Supplemental Indenture, dated February 10, 2011



 Exhibit 4.1 
 EXECUTION VERSION 
 FIRST SUPPLEMENTAL INDENTURE 

FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of February 10, 2011, among VERSO PAPER HOLDINGS
LLC, a Delaware limited liability company (the “Company”), VERSO PAPER INC., a Delaware corporation (“Finance Co.” and, together with the Company, the “Issuers”), the GUARANTORS party hereto (the
“Guarantors”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H : 
 WHEREAS the Issuers and the Guarantors have heretofore
executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of January 26, 2011, providing for the issuance of the Issuers’ 8.75% Second Priority Senior Secured
Notes due 2019 (the “Securities”), initially in the aggregate principal amount of $360,000,000; 
 WHEREAS the
issuance and sale of Additional Securities in the aggregate principal amount of $36,000,000 (the “Notes”) have been authorized by resolutions adopted by the Boards of Directors of the Issuers; 

WHEREAS Sections 2.01 and 9.01 of the Indenture provide that the Issuers, when authorized by a resolution of the Boards of Directors of
the Issuers, the Guarantors and the Trustee are authorized to execute and deliver this Supplemental Indenture; 
 WHEREAS the
Issuers have complied with all conditions precedent provided for in the Indenture relating to this Supplemental Indenture; 

WHEREAS the Securities, including the Notes, shall be treated as a single class for all purposes under the Indenture (as supplemented by
this Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase); and 

WHEREAS the Issuers have requested that the Trustee execute and deliver this Supplemental Indenture. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Issuers, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 
 1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term
“Holders” in this Supplemental Indenture shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders of Securities. The words “herein,”
“hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 







 2. Terms of the Notes. The following terms relating to the Notes are hereby
established: 
  

	 	a.	Principal Amount. The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture, as amended hereby, shall be
$36,000,000. 

  

	 	b.	Issue Price and Issuance Date. The issue price of the Notes shall be 103.250% of the aggregate principal amount of the Notes, and the issuance date of the Notes
shall be February 10, 2011. The date from which interest shall accrue on the Notes shall be January 26, 2011. 

  

	 	c.	The Notes shall have the other terms set forth in the form of global notes attached hereto as Exhibit A and B. 


 

	 	d.	The Notes shall be considered Additional Securities issued pursuant to Section 2.01 of the Indenture. 


3. Form of the Notes. The Notes and the Trustee’s certificate of authentication shall be substantially in the forms of
Exhibits A and B, respectively, attached hereto. The Notes shall be executed on behalf of each Issuer by an Officer and authenticated by the Trustee pursuant to Section 2.03 of the Indenture. 

4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in
all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Securities
heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5. Governing Law. THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 6. Trustee Makes
No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. 
 8. Effect of Headings. The Section headings herein are for
convenience only and shall not effect the construction thereof. 

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

					
	VERSO PAPER HOLDINGS LLC
		
	By:	 	 /s/ Robert P. Mundy

		 	Name:	 	Robert P. Mundy
		 	Title:	 	 Senior Vice President and

Chief Financial Officer

	
	VERSO PAPER INC.
		
	By:	 	 /s/ Robert P. Mundy

		 	Name:	 	Robert P. Mundy
		 	Title:	 	 Senior Vice President and

Chief Financial Officer

	
	GUARANTORS:
	
	VERSO PAPER LLC
	VERSO ANDROSCOGGIN LLC
	VERSO BUCKSPORT LLC
	VERSO SARTELL LLC
	VERSO QUINNESEC LLC
	VERSO MAINE ENERGY LLC
	VERSO FIBER FARM LLC
	VERSO QUINNESEC REP HOLDING INC.
	NEXTIER SOLUTIONS CORPORATION
		
	By:	 	 /s/ Robert P. Mundy

		 	Name:	 	Robert P. Mundy
		 	Title:	 	 Senior Vice President and

Chief Financial Officer




  
 [Signature
page to First Supplemental Indenture] 








 
			
	 WILMINGTON TRUST COMPANY, AS
 TRUSTEE

		
	By:	 	 /s/ Geoffrey J. Lewis

		 	 Name:  Geoffrey J. Lewis

		 	 Title:    Assistant Vice President




  
 [Signature
page to First Supplemental Indenture] 








 EXHIBIT A 
 [FACE OF SECURITY] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE (OR ITS PREDECESSOR) 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
THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM
THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER OF THIS NOTE AGREES FOR THE
BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. 








