s liabilities (a “General Partner”); and 
 (3)
there is recourse, by contract or operation of law, with respect to the payment of such Indebtedness to property or assets of such Person or a Restricted Subsidiary of such Person; and then such Indebtedness shall be included in an amount not to
exceed: 
 (a) the lesser of (i) the net assets of the General Partner and (ii) the amount of such obligations to
the extent that there is recourse, by contract or operation of law, to the property or assets of such Person or a Restricted Subsidiary of such Person; or 
 (b) if less than the amount determined pursuant to clause (a) immediately above, the actual amount of such Indebtedness that is recourse to such Person or a Restricted Subsidiary of such Person, if the
Indebtedness is evidenced by a writing and is for a determinable amount. 
 “Interest Payment Date”, when used with respect to any
Note, means the Stated Maturity of an installment of interest on such Note. 
 “Interest Rate Agreement” means with respect to any
Person any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar
agreement or arrangement as to which such Person is party or a beneficiary. 
 “Investment” means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates) in the form of any direct or indirect advance, loan or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding any debt or extension of credit
represented by a bank deposit other than a time deposit and advances or extensions of credit to customers in the ordinary course of business) or capital contribution to (by means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments (excluding any interest in a crude oil or natural gas leasehold to the extent constituting a security
under applicable law) issued by, such other Person and all other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP; provided that none of the following will be deemed to be an Investment:

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

 

 20 








 (2) endorsements of negotiable instruments and documents in the ordinary course of
business; and 
 (3) an acquisition of assets, Capital Stock or other securities by the Company or a Subsidiary for
consideration to the extent such consideration consists of Common Stock of the Company. 
 The amount of any Investment shall not be adjusted
for increases or decreases in value, write-ups, write-downs or write-offs with respect to such Investment. 
 For purposes of the definition
of “Unrestricted Subsidiary” and Section 1112, 
 (1) “Investment” will include the portion
(proportionate to the Company’s equity interest in a Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary at the time that such Restricted Subsidiary is
designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to (a) the Company’s “Investment” in such Subsidiary at the time of such redesignation less (b) the portion (proportionate to the Company’s equity interest in such Subsidiary)
of the fair market value of the net assets of such Subsidiary (as conclusively determined by the Board of Directors of the Company in good faith) at the time that such Subsidiary is so redesignated a Restricted Subsidiary; and 
 (2) any property transferred to or from an Unrestricted Subsidiary will be valued at its fair market value at the time of such transfer,
in each case as determined in good faith by the Board of Directors of the Company. 
 “Investment Company Act” means the Investment
Company Act of 1940 and any statute successor thereto, in each case as amended from time to time. 
 “Investment Grade Rating”
means a rating equal to or higher than: 
 (1) Baa3 (or the equivalent) with a stable or better outlook by Moody’s; and

 (2) BBB– (or the equivalent) with a stable or better outlook by S&P, 
 or, if either such entity ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any other Rating
Agency. 
 “Investment Grade Rating Event” means the first day on which the Notes have an Investment Grade Rating from each Rating
Agency and no Default has occurred and is then continuing under the Indenture. 
 “Issue Date” means the first date on which the
Notes are issued under this Supplemental Indenture. 
 “Lien” means, with respect to any asset, any mortgage, lien (statutory or
otherwise), pledge, hypothecation, charge, security interest, preference, priority 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; provided that in no event shall an operating lease be deemed to constitute a Lien. 
  

 21 








 “Minority Interest” means the percentage interest represented by any shares of any class of
Capital Stock of a Restricted Subsidiary that are not owned by the Company or a Restricted Subsidiary. 
 “Moody’s” means
Moody’s Investors Service, Inc., or any successor to the rating agency business thereof. 
 “Net Available Cash” from an Asset
Disposition means cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities
received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are the subject
of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of: 
 (1) all legal,
accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses Incurred, and all federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP (after taking
into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset Disposition; 
 (2) all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent to
such Asset Disposition, or by applicable law be repaid out of the proceeds from such Asset Disposition; 
 (3) all
distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures or to holders of royalty or similar interests as a result of such Asset Disposition; and 
 (4) the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities
associated with the assets disposed of in such Asset Disposition and retained by the Company or any Restricted Subsidiary after such Asset Disposition. 
 “Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock or any contribution to equity capital, means the cash proceeds of such issuance, sale or contribution net of attorneys’ fees,
accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection with such issuance, sale or contribution and net
of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements). 
 “Net Working Capital” means (a) all current assets of the Company and its Restricted Subsidiaries, except current assets from commodity price risk management activities arising in the ordinary course of
the Oil and Gas Business, less (b) all current liabilities of the Company and its Restricted Subsidiaries, except current liabilities included in Indebtedness and any current liabilities from commodity price risk management activities arising
in the ordinary course of the Oil and Gas Business, in each case as set forth in the consolidated financial statements of the Company prepared in accordance with GAAP. 
  


 22 








 “Non-Recourse Debt” means Indebtedness of a Person: 
 (1) as to which neither the Company nor any Restricted Subsidiary (a) provides any Guarantee or credit support of any kind (including
any undertaking, guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise); 
 (2) no default with respect to which (including any rights that the holders thereof 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 Restricted Subsidiary to declare a default under such other Indebtedness or cause the payment thereof to be
accelerated or payable prior to its stated maturity; and 
 (3) the explicit terms of which provide there is no recourse
against any of the assets of the Company or its Restricted Subsidiaries. 
 “Notice of Default” means a written notice of the kind
specified in Section 601(4). 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the President, the
Chief Financial Officer, any Vice President, the Treasurer or the Secretary of the Company. Officer of any Subsidiary Guarantor has a correlative meaning. 
 “Officer’s Certificate” means a certificate signed by an Officer of the Company. 
 “Oil
and Gas Business” means: 
 (1) the business of acquiring, exploring, exploiting, developing, producing, operating and
disposing of interests in oil, natural gas, liquid natural gas and other Hydrocarbon and mineral properties or products produced in association with any of the foregoing; 
 (2) the business of gathering, marketing, distributing, treating, processing, storing, refining, selling and transporting of any
production from such interests or properties and products produced in association therewith and the marketing of oil, natural gas, other Hydrocarbons and minerals obtained from unrelated Persons; 
 (3) any other related energy business, including power generation and electrical transmission business, directly or indirectly, from oil,
natural gas and other Hydrocarbons and minerals produced substantially from properties in which the Company or its Restricted Subsidiaries, directly or indirectly, participates; 
 (4) any business relating to oil field sales and service; and 
 (5) any business or activity relating to, arising from, or necessary, appropriate or incidental to the activities described in the
foregoing clauses (1) through (4) of this definition. 
 “Oil and Gas Properties” means all properties, including equity
or other ownership interests therein, owned by a Person which contain or are believed to contain oil and gas reserves. 
 “Opinion of
Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
  

 23 








 “Outstanding”, when used with respect to the Notes, means, as of the date of determination, all
Notes theretofore authenticated and delivered under the Indenture, except: 
 (1) Notes theretofore cancelled by the Trustee
or delivered to the Trustee for cancellation; 
 (2) Notes for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Company or an Affiliate of the Company) in trust or set aside and segregated in trust by the Company (if the Company or an Affiliate of the Company shall act as its own
Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Notes as to which Defeasance has been effected pursuant to Section 1402; and 
 (4) Notes which have been paid pursuant to Section 406 or in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to the Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid
obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding
Notes have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) if, as of such date, the principal amount payable at the Stated Maturity of a Note is not
determinable, the principal amount of such Note which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 401, (B) the principal amount of a Note denominated in one or more foreign
currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 401, of the principal amount of such Note (or, in the case of
a Note described in clause (A) above, of the amount determined as provided in such Clause), and (C) Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company of such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which the Trustee knows to
be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and
that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. 
 “Pari Passu Indebtedness” means Indebtedness that ranks equally in right of payment to the Notes. 
 “Paying
Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Notes on behalf of the Company. 
 “Permitted Acquisition Indebtedness” means Indebtedness or Disqualified Stock of the Company or any of the Restricted Subsidiaries to the extent such Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock:

 (1) of an acquired Person prior to the date on which such Person became a Restricted Subsidiary as a result of having been
acquired and not incurred in contemplation of such acquisition; or 
  

 24 








 (2) of a Person that was merged, consolidated or amalgamated into the Company or a
Restricted Subsidiary that was not incurred in contemplation of such merger, consolidation or amalgamation, provided that on the date such Subsidiary became a Restricted Subsidiary or the date such Person was merged, consolidated and
amalgamated into the Company or a Restricted Subsidiary, as applicable, after giving pro forma effect thereto, 
 (a) the
Restricted Subsidiary or the Company, as applicable, would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the first paragraph of Section 1111, or 
 (b) the Consolidated Coverage Ratio for the Restricted Subsidiary or the Company, as applicable, would be greater than the Consolidated
Coverage Ratio for such Restricted Subsidiary or the Company immediately prior to such transaction. 
 “Permitted Business
Investment” means any Investment made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business including investments or expenditures for actively exploiting, exploring for, acquiring,
developing, producing, processing, gathering, marketing or transporting oil, natural gas or other Hydrocarbons and minerals through agreements, transactions, interests or arrangements which permit one to share risks or costs, comply with regulatory
requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties including: 
 (1) ownership interests in oil, natural gas, other Hydrocarbons and minerals properties, liquid natural gas facilities, processing
facilities, gathering systems, pipelines, storage facilities or related systems or ancillary real property interests; 
 (2)
Investments in the form of or pursuant to operating agreements, working interests, royalty interests, mineral leases, processing agreements, farm-in agreements, farm-out agreements, contracts for the sale, transportation or exchange of oil, natural
gas, other Hydrocarbons and minerals, production sharing agreements, participation agreements, development agreements, area of mutual interest agreements, unitization agreements, pooling agreements, joint bidding agreements, service contracts, joint
venture agreements, partnership agreements (whether general or limited), subscription agreements, stock purchase agreements, stockholder agreements and other similar agreements (including for limited liability companies) with third parties
(including Unrestricted Subsidiaries); and 
 (3) direct or indirect ownership interests in drilling rigs and related
equipment, including, without limitation, transportation equipment. 
 “Permitted Investment” means an Investment by the Company or
any Restricted Subsidiary in: 
 (1) the Company, a Restricted Subsidiary or a Person which will, upon the making of such
Investment, become a Restricted Subsidiary; provided, however, that the primary business of such Restricted Subsidiary is the Oil and Gas Business; 
 (2) another Person whose primary business is the Oil and Gas Business if as a result of such Investment such other Person becomes a
Restricted Subsidiary or is merged or consolidated with or into, or transfers or conveys all or substantially all its assets to, the Company or a 

  

 25 








 
Restricted Subsidiary and, in each case, any Investment held by such Person; provided that such Investment was not acquired by such Person in
contemplation of such acquisition, merger, consolidation or transfer; 
 (3) cash and Cash Equivalents; 
 (4) receivables owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;

 (5) payroll, commission, travel, relocation and similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (6) loans or advances to employees made in the ordinary course of business consistent with past practices of the Company or such Restricted Subsidiary; 
 (7) Capital Stock, obligations or securities received in settlement of debts (x) created in the ordinary course of business and owing
to the Company or any Restricted Subsidiary or in satisfaction of judgments or (y) pursuant to any plan of reorganization or similar arrangement in a bankruptcy or insolvency proceeding; 
 (8) Investments made as a result of the receipt of non-cash consideration from an Asset Disposition that was made pursuant to and in
compliance with Section 1115; 
 (9) Investments in existence on the Issue Date; 
 (10) Commodity Agreements, Currency Agreements, Interest Rate Agreements and related Hedging Obligations, which transactions or
obligations are Incurred in compliance with Section 1111; 
 (11) Guarantees issued in accordance with Section 1111;

 (12) any Asset Swap or acquisition of Additional Assets or Capital Stock of PVG or PVR, in each case made in accordance
with Section 1115; 
 (13) Investments in Unrestricted Subsidiaries having an aggregate fair market value, taken together
with all other Investments made pursuant to this clause (13) that are at the time outstanding, not to exceed the greater of $50.0 million and 5.0% of the Company’s Adjusted Consolidated Net Tangible Assets (with the fair market value of
such Investment being measured at the time such Investment is made and without giving effect to subsequent changes in value); 
 (14) Permitted Business Investments; 
 (15) any Person where such Investment was acquired by the Company or any of
its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of
the issuer of such other Investment or accounts receivable or (b) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default; 
  

 26 








 (16) any Person to the extent such Investments consist of prepaid expenses, negotiable
instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Company or any Restricted Subsidiary; 
 (17) Guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course in the Oil and Gas Business,
including obligations under oil and natural gas exploration, development, joint operating, and related agreements and licenses, concessions or operating leases related to the Oil and Gas Business; 
 (18) acquisitions of assets, Equity Interests or other securities by the Company for consideration consisting of Capital Stock (other than
Disqualified Stock) of the Company; 
 (19) Investments in the Notes; and 
 (20) Investments by the Company or any of its Restricted Subsidiaries, together with all other Investments pursuant to this clause (20),
in an aggregate amount outstanding at the time of such Investment not to exceed the greater of $10.0 million and 1.0% of the Company’s Adjusted Consolidated Net Tangible Assets (with the fair market value of such Investment being measured at
the time such Investment is made and without giving effect to subsequent changes in value). 
 “Permitted Liens” means, with
respect to any Person: 
 (1) Liens securing Indebtedness and other obligations under, and related Hedging Obligations and
Liens on assets of Restricted Subsidiaries securing Guarantees of Indebtedness and other obligations of the Company under, any Credit Facility permitted to be Incurred under the Indenture under the provisions described in clause (1) of the
second paragraph of Section 1111; 
 (2) pledges or deposits by such Person under workmen’s compensation laws,
unemployment insurance laws, social security or old age pension laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party,
or deposits (which may be secured by a Lien) to secure public or statutory obligations of such Person including letters of credit and bank guarantees required or requested by the United States, any State thereof or any foreign government or any
subdivision, department, agency, organization or instrumentality of any of the foregoing in connection with any contract or statute (including lessee or operator obligations under statutes, governmental regulations, contracts or instruments related
to the ownership, exploration and production of oil, natural gas, other Hydrocarbons and minerals on State, Federal or foreign lands or waters), or deposits of cash or United States government bonds to secure indemnity performance, surety or appeal
bonds or other similar bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business; 
 (3) statutory and contractual Liens of landlords and Liens imposed by law, including carriers’, warehousemen’s, mechanics’
materialmen’s and repairmen’s Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made in
respect thereof; 
  

 27 








 (4) Liens for taxes, assessments or other governmental charges or claims not yet subject
to penalties for non-payment or which are being contested in good faith by appropriate proceedings; provided that appropriate reserves, if any, required pursuant to GAAP have been made in respect thereof; 
 (5) Liens in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant to the
request of and for the account of such Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute Indebtedness; 
 (6) survey exceptions, encumbrances, ground leases, 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, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of
real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely affect the value of the assets of such Person and its Restricted Subsidiaries,
taken as a whole, or materially impair their use in the operation of the business of such Person; 
 (7) Liens securing
Hedging Obligations so long as the related Indebtedness is, and is permitted to be under the Indenture, secured by a Lien on the same property securing such Hedging Obligation; 
 (8) leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights)
which do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 
 (9) prejudgment Liens and judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been
finally terminated or the period within which such proceedings may be initiated has not expired; 
 (10) Liens for the purpose
of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, purchase money obligations or other payments Incurred to finance the acquisition, lease, improvement or construction of or repairs or additions to,
assets or property acquired or constructed in the ordinary course of business; provided that: 
 (a) the aggregate
principal amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under the Indenture and does not exceed the cost of the assets or property so acquired or constructed; and 
 (b) 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; 
  

 28 








 (11) Liens arising solely by virtue of any statutory or common law provisions relating to
banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that: 
 (a) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in
excess of those set forth by regulations promulgated by the Federal Reserve Board; and 
 (b) such deposit account is not
intended by the Company or any Restricted Subsidiary to provide collateral to the depository institution; 
 (12) Liens
arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business; 
 (13) Liens existing on the Issue Date; 
 (14) Liens on property or shares of Capital Stock of a Person at the time such Person becomes a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in
contemplation of, such other Person becoming a Subsidiary; provided further, however, that any such Lien may not extend to any other property owned by the Company or any Restricted Subsidiary (other than assets or property affixed or
appurtenant thereto); 
 (15) Liens on property at the time the Company or any of its Subsidiaries acquired the property,
including any acquisition by means of a merger or consolidation with or into the Company or any of its Subsidiaries; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such
acquisition; provided further, however, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary (other than assets or property affixed or appurtenant thereto); 
 (16) Liens securing Indebtedness or other obligations of a Subsidiary owing to the Company or a Wholly-Owned Subsidiary; 
 (17) Liens securing the Notes, Subsidiary Guarantees and other obligations under the Indenture; 
 (18) Liens securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously so secured, provided that any
such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could
secure) the Indebtedness being refinanced or is in respect of property or assets that is the security for a Permitted Lien hereunder; 
 (19) any interest or title of a lessor under any Capitalized Lease Obligation or operating lease; 
 (20) Liens in respect of Production Payments and Reserve Sales, which Liens shall be limited to the property that is the subject of such Production Payments and Reserve Sales; 
 (21) Liens arising under farm-out agreements, farm-in agreements, division orders, contracts for the sale, purchase, exchange,
transportation, gathering or processing of Hydrocarbons, 

