EXHIBIT 4.1



 Exhibit 4.1 
 EXECUTION VERSION 
 ACL I CORPORATION 

as Issuer 
  

 
 10.625%/11.375%
SENIOR PIK TOGGLE NOTES DUE 2016 
  
  

INDENTURE 
 DATED
AS OF FEBRUARY 15, 2011              
  

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







 PAGE 
 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture

Act Section
	  	Section
Indenture
	 310
	  	(a) (1)	  	7.11
		  	(a) (2)	  	7.11
		  	(a) (3)	  	N.A.
		  	(a) (4)	  	N.A.
		  	(a) (5)	  	7.11
		  	(b)	  	7.4;7.11
	 311
	  	(a)	  	7.12
		  	(b)	  	7.12
	 312
	  	(a)	  	2.5
		  	(b)	  	13.3
		  	(c)	  	13.3
	 313
	  	(a)	  	7.7
		  	(b) (1)	  	7.7
		  	(b) (2)	  	7.7
		  	(c)	  	7.7
		  	(d)	  	7.7
	 314
	  	(a)	  	13.5
		  	(b)	  	N.A.
		  	(c) (1)	  	13.4
		  	(c) (2)	  	13.4
		  	(c) (3)	  	N.A.
		  	(d)	  	N.A.
		  	(e)	  	13.5
		  	(f)	  	N.A.
	 315
	  	(a)	  	7.1
		  	(b)	  	7.6
		  	(c)	  	7.1
		  	(d)	  	7.1
		  	(e)	  	6.11
	 316
	  	(a) (last sentence)	  	2.9
		  	(a)(1)(A)	  	6.5
		  	(a)(1)(B)	  	6.4
		  	(a) (2)	  	N.A.
		  	(b)	  	6.7
		  	(c)	  	2.13
	 317
	  	(a) (1)	  	6.8
		  	(a) (2)	  	6.9
		  	(b)	  	2.4
	 318
	  	(a)	  	N.A.
		  	(b)	  	N.A.
		  	(c)	  	N.A.

  

	N.A.	means not applicable. 


	*This	Cross-Reference Table is not part of the Indenture. 








 PAGE 
 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
			
		  	ARTICLE I	  			
			
		  	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 SECTION 1.1
	  	Definitions	  	 	1	  
	 SECTION 1.2
	  	Other Definitions	  	 	32	  
	 SECTION 1.3
	  	Incorporation by Reference of Trust Indenture Act	  	 	33	  
	 SECTION 1.4
	  	Rules of Construction	  	 	33	  
			
		  	ARTICLE II	  			
			
		  	THE NOTES	  			
			
	 SECTION 2.1
	  	Form and Dating	  	 	34	  
	 SECTION 2.2
	  	Execution and Authentication	  	 	35	  
	 SECTION 2.3
	  	Registrar; Paying Agent	  	 	36	  
	 SECTION 2.4
	  	Paying Agent To Hold Money in Trust	  	 	36	  
	 SECTION 2.5
	  	Holder Lists	  	 	37	  
	 SECTION 2.6
	  	Book-Entry Provisions for Global Securities	  	 	37	  
	 SECTION 2.7
	  	Replacement Notes	  	 	39	  
	 SECTION 2.8
	  	Outstanding Notes	  	 	39	  
	 SECTION 2.9
	  	Treasury Notes	  	 	39	  
	 SECTION 2.10
	  	Temporary Notes	  	 	40	  
	 SECTION 2.11
	  	Cancellation	  	 	40	  
	 SECTION 2.12
	  	Defaulted Interest	  	 	40	  
	 SECTION 2.13
	  	Record Date	  	 	40	  
	 SECTION 2.14
	  	Computation of Interest	  	 	40	  
	 SECTION 2.15
	  	CUSIP Number	  	 	40	  
	 SECTION 2.16
	  	Special Transfer Provisions	  	 	41	  
	 SECTION 2.17
	  	Issuance of Additional Notes	  	 	42	  
			
		  	ARTICLE III	  			
			
		  	REDEMPTION AND PREPAYMENT	  			
			
	 SECTION 3.1
	  	Notices to Trustee	  	 	43	  
	 SECTION 3.2
	  	Selection of Notes To Be Redeemed	  	 	43	  
	 SECTION 3.3
	  	Notice of Redemption	  	 	43	  
	 SECTION 3.4
	  	Effect of Notice of Redemption	  	 	44	  
	 SECTION 3.5
	  	Deposit of Redemption of Purchase Price	  	 	44	  
	 SECTION 3.6
	  	Notes Redeemed in Part	  	 	44	  
	 SECTION 3.7
	  	Optional Redemption	  	 	44	  
	 SECTION 3.8
	  	Mandatory Redemption	  	 	45	  
	 SECTION 3.9
	  	Offer To Purchase	  	 	46	  








 PAGE 
  

							
	 	  	 	  	Page	 
		  	ARTICLE IV	  			
			
		  	COVENANTS	  			
			
	 SECTION 4.1
	  	Payment of Notes	  	 	47	  
	 SECTION 4.2
	  	Maintenance of Office or Agency	  	 	47	  
	 SECTION 4.3
	  	Provision of Financial Information	  	 	47	  
	 SECTION 4.4
	  	Compliance Certificate	  	 	48	  
	 SECTION 4.5
	  	Taxes	  	 	48	  
	 SECTION 4.6
	  	Stay, Extension and Usury Laws	  	 	49	  
	 SECTION 4.7
	  	Limitation on Restricted Payments	  	 	49	  
	 SECTION 4.8
	  	Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries	  	 	52	  
	 SECTION 4.9
	  	Limitation on Incurrence of Debt	  	 	54	  
	 SECTION 4.10
	  	Limitation on Asset Sales	  	 	55	  
	 SECTION 4.11
	  	Limitation on Transactions with Affiliates	  	 	57	  
	 SECTION 4.12
	  	Limitation on Liens	  	 	58	  
	 SECTION 4.13
	  	Limitation on Sale and Leaseback Transactions	  	 	58	  
	 SECTION 4.14
	  	Offer To Purchase upon Change of Control	  	 	59	  
	 SECTION 4.15
	  	Maintenance of Properties and Corporate Existence	  	 	59	  
	 SECTION 4.16
	  	Certain Qualified Equity Offerings	  	 	60	  
	 SECTION 4.17
	  	Business Activities	  	 	61	  
	 SECTION 4.18
	  	[Reserved]	  	 	61	  
	 SECTION 4.19
	  	[Reserved]	  	 	61	  
	 SECTION 4.20
	  	Future Note Guarantees	  	 	61	  
	 SECTION 4.21
	  	Limitation on Creation of Unrestricted Subsidiaries	  	 	61	  
			
		  	ARTICLE V	  			
			
		  	SUCCESSORS	  			
			
	 SECTION 5.1
	  	Consolidation, Merger, Conveyance, Transfer or Lease	  	 	62	  
	 SECTION 5.2
	  	Successor Person Substituted	  	 	63	  
			
		  	ARTICLE VI	  			
			
		  	DEFAULTS AND REMEDIES	  			
			
	 SECTION 6.1
	  	Events of Default	  	 	63	  
	 SECTION 6.2
	  	Acceleration	  	 	65	  
	 SECTION 6.3
	  	Other Remedies	  	 	66	  
	 SECTION 6.4
	  	Waiver of Past Defaults	  	 	66	  
	 SECTION 6.5
	  	Control by Majority	  	 	66	  
	 SECTION 6.6
	  	Limitation on Suits	  	 	67	  
	 SECTION 6.7
	  	Rights of Holders of Notes To Receive Payment	  	 	67	  
	 SECTION 6.8
	  	Collection Suit by Trustee	  	 	67	  
	 SECTION 6.9
	  	Trustee May File Proofs of Claim	  	 	67	  
	 SECTION 6.10
	  	Priorities	  	 	68	  
	 SECTION 6.11
	  	Undertaking for Costs	  	 	68	  








 PAGE 
  

							
	 	  	 	  	Page	 
		  	ARTICLE VII	  			
			
		  	TRUSTEE	  			
			
	 SECTION 7.1
	  	Duties of Trustee	  	 	69	  
	 SECTION 7.2
	  	Rights of Trustee	  	 	70	  
	 SECTION 7.3
	  	[Reserved]	  	 	71	  
	 SECTION 7.4
	  	Individual Rights of Trustee	  	 	71	  
	 SECTION 7.5
	  	Trustee’s Disclaimer	  	 	71	  
	 SECTION 7.6
	  	Notice of Defaults	  	 	72	  
	 SECTION 7.7
	  	Reports by Trustee to Holders of the Notes	  	 	72	  
	 SECTION 7.8
	  	Compensation and Indemnity	  	 	72	  
	 SECTION 7.9
	  	Replacement of Trustee	  	 	73	  
	 SECTION 7.10
	  	Successor Trustee by Merger, Etc	  	 	74	  
	 SECTION 7.11
	  	Eligibility; Disqualification	  	 	74	  
	 SECTION 7.12
	  	Preferential Collection of Claims Against the Issuer	  	 	74	  
	 SECTION 7.13
	  	Trustee’s Application for Instructions from the Issuer	  	 	74	  
	 SECTION 7.14
	  	Limitation of Liability	  	 	75	  
			
		  	ARTICLE VIII	  			
			
		  	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	 SECTION 8.1
	  	Option To Effect Legal Defeasance or Covenant Defeasance	  	 	75	  
	 SECTION 8.2
	  	Legal Defeasance	  	 	75	  
	 SECTION 8.3
	  	Covenant Defeasance	  	 	76	  
	 SECTION 8.4
	  	Conditions to Legal Defeasance or Covenant Defeasance	  	 	76	  
	 SECTION 8.5
	  	Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions	  	 	77	  
	 SECTION 8.6
	  	Repayment to Issuer	  	 	78	  
	 SECTION 8.7
	  	Reinstatement	  	 	78	  
	 SECTION 8.8
	  	Discharge	  	 	78	  
			
		  	ARTICLE IX	  			
			
		  	AMENDMENT, SUPPLEMENT AND WAIVER	  			
			
	 SECTION 9.1
	  	Without Consent of Holders of the Notes	  	 	79	  
	 SECTION 9.2
	  	With Consent of Holders of Notes	  	 	80	  
	 SECTION 9.3
	  	Compliance with Trust Indenture Act	  	 	81	  
	 SECTION 9.4
	  	Revocation and Effect of Consents	  	 	81	  
	 SECTION 9.5
	  	Notation on or Exchange of Notes	  	 	82	  
	 SECTION 9.6
	  	Trustee To Sign Amendments, Etc	  	 	82	  








 PAGE 
  

							
	 	  	 	  	Page	 
		  	ARTICLE X	  			
			
		  	[RESERVED]	  			
			
		  	ARTICLE XI	  			
			
		  	[RESERVED]	  			
			
		  	ARTICLE XII	  			
			
		  	NOTE GUARANTEES	  			
			
	 SECTION 12.1
	  	Note Guarantees	  	 	82	  
	 SECTION 12.2
	  	Execution and Delivery of Note Guarantee	  	 	83	  
	 SECTION 12.3
	  	Severability	  	 	84	  
	 SECTION 12.4
	  	Limitation of Subsidiary Guarantors’ Liability	  	 	84	  
	 SECTION 12.5
	  	Guarantors May Consolidate, Etc., on Certain Terms	  	 	84	  
	 SECTION 12.6
	  	[Reserved]	  	 	85	  
	 SECTION 12.7
	  	Release of a Subsidiary Guarantor	  	 	85	  
	 SECTION 12.8
	  	Benefits Acknowledged	  	 	85	  
	 SECTION 12.9
	  	Future Guarantors	  	 	85	  
			
		  	ARTICLE XIII	  			
			
		  	MISCELLANEOUS	  			
			
	 SECTION 13.1
	  	Trust Indenture Act Controls	  	 	86	  
	 SECTION 13.2
	  	Notices	  	 	86	  
	 SECTION 13.3
	  	Communication by Holders of Notes with Other Holders of Notes	  	 	87	  
	 SECTION 13.4
	  	Certificate and Opinion as to Conditions Precedent	  	 	87	  
	 SECTION 13.5
	  	Statements Required in Certificate or Opinion	  	 	87	  
	 SECTION 13.6
	  	Rules by Trustee and Agents	  	 	88	  
	 SECTION 13.7
	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	88	  
	 SECTION 13.8
	  	Governing Law	  	 	88	  
	 SECTION 13.9
	  	No Adverse Interpretation of Other Agreements	  	 	88	  
	 SECTION 13.10
	  	Successors	  	 	89	  
	 SECTION 13.11
	  	Severability	  	 	89	  
	 SECTION 13.12
	  	Counterpart Originals	  	 	89	  
	 SECTION 13.13
	  	Table of Contents, Headings, Etc	  	 	89	  
	 SECTION 13.14
	  	Acts of Holders	  	 	89	  
			
	 EXHIBITS
	  		  			
			
	 Exhibit A
	  	FORM OF 10.625%/11.375% SENIOR SECURED PIK TOGGLE NOTE	  			
	 Exhibit B
	  	FORM OF NOTATIONAL GUARANTEE	  			
	 Exhibit C
	  	FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A	  			
	 Exhibit D
	  	FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S	  			








 This Indenture, dated as of February 15, 2011, is by and between ACL I Corporation, a
Delaware corporation (the “Company” or the “Issuer”) and The Bank of New York Mellon Trust Company, N.A., as trustee (in such capacity and not in its individual capacity, the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of (i) the
Issuer’s 10.625%/11.375% Senior PIK Toggle Notes due 2016 issued on the date hereof that contain the restrictive legend in Exhibit A (the “Initial Notes”) , (ii) Exchange Notes issued in exchange for the Initial Notes
pursuant to the Registration Rights Agreement or pursuant to an effective registration statement under the Securities Act without the restrictive legend in Exhibit A (the “Exchange Notes”) and (iii) Additional Notes issued from time
to time (together with the Initial Notes and any Exchange Notes, the “Notes”). 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. 
 “Acquired Debt” means Debt of a
Person (including an Unrestricted Subsidiary) existing at the time such Person becomes a Restricted Subsidiary or assumed in connection with the acquisition of assets from such Person. 

“Acquisition” means the acquisition by Finn Holding Corporation through Finn Intermediate Holding Corporation (now known
as ACL I Corporation) of all of the Voting Stock of American Commercial Lines on December 21, 2010. 
 “Additional
Interest” means all additional interest owing on the Notes pursuant to the Registration Rights Agreement. 

“Additional Notes” means Notes (other than the Initial Notes) issued pursuant to Article II hereof and otherwise
in compliance with the provisions of this Indenture. 
 “Agent” means any Registrar, Paying Agent, (so long as
Trustee serves in such capacity) or co-registrar. 
 “Affiliate” of any Person means any other Person directly
or indirectly controlling or controlled by or under direct or indirect common control with such 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 that correspond to the foregoing. For
purposes of this definition, any Person who owns at least 20% of the outstanding Voting Interests of the Company or any of its Restricted Subsidiaries (including the Company) shall be deemed to be an affiliate of such Person. 

“American Commercial Lines” means American Commercial Lines Inc. 

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

(1) 1.0% of the then outstanding principal amount of the Note; and 

  
 -1-









 (2) the excess of: 

(a) the present value at such redemption date of (i) the redemption price of the Note at February 15, 2013 (such
redemption price being set forth in the table appearing in Section 3.7(b) plus (ii) all required interest payments due on the Note through February 15, 2013 (excluding accrued but unpaid interest), computed using a discount rate equal to
the Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the then outstanding principal
amount of the Note. 
 “Asset Acquisition” means: 

(i) an Investment by the Company or any Restricted Subsidiary of the Company in any other Person pursuant to which such
Person shall become a Restricted Subsidiary, or shall be merged with or into the Company or any Restricted Subsidiary; or 
 (ii) the acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person which constitute all or substantially all of the assets of such Person, any division or line of
business of such Person or any other properties or assets of such Person other than in the ordinary course of business and consistent with past practices. 
 “Asset Sale” means any transfer, conveyance, sale, lease or other disposition (including, without limitation, dispositions pursuant to any consolidation or merger) by the Company or any
of its Restricted Subsidiaries to any Person (other than to the Company or one or more of its Restricted Subsidiaries) in any single transaction or series of transactions of: 

(i) Capital Interests in another Person (other than Capital Interests in the Company or directors’ qualifying shares
or shares or interests required to be held by foreign nationals pursuant to local law); 
 (ii) any other
property or assets (other than in the normal course of business, including any sale or other disposition of obsolete or permanently retired equipment and any sale of inventory in the ordinary course of business); provided, however, that the
term “Asset Sale” shall exclude: 
 (a) an issuance of Capital Interests by a Restricted Subsidiary of
the Company to the Company or another Restricted Subsidiary; 
 (b) the sale or lease of products, services or
accounts receivable in the ordinary course of business or consistent with past practice (including sales of Vessels) and any sale or other disposition of damaged, worn-out or obsolete assets in the ordinary course of business; 

(c) any transaction permitted by Section 5.1 that constitutes a disposition of all or substantially all of the assets
of the Company and its Restricted Subsidiaries taken as a whole; 
 (d) any transfer, conveyance, sale, lease or
other disposition of property or assets, the gross proceeds of which (exclusive of indemnities) do not exceed in any one or related series of transactions $5.0 million; 

  
 -2-









 (e) sales or other dispositions of cash or Eligible Cash Equivalents;

 (f) sales of interests in Unrestricted Subsidiaries; 

(g) the sale and leaseback of any assets within 180 days of the acquisition thereof; 

(h) the disposition of assets (other than Obsolete Equipment) that, in the good faith judgment of the Board of Directors
of the Company, are no longer used or useful in the business of the Company; 
 (i) a Restricted Payment or
Permitted Investment that is otherwise permitted by this Indenture; 
 (j) any trade-in of equipment in exchange
for other equipment in the ordinary course; 
 (k) the creation of a Lien (but not the sale or other disposition
of the property subject to such Lien); 
 (l) leases or subleases in the ordinary course of business to third
persons not interfering in any material respect with the business of the Company or any of its Restricted Subsidiaries and otherwise in accordance with the provisions of this Indenture; 

(m) any disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted
Subsidiary; provided, however, if the disposition is by a Restricted Subsidiary that is a Guarantor, then the disposition must be to a Guarantor; provided further that any disposition to the Company shall be otherwise permitted by this
Indenture; 
 (n) dispositions of accounts receivable in connection with the collection or compromise thereof in
the ordinary course of business and consistent with past practice; 
 (o) licensing of intellectual property in
accordance with industry practice in the ordinary course of business; 
 (p) any transfer of accounts receivable,
or a fractional undivided interest therein, by a Receivable Subsidiary in a Qualified Receivables Transaction; 

(q) sales of accounts receivable to a Receivable Subsidiary pursuant to a Qualified Receivables Transaction for the Fair
Market Value thereof, including cash in an amount at least equal to 80% of the Fair Market Value thereof (for the purposes of this clause (q), Purchase Money Notes will be deemed to be cash); 

(r) any exchange of like property pursuant to Section 1031 of the Code for use or useful in a Permitted Business;

 (s) surrender contract rights or settle or release claims in the ordinary course of business or grant Liens in
accordance with this Indenture; 

  
 -3-









 (t) any sales or other dispositions of Obsolete Equipment in the ordinary
course of business, including scrapping of Obsolete Equipment; 
 (u) transactions pursuant to the NRG
Agreements; or 
 (v) any Sale and Leaseback Transaction permitted in accordance with the terms of this
Indenture. 
 For purposes of this definition, any series of related transactions that, if effected as a single transaction,
would constitute an Asset Sale, shall be deemed to be a single Asset Sale effected when the last such transaction which is a part thereof is effected. 
 “Asset Sale Offer” means an Offer to Purchase required to be made by the Company or a Restricted Subsidiary, as the case may be, pursuant to Section 4.10 to all Holders. 

“Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present
value (discounted at the rate of interest implicit in such transaction) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any period for which
such lease has been or may be extended). Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such Sale and
Leaseback Transaction results in a Capital Lease Obligation, the amount of Debt represented thereby will be determined in accordance with the definition of “Capital Lease Obligations.” 

“Average Life” means, as of any date of determination, with respect to any Debt, the quotient obtained by dividing
(i) the sum of the products of (x) the number of years from the date of determination to the dates of each successive scheduled principal payment (including any sinking fund or mandatory redemption payment requirements) of such Debt
multiplied by (y) the amount of such principal payment by (ii) the sum of all such principal payments. 

“Bankruptcy Code” means The Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and codified as 11
U.S.C. Section 101 et seq.  
 “Beneficial Owner” has the meaning assigned to such term in Rule
13d-3 and Rule 13d-5 under the Exchange Act. 
 “Board of Directors” means (i) with respect to the Company
or any Restricted Subsidiary, its board of directors or any duly authorized committee thereof; (ii) with respect to a corporation, the board of directors of such corporation or any duly authorized committee thereof; and (iii) with respect
to any other entity, the board of directors or similar body of the general partner or managers of such entity or any duly authorized committee thereof. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or any Restricted Subsidiary to have been duly adopted by the Board of
Directors, unless the context specifically requires that such resolution be adopted by a majority of the Disinterested Directors, in which case by a majority of such Disinterested Directors, and to be in full force and effect on the date of such
certification and delivered to the Trustee. 
 “Business Day” means any day other than a Legal Holiday.


  
 -4-









 “Capital Interests” in any Person means any and all shares, interests
(including Preferred Interests), participations or other equivalents in the equity interest (however designated) in such Person and any rights (other than Debt securities convertible into an equity interest), warrants or options to acquire an equity
interest in such Person. 
 “Capital Lease Obligations” means any obligation under a lease that is required to
be capitalized for financial reporting purposes in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations determined in accordance with GAAP; and the Stated Maturity thereof
shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.12, a Capital Lease
Obligation shall be deemed secured by a Lien on the property being leased. 
 “Certificated Notes” means Notes
that are in the form of Exhibit A attached hereto. 
 “Change of Control” means, with respect to any
Person, the occurrence of any of the following events: 
 (i) the acquisition by any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, that is or becomes the ultimate “beneficial owner” (as such term is used in Rules 13d-3 and 13d-5 under
the Exchange Act), directly or indirectly, of more than 50% of the Voting Interests in such Person; provided that if such person is a group of investors which group includes one or more Permitted Holders, the shares of Voting Interests of such
Person beneficially owned by the Permitted Holders that are part of such group shall not be counted for purposes of determining whether this clause (i) is triggered; or 

(ii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of
Directors of the Company (together with any new directors whose election by the Board of Directors or whose nomination for election by the equityholders of such Person was approved by a vote of a majority of the directors of such Person then still
in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of such Person’s Board of Directors then in office;
provided that any directors elected or appointed to the Board of Directors to satisfy the requirements of any national securities exchange shall not be included for purposes of the foregoing determination; or 

(iii) the Company or any Restricted Subsidiary sells, conveys, transfers or leases (either in one transaction or a series
of related transactions) all or substantially all of the Company’s and its Restricted Subsidiaries’ assets (determined on a consolidated basis) to any Person that is not a Permitted Holder, or the Company merges or consolidates with, a
Person other than a Permitted Holder or a Restricted Subsidiary of the Company (unless the shareholders holding Voting Interests of the Company immediately prior to such merger or consolidation control in excess of 50% of the Voting Interests in the
surviving Person immediately following such merger or consolidation); or 
 (iv) the Company ceases to
beneficially own (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) directly 100% of the issued and outstanding Capital Stock of American Commercial Lines other than in a transaction in compliance with
Section 5.1. 

  
 -5-









 “Code” means the Internal Revenue Code of 1986, as amended from time to
time and the regulations promulgated thereunder. 
 “Commission” means the Securities and Exchange Commission
and any successor thereto. 
 “Common Interests” of any Person means Capital Interests in such Person that do
not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person. 

“Company” or “Issuer” has the meaning set forth in the preamble hereto until a successor
replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 

“Consolidated Cash Flow Available for Fixed Charges” means, with respect to any Person for any period: 

(i) the sum of, without duplication, the amounts for such period, taken as a single accounting period, of: 

(a) Consolidated Net Income; 
 (b) Consolidated Non-cash Charges; 
 (c) Consolidated Interest
Expense to the extent the same was deducted in computing Consolidated Net Income; 
 (d) Consolidated Income Tax
Expense (other than income tax expense (either positive or negative) attributable to extraordinary gains or losses); and 
 (e) to the extent actually incurred, all one-time cash severance costs; less 
 (ii) the sum of the following: 
 (a) non-cash items increasing
Consolidated Net Income for such period, other than (i) the accrual of revenue consistent with past practice, and (ii) reversals of prior accruals or reserves for cash items previously excluded in the calculation of Consolidated Non-cash
Charges. 
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of the
aggregate amount of Consolidated Cash Flow Available for Fixed Charges of such Person for the four full fiscal quarters, treated as one period, for which financial information in respect thereof is available immediately preceding the date of the
transaction (the “Transaction Date”) giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio (such four full fiscal quarter period being referred to herein as the “Four-Quarter
Period”) to the aggregate amount of Consolidated Fixed Charges of such Person for the Four-Quarter Period. For purposes of this definition, Consolidated Cash Flow Available for Fixed Charges and Consolidated Fixed Charges shall be
calculated after giving effect on a pro forma basis for the period of such calculation to: 

  
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 (i) the Incurrence of any Debt (other than working capital borrowings under
any revolving credit facility in the ordinary course of business) of the Company or any Restricted Sub-sidiary (and the application of the proceeds thereof) and any repayment of other Debt (other than working capital borrowings under any revolving
credit facility in the ordinary course of business) occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such Incurrence or repayment, as the
case may be (and the application of the proceeds thereof), occurred on the first day of the Four-Quarter Period; and 
 (ii) any Asset Sale or Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Company or any Restricted Subsidiary
(including any Person who becomes a Restricted Subsidiary as a result of such Asset Acquisition) Incurring Acquired Debt and also including any Consolidated Cash Flow Available for Fixed Charges (including any pro forma expense and cost reductions
calculated on a basis consistent with Regulation S-X under the Exchange Act) associated with any such Asset Acquisition or Asset Sale) occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and
on or prior to the Transaction Date, as if such Asset Sale or Asset Acquisition (including the incurrence of, or assumption or liability for, any such Debt or Acquired Debt) occurred on the first day of the Four-Quarter Period. 

In calculating Consolidated Interest Expense for purposes of determining the denominator (but not the numerator) of this Consolidated
Fixed Charge Coverage Ratio: 
 (a) interest on outstanding Debt determined on a fluctuating basis as of the
Transaction Date and which will continue to be so determined thereafter (other than working capital borrowings under any revolving credit facility incurred in the ordinary course of business) shall be computed based upon the average daily interest
on such Debt during the applicable period; 
 (b) if interest on any Debt (other than working capital borrowings
under any revolving credit facility incurred in the ordinary course of business) actually Incurred on the Transaction Date 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 rates, then the interest rate will be computed based upon the average daily interest on such Debt during the applicable period; and 
 (c) notwithstanding clause (a) or (b) above, interest on Debt determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Hedging Obligations, shall be
deemed to accrue at the rate per annum resulting after giving effect to the operation of these agreements. 