			
	No. 144A-2	  	$36,000,000

 8.75% Second
Priority Senior Secured Notes due 2019 
  

							
		 		 		 	CUSIP No. 92531X AK8
		 		 		 	ISIN No. US92531XAK81  


 VERSO PAPER HOLDINGS LLC, a Delaware limited liability corporation, and VERSO PAPER INC., a Delaware corporation, jointly and severally promise to pay to Cede & Co., or its registered assigns,
the principal sum of THIRTY-SIX MILLION Dollars, or such other amount as is listed on the Schedule of Increases or Decreases in Global Security attached hereto on February 1, 2019. 

Interest Payment Dates: February 1 and August 1, commencing August 1, 2011. 

Record Dates: January 15 and July 15 
 Additional provisions of this Security are set forth on the other side of this Security. 
 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 







 
					
	VERSO PAPER HOLDINGS LLC
		
	By:	 	  

		 	Name:	 	Robert P. Mundy
		 	Title:	 	 Senior Vice President and Chief
 Financial Officer

	
	VERSO PAPER INC.
		
	By:	 	  

		 	Name:	 	Robert P. Mundy
		 	Title:	 	 Senior Vice President and Chief
 Financial Officer



 Dated: February 10, 2011 

[Signature page to Rule 144A Global Note] 








			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 WILMINGTON TRUST COMPANY,
as Trustee, certifies that this is one of the Securities referred to in the
Indenture.

		
	 By:
	 	  

		 	 Authorized Signatory



Dated: February 10, 2011 
 [Signature page to Rule 144A Global Note] 







 [REVERSE SIDE OF SECURITY] 

8.75% Second Priority Senior Secured Notes due 2019 
  

	1.	Interest 

 (a) VERSO PAPER
HOLDINGS LLC, a Delaware limited liability corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”) and VERSO PAPER INC., a Delaware corporation and
wholly-owned subsidiary of the Company (“Finance Co.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Security at the rate per annum shown above. The
Issuers shall pay interest semiannually on February 1 and August 1 of each year, commencing August 1, 2011. Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if
no interest has been paid or duly provided for, from January 26, 2011 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuers shall pay interest on overdue principal at
the rate borne by the Securities, and they shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 (b) Registration Rights Agreement. The Holder of this Security is entitled to the benefits of a Registration Rights Agreement, dated as of February 10, 2011, among the Issuers, the Guarantors
and the Initial Purchasers. 
  

	2.	Method of Payment 

 The
Issuers shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business on the January 15 or July 15 next preceding the interest payment date even if Securities are
canceled after the record date and on or before the interest payment date (whether or not a Business Day). Holders must surrender Securities to the Paying Agent to collect principal payments. The Issuers shall pay principal, premium, if any, and
interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and
interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Issuers shall make all payments in respect of a certificated Security (including
principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuers, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on the Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United
States if such Holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date
as the Trustee may accept in its discretion). 