  

 29 








 
unitizations and pooling designations, declarations, orders and agreements, development agreements, joint venture agreements, partnership agreements,
operating agreements, royalties, working interests, net profits interests, joint interest billing arrangements, participation agreements, production sales contracts, area of mutual interest agreements, gas balancing or deferred production
agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements, and other agreements which are customary in the Oil and Gas Business; provided,
however, in all instances that such Liens are limited to the assets that are the subject of the relevant agreement, program, order or contract; 
 (22) Liens on pipelines or pipeline facilities that arise by operation of law; 
 (23) Liens
securing Indebtedness in an aggregate principal amount outstanding at any one time, added together with all other Indebtedness secured by Liens Incurred pursuant to this clause (23), not to exceed the greater of $10.0 million and 1.0% of the
Company’s Adjusted Consolidated Net Tangible Assets, as determined on the date of Incurrence of such Indebtedness after giving pro forma effect to such Incurrence and the application of the proceeds therefrom; 
 (24) Liens in favor of the Company or any Subsidiary Guarantor; 
 (25) deposits made in the ordinary course of business to secure liability to insurance carriers; 
 (26) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods in the ordinary course of business; 
 (27) Liens deemed to exist in connection with Investments in
repurchase agreements permitted by Section 1111; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 
 (28) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 
 (29) any
(a) interest or title of a lessor or sublessor under any lease, liens reserved in oil, gas or other Hydrocarbons, minerals, leases for bonus, royalty or rental payments and for compliance with the terms of such leases; (b) restriction or
encumbrance that the interest or title of such lessor or sublessor may be subject to (including, without limitation, ground leases or other prior leases of the demised premises, mortgages, mechanics’ liens, tax liens, and easements); or
(c) subordination of the interest of the lessee or sublessee under such lease to any restrictions or encumbrance referred to in the preceding clause (b); 
 (30) Liens (other than Liens securing Indebtedness) on, or related to, assets to secure all or part of the costs incurred in the ordinary
course of the Oil and Gas Business for the exploration, drilling, development, production, processing, transportation, marketing, storage or operation thereof; 
 (31) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect
of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
  

 30 








 (32) Liens arising under the Indenture in favor of the Trustee for its own benefit and
similar Liens in favor of other trustees, agents and representatives arising under instruments governing Indebtedness permitted to be incurred under the Indenture, provided, however, that such Liens are solely for the benefit of the
trustees, agents or representatives in their capacities as such and not for the benefit of the holders of such Indebtedness; 
 (33) Liens arising from the deposit of funds or securities in trust for the purpose of decreasing or defeasing Indebtedness so long as such deposit of funds or securities and such decreasing or defeasing of Indebtedness are permitted by
Section 1112; and 
 (34) Liens in favor of collecting or payer banks having a right of setoff, revocation, or charge
back with respect to money or instruments of the Company or any Subsidiary of the Company on deposit with or in possession of such bank. 
 In each case set forth above, notwithstanding any stated limitation on the assets that may be subject to such Lien, a Permitted Lien on a specified asset or group or type of assets may include Liens on all improvements, additions and
accessions thereto and all products and proceeds thereof (including dividends, distributions and increases in respect thereof). 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company, government or any agency or political subdivision hereof or
any other entity. 
 “Place of Payment”, when used with respect to the Notes, means the place or places where the principal of and
any premium and interest on the Notes are payable as specified as contemplated by Section 401. 
 “Predecessor Note” of any
particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 406 in exchange for
or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 
 “Preferred Stock”, as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends, or as to the
distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation. 
 “Production Payments and Reserve Sales” means the grant or transfer by the Company or a Restricted Subsidiary to any Person of a royalty,
overriding royalty, net profits interest, production payment (whether volumetric or dollar denominated), partnership or other interest in Oil and Gas Properties, reserves or the right to receive all or a portion of the production or the proceeds
from the sale of production attributable to such properties where the holder of such interest has recourse solely to such production or proceeds of production, subject to the obligation of the grantor or transferor to operate and maintain, or cause
the subject interests to be operated and maintained, in a reasonably prudent manner or other customary standard or subject to the obligation of the grantor or transferor to indemnify for environmental, title or other matters customary in the Oil and
Gas Business, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists or other providers of technical services to the Company
or a Restricted Subsidiary. 
  

 31 








 “PVG” means Penn Virginia GP Holdings, L.P., a Delaware limited partnership. 
 “PVR” means Penn Virginia Resources Partners, L.P., a Delaware limited partnership. 
 “Rating Agency” means each of S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes publicly
available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a Board Resolution) which shall be substituted for S&P or Moody’s, or both, as the case may be.

 “Redemption Date”, when used with respect to any Note to be redeemed, means the date fixed for such redemption by or pursuant to
the Indenture. 
 “Redemption Price”, when used with respect to any Note to be redeemed, means the price at which it is to be
redeemed pursuant to the Indenture. 
 “Refinancing Indebtedness” means Indebtedness that is Incurred to refund, refinance,
replace, exchange, renew, repay, extend, prepay, redeem or retire (including pursuant to any defeasance or discharge mechanism) (collectively, “refinance”, “refinances” and “refinanced” shall have correlative meanings)
any Indebtedness (including Indebtedness of the Company that refinances Indebtedness of any Restricted Subsidiary and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of another Restricted Subsidiary, but excluding Indebtedness
of a Subsidiary that is not a Restricted Subsidiary that refinances Indebtedness of the Company or a Restricted Subsidiary), including Indebtedness that refinances Refinancing Indebtedness, provided, however, that: 
 (1) (a) if the Stated Maturity of the Indebtedness being Refinanced is earlier than the Stated Maturity of the Notes, the Refinancing
Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being refinanced or (b) if the Stated Maturity of the Indebtedness being refinanced is later than the Stated Maturity of the Notes, the Refinancing
Indebtedness has a Stated Maturity at least 91 days later than the Stated Maturity of the Notes; 
 (2) the Refinancing
Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness being refinanced; 
 (3) such Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate
issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced (plus, without duplication, any
additional Indebtedness Incurred to pay interest, premiums or defeasance costs required by the instruments governing such existing Indebtedness and fees and expenses Incurred in connection therewith); and 
 (4) if the Indebtedness being Refinanced is subordinated in right of payment to the Notes or the Subsidiary Guarantee, such Refinancing
Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantee on terms at least as favorable to the holders as those contained in the documentation governing the Indebtedness being Refinanced. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Notes means the date specified for that purpose as
contemplated by Section 401. 
  

 32 








 “Reporting Failure” means the failure of the Company to file with the SEC and make available or
otherwise deliver to the Trustee and each holder of Notes, within the time periods specified in Section 804 (after giving effect to any grace period specified under Rule 12b-25 under the Exchange Act), the periodic reports, information,
documents or other reports which the Company may be required to file with the SEC pursuant to such provision. 
 “Restricted
Investment” means any Investment other than a Permitted Investment. 
 “Restricted Subsidiary” means any Subsidiary of the
Company other than an Unrestricted Subsidiary. 
 “S&P” means Standard & Poor’s Rating Service, a division of The
McGraw-Hill Companies, Inc., or any successor to the rating agency business thereof. 
 “Sale/Leaseback Transaction” means an
arrangement relating to property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or a Restricted Subsidiary leases it from such Person. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Securities” has the meaning stated in the first recital of the Indenture and more particularly means any Securities authenticated and
delivered under the Base Indenture. 
 “Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time. 
 “Security Register” and “Security Registrar” have the respective meanings specified
in Section 405. 
 “Senior Secured Credit Agreement” means the Amended and Restated Credit Agreement dated as of
December 4, 2003 among the Company, as Borrower, JPMorgan Chase Bank, N.A. (successor by merger to Bank One, N.A. (Main Office Chicago)), as Administrative Agent, and the lenders parties thereto from time to time, including any guarantees,
collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings or refinancings thereof and any indentures or credit facilities or
commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or
refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 1111). 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning
of Rule 1-02 under Regulation S-X promulgated by the SEC, as in effect on the Issue Date. 
 “Special Record Date” for the payment
of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 407. 
 “Stated Maturity” means, with respect
to any security, the date specified in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations
to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof. 
  

 33 








 “Subordinated Obligation” means any Indebtedness of the Company (whether outstanding on the
Issue Date or thereafter Incurred) which is expressly subordinate in right of payment to the Notes pursuant to a written agreement. 
 “Subsidiary” of any Person means (a) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total ordinary
voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof (or Persons performing similar functions) or (b) any partnership, joint
venture, limited liability company or similar entity of which more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, is, in the case of clauses
(a) and (b), at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person. Unless otherwise specified
herein, each reference to a Subsidiary (other than in this definition) will refer to a Subsidiary of the Company. 
 “Subsidiary
Guarantee” means, individually, any Guarantee of payment of the Notes by a Subsidiary Guarantor pursuant to the terms of the Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. Each such Subsidiary
Guarantee will be in the form prescribed by the Indenture. 
 “Subsidiary Guarantors” means each of Penn Virginia Holding Corp.,
Penn Virginia Oil & Gas Corporation, Penn Virginia Oil & Gas GP LLC, Penn Virginia Oil & Gas LP LLC, Penn Virginia Oil & Gas, L.P., Penn Virginia MC Corporation, Penn Virginia MC Energy L.L.C. and Penn Virginia MC
Operating Company L.L.C. and, subject to Section 1117, any Restricted Subsidiary created or acquired by the Company after the Issue Date other than a Foreign Subsidiary. 
 “Treasury Rate” means, as of any Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a
constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which 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 or similar market data)) most nearly equal to the period from the redemption date to June 15, 2013; provided, however, that if the period from the Redemption Date to June 15,
2013 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly
average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to June 15, 2013 is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year shall be used. 
 “Trust Indenture Act” means the Trust Indenture Act of
1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the
first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if
at any time there is more than one such Person, “Trustee” as used with respect to the Notes shall mean the Trustee with respect to the Notes. 
 “Unrestricted Subsidiary” means: 
 (1) any Subsidiary of the Company that at the
time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Company in the manner provided below; and 
  

 34 








 (2) any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary or a Person
becoming a Subsidiary through merger or consolidation or Investment therein) to be an Unrestricted Subsidiary only if: 
 (1)
such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold any Lien on any property of, any other Subsidiary of the Company which is not a Subsidiary of the Subsidiary to be
so designated or otherwise an Unrestricted Subsidiary; 
 (2) all the Indebtedness of such Subsidiary and its Subsidiaries
shall, at the date of designation, and will at all times thereafter, consist of Non-Recourse Debt; 
 (3) on the date of such
designation, such designation and the Investment of the Company or a Restricted Subsidiary in such Subsidiary complies with Section 1112; 
 (4) such Subsidiary 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 Capital Stock of such Person; 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 
 (5) on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to
any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary with terms substantially less favorable to the Company than those that might have been obtained from Persons who are not Affiliates of the Company.

 In addition, without further designation, each of PVG, PVR and each of their respective Subsidiaries and each of Penn Virginia Resource
Holdings Corp., Penn Virginia Resource LP Corp., Penn Virginia Resource GP Corp., Kanawa Rail Corp. and Penn Virginia Equities Corporation and each of their respective Subsidiaries will be an Unrestricted Subsidiary. 
 Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a Board Resolution of the
Company giving effect to such designation and an Officer’s Certificate certifying that such designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an
Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture and any Indebtedness of such Subsidiary shall be deemed to be Incurred as of such date. 
 The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that immediately after
giving effect to such designation, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof and the Company could Incur at least $1.00 of additional Indebtedness under the first paragraph of
Section 1111 on a pro forma basis taking into account such designation. 
  

 35 








 “U.S. Government Obligations” means securities that are (a) direct obligations of the
United States of America for the timely payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation of the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by
such custodian for the account of the holder of such depositary receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depositary receipt. 
 “Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a
word or words added before or after the title “vice president.” 
 “Volumetric Production Payments” means production
payment obligations recorded as deferred revenue in accordance with GAAP, together with all undertakings and obligations in connection therewith. 
 “Voting Stock” of an entity means all classes of Capital Stock of such entity then outstanding and normally entitled to vote in the election of members of such entity’s Board of Directors. 
 “Wholly-Owned Subsidiary” means a Restricted Subsidiary, all of the Capital Stock of which (other than directors’ qualifying shares) is
owned by the Company or another Wholly-Owned Subsidiary. 
 Section 202. Compliance Certificates and Opinions. 
 Upon any application or request by the Company to the Trustee to take or refrain from taking any action under any provision of the Indenture, the Company
shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of the Company,
or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in the Indenture. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in the Indenture shall include, 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each
such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  

 36 








 (4) a statement as to whether, in the opinion of each such individual, such condition or
covenant has been complied with. 
 Section 203. Form of Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such
matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any
Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under the Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 204. Acts of Holders; Record Dates. 
 Any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted by the Indenture to be given, made or taken by Holders of the Notes may be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of the Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer
acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 The ownership of Notes shall be proved by
the Security Register. 
  

 37 








 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any
Note shall bind every future Holder of Notes and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the
Company or the Subsidiary Guarantors in reliance thereon, whether or not notation of such action is made upon such Note. 
 The Company may
set any day as a record date for the purpose of determining the Holders of Outstanding Notes entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by the Indenture
to be given, made or taken by Holders of Notes, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Notes on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on such record date.
Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee
in writing and to each Holder of Notes in the manner set forth in Section 206. 
 The Trustee may set any day as a record date for the
purpose of determining the Holders of Notes entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 602, (iii) any request to institute proceedings
referred to in Section 607(2) or (iv) any direction referred to in Section 612. If any record date is set pursuant to this paragraph, the Holders of Outstanding Notes on such record date, and no other Holders, shall be entitled to
join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Outstanding Notes series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been
set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Notes on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date,
the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Notes in the manner set forth in Section 206. 
 With respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each
Holder of Notes in the manner set forth in Section 206, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record
date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no
Expiration Date shall be later than the 180th day after the applicable record date. 
  

 38 








 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to
the Notes may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

Section 205. Notices, Etc., to Trustee and Company. 
 Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by the Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company or by any Subsidiary Guarantor shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Services, or 
 (2) the Company or the Subsidiary Guarantors by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, addressed to
the Company at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company or the Subsidiary Guarantors. 
 Section 206. Notice to Holders; Waiver. 
 Where the Indenture
provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it
appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. If notice is mailed to Holders in the manner provided in this Section 206, it is duly
given, whether or not the addressee receives it. Where the Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 Section 207.
Conflict with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which
is required under the Trust Indenture Act to be a part of and govern the Indenture, the latter provision shall control. If any provision of the Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or
excluded, the latter provision shall be deemed to apply to the Indenture as so modified or to be excluded, as the case may be. 
  

 39 








 Section 208. Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 209. Successors and Assigns. 
 All covenants and
agreements in the Indenture by the Company, the Subsidiary Guarantors or the Trustee shall bind their respective successors and assigns, whether so expressed or not. 
 Section 210. Separability Clause. 
 In case any provision in this Supplemental Indenture or the Notes shall
be invalid, illegal or unenforceable, the validity, legality and enforce ability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 211. Benefits of Indenture. 
 Nothing in the Indenture or the Notes, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under the Indenture. 
 Section 212. Governing Law. 
 The Indenture, the Notes and the Subsidiary Guarantees shall be governed by and construed in
accordance with the law of the State of New York. 
 Section 213. Legal Holidays. 
 In any case where any Interest Payment Date, Redemption Date, purchase date or Stated Maturity of any Note shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of the Indenture or of the Notes (other than a provision of any Note which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and
premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or purchase
date, or at the Stated Maturity. 
 Section 214. No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator, stockholder, member, partner or trustee of the Company or any Subsidiary Guarantor, as such, shall have any
liability for any obligations of the Company or any Subsidiary Guarantor under the Notes, the Indenture or the Subsidiary Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Subsidiary Guarantees. 
 Section 215. No Adverse Interpretation of Other Agreements. 
 The 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 the Indenture. 
  