“Consolidated Fixed Charges” means, with respect to any Person for any period, the sum of, without duplication, the
amounts for such period of: 
 (i) Consolidated Interest Expense; and 

(ii) the product of (a) all dividends and other distributions paid or accrued during such period in respect of
Redeemable Capital Interests of such Person and its Restricted Subsidiaries, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local
statutory tax rate of such Person, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Income Tax Expense” means, with respect to any Person for any period, (x) if such Person is not a corporation, the Permitted Tax Payments of such Person for such period
or (y) if such Per-son is a corporation, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP. 

  
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 “Consolidated Interest Expense” means, with respect to any Person for any
period, without duplication, the sum of: 
 (i) the interest expense of such Person and its Restricted
Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP, including, without limitation: 
 (a) any amortization of debt discount, original issue discount, non-cash interest payments or accruals; 
 (b) the net cost under non-speculative Hedging Obligations (including any amortization of discounts); 
 (c) the interest portion of any deferred payment obligation; 
 (d)
all commissions, discounts and other fees and charges owed with respect to letters of credit, bankers’ acceptance financing or similar activities; and 
 (e) all accrued interest; plus  
 (ii) the interest
component of Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period determined on a consolidated basis in accordance with GAAP; 

(iii) the interest expense on any Debt guaranteed by such Person and its Restricted Subsidiaries; plus  

(iv) all capitalized interest of such Person and its Restricted Subsidiaries for such period; less  

(v) interest income of such Person and its Restricted Subsidiaries for such period; 

provided, however, that Consolidated Interest Expense will exclude the amortization or write off of debt issuance costs and deferred
financing fees, commissions, fees and expenses. 
 “Consolidated Net Income” means, with respect to any Person,
for any period, the consolidated net income (or loss) of such Person and its Restricted Subsidiaries for such period as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income, by: 

(i) excluding, without duplication 

(a) all extraordinary gains or losses (net of fees and expense relating to the transaction giving rise thereto), income,
expenses or charges; 
 (b) the portion of net income of such Person and its Restricted Subsidiaries allocable to
minority interest in unconsolidated Persons or Investments in Unrestricted Subsidiaries to the extent that cash dividends or distributions have not actually been received by such Person or one of its Restricted Subsidiaries; 

  
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 (c) gains or losses in respect of any Asset Sales (other than any Asset Sale
involving Obsolete Equipment solely for cash) after the Issue Date by such Person or one of its Restricted Subsidiaries (net of fees and expenses relating to the transaction giving rise thereto), on an after-tax basis; 

(d) the net income (loss) from any operations disposed of or discontinued after the Issue Date and any net gains or losses
on such disposition or discontinuance, on an after-tax basis; 
 (e) solely for purposes of determining the
amount available for Restricted Payments under clause (c) of the first paragraph of Section 4.7 the net income of any Restricted Subsidiary (other than OpCo or any of its Restricted Subsidiaries) of such Person to the extent that the
declaration of dividends or similar distributions by that Restricted Subsidiary of that income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulations applicable to that Restricted Subsidiary or its stockholders; 
 (f)
any gain or loss realized as a result of the cumulative effect of a change in accounting principles; 
 (g) any
fees and expenses, including deferred amortization and deferred financing costs, paid in connection with the issuance of the Notes and the entering into of the Credit Agreement contemplated by the Offering Memorandum (including, without limitation,
ratings agency fees); 
 (h) non-cash compensation expense incurred with any issuance of equity interests to an
employee of such Person or any Restricted Subsidiary; 
 (i) any net after-tax gains or losses attributable to
the early extinguishment of Debt; 
 (j) the effect of any non-cash impairment charges or write-ups, write-downs
or write-offs of assets (including intangible assets, goodwill and deferred financing costs) or liabilities resulting from the application of GAAP and the amortization of intangible assets arising from the application of GAAP; and 

(k) fees and expenses incurred during such period, or any amortization thereof during such period, in connection with the
Acquisition, the issuance of the Notes or its obligations under the Registration Rights Agreement, including the issuance of the Exchange Notes (and any amortization thereof); and 

(ii) including, without duplication, dividends from Persons that are not Restricted Subsidiaries actually received in cash
by the Company or any Restricted Subsidiary. 
 In addition, Consolidated Net Income shall be reduced by the amount of any Restricted Payments
made pursuant to Section 4.7 (xiii). 
 “Consolidated Non-cash Charges” means, with respect to any Person
for any period, the aggregate depreciation, amortization (including amortization of goodwill and other intangibles) and other non-cash charges and expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net
In-

  
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come of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or
loss and excluding any such charges constituting an extraordinary item or loss or any charge which requires an accrual of or a reserve for cash charges for any future period). 
 “Consolidated Total Debt” means, as of any date of determination, an amount equal to the aggregate principal amount of all outstanding Debt of American Commercial Lines and its Restricted
Subsidiaries (assuming, for purposes of calculating the Consolidated Total Debt Ratio only, that the entire $400 million available to be Incurred pursuant to clause (i) of the definition of “Permitted Debt” is outstanding (whether or
not outstanding or Incurred at such time)). 
 “Consolidated Total Debt Ratio” means, as of any date of
determination, the ratio of (a) the Consolidated Total Debt of American Commercial Lines and its Restricted Subsidiaries (assuming, for this purpose only, that the entire $400 million available to be Incurred pursuant to clause (i) of the
definition of “Permitted Debt” is outstanding (whether or not outstanding or Incurred at such time)) on the date of determination to (b) the aggregate amount of Consolidated Cash Flow Available for Fixed Charges for the then most
recent Four Quarter Period, in each case with such pro forma adjustments to Consolidated Total Debt and Consolidated Cash Flow Available for Fixed Charges as are consistent with the pro forma adjustment provisions set forth in the definition of
Consolidated Fixed Charge Coverage Ratio. 
 “Corporate Trust Office” means the principal office of the Trustee
at which at any time its corporate trust business shall be administered, which office at the date hereof is located at Two North LaSalle Street, Suite 1020, Chicago, Illinois 60602, Attention: Corporate Trust, or such other address as the Trustee
may designate from time to time by written notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company). 
 “Credit Agreement” means, collectively, (x) the loan agreement of American
Commercial Lines, dated December 21, 2010, among OpCo, American Commercial Lines and the other borrowers and guarantors named therein and Wells Fargo Capital Finance, LLC, as administrative agent and the other agents and lenders named therein
and (y) any documentation in connection with a Qualified Receivables Transaction, in each case, together with all related notes, letters of credit, collateral documents, guarantees, and any other related agreements and instruments executed and
delivered in connection therewith, in each case as amended, modified, supplemented, restated, refinanced, refunded or replaced in whole or in part from time to time including by or pursuant to any agreement or instrument (including indentures) that
extends the maturity of any Debt thereunder, or increases the amount of available borrowings or obligations thereunder (whether pursuant to the same agreement or one or more replacement or additional agreements) (provided that such increase is
permitted under clause (i) or (xiv) of the definition of the term “Permitted Debt”), or adds Subsidiaries of American Commercial Lines as additional issuers, borrowers or guarantors thereunder, in each case with respect to such
agreement or any successor or replacement agreement and whether by the same or any other agent, lender, group of lenders, purchasers or debt holders. 
 “Debt” means at any time (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such Person, or non-recourse, the following if and to
the extent any of the foregoing items (other than clauses (iii), (vi), (vii), (viii) and (ix) below) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP: (i) all indebtedness of
such Person for money borrowed or for the deferred purchase price of property, excluding any trade payables or other current liabilities incurred in the normal course of business; (ii) all obligations of such Person evidenced by bonds,
debentures, notes, or other similar instruments; (iii) all obligations of such Person with respect to letters of credit (other than letters of credit that are secured by cash or Eligible 


  
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Cash Equivalents), bankers’ acceptances or similar facilities issued for the account of such Person; (iv) all obligations of such Person issued or assumed as the deferred purchase price
of property and all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property or assets acquired by such Person (even if the rights and remedies of the seller or lender under such
agreement in the event of default are limited to repossession or sale of such property or assets); (v) all Capital Lease Obligations of such Person (but excluding obligations under operating leases); (vi) the maximum fixed redemption or
repurchase price of Redeemable Capital Interests in such Person at the time of determination and the amount of the liquidation preference of any Preferred Interests of any Restricted Subsidiary of such Person, the principal amount of such Capital
Interests to be determined in accordance with this Indenture; (vii) any net Obligations under Hedging Obligations of such Person, determined on a marked to market basis in accordance with GAAP; (viii) Attributable Debt with respect to any
Sale and Leaseback Transaction to which such Person is a party; and (ix) all obligations of the types referred to in clauses (i) through (viii) of this definition of another Person and all dividends and other distributions of another
Person, the payment of which, in either case, (A) such Person has Guaranteed or (B) is secured by (or the holder of such Debt or the recipient of such dividends or other distributions has an existing right, whether contingent or otherwise,
to be secured by) any Lien upon the property or other assets of such Person, even though such Person has not assumed or become liable for the payment of such Debt, dividends or other distributions. For purposes of the foregoing: (a) the maximum
fixed repurchase price of any Redeemable Capital Interests that do not have a fixed repurchase price shall be calculated in accordance with the terms of such Redeemable Capital Interests as if such Redeemable Capital Interests were repurchased on
any date on which Debt shall be required to be determined pursuant to this Indenture; provided, however, that if such Redeemable Capital Interests are not then permitted to be repurchased, the repurchase price shall be the book value of such
Redeemable Capital Interests; (b) the amount outstanding at any time of any Debt issued with original issue discount is the principal amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt at such
time as determined in conformity with GAAP, but such Debt shall be deemed Incurred only as of the date of original issuance thereof; (c) the amount of any Debt described in clause (ix)(A) above shall be the maximum liability under any such
Guarantee; (d) the amount of any Debt described in clause (ix)(B) above shall be the lesser of (I) the maximum amount of the obligations so secured and (II) the Fair Market Value of such property or other assets; and (e) interest,
fees, premium, and expenses and additional payments, if any, will not constitute Debt. 
 Notwithstanding the foregoing, in
connection with the purchase by the Company or any Restricted Subsidiary of any business, the term “Debt” will exclude (x) customary indemnification obligations and (y) post-closing payment adjustments to which the seller may
become entitled to the extent such payment is determined by a final closing balance sheet or such payment is otherwise contingent; provided, however, that such amounts would not be required to be reflected on the face of a balance sheet
prepared in accordance with GAAP. The amount of Debt of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving
rise to the obligations, of any contingent obligations at such date; provided, however, that in the case of Debt sold at a discount, the amount of such Debt at any time will be the accreted value thereof at such time. 

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

 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the
Person specified in Section 2.3 hereof as the Depositary with respect to the Notes, until a successor shall have been appointed and become such pursuant to Section 2.6 hereof, and, thereafter, “Depositary” shall mean or include
such successor. 

  
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 “Disinterested Director” means, with respect to any proposed transaction
between (i) the Company or a Restricted Subsidiary, as applicable, and (ii) an Affiliate thereof (other than the Company or a Restricted Subsidiary), a member of the Board of Directors of the Company or such Restricted Subsidiary, as
applicable, who would not be a party to, or have a financial interest in, such transaction and is not an officer, director or employee of, and does not have a financial interest in, such Affiliate. For purposes of this definition, no person would be
deemed not to be a Disinterested Director solely because such person holds Capital Interests in the Company or is an employee of the Company. 
 “DTC” means The Depository Trust Company (55 Water Street, New York, New York). 
 “Eligible Bank” means a bank or trust company that (i) is organized and existing under the laws of the United States of America, or any state, territory or possession thereof,
(ii) as of the time of the making or acquisition of an Investment in such bank or trust company, has combined capital and surplus in excess of $250.0 million and (iii) the senior Debt of which is rated at least “A-2” by
Moody’s or at least “A” by Standard & Poor’s. 
 “Eligible Cash Equivalents” means
any of the following Investments: (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in
support thereof) maturing not more than one year after the date of acquisition; (ii) time deposits in and certificates of deposit of any Eligible Bank, provided that such Investments have a maturity date not more than two years after
date of acquisition and that the Average Life of all such Investments is one year or less from the respective dates of acquisition; (iii) repurchase obligations with a term of not more than 180 days for underlying securities of the types
described in clause (i) above entered into with any Eligible Bank; (iv) direct obligations issued by any state of the United States or any political subdivision or public instrumentality thereof, provided that such Investments
mature, or are subject to tender at the option of the holder thereof, within 365 days after the date of acquisition and, at the time of acquisition, have a rating of at least A from Standard & Poor’s or A-2 from Moody’s (or an
equivalent rating by any other nationally recognized rating agency); (v) commercial paper of any Person other than an Affiliate of the Company, provided that such Investments have one of the two highest ratings obtainable from either
Standard & Poor’s or Moody’s and mature within 180 days after the date of acquisition; (vi) overnight and demand deposits in and bankers’ acceptances of any Eligible Bank and demand deposits in any bank or trust company
to the extent insured by the Federal Deposit Insurance Corporation against the Bank Insurance Fund; (vii) money market funds substantially all of the assets of which comprise Investments of the types described in clauses (i) through (vi);
and (viii) instruments equivalent to those referred to in clauses (i) through (vi) above or funds equivalent to those referred to in clause (vii) above denominated in Euros or any other foreign currency comparable in credit
quality and tender to those referred to in such clauses and customarily used by corporations for cash management purposes in jurisdictions outside the United States to the extent reasonably required in connection with any business conducted by any
Restricted Subsidiary organized in such jurisdiction, all as determined in good faith by the Company. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange Notes” has the meaning set
forth in the preamble hereto. 
 “Expiration Date” has the meaning set forth in the definition of “Offer
to Purchase.” 
 “Fair Market Value” means (i) with respect to the consideration received or paid in
any transaction or series of transactions, a value that is fair and on market terms as determined in good faith by the Board of Directors of the Company or (ii) in the case of an Asset Sale pursuant to the NRG Agreements, the value determined
in accordance with the NRG Agreements. 

  
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 “Foreign Subsidiary” means, with respect to any Person, any Restricted
Subsidiary of such Person that is not organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia and any Restricted Subsidiary of such Foreign Subsidiary. 

“Four-Quarter Period” has the meaning set forth in the definition of “Consolidated Fixed Charge Coverage
Ratio.” 
 “GAAP” means generally accepted accounting principles in the United States, consistently
applied, as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, or in such other
statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect on the Issue Date. 
 “General Maritime Law” means the law related to maritime issues as developed and enforced by the Federal Courts of the United States sitting as maritime courts (as provided for in the
United States Constitution) and codified by certain United States Federal statutes. 
 “Global Note Legend”
means the legend identified as such in Exhibit A hereto. 
 “Global Notes” means the Notes in global
form that are in the form of Exhibit A hereto. 
 “Governmental Authority” means the government of the
United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Guarantee” means,
as applied to any Debt of another Person, (i) a guarantee (other than by endorsement of negotiable instruments for collection in the normal course of business), direct or indirect, in any manner, of any part or all of such Debt, (ii) any
direct or indirect obligation, contingent or otherwise, of a Person guaranteeing or having the effect of guaranteeing the Debt of any other Person in any manner and (iii) an agreement of a Person, direct or indirect, contingent or otherwise,
the practical effect of which is to assure in any way the payment or performance (or payment of damages in the event of non-performance) of all or any part of such Debt of another Person (and “Guaranteed” and “Guaranteeing” shall
have meanings that correspond to the foregoing). 
 “Guarantor” means any Person that executes a Note Guarantee
in accordance with the provisions of this Indenture and their respective successors and assigns. 
 “Hedging
Obligations” of any Person means the obligations of such person pursuant to any interest rate agreement, credit, commodity or equity swap, cap, floor, collar, forward transaction, physical transaction, hedge transaction, spot transaction,
currency agreement or commodity agreement or any combination thereof, including, but not limited to, obligations relating to fuel prices. 
 “Holder” means a Person in whose name a Note is registered in the Note Register. 
 “Incur” means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in
respect of such Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Debt or other obligation on the balance sheet of such Person. Debt otherwise Incurred by a Person before it becomes a Subsidiary of the
Company shall be deemed to be Incurred at the time at which such Person becomes a Subsidiary of the Company. “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have


  
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meanings that correspond to the foregoing. A Guarantee by the Company or a Restricted Subsidiary of Debt Incurred by the Company or a Restricted Subsidiary, as applicable, shall not be a separate
Incurrence of Debt. In addition, the following shall not be deemed a separate Incurrence of Debt: 
 (i)
amortization of debt discount or accretion of principal with respect to a non-interest bearing or other discount security; 
 (ii) the payment of regularly scheduled interest in the form of additional Debt of the same instrument or the payment of regularly scheduled dividends on Capital Interests in the form of additional
Capital Interests of the same class and with the same terms; 
 (iii) the obligation to pay a premium in respect
of Debt arising in connection with the issuance of a notice of redemption or making of a mandatory offer to purchase such Debt; and 
 (iv) unrealized losses or charges in respect of Hedging Obligations. 

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

“Initial Notes” has the meaning set forth in the preamble hereto. 

“Initial Purchaser” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, and such other initial purchasers
party to the purchase agreement entered into in connection with the offer and sale of the Notes on the Issue Date and any similar purchase agreement in connection with any Additional Notes. 

“Investment” by any Person means any direct or indirect loan, advance (or other extension of credit) or capital
contribution to (by means of any direct or indirect transfer of cash or other property or assets to another Person or any other payments for property or services for the account or use of another Person) another Person, including, without
limitation, the following: (i) the purchase or acquisition of any Capital Interest or other evidence of beneficial ownership or bonds, notes, debentures or other securities in another Person and (ii) the purchase, acquisition or Guarantee
of the obligations of another Person or the issuance of a “keep-well” with respect thereto, but shall exclude: (a) accounts receivable and other extensions of trade credit on commercially reasonable terms in accordance with normal
trade practices; (b) the acquisition of property and assets from suppliers and other vendors in the normal course of business; and (c) prepaid expenses and workers’ compensation, utility, lease and similar deposits, in the normal
course of business. For the avoidance of doubt, any payments pursuant to any Guarantee of the Company or any of its Restricted Subsidiaries previously incurred in compliance with this Indenture shall not be deemed to be Investments by the Company or
such Restricted Subsidiary, as the case may be. 
 “Issue Date” means February 15, 2011. 

“Issuer” or “Company” has the meaning set forth in the preamble hereto until a successor replaces it in
accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 
 “Legal
Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York, the city in which the principal Corporate Trust Office of the Trustee is located or at a place of payment are authorized or required by law,
regulation or executive order to remain closed. If a payment date in a place of payment is a Legal Holiday, payment shall be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period. 

  
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 “Lien” means, with respect to any property or other asset, any mortgage,
deed of trust, deed to secure debt, pledge, hypothecation, assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement, encumbrance or other security agreement on or with respect to such property or other
asset (including, without limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). 
 “Management Agreement” means the Corporate Advisory Services Agreement, dated December 20, 2010, by and between Commercial Barge Line Company and Platinum Equity Advisors, LLC, as in
effect on December 20, 2010 or as thereafter amended, supplemented or replaced (so long as such amended, supplemented or replaced agreement is not more disadvantageous to the holders of the Notes in any material respect that the Management
Agreement as in effect on December 20, 2010). 
 “Net Cash Proceeds” means, with respect to Asset Sales of
any Person, cash and Eligible Cash Equivalents received, net of (i) all reasonable out-of-pocket costs and expenses of such Person incurred in connection with such a sale, including, without limitation, all legal, accounting, title and
recording tax expenses, commissions and other fees and expenses incurred and all federal, state, foreign and local taxes arising in connection with such an Asset Sale that are paid or required to be accrued as a liability under GAAP by such Person;
(ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations associated with such Asset Sale; (iii) all payments made by such Person on any Debt that is secured by such
properties or other assets in accordance with the terms of any Lien upon or with respect to such properties or other assets or that must, by the terms of such Lien or such Debt, or in order to obtain a necessary consent to such transaction or by
applicable law, be repaid to any other Person (other than the Company or a Restricted Subsidiary thereof) in connection with such Asset Sale; (iv) with respect to the exercise by NRG of its option to purchase the Hall Street Terminal and/or not
more than 200 barges dedicated or allocable to the performance of the NRG Agreements, all sums that NRG is permitted to set off against the purchase price payable thereunder pursuant to the terms of the NRG Agreements, and with respect to the
foreclosure by NRG of the Liens against the Hall Street Terminal granted to it under the NRG Agreements, the obligations secured by such Liens and all other amounts that pursuant to applicable law are paid from the proceeds of such foreclosure; and
(v) all contractually required distributions and other payments made to minority interest holders in Restricted Subsidiaries of such Person as a result of such transaction; provided, however, that (a) in the event that any
consideration for an Asset Sale (which would otherwise constitute Net Cash Proceeds) is required by (I) contract to be held in escrow pending determination of whether a purchase price adjustment will be made or (II) GAAP to be reserved against
other liabilities in connection with such Asset Sale, such consideration (or any portion thereof) shall become Net Cash Proceeds only at such time as it is released to such Person from escrow or otherwise; and (b) any non-cash consideration
received in connection with any transaction, which is subsequently converted to cash, shall become Net Cash Proceeds only at such time as it is so converted. 
 “New Vessel” means, in the context of any Sale and Leaseback Transaction, any vessel for which construction thereof has been completed not longer than two years prior to such Sale and
Leaseback Transaction. 
 “Note Custodian” means the Trustee when serving as custodian for the Depositary with
respect to the Global Notes, or any successor entity thereto. 
 “Note Guarantee” means any guarantee of the
Notes by any Guarantor pursuant to this Indenture. 
 “Note Obligations” means the Debt Incurred and
Obligations under this Indenture and the Notes. 
 “Notes” has the meaning set forth in the preamble to this
Indenture. 

  
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 “NRG Agreements” means, collectively, (a) the Coal Transportation
Agreement pursuant to which The Burlington Northern and Santa Fe Railway Company and American Commercial Terminals LLC will transport certain tonnages of coal from the Powder River Basin mines in Wyoming and the Decker and Spring Creek mines in
Montana to the Big Cajun No. II steam-electric generating plant and coal unloading dock of Louisiana Generating LLC; (b) the Security Side Letter Agreement among American Commercial Terminals LLC, American Commercial Barge Lines LLC, Louisiana
Generating LLC and NRG New Roads Holdings LLC; (c) the Lease between American Commercial Terminals LLC and NRG New Roads Holdings LLC covering the Hall Street Terminal; (d) the Terminal Option Agreement between American Commercial
Terminals LLC and NRG New Roads Holdings LLC; (e) the Barge and Tug Option Agreement between American Commercial Lines LLC and NRG New Roads Holdings LLC; (f) the Deed of Trust granted by American Commercial Terminals LLC to Louisiana
Generating LLC and NRG New Roads Holdings LLC in respect of the Hall Street Terminal; (g) the Conditional Assignment and Assumption of Lease, between American Commercial Terminals LLC and NRG New Roads Holdings LLC with respect to leased
properties comprising a portion of the Hall Street Terminal; (h) the Conditional Assignment of Inter Carrier Agreement between American Commercial Terminals LLC and NRG New Roads Holdings LLC; and (i) the Operations Side Letter Agreement
between American Commercial Terminals LLC and Louisiana Generating LLC, each dated as of December 10, 2004, as amended from time to time. 
 “Obligations” means any principal, premium, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the
rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (including reimbursement obligations
with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under
the documentation governing any Debt. 
 “Obsolete Equipment” means barges, towboats, vessels and other
equipment, property or assets that, in the ordinary course of each of the Company’s and its Restricted Subsidiaries’ business as presently conducted, are damaged, obsolete, surplus or at the end of their useful life, in each case as
reasonably determined by the Company. 
 “Offer” has the meaning set forth in the definition of “Offer to
Purchase.” 
 “Offer to Purchase” means a written offer (the “Offer”) sent by the Company
by first class mail, postage prepaid, to each Holder at his address appearing in the Note Register on the date of the Offer, offering to purchase up to the aggregate principal amount of Notes set forth in such Offer at the purchase price set forth
in such Offer (as determined pursuant to this Indenture). Unless otherwise required by applicable law, the offer shall specify an expiration date (the “Expiration Date”) of the Offer to Purchase which shall be, subject to any
contrary requirements of applicable law, not less than 30 days or more than 60 days after the date of mailing of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes within five Business Days after the
Expiration Date. The Company shall notify the Trustee prior to the mailing of the Offer of the Company’s obligation to make an Offer to Purchase, and the Offer shall be mailed by the Company or, at the Company’s request, by the Trustee in
the name and at the expense of the Company. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also state: 

(i) the Section of this Indenture pursuant to which the Offer to Purchase is being made; 

(ii) the Expiration Date and the Purchase Date; 

  
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 (iii) the aggregate principal amount of the outstanding Notes offered to be
purchased pursuant to the Offer to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to Indenture covenants requiring the Offer to Purchase) (the “Purchase Amount”); 

(iv) the purchase price to be paid by the Company for each $1,000 principal amount of Notes (or if a PIK Payment has been
made $1.00 principal amount) accepted for payment (as specified pursuant to this Indenture) (the “Purchase Price”); 
 (v) that the Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion of a Note tendered must be tendered in a minimum amount of $1,000 principal amount
(or if a PIK Payment has been made $1.00 principal amount); 
 (vi) the place or places where Notes are to be
surrendered for tender pursuant to the Offer to Purchase, if applicable; 
 (vii) that, unless the Company
defaults in making such purchase, any Note accepted for purchase pursuant to the Offer to Purchase will cease to accrue interest on and after the Purchase Date, but that any Note not tendered or tendered but not purchased by the Company pursuant to
the Offer to Purchase will continue to accrue interest at the same rate; 
 (viii) that, on the Purchase Date,
the Purchase Price will become due and payable upon each Note accepted for payment pursuant to the Offer to Purchase; 
 (ix) that each Holder electing to tender a Note pursuant to the Offer to Purchase will be required to surrender such Note or cause such Note to be surrendered at the place or places set forth in the Offer
prior to the close of business on the Expiration Date (such Note being, if the Company or the Trustee so requires, duly endorsed by, or accompanied by 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); 
 (x) that Holders will be entitled to
withdraw all or any portion of Notes tendered if the Company (or its paying agent) receives, not later than the close of business on the Expiration Date, a facsimile transmission or letter setting forth the name of the Holder, the aggregate
principal amount of the Notes the Holder tendered, the certificate number of the Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 

(xi) that (a) if Notes having an aggregate principal amount less than or equal to the Purchase Amount are duly
tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase all such Notes and (b) if Notes having an aggregate principal amount in excess of the Purchase Amount are tendered and not withdrawn pursuant to the Offer
to Purchase, the Company shall purchase Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes in denominations of $2,000 principal amount or
integral multiples of $1,000 in excess thereof (or if a PIK Payment has been made $1.00 principal amount or integral multiples of $1.00 in excess thereof) shall remain outstanding following such purchase); provided, however, that if
holders of other Debt also tender their Debt in such Offer to Purchase pursuant to an Asset Sale, then the Trustee will select the Notes and other Debt to be purchased on a pro rata basis; and 

  
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 (xii) if applicable, that, in the case of any Holder whose Note is purchased
only in part, 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 any authorized denomination as requested by such Holder in the aggregate principal
amount equal to and in exchange for the unpurchased portion of the aggregate principal amount of the Notes so tendered. 