  
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	3.	Paying Agent and Registrar 


Initially, Wilmington Trust Company (the “Trustee”) will act as Paying Agent and Registrar. The Issuers may appoint and change
any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Issuers
issued the Securities under an Indenture dated as of January 26, 2011 (the “Base Indenture”), among the Issuers, the Guarantors and the Trustee, as supplemented by the First Supplemental Indenture dated as of February 10, 2011
(the “First Supplemental Indenture”), among the Issuers, the Guarantors and the Trustee (the Base Indenture, as so supplemented by the First Supplemental Indenture, the “Indenture”). The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and
not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement
of such terms and provisions. 
 The Securities are second priority senior secured obligations of the Issuers. This Security is
one of the Initial Securities referred to in the Indenture. The Securities include the Original Securities, any Additional Securities and any Exchange Securities issued in exchange for the Original Securities or any Additional Securities pursuant to
the Indenture. The Original Securities, any Additional Securities and any Exchange Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted
Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by
such Restricted Subsidiaries, issue or sell shares of capital stock of the Company and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes
limitations on the ability of the Issuers and each Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

To guarantee the due and punctual payment of the principal and interest on the Securities and all other amounts payable by the Issuers
under the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have, jointly and severally,
unconditionally guaranteed the Guaranteed Obligations on a second priority senior secured basis pursuant to the terms of the Indenture. 

  
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	5.	Optional Redemption 


Except as set forth in the following two paragraphs, the Securities shall not be redeemable at the option of the Issuers prior to
February 1, 2015. On or after February 1, 2015, the Securities shall be redeemable at the option of the Issuers, in whole at any time or in part from time to time, upon on not less than 30 nor more than 60 days’ prior notice, at the
following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to
receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on February 1 of the years set forth below: 
  

					
	 Period
	  	Redemption Price	 
	 2015
	  	 	104.375	% 
	 2016
	  	 	102.188	% 
	 2017 and thereafter
	  	 	100.000	% 

 In addition, prior to
February 1, 2015, the Issuers may redeem the Securities at their option, in whole at any time or in part from time to time, 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 Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest and additional interest, if any, to, the applicable redemption date
(subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 Notwithstanding the foregoing, at any time and from time to time on or prior to February 1, 2014, the Issuers may redeem in the aggregate up to 35% of the original aggregate principal amount of the
Securities (calculated after giving effect to any issuance of Additional Securities), with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by any direct or indirect parent of the Company, in each case, to
the extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from it, at a redemption price equal to 108.75% of the principal
amount thereof plus accrued and unpaid interest, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that
at least 65% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of Additional Securities) must remain outstanding after each such redemption; and provided, further, that such
redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed to each Holder being redeemed and otherwise in accordance with the procedures set
forth in the Indenture. Notice of any redemption upon any such Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the Issuers’ discretion, be subject to one or more conditions precedent,
including, but not limited to, completion of the related Equity Offering. 
  

	6.	Sinking Fund 

 The
Securities are not subject to any sinking fund. 

  
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	7.	Notice of Redemption 


Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each
Holder of Securities to be redeemed at his, her or its registered address. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued
and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases
to accrue on such Securities (or such portions thereof) called for redemption. 
  

	8.	Repurchase of Securities at the Option of the 


	 	Holders upon Change of Control and Asset Sales 

 Upon the occurrence of a Change of Control, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Issuers to repurchase all or any part of such
Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase (subject to the right of the Holders of record on the
relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuers will be required to offer to purchase Securities upon the occurrence of certain events. 

 

	9.	Ranking and Collateral 


These Securities and the Note Guaranties are secured by a second priority security interest in the Collateral pursuant to certain Security
Documents. The Second Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to all present and future First Priority Liens and will be of equal ranking with
all present and future Parity Liens as set forth in Article 10 of the Indenture and the Intercreditor Agreement. 
  

	10.	Denominations; Transfer; Exchange 

 The Securities are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. A Holder shall register the transfer of or exchange of
Securities in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be
redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a selection of Securities to be redeemed. 

  
 R-4










	11.	Persons Deemed Owners 


The registered Holder of this Security shall be treated as the owner of it for all purposes. 

 

	12.	Unclaimed Money 

 If money
for the payment of principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuers at their written request unless an abandoned property law designates another Person. After any such
payment, the Holders entitled to the money must look to the Issuers for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 

 

	13.	Discharge and Defeasance 


Subject to certain conditions, the Issuers at any time may terminate some of or all its obligations under the Securities and the Indenture
if the Issuers deposit with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity, as the case may be. 