 40 








 Section 216. Counterpart Originals. 
 The parties may sign any number of copies of this Supplemental Indenture, and each party hereto may sign any number of separate copies of this Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. 
 ARTICLE THREE 
 NOTE FORMS 
 Section 301. Forms Generally. 
 The Notes shall be in substantially the form set forth in Annex A hereto, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Notes as evidenced by their execution thereof. If the form of Notes of is established by action taken pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 403 for the authentication and delivery of
such Notes. 
 The definitive Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other
manner, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Section 302. Form of Legend for Global
Notes. 
 Every Global Note authenticated and delivered hereunder shall bear a legend in substantially the following form: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 ARTICLE FOUR 
 THE NOTES 
 Section 401. Title and Terms. 
 The Trustee shall authenticate the Notes to be authenticated and delivered under this Supplemental Indenture on the Issue Date in an aggregate amount
equal to $300,000,000, upon delivery of a Company Order. The Trustee shall authenticate Additional Notes thereafter in unlimited amount for original issue upon a Company Order in the form of an Officer’s Certificate in aggregate principal
amount as specified in such order (subject to compliance with Section 1111). Any such Company Order shall also specify the date on which the original issue of Notes is to be authenticated and shall certify that such issuance will not be
prohibited by Section 1111. 
  

 41 








 The Notes will mature on June 15, 2016. Interest on the Notes will accrue at the rate of 10.375% per
annum and will be payable semiannually in cash on each June 15 and December 15, commencing on December 15, 2009, to the persons who are registered Holders of Notes at the close of business on the June 1 and December 1
immediately preceding the applicable interest payment date. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of issuance to but excluding the
actual interest payment date. 
 The Notes shall be redeemable as provided in Article Twelve. 
 Section 402. Denominations. 
 The Notes shall be issuable
only in fully registered form without coupons and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 Section 403.
Execution, Authentication, Delivery and Dating. 
 The Notes shall be executed on behalf of the Company by its Chairman of the Board, its Vice
Chairman of the Board, its President or one of its Vice Presidents, under its corporate seal reproduced thereon. The signature of any of these officers on the Notes may be manual or facsimile. 
 The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Notes. Notes
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
 At any time and from time to time after
the execution and delivery of this Supplemental Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in
accordance with the Company Order shall authenticate and deliver such Notes. 
 Each Note shall be dated the date of its authentication.

 No Note shall be entitled to any benefit under the Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder. Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Note to the Trustee for cancellation
as provided in Section 409, for all purposes of the Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of the Indenture. 
 Section 404. Temporary Securities. 
 Pending the preparation
of definitive Notes, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine, as evidenced by their
execution of such Notes. 
  

 42 








 If temporary Notes are issued, the Company will cause definitive Notes to be prepared without
unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company in a Place of Payment for that series, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Notes of any authorized denominations and
of like tenor and aggregate principal amount. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under the Indenture as definitive Notes. 
 Section 405. Registration, Registration of Transfer and Exchange. 
 The Company shall cause to be kept at the
Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Notes
and transfers of Notes as herein provided. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Company
in a Place of Payment for the Notes, Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes, of any authorized denominations and of like tenor and
aggregate principal amount. 
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the
Company evidencing the same debt, and entitled to the same benefits under the Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 No
service charge shall be made for any registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Notes, other than exchanges pursuant to Section 404, 1006, 1110 or 1208 not involving any transfer. 
 If the
Notes are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of any such Notes selected for redemption under Section 1203 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any Note so selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part. 
 The provisions of clauses (1), (2), (3) and (4) below shall
apply only to Global Notes: 
 (1) Each Global Note authenticated under the Indenture shall be registered in the name of the
Depositary designated for such Global Note or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Note shall constitute a single Note for all purposes of the Indenture. 
  

 43 








 (2) Notwithstanding any other provision in the Indenture, no Global Note may be exchanged
in whole or in part for Notes registered, and no transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Note or a nominee thereof unless (A) such Depositary
(i) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Note or (ii) has ceased to be a clearing agency registered under the Exchange Act or (B) there shall have occurred and be continuing
an Event of Default with respect to such Global Note. 
 (3) Subject to clause (2) above, any exchange of a Global Note
for other Notes may be made in whole or in part, and all Notes issued in exchange for a Global Note or any portion thereof shall be registered in such names as the Depositary for such Global Note shall direct. 
 (4) Every Note authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Note or any
portion thereof, whether pursuant to this Section, Section 404, 406, 1006 or 1207 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Note, unless such Note is registered in the name of a Person other than
the Depositary for such Global Note or a nominee thereof. 
 Section 406. Mutilated, Destroyed, Lost and Stolen Notes. 
 If any mutilated Note is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new
Note of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be
delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Company or the Trustee that such Note has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Note, a new Note of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case
any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new Note of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Company whether or not the destroyed, lost or stolen Note shall
be at any time enforceable by anyone, and shall be entitled to all the benefits of the Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes. 
  

 44 








 Section 407. Payment of Interest; Interest Rights Preserved. 
 Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name
that Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest. 
 Any
interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this
clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be given to each Holder of Notes of such series in the manner set forth in Section 206, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (2). 
 (2) The Company may make payment
of any Defaulted Interest on the Notes in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given
by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each Note delivered under the Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Note. 
 Section 408. Persons Deemed Owners. 
 Prior to due presentment of a Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of and any premium and (subject to Section 407) any interest on such Note and for all other purposes whatsoever, whether or not
such Note be overdue, and none of the Company, the Subsidiary Guarantors, the Trustee nor any of their respective agents shall be affected by notice to the contrary. 
  

 45 








 None of the Company, the Subsidiary Guarantors, the Trustee, nor any of their respective agents will have
any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests of a Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. 
 Section 409. Cancellation. 
 All
Notes surrendered for payment, redemption, purchase, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time
deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Notes previously authenticated hereunder which the Company has not issued and sold, and all Notes so delivered shall be promptly cancelled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section, except as expressly permitted by the Indenture. All cancelled Notes held by the Trustee shall be disposed of in accordance with the Trustee’s standard provisions or as directed by a Company Order.

 Section 410. Computation of Interest. 
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
 ARTICLE FIVE 
 SATISFACTION AND DISCHARGE 
 Section 501. Satisfaction
and Discharge of Indenture. 
 The Indenture shall upon Company Request cease to be of further effect (except as to any surviving rights of
registration of transfer or exchange of Notes herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture, when 
 (1) either 
 (A) all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 406 and (ii) Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1404), have been delivered to the Trustee for cancellation; or

 (B) all such Notes not theretofore delivered to the Trustee for cancellation 
 (i) have become due and payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 
 (iii) are to
be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
  

 46 








 and the Company in the case of (i), (ii) or (iii), has deposited or caused to be deposited with the
Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the
date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of the Indenture have been
complied with. 
 Notwithstanding the satisfaction and discharge of the Indenture, the obligations of the Company to the Trustee under
Section 707, the obligations of the Trustee to any Authenticating Agent under Section 714 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the
Trustee under Section 502 and the last paragraph of Section 1103 shall survive. 
 Section 502. Application of Trust Money. 
 Subject to the provisions of the last paragraph of Section 1103, all money deposited with the Trustee pursuant to Section 501 shall be held in
trust and applied by it, in accordance with the provisions of the Notes and the 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 any premium and interest for whose payment such money has been deposited with the Trustee. 
 ARTICLE SIX 
 REMEDIES 
 Section 601. Events of Default. 
 “Event of Default”, wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (1) default in the payment of any interest upon any Note when it becomes due and payable, and
continuance of such default for a period of 30 days; or 
 (2) default in the payment of the principal of or any premium on
any Note when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration of acceleration or otherwise; or 
 (3) failure by the Company or any Subsidiary Guarantor to comply with its obligations under Section 901; or 
 (4) failure by the Company to comply for 30 days (180 days in the case of a Reporting Failure) after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in principal amount of 

  

 47 








 
the Outstanding Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder, with any of its obligations under Sections 1110 through 1116 of Article Eleven or Section 804 (in each case, other than a failure to purchase Notes which will constitute an Event of Default under clause (2) above);
or 
 (5) failure by the Company to comply with any agreement in the Indenture (other than an agreement, a default in or
failure to comply with is elsewhere in this Section specifically dealt with) and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company or, if applicable, to the
Subsidiary Guarantor, by the Trustee or to the Company or, if applicable, to the Subsidiary Guarantor, and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (6) default under
any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by
the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists, or is created after the date of the Indenture, which default: 

(a) is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the
grace period provided in such Indebtedness (and any extensions of any grace period) (“payment default”); or 
 (b)
results in the acceleration of such Indebtedness prior to its maturity; 
 and, in each case, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates $15.0 million or more; or 
 (7) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or a
Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the last audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the last audited consolidated financial statements for the Company and
its Restricted Subsidiaries) would constitute a Significant Subsidiary, under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or a
Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the last audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary, or of any
substantial part of its or their property, or ordering the winding up or liquidation of its or their affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60
consecutive days; or 
 (8) the commencement by the Company or a Significant Subsidiary or group of Restricted Subsidiaries
that, taken together (as of the last audited consolidated financial statements 

  

 48 








 
for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary of a voluntary case or proceeding under any applicable Federal or
State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it or them to the entry of a decree or order for relief in respect of the Company or in
an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it or them, or the filing by it or
them of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it or them to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the last audited consolidated financial statements for the Company and
its Restricted Subsidiaries) would constitute a Significant Subsidiary or of any substantial part of its or their property, or the making by it or them of an assignment for the benefit of creditors, or the admission by it or them in writing of its
or their inability to pay its or their debts generally as they become due, or the taking of corporate action by the Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the last audited consolidated
financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary in furtherance of any such action; or 
 (9) failure by the Company or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted
Subsidiaries), would constitute a Significant Subsidiary to pay final judgments aggregating in excess of $15.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not disclaimed
coverage), which judgments are not paid or discharged, and there shall be any period of 60 consecutive days following entry of such final judgment or decree during which a stay of enforcement of such final judgment or decree, by reason of pending
appeal or otherwise, shall not be in effect; or 
 (10) any Subsidiary Guarantee of a Significant Subsidiary or group of
Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary ceases to be in full force and effect (except as
contemplated by the terms of the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary or group of Subsidiary Guarantors that, taken together (as of the latest audited
consolidated financial statements of the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary denies or disaffirms its obligations under the Indenture or its Subsidiary Guarantee. 
 Section 602. Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default (other than an Event of Default specified in Section 601(7) or 601(8)) with respect to the Notes at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less
than 25% in principal amount of the Outstanding Notes may declare the principal amount of all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in Section 601(7) or 601(8) with respect to the Notes at the time Outstanding occurs, the principal amount of all the Notes
shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
  

 49 








 At any time after such a declaration of acceleration with respect to the Notes has been made and before a
judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Notes, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if 
 (a) the Company has paid or deposited with the Trustee a sum
sufficient to pay 
 (A) all overdue interest on all the Notes, 
 (B) the principal of (and premium, if any, on) any Notes which have become due otherwise than by such declaration of acceleration and any
interest thereon at the rate or rates prescribed therefor in such Notes, 
 (C) to the extent that payment of such interest is
lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Notes, and 
 (D) all sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (b) all Events of Default with respect to the Notes, other than the non-payment of the principal of the Notes which have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 613. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 Section 603. Collection of Indebtedness and Suits for Enforcement by Trustee. 
 If an Event of Default occurs and is continuing, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the
collection of the sums so due and unpaid or enforce the performance of any provision of the Notes or the Indenture, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree
against the Subsidiary Guarantors or the Company or any other obligor upon the Notes (and collect in the manner provided by law out of the property of the Subsidiary Guarantors or the Company or any other obligor upon the Notes wherever situated the
moneys adjudged or decreed to be payable). 
 Section 604. Trustee May File Proofs of Claim. 
 In case of any judicial proceeding relative to the Company, the Subsidiary Guarantors or any other obligor upon the Notes, or the property or creditors of
the Company or the Subsidiary Guarantors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and
the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, 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 it for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 707. 
  

 50 








 No provision of the Indenture 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 thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
 Section 605. Trustee May Enforce Claims Without Possession of Notes. 
 All rights of action and claims under the Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto,
and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered. 
 Section 606. Application of Money Collected. 
 Any money collected by the Trustee pursuant to this Article shall be applied in
the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Notes and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee under
Section 707; 
 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest
on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal and any premium and interest, respectively; and 
 THIRD: The remainder, if any, shall be paid to the Subsidiary Guarantors or the Company, as applicable, its successors, or assigns, or to
whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 
 Section 607. Limitation on Suits.

 No Holder shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the Notes; 
 (2) the Holders of not less than 25% in principal
amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity
has failed to institute any such proceeding; and 
  

 51 








 (5) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the Outstanding Notes; 
 it being understood and intended that no one or more
of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under the Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
 Section 608. Unconditional Right of Holders to Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in the Indenture, the Holder of any Notes shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 407) interest on
such Notes on the Stated Maturity expressed in such Notes (or, in the case of redemption or offer by the Company to purchase the Notes pursuant to the terms of the Indenture, on the Redemption Date or purchase date, as applicable), and to institute
suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 Section 609. Restoration of
Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under the Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Subsidiary Guarantors,
the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 Section 610. Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 406, no right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or
in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 611. Delay or Omission Not Waiver. 
 No delay or
omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 612. Control by Holders. 
 Subject to
Section 703(5), the Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee, with respect to the Notes, provided that 
  

 52 








 (1) such direction shall not be in conflict with any rule of law or with the Indenture,
and 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 Section 613. Waiver of Past Defaults. 
 The Holders of not less than a majority in principal amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past default hereunder with respect to the Notes and its consequences, except a default 

(1) in the payment of the principal of or any premium or interest on the Notes (including any Note which is required to have been
purchased by the Company pursuant to an offer to purchase by the Company made pursuant to the terms of the Indenture), or 
 (2) in respect of a covenant or provision hereof which under Article Ten cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of the Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 Section 614. Undertaking
for Costs. 
 In any suit for the enforcement of any right or remedy under the Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in
the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company. 
 Section 615. Waiver of Usury, Stay or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of the Indenture; and the Company (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 hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  

 53 








 ARTICLE SEVEN 
 THE TRUSTEE 
 Section 701. Certain Duties and Responsibilities. 
 The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no implied covenants shall
be read into the Indenture against the Trustee, and no provision of the Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so
provided, every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 Section 702. Notice of Defaults. 
 If a default occurs
hereunder with respect to the Notes which is known to the Trustee, the Trustee shall give the Holders of the Notes notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of
any default of the character specified in Section 601(5) with respect to the Notes, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default”
means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to the Notes. 
 The
Trustee shall not be deemed to have notice of any default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee from the Company or a
Holder at the Corporate Trust Office of the Trustee, and such notice references the Securities and the Indenture. 
 Section 703. Certain Rights of
Trustee. 
 Subject to the provisions of Section 701: 
 (1) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or
parties; 
 (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request
or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (3)
whenever in the administration of the Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 
 (4) the Trustee may
consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

  

 54 








 (5) the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by the Indenture at the request or direction of any of the Holders pursuant to the Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction; 
 (6) the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney; 
 (7) the Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by
it hereunder; and 
 (8) The Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes authorized or within its rights. 
 Section 704. Not Responsible for Recitals or Issuance of Notes. 
 The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company
and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of the Indenture or of the Notes. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the Company of Notes or the proceeds thereof. 
 Section 705. May Hold
Notes. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual
or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 708 and 713, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent. 
 Section 706. Money Held in Trust. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company. 
 Section 707. Compensation and Reimbursement. 
 The Company agrees 
 (1) to
pay to the Trustee from time to time compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  

 55 








 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of the Indenture (including the compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its gross negligence or bad faith; and 
 (3) to indemnify the
Trustee for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. When the Trustee incurs expenses or renders services after the occurrence of
an Event of Default specified in paragraph (7) or (8) of Section 601 of the Indenture, such expenses and the compensation for such services are intended to constitute expenses of administration under any Insolvency or Liquidation
Proceeding. For the purposes of this paragraph, “Insolvency” or “Liquidation Proceeding” means, with respect to any Person, (a) an insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or similar case or proceeding in connection therewith, relative to such Person or its creditors, as such, or its assets, or (b) any liquidation, dissolution or other winding-up proceeding of such Person, whether voluntary or involuntary and
whether or not involving insolvency or bankruptcy or (c) any assignment for the benefit of creditors or any other marshaling of assets and liabilities of such Person. 
 Section 708. Conflicting Interests. 
 If the Trustee has or shall acquire a conflicting interest within
the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and the Indenture. To the extent permitted by
the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under the Base Indenture with respect to Securities of more than one series. 
 Section 709. Corporate Trustee Required; Eligibility. 
 There shall at all times be one (and only one) Trustee hereunder with respect to the Notes. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at
least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust
Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Notes shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 Section 710. Resignation and Removal; Appointment of Successor. 
 No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 711. 
 The Trustee may resign at any time with respect to the Notes by giving written notice thereof to the Company. If the instrument of acceptance by a
successor Trustee required by Section 711 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of
a successor Trustee with respect to the Notes. 
  