“Offering Memorandum” means the Offering Memorandum related to the issuance of the Initial Notes on the Issue Date,
dated February 10, 2011. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the
Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed by two Officers of the Company or a Guarantor, as applicable,
one of whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company or such Guarantor, as applicable. 
 “OID Legend” means the legend identified as such in Exhibit A hereto. 
 “OpCo” means Commercial Barge Line Company. 
 “OpCo
Notes” means the $200,000,000 aggregate principal amount of 121/2% Senior Secured Notes due 2017 issued by OpCo outstanding on the Issue Date. 
 “OpCo Notes Indenture” means the indenture governing the Opco Notes. 
 “Opinion of Counsel” means an opinion reasonably acceptable to the Trustee from legal counsel. The counsel may be an employee of or counsel to the Company or any Subsidiary of the
Company. 
 “Parent” or “Parent Entity” means Finn Holding Corporation, the parent company of the
Company or any other direct or indirect parent of the Company. 
 “Participant” means, with respect to DTC, a
Person who has an account with DTC. 
 “Paying Agent” means any Person authorized by the Issuer to pay the
principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance, covenant defeasance or similar payment with respect to, any Notes on behalf of the Issuer. 

“Permitted Business” means (1) any business similar in nature to any business conducted by the Company and the
Restricted Subsidiaries on the Issue Date and any business reasonably ancillary, incidental, complementary or related to the business conducted by the Company and the Restricted Subsidiaries on the Issue Date or a reasonable extension, development
or expansion thereof, in each case, as determined in good faith by the Board of Directors of the Company and (2) any business which forms a part of a business (the “Acquired Business”) which is acquired by the Company or any of
its Restricted Subsidiaries (including, without limitation, the Company) if the primary intent of the Company or such Restricted Subsidiary was to acquire that portion of the Acquired Business which meets the requirements of clause (1) of this
definition and the portion of the Acquired Business which meets the requirements of clause (1) of this definition constitutes at least 66 2/3% of the Acquired Business and such ancillary portion of the Acquired Business is disposed of within
365 days of its acquisition. 
 “Permitted Debt” means 

  
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 (i) Debt of any Restricted Subsidiary Incurred pursuant to any Credit
Agreement in an aggregate principal amount at any one time outstanding not to exceed $400.0 million minus any amounts used to permanently repay Obligations pursuant to clause (i) of the second paragraph of Section 4.10; 

(ii) Debt outstanding under the Notes or any PIK Notes issued from time to time to pay PIK Interest in accordance with
the terms of this Indenture (including any Exchange Notes pursuant to the Registration Rights Agreement but excluding any Additional Notes) and contribution, indemnification and reimbursement obligations owed by the Company or any Guarantor to any
of the other of them in respect of amounts paid or payable on such Notes or PIK Notes; 
 (iii) Guarantees of
the Notes (and any Exchange Notes pursuant to the Registration Rights Agreement); 
 (iv) Debt of the Company or
any Restricted Subsidiary outstanding at the time of the Issue Date including, without limitation, Debt under the OpCo Notes (including the issuance of exchange notes and related guarantees pursuant to the registration rights with respect to the
OpCo Notes) (other than clauses (i), (ii) or (iii) above or (xvi) below); 
 (v) Debt owed to and
held by the Company or a Restricted Subsidiary; 
 (vi) Guarantees Incurred by the Company of Debt of a
Restricted Subsidiary otherwise permitted to be incurred under this Indenture; 
 (vii) Guarantees by any
Restricted Subsidiary of Debt of the Company or any Restricted Subsidiary, including Guarantees by any Restricted Subsidiary of Debt under the Credit Agreement, provided that (a) such Debt is Permitted Debt or is otherwise Incurred in
accordance with Section 4.9 and (b) such Guarantees are subordinated to the Notes to the same extent as the Debt being guaranteed; 
 (viii) Debt Incurred in respect of workers’ compensation claims, health, disability or other employee benefits, self-insurance obligations, indemnity, bid, performance, warranty, release, appeal,
surety and similar bonds, letters of credit for operating purposes and completion guarantees provided or incurred (including Guarantees thereof) by the Company or a Restricted Subsidiary in the ordinary course of business; 

(ix) Debt under Hedging Obligations entered into to protect the Company and the Restricted Subsidiaries from fluctuations
in interest rates, commodity prices and currency exchange rates and guarantees in respect thereof; 
 (x) Debt
of the Company or any Restricted Subsidiary pursuant to Capital Lease Obligations and Purchase Money Debt under this clause (x), provided that the aggregate principal amount of such Debt Incurred, together with any amount Incurred pursuant to
clause (xix) below, in any calendar year may not exceed $25.0 million in the aggregate; 
 (xi) Debt
arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, contribution, earnout, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or
disposition of any business, assets or Capital Interests of a Restricted Subsidiary otherwise permitted under this Indenture; 

  
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 (xii) the issuance by any of the Company’s Restricted Subsidiaries to
the Company or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that: 
 (a) any subsequent issuance or transfer of Capital Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary; and 

(b) any sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted
Subsidiary 
 shall be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that
was not permitted by this clause (xii); 
 (xiii) Debt arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; 
 (xiv) Debt of the Company or any Restricted Subsidiary not otherwise permitted pursuant to this definition, in an aggregate principal amount not to exceed $25.0 million at any time outstanding, which Debt
may be Incurred under a Credit Agreement; 
 (xv) Refinancing Debt in respect of Debt permitted by clauses (ii),
(iii) or (iv) above, this clause (xv) or the first paragraph under Section 4.9; 
 (xvi) Debt
of the Company or any of its Restricted Subsidiaries arising from customary cash management services or in connection with any automated clearinghouse transfer of funds in the ordinary course of business; 

(xvii) Debt arising from (A) Investments in Subsidiaries established in connection with financings of Vessels not to
exceed $15.0 million in the aggregate outstanding at any time and (B) other similar Investments, loans and advances in an amount at any time outstanding not to exceed $3.5 million in the aggregate outstanding at any time; 

(xviii) the Incurrence by a Receivable Subsidiary of Debt in a Qualified Receivables Transaction that is without recourse
to the Company or to any other Subsidiary of the Company or their assets (other than such Receivable Subsidiary and its assets and, as to the Company or any Subsidiary of the Company, other than pursuant to representations, warranties, covenants and
indemnities customary for such transactions) and is not guaranteed by any such Person; 
 (xix) Debt Incurred in
connection with Permitted Sale and Leaseback Transactions; and 
 (xx) Guarantees by the Company in connection
with a Permitted JV Transaction that are (A) expressly subordinated in right of payment to the Notes, (B) have no guarantees or other credit support from any Restricted Subsidiary of the Company and (C) in an aggregate principal
amount not in excess of the cash proceeds received by the Company directly related to the applicable Permitted JV Transaction. 

Notwithstanding anything herein to the contrary, Debt permitted under clause (i) of this definition of “Permitted Debt”
shall not constitute “Refinancing Debt” under clause (xv) of this definition of “Permitted Debt.” 

  
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 “Permitted Holder” means each of (i) the Sponsor, and (ii) any
group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which the Persons described in clause (i) are members; provided that, without giving effect to the existence of such
group or any other group, the Persons described in clause (i), collectively, beneficially own Voting Stock representing more than 50% of the total voting power of the Voting Stock of the Company. Any Person or group, together with its Affiliates,
whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of the Indenture will thereafter constitute an additional Permitted Holder.
“Beneficial ownership” has the meaning given to such term under Rule 13d-3 under the Exchange Act, or any successor provision. 
 “Permitted Investments” means: 
 (i) Investments
in existence on the Issue Date; 
 (ii) Investments required pursuant to any agreement or obligation of the
Company or a Restricted Subsidiary, in effect on the Issue Date, to make such Investments; 
 (iii) Eligible Cash
Equivalents; 
 (iv) Investments in property and other assets, owned or used by the Company or any Restricted
Subsidiary in the operation of a Permitted Business; 
 (v) Investments by the Company or any of its Restricted
Subsidiaries in the Company or any Restricted Subsidiary; 
 (vi) Investments by the Company or any Restricted
Subsidiary in a Person, if as a result of such Investment (a) such Person becomes a Restricted Subsidiary or (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to,
or is liquidated or wound-up into, the Company or a Restricted Subsidiary; 
 (vii) Hedging Obligations entered
into to protect the Company and the Restricted Subsidiaries from fluctuations in interest rates, commodity prices and currency exchange rates; 
 (viii) Investments received in settlement of obligations or claims owed to the Company or any Restricted Subsidiary and as a result of bankruptcy or insolvency proceedings or upon the foreclosure or
enforcement of any Lien in favor of the Company or any Restricted Subsidiary; 
 (ix) Investments by the Company
or any Restricted Subsidiary (other than in an Affiliate) not otherwise permitted under this definition, in an aggregate amount not to exceed $25.0 million at any one time outstanding; 

(x) (A) loans and advances (including for travel and relocation) to employees in an amount not to exceed $5.0 million
in the aggregate at any one time outstanding and (B) loans or advances against, and repurchases of Capital Interests and options of the Company and its Restricted Subsidiaries held by management and employees in connection with any stock
option, deferred compensation or similar benefit plans approved by the Board of Directors (or similar governing body) and otherwise issued in accordance with the terms of this Indenture; 

(xi) Investments the payment for which consists solely of Qualified Capital Interests of the Company; 

  
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 (xii) any Investment in any Person to the extent such Investment represents
the non-cash portion of the consideration received in connection with an Asset Sale consummated in compliance with Section 4.10 or any other disposition of property not constituting an Asset Sale; 

(xiii) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to
be treated as expenses for accounting purposes and that are made in the ordinary course of business and consistent with past practice; 
 (xiv) guarantees by the Company or any Restricted Subsidiary of Debt of the Company or a Restricted Subsidiary of Debt otherwise permitted by Section 4.9; 

(xv) any Investment by the Company or any Restricted Subsidiary in a Receivable Subsidiary or any Investment by a
Receivable Subsidiary in any other Person in connection with a Qualified Receivables Transaction, so long as any Investment in a Receivable Subsidiary is in the form of a Purchase Money Note or an Investment in Capital Interests; 

(xvi) the issuance of any letter of credit or similar support for the obligations of any insurance Subsidiary in the
ordinary course of business; and 
 (xvii) any Investment by the Company or any Restricted Subsidiary in
connection with a joint venture on or after the Issue Date not to exceed $25.0 million in aggregate amount at any one time outstanding (measured by the fair market value of such Investments as of the date made) so long as such joint venture is
engaged only in a Permitted Business. 
 “Permitted JV Transaction” means a transaction or series of
simultaneous related transactions pursuant to which (1) the Company or a Restricted Subsidiary contributes assets or property (including Capital Interests) to a joint venture in exchange for cash, property, Capital Interests or any combination
of the foregoing and (2) the Company receives cash consideration equal to at least 90% of the fair market value of the contributed assets (as determined in good faith by the Company’s Board of Directors). 

“Permitted Liens” means: 
 (i) Liens existing at the Issue Date including, without limitation, Liens granted in favor of the OpCo Notes; 
 (ii) Liens that secure Obligations of any Restricted Subsidiary Incurred pursuant to clause (i) or (ix) of the definition of “Permitted Debt”, including cash management obligations and
Hedging Obligations owed to a Lender or an Affiliate of a Lender; 
 (iii) any Lien for taxes or assessments or
other governmental charges or levies not then due and payable (or which, if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained, to the extent required by GAAP and such
proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien); 
 (iv) any carrier’s, warehousemen’s, materialmen’s, mechanic’s, landlord’s, repairmen’s or other similar Liens arising, in the case of such other similar Liens, in the
ordinary course of business and by law for sums not then due and payable after giving effect to any applicable grace periods (or which, if due and payable, are being contested in good faith by appropriate proceedings and with respect to which
adequate reserves are being maintained, to the extent required by GAAP and such proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien); 

  
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 (v) survey exceptions, encumbrances, easements or reservations of, or rights
of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other similar restrictions 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 were not incurred in connection with Debt and which do not individually or in the aggregate materially adversely affect the value of the Company or its Subsidiaries or materially impair the
operation of the business of such Person; 
 (vi) pledges or deposits (a) in connection with workers’
compensation, unemployment insurance and other types of statutory obligations, completion guarantees or the requirements of any official body, or (b) to secure the performance of tenders, bids, surety or performance bonds, leases, purchase,
construction, sales, work in process relating to progress payment contracts for the construction of barges or servicing contracts and other similar obligations Incurred in the normal course of business consistent with industry practice; or
(c) to obtain or secure obligations with respect to letters of credit, Guarantees, bonds or other sureties or assurances given in connection with the activities described in clauses (a) and (b) above, in each case not Incurred or made
in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property or services or imposed by ERISA or the Code in connection with a “plan” (as defined in ERISA) or
(d) arising in connection with any attachment unless such Liens shall not be satisfied or discharged or stayed pending appeal within 60 days after the entry thereof or the expiration of any such stay; 

(vii) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the
Company or a Restricted Subsidiary, or becomes a Restricted Subsidiary or Liens on any property or asset prior to the acquisition thereof by the Company (and in any case not created or Incurred in anticipation of such transaction), provided
that such Liens are not extended to the property and assets of the Company and its Restricted Subsidiaries other than the property or assets acquired; 
 (viii) Liens securing Debt of a Restricted Subsidiary and held by the Company or a Restricted Subsidiary; 
 (ix) other Liens (not securing Debt) incidental to the conduct of the business of the Company or any of its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not
individually or in the aggregate materially adversely affect the value of such assets or materially impair the operation of the business of the Company or its Restricted Subsidiaries; 

(x) Liens to secure any permitted extension, renewal, refinancing or refunding (or successive extensions, renewals,
refinancings or refundings), in whole or in part, of any Debt secured by Liens referred to in the foregoing clauses (i) and (vii); provided that such Liens do not extend to any other property or assets and the principal amount of the
obligations secured by such Liens is not greater than the sum of the outstanding principal amount of the refinanced Debt plus any fees and expenses, including premiums or original issue discount related to such extension, renewal, refinancing or
refunding; 

  
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 (xi) Liens in favor of customs or revenue authorities arising as a matter of
law to secure payment of custom duties in connection with the importation of goods incurred in the ordinary course of business; 
 (xii) licenses of intellectual property granted in the ordinary course of business; 
 (xiii) Liens to secure Capital Lease Obligations permitted to be incurred pursuant to clause (x) or (xix) of the definition of “Permitted Debt”; 

(xiv) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s
obligation in respect of banker’s acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods; 

(xv) Liens securing Debt permitted to be Incurred pursuant to clause (x) of the definition of “Permitted
Debt” to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to any other property owned by such Person or
any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto and any proceeds thereof), and the Debt (other than any interest and fees thereon, or expenses incurred in connection
therewith) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien; 

(xvi) Liens on property or shares of Capital Interests of another Person at the time such other Person becomes a
Subsidiary of such Person; provided, however, that (a) the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto and proceeds
thereof) and (b) such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Restricted Subsidiary; 

(xvii) Liens (a) that are contractual rights of set-off (i) relating to the establishment of depository
relations with banks not given in connection with the issuance of Debt, (ii) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations and other
cash management activities incurred in the ordinary course of business of the Company and/or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Company or any of its
Restricted Subsidiaries in the ordinary course of business and (b) of a collection bank arising under Section 4-210 of the UCC on items in the course of collection, (Y) encumbering reasonable customary initial deposits and margin
deposits and attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business, and (Z) in favor of banking institutions arising as a matter of law or pursuant to customary account agreements
encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 
 (xviii) Liens securing judgments for the payment of money not constituting an Event of Default under clause (7) under Section 6.1 of this Indenture so long as such Liens are adequately bonded
and any appropriate legal proceedings that 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; 

  
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 (xix) Deposits made in the ordinary course of business to secure liability
to insurance carriers; 
 (xx) leases, subleases, licenses or sublicenses granted to others in the ordinary
course of business so long as such leases, subleases, licenses or sublicenses do not materially interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiaries and do not secure any Debt; 

(xxi) Liens arising from UCC financing statement filings regarding operating leases entered into by the Company or any
Restricted Subsidiary in the ordinary course of business; 
 (xxii) Liens on the assets of a Restricted
Subsidiary that is not a Guarantor securing Debt and other obligations of such Restricted Subsidiary incurred in compliance with this Indenture (including Liens on the assets of a Receivables Subsidiary); 

(xxiii) [Reserved]; 
 (xxiv) Liens arising from Uniform Commercial Code financing statements filings or other applicable similar filings regarding operating leases and vessel charters entered into by the Company and its
Restricted Subsidiaries in the ordinary course of business; 
 (xxv) Liens incurred in the ordinary course of
business of the Company or any Restricted Subsidiary of the Company arising from the provision of necessaries to any Vessel pursuant to General Maritime Law of the United States and 46 U.S.C. Section 31301 et seq., including but not
limited to Vessel chartering, drydocking, maintenance, repair, refurbishment or replacement, the furnishing of supplies and fuel, payment of fuel user taxes and insurance premiums, boat stores and provisions, telephone charges, groceries and food
stocks, rigging and rope, fleeting, shifting, towing, port charges, cover handling, barge cleaning, tankering and gas freeing services, to Vessels and Related Assets, repairs and improvements to Vessels and Related Assets, personal injury, and/or
death occurring on a Vessel, claims for property damage and/or cargo loss or damage and crews’ wages, each known as maritime liens; 
 (xxvi) Liens resulting from arrangements among the stockholders of Foreign Subsidiaries which limit or restrict the transfer of equity interests of such Foreign Subsidiaries by those stockholders to third
parties; 
 (xxvii) Liens for salvage and general average; 

(xxviii) Liens under the NRG Agreements; 

(xxix) any extensions, substitutions, replacements or renewals of the foregoing; 

(xxx) Liens on shares of Capital Interests of a joint venture held by the Company or any Guarantor in connection with a
Permitted JV Transaction; and 
 (xxxi) Liens securing Debt, as measured by principal amount, which, when taken
together with the principal amount of all other Debt secured by Liens (excluding Liens permitted by clauses (i) though (xxx) above) at the time of determination, does not exceed $25.0 million in the aggregate at any one time outstanding.


  
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 “Permitted Sale and Leaseback Transactions” means, individually or
collectively, a Sale and Leaseback Transaction entered into by the Company or the Restricted Subsidiaries with any Person (a) upon fair and reasonable terms, with respect to any New Vessel which, individually or in the aggregate, does not
exceed $50.0 million in any calendar year, and with respect to any Vessels which are not New Vessels, does not exceed $40.0 million at any time during the term of the Notes, in each case, together with any amounts Incurred pursuant to clause
(x) of the definition of “Permitted Debt” or (b) that individually or in the aggregate relates to assets having a fair market value not exceeding $25.0 million. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
 “Preferred Interests,” as applied
to the Capital Interests in any Person, means Capital Interests in such Person of any class or classes (however designated) that rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up of such Person, to shares of Common Interests in such Person. 
 “Purchase
Agreement” means the purchase agreement dated February 10, 2011 among the Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the Initial Purchasers named therein, entered into in connection
with the offer and sale of the Notes on the Issue Date. 
 “Purchase Amount” has the meaning set forth in the
definition of “Offer to Purchase.” 
 “Purchase Date” has the meaning set forth in the definition of
“Offer to Purchase.” 
 “Purchase Money Debt” means Debt (i) Incurred to finance the purchase or
construction (including additions and improvements thereto) of any assets (other than Capital Interests) of such Person or any Restricted Subsidiary; and (ii) that is secured by a Lien on such assets where the lender’s sole security is to
the assets so purchased or constructed (and assets or property affixed or appurtenant thereto and any proceeds thereof); and in either case that does not exceed 100% of the cost and to the extent the purchase or construction prices for such assets
are or should be included in “addition to property, plant or equipment” in accordance with GAAP. 
 “Purchase
Money Note” means a promissory note of a Receivable Subsidiary to the Company or any Restricted Subsidiary, which note must be repaid from cash available to the Receivable Subsidiary, other than amounts required to be established as
reserves pursuant to agreements, amounts paid to investors in respect of interest, principal and other amounts owing to such investors and amounts paid in connection with the purchase of newly generated receivables. The repayment of a Purchase Money
Note may be subordinated to the repayment of other liabilities of the Receivable Subsidiary on terms determined in good faith by the Company to be substantially consistent with market practice in connection with Qualified Receivables Transactions.

 “Purchase Price” has the meaning set forth in the definition of “Offer to Purchase.” 

“Qualified Capital Interests” in any Person means a class of Capital Interests other than Redeemable Capital Interests.

 “Qualified Equity Offering” means (i) an underwritten public equity offering of Qualified Capital
Interests pursuant to an effective registration statement under the Securities Act yielding gross proceeds to the Company, or any direct or indirect parent company of the Company, of at least $25.0 million or (ii) a private equity offering of
Qualified Capital Interests of the Company and in each case, other than (x) any such public or private sale to an entity that is an Affiliate of the Company, (y) any public offerings registered on Form S-8 and/or (z) any Qualified
Capital Interests issued in connection with an acquisition. 

  
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 “Qualified Equity Offering Proceeds” means 50% of the aggregate cash
proceeds received by the Company or any direct or indirect parent company of the Company or any of their respective shareholders in respect of any Qualified Equity Offering, net of the reasonable costs related to such Qualified Equity Offering
(including, without limitation, legal, accounting, transfer agent, printing and investment banking fees, SEC and Financial Industry Regulatory Authority filing fees, listing fees, advisory fees, and brokerage and sales commissions), and any taxes
paid or payable as a result thereof. 
 “Qualified Receivables Transaction” means any transaction or series of
transactions entered into by the Company or any of its Restricted Subsidiaries pursuant to which the Company or such Restricted Subsidiary transfers to (a) a Receivable Subsidiary (in the case of a transfer by the Company or any of its
Restricted Subsidiaries) or (b) any other Person (in the case of a transfer by a Receivable Subsidiary), or grants a security interest in, any accounts receivable (whether now existing or arising in the future) of the Company or any of its
Restricted Subsidiaries, and any assets related thereto, including, without limitation, all collateral securing such accounts receivable, all contracts and all Guarantees or other obligations in respect of such accounts receivable, proceeds of such
accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with an accounts receivable financing transaction; provided such transaction is on market
terms as determined in good faith by the Board of Directors of the Company at the time the Company or such Restricted Subsidiary enters into such transaction. 
  

	 	“Receivable	Subsidiary” means a Restricted Subsidiary of the Company: 


(i) that is formed solely for the purpose of, and that engages in no activities other than activities in connection with,
financing accounts receivable of the Company and/or its Restricted Subsidiaries; 
 (ii) that is designated by
the Board of Directors of the Company as a Receivable Subsidiary pursuant to a Board of Directors’ resolution set forth in an Officers’ Certificate and delivered to the Trustee; 

(iii) that is either (a) a Restricted Subsidiary or (b) an Unrestricted Subsidiary designated in accordance with
Section 4.21; 
 (iv) no portion of the Debt or any other obligation (contingent or otherwise) of which
(a) is at any time Guaranteed by the Company or any Restricted Subsidiary (excluding Guarantees of obligations (other than any Guarantee of Debt) pursuant to Standard Securitization Undertakings), (b) is at any time recourse to or
obligates the Company or any Restricted Subsidiary in any way, other than pursuant to Standard Securitization Undertakings or (c) subjects any asset of the Company or any other Restricted Subsidiary of the Company, directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings (such Debt, “Non-Recourse Receivable Subsidiary Indebtedness”); 

(v) with which neither the Company nor any Restricted Subsidiary has any material contract, agreement, arrangement or
understanding other than (a) contracts, agreements, arrangements and understandings entered into in the ordinary course of business on terms no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the
time from Persons that are not Affiliates of the Company in connection with a Qualified Receivables Transaction as determined in good faith by the Board of Directors of the Company, (b) fees
paya-

  
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 ble in the ordinary course of business in connection with servicing accounts receivable in
connection with such a Qualified Receivables Transaction as determined in good faith by the Board of Directors of the Company and (c) any Purchase Money Note issued by such Receivable Subsidiary to the Company or a Restricted Subsidiary; and

 (vi) with respect to which neither the Company nor any other Restricted Subsidiary has any obligation

 (a) to subscribe for additional shares of Capital Interests therein or make any additional capital
contribution or similar payment or transfer thereto except in connection with a Qualified Receivables Transaction or 
 (b) to maintain or preserve the solvency or any balance sheet term, financial condition, level of income or results of operations thereof. 

“Redeemable Capital Interests” in any Person means any equity security of such Person that by its terms (or by terms of
any security into which it is convertible or for which it is exchangeable), or otherwise (including the passage of time or the happening of an event), is required to be redeemed, is redeemable at the option of the holder thereof in whole or in part
(including by operation of a sinking fund), or is convertible or exchangeable for Debt of such Person at the option of the holder thereof, in whole or in part, at any time prior to the Stated Maturity of the Notes; provided that only the
portion of such equity security which is required to be redeemed, is so convertible or exchangeable or is so redeemable at the option of the holder thereof before such date will be deemed to be Redeemable Capital Interests. Notwithstanding the
preceding sentence, any equity security that would constitute Redeemable Capital Interests solely because the holders of the equity security have the right to require the Company or its Restricted Subsidiaries to repurchase such equity security upon
the occurrence of a change of control or an asset sale will not constitute Redeemable Capital Interests if the terms of such equity security provide that the Company or such Restricted Subsidiary, as the case may be, may not repurchase or redeem any
such equity security pursuant to such provisions unless such repurchase or redemption complies with Section 4.7. The amount of Redeemable Capital Interests deemed to be outstanding at any time for purposes of this Indenture will be the maximum
amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Redeemable Capital Interests or portion thereof, exclusive of accrued dividends.

 “Refinancing Debt” means Debt that refunds, refinances, renews, replaces or extends any Debt permitted to be
Incurred by the Company or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors, but only to the extent that 

(i) the Refinancing Debt is subordinated to the Notes to at least the same extent as the Debt being refunded, refinanced
or extended, if such Debt was subordinated to the Notes, 
 (ii) the Refinancing Debt is scheduled to mature
either (a) no earlier than the Debt being refunded, refinanced or extended or (b) at least 91 days after the maturity date of the Notes, 
 (iii) the Refinancing Debt has a weighted average life to maturity at the time such Re-financing Debt is Incurred that is either (a) equal to or greater than the weighted average life to maturity of
the Debt being refunded, refinanced, renewed, replaced or extended or (b) at least 91 days after the maturity date of the Notes, 

  
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 (iv) such Refinancing Debt is in an aggregate principal amount that is less
than or equal to the sum of (a) the aggregate principal or accreted amount (in the case of any Debt issued with original issue discount, as such) then outstanding under the Debt being refunded, refinanced, renewed, replaced or extended,
(b) the amount of accrued and unpaid interest, if any, and premiums owed, if any, not in excess of preexisting prepayment provisions on such Debt being refunded, refinanced, renewed, replaced or extended and (c) the amount of reasonable
and customary fees, expenses and costs related to the Incurrence of such Refinancing Debt, and 
 (v) such
Refinancing Debt is Incurred by the same Person (or its successor) that initially Incurred the Debt being refunded, refinanced, renewed, replaced or extended, except that (i) the Company and any Restricted Subsidiary that is a Guarantor may
Incur Refinancing Debt to refund, refinance, renew, replace or extend Debt of any Restricted Subsidiary of the Company that is a Guarantor and (ii) any Restricted Subsidiary that is not a Guarantor may Incur Refinancing Debt to refund,
refinance, renew, replace or extend Debt of any Restricted Subsidiary that is not a Guarantor. 
 “Registration Rights
Agreement” means the Registration Rights Agreement, to be dated the date of this Indenture, among the Company and the Initial Purchasers and any similar agreement entered into in connection with any Additional Notes. 

“Related Asset” means, with respect to a Vessel, (i) any insurance policies and contracts from time to time in
force with respect to such Vessel, (ii) the Capital Interests of any Restricted Subsidiary of the Company owning such Vessel and related assets, (iii) any requisition compensation payable in respect of any compulsory acquisition thereof,
(iv) any earnings derived from the use or operation thereof and/or any earnings account with respect to such earnings, (v) any charters, operating leases and related agreements entered into in respect of such Vessel and any security or
guarantee in respect of the charterer’s or lessee’s obligations under such charter, lease or agreement, (vi) any cash collateral account established with respect to such Vessel pursuant to the financing arrangement with respect
thereto, (vii) any building, conversion or repair contracts relating to such Vessel and any security or guarantee in respect of the builder’s obligations under such contract and (viii) any security interest in, or agreement or
assignment relating to, any of the foregoing or any mortgage in respect of such Vessel. 
 “Requirement of Law”
means, as to any Person, the certificate or articles of incorporation and bylaws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other
Governmental Authority, in each case binding upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer of the Trustee within the Corporate Trust Department (or any successor unit or department) of the Trustee
assigned to the Corporate Trust Office of the Trustee and responsible for administering this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that
officer’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. The term “responsible officer” as used in the Section 315(b) and 315(d) of the
TIA means any officer of the Trustee, including any trust officer or assistant trust officer of the Trustee or any person performing similar functions. 
 “Restricted Notes Legend” means the legend identified as such in Exhibit A hereto. 
 “Restricted Payment” is defined to mean any of the following: 

  
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 (i) any dividend or other distribution declared and paid on the Capital
Interests in the Company or on the Capital Interests in any Restricted Subsidiary of the Company that are held by, or declared and paid to, any Person other than the Company or a Restricted Subsidiary of the Company; provided that
(a) dividends, distributions or payments, in each case, made solely in Qualified Capital Interests in the Company or any Restricted Subsidiary of the Company; as applicable, and (b) dividends or distributions payable to a Restricted
Subsidiary of the Company or to other holders of Capital Interests of a Restricted Subsidiary of the Company on a pro rata basis shall not be “Restricted Payments”; 

(ii) any payment made by the Company or any of its Restricted Subsidiaries to purchase, redeem, acquire or retire any
Capital Interests in the Company or any of its Restricted Subsidiaries, including any issuance of Debt, in exchange for such Capital Interests or the conversion or exchange of such Capital Interests into or for Debt other than any such Capital
Interests owned by the Company or any Restricted Subsidiary; 
 (iii) any payment made by the Company or any of
its Restricted Subsidiaries (other than a payment made solely in Qualified Capital Interests in the Company) to redeem, repurchase, defease (including an in substance or legal defeasance) or otherwise acquire or retire for value (including pursuant
to mandatory repurchase covenants), (a) prior to any scheduled maturity, scheduled sinking fund or mandatory redemption payment, Debt of the Company or any Guarantor that is subordinate (whether pursuant to its terms or by operation of law) in
right of payment to the Notes or Note Guarantees (excluding any Debt owed to the Company or any Restricted Subsidiary); except (x) payments of principal in anticipation of satisfying a sinking fund obligation or final maturity, in each case,
within one year of the due date thereof and (y) any payments in respect of Debt to the extent the issuance of such Debt was a Restricted Payment and (b) any Debt which would have constituted a Restricted Payment under clause
(ii) above except for the first parenthetical in such clause; 
 (iv) any Investment by the Company or a
Restricted Subsidiary in any Person, other than a Permitted Investment; and 
 (v) any designation of a
Restricted Subsidiary as an Unrestricted Subsidiary; 
 provided that notwithstanding the foregoing clauses (i) through (v), any
payments in respect of Debt, if such Debt was issued prior to the Issue Date or the issuance of such Debt constituted a Restricted Payment under clause 
 (ii) above shall be deemed not to be Restricted Payments. 

“Restricted Subsidiary” means any Subsidiary that has not been designated as an “Unrestricted Subsidiary” in
accordance with this Indenture. 
 “Sale and Leaseback Transaction” means any direct or indirect arrangement
pursuant to which property is sold or transferred by the Company or a Restricted Subsidiary and is thereafter leased back as a capital lease by the Company or a Restricted Subsidiary. 

“Secured Debt” means any Debt secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Significant Subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X under the Securities Act and Exchange
Act, but shall not include any Unrestricted Subsidiary. 

  
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 “Sponsor” means (1) Platinum Equity Advisors, LLC and (2) one or
more investment funds advised, managed or controlled by Platinum Equity Advisors, LLC and, in each case (whether individually or as a group) their Affiliates. 
 “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any Restricted Subsidiary which are reasonably customary
in an accounts receivable securitization transaction as determined in good faith by the Board of Directors of the Company, including Guarantees by the Company or any Restricted Subsidiary of any of the foregoing obligations of the Company or a
Restricted Subsidiary. 
 “Stated Maturity,” when used with respect to (i) any Note or any installment of
interest thereon, means the date specified in such Note as the fixed date on which the principal amount of such Note or such installment of interest is due and payable and (ii) any other Debt or any installment of interest thereon, means the
date specified in the instrument governing such Debt as the fixed date on which the principal of such Debt or such installment of interest is due and payable. 
 “Subordinated Debt” means Debt of the Company or a Guarantor that is contractually subordinated in right of payment to the Notes or a Note Guarantee, as the case may be. 

“Subsidiary” means, with respect to any Person, any corporation, limited or general partnership, trust, association or
other business entity of which an aggregate of at least a majority of the outstanding Capital Interests therein is, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. 

“Subsidiary Guarantor” means any Guarantor that is not a Parent Guarantor. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended, as in effect on the
date hereof. 
 “Total Assets” means the total assets of the Company and its Restricted Subsidiaries on a
consolidated basis, determined in accordance with GAAP, as of the last day of the most recently ended fiscal quarter of the Company for which internal financial statements are available. 

“Transfer Restricted Notes” means Notes that bear or are required to bear the Restricted Notes Legend. 

“Treasury Rate” means with respect to the Notes, as of the applicable redemption date, the yield to maturity as of such
redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to
such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to February 15, 2013; provided, however, that
if the period from such redemption date to February 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 will be used. 

“Trustee” has the meaning set forth in the preamble to this Indenture until a successor replaces it in accordance with
the applicable provisions of this Indenture and, thereafter, means the successor. 
 “UCC” means the Uniform
Commercial Code (or any successor statute) as in effect from time to time in the State of New York. 

  
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 “Unrestricted Subsidiary” means: 

(1) any Subsidiary designated as such by the Board of Directors of the Company in compliance with Section 4.21; and

 (2) any Subsidiary of an Unrestricted Subsidiary. 

“Vessel” means one or more shipping vessels whose primary purpose is the maritime transportation of cargo or which are
otherwise engaged, used or useful in any business activities of the Company and its Restricted Subsidiaries and which are owned by and registered (or to be owned by and registered) in the name of the Company or any of its Restricted Subsidiaries or
operated (or to be operated) by the Company or any of its Restricted Subsidiaries pursuant to a charter or other operating agreement constituting a Capital Lease Obligation, in each case together with all related spares, equipment and any additions
or improvements. 
 “Voting Interests” means, with respect to any Person, securities of any class or classes of
Capital Interests in such Person entitling the holders thereof generally to vote on the election of members of the Board of Directors or comparable body of such Person. 
 SECTION 1.2 Other Definitions. 
  

			
	 Term
	  	Defined in Section
	 “Act”
	  	13.14
	 “Affiliate Transaction”
	  	4.11
	 “Agent Members”
	  	2.6
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “covenant defeasance”
	  	8.3
	 “Custodian”
	  	6.1
	 “defeasance”
	  	8.3
	 “Discharge”
	  	8.8
	 “Equity Issuance Purchase Date”
	  	4.16
	 “Excess Proceeds”
	  	4.10
	 “Independent Financial Adviser”
	  	      4.11(iii)
	 “Issuer Order”
	  	2.2
	 “legal defeasance”
	  	8.2
	 “Note Register”
	  	2.3
	 “Offer Amount”
	  	3.9
	 “PIK Note”
	  	2.1
	 “PIK Payment”
	  	2.1
	 “Purchase Date”
	  	3.9
	 “QIB”
	  	2.1
	 “QIB Global Note”
	  	2.1
	 “Qualified Equity Offering Offer”
	  	4.16
	 “redemption date”
	  	3.1
	 “Registrar”
	  	2.3
	 “Regulation S”
	  	2.1
	 “Regulation S Global Note”
	  	2.1
	 “Rule 144A”
	  	2.1
	 “Surviving Entity”
	  	5.1


  
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 SECTION 1.3 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in, and made a part of, this
Indenture. 
 The following TIA term used in this Indenture has the following meaning: 

“obligor” on the Notes means the Issuer, the Guarantors and any successor obligor upon the Notes. 

Unless otherwise defined herein, all other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another
statute or defined by the Commission rule under the TIA have the meanings so assigned to them therein. 
 SECTION 1.4 Rules
of Construction. 
 Unless the context otherwise requires: 

(1) a term has the meaning assigned to it herein; 

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

(3) “or” is not exclusive; 

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

(5) unless otherwise specified, any reference to Section or Article refers to such Section or Article of this Indenture;

 (6) provisions apply to successive events and transactions; 

(7) references to sections of or rules under the Securities Act, the Exchange Act or the TIA shall be deemed to include
substitute, replacement or successor sections or rules adopted by the Commission from time to time; and 
 (8)
for the avoidance of doubt, any reference to “interest” shall include any Additional Interest (as defined in the Registration Rights Agreement) that may be payable. 
 ARTICLE II 
 THE NOTES 

  
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 SECTION 2.1 Form and Dating. 

The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. Subject to the issuance of PIK Notes or the increase in the principal amount of a Global
Note in order to evidence PIK Interest (which PIK Notes or increased principal amount of a Global Note shall be in denominations of $1.00 or any integral multiple of $1.00 in excess thereof), the Notes shall be in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. On any Interest Payment Date on which the Company pays PIK Interest (a “PIK Payment”) with respect to a Global Note, the Trustee, or the Note Custodian at the direction of the Trustee,
shall increase the principal amount of such Global Note by an amount equal to the PIK Interest payable, rounded to the nearest whole dollar, for the relevant interest period on the principal amount of such Global Note, to the credit of the Holders
on the relevant record date and an adjustment shall be made on the books and records of the Trustee with respect to such Global Note to reflect such increase. On any Interest Payment Date on which the Company makes a PIK Payment by issuing
additional Notes (a “PIK Note”), the principal amount of any such PIK Note issued to any Holder, for the relevant interest period as of the relevant record date for such Interest Payment Date, shall be rounded to the nearest whole dollar.

 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and
the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 (a) The Notes shall be issued
initially in the form of one or more permanent Global Notes substantially in the form of Exhibit A attached hereto and shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as custodian for the
Depositary, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. 

Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that
it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges, redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Note Custodian, at the
direction of the Trustee, in accordance with written instructions given by the Holder thereof as required by Section 2.6 hereof, or, in the case of an increase resulting from the payment of PIK Interest, in accordance with the provisions
hereof. 
 Except as set forth in Section 2.6 hereof, the Global Notes may be transferred, in whole and not
in part, only to another nominee of the Depositary or to a successor of the Depositary or its nominee. 
 (b) The
Initial Notes are being issued by the Issuer only (i) to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) or (ii) in reliance on
Regulation S under the Securities Act (“Regulation S”). After such initial offers, Initial Notes that are Transfer Restricted Notes may be transferred to QIBs, in reliance on Rule 144A, outside the United States pursuant to
Regulation S or to the Company, in accordance with Section 

  
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2.16. Initial Notes that are offered in reliance on Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A (the
“QIB Global Note”) deposited with the Trustee, as Notes Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on
Regulation S shall be issued in the form of one or more Global Notes substantially in the form set forth in Exhibit A (the “Regulation S Global Note”) deposited with the Trustee, as Notes Custodian, duly executed by the
Company and authenticated by the Trustee as hereinafter provided. The QIB Global Note and the Regulation S Global Note shall each be issued with separate CUSIP numbers. The aggregate principal amount of each Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as Notes Custodian. Transfers of Notes between QIBs and to or by purchasers pursuant to Regulation S shall be represented by appropriate increases and decreases to the
respective amounts of the appropriate Global Notes, as more fully provided in Section 2.16. 
 (c)
Section 2.1(b) shall apply only to Global Notes deposited with or on behalf of the Depositary. 
 The Issuer
shall execute and the Trustee shall, upon receipt of an Issuer Order, in accordance with Section 2.1(b) and Section 2.2(a), authenticate and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the
nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Trustee as custodian for the Depositary. 

The Trustee shall have no responsibility or obligation to any Holder, any member of (or a participant in) DTC or any other
Person with respect to the accuracy of the records of DTC (or its nominee) or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery of any notice (including any notice of
redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The Trustee may rely (and shall be fully protected in relying) upon information furnished by DTC with respect to
its members, participants and any Beneficial Owners in the Notes. 
 (d) Notes issued in certificated form,
including Global Notes, shall be substantially in the form of Exhibit A attached hereto. 
 (e) Each Note
issued hereunder that has more than a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear the OID Legend in substantially the form set forth in Exhibit A. 

SECTION 2.2 Execution and Authentication. 
 An Officer shall sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless
be valid. 
 A Note shall not be valid until authenticated by the manual or facsimile signature of an authorized signatory of
the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

  
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 The Trustee shall, upon a written order of the Issuer signed by one Officer directing the
Trustee to authenticate and deliver the Notes and certifying that all conditions precedent to the issuance of the Notes contained herein have been complied with (an “Issuer Order”), (a) authenticate (i) Notes for original
issue up to the aggregate principal amount stated in paragraph 4 of the Notes and (ii) PIK Notes, that may be validly issued under this Indenture, and (b) increase the principal amount of any Global Note as a result of a PIK payment. The
aggregate principal amount of Notes outstanding at any time may not exceed such amount except as provided in Section 2.17 hereof. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or the Issuer or an Affiliate of
the Issuer. 
 SECTION 2.3 Registrar; Paying Agent. 

The Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes (the “Note Register”) and of their transfer and exchange.
The Issuer may appoint one or more co-registrars and one or more additional paying agents; provided, however, that at all times there shall be only one Note Register. The term “Registrar” includes any co-registrar and the term
“Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Paying Agent not a
party to this Indenture. If the Issuer fails to appoint or mention another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Affiliates may act as Paying Agent or Registrar. 

The Issuer shall notify the Trustee and the Holders of the name and address of any Paying Agent not a party to this Indenture. The Issuer
shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which shall incorporate the provisions of Section 317(b) of the TIA. The agreement shall implement the provisions of this Indenture that relate to
such Agent. 
 The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and initially appoints the
Corporate Trust Office of the Trustee as the office or agency of the Company for such purposes and as the office or agency of the Company where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served and
the Trustee as the agent of the Issuer to receive such notices and demands. 
 The Issuer initially appoints DTC to act as the
Depositary with respect to the Global Notes. 
 SECTION 2.4 Paying Agent To Hold Money in Trust. 

The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee of any Default by the Issuer in making any such payment. While any such
Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent
shall have no further liability for the money. If the Issuer or an Affiliate of the Issuer acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon the
occurrence of events specified in Section 6.1(8) hereof, the Trustee shall serve as Paying Agent for the Notes. 

  
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 SECTION 2.5 Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least seven (7) Business Days before each interest payment date and at such other times
as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, including the aggregate principal amount of the Notes held by each Holder thereof, and
the Issuer shall otherwise comply with TIA § 312(a). 
 SECTION 2.6 Book-Entry Provisions for Global Securities.

 (a) Each Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such
Depositary, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear legends as required by Section 2.6(e). 
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the
Trustee as its custodian, or under the Global Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 
 (b) Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of Beneficial Owners
in a Global Note may be transferred in accordance with Section 2.16 and the rules and procedures of the Depositary. In addition, Certificated Notes shall be transferred to all Beneficial Owners in exchange for their beneficial interests if
(i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes or the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary is
not appointed by the Company within one hundred and twenty (120) days of such notice or (ii) an Event of Default of which a Responsible Officer of the Trustee has actual notice has occurred and is continuing and the Registrar has received
a request from the Depositary to issue such Certificated Notes. 
 (c) In connection with the transfer of the entire Global Note
to beneficial owners pursuant to clause (b) of this Section, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall upon receipt of an Issuer Order authenticate
and deliver, to each Beneficial Owner identified by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount of Certificated Notes of authorized denominations. 

(d) The registered holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that
may hold an interest through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (e) Each Global Note shall bear the Global Note Legend on the face thereof. 

  
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 (f) At such time as all beneficial interests in Global Notes have been exchanged for
Certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in
a Global Note is exchanged for Certificated Notes, redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee or
the Note Custodian, at the direction of the Trustee, to reflect such reduction. 
 (g) General provisions relating to transfers
and exchanges: 
 (i) To permit registrations of transfers and exchanges, the Issuer shall execute and the
Trustee shall authenticate Global Notes and Certificated Notes at the Registrar’s request. 
 (ii) No
service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other
than any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.2, 2.10, 3.6, 4.10, 4.14, 4.16 and 9.5 hereto). 

(iii) All Global Notes and Certificated Notes issued upon any registration of transfer or exchange of Global Notes or
Certificated Notes shall, upon execution by the Issuer and authentication by the Trustee in accordance with the provisions hereof, be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Global Notes or Certificated Notes surrendered upon such registration of transfer or exchange. 

(iv) The Registrar shall not be required (A) to issue, to register the transfer of or to exchange Notes during a
period beginning at the opening of fifteen (15) days before the day of any selection of Notes for redemption under Section 3.2 hereof and ending at the close of business on the day of selection, (B) to register the transfer of or to
exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest
payment date. 
 (v) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any
Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and neither the
Trustee, any Agent nor the Issuer shall be affected by notice to the contrary. 
 (vi) The Trustee shall
authenticate Global Notes and Certificated Notes in accordance with the provisions of Section 2.2 hereof. Except as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any Certificated Note in
exchange for a Global Note. 
 (vii) Each Holder agrees to provide indemnity reasonably satisfactory to the
Issuer and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law.

 (viii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable 

  
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law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or Beneficial Owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 SECTION 2.7 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee, or the Issuer and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of an Issuer Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity
bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The
Issuer and the Trustee may charge a Holder for their expenses in replacing a Note. 
 Every replacement Note is an additional
obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 SECTION 2.8 Outstanding Notes. 
 The Notes outstanding at any time are all
the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.8 as not outstanding. Except as set forth in Section 2.9 hereof, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

If a Note is replaced pursuant to Section 2.7 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered paid under
Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent holds, on a
redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

SECTION 2.9 Treasury Notes. 
 In determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or by any Affiliate of the Issuer shall
be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes shown on the Note Register as being owned shall be so
disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the Issuer pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to
such Notes passes to such entity. 

  
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 SECTION 2.10 Temporary Notes. 

Until Certificated Notes are ready for delivery, the Issuer may prepare and the Trustee shall, upon receipt of an Issuer Order,
authenticate temporary Notes. Temporary Notes shall be substantially in the form of Certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the
Trustee shall, upon receipt of an Issuer Order, authenticate Certificated Notes in exchange for temporary Notes. 
 Holders of
temporary Notes shall be entitled to all of the benefits of this Indenture. 
 SECTION 2.11 Cancellation. 

The Issuer at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or which
the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. All Notes surrendered for registration of transfer, exchange or payment, if surrendered to any Person other than the
Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Subject to Section 2.7 hereof, the Issuer may not issue new
Notes to replace Notes that they have redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary practice, and, upon request,
certification of their disposal delivered to the Issuer, unless by a written order, signed by an Officer of the Issuer, the Issuer shall direct that cancelled Notes be returned to it. 

SECTION 2.12 Defaulted Interest. 
 If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the
Persons who are Holders on a subsequent special record date, which date shall be at the earliest practicable date but in all events at least five (5) Business Days prior to the payment date, in each case at the rate provided in the Notes and in
Section 4.1 hereof. The Issuer shall fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the Trustee in writing of any such date. At least fifteen (15) days before the special record
date, the Issuer (or the Trustee, in the name and at the expense of the Issuer) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.

 SECTION 2.13 Record Date. 
 The record date for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture shall be determined as
provided for in TIA § 316 (c). 
 SECTION 2.14 Computation of Interest. 

Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

SECTION 2.15 CUSIP Number. 
 The Issuer in issuing the Notes may use a “CUSIP” and/or ISIN or other similar number, and if it does so, the Company may use the CUSIP and/or ISIN or other similar number in notices of
redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is 

  
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made as to the correctness or accuracy of the CUSIP and/or ISIN or other similar number printed in the notice or on the Notes and that reliance may be placed only on the other identification
numbers printed on the Notes. The Issuer shall promptly notify the Trustee of any change in the CUSIP and/or ISIN or other similar number. 
 SECTION 2.16 Special Transfer Provisions. 
 Unless and
until a Transfer Restricted Note is transferred or exchanged pursuant to an exemption under the Securities Act or under an effective registration statement under the Securities Act, the following provisions shall apply: 

(a) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed
transfer of a Transfer Restricted Note (other than pursuant to Regulation S): 
 (i) The Registrar shall register
the transfer of a Transfer Restricted Note by a Holder to a QIB if such transfer is being made by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate of transfer in the form attached to the Note
and (b) a letter substantially in the form set forth in Exhibit C hereto. 
 (ii) If the proposed
transferee is an Agent Member and the Transfer Restricted Note to be transferred consists of an interest in the Regulation S Global Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and
(y) instructions given in accordance with the Depositary’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the QIB Global Note in an
amount equal to the principal amount of the beneficial interest in the Regulation S Global Note to be so transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of such
Regulation S Global Note. 
 (b) Transfers Pursuant to Regulation S. The Registrar shall register the
transfer of any Regulation S Global Note without requiring any additional certification. The following provisions shall apply with respect to registration of any proposed transfer of a Transfer Restricted Note pursuant to Regulation S: 

(i) The Registrar shall register any proposed transfer of a Transfer Restricted Note pursuant to Regulation S by a Holder
upon receipt of (a) an appropriately completed certificate of transfer in the form attached to the Note and (b) a letter substantially in the form set forth in Exhibit D hereto from the proposed transferor. 

(ii) If the proposed transferee is an Agent Member holding a beneficial interest in a QIB Global Note and the Transfer
Restricted Note to be transferred consists of an interest in a QIB Global Note, upon receipt by the Registrar of (x) the letter, if any, required by paragraph (i) above and (y) instructions in accordance with the Depositary’s and
the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Note in an amount equal to the principal amount of the beneficial interest in
the QIB Global Note to be transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of the QIB Global Note. 

  
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 (c) Exchange Offer. Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Issuer shall issue and, upon receipt of an authentication order in accordance with Section 2.2, the Trustee shall authenticate, one or more Global Notes not bearing the Restricted Notes
Legend in an aggregate principal amount equal to the principal amount of the beneficial interests in the Global Notes that are Transfer Restricted Notes tendered for acceptance in accordance with the Exchange Offer and accepted for exchange in the
Exchange Offer. 
 (d) Transfer Restricted Notes. Concurrently with the issuance of such Global Notes, the
Registrar shall cause the aggregate principal amount of the applicable Transfer Restricted Notes to be reduced accordingly, and the Registrar shall deliver to the Persons designated by the Holders of Transfer Restricted Notes so accepted Global
Notes not bearing the Restricted Notes Legend in the appropriate principal amount. 
 (e) Restricted Notes
Legend. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing the
Restricted Notes Legend, the Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer and the Trustee to the effect that neither
such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. Upon request by any Holder, the Issuer shall cooperate to have the Restricted Notes Legend removed if the
Issuer has determined such Legend is no longer required. 
 (f) General. By its acceptance of any Note
bearing the Restricted Notes Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend and agrees that it shall transfer such Note only as provided in
this Indenture. 
 The Registrar shall retain copies of all letters, notices and other written communications received pursuant
to this Section 2.16. 
 SECTION 2.17 Issuance of Additional Notes. 

The Company shall be entitled to issue Additional Notes under this Indenture that shall have identical terms as the Initial Notes other
than with respect to the date of issuance, issue price, amount of interest payable on the first interest payment date applicable thereto and any customary escrow provisions (and, if such Additional Notes shall be issued in the form of Transfer
Restricted Notes, other than with respect to transfer restrictions, any Registration Rights Agreement and additional interest with respect thereto); provided that such issuance is not otherwise prohibited by the terms of this Indenture,
including Section 4.9. The Initial Notes and any Additional Notes and all Exchange Notes shall be treated as a single class for all purposes under this Indenture. 
 With respect to any Additional Notes, the Company shall set forth in a resolution of its Board of Directors and in an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee,
the following information: 
 (1) the aggregate principal amount of such Additional Notes to be authenticated
and delivered pursuant to this Indenture; 

  
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 (2) the issue price, the Issue Date, the CUSIP number of such Additional
Notes, the first interest payment date and the amount of interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue; and 

(3) whether such Additional Notes shall be Transfer Restricted Notes. 

ARTICLE III 

REDEMPTION AND PREPAYMENT 
 SECTION 3.1 Notices to Trustee. 
 If the Issuer elects to redeem Notes
pursuant to the optional redemption provisions of Section 3.7 hereof, it shall furnish to the Trustee, at least thirty-five (35) days (or such shorter period as is acceptable to the Trustee) and not more than sixty (60) days before a
date fixed for redemption (the “redemption date”), an Officers’ Certificate setting forth (i) the section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the
principal amount of Notes to be redeemed and (iv) the Redemption Price. 
 SECTION 3.2 Selection of Notes To Be
Redeemed. 
 If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed
among the Holders in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee shall
deem fair and appropriate (and in a manner that complies with applicable legal requirements); provided that no Notes of $2,000 or less shall be redeemed in part (or if a PIK Payment has been made, in minimum amounts of $1.00). On and after
the redemption date, interest shall cease to accrue on Notes or portions of them called for redemption. The Trustee shall make the selection from the Notes outstanding and not previously called for redemption and shall promptly notify the Issuer in
writing of the Notes selected for redemption. The Trustee may select for redemption portions (equal to $1,000 or any integral multiple thereof) of the principal of the Notes that have denominations larger than $2,000 (or portions equal to $1.00 or
any integral multiple thereof, with respect to PIK Notes that have denominations equal to $1.00). 
 SECTION 3.3 Notice of
Redemption. 
 Subject to the provisions of Section 3.9, at least 30 days but not more than 60 days before a redemption
date, the Issuer shall mail or cause to be mailed by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed. 
 The notice shall identify the Notes to be redeemed and shall state: 

(1) the redemption date; 
 (2) the Redemption Price; 
 (3) if any Note is being redeemed
in part, the portion of the principal amount of such Notes to be redeemed and that, after the redemption date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of
the original Note; 

  
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 (4) the name, telephone number and address of the Paying Agent; 

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

(6) that, unless the Issuer defaults in making such redemption payment, interest, if any, on Notes called for redemption
ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this
Indenture pursuant to which the Notes called for redemption are being redeemed; and 
 (8) that no representation
is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the
Issuer’s written request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense; provided, however, that the Issuer shall have delivered to the Trustee at least 45 days prior to the
redemption date (or such shorter period as is acceptable to the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in the notices as provided in the preceding
paragraph. The notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not a Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the
Holder of any Note shall not affect the validity of the proceeding for the redemption of any other Note. 
 SECTION 3.4
Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.3 hereof, Notes
called for redemption become irrevocably due and payable on the redemption date at the Redemption Price plus accrued and unpaid interest, if any, to such date. A notice of redemption may not be conditional. 

SECTION 3.5 Deposit of Redemption of Purchase Price. 
 On or before 11:00 a.m. (New York City time) on each redemption date or the date on which Notes must be accepted for purchase pursuant to Section 4.10, 4.14 or 4.16, the Issuer shall deposit with the
Trustee or with the Paying Agent (or, if the Company or an Affiliate is acting as a Paying Agent, shall segregate and hold in trust as provided in Section 2.4 hereof) money sufficient to pay the Redemption Price of and accrued and unpaid
interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to
pay the Redemption Price of (including any applicable premium), and accrued interest, if any, on, all Notes to be redeemed or purchased. 
 SECTION 3.6 Notes Redeemed in Part. 
 Upon surrender of a Note that is
redeemed in part, the Issuer shall issue and, upon receipt of an Issuer Order, the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed portion of the Note surrendered.

 SECTION 3.7 Optional Redemption. 
 (a) The Notes may be redeemed, in whole or in part, at any time prior to February 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’s registered address, at a Redemption Price equal to 100% of the principal 

  
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 amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to
but not including, 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). 

(b) In addition, the Notes are subject to redemption, at the option of the Issuer, in whole or in part, at any time on or after
February 15, 2013, upon not less than 30 nor more than 60 days’ notice mailed by first-class mail to each Holder’s registered address at the following Redemption Prices (expressed as percentages of the principal amount to be redeemed)
set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders of record on the relevant regular record date to receive interest due on an interest payment date), if redeemed
during the periods indicated below: 
  

			
	Year	  	Redemption
Price
	 February 15, 2013 through February 14, 2014
	  	105.00%
		
	 February 15, 2014 through February 14, 2015
	  	102.00%
		
	 February 15, 2015 and thereafter
	  	100.00%

 In addition to the optional redemption of the Notes in accordance with the provisions of the preceding
paragraphs, prior to February 15, 2013, the Company may, with the net proceeds of one or more Qualified Equity Offerings, redeem up to 35% of the aggregate principal amount of the outstanding Notes (including Additional Notes) at a redemption
price equal to 110.625% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption; provided that at least 65% of the principal amount of Notes then outstanding (including Additional Notes) remains
outstanding immediately after the occurrence of any such redemption (excluding Notes held by Parent or its Subsidiaries) and that any such notice of redemption occurs within 90 days following the closing of any such Qualified Equity Offering.

 No Notes of $2,000 or less shall be redeemed in part (or if a PIK Payment has been made, in minimum amounts of $1.00).
Notices of redemption shall be mailed by first class mail (and, to the extent permitted by applicable procedures or regulations, electronically) at least 30 days before the redemption date to each Holder of Notes to be redeemed at its registered
address. If any Note is to be redeemed in part only, the notice of redemption that relates to that Note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion of the
original Note will be issued in the name of the Holder thereof upon cancellation of the original Note. Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on Notes or
portions of them called for redemption. 
 The Company may at any time, and from time to time, purchase Notes in the open market
or otherwise, subject to compliance with applicable securities laws. 
 SECTION 3.8 Mandatory Redemption. 

Except as set forth under Sections 4.10, 4.14 and 4.16 hereof, the Issuer shall not be required to make mandatory redemption or sinking
fund payments with respect to the Notes. 

  
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 SECTION 3.9 Offer To Purchase. 

In the event that the Issuer shall be required to commence an Offer to Purchase, an Asset Sale Offer, Change of Control Offer or a
Qualified Equity Offering Offer, the Issuer shall follow the procedures specified below. 
 Unless otherwise required by
applicable law, an Offer to Purchase shall specify an Expiration Date of the Offer to Purchase, which shall be, subject to any contrary requirements of applicable law, not less than 30 days or more than 60 days after the date of mailing of such
Offer, and a settlement date (the “Purchase Date”) for purchase of Notes within five Business Days after the Expiration Date. On the Purchase Date, the Company shall purchase the aggregate principal amount of Notes required to be
purchased pursuant to Section 4.10, Section 4.14 or Section 4.16 (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Offer to Purchase. If the Purchase Date
is on or after the interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no
additional interest, if any, shall be payable to the Holders who tender Notes pursuant to the Offer to Purchase. The Company shall notify the Trustee at least 5 days (or such shorter period as is acceptable to the Trustee) prior to the mailing of
the Offer of the Company’s obligation to make an Offer to Purchase, and the Offer shall be mailed by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. The Offer shall contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. 
 On or before
11:00 a.m. (New York City time) on each Purchase Date, the Issuer shall irrevocably deposit with the Trustee or Paying Agent (other than the Issuer or an Affiliate of the Issuer) in immediately available funds the aggregate purchase price equal to
the Offer Amount, together with accrued and unpaid interest, if any, thereon, to be held for payment in accordance with the terms of this Section 3.9. On the Purchase Date, the Issuer shall, to the extent lawful, (i) accept for payment on
a pro rata basis to the extent necessary in the case of an Asset Sale Offer, Change of Control Offer or Qualified Equity Offering Offer, the Offer Amount of Notes or portions thereof tendered pursuant to the Offer to Purchase, or if less than the
Offer Amount has been tendered, all Notes tendered, (ii) deliver or cause the Paying Agent or Depositary, as the case may be, to deliver to the Trustee Notes so accepted and (iii) deliver to the Trustee an Officers’ Certificate
stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of this Section 3.9. The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later
than five (5) days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuer for purchase, plus any accrued and unpaid interest, if
any, thereon, and the Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an Issuer Order, shall authenticate and mail or deliver at the expense of the Issuer such new Note to such Holder, equal in principal amount to any
unpurchased portion of such Holder’s Notes surrendered. Any Note not so accepted shall be promptly mailed or delivered by or on behalf of the Issuer to the Holder thereof. The Issuer shall publicly announce in a newspaper of general circulation
or in a press release provided to a nationally recognized financial wire service the results of the Offer to Purchase on the Purchase Date. 

  
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 ARTICLE IV 
 COVENANTS 
 SECTION 4.1 Payment of Notes. 

The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date the Paying Agent holds (or, if the Issuer or an Affiliate is the Paying Agent, segregates in accordance with
Section 2.4 hereof), as of 11:00 a.m. (New York City time), money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and interest then due. The Company will pay
all Additional Interest, if any, in the same manner, to the same Persons and on the same dates as ordinary interest and in the amounts set forth in the Registration Rights Agreement. PIK Interest shall be considered paid on the date due if on such
date the Trustee has received (i) a written order, pursuant to Section 2.2, from the Company signed by an Officer of the Company to increase the balance of any Global Note to reflect such PIK Interest or (ii) PIK Notes duly executed
by the Company together with a written order, pursuant to Section 2.2, of the Company signed by an Officer of the Company requesting the authentication of such PIK Notes by the Trustee. 

SECTION 4.2 Maintenance of Office or Agency. 
 The Issuer shall maintain an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for
exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.3 hereof. If at any time the Issuer 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 its agent to receive
all such presentations, surrenders, notices and demands. 
 The Issuer may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency. 
 The Issuer hereby designates the Corporate Trust Office
of the Trustee as one such office or agency of the Issuer in accordance with Section 2.3 hereof. 
 SECTION 4.3
Provision of Financial Information. 
 Whether or not required by the rules and regulations of the Commission, so long as
any Notes are outstanding, the Company will, subject to the second succeeding paragraph, furnish to the holder of the Notes and the Trustee (or file with the Commission), within the time periods specified in the Commission’s rules and
regulations that would then be applicable to the Company: 
 (1) all quarterly and annual reports that would be
required to be filed with the Commission on Forms 10-Q and 10-K if the Company was required to file such reports; and 
 (2) all current reports that would be required to be filed with the Commission on Form 8-K if the Company was required to file such reports; 

  
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 All such reports will be prepared in all material respects in accordance with all of the
rules and regulations applicable to such reports. Each annual report on Form 10-K will include a report on the consolidated financial statements of the Company by the certified independent accountants of the Company. 

If, at any time, the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company
(subject to the proviso in the first paragraph of this Section 4.3) will nevertheless continue filing the reports specified in the preceding paragraphs of this Section 4.3 with the Commission within the time periods specified above unless
the Commission will not accept such filings. The Company will not take any action for the purpose of causing the Commission not to accept any such filings. If, notwithstanding the foregoing, the Commission will not accept the filings of the Company
for any reason, the Company will post the reports referred to in the preceding paragraphs on its website within the time periods that would apply if the Company was required to file those reports with the Commission. 

In addition, the Company agrees that for so long as any Notes remain outstanding, if at any time the Company is not required to file with
the Commission the reports required by the preceding paragraphs, the Company will furnish to the Holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 4.4 Compliance Certificate.

 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, commencing January 1, 2012,
an Officers’ Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether each
has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that, to his or her knowledge, each entity is not in default in the performance or observance of
any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or
proposes to take with respect thereto) and that, to his or her knowledge, no event has occurred and remains in existence by reason of which payments on account of the principal of, premium, if any, or interest on the Notes is prohibited or if such
event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon becoming aware of
any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

SECTION 4.5 Taxes. 
 The Company shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency all material taxes, assessments and governmental levies, except such as are contested in good faith
and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

  
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 SECTION 4.6 Stay, Extension and Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this 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 shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer
and permit the execution of every such power as though no such law has been enacted. 
 SECTION 4.7 Limitation on Restricted
Payments. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make
any Restricted Payment unless, at the time of and after giving effect to the proposed Restricted Payment: 
 (a)
no Event of Default shall have occurred and be continuing or will occur as a consequence thereof; 
 (b)
(i) in the case of any Restricted Payment by the Company or any of its Restricted Subsidiaries (other than American Commercial Lines and its Subsidiaries), on a pro forma basis, the Company would be permitted to Incur at least $1.00 of
additional Debt (other than Permitted Debt) pursuant to the provisions described in the first paragraph under the “Limitation on Incurrence of Debt” covenant and (ii) in the case of any Restricted Payment by the American Commercial
Lines or any of its Restricted Subsidiaries on a pro forma basis, American Commercial Lines would be permitted to Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to the provisions described in the first paragraph under
Section 4.9; and 
 (c) on a pro forma basis, the aggregate amount expended or declared for all Restricted
Payments made on or after the Issue Date (excluding Restricted Payments permitted by clauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv) and (xv) of the next succeeding paragraph) shall not exceed the
sum (without duplication) of 
 (1) 50% of the Consolidated Net Income (or, if Consolidated Net Income shall be a
deficit, minus 100% of such deficit) (it being understood that for purposes of calculating Consolidated Net Income of the Company and its Restricted Subsidiaries pursuant to this clause only, any of the Company’s non-cash interest expense and
amortization of original issue discount shall be excluded) of the Company accrued on a cumulative basis during the period (taken as one accounting period) from and including July 1, 2009 and ending on the last day of the fiscal quarter for
which consolidated financial statements are available immediately preceding the date of such proposed Restricted Payment, plus  
 (2) 100% of the aggregate net proceeds (including the Fair Market Value of property other than cash) received by the Company subsequent to the initial issuance of the Notes either (i) as a
contribution to its common equity capital or (ii) from the issuance and sale (other than to a Restricted Subsidiary) of its Qualified Capital Interests, including Qualified Capital Interests issued upon the conversion of Debt or Redeemable
Capital Interests of the Company, and from the exercise of options, warrants or other rights to purchase such Qualified Capital Interests (other than, in each case, Capital Interests or Debt sold to a Subsidiary of the Company), plus 


  
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 (3) 100% of the net reduction in Investments (other than Permitted
Investments), subsequent to the date of the initial issuance of the Notes, in any Person, resulting from (x) payments of interest on Debt, dividends, distributions or cash repayments of Investments or other transfers of assets or repayments of
loans or advances (but only to the extent such interest, dividends or repayments were made in cash and are not included in the calculation of Consolidated Net Income), in each case to the Company or any Restricted Subsidiary from any Person
(including, without limitation, an Unrestricted Subsidiary) or (y) from the net proceeds from the sale of any such investment or the redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary, in each case, not to exceed in the
case of any Person the amount of Investments (other than Permitted Investments) previously made by the Company or any Restricted Subsidiary in such Person. 
 Notwithstanding the foregoing provisions, the Company and its Restricted Subsidiaries may take the following actions, provided that, in the case of clauses (iv) or (x) below immediately
after giving effect to such action, no Event of Default has occurred and is continuing: 
 (i) the payment of any
dividend or other distribution on Capital Interests in the Company or a Restricted Subsidiary or the consummation of any irrevocable redemption within 60 days after declaration or giving notice thereof if at the declaration date such payment would
not have been prohibited by the foregoing provisions of this Section 4.7; 
 (ii) the retirement of any
Qualified Capital Interests of the Company by conversion into, or by or in exchange for, Qualified Capital Interests, or out of net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of other Qualified
Capital Interests of the Company; 
 (iii) the redemption, defeasance, repurchase or acquisition or retirement
for value of any Debt of the Company or a Guarantor that is subordinate in right of payment to the Notes or the applicable Note Guarantee out of the net cash proceeds of a substantially concurrent issue and sale (other than to a Subsidiary of the
Company) of (x) new subordinated Debt of the Company or Guarantor, as the case may be, Incurred in accordance with this Indenture or (y) of Qualified Capital Interests of the Company; 

(iv) the declaration and payment of dividends or distributions to the Company that are used by the Company for the
purchase, redemption, retirement or other acquisition for value of Capital Interests in the Company held by employees or former employees of the Company or any of its Restricted Subsidiaries (or their estates or beneficiaries under their estates)
upon death, disability, retirement or termination of employment; provided that the aggregate consideration paid for such purchase, redemption, retirement or other acquisition of such Capital Interests does not exceed $5.0 million in any
calendar year; 
 (v) repurchase of Capital Interests deemed to occur upon the exercise of stock options,
warrants or other convertible or exchangeable securities to the extent such Capital Interests represent a portion of the exercise price and applicable withholding taxes of those stock options, warrants or other convertible or exchangeable
securities; 
 (vi) the prepayment of intercompany Debt, the Incurrence of which was permitted pursuant to
Section 4.9; 

  
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 (vii) cash payment, in lieu of issuance of fractional shares in connection
with the exercise of warrants, options or other securities convertible into or exchangeable for the Capital Interests of the Company or a Restricted Subsidiary; 
 (viii) the declaration and payment of dividends to holders of any class or series of Redeemable Capital Interests of the Company or any Restricted Subsidiary issued or Incurred in compliance with
Section 4.9 to the extent such dividends are included in the definition of Consolidated Fixed Charges; 

(ix) upon the occurrence of a Change of Control or an Asset Sale, the defeasance, redemption, repurchase or other
acquisition of any subordinated Debt pursuant to provisions substantially similar to those contained in Section 4.10 and Section 4.14 at a purchase price not greater than 101% of the principal amount thereof (in the case of a Change of
Control) or at a percentage of the principal amount thereof not higher than 100% of the principal amount thereof (in the case of an Asset Sale), plus any accrued and unpaid interest thereon; provided that prior to or contemporaneously with
such defeasance, redemption, repurchase or other acquisition, the Company has made an Offer to Purchase with respect to the Notes and has repurchased all Notes validly tendered for payment and not withdrawn in connection therewith; 

(x) other Restricted Payments not in excess of $20.0 million in the aggregate; 

(xi) any payment, dividend or distribution with respect to its equity interests made pursuant to and in accordance with
stock option plans or other benefit plans for management or employees of the Company and its Restricted Subsidiaries, including, without limitation, pursuant to any severance packages for management or employees of the Company and Guarantors and
their respective Restricted Subsidiaries and approved by the Board of Directors (or other governing body) of the Company and its Restricted Subsidiaries making such distribution; 

(xii) any distribution or dividend payable solely in membership interests or shares of common stock of the Company or any
of its Restricted Subsidiaries; 
 (xiii) for so long as the Company is a member of a group filing a
consolidated, unitary, affiliated or combined income tax return with Parent (or is a “disregarded entity” of such a member), the payment of dividends or other distributions or payments to Parent (including payments by direct and indirect
Subsidiaries of the Company up the chain of ownership to the Company for the purposes of making such payments to Parent) in amounts required for Parent to pay federal, state and local income taxes imposed on such entity to the extent such income
taxes are attributable to the income of the Company and its Subsidiaries; provided, however, that (A) the amount of such payments in respect of any tax year does not, in the aggregate, exceed the amount that the Company and its Subsidiaries
that are members of such consolidated or combined group would have been required to pay in respect of federal, state and local income taxes (as the case may be) in respect of such year if the Company and its Subsidiaries paid such income taxes
directly as a stand-alone consolidated or combined income tax group (reduced by any such taxes paid directly by the Company or any Subsidiary) and (B) the permitted payment pursuant to this clause (xiii) with respect to any taxes
attributable to income of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Company or any Restricted Subsidiary for the purposes of
paying such consolidated, combined or similar taxes; 
 (xiv) the payment of dividends, other distributions or
other amounts to, or the making of loans to Parent, in the amount required for such Parent to, if applicable, pay amounts equal to 

  
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 the amounts required for Parent to pay fees and expenses (including franchise or similar
taxes) required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of Parent or any other direct or indirect parent of the Company, if applicable,
and general corporate operating and overhead expenses of Parent, if applicable, in each case to the extent such fees, expenses, salaries, bonuses, benefits and indemnities are attributable to the ownership or operation of the Company and its
Subsidiaries; provided that the aggregate amount of payments made pursuant to this clause (xiv) shall not exceed $1.0 million in any fiscal year; and 
 (xv) the payments of dividends or other distributions to Parent with the proceeds of the Notes which dividend or other distribution is declared on or prior to the Issue Date and paid within 15 business
days thereof. 
 For purposes of this Section 4.7, if any Investment or Restricted Payment would be permitted pursuant to
one or more provisions described above and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the Company may classify such Investment or Restricted Payment in any manner that complies with this
Section 4.7 and may later reclassify any such Investment or Restricted Payment so long as the Investment or Restricted Payment (as so reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such
reclassification. 
 If any Person in which an Investment is made, which Investment constitutes a Restricted Payment when made,
thereafter becomes a Restricted Subsidiary in accordance with this Indenture, all such Investments previously made in such Person shall no longer be counted as Restricted Payments for purposes of calculating the aggregate amount of Restricted
Payments pursuant to clause (c) of the first paragraph under this Section 4.7 or clause (x) above, in each case to the extent such Investments would otherwise be so counted. 

If the Company or a Restricted Subsidiary transfers, conveys, sells, leases or otherwise disposes of an Investment in accordance with
Section 4.10, which Investment was originally included in the aggregate amount expended or declared for all Restricted Payments pursuant to clause (c) of the first paragraph of this Section 4.7 or clause (x) above, the aggregate
amount expended or declared for all Restricted Payments shall be reduced by the lesser of (i) the Net Cash Proceeds from the transfer, conveyance, sale, lease or other disposition of such Investment or (ii) the amount of the original
Investment, in each case, to the extent originally included in the aggregate amount expended or declared for all Restricted Payments pursuant to clause (c) of the first paragraph of this Section 4.7. 

For purposes of this Section 4.7, if a particular Restricted Payment involves a non-cash payment, including a distribution of
assets, then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any, plus an amount equal to the Fair Market Value of the non-cash portion of such Restricted Payment. 

SECTION 4.8 Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, cause or suffer to exist or
become effective or enter into any encumbrance or restriction (other than pursuant to this Indenture, law, rules or regulation) on the ability of any Restricted Subsidiary to (i) pay dividends or make any other distributions on its Capital
Interests owned by the Company or any Restricted Subsidiary or pay any Debt or other obligation owed to the Company or any Restricted Subsidiary, (ii) make loans or advances to the Company or any Restricted Subsidiary thereof or
(iii) transfer any of its property or assets to the Company or any Restricted Subsidiary. 

  
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 However, the preceding restrictions will not apply to the following encumbrances or
restrictions existing under or by reason of: 
 (a) any encumbrance or restriction in existence on the Issue
Date, including those required by the Credit Agreement or the OpCo Notes Indenture or any future Debt incurred in compliance with the Credit Agreement or the OpCo Notes Indenture (so long as such restrictions are not materially more restrictive,
taken as a whole, than the Credit Agreement or the OpCo Notes Indenture) and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof; provided that the amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings, in the good faith judgment of the Company, are not materially more restrictive, taken as a whole, with respect to such dividend or other payment
restrictions, than those contained in these agreements on the Issue Date or refinancings thereof; 
 (b) any
encumbrance or restriction pursuant to an agreement relating to an acquisition of property, so long as the encumbrances or restrictions in any such agreement relate solely to the property so acquired (and are not or were not created in anticipation
of or in connection with the acquisition thereof); 
 (c) any encumbrance or restriction which exists with
respect to a Person that becomes a Restricted Subsidiary after the Issue Date, which is in existence at the time such Person becomes a Restricted Subsidiary, but not created in connection with or in anticipation of such Person becoming a Restricted
Subsidiary, and which is not applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such Person becoming a Restricted Subsidiary; 

(d) any encumbrance or restriction pursuant to an agreement effecting a permitted renewal, refunding, replacement,
refinancing or extension of Debt issued pursuant to an agreement containing any encumbrance or restriction referred to in the foregoing clauses (a) through (c), so long as the encumbrances and restrictions contained in any such refinancing
agreement are no less favorable in any material respect to the Holders than the encumbrances and restrictions contained in the agreements governing the Debt being renewed, refunded, replaced, refinanced or extended in the good faith judgment of the
Board of Directors of the Company; 
 (e) customary provisions restricting subletting or assignment of any lease,
contract, or license of the Company or any Restricted Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights thereunder; 

(f) any restriction on the sale or other disposition of assets or property securing Debt as a result of a Permitted Lien
on such assets or property; 
 (g) any encumbrance or restriction by reason of applicable law, rule, regulation
or order; 
 (h) any encumbrance or restriction under this Indenture, the Notes and the Note Guarantees;

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

  
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 (j) provisions with respect to the disposition or distribution of assets or
property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business; 

(k) any instrument governing Debt or Capital Interests of a Person acquired by the Company or any of the Restricted
Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt or Capital Interests were incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 
 (l) Liens securing Debt otherwise permitted to be incurred under this Indenture, including pursuant to Section 4.12, that limit the right of the debtor to dispose of the assets subject to such Liens;

 (m) customary provisions limiting the disposition or distribution of assets or property in joint venture
agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements otherwise permitted by this Indenture, which limitation is applicable only to the assets (including Capital Interests of Subsidiaries)
that are the subject of such agreements; 
 (n) agreement for the sale or disposition of a Restricted Subsidiary
that restricts distributions prior to the sale; and 
 (o) Debt or other contractual requirements of a Receivable
Subsidiary in connection with a Qualified Receivables Transaction, provided that such restrictions apply only to such Receivable Subsidiary. 
 SECTION 4.9 Limitation on Incurrence of Debt. 
 The Company will not, and
will not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt); provided, that (i) the Company and any Restricted Subsidiaries (other than American Commercial Lines or any of its Subsidiaries) may Incur Debt
(including Acquired Debt) if, immediately after giving effect to the Incurrence of such Debt and the receipt and application of the proceeds therefrom, (a) the Consolidated Fixed Charge Coverage Ratio of the Company would be greater than 2.25
to 1.0 and (b) no Default or Event of Default shall have occurred and be continuing at the time or as a consequence of the Incurrence of such Debt and (ii) American Commercial Lines and any Restricted Subsidiary of American Commercial
Lines may Incur Debt (including Acquired Debt) if, immediately after giving effect to the Incurrence of such Debt and the receipt and application of the proceeds therefrom, (a) the Consolidated Total Debt Ratio of American Commercial Lines
would be less than 3.5 to 1.0 (assuming, for this purpose only, that the entire $400 million available to be Incurred pursuant to clause (i) of the definition of “Permitted Debt” is outstanding (whether or not outstanding or Incurred
at such time)) and (b) no Default or Event of Default shall have occurred and be continuing at the time or as a consequence of the Incurrence of such Debt. 
 Notwithstanding the first paragraph above, the Company and its Restricted Subsidiaries may Incur Permitted Debt. 
 For purposes of determining compliance with this Section 4.9, (x) Debt Incurred under the Credit Agreement on the Issue Date shall initially be treated as Incurred pursuant to clause (i) of
the definition of “Permitted Debt,” and may not later be re-classified, (y) Guarantees or obligations with respect to letters 

  
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 of credit supporting Debt otherwise included in the determination of such particular amount shall not be
included and (z) except as provided above, in the event that an item of Debt meets the criteria of more than one of the types of Debt described above, including categories of Permitted Debt and the first paragraph of this Section 4.9, the
Company, in its sole discretion, shall classify, and from time to time may reclassify, all or any portion of such item of Debt. 