 

	14.	Amendment; Waiver 


Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Security Documents, the Intercreditor Agreement or
the Securities may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (voting as a single class) and (ii) any past default or compliance with any provisions may
be waived with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuers, Guarantors and the
Trustee may amend the Indenture, the Security Documents, the Intercreditor Agreement or the Securities (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to conform any provision to the “Description of Notes” in
the Offering Circular; (iii) to provide for the assumption by a Successor Company or Successor Co-Issuer of the obligations of the Issuers under the Indenture and the Securities; (iv) to provide for the assumption by a Successor Guarantor
of the obligations of a Guarantor under the Indenture and its Note Guaranty; (v) to comply with Article 5 of the Indenture; (vi) to provide for uncertificated Securities in addition to or in place of certificated Securities
(provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code);
(vii) to add additional assets as Collateral, (viii) to release Collateral from the Lien pursuant to the Indenture and the Security Documents when permitted or required by the Indenture or the Security Documents; (ix) to add
additional Note Guaranties with respect to the Securities or to secure the Securities; (x) to add additional covenants of the Issuers for the benefit of the Holders or to surrender any right or power conferred in the Indenture upon the Issuers;
(xi) to comply with any requirement of the SEC in connection with qualifying, or maintaining the qualification of, the Indenture under the TIA; (xii) to make any change that does not adversely affect the rights of any Holder; or
(xiii) to provide for the issuance of the Exchange Securities or Additional Securities. In addition, without notice to or 

  
 R-5









 
consent of any Holder, the Security Documents may be amended to reflect the addition of holders of additional Secured Indebtedness to the extent the grant of Liens to secure such Indebtedness is
permitted by the Indenture. 
  

	15.	Defaults and Remedies 

 If
an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuers or a Significant Subsidiary) with respect to the Securities and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the outstanding Securities, in each case, by notice to the Issuers, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable. Upon such
a declaration, such principal and interest shall be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuers or a Significant Subsidiary occurs, the principal of,
premium, if any, and interest on all the Securities shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount
of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences. 
 If an
Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee
indemnity or security satisfactory to it against any loss, liability or expense and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue
any remedy with respect to the Indenture or the Securities unless (i) such Holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding
Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have offered the Trustee security or indemnity satisfactory to it against any loss, liability or expense, (iv) the Trustee has not complied with such
request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such
request within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the
rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and
expenses caused by taking or not taking such action. 
  

	16.	Trustee Dealings with the Issuers 

 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and
collect obligations owed to it by the Issuers or their Affiliates and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. 

  
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	17.	No Recourse Against Others 


No director, officer, employee, incorporator or holder of any equity interests in the Issuers or of any Guarantor or any direct or
indirect parent corporation, as such, shall have any liability for any obligations of the Issuers or the Guarantors under the Securities, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Securities by accepting a Security waives and releases all such liability. 
  

	18.	Authentication 

 This
Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

 

	19.	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 rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
  

	20.	Governing Law 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	21.	CUSIP Numbers; ISINs 

 The
Issuers have caused CUSIP numbers and ISINs to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs 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 Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Issuers will furnish to any Holder of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

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

  
  

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

 
 (Insert assignee’s soc. sec.
or tax I.D. No.) 
 and irrevocably appoint
                     agent to transfer this Security on the books of the Issuers. The agent may substitute another to act for him. 

 
  
  

 

									
	Date:	 	
                                        
	 		 	Your Signature:	 	  



 
  
  

Sign exactly as your name appears on the other side of this Security. 
 Signature Guarantee: 
  

							
	Date:	 	
                                        
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 		 	Signature of Signature Guarantee








 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES 
 This certificate relates to $                     principal amount of Securities held in (check
applicable space)          book-entry or              definitive form by the undersigned. 