 56 








 The Trustee may be removed at any time by Act of the Holders of a majority in principal amount of the
Outstanding Notes, delivered to the Trustee and to the Company. 
 If at any time: 
 (1) the Trustee shall fail to comply with Section 708 after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Note for at least six months, or 
 (2) the Trustee shall cease to be eligible under Section 709
and shall fail to resign after written request therefor by the Company or by any such Holder, or 
 (3) the Trustee shall
become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (A) the Company by a Board Resolution may remove the Trustee, or
(B) subject to Section 614, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Notes and the appointment of a successor Trustee or Trustees. 
 If the Trustee shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Notes, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Notes and shall
comply with the applicable requirements of Section 711. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Notes shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable
requirements of Section 711, become the successor Trustee with respect to the Notes and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Notes shall have been so appointed by
the Company or the Holders and accepted appointment in the manner required by Section 711, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes. 
 The Company shall give notice of
each resignation and each removal of the Trustee and each appointment of a successor Trustee to all Holders of Notes in the manner provided in Section 206. Each notice shall include the name of the successor Trustee and the address of its
Corporate Trust Office. 
 Section 711. Acceptance of Appointment by Successor. 
 In case of the appointment hereunder of a successor Trustee, every such successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company 

  

 57 








 
or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 
 No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 Section 712. Merger, Conversion, Consolidation or Succession to Business. 
 Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of
the parties hereto. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the
Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. 
 Section 713. Preferential Collection of
Claims Against Company. 
 If and when the Trustee shall be or become a creditor of the Company or any other obligor upon the Notes, the
Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or any such other obligor. 
 Section 714. Appointment of Authenticating Agent. 
 The Trustee may appoint an Authenticating Agent or Agents which shall be
authorized to act on behalf of the Trustee to authenticate Notes issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 406, and Notes so authenticated shall be entitled to
the benefits of the Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Supplemental Indenture to the authentication and delivery of Notes by the Trustee or
the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section. 
  

 58 








 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating
Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in
Section 206 to all Holders of Notes with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 707. 
 If an appointment with respect to one
or more series is made pursuant to this Section, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
 This is one of the Notes designated therein referred to in the within-mentioned Indenture. 
  

			
		 	  

		 	As Trustee
		
	By:	 	  

		 	As Authorized Agent
		
	By:	 	  

		 	Authorized Officer


 ARTICLE EIGHT 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 Section 801. Company to Furnish
Trustee Names and Addresses of Holders. 
 The Company will furnish or cause to be furnished to the Trustee 
 (1) semi-annually, not later than June 15 and December 15 in each year, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Notes as of the preceding June 1 or December 1, as the case may be, and 
  

 59 








 (2) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar. 
 Section 802. Preservation of
Information; Communications to Holders. 
 The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 801 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list
furnished to it as provided in Section 801 upon receipt of a new list so furnished. 
 The rights of Holders to communicate with other
Holders with respect to their rights under the Indenture or under the Notes, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every Holder of Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent
of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 Section 803. Reports by Trustee. 
 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under the Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which the Notes are listed, with the SEC and with the Company. The Company will notify the Trustee when any Notes are
listed on any stock exchange 
 Section 804. Reports by Company. 
 (a) Whether or not the Company is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, to the extent not prohibited by the Exchange Act, the Company will file with the
SEC, and make available to the Trustee and the registered Holders of the Notes without cost to any Holder, the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) that are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation within the time periods specified therein with respect to an accelerated filer. In the event that the Company is
not permitted to file such reports, documents and information with the SEC pursuant to the Exchange Act, the Company will nevertheless make available such Exchange Act information to the Trustee and the Holders of the Notes without cost to any
Holder as if the Company were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act within the time periods specified therein with respect to a non-accelerated filer. The Company shall also comply with the provisions
of Trust Indenture Act Section 314(a). 
 (b) The Company may request the Trustee on behalf of the Company at the Company’s expense
to mail the foregoing to Holders. In such case, the Company shall provide the Trustee with a sufficient number of copies of all reports and other documents and information that the Trustee may be required to deliver to Holders under this Section.

  

 60 








 (c) So long as the Company continues to have designated certain of its Subsidiaries as Unrestricted
Subsidiaries, then the financial information required 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.

 (d) The availability of the foregoing materials on the SEC’s website or on the Company’s website shall be deemed to satisfy the
foregoing delivery obligations. 
 ARTICLE NINE 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 901. Company May Consolidate, Etc., Only on
Certain Terms. 
 The Company shall not consolidate with or merge with or into or wind up into (whether or not the Company is the surviving
Person), or convey, transfer or lease all or substantially all its assets in one or more related transactions to, any Person, unless: 
 (1) the resulting, surviving or transferee Person (for purposes of this Article Nine, a “Successor Company”) will be a corporation, partnership, trust or limited liability company organized and existing
under the laws of the United States of America, any State of the United States or the District of Columbia and the Successor Company (if not the Company) will expressly assume, by supplemental indenture, executed and delivered to the Trustee, in
form reasonably satisfactory to the Trustee, all the obligations of the Company under the Notes and the Indenture; 
 (2)
immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor Company or any Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the
Successor Company or such Subsidiary at the time of such transaction), no Default shall have occurred and be continuing; 
 (3) either (A) immediately after giving effect to such transaction, the Successor Company would be able to Incur at least an additional $1.00 of Indebtedness pursuant to the first paragraph of Section 1111 or (B) immediately
after giving effect to such transaction on a pro forma basis and any related financing transactions as if the same had occurred at the beginning of the applicable four quarter period, the Consolidated Coverage Ratio of the Company is equal to or
greater than the Consolidated Coverage Ratio of the Company immediately before such transaction; 
 (4) each Subsidiary
Guarantor (unless it is the other party to the transactions above, in which case clause (1) shall apply) shall have by supplemental indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s obligations in respect of
the Indenture and the Notes shall continue to be in effect; and 
 (5) the Company shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with the Indenture and that all conditions precedent herein provided for relating to such
transaction have been complied with. 
  

 61 








 For purposes of this Article Nine, the sale, lease, conveyance, assignment, transfer or other disposition
of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and
assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
 Section 902. Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms. 
 The Company will not permit any Subsidiary
Guarantor to consolidate with or merge with or into, and will not permit the conveyance, transfer or lease of substantially all of the assets of any Subsidiary Guarantor to, any Person (other than the Company or another Subsidiary Guarantor) unless:

 (1) (a) the resulting, surviving or transferee Person will be a corporation, partnership, trust or limited liability
company organized and existing under the laws of the United States of America, any State of the United States or the District of Columbia and such Person (if not such Subsidiary Guarantor) will expressly assume, by supplemental indenture, executed
and delivered to the Trustee, all the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee and (b) immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the
resulting, surviving or transferee Person or any Restricted Subsidiary as a result of such transaction as having been Incurred by such Person or such Restricted Subsidiary at the time of such transaction), no Default shall have occurred and be
continuing; 
 (2) the transaction is made in compliance with Sections 1115 and 1117; and 
 (3) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture (if any) comply with the Indenture and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 Section 903. Certain Permitted Consolidations, Etc. 
 Notwithstanding the preceding Section 901(3), (x) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the Company and the Company may consolidate with, merge into or
transfer all or part of its properties and assets to a Wholly-Owned Subsidiary and (y) the Company may merge with an Affiliate incorporated solely for the purpose of reincorporating the Company in another jurisdiction; provided that, in the
case of a Restricted Subsidiary that consolidates with, merges into or transfers all or part of its properties and assets to the Company, the Company will not be required to comply with the preceding Section 901(4). 
 Section 904. Successor Substituted. 
 Upon any
consolidation of the Company with, or merger of the Company into, any other Person or any transfer, conveyance, sale, lease or other disposition of all or substantially all of the properties and assets of the Company as an entirety in accordance
with Section 901, the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under the Indenture and the Notes. 
  

 62 








 ARTICLE TEN 
 SUPPLEMENTAL INDENTURES 
 Section 1001. Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders, the Company and the Subsidiary Guarantors, when authorized by a Board Resolution, and the Trustee, at any time and
from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) cure any ambiguity, omission, defect, mistake or inconsistency; 
 (2) provide for the
assumption by a successor corporation, partnership, trust or limited liability company of the obligations of the Company or any Subsidiary Guarantor under the Indenture and the Notes; 
 (3) provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are
issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code); 
 (4) add Guarantees with respect to the Notes, including Subsidiary Guarantees, or release a Subsidiary Guarantor from its Subsidiary
Guarantee and terminate such Subsidiary Guarantee; provided that the release and termination is in accord with Section 1604; 
 (5) secure the Notes or the Subsidiary Guarantees; 
 (6) add to the covenants of the Company
or a Subsidiary Guarantor for the benefit of the holders or surrender any right or power conferred upon the Company or a Subsidiary Guarantor; 
 (7) make any change that does not adversely affect the rights of any holder; 
 (8) comply
with any requirement of the SEC in connection with the qualification of the Indenture under the Trust Indenture Act; or 
 (9)
provide for the succession of a successor Trustee. 
 The Trustee is hereby authorized to join with the Company and the Subsidiary Guarantors
in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder.

 Any supplemental indenture authorized by the provisions of this Section 1001 may be executed by the Company, the Subsidiary
Guarantors and the Trustee without the consent of the Holders, notwithstanding any of the provisions of Section 1002. 
 Section 1002. Supplemental
Indentures With Consent of Holders. 
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding
Notes, by Act of said Holders delivered to the Company, the Subsidiary Guarantors and the Trustee, the Company and the Subsidiary Guarantors, when authorized by a Board Resolution, and the Trustee may 

  

 63 








 
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of modifying in any manner the rights of the Holders under the Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected
thereby: 
 (1) reduce the principal amount of Notes whose holders must consent to an amendment, supplement or waiver;

 (2) reduce the stated rate of or extend the stated time for payment of interest on any Note; 
 (3) reduce the principal of or extend the Stated Maturity of any Note; 
 (4) reduce the premium payable upon the redemption of any Note pursuant to Section 1203 or change the time at which any Note may be
redeemed pursuant to Section 1203, (other than pursuant to Section 1110 and Section 1115); 
 (5) make any Note
payable in money other than that stated in the Note; 
 (6) impair the right of any holder to receive payment of, premium, if
any, principal of and interest on such holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; 
 (7) make any change in the amendment provisions which require each holder’s consent or in the waiver provisions; 
 (8) modify the Subsidiary Guarantees in any manner adverse to the holders of the Notes; or 
 (9) make any change to or modify the ranking of the Notes that would adversely affect the holders. 
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof. 
 A consent to any amendment or waiver under the Indenture by any Holder of
Notes given in connection with a tender of such Holder’s Notes will not be rendered invalid by such tender. After an amendment under the Indenture becomes effective, the Company is required to mail to the Holders a notice briefly describing
such amendment. However, the failure to give such notice to all the Holders, or any defect in the notice will not impair or affect the validity of the amendment. 
 Section 1003. Execution of Supplemental Indentures. 
 In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trusts created by the Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Officer’s Certificate and Opinion
of Counsel stating that the execution of such supplemental indenture is authorized or permitted by the Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under the Indenture or otherwise. 
  

 64 








 Section 1004. Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, the Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of the Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 Section 1005. Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act. 
 Section 1006. Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and such new Notes may be authenticated and delivered by the Trustee in exchange for Outstanding Notes. 
 ARTICLE ELEVEN 
 COVENANTS 
 Section 1101. Payment of Principal, Premium and Interest. 
 The Company covenants and agrees for the
benefit of the Notes that it will duly and punctually pay the principal of and any premium and interest on the Notes in accordance with the terms of the Notes and the Indenture. 
 Section 1102. Maintenance of Office or Agency. 
 The Company will maintain, in the City and State of New
York, a Place of Payment for the Notes an office or agency where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Notes and the 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 shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain in the City and State of New York, a Place of Payment for the Notes for such purposes. 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. 
  

 65 








 Section 1103. Money for Notes Payments to Be Held in Trust. 
 If the Company shall at any time act as its own Paying Agent, it will, on or before each due date of the principal of or any premium or interest on any of
the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as
herein provided and will promptly notify the Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more
Paying Agents for the Notes, it will, prior to each due date of the principal of or any premium or interest on the Notes, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act,
and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 The Company
will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply
with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company or any other obligor upon the Notes in the making of any payment in respect of the Notes, upon the
written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of or any premium or interest on the Notes and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Notes shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense
of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, New York, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 1104. Statement by Officers as to Default. 
 (a) The Company shall, so long as any Note is
Outstanding, deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officer’s Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in
default in the performance and observance of any of the terms, provisions and conditions of the Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which they may have knowledge. 
  

 66 








 (b) The Company shall, so long as any Note is Outstanding, deliver to the Trustee, as soon as possible
and in any event within thirty days after the Company becomes aware of the occurrence of an Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officer’s Certificate setting
forth the details of such Event of Default or default, and the action which the Company proposes to take with respect thereto. 
 Section 1105.
Existence. 
 Subject to Article Nine, the Company will do or cause to be done all things necessary to preserve and keep in full force and
effect the existence, rights (charter and statutory) and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company. 
 Section 1106. [Reserved]. 
 Section 1107. Payment of Taxes. 
 The Company will pay or
discharge or cause to be paid or discharged, before the same shall become delinquent, all material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the
Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment or charge whose amount, applicability or validity is being contested in good faith by
appropriate proceedings. 
 Section 1108. [Reserved]. 
 Section 1109. Waiver of Certain Covenants. 
 The Company and the Subsidiary Guarantors may omit in any particular instance to
comply with any term, provision or condition set forth in any covenant provided pursuant to Section 1001(2) for the benefit of the Holders if before the time for such compliance the Holders of at least a majority in principal amount of the
Outstanding Notes shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the Subsidiary Guarantors and the duties of the Trustee in respect of any such term, provision or condition shall remain in
full force and effect. 
 Section 1110. Purchase of Notes Upon a Change of Control. 
 If a Change of Control occurs, unless the Company has previously or concurrently exercised its right to redeem all of the Notes pursuant to
Section 1203 each Holder will have the right to require the Company to purchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the
principal amount of the Notes plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant interest payment date). 
  

 67 








 Within 30 days following any Change of Control, unless the Company has previously or concurrently
exercised its right to redeem all of the Notes pursuant to Section 1203 the Company will mail a notice (the “Change of Control Offer”) to each Holder, with a copy to the Trustee, stating: 
 (1) that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder’s Notes
at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on a record date to receive interest on the relevant
interest payment date) (the “Change of Control Payment”); 
 (2) the purchase date (which shall be no earlier than
30 days nor later than 60 days from the date such notice is mailed) (the “Change of Control Payment Date”); 
 (3)
that any Note not properly tendered will remain outstanding and continue to accrue interest; 
 (4) that unless the Company
defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on 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 such Notes, with
the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the paying agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day
preceding the Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their tendered Notes and their
election to require the Company to purchase such Notes, provided that the paying agent receives, not later than the close of business on the 30th day following the date of the Change of Control notice, a telegram, telex, facsimile
transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;

 (7) that if the Company is purchasing less than all of the Notes, the Holders of the remaining Notes will be issued new
Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to a minimum principal amount of $2,000 and an integral multiple of $1,000 in excess
of $2,000; and 
 (8) the procedures determined by the Company, consistent with the Indenture, that a Holder must follow in
order to have its Notes purchased. 
 On the Change of Control Payment Date, the Company will, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes (in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess
of $2,000) properly tendered pursuant to the Change of Control Offer; 
 (2) deposit with the Paying Agent an amount equal to
the Change of Control Payment in respect of all Notes or portions of Notes properly tendered and not properly withdrawn; and 
  

 68 








 (3) deliver or cause to be delivered to the Trustee the Notes so accepted together with
an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 The
Paying Agent will promptly mail to each Holder of Notes properly tendered and not properly withdrawn the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each
Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000.

 If the Change of Control Payment Date is on or after an interest record date and on or before the related interest payment date, any
accrued and unpaid interest, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no further interest will be payable to Holders who tender pursuant to the Change of Control Offer.

 The Company is not required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer
in the manner, at the times and otherwise in compliance with this Section 1110 applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.

 A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon the occurrence of a Change of Control, if a
definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 
 The Company will comply, to
the extent applicable, with the requirements of Rule 14e-1 of the Exchange Act and any other securities laws or regulations in connection with the purchase of Notes as a result of a Change of Control. To the extent that the provisions of any
securities laws or regulations conflict with provisions of the Indenture, or compliance with this Section 1110 would constitute a violation of any such laws or regulations, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations described in this Section 1110 by virtue of its compliance with such securities laws or regulations. 
 If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of
Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company will have the right, upon not
less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following such purchase at a redemption
price in cash equal to the applicable Change of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest, if any, to the date of redemption. 
 The Company’s obligation to make a Change of Control Offer pursuant to this Section 1110 may be waived or modified or terminated with the
written consent of the Holders of a majority in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Notes) prior to the occurrence of such Change of Control.