The accrual of interest, the accretion or amortization of original issue discount and the payment of interest on Debt in the form of
additional Debt or payment of dividends on Capital Interests in the forms of additional shares of Capital Interests with the same terms in each case will not be deemed to be an Incurrence of Debt or issuance of Capital Interests for purposes of this
Section 4.9. 
 The Company and any Guarantor will not Incur any Debt that pursuant to its terms is subordinate or junior
in right of payment to any Debt unless such Debt is subordinated in right of payment to the Notes and the Note Guarantees to the same extent; provided that Debt will not be considered subordinate or junior in right of payment to any other
Debt solely by virtue of being unsecured or secured to a greater or lesser extent or with greater or lower priority. 
 SECTION
4.10 Limitation on Asset Sales. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless: 
 (1) the Company (or the Restricted Subsidiary, as the case may be) receives
consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Capital Interests issued or sold or otherwise disposed of; and 

(2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the
form of cash or Eligible Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 
 (a) any liabilities, as shown on the most recent consolidated balance sheet of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms
subordinated to the Notes) that are assumed by the transferee of any such assets pursuant to a customary assignment and assumption agreement that releases the Company or Restricted Subsidiary, as the case may be, from further liability; and

 (b) any securities, notes or other obligations received by the Company or any Restricted Subsidiary from such
transferee that are converted by the Company or Restricted Subsidiary, as the case may be, into cash within 365 days of their receipt to the extent of the cash received in that conversion. 

Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Company (or Restricted Subsidiary, as the case may be)
may apply such Net Cash Proceeds at its option: 
 (i) to permanently repay Obligations under the Credit
Agreement and permanently reduce the related loan commitment thereunder or repay any Debt of American Commercial Lines or any of its Restricted Subsidiaries; 
 (ii) to acquire assets constituting, or any Capital Interests of, a Permitted Business, if, after giving effect to any such acquisition of Capital Interests, such assets are owned by the Company or a
Restricted Subsidiary or the Person owning such Permitted Business is or becomes a Restricted Subsidiary of the Company; 

  
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 (iii) to make a capital expenditure in or that is used or useful in or an
Investment in a Permitted Business or to make expenditures for maintenance, repair or improvement of existing properties and assets in accordance with the provisions of this Indenture; 

(iv) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a
Permitted Business; 
 (v) to permanently repay Obligations under other Debt ranking pari passu with the
Notes provided that the Company shall equally and ratably redeem or repurchase the Notes as provided in Section 3.7 or by making an offer (in accordance with the procedures set forth in Section 3.9) to all holders to purchase the
Notes at 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to but not including the date of repayment; or 
 (vi) any combination of the foregoing; 
 provided that if during such 365-day period the
Company or a Restricted Subsidiary enters into a definitive binding agreement committing it to apply such Net Cash Proceeds in accordance with the requirements of clause (ii), (iii) or (iv), or any combination thereof, of this paragraph, such
365-day period will be extended with respect to the amount of Net Cash Proceeds so committed until such Net Cash Proceeds are required to be applied in accordance with such agreement (or, if earlier, until termination of such agreement). 

Pending the final application of any Net Cash Proceeds, the Company (or Restricted Subsidiary, as the case may be) may temporarily reduce
borrowings under the Credit Agreement. 
 Subject to the next succeeding paragraph, any Net Cash Proceeds from Asset Sales that
are not applied or invested as provided in the preceding paragraph of this Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $25.0 million (it being understood that the Company
may, in its sole discretion, make an Asset Sale Offer pursuant to this Section 4.10 prior to the time that the aggregate amount of Excess Proceeds exceeds $25.0 million), within thirty days thereof, the Company will make an Asset Sale Offer to
all Holders of Notes and to all holders of other Debt ranking pari passu with the Notes containing provisions similar to those set forth in this Section 4.10 with respect to asset sales, in each case, equal to the Excess Proceeds. The
offer price in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the
Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture and such remaining amount shall not be added to any subsequent Excess Proceeds for any purpose under this Indenture. If the aggregate principal amount
of Notes and other Debt ranking pari passu with the Notes containing provisions similar to those set forth in this Section 4.10 tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes
and other Debt (to the extent the Debt permits such a selection) to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. The provisions of Section 3.9 shall
apply to any Asset Sale Offer. 
 The Company and its Restricted Subsidiaries will comply with the requirements of Rule 14e-1
under the Exchange Act and any other applicable securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Offer to Purchase. To the extent that the
provisions of any securities laws or regulations conflict with the 

  
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 Asset Sale provisions of this Indenture, the Company and its Restricted Subsidiaries will comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.10 by virtue of such compliance. 
 SECTION 4.11 Limitation on Transactions with Affiliates. 
 The Company will
not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction or series of related transactions, contract, agreement, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”)
unless: 
 (i) such Affiliate Transaction is on terms that are not materially less favorable to the Company or
the relevant Restricted Subsidiary than those that could reasonably have been obtained in a comparable arm’s length transaction by the Company or such Restricted Subsidiary with an unaffiliated party; 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $15.0 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Company approving such Affiliate Transaction and set forth in an Officers’
Certificate certifying that such Affiliate Transaction complies with clause (i) above; and 
 (iii) with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $25.0 million, the Company must obtain and deliver to the Trustee a written opinion of a nationally recognized investment
banking, accounting or appraisal firm (an “Independent Financial Advisor”) stating that the transaction is fair to the Company or such Subsidiary, as the case may be, from a financial point of view. 

The foregoing limitation does not limit, and shall not apply to: 

(1) Restricted Payments that are permitted by Section 4.7 of this Indenture and Permitted Investments; 

(2) the payment of reasonable and customary fees and indemnities to members of the Board of Directors of the Company or a
Restricted Subsidiary; 
 (3) any employment agreement, arrangement or plan or similar arrangement entered into
by the Company or a Restricted Subsidiary in the ordinary course of business, including the payment of reasonable and customary compensation and other benefits (including retirement, health, option, deferred compensation and other benefit plans) and
indemnities to officers and employees of the Company or any Restricted Subsidiary; 
 (4) transactions between or
among the Company and/or its Restricted Subsidiaries; 
 (5) the issuance of Capital Interests (other than
Redeemable Capital Interests) of the Company otherwise permitted hereunder; 
 (6) any agreement or arrangement
as in effect on the Issue Date and any amendment or modification thereto so long as such amendment or modification is not more disadvantageous to the holders of the Notes in any material respect; 

  
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 (7) transactions in which the Company delivers to the Trustee a written
opinion from an Independent Financial Advisor to the effect that the transaction is fair, from a financial point of view, to the Company and any relevant Restricted Subsidiaries; 

(8) any contribution of capital to the Company; 

(9) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case, in the
ordinary course of business and consistent with past practice and on terms that are not materially less favorable to the Company or such Restricted Subsidiary, as the case may be, as determined in good faith by the Company, than those that could be
obtained in a comparable arm’s length transaction with a Person that is not an Affiliate of the Company; 

(10) Permitted Sale and Leaseback Transactions; 

(11) transactions in connection with a Permitted JV Transaction; and 

(12) the payment to the Permitted Holders (or any of their Affiliates) of annual management, consulting, monitory and
advisory fees pursuant to the Management Agreement in an aggregate amount not to exceed $5.0 million per year and reasonable related expenses. 
 SECTION 4.12 Limitation on Liens. 
 The Company will not, and will not
permit any of its Restricted Subsidiaries, directly or indirectly, to enter into, create, incur, assume or suffer to exist any Liens of any kind with respect to any property, other than Permitted Liens on or with respect to any of its property or
assets now owned or hereafter acquired or any interest therein or any income or profits therefrom with respect to property, unless in each case: 
 (1) in the case of Liens securing Subordinated Debt, the Notes are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; or 

(2) in all other cases, the Notes are equally and ratably secured. 

Any Lien created for the benefit of the holders of the Notes pursuant to this covenant shall be deemed automatically and unconditionally
released and discharged upon the release and discharge of each of the Liens described in clauses (1) and (2) above. 

SECTION 4.13 Limitation on Sale and Leaseback Transactions. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale and Leaseback Transaction (other
than a Permitted Sale and Leaseback Transaction or a Sale and Leaseback Transaction between the Company and one or more Restricted Subsidiaries or among Restricted Subsidiaries) unless: 

(i) the gross cash proceeds received in such Sale and Leaseback Transaction is at least equal to the lesser of fair market
value or net tax basis value of the property sold, as determined by a board resolution of the Board of Directors of the Company or by an Officers’ Certificate, 

  
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 (ii) prior to and after giving effect to the Attributable Debt in respect of
such Sale and Leaseback Transaction, the Company and such Restricted Subsidiary comply with Section 4.9, and 
 (iii) at or after such time the Company and such Restricted Subsidiary also comply with Section 4.10. 
 SECTION 4.14 Offer To Purchase upon Change of Control. 
 Upon the
occurrence of a Change of Control, the Issuer will make an Offer to Purchase (the “Change of Control Offer”) all of the outstanding Notes at a purchase price (the “Purchase Price”) in cash equal to 101% of the
principal amount tendered, together with accrued interest, if any, to but not including the Purchase Date (the “Change of Control Payment”). For purposes of the foregoing, an Offer to Purchase shall be deemed to have been made if
(i) within 30 days following the date of the consummation of a transaction or series of transactions that constitutes a Change of Control, the Issuer commences an Offer to Purchase all outstanding Notes at the Purchase Price and (ii) all
Notes properly tendered pursuant to the Offer to Purchase are purchased on the terms of such Offer to Purchase. 
 On the
Purchase Date, the Issuer shall, to the extent lawful, (a) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (b) deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions thereof so tendered and (c) otherwise comply with Section 3.9. 

The Change of Control provisions described above will be applicable whether or not any other provisions of this Indenture are applicable.

 The Issuer shall not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes
such Change of Control Offer contemporaneously with or upon a Change of Control in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable to a Change of Control Offer made by the Issuer and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer or (ii) a notice of redemption has been given pursuant to Section 3.7. 
 The Issuer will be required to comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities or regulations in connection with any Change of Control Offer as
described above and no Default or Event of Default shall be deemed to have occurred as a result of such compliance. 
 In
addition, an Offer to Purchase may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of launching the Offer to Purchase. 

SECTION 4.15 Maintenance of Properties and Corporate Existence 

American Commercial Lines and the Company shall cause all material properties used or useful in the conduct of their business to be
maintained and kept in good operating condition, repair and working order (ordinary wear and tear and casualty loss excepted) and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereto; provided, that American Commercial Lines and the Company shall not be obligated to make such repairs, renewals, replacements, betterments and improvements or maintain such properties if the failure to do
so would not result in a material adverse effect on the ability of American Commercial Lines and the Company to satisfy their obligations under the Notes and this Indenture. 

  
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 Subject to Section 4.14 and Article V hereof, as the case may be, American
Commercial Lines and the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership, limited liability company or other existence of each of its
Restricted Subsidiaries in accordance with the respective organizational documents (as the same may be amended from time to time) of American Commercial Lines, the Company or any such Restricted Subsidiary and the rights (charter and statutory),
licenses and franchises of American Commercial Lines, the Company and its Restricted Subsidiaries; provided that American Commercial Lines and the Company shall not be required to preserve any such right, license or franchise, or the
corporate, partnership or other existence of any of their respective Restricted Subsidiaries, if the Board of Directors of American Commercial Lines or the Company, as applicable, shall determine that the preservation thereof is no longer desirable
in the conduct of the business of American Commercial Lines, the Company and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 

SECTION 4.16 Certain Qualified Equity Offerings 
 Prior to February 15, 2013, the Company will be required to make an Offer to Purchase the maximum principal amount of Notes that is in minimum denominations of $2,000 and an integral multiple of
$1,000 in excess thereof (or if a PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof in respect of PIK Notes) that may be purchased with any Qualified Equity Offering Proceeds in cash at
a price equal to 103% of the principal amount thereof plus accrued and unpaid interest to the date of purchase (the “Equity Issuance Purchase Date”), subject to the rights of holders of Notes on a relevant record date to receive
interest due on an interest payment date occurring on or prior to an Equity Issuance Purchase Date, in accordance with the procedures set forth in Section 3.9 of this Indenture. Not later than 60 days following the receipt of the Qualified
Equity Offering Proceeds from any Qualified Equity Offering, except to the extent the Company has delivered notice to the Trustee of its intention to redeem Notes as set forth in Section 3.7 of this Indenture unless and until there is a default
in the payment of the applicable redemption price or the applicable redemption notice is withdrawn, the Company will mail a notice to each holder with a copy to the Trustee (such offer to purchase, a “Qualified Equity Offering
Offer”) stating: 
  

	 	(1)	that a Qualified Equity Offering has occurred, the amount of Qualified Equity Offering Proceeds received by the Company, and that the Company will purchase such
holder’s Notes or a portion thereof, as discussed below, at the applicable purchase price as set forth in the immediately preceding paragraph, plus accrued and unpaid interest thereon to the Equity Issuance Purchase Date (subject to the right
of holders of record on a relevant record date to receive interest on an interest payment date occurring on or prior to the Equity Issuance Purchase Date); 


 

	 	(2)	the circumstances and relevant facts regarding such Qualified Equity Offering, and the maximum principal amount of Notes that may be purchased by the Company in the
Qualified Equity Offering Offer; 

  

	 	(3)	the Equity Issuance Purchase Date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and 


 

	 	(4)	the procedures determined by the Company, consistent with this Section 4.16, pursuant to which a holder’s Notes shall be purchased. 


  
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 If more Notes are tendered pursuant to a Qualified Equity Offering Offer than the Company is
required to purchase, the selection of the actual Notes for purchase will be made by the Trustee on a pro rata basis, by lot or by such other method as the Trustee deems fair and appropriate; provided, however, that no Notes of $2,000
principal amount or less (or, in the case of PIK Notes, $1.00 principal amount or less) shall be purchased in part. 
 Notice of
a Qualified Equity Offering Offer may be delivered in advance of a Qualified Equity Offering, conditional upon such Qualified Equity Offering, if a definitive agreement is in place for the Qualified Equity Offering at the time of delivery of the
notice of such Qualified Equity Offering Offer. The Company will not be required to make a Qualified Equity Offering Offer if notice of redemption has been delivered to the Trustee pursuant to Section 3.7 of this the Indenture unless and until
there is a default in the payment of the applicable redemption price or the applicable redemption notice is withdrawn. 
 The
Company will comply with the applicable tender offer rules, including Rule 14e-1 under the Exchange Act, and any other applicable securities laws or regulations in connection with the purchase of Notes pursuant to a Qualified Equity Offering Offer.
To the extent that the provisions of any securities laws or regulations conflict with the Qualified Equity Offering Offer provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed
to have breached its obligations under the Qualified Equity Offering Offer provisions of the Indenture by virtue of such conflict. 
 SECTION 4.17 Business Activities. 
 The Company will not, and will not
permit any Restricted Subsidiary to, engage in any business other than a Permitted Business except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole. 

SECTION 4.18 [Reserved] 
 SECTION 4.19 [Reserved] 
 SECTION 4.20 Future Note Guarantees.

 After the Issue Date, the Company will cause each of its Restricted Subsidiaries (other than any Foreign Subsidiary that
guarantees any Debt of the Company or any Restricted Subsidiary of the Company (other than any guarantee of Debt of American Commercial Lines or any of its Restricted Subsidiaries) to guarantee the Notes. 

Each future Note Guarantee by a Guarantor will be limited to an amount not to exceed the maximum amount that can be guaranteed by that
Restricted Subsidiary without rendering the Guarantee, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

SECTION 4.21 Limitation on Creation of Unrestricted Subsidiaries. 

The Company may designate any Subsidiary of the Company to be an “Unrestricted Subsidiary” as provided below, in which event
such Subsidiary and each other Person that is a Subsidiary of such Subsidiary will be deemed to be an Unrestricted Subsidiary. 

  
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 The Company may designate any Subsidiary to be an Unrestricted Subsidiary unless such
Subsidiary owns any Capital Interests of, or owns or holds any Lien on any property of, any other Restricted Subsidiary of the Company, provided that either: 

(x) the Subsidiary to be so designated has total assets of $1,000 or less; or 

(y) (i) immediately after giving effect to such designation, the Company could Incur at least $1.00 of additional
Debt (other than Permitted Debt) pursuant to the first paragraph under Section 4.9 or (ii) the Consolidated Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries would be greater than such ratio for the Company and
its Restricted Subsidiaries immediately prior to such transaction; and 
 provided further that the Company could make a Restricted
Payment or a Permitted Investment in an amount equal to the greater of the Fair Market Value or book value of such Subsidiary pursuant to Section 4.7 and such amount is thereafter treated as a Restricted Payment or a Permitted Investment for
the purpose of calculating the amount available in connection with Section 4.7. 
 An Unrestricted Subsidiary may be
designated as a Restricted Subsidiary if (i) all the Debt of such Unrestricted Subsidiary could be Incurred pursuant to Section 4.9 and (ii) all the Liens on the property and assets of such Unrestricted Subsidiary could be incurred
pursuant to Section 4.12. 
 ARTICLE V 
 SUCCESSORS 
 SECTION 5.1 Consolidation, Merger, Conveyance, Transfer or
Lease. 
 The Company will not in any transaction or series of transactions, consolidate with or merge into any other Person
(other than a merger of a Restricted Subsidiary into the Company in which the Company is the continuing Person or the merger of a Restricted Subsidiary into or with another Restricted Subsidiary or another Person that as a result of such transaction
becomes or merges into a Restricted Subsidiary), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its Restricted Subsidiaries (determined on a consolidated basis), taken as a
whole, to any other Person, unless: 
 (i) either: (a) the Company shall be the continuing Person or
(b) the Person (if other than the Company) formed by such consolidation or into which the Company is merged, or the Person that acquires, by sale, assignment, conveyance, transfer, lease or other disposition, all or substantially all of the
property and assets of the Company (such Person, the “Surviving Entity”), (1) shall be a corporation, partnership, limited liability company or similar entity organized and validly existing under the laws of the United States,
any political subdivision thereof or any state thereof or the District of Columbia and (2) shall expressly assume, by a supplemental indenture, the due and punctual payment of all amounts due in respect of the principal of (and premium, if any)
and interest on all the Notes and the performance of the covenants and obligations of the Company under this Indenture; provided that at any time the Company or its successor is not a corporation, there shall be a co-issuer of the Notes that
is a corporation; 
 (ii) immediately before and immediately after giving effect to such transaction or series of
transactions on a pro forma basis (including, without limitation, any Debt Incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing or would result
therefrom; 

  
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 (iii) immediately after giving effect to any such transaction or series of
transactions on a pro forma basis (including, without limitation, any Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of transactions) as if such transaction or series of transactions had
occurred on the first day of the determination period, the Company (or the Surviving Entity if the Company is not continuing), either (x) could Incur $1.00 of additional Debt (other than Permitted Debt) under the first paragraph of
Section 4.9 or (y) the Consolidated Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction; and

 (iv) the Company delivers, or causes to be delivered, to the Trustee, in form and substance satisfactory to
the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, assignment, transfer, lease or other disposition complies with the requirements of this Indenture. 

The preceding clause (iii) will not prohibit a merger between the Company and an Affiliate incorporated solely for the purpose of
converting the Company into a corporation organized under the laws of the United States or any political subdivision or state thereof so long as the amount of Debt of the Company and its Restricted Subsidiaries is not increased thereby, except for
Debt incurred in the ordinary course of business to pay fees, expenses and other costs associated with such transaction. 

SECTION 5.2 Successor Person Substituted. 
 Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1
hereof, the successor Person formed by such consolidation or into or with which the Company (and, if necessary, any co-issuer) is merged or to which such sale, assignment, conveyance, transfer, lease or other disposition is made shall succeed to,
and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to
the successor Person and not to the Company), and shall exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however, that in the
event of a lease, the predecessor shall not be released from the payment of principal and interest or other obligations on the Notes. 
 ARTICLE VI 
 DEFAULTS AND REMEDIES 

SECTION 6.1 Events of Default. 
 Each of the following constitutes an “Event of Default”: 
 (1) default in the payment in respect of the principal of (or premium, if any, on) any Note at its maturity (whether at Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise);


  
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 (2) 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; 
 (3) failure to perform or comply with
Section 5.1; 
 (4) except as permitted by this Indenture, any Note Guarantee of any Significant Subsidiary
(or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall for any reason cease to be, or it shall be asserted by any Guarantor or Issuer not to be, in full force and effect and enforceable in
accordance with its terms (except as specifically provided in this Indenture); 
 (5) default in the performance,
or breach, of (i) any covenant or agreement of the Company or any Guarantor in this Indenture (other than (x) a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (1),
(2) (3) or (4) above or (y) a covenant or agreement contained in Section 4.3), and continuance of such default or breach for a period of 60 days after written notice thereof has been given to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes or (ii) any covenant or agreement contained in Section 4.3 and continuance of such default or breach for a period of 120 days
after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes; 

(6) a default or defaults under any bonds, debentures, notes or other evidences of Debt (other than the Notes) by the
Company or any Restricted Subsidiary of the Company having, individually or in the aggregate, a principal or similar amount outstanding of at least $35.0 million, whether such Debt now exists or shall hereafter be created, which default or defaults
shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a failure to pay at least $35.0 million of such Debt when due and payable after the expiration of any applicable grace period with
respect thereto; 
 (7) the entry against the Company or any Restricted Subsidiary of the Company that is a
Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) of a final non-appealable judgment or final non-appealable judgments for the payment of money in an aggregate amount in
excess of $35.0 million (other than any judgments covered by indemnities or insurance policies as to which liability coverage has not been denied by the insurance company or indemnifying party), by a court or courts of competent jurisdiction, which
judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 90 consecutive days; or 
 (8) (i) the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, pursuant to or within the meaning of any
Bankruptcy Code: 
 (a) commences a voluntary case, 

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

(c) consents to the appointment of a Custodian of it or for all or substantially all of its property, 

  
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 (d) makes a general assignment for the benefit of its creditors, or

 (e) admits, in writing, its inability generally to pay its debts as they become due; or 

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

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

and the order or decree remains unstayed and in effect for 60 consecutive days. 

The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Code.

 The Trustee shall not be deemed to have notice of any Event of Default and shall not have any duty or responsibility in
respect thereof unless and until a Responsible Officer of the Trustee has received written notice of such Event of Default or has actual knowledge of such Event of Default. Delivery of reports, information and documents to the Trustee under
Section 4.3 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder or the existence of an Event of Default (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates, except as otherwise provided herein). 

SECTION 6.2 Acceleration. 
 If an Event of Default (other than an Event of Default specified in clause (8) of Section 6.1 with respect to the Company) occurs and is continuing, then and in every such case the Trustee or
the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the Notes to be due and payable immediately by a notice in writing to the Company (and to the
Trustee if given by Holders); provided, however, that after such acceleration, but before a judgment or decree based on acceleration, the Holders of a majority in aggregate principal amount of the outstanding Notes may, under certain
circumstances, rescind and annul such acceleration of all Events of Default, other than the nonpayment of accelerated principal of or interest on the Notes, have been cured or waived as provided in this Indenture. 

In the event of a declaration of acceleration of the Notes solely because an Event of Default described in clause (6) of
Section 6.1 has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or payment default triggering 

  
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 such Event of Default pursuant to clause (6) of Section 6.1 shall be remedied or cured by the
Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 20 Business Days after the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes
would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts due on the Notes. 
 If an Event of Default specified in clause (8) of Section 6.1 occurs with respect to the Company, the principal of and any accrued interest on the Notes then outstanding shall ipso facto become
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Trustee may withhold from the Holders notice of any Default (except Default in payment of principal of, premium, if any, and interest) if
the Trustee determines that withholding notice is in the interests of the Holders to do so. 
 SECTION 6.3 Other
Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the
payment of principal, premium, if any, or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any
right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

Pursuant to Section 4.4, the Company shall deliver to the Trustee annually a statement regarding compliance with this Indenture, and
the Company shall, upon becoming aware of any Default or Event of Default, deliver to the Trustee a statement specifying such Default or Event of Default. 
 SECTION 6.4 Waiver of Past Defaults. 
 The Holders of a majority in
aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture except a continuing
Default or Event of Default in the payment of interest on, or the principal of, the Notes (other than as a result of an acceleration), which shall require the written consent of all of the Holders of the Notes then outstanding. 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 this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon. 
 SECTION 6.5 Control by Majority. 
 The Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee
or exercising any trust power conferred on it. However, (i) the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders or that
may involve the Trustee in personal liability, and (ii) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

  
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 SECTION 6.6 Limitation on Suits. 

A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 

(a) the Holder gives to the Trustee written notice of a continuing Event of Default or the Trustee receives such notice
from the Company; 
 (b) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes
make a written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer and, if
requested, provide to the Trustee indemnity or security reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of such indemnity or security; and 

(e) during such 60-day period the Holders of a majority in aggregate principal amount of the then outstanding Notes do not
give the Trustee a direction inconsistent with the request. 
 A Holder may not use this Indenture to prejudice the rights of
another Holder or to obtain a preference or priority over another Holder. 
 SECTION 6.7 Rights of Holders of Notes To
Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of
principal, premium, if any, and interest or Additional Interest, if any, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.8 Collection
Suit by Trustee. 
 If an Event of Default specified in Section 6.1(1) or (2) hereof occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium and interest remaining unpaid on the Notes and interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

SECTION 6.9 Trustee May File Proofs of Claim. 
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the exchange of the Notes or on any such claims and any Custodian in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such 

  
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 payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.8 hereof. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.8 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.10
Priorities. 
 Any money collected by the Trustee pursuant to this Article VI and any money or other property
distributable in respect of the Company’s obligations under this Indenture after an Event of Default 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 premium, if any) or interest, if any, 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 Trustee (including any predecessor Trustee), its agents and attorneys for amounts due under
Section 7.8 hereof, including payment of all reasonable compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest
(including Additional Interest, if any) ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest (including Additional Interest, if any) respectively;

 Third: without duplication, to the Holders for any other Obligations owing to the Holders under this
Indenture and the Notes; and 
 Fourth: to the Issuer or to such party as a court of competent jurisdiction
shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. 
 SECTION 6.11 Undertaking for Costs. 

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

  
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 ARTICLE VII 
 TRUSTEE 
 SECTION 7.1 Duties of Trustee. 