The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Security or Securities in
definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); 


 

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 


In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in
Rule 144(k) under the Securities Act, the undersigned confirms that such Securities are being transferred in accordance with its terms: 
 CHECK
ONE BOX BELOW 
  

					
	(1)	  	 ̈	  	to either of the Issuers; or
			
	(2)	  	 ̈	  	to the Registrar for registration in the name of the Holder, without transfer; or
			
	(3)	  	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(4)	  	 ̈	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) 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 Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	(5)	  	 ̈	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and
such Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
			
	(6)	  	 ̈	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed
letter containing certain representations and agreements; or
			
	(7)	  	 ̈	  	 pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of
1933.










 Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuers or the Trustee may require, prior to
registering any such transfer of the Securities, such legal opinions, certifications and other information as the Issuers or the Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act of 1933. 
  

									
	Date:	 	
                                        
	 		 	Your Signature:	 	  


 Signature Guarantee: 
  

							
	Date:	 	
                                        
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 		 	Signature of Signature Guarantee

  

 







 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security 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, 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 Issuers 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. 
  

			
	 Dated:
                                        

	 	  

		 	 NOTICE: To be executed by an executive officer









 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is $36,000,000. The following increases or decreases in this Global Security have
been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease in
Principal Amount of this
Global
Security
	  	 Amount of increase in

Principal Amount of this
 Global Security
	  	 Principal amount of this

Global Security following
 such decrease or increase
	  	 Signature of authorized
signatory of Trustee
or
Securities Custodian

		  		  		  		  	








 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by either of the Issuers pursuant to Section 4.06 (Asset Sale) or 4.08
(Change of Control) of the Indenture, check the box: 
  

			
	Asset Sale   ̈	 	Change of Control   ̈


If you want to elect to have only part of this Security purchased by either of the Issuers pursuant to Section 4.06 (Asset Sale)
or 4.08 (Change of Control) of the Indenture, state the amount ($2,000 or an integral multiple of $1,000 in excess of $2,000): 
 $

  

									
	Date:	 	  
	 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the other side of this Security)

  

							
	Signature Guarantee:	 	  
	  	

  

	
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee








 EXHIBIT B 
 [FACE OF SECURITY] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE (OR ITS PREDECESSOR) 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
THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM
THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER OF THIS NOTE AGREES FOR THE
BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. 







 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM
REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 








			
	No. Reg S-2	 	$0

 8.75% Second Priority Senior
Secured Notes due 2019 
  

					
		 		 	 CUSIP No. U9221R AE1

		 		 	 ISIN No. USU9221RAE19


 VERSO PAPER HOLDINGS LLC, a Delaware limited liability corporation, and VERSO PAPER INC., a Delaware corporation, jointly and severally promise to pay to Cede & Co., or its registered assigns,
the principal sum of ZERO Dollars, or such other amount as is listed on the Schedule of Increases or Decreases in Global Security attached hereto on February 1, 2019. 
 Interest Payment Dates: February 1 and August 1, commencing August 1, 2011. 
 Record Dates: January 15 and July 15 
 Additional provisions of this
Security are set forth on the other side of this Security. 
 IN WITNESS WHEREOF, the parties have caused this instrument to be
duly executed. 







 
					
	VERSO PAPER HOLDINGS LLC
		
	By:	 	  

		 	Name:	 	Robert P. Mundy
		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	VERSO PAPER INC.
		
	By:	 	  

		 	Name:	 	Robert P. Mundy
		 	Title:	 	Senior Vice President and Chief Financial Officer



Dated: February 10, 2011 

[Signature page to Reg S Global Note] 








			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 WILMINGTON TRUST COMPANY,
as Trustee, certifies that this is one of the Securities referred to in the
Indenture.