 Section 1111. Limitation on Indebtedness and Preferred Stock. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) and the Company will not permit any of 

  

 69 








 
its Restricted Subsidiaries to issue Preferred Stock; provided, however, that the Company may Incur Indebtedness and any of the Subsidiary
Guarantors may Incur Indebtedness and issue Preferred Stock if on the date thereof: 
 (1) the Consolidated Coverage Ratio for
the Company and its Restricted Subsidiaries is at least 2.25 to 1.00, determined on a pro forma basis (including a pro forma application of proceeds); and 
 (2) no Default will have occurred or be continuing or would occur as a consequence of Incurring the Indebtedness or transactions relating to such Incurrence. 
 The first paragraph of this Section 1111 will not prohibit the Incurrence of the following Indebtedness: 
 (1) Indebtedness of the Company Incurred pursuant to one or more Credit Facilities in an aggregate amount not to exceed the greater of
(a) $500.0 million or (b) an amount equal to the sum of $225.0 million and 30.0% of the Company’s Adjusted Consolidated Net Tangible Assets determined as of the date of the Incurrence of such Indebtedness after giving effect to the
application of the proceeds therefrom, in each case outstanding at any one time; 
 (2) Guarantees by the Company or
Subsidiary Guarantors of Indebtedness of the Company or a Subsidiary Guarantor, as the case may be, Incurred in accordance with the provisions of the Indenture; provided that in the event such Indebtedness that is being Guaranteed is a
Subordinated Obligation or a Guarantor Subordinated Obligation, then the related Guarantee shall be subordinated in right of payment to the Notes or the Subsidiary Guarantee to at least the same extent as the Indebtedness being Guaranteed, as the
case may be; 
 (3) Indebtedness of the Company owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted
Subsidiary owing to and held by the Company or any Restricted Subsidiary; provided, however, that (i) any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being held by a
Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person other than the Company or a Restricted Subsidiary of the Company shall be deemed, in each case, to
constitute an Incurrence of such Indebtedness by the Company or such Subsidiary, as the case may be; 
 (4) Indebtedness
represented by (a) the Notes issued on the Issue Date and all Subsidiary Guarantees, (b) any Indebtedness (other than the Indebtedness described in clauses (1), (2) and 4(a)) outstanding on the Issue Date and (c) any Refinancing
Indebtedness Incurred in respect of any Indebtedness described in this clause (4) or clause (5) or Incurred pursuant to the first paragraph of this Section 1111; 
 (5) Indebtedness of a Person that becomes a Restricted Subsidiary or is acquired by the Company or a Restricted Subsidiary or merged into
the Company or a Restricted Subsidiary in accordance with the Indenture and outstanding on the date on which such Person became a Restricted Subsidiary or was acquired by or was merged into the Company or such Restricted Subsidiary (other than
Indebtedness Incurred (a) to provide all or any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was otherwise acquired by or was
merged into the Company or a Restricted Subsidiary or (b) otherwise in connection with, or in contemplation of, such acquisition); provided, however, that at the time such Person becomes a Restricted Subsidiary or is acquired


  

 70 








 
by or was merged into the Company or a Restricted Subsidiary, the Company would have been able to Incur $1.00 of additional Indebtedness pursuant to the
first paragraph of this Section 1111 after giving effect to the Incurrence of such Indebtedness pursuant to this clause (5); 
 (6) the Incurrence by the Company or any Restricted Subsidiary of Indebtedness represented by Capitalized 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 construction or improvements or carrying costs of property used in the business of the Company or such Restricted Subsidiary, and Refinancing Indebtedness Incurred to Refinance any Indebtedness Incurred pursuant
to this clause (6) in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (6) and then outstanding, will not exceed $20.0 million at any
time outstanding; 
 (7) Permitted Acquisition Indebtedness; 
 (8) Indebtedness Incurred in respect of (a) self-insurance obligations, bid, appeal, reimbursement, performance, surety and similar
bonds and completion guarantees provided by the Company or a Restricted Subsidiary in the ordinary course of business and any Guarantees or letters of credit functioning as or supporting any of the foregoing bonds or obligations and
(b) obligations represented by letters of credit for the account of the Company or a Restricted Subsidiary in order to provide security for workers’ compensation claims (in the case of clauses (a) and (b) other than for an
obligation for money borrowed); 
 (9) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
arising from Guarantees of Indebtedness of joint ventures at any time outstanding not to exceed the greater of $10.0 million or 1.0% of the Company’s Adjusted Consolidated Net Tangible Assets determined as of the date of the Incurrence of such
Indebtedness after giving pro forma effect to such Incurrence and the application of proceeds therefrom; 
 (10) Capital Stock
(other than Disqualified Stock) of the Company or of any of the Subsidiary Guarantors; and 
 (11) in addition to the items
referred to in clauses (1) through (10) above, Indebtedness of the Company and its Subsidiary Guarantors in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred
pursuant to this clause (11) and then outstanding, will not at any time exceed the greater of $35.0 million or 2.5% of the Company’s Adjusted Consolidated Net Tangible Assets, determined as of the date of Incurrence of such Indebtedness
after giving effect to such Incurrence and the application of the proceeds therefrom. 
 For purposes of determining compliance with, and the
outstanding principal amount of any particular Indebtedness Incurred pursuant to and in compliance with, this Section 1111: 
 (1) in the event an item of that Indebtedness meets the criteria of more than one of the types of Indebtedness described in the first and second paragraphs of this Section 1111, the Company, in its sole discretion, will classify such
item of Indebtedness on the date of Incurrence and, subject to clause (2) below may later classify, reclassify or redivide all or a portion of such item of Indebtedness, in any manner that complies with this Section 1111; 
  

 71 








 (2) all Indebtedness outstanding on the date of the Indenture under the Senior Secured
Credit Agreement shall be deemed Incurred on the Issue Date under clause (1) of the second paragraph of this Section 1111; 
 (3) Guarantees of, or obligations in respect of letters of credit supporting, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included; 
 (4) if obligations in respect of letters of credit are Incurred pursuant to a Credit Facility and are being treated as Incurred pursuant
to clause (1) of the second paragraph above and the letters of credit relate to other Indebtedness, then such other Indebtedness shall not be included; 
 (5) the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Restricted
Subsidiary that is not a Subsidiary Guarantor, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof;

 (6) Indebtedness permitted by this Section 1111 need not be permitted solely by reference to one provision permitting
such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section 1111 permitting such Indebtedness; and 
 (7) the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the
liability in respect thereof determined in accordance with GAAP. 
 Accrual of interest, accrual of dividends, the amortization of debt
discount or the accretion of accreted value, the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock and unrealized losses or charges in
respect of Hedging Obligations (including those resulting from the application of Statement of Financial Accounting Standard No. 133) will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 1111. The amount of
any Indebtedness outstanding as of any date shall be (i) the accreted value thereof in the case of any Indebtedness issued with original issue discount and (ii) the principal amount or liquidation preference thereof, together with any
interest thereon that is more than 30 days past due, in the case of any other Indebtedness. 
 If at any time an Unrestricted Subsidiary
becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date under this Section 1111,
the Company shall be in Default of this Section 1111). 
 For purposes of determining compliance with any U.S. dollar-denominated
restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was
Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such
refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to
have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 

  

 72 








 
1111, the maximum amount of Indebtedness that the Company may Incur pursuant to this Section 1111 shall not be deemed to be exceeded solely as a result
of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 
 (1) Unsecured Indebtedness will not be treated as subordinated or junior to secured Indebtedness merely because it is unsecured and (2) senior Indebtedness will not be treated as subordinated or junior to any
other senior Indebtedness merely because it has a junior priority with respect to the same collateral. 
 Section 1112. Limitation on Restricted
Payments. 
 The Company will not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to: 
 (1) declare or pay any dividend or make any payment or distribution on or in respect of the Company’s Capital Stock (including any
payment or distribution in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) except: 
 (a) dividends or distributions by the Company payable solely in Capital Stock of the Company (other than Disqualified Stock) or in options, warrants or other rights to purchase such Capital Stock of the Company; and

 (b) dividends or distributions payable to the Company or a Restricted Subsidiary and if such Restricted Subsidiary is not a
Wholly-Owned Subsidiary, to minority stockholders (or owners of an equivalent interest in the case of a Subsidiary that is an entity other than a corporation) so long as the Company or a Restricted Subsidiary receives at least its pro rata share of
such dividend or distribution; 
 (2) purchase, redeem, defease, retire or otherwise acquire for value any Capital Stock of
the Company or any direct or indirect parent of the Company held by Persons other than the Company or a Restricted Subsidiary (other than in exchange for Capital Stock of the Company (other than Disqualified Stock)); 
 (3) purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or
scheduled sinking fund payment, any Subordinated Obligations or Guarantor Subordinated Obligations (other than (x) Indebtedness permitted under clause (3) of the second paragraph of Section 1111 or (y) the purchase, repurchase,
redemption, defeasance or other acquisition or retirement of Subordinated Obligations or Guarantor Subordinated Obligations purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due
within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement); or 
 (4)
make any Restricted Investment in any Person; 
 (any such dividend, distribution, purchase, redemption, repurchase, defeasance, other acquisition,
retirement or Restricted Investment referred to in clauses (1) through (4) shall be referred to herein as a “Restricted Payment”), if at the time the Company or such Restricted Subsidiary makes such Restricted Payment:

 (a) a Default shall have occurred and be continuing (or would result therefrom); 
  

 73 








 (b) the Company is not able to Incur an additional $1.00 of Indebtedness pursuant to the
first paragraph of Section 1111 after giving effect, on a pro forma basis, to such Restricted Payment; or 
 (c) the
aggregate amount of such Restricted Payment and all other Restricted Payments declared or made subsequent to the Issue Date would exceed the sum of: 
 (i) 50% of Consolidated Net Income for the period (treated as one ac-counting period) from July 1, 2009 to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which
internal financial statements are in existence (or, in case such Consolidated Net Income is a deficit, minus 100% of such deficit); 
 (ii) 100% of the aggregate Net Cash Proceeds and the fair market value (as determined by the Company’s Board of Directors in good faith) of property or securities other than cash (including Capital Stock of Persons engaged primarily in
the Oil and Gas Business or assets used in the Oil and Gas Business), in each case received by the Company from the issue or sale of its Capital Stock (other than Disqualified Stock) or other capital contributions subsequent to the Issue Date (other
than Net Cash Proceeds received from an issuance or sale of such Capital Stock to (x) management, employees, directors or any direct or indirect parent of the Company, to the extent such Net Cash Proceeds have been used to make a Restricted
Payment pursuant to clause (5)(a) of the next succeeding paragraph, (y) a Subsidiary of the Company or (z) an employee stock ownership plan, option plan or similar trust (to the extent such sale to an employee stock ownership plan,
option plan or similar trust is financed by loans from or Guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination)); 
 (iii) the amount by which Indebtedness of the Company or its Restricted Subsidiaries is reduced on the Company’s balance sheet upon
the conversion or exchange (other than by a Wholly-Owned Subsidiary of the Company) subsequent to the Issue Date of any Indebtedness of the Company or its Restricted Subsidiaries convertible or exchangeable for Capital Stock (other than Disqualified
Stock) of the Company (less the amount of any cash, or the fair market value of any other property (other than such Capital Stock), distributed by the Company upon such conversion or exchange), together with the net proceeds, if any, received by the
Company or any of its Restricted Subsidiaries upon such conversion or exchange; and 
 (iv) the amount equal to the aggregate
net reduction in Restricted In-vestments made by the Company or any of its Restricted Subsidiaries in any Person after the Issue Date resulting from: 
 (B) repurchases, repayments or redemptions of such Restricted Investments by such Person, proceeds realized upon the sale of such Restricted Investment (other than to a Subsidiary of the Company), repayments of loans
or advances or other transfers of assets (including by way of dividend or distribution) by such Person to the Company or any Restricted Subsidiary; 
  

 74 








 (C) the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in
each case as provided in the definition of “Investment”) not to exceed, in the case of any Unrestricted Subsidiary, the amount of Investments previously made by the Company or any Restricted Subsidiary in such Unrestricted Subsidiary,
which amount in each case under this clause (iv) was included in the calculation of the amount of Restricted Payments; provided, however, that no amount will be included under this clause (iv) to the extent it is already
included in Consolidated Net Income; and 
 (D) the sale by the Company or any Restricted Subsidiary (other than to the
Company or a Restricted Subsidiary) of all or a portion of the Capital Stock of an Unrestricted Subsidiary or a distribution from an Unrestricted Subsidiary or a dividend from an Unrestricted Subsidiary (whether any such distribution or dividend is
made with proceeds from the issuance by such Unrestricted Subsidiary of its Capital Stock or otherwise). 
 The provisions of the preceding
paragraph will not prohibit: 
 (1) any Restricted Payment made by exchange for, or out of the proceeds of the substantially
concurrent sale of, Capital Stock of the Company (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership
plan or similar trust is financed by loans from or Guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination) or a substantially concurrent cash capital contribution
received by the Company from its shareholders; provided, however, that (a) such Restricted Payment will be excluded from subsequent calculations of the amount of Restricted Payments and (b) the Net Cash Proceeds from such
sale of Capital Stock or capital contribution will be excluded from clause (c)(ii) of the preceding paragraph; 
 (2) any
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the Company or Guarantor Subordinated Obligations of any Subsidiary Guarantor made by exchange for, or out of the proceeds of the
substantially concurrent sale of, Subordinated Obligations of the Company or any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Guarantor Subordinated Obligations made by exchange for or out of the proceeds of the
substantially concurrent sale of Guarantor Subordinated Obligations that, in each case, is permitted to be Incurred pursuant to Section 1111; provided, however, that such purchase, repurchase, redemption, defeasance, acquisition
or retirement will be excluded from subsequent calculations of the amount of Restricted Payments; 
 (3) any purchase,
repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of the Company or a Restricted Subsidiary made by ex-change for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the
Company or such Restricted Subsidiary, as the case may be, that, in each case, is permitted to be Incurred pursuant to Section 1111; provided, however, that such purchase, repurchase, redemption, defeasance, acquisition or
retirement will be excluded from subsequent calculations of the amount of Restricted Payments; 
 (4) dividends paid or
distributions made within 60 days after the date of declaration if at such date of declaration such dividend or distribution would have complied with this Section 1112; provided, however, that such dividends and distributions will
be included in subsequent calculations of the amount of Restricted Payments; and provided further, however, that for purposes of clarification, this clause (4) shall not include cash payments in lieu of the issuance of fractional
shares included in clause (9) below; 
  

 75 








 (5) so long as no Default has occurred and is continuing, (a) the purchase of
Capital Stock or options, warrants, equity appreciation rights or other rights to purchase or acquire Capital Stock of the Company held by any existing or former employees, management or directors of the Company or any Restricted Subsidiary of the
Company or their assigns, estates or heirs, in each case in connection with the repurchase provisions under employee stock option or stock purchase agreements or other agreements to compensate management, employees or directors; provided that
such redemptions or repurchases pursuant to this subclause (a) during any calendar year will not exceed $2.0 million in the aggregate (with unused amounts in any calendar year being carried over to succeeding calendar years); provided
further that such amount in any calendar year may be increased by an amount not to exceed (A) the cash proceeds received by the Company from the sale of Capital Stock of the Company to members of management or directors of the Company and
its Restricted Subsidiaries that occurs after the Issue Date (to the extent the cash proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments by virtue of the clause (c) of the preceding
paragraph), plus (B) the cash proceeds of key man life insurance policies received by the Company and its Restricted Subsidiaries after the Issue Date, less (C) the amount of any Restricted Payments made pursuant to clauses (A) and
(B) of this clause (5)(a); provided further, however, that the amount of any such repurchase or redemption under this subclause (a) will be excluded in subsequent calculations of the amount of Restricted Payments and the
proceeds received from any such sale will be excluded from clause (c)(ii) of the preceding paragraph; and (b) the cancellation of loans or advances to employees or directors of the Company or any Subsidiary of the Company the proceeds of which
are used to purchase Capital Stock of the Company, in an aggregate amount not in excess of $2.0 million at any one time outstanding; provided, however, that the amount of such cancelled loans and advances will be included in subsequent
calculations of the amount of Restricted Payments; 
 (6) repurchases, redemptions or other acquisitions or retirements for
value of Capital Stock deemed to occur upon the exercise of stock options, warrants, rights to acquire Capital Stock or other convertible securities if such Capital Stock represents a portion of the exercise or exchange price thereof, and any
repurchases, redemptions or other acquisitions or retirements for value of Capital Stock made in lieu of withholding taxes in connection with any exercise or exchange of warrants, options or rights to acquire Capital Stock; provided,
however, that such repurchases will be excluded from subsequent calculations of the amount of Restricted Payments; 
 (7) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Obligation (i) at a purchase price not greater than 101% of the principal amount of such Subordinated Obligation in
the event of a Change of Control in accordance with provisions similar to Section 1110 or (ii) at a purchase price not greater than 100% of the principal amount thereof in accordance with provisions similar to Section 1115;
provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Company has made the Change of Control Offer or Asset Disposition Offer, as applicable, as provided in
such covenant with respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer or Asset Disposition Offer; provided, however, that such
repurchases will be included in subsequent calculations of the amount of Restricted Payments; 
 (8) payments or distributions
to dissenting stockholders pursuant to applicable law or in connection with the settlement or other satisfaction of legal claims made pursuant to or in connection with a consolidation, merger or transfer of assets; provided, however,
that any payment pursuant to this clause (8) shall be included in the calculation of the amount of Restricted Payments; 
  

 76 








 (9) cash payments in lieu of the issuance of fractional shares; provided,
however, that any payment pursuant to this clause (9) shall be excluded in the calculation of the amount of Restricted Payments; 
 (10) so long as no Default or Event of Default has occurred and is continuing, the payment of dividends on the Company’s Common Stock of an amount per annum not to exceed $0.25 per share (but in no event in
excess of $15.0 million in the aggregate during any calendar year pursuant to this clause (10)); provided, however, that the amount of such Restricted Payments will be included in subsequent calculations of Restricted Payments;

 (11) the declaration and payment of scheduled or accrued dividends to holders of any class of or series of Disqualified
Stock of the Company or any of its Restricted Subsidiaries issued on or after the Issue Date in accordance with Section 1111, to the extent such dividends are included in Consolidated Interest Expense; provided, however, that any
payment pursuant to this clause (11) shall be excluded in the calculation of the amount of Restricted Payments; and 
 (12) Restricted Payments in an amount not to exceed $20.0 million at any one time outstanding; provided, however, that the amount of such Restricted Payments will be included in subsequent calculations of the amount of
Restricted Payments. 
 The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of such Restricted
Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted Payment shall be its
face amount and the fair market value of any non-cash Restricted Payment shall be determined conclusively by the Board of Directors of the Company acting in good faith whose resolution with respect thereto shall be delivered to the Trustee.