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

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

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

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall be under a duty to examine such certificates and opinions in the
case of certificates or opinions specifically required by any provision hereof to be furnished to it to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts or conclusions stated therein). 
 (c) The Trustee may not be relieved from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this paragraph does not limit the effect of paragraphs (b) or (e) of this Section 7.1; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by an officer of the Trustee, unless it
is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not
be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5 hereof or otherwise in accordance with the direction of the Holders of a majority in principal
amount of outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
Sections 7.1 and 7.2 hereof. 
 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or
incur any liability. The Trustee shall be under no obligation to exercise any of their rights and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee, as applicable, security and indemnity
satisfactory to it against any loss, liability or expense. 

  
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 (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 SECTION 7.2 Rights of Trustee. 
 (a) The Trustee may conclusively rely upon
any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in any such document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of the Trustee’s own choosing and the Trustee shall be
fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance on the advice or opinion of such counsel or on any Opinion of Counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or
agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution. Whenever in the administration of this 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, conclusively rely upon an Officers’ Certificate. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be
sufficient if signed by an Officer of the Company. 
 (f) The Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security and indemnity reasonably satisfactory to the Trustee against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or direction. 
 (g) The Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
documents, 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 during normal business hours the books, records and premises of the Company or any Guarantor, personally or by agent or attorney at the sole cost of the Company, and shall incur no liability or additional liability of any kind by reason of
such inquiry or investigation. 
 (h) The rights, privileges, protections and benefits given to the Trustee, including, without
limitation, its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Persons employed to act hereunder. 

  
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 (i) The Trustee may request that the Company deliver an Officers’ Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate,
including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 (j) The
permissive right of the Trustee to take or refrain from taking any actions enumerated in this Indenture shall not be construed as a duty. 
 (k) In the event that the Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Indenture, or in the event that the Trustee is unsure as to the
application of any provision of this Indenture, or believes any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Indenture permits any
determination by or the exercise of discretion on the part of the Trustee or is silent or is incomplete as to the course of action that the Trustee is required to take with respect to a particular set of facts, the Trustee shall promptly give notice
(in such form as shall be appropriate under the circumstances) to the Holders requesting instruction as to the course of action to be adopted, and to the extent the Trustee acts in good faith in accordance with any written instructions received from
a majority in aggregate principal amount of the then outstanding Notes, the Trustee shall not be liable on account of such action to any Person. If the Trustee shall not have received appropriate instruction within 10 days of such notice (or such
shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action as it shall deem to be in the best interests of the Holders
and the Owner Trustee shall have no liability to any Person for such action or inaction. 
 (l) The Trustee shall not be deemed
to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Notes and this Indenture. 
 SECTION 7.3 [Reserved]. 

SECTION 7.4 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it
were not Trustee. Any Agent may do the same with like rights and duties. However, in the event that the Trustee acquires any conflicting interest as defined in Section 310(b) of the TIA, it must eliminate such conflict within 90 days, apply to
the Commission for permission to continue as Trustee (if this Indenture has been qualified under the TIA) or resign. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

SECTION 7.5 Trustee’s Disclaimer. 
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, and it shall not be accountable for the Issuer’s use of the
proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the
Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes, any statement or recital in any document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of
authentication on the Notes. 

  
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 SECTION 7.6 Notice of Defaults. 

If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to
Holders a notice of the Default within 90 days after it occurs. Except in the case of a Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith
determines that withholding the notice is in the interests of the Holders. 
 SECTION 7.7 Reports by Trustee to Holders of
the Notes. 
 Within 60 days after each May 30 beginning with May 30, 2011 and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting
date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all reports as required by TIA § 313(c). 

A copy of each report at the time of its mailing to the Holders shall be mailed to the Company and filed with the Commission and each
stock exchange on which the Company has informed the Trustee in writing the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange and of any delisting
thereof. 
 SECTION 7.8 Compensation and Indemnity. 

The Issuer shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder
in accordance with a separate fee agreement. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Issuer shall indemnify the Trustee against any and all claims, damage, losses, liabilities or expenses incurred by it arising out of
or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.8) and defending itself against any claim
(whether asserted by the Issuer or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder except to the extent any such loss, claim, damage, liability or expense has been
determined to have been caused by its own negligence or willful misconduct. The Trustee shall notify the Issuer promptly of any claim of which a Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee
to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuer shall pay the reasonable fees
and expenses of such counsel. The Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 The obligations of the Issuer under this Section 7.8 shall survive the satisfaction and discharge or termination for any reason of this Indenture or the resignation or removal of the Trustee.


  
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 To secure the Issuer’s obligations in this Section 7.8, the Trustee shall have a
Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal or interest, if any, on particular Notes. Such Lien shall survive the satisfaction and discharge or termination for any
reason of this Indenture and the resignation or removal of the Trustee. 
 In addition, and without prejudice to the rights
provided to the Trustee under any of the provisions of this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(8) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Code. 
 “Trustee” for the purposes of this Section 7.8 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder and each agent, custodian and other person
employed to act hereunder; provided, however, that the negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 

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

SECTION 7.9 Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.9.

 The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The
Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.11 hereof; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Code; 
 (c) a Custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 

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

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

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.11
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
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 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and the duties of the Trustee under this Indenture. The successor Trustee
shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided that all sums owing to the Trustee hereunder have been paid and subject
to the Lien provided for in Section 7.8 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.9, the Issuer’s obligations under and the Lien provided for in Section 7.8 hereof shall continue for the
benefit of the retiring Trustee. 
 SECTION 7.10 Successor Trustee by Merger, Etc. 

If the Trustee or any Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business
to, another Person, the successor Person without any further act shall be the successor Trustee or any Agent, as applicable. 

SECTION 7.11 Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws
to exercise corporate trust power and that is subject to supervision or examination by federal or state authorities. The Trustee together with its affiliates shall at all times have a combined capital surplus of at least $50.0 million as set forth
in its most recent annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the requirements of
TIA §§ 310(a)(l), (2) and (5). The Trustee is subject to TIA § 310(b) including the provision in § 310(b)(1); provided that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or
indentures under which other securities, or certificates of interest or participation in other securities, of the Issuer or any Guarantors are outstanding if the requirements for exclusion set forth in TIA § 310(b)(1) are met. 

SECTION 7.12 Preferential Collection of Claims Against the Issuer. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned
or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 SECTION 7.13 Trustee’s
Application for Instructions from the Issuer. 
 Any application by the Trustee for written instructions from the Issuer
may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than twenty Business Days after the
date any officer of the Issuer actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee
shall have received written instructions in response to such application specifying the action to be taken or omitted. 

  
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 SECTION 7.14 Limitation of Liability. 

In no event shall the Trustee, in its capacity as such or as Paying Agent or Registrar or in any other capacity hereunder, be liable
under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee has been
advised of the possibility thereof and regardless of the form of action in which such damages are sought. The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out
of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, strikes, work stoppages, nuclear or natural catastrophes, acts of God; earthquakes; fire; flood; terrorism; wars and other military
disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. The
provisions of this Section shall survive satisfaction and discharge or the termination for any reason of this Indenture and the resignation or removal of the Trustee. 
 ARTICLE VIII 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 SECTION 8.1 Option To Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officers’ Certificate, at
any time, elect to have either Section 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 
 SECTION 8.2 Legal Defeasance. 
 Upon the Issuer’s exercise under
Section 8.1 hereof of the option applicable to this Section 8.2, the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its obligations with respect to
all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “legal defeasance”). For this purpose, legal defeasance means that the Issuer shall be deemed to have paid and discharged the entire Debt
represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have
satisfied all of its other obligations under such Notes and this Indenture (and the Trustee, on written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which
shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and interest, if any, on such Notes when such payments are due
from the trust referred to in Section 8.4(1); (b) the Issuer’s obligations with respect to such Notes under Sections 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.10 and 4.2 hereof; (c) the rights, powers, trusts, benefits and immunities of
the Trustee, including without limitation thereunder, under Section 7.8, 8.5 and 8.7 hereof and the Issuer’s obligations in connection therewith; (d) the Company’s rights pursuant to Section 3.7; and (e) the provisions
of this Article VIII. Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof. 

  
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 SECTION 8.3 Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Issuer shall,
subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from its obligations under the covenants contained in Sections 4.3, 4.4, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.20, 4.21 and
5.1 hereof with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance” and, together with legal defeasance, “defeasance”), and the
Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, covenant defeasance means that, with respect to the outstanding Notes, the
Issuer or any of its Subsidiaries may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as
specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of
the conditions set forth in Section 8.4 hereof, Sections 6.1(3), (4), (5), (6), (7) and (9) hereof shall not constitute Events of Default. 
 SECTION 8.4 Conditions to Legal Defeasance or Covenant Defeasance. 
 The
following shall be the conditions to the application of either Section 8.2 or 8.3 hereof to the outstanding Notes: 
 In
order to exercise either legal defeasance or covenant defeasance: 
 (1) the Issuer must irrevocably have
deposited or caused to be deposited with the Trustee 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 the due date of any payment, money in an amount or
(C) a combination thereof, in each case sufficient without reinvestment, 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 to pay and discharge, the entire indebtedness in respect of the principal of and premium, if any, and interest on such Notes on the Stated Maturity thereof or (if the Issuer has made irrevocable
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name and at the expense of the Issuer) the redemption date thereof, as the case may be, in accordance with the terms of this Indenture and such
Notes; 
 (2) in the case of legal defeasance, the Issuer shall have delivered to the Trustee an Opinion of
Counsel stating that (A) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the applicable United States 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 United States federal income tax purposes as a result of the deposit,
legal defeasance and discharge to be effected with respect to such Notes and will be subject to 

  
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United States federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, legal defeasance and discharge were not to occur; 

(3) in the case of covenant defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such outstanding Notes will not recognize gain or loss for United States 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) no Default or Event of Default with respect to the outstanding Notes shall have occurred and be continuing at the time of such deposit after giving effect thereto (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien to secure such borrowing); 
 (5) such legal defeasance or covenant defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the TIA (assuming all Notes are in default within the meaning of the TIA);

 (6) such legal defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a
default under, any material agreement or material instrument (other than this Indenture) to which the Company is a party or by which the Company is bound; and 
 (7) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such legal defeasance or covenant
defeasance have been complied with. 
 Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above
with respect to a legal defeasance need not to be delivered if all Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable, or (y) will become due and payable at Stated Maturity within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 SECTION 8.5 Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.6 hereof, all money and non-callable U.S. government obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes shall be held in trust, shall not be invested, and applied by the Trustee, in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any Subsidiary acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, and Additional Interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or
non-callable U.S. government obligations deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes. 

  
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 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall
deliver or pay to the Issuer from time to time upon the written request of the Issuer and be relieved of all liability with respect to any money or non-callable U.S. government obligations held by it as provided in Section 8.4 hereof which, in
the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(1) hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent legal defeasance or covenant defeasance. 
 SECTION
8.6 Repayment to Issuer. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in
trust for the payment of the principal of, premium, if any, or interest, if any, on any Note and remaining unclaimed for one year after such principal and premium, if any, or interest or Additional Interest, if any, has become due and payable shall
be paid to the Issuer on its written request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer 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 Issuer cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Issuer. 
 SECTION 8.7 Reinstatement. 
 If the Trustee or Paying Agent is unable to
apply any United States dollars or non-callable U.S. government obligations in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the obligations of the Issuer under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Note
following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

SECTION 8.8 Discharge. 
 The Issuer and the Guarantors, if any, may terminate the obligations under this Indenture (a “Discharge”) when: 

(1) either: (A) all Notes theretofore authenticated and delivered 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 within one year or are to be called for redemption within one year under
irrevocable 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, and the Company has irrevocably deposited or caused to be deposited with the Trustee funds in
an amount sufficient to pay and discharge the entire indebtedness on the Notes, not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest to the Stated Maturity or date of redemption; 

  
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 (2) the Issuer or any Guarantor has paid or caused to be paid all other sums
then due and payable under this Indenture by the Issuer; 
 (3) the deposit will not result in a breach or
violation of, or constitute a default under, any other material instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 

(4) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes at maturity or on the redemption date, as the case may be; and 
 (5) the Issuer
has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel reasonably acceptable to the Trustee, each stating that all conditions precedent under this Indenture relating to the Discharge have been complied with. 

The Issuer may elect, at its option, to have its obligations discharged with respect to the outstanding Notes. Such legal defeasance
means that the Issuer will be deemed to have paid and discharged the entire indebtedness represented by the outstanding Notes, except for: 
 (1) the rights of Holders of such Notes to receive payments in respect of the principal of and any premium and interest or Additional Interest, if any, on such Notes when payments are due, 

(2) the Issuer’s obligations with respect to such Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust, 
 (3) the rights, powers, trusts, duties and immunities of the Trustee, 
 (4) the Company’s right of optional redemption, and 

(5) the defeasance provisions of this Indenture. 

ARTICLE IX 

AMENDMENT, SUPPLEMENT AND WAIVER 
 SECTION 9.1 Without Consent of Holders of the Notes. 
 Notwithstanding
Section 9.2 of this Indenture, without the consent of any Holders, the Issuer, the Guarantors, if any, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to this Indenture and the Guarantees,
if any, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Company or
any Guarantor and the assumption by any such successor of the covenants of the Company or such Guarantor in this Indenture, the Guarantees and the Notes; 
 (2) to add to the covenants of the Company or the Guarantors for the benefit of the Holders, or to surrender any right or power herein conferred upon the Issuer or the Guarantors; 

  
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 (3) to add additional Events of Default; 

(4) to provide for uncertificated Notes in addition to or in place of the Certificated Notes; 

(5) to evidence and provide for the acceptance of appointment under this Indenture by a successor Trustee; 

(6) to provide for or confirm the issuance of Additional Notes in accordance with the terms of this Indenture; 

(7) to add a Guarantor or to release a Guarantor in accordance with this Indenture; 

(8) to cure any ambiguity, defect, omission, mistake or inconsistency; 

(9) to make any other provisions with respect to matters or questions arising under this Indenture, provided that
such actions pursuant to this clause shall not adversely affect the interests of the Holders in any material respect, as determined in good faith by the Board of Directors of the Company; 

(10) to conform the text of this Indenture or the Notes to any provision of the “Description of the Notes” in
the Offering Memorandum to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in the “Description of the
Notes”; or 
 (11) in the event that PIK Notes are issued in certificated form, to make appropriate
amendments to this Indenture to reflect an appropriate minimum denomination of certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes 
 SECTION 9.2 With Consent of Holders of Notes. 
 With the consent of the
Holders of not less than a majority in aggregate principal amount of the outstanding Notes, the Issuer, the Guarantors, if any, and the Trustee may enter into an indenture or indentures supplemental to this Indenture for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or the Notes or of modifying in any manner the rights of the Holders under this Indenture, including the definitions herein; provided, however,
that no such supplemental indenture or amendment shall, without the consent of the Holder of each outstanding Note affected thereby: 
 (1) change the Stated Maturity of any Note or of any installment of interest on any Note, or reduce the amount payable in respect of the principal thereof or the rate of interest thereon or any premium
payable thereon, or reduce the amount that would be due and payable on acceleration of the maturity thereof, or change the place of payment where, or the coin or currency in which, any Note or any premium or interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or change the date on which any Notes may be subject to redemption or reduce the Redemption Price therefor, 

(2) reduce the percentage in aggregate principal amount of the outstanding Notes, the consent of whose Holders is required
for any such supplemental indenture or amendment, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, 

  
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 (3) modify the obligations of the Company to make Offers to Purchase upon a
Change of Control or from the Excess Proceeds of Asset Sales or Qualified Equity Offerings Net Proceeds if such modification was done after the occurrence of such Change of Control or Asset Sale, as applicable, 

(4) subordinate, in right of payment, the Notes to any other Debt of the Company, 

(5) modify any of the provisions of this paragraph or provisions relating to waiver of defaults or certain covenants,
except to increase any such percentage required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby, or 

(6) release any Guarantees required to be maintained under this Indenture (other than in accordance with the terms of this
Indenture). 
 The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may on behalf of
the Holders of all the Notes waive any past default under this Indenture and its consequences, except a default: 
 (1) in any payment in respect of the principal of (or premium, if any) or interest on any Notes (including any Note which is required to have been purchased pursuant to an Offer to Purchase which has been
made by the Issuer), or 
 (2) in respect of a covenant or provision hereof which under this Indenture cannot be
modified or amended without the consent of the Holder of each outstanding Note affected. 
 SECTION 9.3 Compliance with Trust
Indenture Act. 
 Every Amendment or Supplement to this Indenture or the Notes shall be set forth in an amended or
supplemental indenture that complies with the TIA as then in effect. 
 SECTION 9.4 Revocation and Effect of Consents.

 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by
the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on the Note. However, any such Holder or subsequent Holder may
revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. When an amendment, supplement or waiver becomes effective in accordance with its terms, it
thereafter binds every Holder. 
 The Issuer may, but shall not be obligated to, fix a record date for determining which Holders
consent to such amendment, supplement or waiver. If the Issuer fixes a record date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders
furnished for the Trustee prior to such solicitation pursuant to Section 2.5 hereof or (ii) such other date as the Issuer shall designate. 

  
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 SECTION 9.5 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer
in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

After any amendment, supplement or waiver becomes effective, the Company shall mail to Holders a notice briefly describing such
amendment, supplement or waiver. The failure to give such notice shall not affect the validity and effect of such amendment, supplement or waiver. 
 SECTION 9.6 Trustee To Sign Amendments, Etc. 
 The Trustee shall sign any
amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuer and the Guarantors, if any, may not
sign an amendment or supplemental indenture until their respective Boards of Directors approve it. In signing or refusing to sign any amendment or supplemental indenture the Trustee shall be given and (subject to Section 7.1 hereof) shall be
fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized or permitted by this Indenture, that all conditions precedent thereto have
been met or waived, that such amendment or supplemental indenture is not inconsistent herewith, and that it will be valid and binding upon the Issuer in accordance with its terms. 

ARTICLE X 

[RESERVED] 

ARTICLE XI 

[RESERVED] 

ARTICLE XII 
 NOTE
GUARANTEES 
 SECTION 12.1 Note Guarantees. 
 (a) Each Guarantor, if any, hereby jointly and severally, unconditionally and irrevocably guarantees the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee on behalf of such Holder, that: (i) the principal of and premium, if any and interest and Additional Interest, if any, on the Notes shall be paid in full when due, whether at
Stated Maturity, by acceleration, call for redemption or otherwise (including, without limitation, the amount that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code), together with interest
and Additional Interest, if 

  
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any, on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder
shall be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Note Guarantees shall be a guarantee of payment and not of collection. 

(b) Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 
 (c) Each Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Note Guarantee of such Guarantor shall not be discharged as to any Note except by complete performance of the obligations
contained in such Note and such Note Guarantee or as provided for in this Indenture. Each of the Guarantors hereby agrees that, in the event of a default in payment of principal or premium, if any, or interest on such Note, whether at its Stated
Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against
each of the Guarantors to enforce such Guarantor’s Note Guarantee without first proceeding against the Company or any other Guarantor. 
 (d) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the
Issuer or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Note Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This paragraph (d) shall
remain effective notwithstanding any contrary action which may be taken by the Trustee or any Holder in reliance upon such amount required to be returned. This paragraph (d) shall survive the termination of this Indenture. 

(e) Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes of the Note Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI hereof, such obligations (whether or not due and payable) shall forthwith become due and
payable by each Guarantor for the purpose of the Note Guarantee of such Guarantor. 
 SECTION 12.2 Execution and Delivery of
Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 12.1, each Guarantor agrees that a notation of
such Note Guarantee substantially in the form attached hereto as Exhibit B shall be endorsed on each Note authenticated and delivered by the Trustee. Such notation of Note Guarantee shall be signed on behalf of such Guarantor by an officer of
such Guarantor (or, if an officer is not available, by a board member or director) on behalf of such Guarantor by manual or facsimile signature. In case the officer, board member or director of such Guarantor who shall have signed such notation of
Note Guarantee shall cease to be such officer, board member or director before the Note on which such Note Guarantee is endorsed 

  
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shall have been authenticated and delivered by the Trustee, such Note nevertheless may be authenticated and delivered as though the Person who signed such notation of Note Guarantee had not
ceased to be such officer, board member or director. 
 Each Guarantor agrees that its Note Guarantee set forth in
Section 12.1 shall remain in full force and effect and apply to all the Notes notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. The delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 The
failure to endorse a Note Guarantee shall not affect or impair the validity thereof. 
 SECTION 12.3 Severability.

 In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 12.4 Limitation
of Subsidiary Guarantors’ Liability. 
 Each Subsidiary Guarantor, if any, and by its acceptance hereof each Holder
confirms that it is the intention of all such parties that the Note Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders and Subsidiary Guarantors hereby
irrevocably agree that the obligations of such Subsidiary Guarantor under its Note Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and
after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Note Guarantee, result in the obligations of
such Subsidiary Guarantor under its Note Guarantee constituting a fraudulent transfer or conveyance. 
 SECTION 12.5
Guarantors May Consolidate, Etc., on Certain Terms. 
 A Guarantor may not sell or otherwise dispose of all or
substantially all of its assets, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or any Guarantor, unless: 

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

(2) either: 
 (A) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under this
Indenture pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or 
 (B) the Net Cash
Proceeds of any such sale or other disposition of a Guarantor are applied in accordance with the provisions of Section 4.10 hereof; and 

  
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 (3) the Company delivers, or causes to be delivered, to the Trustee an
Officers’ Certificate and an Opinion of Counsel (upon which the Trustee shall be entitled to conclusively and exclusively rely), each stating that such sale, other disposition, consolidation or merger complies with the requirements of this
Indenture. 
 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all such Note Guarantees had been issued at the date of the execution hereof. 

Except as set forth in Articles IV and V hereof, and notwithstanding clauses (1) and (2) above, nothing contained
in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as
an entirety to the Issuer or another Guarantor. 
 SECTION 12.6 [Reserved]. 

SECTION 12.7 Release of a Subsidiary Guarantor. 
 A Note Guarantee by a Guarantor will be automatically released upon: 
 (1)
(a) the sale, disposition or other transfer (including through merger or consolidation) of (x) the Capital Stock of such Guarantor following which such Guarantor is no longer a Subsidiary of the Company or (y) all or substantially all
the assets of the applicable Guarantor, in each case, to a Person that is not a Subsidiary of the Company if such sale, disposition or other transfer is made in compliance with this Indenture; 

(b) the release or discharge of the Guarantee by such Restricted Subsidiary of Indebtedness of the Company or such other Guarantor which
resulted in the obligation to Guarantee the Notes; 
 (2) the designation by the Company of any Restricted Subsidiary that is a
Guarantor as an Unrestricted Subsidiary in accordance with the applicable provisions of the indenture; and 
 (3) the discharge
of the Notes in accordance with the legal defeasance provisions of this Indenture. 
 SECTION 12.8 Benefits Acknowledged.

 Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by
this Indenture and that its guarantee and waivers pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 
 SECTION 12.9 Future Guarantors. 
 Each Person that is required to become a
Guarantor after the Issue Date pursuant to Section 4.20 shall promptly execute and deliver to the Trustee a supplemental indenture pursuant to which such Person shall become a Guarantor. Concurrently with the execution and delivery of such
supplemental indenture, 

  
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the Company shall deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate (upon which the Trustee shall be entitled to conclusively and exclusively rely) to the effect that
such supplemental indenture has been duly authorized, executed and delivered by such Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to
creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Guarantor is a valid and binding obligation of such Guarantor, enforceable against such Guarantor in
accordance with its terms and/or to such other matters as the Trustee may reasonably request. 
 ARTICLE XIII 

MISCELLANEOUS 

SECTION 13.1 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall control. 

SECTION 13.2 Notices. 
 Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return
receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others address: 
 If to the
Issuer or any Guarantor: 
 ACL I Corporation 
 1701 East Market Street 
 Jeffersonville, Indiana 47130 

Facsimile: (812) 288-0294 
 Attention: General Counsel 
 With a copy to: 

Platinum Equity, LLC 
 360 North Crescent Drive 
 South Building 

Beverly Hills, CA 90210 
 Facsimile: (310) 712-1863 
 Attention: Legal Department 

and 
 Latham & Watkins LLP 
 555 Eleventh Street, NW 

Suite 1000 
 Washington, D.C. 20004 
 Facsimile: (202) 637-2201 

Attention: Patrick H. Shannon, Esq. 

  
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 If to the Trustee: 
 The Bank of New York Mellon Trust Company, N.A. 
 2 North LaSalle Street, Suite
1020 
 Chicago, Illinois 60602 
 Attn: Corporate Trust 
 Telecopy No.: (312) 827-8542 

The Issuer, the Guarantors, if any, and the Trustee, by notice to the others, may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication to a Holder shall be mailed by first class mail or by
overnight air courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the
TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed or delivered in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case of notices or
communications given to the Trustee, which shall be effective only upon actual receipt. 
 If the Issuer mails a notice or
communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
 SECTION 13.3 Communication
by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders
with respect to their rights under this Indenture or the Notes. The Issuer, any Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

SECTION 13.4 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the
Trustee: 
 (a) an Officers’ Certificate (which shall include the statements set forth in Section 13.5
hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(b) an Opinion of Counsel, other than with respect to the authentication by the Trustee of the Initial Notes on the date
hereof, (which shall include the statements set forth in Section 13.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been satisfied. 

SECTION 13.5 Statements Required in Certificate or Opinion 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

  
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 (a) a statement that the Person making such certificate or opinion has read
such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

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

 SECTION 13.6 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

SECTION 13.7 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No director, officer, employee, stockholder, general or limited partner or incorporator, past, present or future, of the Company, or any
of their Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Issuer under the Notes, any Note Guarantee or this Indenture by reason of his, her or its status as such director, officer, employee,
stockholder, general or limited partner or incorporator. 
 SECTION 13.8 Governing Law. 

THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES, IF ANY. The
parties to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to
the Notes, the Note Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court and hereby irrevocably waive,
to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 13.9 No Adverse Interpretation of Other Agreements. 
 This
Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or their Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

  
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 SECTION 13.10 Successors. 

All agreements of the Issuer and the Guarantors, if any, in this Indenture and the Notes and the Note Guarantees, as applicable, shall
bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns. 
 SECTION 13.11 Severability. 
 In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 13.12 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

SECTION 13.13 Table of Contents, Headings, Etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 13.14 Acts of Holders.

 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders 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 Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of 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 this Indenture
and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 13.14. 
 (b) 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 such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or
affidavit shall also constitute sufficient proof of such signer’s 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. 
 (c) The ownership of Notes shall be proved by the Holder list maintained under Section 2.5
hereunder. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note
shall bind every future Holder of the same Note and the holder of every Note issued 

  
 -89-









 
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 Issuer in reliance thereon,
whether or not notation of such action is made upon such Note. 
 (e) If the Issuer shall solicit from the Holders any request,
demand, authorization, direction, notice, consent, waiver or other Act, the Issuer may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Issuer shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

[Signatures on following page] 

  
 -90-









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

			
	ACL I CORPORATION
		
	By:	 	/s/    Eva M. Kalawski
		 	Name: Eva M. Kalawski
		 	Title: Vice President and Secretary


 Signature Page to the Indenture 







 
			
	THE BANK OF NEW YORK MELLON TRUST
	COMPANY, N.A.
	as Trustee
		
	By:	 	/s/    Linda Garcia
		 	Name: Linda Garcia
		 	Title: Vice President


 Signature Page to the Indenture 







 EXHIBIT A 
 FORM OF 10.625%/11.375% SENIOR PIK TOGGLE NOTE 
 (Face of 10.625%/11.375% Senior PIK
TOGGLE Note) 
 10.625%/11.375% Senior PIK Toggle Notes due 2016 
 [Global Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 
 [Restricted Notes Legend] 

THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE
SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH
SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (i)(a) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL


  
 Exhibit A-1









 
BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE
SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT, OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), (ii) TO THE COMPANY, OR (iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE
(A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 
 [OID Legend] 
 THIS NOTE HAS BEEN IS ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE
MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE NOTE,
(2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. HOLDERS SHOULD CONTACT: ACL I CORPORATION, 1701 EAST MARKET STREET, JEFFERSONVILLE, INDIANA 47310 ATTENTION: CHIEF FINANCIAL OFFICER.


  
 Exhibit A-2









 ACL I CORPORATION 
 10.625%/11.375% SENIOR PIK TOGGLE NOTE DUE 2016 
  

			
	 No. ________
	 	NOTES CUSIP: 144A: 00088J AA1 / Reg. S: U00461 AA8
		 	NOTES ISIN: 144A: US00088JAA16 / Reg S: USU00461AA86

 ACL I Corporation promises to pay to Cede & Co. or registered assigns, the principal sum of
[                             ] ($[            
]) on February 15, 2016. 
 Interest Payment Dates: February 15 and August 15, beginning August 15, 2011

 Record Dates: February 1 and August 1 
 Reference is made to 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 benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  
 Exhibit A-3









 
			
	ACL I CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:


 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the 10.625%/11.375% Senior PIK Toggle Notes 
 referred to in the within-mentioned
Indenture: 
 Dated: February 15, 2011 
 THE BANK OF NEW YORK MELLON 
 TRUST COMPANY, N.A., not in its 

individual capacity, but solely as Trustee 

			
		
	By:	 	 
		 	Authorized Signatory


  
 Exhibit A-4









 (Reverse of 10.625%/11.375% Senior PIK Toggle Note) 

10.625%/11.375% Senior PIK Toggle Note due 2016 
 ACL I CORPORATION 
 Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated. 
 (1) Interest. 

(a) ACL I Corporation, a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note
(the “Notes”) at the rate of 10.625% per annum in the case of Cash Interest and 11.375% per annum in the case of PIK Interest from February 15, 2011 until maturity and shall pay Additional Interest, if any, payable pursuant
to the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any, in United States dollars (except as otherwise provided herein) semiannually in arrears on February 15 and August 15,
commencing on August 15, 2011 or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from and including February 15, 2011; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred
to on the face hereof and the next succeeding Interest Payment Date (but after February 15, 2011), interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest
shall accrue from the date of authentication. It shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Code) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable
grace period) at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The interest rate on the Notes will in no event be higher than the maximum rate permitted by New York
law as the same may be modified by United States law of general application. 
 Interest will be payable, at the election of the
Company (made by delivering a notice, such notice shall state the actual amount to pay in cash, PIK or combination thereof, to the Trustee not later than 10 Business Days prior to the beginning of each interest period), (1) entirely in cash
(“Cash Interest”), (2) by increasing the principal amount of the outstanding Global Notes or by issuing PIK Notes (“PIK Interest”) or (3) 50% as Cash Interest and 50% as PIK Interest. As described in the
Registration Rights Agreement, Additional Interest (on both Cash Interest and PIK Interest) may accrue and be payable under the circumstances set forth therein. Any Additional Interest on the Notes will be payable in the same form of payment elected
by the Company for the payment of interest with respect to the applicable interest period. References herein to “interest” shall be deemed to include any such Additional Interest. 

In the absence of an interest payment election made by the Company as set forth above, interest on the Notes shall be payable in the
manner described in clause (2) of the preceding paragraph. The Company will pay the first interest payment in PIK Interest. Notwithstanding anything to the contrary, the payment of accrued interest in connection with any redemption or purchase
of Notes, as described in Sections 3.7, 3.9, 4.10, 4.14 and 4.16 of the Indenture shall be made solely in cash. 
 At all times,
PIK Interest on the Notes will be payable (x) with respect to Notes represented by one or more global notes registered in the name of, or held by, The Depository Trust Company (“DTC”) or its nominee on the relevant record date,
by increasing the principal amount of the outstanding Global Note by an amount equal to the amount of PIK Interest for the applicable interest period (rounded to the nearest whole dollar) as provided in an Issuer Order from the Company to the
Trustee and (y) with respect to Notes represented by additional Notes, by issuing PIK Notes in certificated form in an aggregate prin-

  
 Exhibit A-5









 
cipal amount equal to the amount of PIK Interest for the applicable interest period (rounded to the nearest whole dollar), and the Trustee will, at the request of the Company, authenticate and
deliver such PIK Notes for original issuance to the Holders on the relevant record date, as shown by the records of the register of Holders. Following an increase in the principal amount of the outstanding Global Notes as a result of a PIK Payment,
the Notes will bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Notes will be dated as of the applicable Interest Payment Date and will bear interest from and after such date. All Notes issued
pursuant to a PIK Payment will mature on February 15, 2016 and will be governed by, and subject to the terms, provisions and conditions of, the Indenture and shall have the same rights and benefits as the Notes issued on the Issue Date. Any PIK
Notes will be issued with the description “PIK” on the face of such PIK Note. 
 [(b)
Registration Rights Agreement. The Holder of this Note is entitled to the benefits of a Registration Rights Agreement dated as of February 15, 2011 between the Issuer and the Initial Purchasers.]1 

(2) Method of Payment. The Company will pay interest on the Notes (except defaulted interest) and Additional Interest, if any, on
the applicable Interest Payment Date to the Persons who are registered Holders of Notes at the close of business on February 1 and August 1 preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on
or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium and interest and Cash Interest and Additional Interest, if any, at
the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of Cash Interest or Additional Interest, if any, on all Global Notes and, with respect to
interest and Additional Interest, if any, due on an Interest Payment Date may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available
funds shall be required with respect to principal of, premium, if any, and interest on, and Cash Interest and Additional Interest, if any, on all Global Notes and, with respect to interest and Additional Interest, if any, due on an Interest Payment
Date, all other Notes the Holders of which shall have provided written wire transfer instructions to the Company and the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
 Any payments of principal of and interest on this Note prior to Stated
Maturity shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The amount due and payable at the maturity of this
Note shall be payable only upon presentation and surrender of this Note at an office of the Trustee or the Trustee’s agent appointed for such purposes. 
 (3) Paying Agent and Registrar. Initially, The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any
Paying Agent or Registrar without notice to any Holder. The Company or any of its respective Restricted Subsidiaries may act in any such capacity. 
  

 

	1 	 To be included only in the Initial Notes on the Issue Date and any Additional Notes that bear the Restricted Legend. 



  
 Exhibit A-6









 (4) Indenture. The Company issued the Notes under an Indenture, dated as of
February 15, 2011 (the “Indenture”), between the Company and the Trustee. The terms of the Notes include those stated in the Indenture. To the extent the provisions of this Note are inconsistent with the provisions of the Indenture,
the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Notes issued on the Issue Date are senior Obligations of the Company limited to $250,000,000 in
aggregate principal amount, plus amounts, if any, sufficient to pay premium and interest on outstanding Notes as set forth in Paragraph 2 hereof. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions.

 (5) Optional Redemption. 
 (a) The Notes may be redeemed, in whole or in part, at any time prior to February 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’s 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, if any, to, but not including, 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). 
 (b) In addition, the Notes are subject to redemption, at the option of the Company, in whole or in part, at any time on or after February 15, 2013 upon not less than 30 nor more than 60 days’
notice mailed by first-class mail to each Holder’s registered address at the following Redemption Prices (expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but not
including, the redemption date (subject to the right of Holders of record on the relevant regular record date to receive interest due on an interest payment date), if redeemed during the periods indicated below: 

 

					
	 Year
	  	Percentage	 
	 February 15, 2013 through February 14, 2014
	  	 	105.00	% 
	 February 15, 2014 through February 14, 2015
	  	 	102.00	% 
	 February 15, 2015 and thereafter
	  	 	100.00	% 

 In addition to the optional redemption of the Notes in accordance with the provisions of the preceding
paragraphs, prior to February 15, 2013, the Company may, with the net proceeds of one or more Qualified Equity Offerings, redeem up to 35% of the aggregate principal amount of the outstanding Notes (including Additional Notes) at a redemption
price equal to 110.625% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption; provided that at least 65% of the principal amount of Notes then outstanding (including Additional Notes) remains
outstanding immediately after the occurrence of any such redemption (excluding Notes held by Parent or its Subsidiaries) and that any such notice of redemption occurs within 90 days following the closing of any such Qualified Equity Offering.

 (6) Mandatory Redemption. Except as set forth under Sections 4.10, 4.14 and 4.16 of the Indenture, the Company shall
not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 (7) Repurchase at Option
of Holder. 
 (a) Upon the occurrence of certain events, the Company may be required to commence an Offer to Purchase
pursuant to an Asset Sale Offer or Change of Control Offer or a Qualified Equity Offering Offer. 

  
 Exhibit A-7









 (b) Holders of the Notes that are the subject of an Offer to Purchase will receive notice of
an Offer to Purchase pursuant to a an Asset Sale Offer, a Change of Control Offer or a Qualified Equity Offering Offer from the Company prior to any related Purchase Date and may elect to have such Notes purchased by completing the form titled
“Option of Holder to Elect Purchase” appearing below. 
 (8) Notice of Redemption. Notice of redemption shall
be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes and portions of Notes selected will be in amounts of $1,000 or whole multiples of $1,000
in excess thereof (or if a PIK Payment has been made, in denominations of $1.00 and any integral multiple of $1.00 in excess thereof with respect to a PIK Note or the portion of a Global Note constituting PIK Interest) (provided, that any
unpurchased portion of a Note must be in a minimum denomination of $2,000 (or if a PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof with respect to a PIK Note or the portion of a
Global Note constituting PIK Interest )); except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. 

(9) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in initial denominations of $2,000 and any
integral multiple of $1,000 in excess thereof (or if a PIK Payment has been made, in minimum amounts of $1.00). The transfer of the Notes may be registered. The Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period
between a record date and the corresponding Interest Payment Date. 
 (10) Persons Deemed Owners. The registered holder
of a Note may be treated as its owner for all purposes. 
 (11) Amendment, Supplement and Waiver. Subject to the
following paragraphs, the Indenture and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes, including, without limitation, consents obtained in
connection with a purchase of or tender offer or exchange offer for Notes, and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes, including waivers obtained in connection with a tender offer or exchange offer for the Notes. 
 Without the consent of any Holders, the Company, the Guarantors, if any, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture and the
Guarantees, if any, for any of the following purposes: 
 (1) to evidence the succession of another Person to the
Company or any Guarantor and the assumption by any such successor of the covenants of the Company or such Guarantor in the Indenture, the Guarantees and in the Notes; 

(2) to add to the covenants of the Company or the Guarantors for the benefit of the Holders, or to surrender any right or
power herein conferred upon the Company or the Guarantors; 
 (3) to add additional Events of Default;


  
 Exhibit A-8









 (4) to provide for uncertificated Notes in addition to or in place of the
Certificated Notes; 
 (5) to evidence and provide for the acceptance of appointment under the Indenture by a
successor Trustee; 
 (6) to provide for or confirm the issuance of Additional Notes in accordance with the terms
of the Indenture; 
 (7) to add a Guarantor or to release a Guarantor in accordance with the Indenture;

 (8) to cure any ambiguity, defect, omission, mistake or inconsistency; 

(9) to make any other provisions with respect to matters or questions arising under the Indenture, provided that
such actions pursuant to this clause shall not adversely affect the interests of the Holders in any material respect, as determined in good faith by the Board of Directors of the Company; 

(10) to conform the text of the Indenture or the Notes to any provision of the “Description of the Notes” in the
Offering Memorandum to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in the “Description of the Notes”;
or 
 (11) in the event that PIK Notes are issued in certificated form, to make appropriate amendments to the
Indenture to reflect an appropriate minimum denomination of certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes. 
 Subject to the preceding paragraph, with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes, the Company, the Guarantors, if any, and the Trustee
may enter into an indenture or indentures supplemental to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or the Notes or of modifying in any manner the rights
of the Holders under the Indenture, including the definitions therein; provided, however, that no such supplemental indenture or amendment shall, without the consent of the Holder of each outstanding Note affected thereby: 

(1) change the Stated Maturity of any Note or of any installment of interest on any Note, or reduce the amount payable in
respect of the principal thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due and payable on acceleration of the maturity thereof, or change the place of payment where, or the coin or
currency in which, any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or change the date on which any Notes may be subject to
redemption or reduce the Redemption Price therefor, 
 (2) reduce the percentage in aggregate principal amount of
the outstanding Notes, the consent of whose Holders is required for any such supplemental indenture or amendment, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults
thereunder and their consequences) provided for in the Indenture, 
 (3) modify the obligations of the Company to
make Offers to Purchase upon a Change of Control or from the Excess Proceeds of Asset Sales or Qualified Equity Offering Net 

  
 Exhibit A-9









 
Proceeds if such modification was done after the occurrence of such Change of Control or Asset Sale, as applicable, 

(4) subordinate, in right of payment, the Notes to any other Debt of the Company, 

(5) modify any of the provisions of this paragraph or provisions relating to waiver of defaults or certain covenants,
except to increase any such percentage required for such actions or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby, or 

(6) release any Guarantees required to be maintained under the Indenture (other than in accordance with the terms of the
Indenture). 
 The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may on behalf of
the Holders of all the Notes waive any past default under the Indenture and its consequences, except a default: 

(1) in any payment in respect of the principal of (or premium, if any) or interest on any Notes (including any Note which
is required to have been purchased pursuant to an Offer to Purchase which has been made by the Issuer), or 
 (2)
in respect of a covenant or provision of the Indenture which under the Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 

(12) Defaults and Remedies. Events of Default include: 

(1) default in the payment in respect of the principal of (or premium, if any, on) any Note at its maturity (whether at
Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise); 
 (2) 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; 
 (3) failure to perform or comply with the provisions described under Section 5.1 of the Indenture; 
 (4) except as permitted by the Indenture, any Note Guarantee of any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall
for any reason cease to be, or it shall be asserted by any Guarantor or the Company not to be, in full force and effect and enforceable in accordance with its terms (except as specifically provided in the Indenture); 

(5) default in the performance, or breach, of (i) any covenant or agreement of the Company or any Guarantor in the
Indenture (other than (x) a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (1), (2) (3) or (4) above or (y) a covenant or agreement contained in Section 4.3 of
the Indenture), and continuance of such default or breach for a period of 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal
amount of the outstanding Notes or (ii) any covenant or agreement contained in Section 4.3 of the Indenture and continuance of such default or breach for a period of 120 days 

  
 Exhibit A-10









 
after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes;

 (6) a default or defaults under any bonds, debentures, notes or other evidences of Debt (other than the Notes)
by the Company or any Restricted Subsidiary of the Company having, individually or in the aggregate, a principal or similar amount outstanding of at least $35.0 million, whether such Debt now exists or shall hereafter be created, which default or
defaults shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a failure to pay at least $35.0 million of such Debt when due and payable after the expiration of any applicable grace
period with respect thereto; 
 (7) the entry against the Company or any Restricted Subsidiary of the Company
that is a Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) of a final non-appealable judgment or final non-appealable judgments for the payment of money in an aggregate
amount in excess of $35.0 million (other than any judgments covered by indemnities or insurance policies as to which liability coverage has not been denied by the insurance company or indemnifying party), by a court or courts of competent
jurisdiction, which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 90 consecutive days; or 
 (8) (i) the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, pursuant to or within the meaning of any
Bankruptcy Code: 
 (a) commences a voluntary case, 

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

(c) consents to the appointment of a Custodian of it or for all or substantially all of its property, 

(d) makes a general assignment for the benefit of its creditors, or 

(e) admits, in writing, its inability generally to pay its debts as they become due; or (ii) a court of competent
jurisdiction enters an order or decree under any Bankruptcy Code that: 
 (a) is for relief against the Company,
any Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, in an involuntary case; 
 (b) appoints a Custodian of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary or for all or substantially
all of the property of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; 

  
 Exhibit A-11









 (c) orders the liquidation of the Company or any Restricted Subsidiary that
is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 consecutive days. 

If an Event of Default (other than an Event of Default specified in clause (8) above with respect to the Company) occurs and is
continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the Notes to be due and payable
immediately by a notice in writing to the Company (and to the Trustee if given by Holders). 
 In the event of a declaration of
acceleration of the Notes solely because an Event of Default described in clause (6) above has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or
payment default triggering such Event of Default pursuant to clause (6) shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 20 Business Days after the
declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of
amounts due on the Notes. 
 If an Event of Default specified in clause (8) above occurs with respect to the Company, the
principal of and any accrued interest on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

(13) Trustee Dealings with the Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Company, the Guarantors , if any, or their respective Affiliates, and may otherwise deal with the Company, the Guarantors, if any, or their respective Affiliates, as if it were not the Trustee. 

(14) No Recourse Against Others. No director, officer, employee, stockholder, general or limited partner or incorporator, past,
present or future, of the Company or any of their Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Company under the Notes, any Guarantee or the Indenture by reason of his, her or its status as
such director, officer, employee, stockholder, general or limited partner or incorporator. 
 (15) Authentication. This
Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 (16)
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (17) CUSIP, ISIN Numbers. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP, ISIN or other similar numbers in notices of redemption as a
convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.


  
 Exhibit A-12









 The Company shall furnish to any Holder upon written request and without charge a copy of
the Indenture. Requests may be made to: 
 American Commercial Lines Inc. 

1701 East Market Street 
 Jeffersonville, Indiana 47130 
 Facsimile: (812) 288-0294 

Attention: General Counsel 

  
 Exhibit A-13









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

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

 
  

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

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

Date:
                         

 

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


  

			
	Signature guarantee:	  	 
		  	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)


  
 Exhibit A-14









 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Sections 4.10 (Asset Sale), 4.14 (Change of Control) or 4.16
(Certain Qualified Equity Offerings) of the Indenture, check the box below: 
 [  ] Section 4.10
            [  ] Section 4.14             [  ] Section 4.16 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10, 4.14 or 4.16 of the Indenture,
state the amount you elect to have purchased: 

$                    ($1,000 or an integral
multiple of $1,000 in excess thereof (or, if a PIK Payment has been made, in denominations of $1.00 and any integral multiple of $1.00 in excess thereof with respect to a PIK Note or the portion of a Global Note constituting PIK Interest ),
provided that the unpur-chased portion of the Note shall be in a minimum principal amount of $2,000 (or, if a PIK Payment has been made, in a minimum denomination of $1.00 with respect to a PIK Note or the portion of a Global Note
constituting PIK Interest). 
  

					
	
Date:                      

	  	Your Signature:	  	 
		  		  	(Sign exactly as your name appears on the Note)

  

			
	Tax Identification No.:	  	
		
	 Signature guarantee:
	  	
		  	 
		  	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)


  
 Exhibit A-15









 CERTIFICATE TO BE DELIVERED UPON 
 EXCHANGE OR REGISTRATION 
 OF TRANSFER RESTRICTED NOTES 

American Commercial Lines Inc. 
 1701 East
Market Street 
 Jeffersonville, Indiana 47130 
 Facsimile: (812) 288-0294 
 Attention: General Counsel 

The Bank of New York Mellon Trust Company, N.A., as Trustee 
 2 North LaSalle Street Suite 1020 
 Chicago, Illinois 60602 

Facsimile: (312) 827-8542 
 Attention:
Corporate Trust 
  

	Re:	ACL I Corporation 


10.625%/11.375% Senior PIK Toggle Note due 2016 
 CUSIP
#                                        

 Reference is hereby made to that certain Indenture dated February 15, 2011 (the “Indenture”) between ACL I Corporation (the
“Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture. 

This certificate relates to $            principal amount of Notes held in (check
applicable space)             book-entry or             definitive form by the undersigned. 

The undersigned             (transferor) (check one box below): 

 ̈ hereby requests the Registrar to deliver in exchange for its beneficial interest in the Global Note held
by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above), in accordance with
Section 2.6 of the Indenture; or 
  ̈ hereby requests the Trustee to exchange or register
the transfer of a Note or Notes to
                                     (transferee). 

In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the periods referred to in Rule
144(b) under the Securities Act of 1933, as amended, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW: 
 (1)         ̈         to the Company or any of its subsidiaries; or 

(2)         ̈        
inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is
given that such transfer is being made in reliance on 

  
 Exhibit A-16









 
Rule 144A under the Securities Act of 1933, as amended, in each case pursuant to and in compliance with Rule 144A thereunder; or 
 (3)         ̈         outside the United States in an offshore transaction
within the meaning of Regulation S under the Securities Act of 1933, as amended, in compliance with Rule 904 thereunder. 

  
 Exhibit A-17









 Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered holder thereof. 
  

			
		 	 
		 	 Signature


  

			
	 Signature guarantee:
	 	 
		 	 (Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)


 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), and is aware that the sale to
it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that
the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
		 	[Name of Transferee]
	
Dated:                      

	 	 

 NOTICE: To be executed by an executive officer 

  
 Exhibit A-18









 SCHEDULE OF EXCHANGES OF 10.625%/11.375% SENIOR PIK TOGGLE NOTES 

The following exchanges of a part of this Global Note for other 10.625%/11.375% Senior PIK Toggle 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
10.625%/11.375%
Senior PIK Toggle
Note
Custodian
	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  


  
 Exhibit A-19









 EXHIBIT B 
 FORM OF NOTATIONAL GUARANTEE 
 The Guarantor listed below (hereinafter referred to
as the “Guarantor,” which term includes any successors or assigns under that certain Indenture, dated as of February 15, 2011, by and between ACL I Corporation (the “Company”), the Guarantors party thereto and the Trustee
(as amended and supplemented from time to time, the “Indenture”) and any additional Guarantors) has guaranteed the Notes and the obligations of the Company under the Indenture, which include (i) the due and punctual payment of the
principal of, premium, if any, and interest and Additional Interest, if any, on the Notes of the Company, whether at stated maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and premium, if
any, and (to the extent permitted by law) interest on any interest, if any, and Additional Interest, if any, on the Notes, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance
with the terms set forth in Article XII of the Indenture, (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise, and (iii) the payment of any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any
Holder in enforcing any rights under this Note Guarantee or the Indenture. 
 The obligations of each Guarantor to the Holders
and to the Trustee pursuant to this Note Guarantee and the Indenture are expressly set forth in Article XII of the Indenture and reference is hereby made to such Indenture for the precise terms of this Note Guarantee. 

No stockholder, employee, officer, director or incorporator, as such, past, present or future of each Guarantor shall have any liability
under this Note Guarantee by reason of his or its status as such stockholder, employee, officer, director or incorporator. 

This is a continuing Note Guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its successors
and assigns until full and final payment of all of the Company’s obligations under the Notes and Indenture or until released in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the
Holders, and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to
the terms and conditions hereof. This is a Note Guarantee of payment and not of collectability. 
 This Note Guarantee shall not
be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Note Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers.
The Obligations of each Guarantor under its Note Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law. 

  
 Exhibit B-1









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

Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated. 

Dated as of
                             

 

			
	[NAME OF GUARANTOR]
		
	By:	 	 
		 	 Name:

		 	 Title:




  
 Exhibit B-2









 EXHIBIT C 
 [FORM OF CERTIFICATE TO BE DELIVERED 
 IN CONNECTION WITH TRANSFERS PURSUANT TO RULE
144A] 
 American Commercial Lines, Inc. 
 1701 East Market Street 
 Jeffersonville, Indiana 47130 

Facsimile: (812) 288-0294 
 Attention:
General Counsel 
 The Bank of New York Mellon Trust Company, N.A. 
 2 North LaSalle Street, Suite 1020 
 Chicago, Illinois 60602 

Attn: Corporate Trust 
 Telecopy No.:
(312) 827-8542 
 Re: ACL I Corporation (the “Company”) 

 10.625%/11.375% Senior PIK Toggle Notes due 2016 (the “Notes”) 

Ladies and Gentlemen: 
 In
connection with our proposed sale of $            aggregate principal amount at maturity of the Notes, we hereby certify that such transfer is being effected pursuant to and in
accordance with Rule 144A (“Rule 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we hereby further certify that the Notes are being transferred to a person that we
reasonably believe is purchasing the Notes for its own account, or for one or more accounts with respect to which such person exercises sole investment discretion, and such person and each such account is a “qualified institutional buyer”
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Notes are being transferred in compliance with any applicable blue sky securities laws of any state of the United States. 

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
		
		 	 
		 	[Name of Transferor]


  

			
		
	 By:
	 	 
		 	 Authorized Signature



  

							
	 	Signature guarantee:	  	 	
				 	 (Signature must be guaranteed by a participant in a recognized signature guarantee medallion
program)



  
 Exhibit C-1









 EXHIBIT D 
 [FORM OF CERTIFICATE TO BE DELIVERED 
 IN CONNECTION WITH TRANSFERS 

PURSUANT TO REGULATION S] 

American Commercial Lines, Inc. 
 1701 East
Market Street 
 Jeffersonville, Indiana 47130 
 Facsimile: (812) 288-0294 
 Attention: General Counsel 

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

2 North LaSalle Street, Suite 1020 
 Chicago,
Illinois 60602 
 Attn: Corporate Trust 

Telecopy No.: (312) 827-8542 
 Re: ACL I Corporation (the “Company”) 

 10.625%/11.375% Senior PIK Toggle Notes due 2016 (the “Notes”) 

Ladies and Gentlemen: 
 In
connection with our proposed sale of $            aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S
under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
 (1) the offer of the Notes was not made to a person in the United States; 
 (2) either (a) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the
United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in
the United States; 
 (3) no directed selling efforts have been made in the United States in contravention of
the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 
 (4) the transaction is not
part of a plan or scheme to evade the registration requirements of the Securities Act. 
 In addition, if the sale is made
during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may
be. 

  
 D-1









 The Company and you are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S.

  

			
	Very truly yours,
		 	 
		 	[Name of Transferor]


  

			
		
	 By:
	 	 
		 	Authorized Signature


  

			
	Signature guarantee:	  	  
		
		  	 (Signature must be guaranteed by a participant in a recognized signature guarantee medallion
program)



  
 D-2