		
	By:	 	  

		 	Authorized Signatory

 Dated: February 10, 2011 
 [Signature page to Reg S Global Note] 








 [REVERSE SIDE OF SECURITY] 

8.75% Second Priority Senior Secured Notes due 2019 
  

	1.	Interest 

 (a) VERSO PAPER
HOLDINGS LLC, a Delaware limited liability corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”) and VERSO PAPER INC., a Delaware corporation and
wholly-owned subsidiary of the Company (“Finance Co.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Security at the rate per annum shown above. The
Issuers shall pay interest semiannually on February 1 and August 1 of each year, commencing August 1, 2011. Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if
no interest has been paid or duly provided for, from January 26, 2011 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuers shall pay interest on overdue principal at
the rate borne by the Securities, and they shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 (b) Registration Rights Agreement. The Holder of this Security is entitled to the benefits of a Registration Rights Agreement, dated as of February 10, 2011, among the Issuers, the Guarantors
and the Initial Purchasers. 
  

	2.	Method of Payment 

 The
Issuers shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business on the January 15 or July 15 next preceding the interest payment date even if Securities are
canceled after the record date and on or before the interest payment date (whether or not a Business Day). Holders must surrender Securities to the Paying Agent to collect principal payments. The Issuers shall pay principal, premium, if any, and
interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and
interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Issuers shall make all payments in respect of a certificated Security (including
principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuers, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on the Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United
States if such Holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date
as the Trustee may accept in its discretion). 

  
 R-1










	3.	Paying Agent and Registrar 


Initially, Wilmington Trust Company (the “Trustee”) will act as Paying Agent and Registrar. The Issuers may appoint and change
any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Issuers
issued the Securities under an Indenture dated as of January 26, 2011 (the “Base Indenture”), among the Issuers, the Guarantors and the Trustee, as supplemented by the First Supplemental Indenture dated as of February 10, 2011
(the “First Supplemental Indenture”), among the Issuers, the Guarantors and the Trustee (the Base Indenture, as so supplemented by the First Supplemental Indenture, the “Indenture”). The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and
not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement
of such terms and provisions. 
 The Securities are second priority senior secured obligations of the Issuers. This Security is
one of the Initial Securities referred to in the Indenture. The Securities include the Original Securities, any Additional Securities and any Exchange Securities issued in exchange for the Original Securities or any Additional Securities pursuant to
the Indenture. The Original Securities, any Additional Securities and any Exchange Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted
Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by
such Restricted Subsidiaries, issue or sell shares of capital stock of the Company and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes
limitations on the ability of the Issuers and each Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

To guarantee the due and punctual payment of the principal and interest on the Securities and all other amounts payable by the Issuers
under the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have, jointly and severally,
unconditionally guaranteed the Guaranteed Obligations on a second priority senior secured basis pursuant to the terms of the Indenture. 

  
 R-2










	5.	Optional Redemption 


Except as set forth in the following two paragraphs, the Securities shall not be redeemable at the option of the Issuers prior to
February 1, 2015. On or after February 1, 2015, the Securities shall be redeemable at the option of the Issuers, in whole at any time or in part from time to time, upon on not less than 30 nor more than 60 days’ prior notice, at the
following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to
receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on February 1 of the years set forth below: 
  

					
	 Period
	  	Redemption Price	 
	 2015
	  	 	104.375	% 
	 2016
	  	 	102.188	% 
	 2017 and thereafter
	  	 	100.000	% 

 In addition, prior to
February 1, 2015, the Issuers may redeem the Securities at their option, in whole at any time or in part from time to time, 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 Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest and additional interest, if any, to, the applicable redemption date
(subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 Notwithstanding the foregoing, at any time and from time to time on or prior to February 1, 2014, the Issuers may redeem in the aggregate up to 35% of the original aggregate principal amount of the
Securities (calculated after giving effect to any issuance of Additional Securities), with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by any direct or indirect parent of the Company, in each case, to
the extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from it, at a redemption price equal to 108.75% of the principal
amount thereof plus accrued and unpaid interest, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that
at least 65% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of Additional Securities) must remain outstanding after each such redemption; and provided, further, that such
redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed to each Holder being redeemed and otherwise in accordance with the procedures set
forth in the Indenture. Notice of any redemption upon any such Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the Issuers’ discretion, be subject to one or more conditions precedent,
including, but not limited to, completion of the related Equity Offering. 
  