 In the event that a Restricted Payment meets the criteria of more than one of the exceptions described in (1) through (12) above
or is entitled to be made pursuant to the first paragraph above, the Company shall, in its sole discretion, classify such Restricted Payment. 
 The Company will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the definition of “Unrestricted Subsidiary.” For purpose of designating any Restricted Subsidiary as
an Unrestricted Subsidiary, all outstanding investments by the Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an amount determined as set forth in the
last sentence of the definition of “Investment.” Such designation will be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to the first paragraph of this Section 1112 or under
clause (12) of the second paragraph of this Section 1112, or pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 Section 1113. Limitation on Liens. 
 The Company will
not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien (the “Initial Lien”) other than Permitted Liens upon any of its property or assets (including Capital Stock
of Restricted Subsidiaries), including any income or profits therefrom, whether owned on the date of the Indenture or acquired after that date, which Lien is securing any Indebtedness, unless contemporaneously with the Incurrence of such Liens
effective provision is 

  

 77 








 
made to secure the Indebtedness due under the Notes or, in respect of Liens on any Restricted Subsidiary’s property or assets, any Subsidiary Guarantee
of such Restricted Subsidiary, equally and ratably with (or senior in priority to in the case of Liens with respect to Subordinated Obligations or Guarantor Subordinated Obligations, as the case may be) the Indebtedness secured by such Lien for so
long as such Indebtedness is so secured. 
 Any Lien created for the benefit of the holders of the Notes pursuant to the preceding paragraph
shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien. 
 Section 1114. Limitation on Restrictions on Distributions from Restricted Subsidiaries. 
 The Company will not, and will not
permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions on its Capital Stock or pay any Indebtedness or other obligations owed to the Company or
any Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction
on the ability to make distributions on Capital Stock); 
 (2) make any loans or advances to the Company or any Restricted
Subsidiary (it being understood that the subordination of loans or advances made to the Company or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary shall not be deemed a restriction on the ability
to make loans or advances); or 
 (3) sell, lease or transfer any of its property or assets to the Company or any Restricted
Subsidiary. 
 The preceding provisions will not prohibit: 
 (1) any encumbrance or restriction pursuant to or by reason of an agreement in effect at or entered into on the Issue Date, including,
without limitation, the Indenture in effect on such date; 
 (2) any encumbrance or restriction with respect to a Person
pursuant to or by reason of an agreement relating to any Capital Stock or Indebtedness Incurred by a Person on or before the date on which such Person was acquired by the Company or another Restricted Subsidiary (other than Capital Stock or
Indebtedness Incurred as consideration in, or to provide all or any portion of the funds utilized to consummate, the transaction or series of related transactions pursuant to which such Person was acquired by the Company or a Restricted Subsidiary
or in contemplation of the transaction) and outstanding on such date; provided that any such encumbrance or restriction shall not extend to any assets or property of the Company or any other Restricted Subsidiary other than the assets and
property so acquired; 
 (3) encumbrances and restrictions contained in contracts entered into in the ordinary course of
business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of, or from the ability of the Company and the Restricted Subsidiaries to realize the value of, property or assets of the Company
or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary; 
  

 78 








 (4) any encumbrance or restriction with respect to an Unrestricted Subsidiary pursuant to
or by reason of an agreement that the Unrestricted Subsidiary is a party to entered into before the date on which such Unrestricted Subsidiary became a Restricted Subsidiary; provided that such agreement was not entered into in anticipation
of the Unrestricted Subsidiary becoming a Restricted Subsidiary and any such encumbrance or restriction shall not extend to any assets or property of the Company or any other Restricted Subsidiary other than the assets and property so acquired;

 (5) with respect to any Foreign Subsidiary, any encumbrance or restriction contained in the terms of any Indebtedness or
any agreement pursuant to which such Indebtedness was Incurred if either (1) the encumbrance or restriction applies only in the event of a payment default or a default with respect to a financial covenant in such Indebtedness or agreement or
(2) the Company determines that any such encumbrance or restriction will not materially affect the Company’s ability to make principal or interest payments on the Notes, as determined in good faith by the Board of Directors of the Company,
whose determination shall be conclusive; 
 (6) any encumbrance or restriction with respect to a Restricted Subsidiary
pursuant to an agreement effecting a refunding, replacement or refinancing of Indebtedness Incurred pursuant to an agreement referred to in clauses (1) through (5) or clause (12) of this paragraph or this clause (6) or contained
in any amendment, restatement, modification, renewal, supplemental, refunding, replacement or refinancing of an agreement referred to in clauses (1) through (5) or clause (12) of this paragraph or this clause (6); provided that
the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such agreement taken as a whole are no less favorable in any material respect to the holders of the Notes than the encumbrances and restrictions contained
in the agreements governing the Indebtedness being refunded, replaced or refinanced; 
 (7) in the case of clause (3) of
the first paragraph of this Section 1114, any encumbrance or restriction: 
 (a) that restricts in a customary manner the
subletting, assignment or transfer of any property or asset that is subject to a lease (including leases governing leasehold interests or farm-in agreements or farm-out agreements relating to leasehold interests in Oil and Gas Properties), license
or similar contract, or the assignment or transfer of any such lease (including leases governing leasehold interests or farm-in agreements or farm-out agreements relating to leasehold interests in Oil and Gas Properties), license (including, without
limitation, licenses of intellectual property) or other contract; 
 (b) contained in mortgages, pledges or other security
agreements permitted under the Indenture securing Indebtedness of the Company or a Restricted Subsidiary to the extent such encumbrances or restrictions restrict the transfer of the property subject to such mortgages, pledges or other security
agreements; 
 (c) contained Hedging Obligations permitted from time to time under the Indenture; 
 (d) pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements
of the Company or any Restricted Subsidiary; 
  

 79 








 (e) restrictions on cash or other deposits imposed by customers under contracts entered
into in the ordinary course of business; or 
 (f) provisions with respect to the disposition or distribution of assets or
property in operating agreements, joint venture agreements, development agreements, area of mutual interest agreements and other agreements that are customary in the Oil and Gas Business and entered into in the ordinary course of business.

 (8)(a) purchase money obligations for property acquired in the ordinary course of business and (b) Capitalized Lease
Obligations permitted under the Indenture, in each case, that impose encumbrances or restrictions of the nature described in clause (3) of the first paragraph of this Section 1114 on the property so acquired; 
 (9) any encumbrance or restriction with respect to a Restricted Subsidiary (or any of its property or assets) imposed pursuant to an
agreement entered into for the direct or indirect sale or disposition of all or a portion of the Capital Stock or assets of such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing of such sale
or disposition; 
 (10) any customary encumbrances or restrictions imposed pursuant to any agreement of the type described in
the definition of “Permitted Business Investment”; 
 (11) encumbrances or restrictions arising or existing by
reason of applicable law or any applicable rule, regulation or order; 
 (12) other Indebtedness of the Company or any of its
Restricted Subsidiaries permitted to be Incurred pursuant to an agreement entered into subsequent to the Issue Date in accordance with Section 1111; provided that the provisions relating to such encumbrance or restriction contained in
such Indebtedness are not materially less favorable to the Company taken as a whole, as determined by the Board of Directors of the Company in good faith, than the provisions contained in the Senior Secured Credit Agreement and in the Indenture as
in effect on the Issue Date; 
 (13) the issuance of Preferred Stock by a Restricted Subsidiary or the payment of dividends
thereon in accordance with the terms thereof; provided that issuance of such Preferred Stock is permitted pursuant to Section 1111 and the terms of such Preferred Stock do not expressly restrict the ability of a Restricted Subsidiary to
pay dividends or make any other distributions on its Capital Stock (other than requirements to pay dividends or liquidation preferences on such Preferred Stock prior to paying any dividends or making any other distributions on such other Capital
Stock); 
 (14) supermajority voting requirements existing under corporate charters, by-laws, stockholders agreements and
similar documents and agreements; 
 (15) restrictions on cash or other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business; and 
 (16) the Senior Secured Credit Agreement as in effect as of
the Issue Date, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof; provided that such amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are no more restrictive with respect to such dividend and other payment restrictions than those contained in the Senior Secured Credit Agreement as in effect on the Issue Date. 
  

 80 








 Section 1115. Limitation on Sales of Assets and Subsidiary Stock. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Disposition unless: 
 (1) the Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Disposition at least
equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Asset Disposition), as determined in good faith by the Board of Directors (including as to the value of all non-cash
consideration), of the shares and assets subject to such Asset Disposition; 
 (2)(a) at least 75% of the consideration
received by the Company or such Restricted Subsidiary, as the case may be, from such Asset Disposition is in the form of cash or Cash Equivalents or Additional Assets, or any combination thereof or (b) the fair market value of all forms of
consideration other than those in clause (a) since the Issue Date which does not exceed in the aggregate 10% of the Company’s Adjusted Consolidated Net Tangible Assets of the Company measured at the time the determination is made; and

 (3) except as provided in the next paragraph, an amount equal to 100% of the Net Available Cash from such Asset Disposition
is applied, within one year from the later of the date of such Asset Disposition or the receipt of such Net Available Cash, by the Company or such Restricted Subsidiary, as the case may be: 
 (a) to the extent the Company or any Restricted Subsidiary, as the case may be, elects (or is required by the terms of any Indebtedness),
to prepay, repay, redeem or purchase Indebtedness of the Company under the Senior Secured Credit Agreement, any other Indebtedness of the Company or a Subsidiary Guarantor that is secured by a Lien permitted to be Incurred under the Indenture or
Indebtedness (other than Disqualified Stock) of any Wholly-Owned Subsidiary that is not a Subsidiary Guarantor; provided, however, that, in connection with any prepayment, repayment, redemption or purchase of Indebtedness pursuant to
this clause (a), the Company or such Restricted Subsidiary will retire such Indebtedness and will cause the related commitment (if any) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid, redeemed or purchased;
or 
 (b) to invest in Additional Assets; 
 provided that pending the final application of any such Net Available Cash in accordance with this Section 1115, the Company and its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise invest
such Net Available Cash in any manner not prohibited by the Indenture. 
 Any Net Available Cash from Asset Dispositions that is not applied
or invested as provided in the preceding paragraph will be deemed to constitute “Excess Proceeds.” Not later than the day following the date that is one year from the later of the date of such Asset Disposition or the receipt of such Net
Available Cash, if the aggregate amount of Excess Proceeds exceeds $20.0 million, the Company will be required to make an offer (“Asset Disposition Offer”) to all Holders of Notes and, to the extent required by the terms of other Pari
Passu Indebtedness, to all Holders of other Pari Passu Indebtedness outstanding with similar provisions requiring the Company to make an offer to purchase such Pari Passu Indebtedness 

  

 81 








 
with the proceeds from any Asset Disposition (“Pari Passu Notes”) to purchase the maximum principal amount of Notes and any such Pari Passu Notes
to which the Asset Disposition Offer applies that may be purchased out of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount (or, in the event such Pari Passu Indebtedness of the Company was issued with
significant original issue discount, 100% of the accreted value thereof) of the Notes and Pari Passu Notes plus accrued and unpaid interest, if any (or in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for by
the terms of such Indebtedness), to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in accordance with the procedures set forth in the
Indenture or the agreements governing the Pari Passu Notes, as applicable, in each case in minimum principal amount of $2,000 and integral multiples of $1,000 in excess of $2,000. If the aggregate principal amount of Notes surrendered by Holders
thereof and other Pari Passu Notes surrendered by Holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro rata basis on the basis of the aggregate principal amount of
tendered Notes and Pari Passu Notes. To the extent that the aggregate amount of Notes and Pari Passu Notes so validly tendered and not properly withdrawn pursuant to an Asset Disposition Offer is less than the Excess Proceeds, the Company may use
any remaining Excess Proceeds for general corporate purposes, subject to the other covenants contained in the Indenture. Upon completion of such Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero. 
 The Asset Disposition Offer will remain open for a period of 20 Business Days following its commencement, except to the extent that a longer period is
required by applicable law (the “Asset Disposition Offer Period”). No later than five Business Days after the termination of the Asset Disposition Offer Period (the “Asset Disposition Purchase Date”), the Company will purchase
the principal amount of Notes and Pari Passu Notes required to be purchased pursuant to this Section 1115 (the “Asset Disposition Offer Amount”) or, if less than the Asset Disposition Offer Amount has been so validly tendered, all
Notes and Pari Passu Notes validly tendered in response to the Asset Disposition Offer. 
 If the Asset Disposition Purchase Date is on or
after an interest record date and on or before the related interest payment date, any accrued and unpaid 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 further
interest will be payable to Holders who tender Notes pursuant to the Asset Disposition Offer. 
 On or before the Asset Disposition Purchase
Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Asset Disposition Offer Amount of Notes and Pari Passu Notes or portions of Notes and Pari Passu Notes so validly tendered and not
properly withdrawn pursuant to the Asset Disposition Offer, or if less than the Asset Disposition Offer Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Notes so validly tendered and not properly withdrawn, in
each case in minimum principal amount of $2,000 and integral multiples of $1,000 in excess of $2,000. The Company will deliver to the Trustee an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the
Company in accordance with the terms of this Section 1115 and, in addition, the Company will deliver all certificates and notes required, if any, by the agreements governing the Pari Passu Notes. The Company or the paying agent, as the case may
be, will promptly (but in any case not later than five Business Days after the termination of the Asset Disposition Offer Period) mail or deliver to each tendering Holder of Notes or Holder or lender of Pari Passu Notes, as the case may be, an
amount equal to the purchase price of the Notes or Pari Passu Notes so validly tendered and not properly withdrawn by such Holder or lender, as the case may be, and accepted by the Company for purchase, and the Company will promptly issue a new
Note, and the Trustee, upon delivery of an Officer’s Certificate from the Company, will authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered;
provided that each such new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. In addition, the Company will take any and all other actions required by the 

  

 82 








 
agreements governing the Pari Passu Notes. Any Note not so accepted will be promptly mailed or delivered by the Company to the Holder thereof. The Company
will publicly announce the results of the Asset Disposition Offer on the Asset Disposition Purchase Date. 
 The Company will comply, to the
extent applicable, with the requirements of Rule 14e-1 of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to the Indenture. To the extent that the provisions of any securities laws or
regulations conflict with provisions of this Section 1115, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Indenture by virtue of its compliance with
such securities laws or regulations. 
 For the purposes of clause (2) of the first paragraph of this Section 1115, the following
will be deemed to be cash: 
 (1) the assumption by the transferee of Indebtedness (other than Subordinated Obligations or
Disqualified Stock) of the Company or Indebtedness of a Restricted Subsidiary (other than Guarantor Subordinated Obligations or Disqualified Stock of any Restricted Subsidiary that is a Subsidiary Guarantor) and the release of the Company or such
Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Disposition (or in lieu of such a release, the agreement of the acquirer or its parent company to indemnify and hold the Company or such Restricted
Subsidiary harmless from and against any loss, liability or cost in respect of such assumed Indebtedness, in which case the Company will, without further action, be deemed to have applied such deemed cash to Indebtedness in accordance with clause
(3)(a) of the first paragraph of this Section 1115; and 
 (2) securities, notes or other obligations received by
the Company or any Restricted Subsidiary from the transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days after receipt thereof. 
 Notwithstanding the foregoing, the 75% limitation referred to in clause (2) of the first paragraph of this Section 1115 shall be deemed
satisfied with respect to any Asset Disposition in which the cash or Cash Equivalents portion of the consideration received therefrom, determined in accordance with the foregoing provision on an after-tax basis, is equal to or greater than what the
after-tax proceeds would have been had such Asset Disposition complied with the aforementioned 75% limitation. 
 The requirement of clause
(3)(b) of the first paragraph of this Section 1115 above shall be deemed to be satisfied if an agreement (including a lease, whether a capital lease or an operating lease) committing to make the acquisitions or expenditures referred to
therein is entered into by the Company or its Restricted Subsidiary within the specified time period and such Net Available Cash is subsequently applied in accordance with such agreement within six months following such agreement. 
 Section 1116. Limitation on Affiliate Transactions. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, make, amend or conduct any transaction (including making a payment to, the purchase, sale, lease or exchange of any
property or the rendering of any service), contract, agreement or understanding with or for the benefit of any Affiliate of the Company (an “Affiliate Transaction”) unless such Affiliate Transaction complies with the Company’s
corporate governance principles and, solely in the case of Affiliate Transactions with Persons other than PVG, PVR or their respective Subsidiaries: 
 (1) the terms of such Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such
transaction in arm’s-length dealings with a Person who is not such an Affiliate; 
  