	6.	Sinking Fund 

 The
Securities are not subject to any sinking fund. 

  
 R-3










	7.	Notice of Redemption 


Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each
Holder of Securities to be redeemed at his, her or its registered address. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued
and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases
to accrue on such Securities (or such portions thereof) called for redemption. 
  

	8.	Repurchase of Securities at the Option of the 


	  	Holders upon Change of Control and Asset Sales 

 Upon the occurrence of a Change of Control, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Issuers to repurchase all or any part of such
Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase (subject to the right of the Holders of record on the
relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuers will be required to offer to purchase Securities upon the occurrence of certain events. 

 

	9.	Ranking and Collateral 


These Securities and the Note Guaranties are secured by a second priority security interest in the Collateral pursuant to certain Security
Documents. The Second Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to all present and future First Priority Liens and will be of equal ranking with
all present and future Parity Liens as set forth in Article 10 of the Indenture and the Intercreditor Agreement. 
  

	10.	Denominations; Transfer; Exchange 

 The Securities are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. A Holder shall register the transfer of or exchange of
Securities in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be
redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a selection of Securities to be redeemed. 

  
 R-4










	11.	Persons Deemed Owners 


The registered Holder of this Security shall be treated as the owner of it for all purposes. 

 

	12.	Unclaimed Money 

 If money
for the payment of principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuers at their written request unless an abandoned property law designates another Person. After any such
payment, the Holders entitled to the money must look to the Issuers for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 

 

	13.	Discharge and Defeasance 


Subject to certain conditions, the Issuers at any time may terminate some of or all its obligations under the Securities and the Indenture
if the Issuers deposit with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity, as the case may be. 

 

	14.	Amendment; Waiver 


Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Security Documents, the Intercreditor Agreement or
the Securities may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (voting as a single class) and (ii) any past default or compliance with any provisions may
be waived with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuers, Guarantors and the
Trustee may amend the Indenture, the Security Documents, the Intercreditor Agreement or the Securities (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to conform any provision to the “Description of Notes” in
the Offering Circular; (iii) to provide for the assumption by a Successor Company or Successor Co-Issuer of the obligations of the Issuers under the Indenture and the Securities; (iv) to provide for the assumption by a Successor Guarantor
of the obligations of a Guarantor under the Indenture and its Note Guaranty; (v) to comply with Article 5 of the Indenture; (vi) to provide for uncertificated Securities in addition to or in place of certificated Securities
(provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code);
(vii) to add additional assets as Collateral, (viii) to release Collateral from the Lien pursuant to the Indenture and the Security Documents when permitted or required by the Indenture or the Security Documents; (ix) to add
additional Note Guaranties with respect to the Securities or to secure the Securities; (x) to add additional covenants of the Issuers for the benefit of the Holders or to surrender any right or power conferred in the Indenture upon the Issuers;
(xi) to comply with any requirement of the SEC in connection with qualifying, or maintaining the qualification of, the Indenture under the TIA; (xii) to make any change that does not adversely affect the rights of any Holder; or
(xiii) to provide for the issuance of the Exchange Securities or Additional Securities. In addition, without notice to or 

  
 R-5









 
consent of any Holder, the Security Documents may be amended to reflect the addition of holders of additional Secured Indebtedness to the extent the grant of Liens to secure such Indebtedness is
permitted by the Indenture. 
  

	15.	Defaults and Remedies 

 If
an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuers or a Significant Subsidiary) with respect to the Securities and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the outstanding Securities, in each case, by notice to the Issuers, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable. Upon such
a declaration, such principal and interest shall be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuers or a Significant Subsidiary occurs, the principal of,
premium, if any, and interest on all the Securities shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount
of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences. 
 If an
Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee
indemnity or security satisfactory to it against any loss, liability or expense and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue
any remedy with respect to the Indenture or the Securities unless (i) such Holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding
Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have offered the Trustee security or indemnity satisfactory to it against any loss, liability or expense, (iv) the Trustee has not complied with such
request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such
request within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the
rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and
expenses caused by taking or not taking such action. 
  