 83 








 (2) if such Affiliate Transaction involves an aggregate consideration in excess of $10.0
million, the terms of such transaction have been approved by a majority of the members of the Board of Directors of the Company and by a majority of the members of such Board of Directors having no personal stake in such transaction, if any (and
such majority or majorities, as the case may be, determines that such Affiliate Transaction satisfies the criteria in clause (1) above); and 
 (3) if such Affiliate Transaction involves an aggregate consideration in excess of $25.0 million, the Board of Directors of the Company has received a written opinion from an independent investment banking, accounting
or appraisal firm of nationally recognized standing that such Affiliate Transaction is fair, from a financial standpoint, to the Company or such Restricted Subsidiary or is not materially less favorable than those that could reasonably be expected
to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate. 
 The
preceding paragraph will not apply to: 
 (1) any Restricted Payment permitted to be made pursuant to Section 1112 or any
Permitted Investment; 
 (2) any issuance of Capital Stock (other than Disqualified Stock), or other payments, awards or
grants in cash, Capital Stock (other than Disqualified Stock) or otherwise pursuant to, or the funding of, employment or severance agreements and other compensation arrangements, options to purchase Capital Stock (other than Disqualified Stock) of
the Company, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans and/or indemnity provided on behalf of officers and employees approved by the Board of Directors
of the Company; 
 (3) loans or advances to employees, officers or directors in the ordinary course of business of the Company
or any of its Restricted Subsidiaries; 
 (4) advances to or reimbursements of employees for moving, entertainment and travel
expenses, drawing accounts and similar expenditures in the ordinary course of business of the Company or any of its Restricted Subsidiaries; 
 (5) any transaction between the Company and a Restricted Subsidiary or between Restricted Subsidiaries and Guarantees issued by the Company or a Restricted Subsidiary for the benefit of the Company or a Restricted
Subsidiary, as the case may be, in accordance with Section 1111; 
 (6) any transaction with a joint venture or similar
entity which would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns, directly or indirectly, an Equity Interest in or otherwise controls such joint venture or similar entity; 
 (7) the issuance or sale of any Capital Stock (other than Disqualified Stock) of the Company or the receipt by the Company of any capital
contribution from its shareholders; 
  

 84 








 (8) indemnities of officers, directors and employees of the Company or any of its
Restricted Subsidiaries permitted by bylaw or statutory provisions and any employment agreement or other employee compensation plan or arrangement entered into in the ordinary course of business by the Company or any of its Restricted Subsidiaries;

 (9) the payment of reasonable compensation and fees paid to, and indemnity provided on behalf of, officers or directors of
the Company or any Restricted Subsidiary; 
 (10) the performance of obligations of the Company or any of its Restricted
Subsidiaries under the terms of any agreement to which the Company or any of its Restricted Subsidiaries is a party as of or on the Issue Date, as these agreements may be amended, modified, supplemented, extended or renewed from time to time;
provided, however, that any future amendment, modification, supplement, extension or renewal entered into after the Issue Date will be permitted to the extent that its terms are not materially more disadvantageous, taken as a whole, to
the holders of the Notes than the terms of the agreements in effect on the Issue Date; 
 (11) transactions with customers,
clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of the Indenture which are fair to the Company and its Restricted Subsidiaries, in the
reasonable determination of the board of directors of the Company or the senior management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 
 (12) transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Company solely because the Company
owns, directly or through a Restricted Subsidiary, an Equity Interest in such Person; and 
 (13) transactions between the
Company or any Restricted Subsidiary and any Person, a director of which is also a director of the Company or any direct or indirect parent company of the Company and such director is the sole cause for such Person to be deemed an Affiliate of the
Company or any Restricted Subsidiary; provided, however, that such director shall abstain from voting as a director of the Company or such direct or indirect parent company, as the case may be, on any matter involving such other
Person. 
 Section 1117. Future Subsidiary Guarantors. 
 The Company will cause each Restricted Subsidiary that Guarantees any Indebtedness under a Credit Facility or other capital markets Indebtedness, other than a Foreign Subsidiary created or acquired by the Company or
one or more of its Restricted Subsidiaries, to execute and deliver to the Trustee a Subsidiary Guarantee pursuant to which such Subsidiary Guarantor will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the
principal of, premium, if any, and interest, if any, on the Notes on a senior basis; provided that any Restricted Subsidiary that constitutes an Immaterial Subsidiary need not become a Subsidiary Guarantor until such time as it ceases to be
an Immaterial Subsidiary. 
 Section 1118. Payments for Consent. 
 Neither the Company nor any of its Restricted Subsidiaries will, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fees or otherwise, to any Holder of any Notes for or as
an inducement to any consent, waiver or amendment of any of the terms or provisions of the Indenture or the Notes unless such consideration is offered to be paid or 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 amendment. 
  

 85 








 Section 1119. Covenant Termination. 
 From and after the occurrence of an Investment Grade Rating Event, the Company and its Restricted Subsidiaries will no longer be subject to the provisions of the Indenture described above in Sections 901(3), 1111,
1112, 1114, 1115 and 1116 (collectively, the “Eliminated Covenants”). 
 After the foregoing covenants have been terminated, the
Company may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to the second sentence of the definition of “Unrestricted Subsidiary.” 
 ARTICLE TWELVE 
 REDEMPTION OF NOTES 
 Section 1201. Applicability of Article. 
 Notes which
are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and in accordance with this Article. 
 Section 1202.
Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Notes shall be evidenced by a Board Resolution. In case of
any redemption at the election of the Company of less than all Notes, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Notes to be redeemed. In the case of any redemption of Notes prior to the expiration of any restriction on such redemption provided in the terms of such Notes or elsewhere in the Indenture, the Company
shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 
 Section 1203. Optional Redemption.

 (a) On and after June 15, 2013, the Company may redeem all or, from time to time, a part of the Notes upon not less than 30 nor more
than 60 days’ notice, at the following Redemption Prices (expressed as a percentage of principal amount of the Notes) plus accrued and unpaid interest on the Notes, if any, to the applicable Redemption Date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month period beginning on June 15 of the years indicated below: 
  

				
	 Year
	  	Percentage	 
	 2013
	  	105.188	%
	 2014
	  	102.594	%
	 2015 and thereafter
	  	100.000	%
		  	 	 

 (b) Prior to June 15, 2012 the Company may, at its option, on any one or more occasions
redeem up to 35% of the aggregate principal amount of the Notes (including Additional Notes) issued under the Indenture with the Net Cash Proceeds of one or more Equity Offerings at a Redemption Price of 110.375% of the principal amount thereof,
plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date); provided that 
  

 86 








 (1) at least 65% of the original principal amount of the Notes issued on the Issue Date
remains outstanding after each such redemption; and 
 (2) the redemption occurs within 90 days after the closing of the
related Equity Offering. 
 (c) In addition, the Notes may be redeemed, in whole or in part, at any time prior to June 15, 2013 at the
option of the Company upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder of Notes at its registered address, at a Redemption Price equal to 100% of the principal amount of the Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest to, the applicable Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 

Section 1204. Selection by Trustee of Notes to Be Redeemed. 
 If less than all the Notes are to be redeemed, the particular Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Notes not previously called for redemption, by such
method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Notes, provided that the unredeemed portion of the principal amount of any Note shall be
in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Note. If less than all the Notes are to be redeemed, the particular Notes to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Notes of such series and specified tenor not previously called for redemption in accordance with the preceding sentence. 
 In the case of any redemption in part, the unredeemed portion of the principal amount of the Notes shall be in an authorized denomination (which shall
not be less than the minimum authorized denomination) for the Notes. 
 For all purposes of the Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Notes shall relate, in the case of any Notes redeemed or to be redeemed only in part, to the portion of the principal amount of such Notes which has been or is to be redeemed. 
 Section 1205. Notice of Redemption. 
 Notice of
redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed, at his address appearing in the Security Register. 
 All notices of redemption shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price, 
 (3) if less than all the Outstanding Notes are to be redeemed, the identification (and, in the case of partial redemption of any such
Notes, the principal amounts) of the particular Notes to be redeemed, 
  

 87 








 (4) that on the Redemption Date the Redemption Price will become due and payable upon
each such Note be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 
 (5) if
applicable, the conversion price, and that the date on which the right to convert the principal of the Notes or the portions thereof to be redeemed will terminate will be the Redemption Date and the place or places where such Notes may be
surrendered for conversion, 
 (6) the place or places where each such Note is to be surrendered for payment of the Redemption
Price, and 
 (7) the CUSIP/ISIN numbers of the Notes. 
 Notice of redemption of Notes to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company and shall be irrevocable. 
 Section 1206. Deposit of Redemption Price. 
 Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 1103) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Notes which are to be
redeemed on that date, other than any Notes called for redemption on that date which have been converted prior to the date of such deposit. 
 Section 1207. Notes Payable on Redemption Date. 
 Notice of redemption having been given as aforesaid, the Notes so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Notes shall
cease to bear interest. Upon surrender of any such Notes for redemption in accordance with said notice, such Notes shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Notes, or one or more Predecessor Notes, registered as such at the close of business on the relevant
record dates according to their terms and the provisions of Section 407. 
 If any Note called for redemption shall not be so paid upon
surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Note. 
 Section 1208. Notes Redeemed in Part. 
 Any Note which is to be redeemed only in part shall be
surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered. 
  


 88 








 ARTICLE THIRTEEN 
 [INTENTIONALLY DELETED] 
 ARTICLE FOURTEEN 
 DEFEASANCE AND COVENANT DEFEASANCE 
 Section 1401.
Company’s Option to Effect Defeasance or Covenant Defeasance. 
 The Company may elect, at its option at any time, to have
Section 1402 or Section 1403 applied to the Notes, upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced in or pursuant to a Board Resolution. 
 Section 1402. Defeasance and Discharge. 
 Upon the
Company’s exercise of its option to have this Section applied to the Notes, the Company shall be deemed to have been discharged from its obligations, with respect to such Notes as provided in this Section on and after the date the conditions
set forth in Section 1404 are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Notes and to
have satisfied all its other obligations under such Notes and the Indenture insofar as the Notes are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following, which
shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Notes to receive, solely from the trust fund described in Section 1404 and as more fully set forth in such Section, payments in respect of
the principal of and any premium and interest on such Notes when payments are due, (2) the Company’s obligations with respect to such Notes under Sections 404, 405, 406, 1102 and 1103, (3) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and (4) this Article. If the Company exercises its defeasance option pursuant to this Section 1402, the Subsidiary Guarantee will terminate with respect to the Notes. Subject to compliance with this
Article, the Company may exercise its option (if any) to have this Section applied to any Notes notwithstanding the prior exercise of its option (if any) to have Section 1403 applied to such Notes. 
 Section 1403. Covenant Defeasance. 
 Upon the
Company’s exercise of its option to have this Section applied to the Notes, (1) the Company shall be released from its obligations under Section 901(3), Sections 1110 through 1118, inclusive, and any covenants provided pursuant to
Section 1001(2) for the benefit of the Holders of the Notes; (2) the occurrence of any event specified in Sections 601(3) (with respect only to the obligation under Section 901(3)), 601(4), 601(5), 601(6), 601(7) (with respect only to
Significant Subsidiaries) or (8) (with respect only to Significant Subsidiaries), 601(9) and 601(10) shall be deemed not to be or to result in an Event of Default, and (3) the Company and the Subsidiary Guarantors may terminate the
obligations of the Subsidiary Guarantors to provide the Subsidiary Guarantees pursuant to Article Sixteen, and the Subsidiary Guarantees shall be automatically released, in each case with respect to such Notes as provided in this Section on and
after the date the conditions set forth in Section 1404 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Notes, the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any
reference in any such Section or Article to any other provision herein or in any other document, but the remainder of the Indenture and such Notes shall be unaffected thereby. 
  

 89 








 Section 1404. Conditions to Defeasance or Covenant Defeasance. 
 The following shall be the conditions to the application of Section 1402 or Section 1403 to any Notes: 
 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the
requirements contemplated by Section 709 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated
solely to, the benefits of the Holders of such Notes, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide,
not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Notes on the Stated
Maturities, in accordance with the terms of the Indenture and such Notes. 
 (2) In the event of an election to have
Section 1402 apply to any Notes, the Company shall have delivered to the Trustee an Opinion of Counsel stating 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 instrument, there has been a change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Notes will not recognize
gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Notes and will be subject to Federal income tax on the same amount, in the same manner and at the same times as
would be the case if such deposit, Defeasance and discharge were not to occur. 
 (3) In the event of an election to have
Section 1403 apply to any Notes, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Notes will not recognize gain or loss for Federal income tax purposes as a result of the deposit and
Covenant Defeasance to be effected with respect to such Notes and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.

 (4) The Company shall have delivered to the Trustee an Officer’s Certificate to the effect that the Notes, if then
listed on any securities exchange, will not be delisted as a result of such deposit. 
 (5) No event which is, or after notice
or lapse of time or both would become, an Event of Default with respect to such Notes shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 601(7) and (8), at any time on or prior
to the 121st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 121st day), other than a Default resulting from the borrowing of funds to be applied to such deposit. 

(6) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Notes are in default within the meaning of the Trust Indenture Act). 
  

 90 








 (7) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, any other agreement or instrument (other than the Indenture) to which the Company is a party or by which it is bound. 
 (8) The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such deposit shall not cause either the Trustee or the trust so created to be subject to the Investment Company Act.

 (9) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 
 Section 1405. Deposited Money and U.S.
Government Obligations to Be Held in Trust; Miscellaneous Provisions. 
 Subject to the provisions of the last paragraph of Section 1103,
all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1406, the Trustee and any such other trustee are referred to
collectively as the “Trustee”) pursuant to Section 1404 in respect of any Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and the Indenture, to the payment, either directly or
through any such Paying Agent (including the Company acting as its own 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 and any premium and interest, but
money so held in trust need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 1404 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 Outstanding Notes. 
 Anything in this Article to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 1404 with respect to any Notes which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case
may be, with respect to such Notes. 
 Section 1406. Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Notes by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the obligations under the Indenture and such Notes from which the Company has been discharged or released pursuant to Section 1402 or 1403 shall be revived and reinstated as though no
deposit had occurred pursuant to this Article with respect to such Notes, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1405 with respect to such Notes in accordance with this
Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Note following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of
the Holders of such Notes to receive such payment from the money so held in trust. 
  

 91 








 ARTICLE FIFTEEN 
 [INTENTIONALLY DELETED] 
 ARTICLE SIXTEEN 
 GUARANTEE 
 Section 1601. Unconditional Guarantee.

 (a) For value received, each of the Subsidiary Guarantors hereby fully, unconditionally and absolutely guarantees (the “Subsidiary
Guarantee”) to the Holders and to the Trustee the due and punctual payment of the principal of, and premium, if any, and interest on the Notes and all other amounts due and payable under the Indenture and the Notes by the Company, when and as
such principal, premium, if any, and interest shall become due and payable, whether at the stated maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of the Notes and the Indenture, subject to the
limitations set forth in Section 1603. 
 (b) Failing payment when due of any amount guaranteed pursuant to the Subsidiary Guarantee,
for whatever reason, each of the Subsidiary Guarantors will be jointly and severally obligated to pay the same immediately. The Subsidiary Guarantee hereunder is intended to be a general, unsecured, senior obligation of each of the Subsidiary
Guarantors and will rank pari passu in right of payment with all debt of such Subsidiary Guarantor that is not, by its terms, expressly subordinated in right of payment to the Subsidiary Guarantee. Each of the Subsidiary Guarantors hereby agrees
that its obligations hereunder shall be full, unconditional and absolute, irrespective of the validity, regularity or enforceability of the Notes, the Subsidiary Guarantee (including the Subsidiary Guarantee of any other Subsidiary Guarantor) or the
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company or any other Subsidiary Guarantor, or any
action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of the Subsidiary Guarantors. Each of the Subsidiary Guarantors hereby agrees that in the event of a default in payment
of the principal of, or premium, if any, or interest on the Notes, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or,
subject to Section 607, by the Holders, on the terms and conditions set forth in the Indenture, directly against such Subsidiary Guarantor to enforce the Subsidiary Guarantee without first proceeding against the Company or any other Subsidiary
Guarantor. 
 (c) The obligations of each of the Subsidiary Guarantors under this Article shall be as aforesaid full, unconditional and
absolute and shall not be impaired, modified, released or limited by any occurrence or condition whatsoever, including, without limitation, (A) any compromise, settlement, release, waiver, renewal, extension, indulgence or modification of, or
any change in, any of the obligations and liabilities of the Company or any of the Subsidiary Guarantors contained in the Notes or the Indenture, (B) any impairment, modification, release or limitation of the liability of the Company, any of
the Subsidiary Guarantors or either of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable bankruptcy law, or other statute or from the decision of
any court, (C) the assertion or exercise by the Company, any of the Subsidiary Guarantors or the Trustee of any rights or remedies under the Notes or the Indenture or their delay in or failure to assert or exercise any such rights or remedies,
(D) the assignment or the purported assignment of any property as security for the Notes, including all or any part of the rights of the Company or any of the Subsidiary Guarantors under the Indenture, (E) the extension of the time for
payment by the Company or any of the Subsidiary Guarantors of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of the Notes or the Indenture or of the time for performance by the Company or any of
the Subsidiary Guarantors of any other obligations under or arising out of 

  

 92 








 
any such terms and provisions or the extension or the renewal of any thereof, (F) the modification or amendment (whether material or otherwise) of any
duty, agreement or obligation of the Company or any of the Subsidiary Guarantors set forth in the Indenture, (G) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets,
marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, the Company or any of the
Subsidiary Guarantors or any of their respective assets, or the disaffirmance of the Notes, the Subsidiary Guarantee or the Indenture in any such proceeding, (H) the release or discharge of the Company or any of the Subsidiary Guarantors from
the performance or observance of any agreement, covenant, term or condition contained in any of such instruments by operation of law, (I) the unenforceability of the Notes, the Subsidiary Guarantee or the Indenture or (J) any other
circumstances (other than payment in full or discharge of all amounts guaranteed pursuant to the Subsidiary Guarantee) which might otherwise constitute a legal or equitable discharge of a surety or guarantor. 
 (d) Each of the Subsidiary Guarantors hereby (A) waives diligence, presentment, demand of payment, filing of claims with a court in the event of the
merger, insolvency or bankruptcy of the Company or any of the Subsidiary Guarantors, and all demands whatsoever, (B) acknowledges that any agreement, instrument or document evidencing the Subsidiary Guarantee may be transferred and that the
benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Subsidiary Guarantee without notice to it and (C) covenants that the Subsidiary Guarantee will not be discharged except by
complete performance of the Subsidiary Guarantee. Each of the Subsidiary Guarantors further agrees that if at any time all or any part of any payment theretofore applied by any Person to the Subsidiary Guarantee is, or must be, rescinded or returned
for any reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of the Company or any of the Subsidiary Guarantors, the Subsidiary Guarantee shall, to the extent that such payment is or must be rescinded or
returned, be deemed to have continued in existence notwithstanding such application, and the Subsidiary Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application had not been made. 
 (e) Each of the Subsidiary Guarantors shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts paid
by such Subsidiary Guarantor pursuant to the provisions of the Indenture, provided, however, that such Subsidiary Guarantor, shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of
subrogation until all of the Notes and the Subsidiary Guarantee shall have been paid in full or discharged. 
 Section 1602. Execution and Delivery of
Guarantee. 
 To further evidence the Subsidiary Guarantee set forth in Section 1601, each of the Subsidiary Guarantors hereby agrees
that a notation relating to such Subsidiary Guarantee, substantially in the form attached hereto as Annex B, shall be endorsed on each Note entitled to the benefits of the Subsidiary Guarantee authenticated and delivered by the Trustee and executed
by either manual or facsimile signature of an officer of such Subsidiary Guarantor, or in the case of a Subsidiary Guarantor that is a limited partnership, an officer of the general partner of each Subsidiary Guarantor. Each of the Subsidiary
Guarantors hereby agrees that the Subsidiary Guarantee set forth in Section 1601 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation relating to the Subsidiary Guarantee. If any officer of the
Subsidiary Guarantor, or in the case of a Subsidiary Guarantor that is a limited partnership, any officer of the general partner of the Subsidiary Guarantor, whose signature is on the Indenture or a Note no longer holds that office at the time the
Trustee authenticates such Note or at any time thereafter, the Subsidiary Guarantee of such Note shall be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Subsidiary Guarantee set forth in the Indenture on behalf of the Subsidiary Guarantors. 
  

 93 








 The Trustee hereby accepts the trusts in the Indenture upon the terms and conditions herein set forth.

 Section 1603. Limitation on Subsidiary Guarantors’ Liability. 
 Each Subsidiary Guarantor and by its acceptance hereof each Holder of a Note entitled to the benefits of the Subsidiary Guarantee hereby confirm that it is the intention of all such parties that the guarantee by such
Subsidiary Guarantor pursuant to its Subsidiary Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Federal or state law. To effectuate the foregoing intention, the Holders of a Note entitled to the benefits of the
Subsidiary Guarantee and the Subsidiary Guarantors hereby irrevocably agree that the obligations of each Subsidiary Guarantor under its Subsidiary Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent
and fixed liabilities of such Subsidiary Guarantor and to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee, result
in the obligations of such Subsidiary Guarantor under the Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under Federal or state law. 
 Section 1604. Release of Subsidiary Guarantors from Guarantee. 
 (a) Notwithstanding any other
provisions of the Indenture, the Subsidiary Guarantee of any Subsidiary Guarantor may be released upon the terms and subject to the conditions set forth in this Section 1604. Any Subsidiary Guarantee incurred by a Subsidiary Guarantor pursuant
to this Article shall be unconditionally released and discharged (i) automatically upon (A) any sale, exchange or transfer, whether by way of merger or otherwise, to any Person that is not an Affiliate of the Company, of all of the
Company’s direct or indirect limited partnership or other equity interests in such Subsidiary Guarantor (provided such sale, exchange or transfer is not prohibited by the Indenture), (B) the merger of such Subsidiary Guarantor into the
Company or any other Subsidiary Guarantor or the liquidation and dissolution of such Subsidiary Guarantor (in each case to the extent not prohibited by the Indenture), (C) the designation by the Company of such Subsidiary as an Unrestricted
Subsidiary in compliance with the other applicable provisions of the Indenture or (D) in connection with any Covenant Defeasance, Legal Defeasance or satisfaction and discharge of the Notes as provided under Article Five or Article Fourteen of
the Indenture or (ii) following delivery of a written notice of such release or discharge by the Company to the Trustee, upon the release or discharge of all guarantees by such Subsidiary Guarantor of any debt of the Company other than
obligations arising under the Indenture and any Notes issued hereunder that resulted in the creation of such guarantee pursuant to Section 1117, except a discharge or release by or as a result of payment under such guarantees. 
 (b) The Trustee shall deliver an appropriate instrument evidencing any release of a Subsidiary Guarantor from the Subsidiary Guarantee upon receipt of a
Company Request accompanied by an Officer’s Certificate and an Opinion of Counsel the Subsidiary Guarantor is entitled to such release in accordance with the provisions of the Indenture. 
 (c) Any Subsidiary Guarantor not released in accordance with the provisions of the Indenture remains liable for the full amount of principal of (and
premium, if any, on) and interest on the Notes entitled to the benefits of such Subsidiary Guarantee as provided in the Indenture, subject to the limitations of Section 1603. 
 Section 1605. Subsidiary Guarantor Contribution. 
 In order to provide for just and equitable
contribution among the Subsidiary Guarantors, the Subsidiary Guarantors hereby agree, inter se, that in the event any payment or distribution is made by any 

  

 94 








 
Subsidiary Guarantor (a “Funding Guarantor”) under its Subsidiary Guarantee, such Funding Guarantor shall be entitled to a contribution from each
other Subsidiary Guarantor (if any) in a pro rata amount based on the net assets of each Subsidiary Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor in discharging the
Company’s obligations with respect to the Notes or any other Subsidiary Guarantor’s obligations with respect to its Subsidiary Guarantee. 
 [Signature Pages Follow] 
  

 95 








 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written. 
  

			
	Penn Virginia Corporation
	 (a Virginia corporation)

		
	By:	 	 /s/ Frank A. Pici

	Name:	 	Frank A. Pici
	Title:	 	Executive Vice President and Chief Financial Officer
	
	Penn Virginia Holding Corp.
	 (a Delaware corporation)

	Penn Virginia Oil & Gas Corporation
	 (a Virginia corporation)

	Penn Virginia Oil & Gas GP LLC
	 (a Delaware limited liability company)

	Penn Virginia Oil & Gas LP LLC
	 (a Delaware limited liability company)

	Penn Virginia MC Corporation
	 (a Delaware corporation)

	Penn Virginia MC Energy L.L.C.
	 (a Delaware limited liability company)

	Penn Virginia MC Operating Company L.L.C.
	 (a Delaware limited liability company)

		
	By:	 	 /s/ Frank A. Pici

	Name:	 	Frank A. Pici
	Title:	 	Vice President and Chief Financial Officer
	
	 Penn Virginia Oil & Gas, L.P.
 (a Texas limited partnership)

		
	By:	 	Penn Virginia Oil & Gas GP LLC, its general partner
		
	By:	 	 /s/ Frank A. Pici

	Name:	 	Frank A. Pici
	Title:	 	Vice President and Chief Financial Officer
	
	Wells Fargo Bank, National Association, as Trustee
		
	By:	 	 /s/ Patrick Giordano

	Name:	 	Patrick Giordano
	Title:	 	Vice President


  

 96 








 ANNEX A 
 CUSIP 707882AB2 
 ISIN US707882AB26 
 [Form of Face of Note] 
 10.375% Senior Notes due 2016 
 [Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 
 Penn Virginia Corporation 
  

				
	 No.
	  	$	            

 Penn Virginia Corporation, a corporation duly organized and existing under the laws of the
Commonwealth of Virginia (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of            Dollars on June 15, 2016, and to pay interest thereon from June 15, 2009 or from the most recent Interest Payment Date to which interest has been paid or
duly provided for, semi-annually on June 15 and December 15 in each year, commencing December 15, 2009, at the rate of 10.375% per annum, until the principal hereof is paid or made available for payment, from the dates such
amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 or December 1 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name
this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not
less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 Payment of the principal of (and premium, if any) and any such
interest on this Note will be made at the office or agency of the Company maintained for that purpose in the City and State of New York, 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; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 97 








 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 Dated: 
  

			
	Penn Virginia Corporation
		
	By:	 	  



 Form of Trustee’s Certificate of Authentication. 
 This is one of the 10.375% Senior Notes due 2016 referred to in the within-mentioned Indenture. 
  

			
	 Wells Fargo Bank, National Association,
 As
Trustee

		
	By:	 	  

		 	Authorized Officer


  

 98 








 [Form of Reverse of Note] 
 This Note is one of a duly authorized issue of securities of the Company (herein called the “Note”), issued under an Indenture, dated as of June 15, 2009 (the “Base Indenture”) as supplemented
by the First Supplemental Indenture, dated as of June 15, 2009 (the “Supplemental Indenture” and, together with the Base Indenture, herein called the “Indenture”, which term shall have the meaning assigned to it in such
instrument), among the Company, the Subsidiary Guarantors and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to
the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and
delivered. This Note is one of the series designated on the face hereof. 
 Optional Redemption. 
 On and after June 15, 2013, the Company may redeem all or, from time to time, a part of the Notes upon not less than 30 nor more than 60 days’
notice, at the following Redemption Prices (expressed as a percentage of principal amount of the Notes) plus accrued and unpaid interest on the Notes, if any, to the applicable Redemption Date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month period beginning on June 15 of the years indicated below: 
  

				
	 Year
	  	Percentage	 
	 2013
	  	105.188	%
	 2014
	  	102.594	%
	 2015 and thereafter
	  	100.000	%
		  	 	 

 Prior to June 15, 2012, the Company may, at its option, on any one or more occasions redeem
up to 35% of the aggregate principal amount of the Notes (including Additional Notes) issued under the Indenture with the Net Cash Proceeds of one or more Equity Offerings at a redemption price of 110.375% of the principal amount thereof, plus
accrued and unpaid interest, if any, to the Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date); provided that 
 (1) at least 65% of the original principal amount of the Notes issued on the Issue Date remains outstanding after each such redemption;
and 
 (2) the redemption occurs within 90 days after the closing of the related Equity Offering. 
 In addition, the Notes may be redeemed, in whole or in part, at any time prior to June 15, 2013, at the option of the Company upon not less than 30 nor more than
60 days’ prior notice mailed by first-class mail to each holder of Notes at its registered address, at a Redemption Price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid
interest to, the applicable Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). “Applicable Premium” means, with respect to any Note on any
applicable Redemption Date, the greater of: 
 (1) 1.0% of the principal amount of such Note; and 
  

 99 








 (2) the excess, if any, of: 
 (a) the present value at such redemption date of (i) the Redemption Price of such Note at June 15, 2013 (such redemption price
being set forth in the table appearing above under the caption “Optional redemption”) plus (ii) all required interest payments (excluding accrued and unpaid interest to such Redemption Date) due on such Note through June 15,
2013, 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 such Note. 
 “Treasury Rate” means, as of any Redemption Date, the yield to maturity at the time of
computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which 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 or similar market data)) most nearly equal to the period from the Redemption Date to June 15, 2013; provided, however, that if
the period from the redemption date to June 15, 2013 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated
to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to June 15, 2013 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 
 In the event
of redemption of this Note in part only, a new Note or Notes of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for Defeasance at any time of the entire indebtedness of this Note and certain restrictive covenants and Events of
Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 
 The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time Outstanding to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at
the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note. 
  

 100 








 As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any
such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Note
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in
the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes are
issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like
aggregate principal amount of Notes of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No director, officer, employee, incorporator, stockholder, member, partner or trustee of the Company or any Subsidiary Guarantor, as such, shall have any
liability for any obligations of the Company or any Subsidiary Guarantor under the Notes, the Indenture or the Subsidiary Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  

 101 








 [Form of Legend for Global Notes]. 
 Every Global Note authenticated and delivered under the Indenture shall bear a legend in substantially the following form: 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY
NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE. 
 [OID Legend] 
 THIS NOTE IS
ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. THE ISSUE DATE IS JUNE 15, 2009, INFORMATION REGARDING THE ISSUE PRICE, THE YIELD TO MATURITY AND THE AMOUNT OF ORIGINAL ISSUE DISCOUNT UNDER THIS
NOTE CAN BE PROMPTLY OBTAINED BY SENDING A WRITTEN REQUEST TO THE TREASURER OF THE ISSUER AT THREE RADNOR CORPORATE CENTER, SUITE 300, 100 MATSONFORD ROAD, RADNOR, PA 19087. 
  

 102 








 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE* 
 The following exchanges of a part
of this Global Note for other 10.375% Senior Notes 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. 

  

 103 








 ANNEX B 
 NOTATION OF GUARANTEE 
 Each of the Subsidiary Guarantors (which term includes any successor Person under
the Indenture (as defined below)), has fully, unconditionally and absolutely guaranteed, to the extent set forth in Article Sixteen of the First Supplemental Indenture dated as of June 15, 2009, by and among Penn Virginia Corporation, as
issuer, the Subsidiary Guarantors and Wells Fargo Bank, National Association, as Trustee (the “Supplemental Indenture”) to the Indenture, dated as of June 15, 2009 among the Company, the Subsidiary Guarantors and the Trustee (the
“Base Indenture” and as supplemented by the Supplemental Indenture, the “Indenture”), and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the
Notes and all other amounts due and payable under the Indenture and the Notes by the Company. 
 The obligations of the Subsidiary Guarantors
to the Holders of Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article Sixteen of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 
  

			
	Penn Virginia Holding Corp.
	 (a Delaware corporation)

	Penn Virginia Oil & Gas Corporation
	 (a Virginia corporation)

	Penn Virginia Oil & Gas GP LLC
	 (a Delaware limited liability company)

	Penn Virginia Oil & Gas LP LLC
	 (a Delaware limited liability company)

	Penn Virginia MC Corporation
	 (a Delaware corporation)

	Penn Virginia MC Energy L.L.C.
	 (a Delaware limited liability company)

	Penn Virginia MC Operating Company L.L.C.
	 (a Delaware limited liability company)

		
	By:	 	  

	Name:	 	Frank A. Pici
	Title:	 	Vice President and Chief Financial Officer
	
	Penn Virginia Oil & Gas, L.P.
	 (a Texas limited partnership)

		
	By:	 	Penn Virginia Oil & Gas GP LLC, its general partner
		
	By:	 	  

	Name:	 	Frank A. Pici
	Title:	 	Vice President and Chief Financial Officer


  

 104