	16.	Trustee Dealings with the Issuers 

 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and
collect obligations owed to it by the Issuers or their Affiliates and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. 

  
 R-6










	17.	No Recourse Against Others 


No director, officer, employee, incorporator or holder of any equity interests in the Issuers or of any Guarantor or any direct or
indirect parent corporation, as such, shall have any liability for any obligations of the Issuers or the Guarantors under the Securities, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Securities by accepting a Security waives and releases all such liability. 
  

	18.	Authentication 

 This
Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

 

	19.	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 rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
  

	20.	Governing Law 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	21.	CUSIP Numbers; ISINs 

 The
Issuers have caused CUSIP numbers and ISINs to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs 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 Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Issuers will furnish to any Holder of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

  
 R-7









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

  
  

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

 
 (Insert assignee’s soc. sec.
or tax I.D. No.) 
 and irrevocably appoint
                     agent to transfer this Security on the books of the Issuers. The agent may substitute another to act for him. 

 
  
  

 

									
	Date:	 	
                                        
	 		 	Your Signature:	 	  



 
  
  

Sign exactly as your name appears on the other side of this Security. 
 Signature Guarantee: 
  

							
	Date:	 	
                                        
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 		 	Signature of Signature Guarantee








 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES 
 This certificate relates to $             principal amount of Securities held in (check applicable space)
         book-entry or          definitive form by the undersigned. 
 The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Security or Securities in
definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); 


 

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 


In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in
Rule 144(k) under the Securities Act, the undersigned confirms that such Securities are being transferred in accordance with its terms: 
 CHECK
ONE BOX BELOW 
  

					
	 (1)
	  	 ̈	  	to either of the Issuers; or
			
	 (2)
	  	 ̈	  	to the Registrar for registration in the name of the Holder, without transfer; or
			
	 (3)
	  	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	 (4)
	  	 ̈	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) 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 Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	 (5)
	  	 ̈	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and
such Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
			
	 (6)
	  	 ̈	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed
letter containing certain representations and agreements; or
			
	 (7)
	  	 ̈	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.








 Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuers or the Trustee may require, prior to
registering any such transfer of the Securities, such legal opinions, certifications and other information as the Issuers or the Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act of 1933. 
  

									
	Date:	 	
                                        
	 		 	Your Signature:	 	  


 Signature Guarantee: 
  

							
	Date:	 	
                                        
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 		 	Signature of Signature Guarantee

  

 







 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security 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, 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 Issuers 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. 
  

					
	Dated:
                                        
	 	 	 	  

		 		 	NOTICE: To be executed by an executive officer








 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is $0. The following increases or decreases in this Global Security have been made:

  

									
	 Date of Exchange
	  	 Amount of decrease in
Principal Amount of this
Global
Security
	  	 Amount of increase in
Principal Amount of this
Global
Security
	  	 Principal amount of this
Global Security following
such
decrease or increase
	  	 Signature of authorized
signatory of Trustee
or
Securities Custodian

		  		  		  		  	








 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by either of the Issuers pursuant to Section 4.06 (Asset Sale) or 4.08
(Change of Control) of the Indenture, check the box: 
  

			
	Asset Sale   ̈	 	Change of Control   ̈


If you want to elect to have only part of this Security purchased by either of the Issuers pursuant to Section 4.06 (Asset Sale)
or 4.08 (Change of Control) of the Indenture, state the amount ($2,000 or an integral multiple of $1,000 in excess of $2,000): 
 $

  

									
	Date:	 	  
	 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the other side of this Security)

  

					
	Signature Guarantee:	  	  
	  	

  

			
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee