Document:

Indenture, dated as of July 27, 2011

 EXHIBIT 4.1 

EXECUTION VERSION 
  

 
 QGOG ATLANTIC / ALASKAN RIGS LTD.,

 as Issuer, 
 ALASKAN STAR LTD. 
 and 

STAR INTERNATIONAL DRILLING LIMITED, 
 as Guarantors, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Trustee, Registrar, Transfer Agent and Paying Agent, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Collateral Agent, 

and 
 DEUTSCHE
BANK LUXEMBOURG S.A., 
 as Luxembourg Paying Agent, Transfer Agent and Luxembourg Listing Agent 

 
  

INDENTURE 
 Dated
as of July 27, 2011 
  
  

5.25% SENIOR SECURED NOTES DUE 2018 
  

 

 TABLE OF CONTENTS 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 

BY REFERENCE 
  

							
	 Section 1.01
	  	 Definitions
	  	 	1	  
	 Section 1.02
	  	 Other Definitions
	  	 	24	  
	 Section 1.03
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	24	  
	 Section 1.04
	  	 Rules of Construction
	  	 	25	  
	
	ARTICLE 2	  
	THE NOTES	  
			
	 Section 2.01
	  	 Form and Dating
	  	 	25	  
	 Section 2.02
	  	 Execution and Authentication
	  	 	26	  
	 Section 2.03
	  	 Registrar and Paying Agent
	  	 	26	  
	 Section 2.04
	  	 Paying Agent to Hold Money in Trust
	  	 	27	  
	 Section 2.05
	  	 Holder Lists
	  	 	27	  
	 Section 2.06
	  	 Transfer and Exchange
	  	 	27	  
	 Section 2.07
	  	 Replacement Notes
	  	 	38	  
	 Section 2.08
	  	 Outstanding Notes
	  	 	38	  
	 Section 2.09
	  	 Treasury Notes
	  	 	39	  
	 Section 2.10
	  	 Temporary Notes
	  	 	39	  
	 Section 2.11
	  	 Cancellation
	  	 	39	  
	 Section 2.12
	  	 Defaulted Interest
	  	 	39	  
	
	ARTICLE 3	  
	REDEMPTION AND PREPAYMENT	  
			
	 Section 3.01
	  	 Notices to Trustee
	  	 	40	  
	 Section 3.02
	  	 Selection of Notes to Be Redeemed or Purchased
	  	 	40	  
	 Section 3.03
	  	 Notice of Redemption or Offer to Purchase
	  	 	40	  
	 Section 3.04
	  	 Effect of Notice of Redemption
	  	 	41	  
	 Section 3.05
	  	 Deposit of Redemption or Purchase Price
	  	 	41	  
	 Section 3.06
	  	 Notes Redeemed or Purchased in Part
	  	 	42	  
	 Section 3.07
	  	 Optional Redemption
	  	 	42	  
	 Section 3.08
	  	 Mandatory Redemption
	  	 	43	  
	 Section 3.09
	  	 Offers to Purchase
	  	 	43	  
	
	ARTICLE 4	  
	COVENANTS	  
			
	 Section 4.01
	  	 Payment of Notes
	  	 	44	  
	 Section 4.02
	  	 Maintenance of Office or Agency
	  	 	44	  
	 Section 4.03
	  	 Reports
	  	 	45	  
	 Section 4.04
	  	 Taxes
	  	 	46	  
	 Section 4.05
	  	 Compliance with Laws
	  	 	46	  
	 Section 4.06
	  	 Stay, Extension and Usury Laws
	  	 	47	  
	 Section 4.07
	  	 Restricted Payments
	  	 	47	  
	 Section 4.08
	  	 Additional Amounts
	  	 	48	  
	 Section 4.09
	  	 Incurrence of Indebtedness and Issuance of Disqualified Stock
	  	 	50	  
	 Section 4.10
	  	 Dispositions
	  	 	51	  

							
	 Section 4.11
	  	 Transactions with Affiliates
	  	 	51	  
	 Section 4.12
	  	 Liens
	  	 	52	  
	 Section 4.13
	  	 Limitation on Leases and Sale and Leaseback Transactions
	  	 	52	  
	 Section 4.14
	  	 Maintenance of Existence; Business Activities
	  	 	52	  
	 Section 4.15
	  	 Offer to Repurchase Upon Change of Control
	  	 	53	  
	 Section 4.16
	  	 Inspection
	  	 	53	  
	 Section 4.17
	  	 Governmental Approvals
	  	 	54	  
	 Section 4.18
	  	 Insurance
	  	 	54	  
	 Section 4.19
	  	 Application of Net Available Amounts from Events of Loss
	  	 	54	  
	 Section 4.20
	  	 Project Maintenance
	  	 	55	  
	 Section 4.21
	  	 Performance of Project Documents
	  	 	56	  
	 Section 4.22
	  	 Amendment of Project Documents and Additional Project Documents
	  	 	56	  
	 Section 4.23
	  	 Certain Agreements
	  	 	57	  
	 Section 4.24
	  	 Use of Proceeds
	  	 	57	  
	 Section 4.25
	  	 Subsidiaries
	  	 	57	  
	 Section 4.26
	  	 Transfers of Equity Interests
	  	 	57	  
	 Section 4.27
	  	 Accounting and Financial Management
	  	 	58	  
	 Section 4.28
	  	 Guarantor Prepayments
	  	 	58	  
	 Section 4.29
	  	 Ranking
	  	 	58	  
	 Section 4.30
	  	 Limitations and Restrictions on the Issuer
	  	 	58	  
	
	ARTICLE 5	  
	SUCCESSORS	  
			
	 Section 5.01
	  	 Merger or Consolidation, Sale of Property, and Dispositions; Purchase of Property
	  	 	59	  
	 Section 5.02
	  	 Issuer Reorganization
	  	 	60	  
	 Section 5.03
	  	 Asset Reorganization
	  	 	61	  
	 Section 5.04
	  	 Hopelake Acquisition
	  	 	61	  
	
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	  
			
	 Section 6.01
	  	 Events of Default
	  	 	62	  
	 Section 6.02
	  	 Acceleration
	  	 	64	  
	 Section 6.03
	  	 Notice of Event of Default; Other Remedies
	  	 	65	  
	 Section 6.04
	  	 Waiver of Past Defaults
	  	 	65	  
	 Section 6.05
	  	 Control by Majority
	  	 	65	  
	 Section 6.06
	  	 Limitation on Suits
	  	 	66	  
	 Section 6.07
	  	 Rights of Holders to Receive Payment
	  	 	66	  
	 Section 6.08
	  	 Collection Suit by Trustee
	  	 	66	  
	 Section 6.09
	  	 Trustee May File Proofs of Claim
	  	 	67	  
	 Section 6.10
	  	 Priorities
	  	 	67	  
	 Section 6.11
	  	 Undertaking for Costs
	  	 	67	  
	
	ARTICLE 7	  
	TRUSTEE	  
			
	 Section 7.01
	  	 Duties of Trustee
	  	 	68	  
	 Section 7.02
	  	 Rights of Trustee
	  	 	69	  
	 Section 7.03
	  	 Individual Rights of Trustee
	  	 	69	  
	 Section 7.04
	  	 Trustee’s Disclaimer
	  	 	70	  
	 Section 7.05
	  	 Notice of Defaults
	  	 	70	  
	 Section 7.06
	  	 Compensation and Indemnity
	  	 	70	  

  
 2 

							
	 Section 7.07
	  	 Replacement of Trustee
	  	 	71	  
	 Section 7.08
	  	 Successor Trustee by Merger, etc.
	  	 	72	  
	 Section 7.09
	  	 Eligibility; Disqualification
	  	 	72	  
	 Section 7.10
	  	 Preferential Collection of Claims Against Issuer
	  	 	72	  
	 Section 7.11
	  	 Other Agents
	  	 	72	  
	
	ARTICLE 8	  
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 Section 8.01
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	72	  
	 Section 8.02
	  	 Legal Defeasance and Discharge
	  	 	72	  
	 Section 8.03
	  	 Covenant Defeasance
	  	 	73	  
	 Section 8.04
	  	 Conditions to Legal or Covenant Defeasance
	  	 	74	  
	 Section 8.05
	  	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	 	74	  
	 Section 8.06
	  	 Repayment to Issuer
	  	 	75	  
	 Section 8.07
	  	 Reinstatement
	  	 	75	  
	
	ARTICLE 9	  
	AMENDMENT, SUPPLEMENT AND WAIVER	  
			
	 Section 9.01
	  	 Without Consent of Holders of Notes
	  	 	76	  
	 Section 9.02
	  	 With Consent of Holders of Notes
	  	 	76	  
	 Section 9.03
	  	 Revocation and Effect of Consents
	  	 	78	  
	 Section 9.04
	  	 Notation on or Exchange of Notes
	  	 	78	  
	 Section 9.05
	  	 Trustee to Sign Amendments, etc.
	  	 	78	  
	 Section 9.06
	  	 Payment
	  	 	78	  
	
	ARTICLE 10	  
	COLLATERAL AND SECURITY	  
			
	 Section 10.01
	  	 Collateral Documents
	  	 	79	  
	 Section 10.02
	  	 Security Documents
	  	 	79	  
	 Section 10.03
	  	 Release of Collateral
	  	 	80	  
	 Section 10.04
	  	 Specified Releases of Collateral
	  	 	80	  
	 Section 10.05
	  	 Release upon Satisfaction or Defeasance of all Outstanding Obligations
	  	 	81	  
	 Section 10.06
	  	 Form and Sufficiency of Release
	  	 	81	  
	 Section 10.07
	  	 Purchaser Protected
	  	 	82	  
	 Section 10.08
	  	 Authorization of Actions to be Taken by the Collateral Agent Under the Security Documents
	  	 	82	  
	 Section 10.09
	  	 Authorization of Receipt of Funds by the Trustee Under the Security Documents
	  	 	83	  
	 Section 10.10
	  	 Action by the Collateral Agent
	  	 	83	  
	 Section 10.11
	  	 Compensation and Indemnity
	  	 	84	  
	 Section 10.12
	  	 Delegation of Duties of the Collateral Agent
	  	 	85	  
	 Section 10.13
	  	 Liability of the Collateral Agent
	  	 	85	  
	 Section 10.14
	  	 Reliance by the Collateral Agent
	  	 	85	  
	 Section 10.15
	  	 Successor Collateral Agent
	  	 	85	  
	
	ARTICLE 11	  
	NOTE GUARANTEE	  
			
	 Section 11.01
	  	 Note Guarantee
	  	 	86	  
	 Section 11.02
	  	 Limitation on Guarantor Liability
	  	 	87	  
	 Section 11.03
	  	 Execution and Delivery of Note Guarantee
	  	 	87	  

  
 3 

							
	 Section 11.04
	  	 Releases
	  	 	88	  
	
	ARTICLE 12	  
	SATISFACTION AND DISCHARGE	  
			
	 Section 12.01
	  	 Satisfaction and Discharge
	  	 	88	  
	 Section 12.02
	  	 Application of Trust Money
	  	 	89	  
	 Section 12.03
	  	 Release of Liens on the Alaskan Star Collateral and the Note Guarantee by Alaskan Star
	  	 	89	  
	
	ARTICLE 13	  
	MISCELLANEOUS	  
			
	 Section 13.01
	  	 Notices
	  	 	91	  
	 Section 13.02
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	 	92	  
	 Section 13.03
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	92	  
	 Section 13.04
	  	 Statements Required in Certificate or Opinion
	  	 	93	  
	 Section 13.05
	  	 Rules by Trustee and Agents
	  	 	93	  
	 Section 13.06
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	93	  
	 Section 13.07
	  	 No Immunity; No Liability
	  	 	93	  
	 Section 13.08
	  	 Judgment Currency
	  	 	94	  
	 Section 13.09
	  	 Submission to Jurisdiction; Appointment of Process Agent
	  	 	94	  
	 Section 13.10
	  	 Governing Law
	  	 	95	  
	 Section 13.11
	  	 Waiver of Jury Trial
	  	 	95	  
	 Section 13.12
	  	 No Adverse Interpretation of Other Agreements
	  	 	95	  
	 Section 13.13
	  	 Successors
	  	 	95	  
	 Section 13.14
	  	 Severability
	  	 	95	  
	 Section 13.15
	  	 Security Documents
	  	 	96	  
	 Section 13.16
	  	 Counterpart Originals
	  	 	96	  
	 Section 13.17
	  	 Table of Contents, Headings, etc.
	  	 	96	  
	 Section 13.18
	  	 English Language
	  	 	96	  
	 Section 13.19
	  	 Patriot Act
	  	 	96	  
	 Section 13.20
	  	 Existing Project Finance Obligations
	  	 	96	  

  

			
	EXHIBITS AND ANNEX
		
	Exhibit A	  	 FORM OF NOTE

	Exhibit B	  	 FORM OF CERTIFICATE OF TRANSFER

	Exhibit C	  	 FORM OF CERTIFICATE OF EXCHANGE

	Exhibit D	  	 FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

	Exhibit E	  	 FORM OF NOTATION OF GUARANTEE

  
 4 

 INDENTURE dated as of July 27, 2011, among QGOG Atlantic / Alaskan Rigs Ltd., a
business company limited by shares organized under the laws of the British Virgin Islands (the “Issuer”), Alaskan Star Ltd., a business company limited by shares organized under the laws of the British Virgin Islands
(“Alaskan Star”), and Star International Drilling Limited, a limited liability company organized under the laws of the Cayman Islands (“Star International” and, together with Alaskan
Star, the “Guarantors”), Deutsche Bank Trust Company Americas, as trustee (in such capacity, the “Trustee”), registrar, transfer agent and paying agent, Deutsche Bank Trust Company Americas, as collateral agent (in
such capacity, the “Collateral Agent”) and Deutsche Bank Luxembourg S.A., as Luxembourg paying agent, transfer agent and Luxembourg listing agent. 

The Issuer, the Guarantors, the Trustee, the Collateral Agent and the Luxembourg Paying Agent agree as follows for the benefit of each
other and for the equal and ratable benefit of the Holders (as defined) of the 5.25% Senior Secured Notes due 2018 (the “Notes”): 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 

BY REFERENCE 
 Section 1.01
Definitions. 
 “144A Global Note” shall mean a Global Note substantially in the form of Exhibit
A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount
of the Notes sold in reliance on Rule 144A. 
 “Acceptable Financial Institution” shall mean in
the case of the proposed issuer of any Acceptable Letter of Credit, a commercial bank or insurance company located in an Organization for Economic Co-operation and Development member country having a credit rating of at least “A3” (or the
then-equivalent grade) from Moody’s or “A-” (or the then-equivalent grade) from Standard & Poor’s or Fitch. 
 “Acceptable Letter of Credit” shall mean a standby letter of credit denominated in U.S. dollars and issued by an Acceptable Financial Institution, meeting the following requirements:

 (i) amounts available under such letter of credit may be drawn on demand upon presentation of a drawing certificate executed
by the Collateral Agent which may be delivered by facsimile or other method acceptable to the relevant Acceptable Financial Institution from time to time, at any time from time to time in whole or in part from the issue date thereof until the
expiration thereof; 
 (ii) such letter of credit shall expire not earlier than one year from the date of issuance and shall
provide that, if such letter of credit is not renewed not less than five Business Days prior to its date of expiration on identical terms, the Collateral Agent shall be entitled to draw all amounts then available under such letter of credit prior to
its expiration date for deposit into the Offshore Retention Account, the Offshore Debt Service Reserve Account or the Offshore O&M Service Reserve Account; 
 (iii) the Collateral Agent, shall be named sole beneficiary under such letter of credit and entitled to draw amounts thereunder pursuant to its terms; 

(iv) neither Guarantor nor the Issuer shall have any reimbursement or other obligation with respect to such letter of credit to the
Acceptable Financial Institution issuing such letter of credit, and such 

  
 1 

 
Acceptable Financial Institution shall have no claim or other rights against the Issuer or either Guarantor arising from the issuance, existence or performance of its obligations under such
letter of credit, including any and all rights of subrogation, whether or not such claim, remedy or right arises in equity or under contract, statute or common law; and 
 (v) the obligations of the Acceptable Financial Institution under such letter of credit shall be absolute and unconditional, irrespective of any circumstance (other than the presentation of a drawing
certificate). 
 “Acceptable Rating” shall mean with respect to any Person, instrument, security
or investment, Investment Grade Rating or better. 
 “Accounts Agreements” shall mean,
collectively, the Issuer Accounts Agreement and the Guarantor Accounts Agreement. 
 “Additional Project
Document” shall mean any contract or agreement relating to the operation, maintenance, repair, financing or use of either of the Facilities entered into by the applicable Guarantor with any other Person subsequent to the Issue Date
(including any contract(s) or agreement(s) entered into in substitution for any Project Document that has been terminated in accordance with its terms or otherwise); provided, that this definition shall not include any contracts or agreements
relating to the operation and maintenance of the Drilling Rigs entered into by such Guarantor in the ordinary course of business involving, individually or in the aggregate, an amount equal to or less than US$20.0 million. 

“Affected Property” shall mean, with respect to any Event of Loss, the Property of either Guarantor that
is lost, destroyed, damaged, condemned (including, without limitation, through a Taking) or otherwise taken by another Person as a result of such Event of Loss. 
 “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person. For purposes of this
definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”) with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Stock, by contract or otherwise. 

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

“Alaskan Star Assignment of Insurances” shall mean the Assignment of Insurances entered into or to be
entered into by and among Alaskan Star, the Operating Company and the Collateral Agent. 
 “Alaskan Star Charter
Agreement” shall mean the Charter Agreement relating to the Alaskan Star Drilling Rig, entered into on April 29, 1998 (as amended, restated and supplemented from time to time) by and between Star International and Petrobras.

 “Alaskan Star Collateral” shall mean all Property that, in accordance with the terms of the
Alaskan Star Security Documents, is intended to be subject to any Lien in favor of the Secured Parties. 

“Alaskan Star Conditional Assignment of Contract” shall mean the Agreement for Conditional Assignment of
Contract entered into or to be entered into among the Operating Company, the Collateral Agent, and, as intervening parties, Star International and the Issuer, with respect to the Alaskan Star Services Agreement. 

  
 2 

 “Alaskan Star Existing Credit Agreement” shall mean the
Project Loan Agreement, dated as of November 18, 2008 (as amended, restated and supplemented from time to time), among Alaskan Star, ING Bank N.V., as co-ordinator, facility agent and security trustee and the financial institutions from time to time
party thereto as lenders. 
 “Alaskan Star Mortgage” shall mean the Panamanian law mortgage
entered into or to be entered into by and between Alaskan Star and the Collateral Agent. 
 “Alaskan Star
Offshore Security Agreement” shall mean the Alaskan Star Offshore Security Agreement entered into or to be entered into by and between Alaskan Star and the Collateral Agent. 

“Alaskan Star Security Documents” shall mean, collectively, the Alaskan Star Mortgage, the Alaskan Star
Offshore Security Agreement and the Alaskan Star Share Pledge Agreement. 
 “Alaskan Star Services
Agreement” shall mean the Services Agreement, relating to the Alaskan Star Drilling Rig, entered into on April 29, 1998 (as amended, restated and supplemented from time to time) by and among the Operating Company, Star
International and Petrobras. 
 “Alaskan Star Share Pledge Agreement” shall mean the share charge
entered into or to be entered into by and between the Sponsor and the Collateral Agent. 
 “Applicable
Procedures” shall mean, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 “Asset Reorganization” shall mean the transfer by Star International to one or more
wholly-owned Subsidiaries of the Sponsor of the Transferred Assets, to be accomplished after the Issue Date. 

“Assignments of Insurances” shall mean the Alaskan Star Assignment of Insurances and the Atlantic Star
Assignment of Insurances. 
 “Atlantic Star Assignment of Insurances” shall mean the Assignment
of Insurances entered into or to be entered into by and among Star International, the Operating Company and the Collateral Agent. 
 “Atlantic Star Charter Agreement” shall mean the Charter Agreement, relating to the Atlantic Star Drilling Rig, entered into on April 29, 1998 (as amended, restated and
supplemented from time to time) by and between Star International and Petrobras. 
 “Atlantic Star Conditional
Assignment of Contract” shall mean the Agreement for Conditional Assignment of Contract entered into or to be entered into among the Operating Company, the Collateral Agent, and, as intervening parties, Star International and the
Issuer, with respect to the Atlantic Star Services Agreement. 
 “Atlantic Star Existing Credit
Agreement” shall mean the Credit Agreement, dated as of May 24, 2006 (as amended, restated and supplemented from time to time), among Star International, WestLB AG, New York Branch, as administrative and collateral agent, and the
financial institutions from time to time party thereto as lenders. 
 “Atlantic Star Mortgage” shall
mean the Bahamian law mortgage entered into or to be entered into by and between Star International and the Collateral Agent. 

  
 3 

 “Atlantic Star Offshore Security Agreement” shall mean the Atlantic
Star Offshore Security Agreement entered into or to be entered into by and between Star International and the Collateral Agent. 

“Atlantic Star Services Agreement” shall mean the Services Agreement, relating to the Atlantic Star
Drilling Rig, entered into on April 29, 1998 (as amended, restated and supplemented from time to time) by and among the Operating Company, Star International and Petrobras. 

“Atlantic Star Share Pledge Agreement” shall mean the share mortgage entered into or to be entered into by
and between the Sponsor and the Collateral Agent. 
 “Atlantic Star Supplement to Mortgage” shall
mean the Supplement to Mortgage entered into or to be entered into by and between Star International and the Collateral Agent. 

“Authorized Officer” shall mean (i) with respect to any Person that is a corporation or a limited liability
company, the Chairman, President, any Vice President, director or Secretary of such Person and (ii) with respect to any Person that is a partnership, the President, any Vice President or Secretary (or Assistant Secretary) of a general partner
or managing partner of such Person, in each case whose name appears on a certificate of incumbency of such Person delivered in accordance with the terms of this Indenture, as such certificate may be amended from time to time. 

“Balloon Amount” shall mean an amount equal to the amount of principal under the Notes described opposite
the line entitled “Balloon Payment” in the amortization schedule set forth in the Notes, as adjusted from time to time as a result of any redemption of the Notes or purchases of the Notes pursuant to an Offer to Purchase in accordance with
the terms of this Indenture. 
 “Bankruptcy Law” shall mean the United States Federal Bankruptcy
Code of 1978, the Brazilian Federal Law No. 11.101, of February 9, 2005, as amended, and any other Law of any jurisdiction relating to bankruptcy, insolvency, liquidation, reorganization, moratorium, winding-up or composition or
readjustment of debts or any similar Law. 
 “Bareboat Charter Agreement” shall mean the Charterparty by
way of Demise, dated as of November 18, 2008, by and between Star International and Alaskan Star (as amended from time to time). 
 “Beneficial Owner” shall have the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of
any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by
conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially
Owned” have a corresponding meaning. 
 “Brazil” shall mean the Federative Republic of Brazil.

 “Business Day” shall mean a day (other than a Saturday or Sunday) on which banks are open for
domestic and foreign exchange business in New York and Rio de Janeiro. 
 “Capital Lease
Obligations” shall mean, for any Person, the obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) Property which obligations are required to be classified and
accounted for as a capital lease on a balance sheet of such Person under IFRS and, for purposes hereof, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with IFRS. 

  
 4 

 “Capital Stock” shall mean, with respect to any Person, any
and all shares, interests, participations and/or rights in or other equivalents (however designated, whether voting or nonvoting, ordinary or preferred) in the equity or capital of such Person, now or hereafter outstanding, and any and all rights,
warrants or options exchangeable for or convertible into any thereof. 
 “Cash Equivalents” shall
mean 
 (i) certificates of deposit, maturing within one (1) year after the relevant date of calculation or payable on
demand, issued by a commercial bank located in an Organization for Economic Cooperation and Development member country or Brazil which has an Acceptable Rating; 
 (ii) any investment in readily marketable debt obligations issued or guaranteed by (i) the government of the United States, the United Kingdom or Brazil, (ii) an instrumentality or agency of the
government of any of them having an equivalent credit rating, maturing within one (1) year after the relevant date of calculation and not convertible or exchangeable to any other security or (iii) an instrumentality or agency of such
government having an equivalent credit rating; 
 (iii) open market commercial paper (except for any open market commercial
paper issued by any member of the Queiroz Galvão Group): 
  

	 	(a)	for which a recognized trading market exists; 

  

	 	(b)	issued by an issuer incorporated in the United States, or any of Canada, France, Germany or the United Kingdom; 

 

	 	(c)	which matures within one (1) year after the relevant date of calculation; 

 

	 	(d)	which has a credit rating of either “A-1” (or the then-equivalent grade) or higher by S&P, “P-1” (or the then-equivalent grade) or higher by
Moody’s or “F1” (or the then- equivalent grade) by Fitch; and 

  

	 	(e)	in an aggregate amount of no more than $5,000,000 (or the equivalent thereof in any other currency) per issuer outstanding at any time; 

(iv) overnight investments in any investment portfolio having an Acceptable Rating; and 

(v) any other instruments, securities or investment having an Acceptable Rating and approved by the Trustee (upon instructions of
Majority Holders), 
 provided, however, that if any of the items referred to in the foregoing provisions of this definition is not at any
relevant time treated as cash equivalents or short term marketable securities by IFRS, then that item shall, for all purposes, not be included in this definition. 
 “Cash Flow” shall mean for a Guarantor, for any period, the excess (if any) of (i) Project Revenues which are deposited into the Offshore Proceeds Account relating to
such Guarantor’s Drilling Rig during such period minus (ii) the sum of (x) the aggregate of the O&M Monthly Expense Amounts relating to such Guarantor’s Drilling Rig for each of the calendar months occurring during
such period plus (y) taxes paid by such Guarantor on Project Revenues during such period. 
 “Change of
Control” shall mean, at any time, the Permitted Holders ceasing to be the “beneficial owners” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this

  
 5 

 
clause the Permitted Holders shall be deemed to have “beneficial ownership” of all securities that any such person or group has the right to acquire, whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of Voting Stock (as defined below) in the aggregate of more than 50% of the total voting power of the Voting Stock of any of the Issuer or the Guarantors. 

“Charter Agreements” shall mean, collectively, the Atlantic Star Charter Agreement, the Alaskan Star Charter
Agreement and the Bareboat Charter Agreement. 
 “Clearstream” shall mean Clearstream Banking, S.A. 

“Collateral” shall mean all Property that, in accordance with the terms of the Security Documents, is intended to be
subject to any Lien in favor of the Secured Parties. 
 “Comparable Treasury Issue” shall mean
the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining period until the final maturity date of the Notes that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining period until the final maturity date of the Notes. 

“Comparable Treasury Price” shall mean, with respect to any redemption date (i) the average of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Consolidated Cash Flow” shall mean, for any
period, the aggregate Cash Flow for such period for the Guarantors on a combined basis. 
 “Consolidated
Historical Debt Service Coverage Ratio” shall mean, with respect to any Semester Date, for the relevant period, the ratio of: 
 (i) the Consolidated Cash Flow for such period, to 
 (ii) Debt
Service for such period; provided that, for purposes of determining Consolidated Cash Flow for such calculation, any payment made by Petrobras under the Atlantic Star Charter Agreement and the Alaskan Star Charter Agreement received in the month
prior to the due date for such payment shall be deemed paid in the month when due; 
 “Consolidated Historical
Debt Service Coverage Statement” shall mean a calculation of the Consolidated Historical Debt Service Coverage Ratio for the relevant period certified by an Authorized Officer of either Guarantor together with supporting data in
reasonable detail. 
 “Constellation” shall mean Constellation Overseas Ltd., a company incorporated in the
British Virgin Islands. 
 “Constellation Intercompany Debt” shall mean any loans extended by
Constellation to Star International and Alaskan Star and any other amounts payable by Star International and Alaskan Star to Constellation or Constellation Services, in each case outstanding on the Issue Date. 

“Constellation Management Agreement” shall mean the Management Agreement, dated as of November 17,
2008 (as amended, restated and supplemented from time to time), among Star International, Alaskan Star and Constellation Services. 

  
 6 

 “Constellation Services” shall mean Constellation Services
Ltd., a company organized and existing in accordance with the laws of the British Virgin Islands. 
 “Contingent
Obligation” shall mean, as to any Person, any obligation of such Person guaranteeing or intending to guarantee any Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other
Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (a) to purchase any such primary obligation or
any Property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor
or otherwise to maintain the Net Worth or solvency of the primary obligor, (c) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to
make payment of such primary obligation or (d) otherwise to assure or hold harmless the owner of such primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to
perform thereunder) as determined by such Person in good faith. 
 “Constellation Receivables Offset
Distribution” shall mean dividends payable by Star International to Constellation in the aggregate amount of US$168.9 million to be declared after March 31, 2011, which shall be paid by means of a set-off against certain
receivables from Constellation in the same amount. 
 “Corporate Trust Office of the Trustee”
will be at the address of the Trustee specified in Section 13.01 hereof or such other address as to which the Trustee may give notice to the Issuer. 
 “Custodian” shall mean the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Debt Service” shall mean, for any period, the sum of (i) all amounts of principal scheduled (i.e.,
without having regard to any increase due to any amount of principal being paid or being required to be paid prior to its original scheduled due date (whether as a result of any prepayment (voluntary or otherwise), a Deferral Event or any Event of
Default) to be payable by the Issuer pursuant to the terms and conditions of the Financing Documents in respect of the Notes during such period plus (ii) all amounts payable in respect of Interest Expense for such period. 

“Default” shall mean any event that is, or with the passage of time or the giving of notice or both would be, an Event
of Default. 
 “Deferral Event” shall have the meaning given to such term in the Notes. 

“Definitive Note” shall mean a certificated Note registered in the name of the Holder thereof and issued
in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto. 
 “Depositary” shall mean, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provisions of this Indenture.

  
 7 

 “Disposition” shall mean any sale, transfer or other disposition by either
Guarantor to any Person of any Property other than cash or Permitted Investments. 
 “Disqualified
Stock” shall mean any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of such Capital Stock), or upon the
happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of such Capital Stock, in whole or in part, on or prior to the date that is 91 days after the
original Stated Maturity of the Notes. 
 “Distribution Date” shall mean the tenth Business Day
following each Semi-Annual Payment Date occurring prior to the final maturity date of the Notes (as such date may be extended pursuant to the terms of this Indenture and the Notes). 

“Dollars” and the symbol “$” shall each mean freely transferable, lawful money of the United States.

 “Drilling Rigs” shall mean, collectively, (i) the Pentagone 90 design, semi-submersible
drilling rig manufactured by C.F.E.M. in 1976 (the “Atlantic Star Drilling Rig”) and (ii) the L-900 design, Pacesetter type, semi-submersible drilling rig manufactured by Mitsubishi Heavy Industries in 1976 (the “Alaskan Star
Drilling Rig”). 
 “Environmental Claim” shall mean, with respect to any Person, (i) any
notice, claim, administrative, regulatory or judicial or equitable action, suit, Lien, judgment or demand by any other Person or (ii) any other written communication by any Governmental Authority, in either case alleging or asserting such
Person’s liability for investigatory costs, clean-up costs, consultants’ fees, governmental response costs, damages to natural resources (including, without limitation, wetlands, wildlife, aquatic and terrestrial species and vegetation) or
other Property, property damages, personal injuries, fines or penalties arising out of, based on or resulting from (x) the presence, or Release into the environment, of any Hazardous Material at any location, whether or not owned by such Person
or (y) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law or any Governmental Approval issued under any Environmental Law. 
 “Environmental Laws” shall mean any and all applicable Laws, now or hereafter in effect, and any judicial or administrative interpretation thereof, including any judicial or
administrative order, consent decree or judgment, relating to the environment, human health or safety, or to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals, or toxic or hazardous substances or wastes
into the environment including, without limitation, ambient air, surface water, groundwater, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling of pollutants,
contaminants, chemicals, or toxic or hazardous substances or wastes. 
 “Equity Interests” shall mean
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Euroclear” shall mean Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

“Event of Loss” shall mean, with respect to any Property of either Guarantor, (i) any loss of,
destruction of or damage to such Property, (ii) any condemnation (including, without limitation, a Taking) or other taking of, such Property and (iii) any settlement or sale directly attributable to, and in lieu of, clause (ii) above.

  
 8 

 “Excess Disposition Proceeds” shall mean any Net Disposition
Proceeds not applied or invested as provided in Section 4.10(b) hereof. 
 “Excess Loss
Proceeds” shall mean any Net Available Amount received by or on behalf of a Guarantor as a result of any Event of Loss that is not applied to Restore (or reimburse the Sponsor for the costs of Restoration of) the Affected Property
(or committed for Restoration by such Guarantor) within 180 days of the occurrence of such Event of Loss. 
 “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Existing Project Finance
Collateral” shall mean all Property that, in accordance with the terms of the Existing Project Financing Documents, is intended to be subject to any Lien of the Existing Project Finance Secured Parties securing the Existing Project
Finance Obligations. 
 “Existing Project Finance Obligations” shall mean at any date all Indebtedness
and other obligations of the Guarantors payable on such date to the Existing Project Finance Secured Parties under the Existing Project Financing Documents. 
 “Existing Project Finance Secured Parties” shall mean the “Secured Parties,” as such term is defined in the Atlantic Star Existing Credit Agreement and the Alaskan
Star Existing Credit Agreement. 
 “Existing Project Financing Documents” shall mean,
collectively, the (i) Atlantic Star Existing Credit Agreement, (ii) the Alaskan Star Existing Credit Agreement, (iii) each Loan Document (as such term is defined in the credit agreement referred to in clause (i)) and (iv) each
Facility Document (as such term is defined in the credit agreement referred to in clause (ii)). 
 “Expropriation
Event” shall mean (a) any condemnation, nationalization, seizure or expropriation by a Governmental Authority of all or a substantial portion of the Facilities or the Property in its entirety of either Guarantor or of its Capital
Stock, (b) any assumption by a Governmental Authority of control of all or substantially all of the (i) Facilities, (ii) Property, (iii) business operations of either Guarantor, or (iv) the Capital Stock of either Guarantor,
(c) any taking of any action by a Governmental Authority for the dissolution or disestablishment of either Guarantor, or (d) any taking of any action by a Governmental Authority that would prevent either Guarantor from carrying on in all
material respects its respective business operations or complying in all material respects with its respective Charter Agreements. 
 “Facilities” shall mean (i) the Drilling Rigs, (ii) all equipment necessary for the operation of the Drilling Rigs in accordance with the Charter Agreements and (iii) all
other assets affixed to the Drilling Rigs, in each case owned by the Guarantors. 
 “Fair Market Value”
shall mean, with respect to any Person, the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith (i) for any transaction
amount in excess of $15.0 million, the board of directors or (ii) otherwise, an Authorized Officer, in each case of such Person (unless otherwise provided in this Indenture). 

“Financing Documents” shall mean, collectively, the following documents: 

 

	 	(i)	this Indenture; 

  
 9 

	 	(ii)	the Notes; 

  

	 	(iii)	the Purchase Agreement; 

  

	 	(iv)	the Note Guarantees; 

  

	 	(v)	the Security Documents; 

  

	 	(vi)	the Intercompany Issuer Note; and 

  

	 	(vii)	each other agreement or instrument designated as a “Financing Document” by the Issuer and the Trustee. 

“First Note Proceeds Utilization” shall have the meaning given to such term in the Issuer Accounts Agreement.

 “Fitch” shall mean Fitch Ratings Inc. and its successors. 

“Global Note Legend” shall mean the legend set forth in Section 2.06(f)(ii) hereof, which is required
to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” shall mean,
individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that
bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Sections 2.01, 2.06(b)(iii), 2.06(b)(iv) or 2.06(d)(ii) hereof. 

“Good Practices” shall mean the professional practices, methods, equipment, specifications and safety and output
standards and industry codes mentioned in the Services Agreements and the Charter Agreements, with respect to the design, installation, operation, maintenance and use of equipment and similar or better machinery, all of the above in compliance with
applicable standards of safety, output, dependability, efficiency and economy, including recommended practice of a good, safe, prudent and workman-like character and in compliance with all applicable Laws. Good Practices are not intended to be
limited to the optimum or minimum practice or method to the exclusion of all others, but rather to be a spectrum of reasonable and prudent practices and methods as practiced in the offshore oil & gas industry. 

“Governmental Approval” shall mean any authorization, consent, approval, license, ruling, permit, tariff,
rate, certification, exemption, filing, variance, claim, order, judgment, decree, publication, notice to, declaration of or with, or registration by or with, any Governmental Authority. 

“Governmental Authority” shall mean any government, governmental department, commission, board, bureau,
agency, regulatory authority, instrumentality, judicial or administrative body, domestic or foreign, federal, state or local, having jurisdiction over the matter or matters in question, including, without limitation, those in Brazil and the United
States. For the avoidance of doubt, Petrobras shall not be considered as a Governmental Authority. 
 “Gross
Disposition Proceeds” shall mean, with respect to any Disposition, the gross cash proceeds received from such Disposition (including any cash received by way of deferred payment pursuant to a promissory note, receivable or otherwise,
but only as and when received). 

  
 10 

 “Guarantee” shall mean a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any
part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).

 “Guarantor Accounts Agreement” shall mean the Guarantor Collateral and Accounts Agreement
entered into or to be entered into among Star International, Alaskan Star, the Offshore Accounts Bank, the Collateral Agent and the Trustee. 
 “Guarantor Collateral Accounts” shall have the meaning assigned to such term in the Guarantor Accounts Agreements. 

“Hazardous Material” shall mean any substance that is regulated or could lead to liability under any
Environmental Law, including, but not limited to, any petroleum or petroleum product, asbestos in any form that is or could become friable, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated biphenyls
(PCB’s), hazardous waste, hazardous material, hazardous substance, toxic substance, contaminant or pollutant, as defined or regulated as such under any applicable Environmental Law. 

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

“Hopelake” shall mean Hopelake Services Ltd., a limited liability company organized under the laws of the British Virgin
Islands. 
 “Hopelake Acquisition” shall mean Hopelake’s acquisition of 100% of the Sponsor’s
Equity Interests in the Guarantors, to be accomplished at the option of the Sponsor after the Issue Date. 
 “IAI
Global Note” shall mean a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or
its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors. 
 “IFRS” shall mean the International Financial Reporting Standards adopted by the International Accounting Standards Board, as consistently applied, as in effect from time to time.

 “Indebtedness” of any Person shall mean (i) all indebtedness of such Person for borrowed money,
(ii) the deferred purchase price of assets or services which in accordance with IFRS, would be shown on the liability side of the balance sheet of such Person, (iii) the face amount of all letters of credit issued for the account of such
Person and, without duplication, all drafts drawn thereunder, (iv) all Indebtedness of a second Person secured by any Lien on any Property owned by such first Person, whether or not such Indebtedness has been assumed, (v) all Capital Lease
Obligations of such Person, (vi) all obligations of such Person to pay a specified purchase price for goods or services whether or not delivered or accepted, i.e., take-or-pay and similar obligations and (vii) all Contingent Obligations of
such Person; provided that Indebtedness shall not include trade payables arising in the ordinary course of business so long as such trade payables are payable within 180 days of the date the respective goods are delivered or the respective services
are rendered and are not overdue. 
 “Indenture” shall mean this Indenture, as amended or supplemented from
time to time. 

  
 11 

 “Independent Engineer” shall mean Noble Denton &
Associates Serviços Marítimos Ltda., Okeanos B.V., Moduspec International Ltd. or any other internationally recognized independent engineering firm with relevant experience from time to time appointed by the Issuer. 

“Independent Investment Banker” shall mean one of the Reference Treasury Dealers appointed by the Issuer.

 “ Indirect Participant” shall mean a Person who holds a beneficial interest in a Global Note through
a Participant. 
 “Initial Purchaser” shall have the meaning given to such term in the Purchase
Agreement. 
 “Institutional Accredited Investor” shall mean an institution that is an “accredited
investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 

“Insurance Advisor” shall mean AON BankAssure Insurance Services or any other internationally recognized
insurance advisor with relevant experience from time to time appointed by the Issuer. 
 “Insurance
Proceeds” shall mean all amounts payable to the Guarantors, the Operating Company, as agent for the Guarantors, the Offshore Accounts Bank or the Collateral Agent in respect of any insurance required to be maintained (or caused to be
maintained) pursuant to the terms of this Indenture. 
 “Intercompany Issuer Note” shall mean
that certain promissory note, dated as of the Issue Date, made in favor of the Issuer by the Guarantors with economic terms substantially the same as the Notes. 
 “Interest Expense” shall mean, for any period, all interest on the Notes accrued or capitalized during such period (whether or not actually paid during such period) pursuant
to the Financing Documents. 
 “Investment” in any Person shall mean, without duplication: (a) the
acquisition (whether for cash, securities, other Property, services or otherwise) or holding of bonds, notes, debentures, partnership, Equity Interests or other ownership interests or other securities of such Person, or any agreement to make any
such acquisition or to make any capital contribution to such Person; or (b) the making of any deposit with, or advance, loan or other extension of credit to, such Person. 
 “Investment Grade Rating” shall mean “BBB-” or higher by Standard & Poor’s, “Baa3” or higher by Moody’s or “BBB-” or higher
by Fitch, or the equivalent of such global ratings by Standard & Poor’s, Moody’s or Fitch. 

“Issue Date” shall mean the date on which the Notes were originally issued under this Indenture.

 “Issue Date Collateral” shall mean all Property that, in accordance with the terms of the
Issue Date Security Documents, is intended to be subject to any Lien in favor of the Secured Parties. 
 “Issue
Date Security Documents” shall mean, collectively, the following documents: 
  

	 	(i)	Issuer Accounts Agreement; 

  

	 	(ii)	Issuer Offshore Security Agreement; 

  

	 	(iii)	Issuer Share Pledge Agreement; and 

  
 12 

	 	(iv)	the customary payment instructions and consents to assignments, to the extent required by the documents listed above. 

“Issuer Accounts Agreement” shall mean the Issuer Collateral and Accounts Agreement entered into or to be
entered into by and among the Issuer, the Offshore Accounts Bank, the Collateral Agent and the Trustee. 

“Issuer Offshore Security Agreement” shall mean the Issuer Offshore Security Agreement entered into or to
be entered into by and between the Issuer and the Collateral Agent. 
 “Issuer Reorganization”
shall mean the acquisition by each Guarantor of 50% of the Sponsor’s Equity Interests in the Issuer, to be accomplished at the option of the Guarantors after the Issue Date. 

“Issuer Share Pledge Agreement” shall mean the Issuer share charge entered into or to be entered into
between the Sponsor and the Collateral Agent. 
 “Law” shall mean, with respect to any Person (i) any
statute, law, regulation, ordinance, rule, judgment, order, decree, permit, concession, grant, franchise, license, agreement or other governmental restriction or any interpretation or administration of any of the foregoing by any Governmental
Authority (including, without limitation, Governmental Approvals) and (ii) any directive, guideline, policy, requirement or any similar form of decision of or determination by any Governmental Authority which is binding on such Person, in each case,
whether now or hereafter in effect (including, without limitation, in each case, any Environmental Law). 

“Lien” shall mean, with respect to any Property of any Person, any mortgage, lien, deed of trust, hypothecation,
fiduciary transfer of title, assignment by way of security, pledge, charge, lease, sale and lease-back arrangement, easement, servitude, trust arrangement, or security interest or encumbrance of any kind in respect of such Property. 

“Loss Proceeds” shall mean, with respect to any Event of Loss, any Insurance Proceeds, condemnation awards
or other compensation, awards, damages and other payments or relief (including any compensation payable in connection with a Taking) with respect to such Event of Loss (excluding, in each case, the proceeds of general liability insurance (if any),
delay in start-up insurance (if any) and business interruption insurance (if any)). 
 “Majority Holders” shall
mean the Holders of over 50% in aggregate principal amount of the then-outstanding Notes. 
 “Material Adverse
Effect” shall mean a material adverse effect on (i) the assets, the business or financial condition of the Project, the Issuer and Guarantors (taken as a whole), (ii) the ability of the Issuer and the Guarantors, collectively, to
make timely payments of principal and interest on the Notes, (iii) the ability of any Guarantor to perform its material obligations under the Project Documents or (iv) the legality, validity or enforceability of any payment or other material
obligation of the Issuer or either Guarantor under the Financing Documents or of the Liens provided under the Security Documents. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. and its successors. 
 “Mortgages” shall mean, collectively, the Atlantic Star Mortgage and the Alaskan Star Mortgage. 
 “Necessary Governmental Approval” shall mean (i) any Governmental Approval identified as such herein and (ii) any other Governmental Approval necessary in
connection with (a) the due execution 

  
 13 

 
and delivery of, and performance by each of the Guarantors or of its obligations and the exercise of its rights under, the Transaction Documents to which it is a party, (b) the legality,
validity and binding effect or enforceability thereof, and (c) the ownership, operation and maintenance of the Drilling Rigs as contemplated by the Transaction Documents, the failure of which to obtain and maintain would reasonably be expected
to result in a Material Adverse Effect. 
 “Net Available Amount” shall mean, with respect to any
Event of Loss, the aggregate amount of Loss Proceeds received by either Guarantor or the Collateral Agent in respect of such Event of Loss, net of reasonable out-of-pocket costs incurred in connection with such Event of Loss or the collection
thereof, including fees, expenses and commissions with respect to legal, accounting, financial advisory, brokerage and other professional services provided in connection with such Event of Loss or incurred in connection with the collection thereof.

 “Net Disposition Proceeds” shall mean, with respect to any Disposition, the Gross Disposition
Proceeds received from such Disposition, net of reasonable out-of-pocket costs incurred in connection with such Disposition, including fees, expenses and commissions with respect to legal, accounting, financial advisory, brokerage and other
professional services provided in connection with such Disposition. 
 “Net Worth” shall mean, with
respect to any specified Person as of any date, the sum of: 
  

	 	(i)	the equity of the common stockholders of such Person as of such date; plus 

 

	 	(ii)	the respective amounts reported on such Person’s balance sheet as of such date with respect to any series of preferred stock (other than Disqualified Stock) that
by its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year of such declaration and payment, but only to the extent of any cash received by such Person upon
issuance of such preferred stock. 

 “Non-U.S. Person” shall mean a Person who is
not a U.S. Person. 
 “Note Debt Service Account” shall have the meaning assigned to such term in
the Issuer Accounts Agreement. 
 “Note Guarantee” shall mean the Guarantee by each Guarantor of
the Issuer’s obligations under the Notes, this Indenture and each other Financing Document, executed pursuant to the provisions of Article 11 hereof. 
 “Note Proceeds Account” shall mean the special, segregated cash collateral account, denominated in Dollars, established by the Issuer with the Offshore Accounts Bank at its
offices in New York City. 
 “Note Proceeds Account Release Date” shall mean the date occurring 120 days
after the Issue Date. 
 “Notes” shall have the meaning given to such term in the preamble to this Indenture.

 “Obligations” shall mean any principal (including reimbursement obligations with respect to letters of
credit whether or not drawn), interest (including in the case of the Notes, all interest accrued thereon after the commencement of any action or proceeding described in Section 6.01(v) or (vi), even if such interest is not enforceable, allowable or
allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses, damages and other liabilities payable under the Financing Documents. 

  
 14 

 “Obsolete Asset” shall mean, with respect to the Facilities
of a Guarantor, any worn out or damaged Property (to the extent unfit for normal use), or Property that is obsolete or no longer necessary or required for the operation or maintenance of such Facilities. 

“Offer to Purchase” shall mean an offer made by the Issuer pursuant to and in accordance with Sections
4.10(c), 4.15 or 4.19(b) hereof to purchase some or all of the Notes from the Holders thereof. 
 “Offering
Circular” shall mean the Issuer’s offering circular, dated July 6, 2011, relating to the initial offering of the Notes. 
 “Officers’ Certificate” shall mean a certificate signed on behalf of the Issuer by two Authorized Officers of the Issuer, that meets the requirements of
Section 13.04 hereof. 
 “Offshore Accounts Bank” shall mean Deutsche Bank Trust Company
Americas, acting in its capacity as Offshore Accounts Bank pursuant to the applicable Accounts Agreement, and shall include any successor Offshore Accounts Bank appointed pursuant to the applicable Accounts Agreement. 

“Offshore Debt Service Reserve Account” shall have the meaning assigned to such term in the Guarantor
Accounts Agreement. 
 “Offshore Debt Service Reserve Account Required Balance” shall have the
meaning assigned to such term in the Guarantor Accounts Agreement. 
 “Offshore Disposition Proceeds
Accounts” shall have the meaning assigned to such term in the Guarantor Accounts Agreement. 

“Offshore Distribution Accounts” shall have the meaning assigned to such term in the Guarantor Accounts
Agreement. 
 “Offshore Distribution Holding Account” shall have the meaning assigned to such
term in the Guarantor Accounts Agreement. 
 “Offshore Loss Proceeds and Compensation Accounts”
shall have the meaning assigned to such term in the Guarantor Accounts Agreement. 
 “Offshore O&M Service
Reserve Account” shall have the meaning assigned to such term in the Guarantor Accounts Agreement. 

“Offshore O&M Service Reserve Account Required Balance” shall have the meaning assigned to such term
in the Guarantor Accounts Agreement. 
 “Offshore Proceeds Accounts” shall have the meaning assigned to such
term in the Guarantor Accounts Agreement. 
 “Offshore Retention Account” shall have the meaning
assigned to such term in the Guarantor Accounts Agreement. 
 “Operating Company” shall mean
Queiroz Galvão Óleo e Gás S.A., a corporation organized and existing under the laws of Brazil or its successors and permitted assigns under the Services Agreements. 

  
 15 

 “Operation and Maintenance Expenses” shall mean,
collectively, without duplication, all (i) expenses of administering and operating the Project and of maintaining it in accordance with Good Practices incurred by the Guarantors, the Operating Company or Constellation Services,
(ii) transportation costs payable by the Guarantors, the Operating Company or Constellation Services in connection with the Project, (iii) direct operating and maintenance costs of the Drilling Rigs payable by the Guarantors, the Operating
Company or Constellation Services (including amounts payable pursuant to the Services Agreements), (iv) insurance premiums payable by the Guarantors or the Operating Company in connection with the Project, (v) property, sales, value-added
and excise taxes payable by the Guarantors or the Operating Company in connection with the Project (other than taxes imposed on or measured by income or receipts), (vi) costs and fees incurred by the Guarantors or the Operating Company in
connection with obtaining and maintaining in effect the Governmental Approvals required in connection with the Project and (vii) legal, accounting and other professional fees incurred in the ordinary course of business in connection with the
Project payable by the Guarantors or the Operating Company; provided, that “Operation and Maintenance Expenses” shall not include payments into the Offshore Debt Service Reserve Account, depreciation, or any items properly chargeable by
IFRS to fixed capital accounts, or expenses incurred by the Guarantors related to warranty or indemnity payments or damages payable to the Guarantors under any Project Document. 

“Opinion of Counsel” shall mean an opinion from legal counsel who is reasonably acceptable to the Trustee
or the Collateral Agent, as applicable, that meets the requirements of Section 13.04 hereof. The counsel may be an employee of or counsel to the Issuer, the Guarantor, the Trustee or the Collateral Agent. 

“Organizational Documents” shall mean, with respect to any Person, (i) the memorandum or articles of
incorporation, limited liability company agreement, partnership agreement, acta constitutiva or other similar organizational document of such Person, (ii) the by-laws, estatutos or other similar document of such Person, (iii) any
certificate of designation or instrument relating to the rights of preferred shareholders or other holders of Capital Stock of such Person and (iv) any shareholder rights agreement or other similar agreement. 

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

“Permitted Equity Issuance” shall mean the issuance of any Equity Interests by any of the Issuer or the
Guarantors, which such Equity Interests will be subject to a first-priority Lien in favor of the Collateral Agent for the benefit the Holders pursuant to the terms of this Indenture. 

“Permitted Holders” shall mean any or all of the following: (i) any member of the Queiroz
Galvão Family; (ii) the estate or any guardian, custodian or other legal representative of any individual named in or any trust established solely for the benefit of any one or more individuals named in clause (i); and (iii) any
Person in which all of the Equity Interests are owned, directly or indirectly, by any one or more of the persons named in clauses (i) and (ii). 
 “Permitted Investments” shall mean: 
 (i) in respect of any account of any Person held with the Offshore Account Bank: (1) direct obligations of the United States, or of any agency thereof, or obligations guaranteed as to principal and
interest by the United States, or of any agency thereof, in either case maturing not more than one year from the date of acquisition thereof; (2) Dollar time deposits with, or certificates of deposit issued by, any bank or trust company
licensed under the laws of the United 

  
 16 

 
States or any state thereof having outstanding senior long-term unsecured indebtedness and whose long-term debt is rated (on the date of acquisition thereof) “A” or better by Fitch or
Standard & Poor’s or “A2” or better by Moody’s, respectively, maturing not more than one year from the date of acquisition thereof; (3) commercial paper with a short-term rating “F-1” or better by Fitch or
Standard & Poor’s or “P-1” or better by Moody’s, respectively, maturing not more than six (6) months from the date of acquisition thereof; and (4) money market funds rated at least “AA” or better by
Fitch or Standard Poor’s or “Aa2” or better by Moody’s, including any fund for which the Offshore Accounts Bank or an affiliate of the Offshore Accounts Bank serves as an investment advisor, administrator or shareholder servicing
agent, notwithstanding that (A) the Offshore Accounts Bank or an affiliate of the Offshore Accounts Bank charges and collects fees and expenses from such fund for services rendered (provided that such charges, fees and expenses are on terms
consistent with terms negotiated at arm’s length) and (B) the Offshore Accounts Bank charges and collects fees and expenses for services rendered pursuant to the applicable Accounts Agreement; 

(ii) in respect of the Issuer, the Intercompany Issuer Note; and 

(iii) in respect of the Guarantors, any Second Note Proceeds Intercompany Debt or the acquisition of the Equity Interests in the Issuer
in connection with the Issuer Reorganization. 
 “Permitted Liens” shall mean: 

(i) Liens on assets of the Issuer, the Guarantors and the other Project Parties securing all Obligations of the Project
Parties under the Notes, the Note Guarantees, this Indenture and each other Financing Document, as applicable; 

(ii) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision as is required in conformity with IFRS has been made therefor; 

(iii) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
imposed by law and arising in the ordinary course of business or in connection with the operation of the Facilities, in each case for sums not yet due or being contested in good faith and by appropriate proceedings; 

(iv) Liens arising by operation of applicable Law in relation to crew’s wages and salvage, including contract
salvage; provided that all obligations relating thereto are paid when due or being contested in good faith and by appropriate proceedings; 
 (v) pledges or deposits under worker’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts or leases, or to
secure public or statutory obligations, surety bonds, appeal bonds, customs duties and the like, or for the payment of rent, in each case incurred in the ordinary course of business and not securing Indebtedness; and 

(vi) Liens on the Existing Project Finance Collateral created under or pursuant to any Existing Project Financing
Documents. 
 “Permitted Refinancing Indebtedness” shall mean, with respect to any Person and on
any date of determination, Indebtedness in an amount no less than the sum of the principal amount of Notes 

  
 17 

 
outstanding on such date, plus accrued and unpaid interest on such date and any other amounts owed to the Holders pursuant to this Indenture, the proceeds of which are applied to the
payment in full of such amounts. 
 “Permitted Subordinated Indebtedness” shall mean, with
respect to any Person, any unsecured Indebtedness of such Person that (i) is expressly subordinated in right of payment and liquidation to the Notes and the Note Guarantees, (ii) is subject to a first priority Lien in favor of the
Collateral Agent for the benefit of the Secured Parties pursuant to this Indenture, (iii) does not require or permit any cash payment of any obligation thereunder prior to its Stated Maturity, except to the extent and in the amount that the
Issuer or the Guarantors are permitted to make a Restricted Payment hereunder, and (iii) does not mature prior to the date that is 180 days after the original Stated Maturity of the Notes. 

“Person” shall mean any individual, corporation, limited liability company, company, voluntary association, partnership,
joint venture, trust, or other enterprises or unincorporated organization or government (or any agency, instrumentality or political subdivision thereof). 
 “Petrobras” shall mean Petróleo Brasileiro S.A.–Petrobras, a mixed joint stock corporation incorporated in under the laws of Brazil. 

“Pledge Agreements” shall mean, collectively, the Atlantic Star Pledge Agreement and the Alaskan Star
Pledge Agreement. 
 “Private Placement Legend” shall mean the legend set forth in
Section 2.06(f)(i) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Project” shall mean the chartering and operation of the Drilling Rigs and other Facilities. 
 “Project Costs” shall mean all costs and expenses reasonably and necessarily incurred or to be incurred by the Guarantors or the Sponsor (i) to finance the Project in
the manner contemplated by the Transaction Documents, including all reasonable and necessary costs and expenses incurred in connection with the negotiation and preparation of the Transaction Documents and the formation of the Issuer and
(ii) required for the operation and maintenance of the Project. For the avoidance of doubt, Project Costs will include payments by the Guarantors under the Constellation Management Agreement. 

“Project Documents” shall mean, collectively, the following documents: 

 

	 	(i)	the Charter Agreements; 

  

	 	(ii)	the Services Agreements; 

  

	 	(iii)	the Constellation Management Agreement; and 

  

	 	(iv)	any Additional Project Document. 

“Project Participants” shall mean the Operating Company, Petrobras, Constellation Services, each party
(other than the Guarantors) to an Additional Project Document and each Replacement Project Participant. 

“Project Parties” shall mean, collectively, the Issuer, the Guarantors, Constellation, Constellation
Services, Hopelake and any successor of any thereof. 

  
 18 

 “Project Revenues” shall mean for a Guarantor, for any
period, without duplication, the aggregate of all revenues received by (or for the account of) such Guarantor from (i) payments made thereto under the Project Documents, (ii) interest accrued on, and other income derived from, the balance
outstanding during such period in such Guarantor’s Guarantor Collateral Accounts (including, without limitation, from Permitted Investments) of such Guarantor and (iii) the proceeds of any business interruption insurance (if any); provided
that Project Revenues shall exclude, to the extent otherwise included, (A) proceeds payable in respect of any insurance (other than business interruption insurance (if any)) or (B) warranty or indemnity payments or damages payable to such
Guarantor under any Project Document. 
 “Property” shall mean any property of any kind whatsoever, whether
movable, immovable, real, personal or mixed and whether tangible or intangible, any right or interest therein or any receivables or credit rights (direitos creditórios). 

“Purchase Agreement” shall mean the Purchase Agreement, dated as of July 20, 2011, among the Issuer,
the Guarantors and the Initial Purchasers, relating to the sale by the Issuer of the Notes to the Initial Purchasers. 

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

“Queiroz Galvão Family” shall mean all of the individuals holding 100% of the Capital Stock of:
(i) Timbaúba International Ltd., a limited liability company organized under the laws of the British Virgin Islands; (ii) Guararapes International Limited, a limited liability company organized under the laws of the British Virgin
Islands; and (iii) Skycrest Overseas Inc., a company incorporated under the laws of the British Virgin Islands, in each case as of the Issue Date, together with any of their respective heirs. 

“Rating Agency” shall mean Standard & Poor’s, Fitch or Moody’s; or if
Standard & Poor’s, Fitch or Moody’s are not making ratings of the Notes publicly available, an internationally recognized U.S. rating agency or agencies, as the case may be, selected by the Issuer, which will be substituted for
Standard & Poor’s, Fitch or Moody’s, as the case may be. 
 “Rating Decline”
shall mean that at any time within 90 days (which period shall be extended for the period and so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any Rating Agency) after the date of public notice
of a Change of Control, or the intention of any Person to effect a Change of Control, the then-applicable rating of the Notes is decreased by (i) if three Rating Agencies are making ratings of the Notes publicly available, at least two of the
Rating Agencies or (ii) if two or fewer Rating Agencies are making ratings of the Notes publicly available, then any one of the Rating Agencies, by one or more categories; provided that any such Rating Decline results in whole or in part
from a Change of Control. 
 “Ratings Affirmation” shall mean, with respect to any particular
action or proposed action, each of Standard & Poor’s, Moody’s or Fitch or, if any or all of such ratings agencies do not then rate the Notes, such other Rating Agency then having issued long-term debt ratings for the Notes,
affirms that such long-term debt ratings will not be lowered as a result of the taking of such action or proposed action. 

“Reference Treasury Dealer” shall mean Santander Investment Securities, Inc., HSBC Securities (USA) Inc.,
Citigroup Global Markets Inc. or their respective affiliates which are primary United States government securities dealers and not less than two other leading primary United States government securities dealers in New York City reasonably designated
by the Issuer; provided that if any of the foregoing cease to be a primary United States government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer.

  
 19 

 “Reference Treasury Dealer Quotation” shall mean, with
respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 pm New York time on the third Business Day preceding such redemption date. 

“Regulation S” shall mean Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” shall mean a Global Note in the form of Exhibit A hereto bearing the Global
Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance
on Rule 903 of Regulation S. 
 “Release” shall mean any spilling, leaking, pumping, pouring, emitting,
emptying, discharging, injecting, escaping, leaching, dumping, or disposing into the environment (including the abandonment or discarding of barrels, containers, and other closed receptacles containing any Hazardous Material, but excluding emissions
from the engine exhaust of a motor vehicle). 
 “Relevant Date” shall mean, with respect to any
payment on a Note or under the Note Guarantees, whichever is the later of: (i) the date on which such payment first becomes due; and (ii) if the full amount payable has not been received by the Trustee or the Collateral Agent, as
applicable, on or prior to such due date, the date on which notice is given to the Holders that the full amount has been received by the Trustee or the Collateral Agent, as applicable. 

“Replacement Assets” shall mean Property that will be used or useful in connection with the Project.

 “Replacement Project Participant” shall mean any Person that assumes the obligations of the
replaced Project Participant under any Project Document on terms and conditions (taken as a whole) no less favorable to the relevant Guarantor than those applicable to the replaced Project Participant pursuant to the applicable Project Document;
provided that (1) the Issuer or either Guarantor shall have delivered a certificate of an Authorized Officer of the Issuer to the Trustee stating that (i) such Person is at least as creditworthy (or has credit support from a Person at
least as creditworthy) of the replaced Project Participant and (ii) is otherwise at least as capable of performing the obligations of the replaced Project Participant under the applicable Project Document as the replaced Project Participant
under the applicable Project Document as the replaced Project Participant, in each case, on the date that the applicable Project Document was entered into, and (2) in respect of Petrobras or the Operating Company, such Person is approved in
writing by Holders of at least 75% in aggregate principal amount of the Notes then outstanding; provided, however, that no consent of the Holders shall be required if (i) in respect of the Operating Company, such Person is an Affiliate of the
Sponsor and (ii) in respect of Petrobras, (A) such Person is either (x) controlled directly or indirectly by Petrobras or (y) a member of any joint venture, consortium or similar association that is the concessionaire of the
reserve in which the Drilling Rigs are operating pursuant to the Charter Agreements and Petrobras, or any other Person controlled directly or indirectly by Petrobras, is the operator of such reserve or (B) the relevant Guarantor obtains a
Ratings Affirmation. 
 “Reserve Account Letters of Credit” shall have the meaning assigned to
such term in the Guarantor Accounts Agreement. 
 “Responsible Officer,” when used with respect
to the Trustee, shall mean any officer or authorized representative of the Trustee within the Corporate Trust Office of the Trustee with direct 

  
 20 

 
responsibility for the administration of this Indenture and/or the Financing Documents and also, with respect to a particular matter, any other officer of the Trustee to whom such matter is
referred because of such officer’s knowledge and familiarity with the particular subject. 
 “Restoration
Work” shall mean the design, engineering, procurement, construction and other work with respect to the Restoration of Affected Property. 
 “Restore” shall mean, with respect to any Affected Property, to rebuild, repair, restore or replace such Affected Property. The terms “Restoration” and
“Restoring” shall have a correlative meaning. 
 “Restricted Definitive Note”
shall mean a Definitive Note bearing the Private Placement Legend. 
 “Restricted Global Note”
shall mean a Global Note bearing the Private Placement Legend. 
 “Restricted Period” shall mean
the 40-day distribution compliance period as defined in Regulation S. 
 “Retention Period” shall
have the meaning assigned to such term in the Guarantor Accounts Agreement. 
 “Rule 144” shall
mean Rule 144 promulgated under the Securities Act. 
 “Rule 144A” shall mean Rule 144A
promulgated under the Securities Act. 
 “Rule 903” shall mean Rule 903 promulgated under the
Securities Act. 
 “Rule 904” shall mean Rule 904 promulgated under the Securities Act.

 “Sale and Leaseback Transaction” shall mean, with respect to any Person, an arrangement
whereby such Person enters into a lease of property previously transferred by such Person to the lessor. 

“SEC” shall mean the Securities and Exchange Commission. 

“Second Note Proceeds Intercompany Debt” shall mean any loans extended by the Guarantors to Constellation
or any of its Affiliates for the sole purpose of effecting the withdrawal and transfer of the proceeds remaining on deposit in the Note Proceeds Account on behalf of the Guarantors after the occurrence of the First Note Proceeds Utilization pursuant
to the terms of the indenture; provided that the aggregate principal amount of such loans shall not exceed the aggregate amount of funds deposited in the Note Proceeds Account after the occurrence of the First Note Proceeds Utilization.

 “Second Note Proceeds Utilization” shall have the meaning given to such term in the Issuer
Accounts Agreement. 
 “Secured Parties” shall mean, collectively, the Collateral Agent, the
Trustee, the Offshore Accounts Bank (and agents of any thereof appointed pursuant to the terms of the Financing Documents) and the Holders. 
 “Securities Account” shall have the meaning set forth in UCC Section 8-501(a). 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Security Documents” shall mean, collectively, the following documents: 
  

	 	(i)	Issue Date Security Documents; 

  
 21 

	 	(ii)	Alaskan Star Offshore Security Agreement; 

  

	 	(iii)	Atlantic Star Offshore Security Agreement; 

  

	 	(iv)	Alaskan Star Share Pledge Agreement; 

  

	 	(v)	Atlantic Star Share Pledge Agreement; 

  

	 	(vi)	Alaskan Star Mortgage; 

  

	 	(vii)	Atlantic Star Mortgage; 

  

	 	(viii)	Atlantic Star Supplement to Mortgage; 

  

	 	(ix)	Alaskan Star Assignment of Insurances; 

  

	 	(x)	Atlantic Star Assignment of Insurances; 

  

	 	(xi)	Guarantor Accounts Agreement; 

  

	 	(xii)	Alaskan Star Conditional Assignment of Contract; 

  

	 	(xiii)	Atlantic Star Conditional Assignment of Contract; and 

  

	 	(xiv)	the customary assignments of insurance policies, payment instructions and consents to assignments, to the extent required by the documents listed above.

 “Security Interest” shall mean the Lien on the Collateral or any other
collateral purported to be granted to the Collateral Agent, in each case, for the benefit of one or more of the Secured Parties (or any trustee, sub-agent or other Person acting for or on behalf thereof). 

“Semester Date” shall mean the last day of each June and December in each year. 

“Semi-Annual Payment Date” shall mean May 30 and November 30 of each year, and July 30,
2018, or, if such day is not a Business Day, the next succeeding Business Day. 
 “Services
Agreements” shall mean, collectively, the Atlantic Star Services Agreement and the Alaskan Star Services Agreement. 
 “Sponsor” shall mean Constellation, in its capacity as Sponsor under the Financing Documents to which it is a party in such capacity. 

“Standard & Poor’s” shall mean Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. 
 “Stated Maturity” shall mean (i) with respect to any
Indebtedness, the date specified as the fixed date on which the final installment of principal of such Indebtedness is due and payable or (ii) with respect to any scheduled installment of principal of or interest on any Indebtedness, the date
specified as a fixed date on which such installment is due and payable as set forth in the documentation governing such Indebtedness, not including any Contingent Obligation to repay, redeem or repurchase prior to the regularly scheduled date for
payment. 

  
 22 

 “Subsidiary” shall mean with respect to any Person, any corporation,
association or other business entity of which more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more Subsidiaries of such Person (or a combination thereof). 

“Taking” shall mean any circumstance or event, or series of circumstances or events (including an Expropriation Event),
in consequence of which all or substantially all of either Drilling Rig shall be condemned, nationalized, seized, compulsorily acquired or otherwise expropriated by any Governmental Authority under power of eminent domain or otherwise. The term
“Taken” shall have a correlative meaning. 
 “TIA” shall mean the Trust Indenture Act of 1939,
as amended (15 U.S.C. §§ 77aaa-77bbbb). 
 “Transaction Documents” shall mean,
collectively, the Project Documents and the Financing Documents. 
 “Transferred Assets” shall
mean, collectively, (i) 20% of the Equity Interests in SBM Holding Inc., a company that owns FPSO Capixaba, (ii) the QG-IV onshore drilling rig and all equipment related thereto and (iii) all equipment relating to the onshore drilling
rigs QG-I, QG-II and QG-III, in each case held by Star International on or prior to the Issue Date. 
 “Treasury
Rate” shall mean, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for
the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 
 “Uniform Commercial Code” and “UCC” shall mean the Uniform Commercial Code as adopted in the State of New York or any other applicable jurisdiction.

 “United States” and “U.S.” shall each mean the United States of America. 

“Unrestricted Definitive Note” shall mean a Definitive Note that does not bear and is not required to bear
the Private Placement Legend. 
 “Unrestricted Global Note” shall mean a Global Note that does
not bear and is not required to bear the Private Placement Legend. 
 “U.S. Person” shall mean a U.S.
Person as defined in Rule 902(k) promulgated under the Securities Act. 
 “Voting Stock”, with
respect to any Person, shall mean Capital Stock the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to
vote has been suspended by the happening of a contingency. 

  
 23 

 Section 1.02 Other Definitions. 

 

			
	 Term
	  	 Defined in

Section

		
	 “Action”
	  	10.10
	 “Additional Amounts”
	  	4.08(b)
	 “Affected Drilling Rig Property”
	  	4.19(a)
	 “Affiliate Transaction”
	  	4.11
	 “Alaskan Star”
	  	Preamble
	 “Alaskan Star Release Date”
	  	12.03
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.15
	 “Collateral Agent”
	  	Preamble
	 “Covenant Defeasance”
	  	8.03
	 “Distribution”
	  	4.07
	 “Distribution Release Conditions”
	  	4.07
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Disposition Offer”
	  	4.10(c)
	 “Excess Loss Offer”
	  	4.19(b)
	 “Guarantor”
	  	Preamble
	 “incur”
	  	4.09(a)
	 “Indemnified Matters”
	  	10.11(c)
	 “Issuer”
	  	Preamble
	 “Legal Defeasance”
	  	8.02
	 “Luxembourg Paying Agent”
	  	2.03
	 “Offer Expiration Date”
	  	3.03
	 “Offer Purchase Date”
	  	3.03
	 “Pay-in Account””
	  	4.30(a)(iv)
	 “Paying Agent”
	  	2.03
	 “Permitted Debt”
	  	4.09(b)
	 “Process Agent”
	  	13.09
	 “Relevant Jurisdiction”
	  	4.08(a)
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07
	 “Star International”
	  	Preamble
	 “Taxes”
	  	4.08(a)
	 “Transfer”
	  	4.26
	 “Trustee”
	  	Preamble

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

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

“indenture securities” shall mean the Notes; 
 “indenture security Holder” shall mean a Holder; 

“indenture to be qualified” shall mean this Indenture; 

  
 24 

 “indenture trustee” or “institutional trustee” shall mean
the Trustee; and 
 “obligor” on the Notes and the Note Guarantee shall mean the Issuer and the Guarantors,
respectively, and any successor obligor upon the Notes and the Note Guarantee, respectively. 
 All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
 Section 1.04 Rules of Construction. 
 Unless the context otherwise requires:

 (i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with IFRS (based on the manner
in which the financial statements are prepared and delivered pursuant to Section 4.03 hereof); 
 (iii)
“or” is not exclusive; 
 (iv) words in the singular include the plural, and in the plural include the
singular; 
 (v) “will” shall be interpreted to express a command; 

(vi) provisions apply to successive events and transactions; 

(vii) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the SEC from time to time; and 
 (viii) any action required to be taken
on a given date pursuant to any Financing Document shall, to the extent such date is not a Business Day, be deemed to be required to be taken on the next succeeding Business Day. 

ARTICLE 2 
 THE
NOTES 
 Section 2.01 Form and Dating. 
 (a) General. The Notes will be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be
dated the date of its authentication. The Notes shall be in minimum denominations of $200,000 and integral multiples of $1,000 above such amount. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the Guarantors and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be
controlling. 
 (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit
A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the 

  
 25 

 
Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made on the Schedule of Exchanges of Interests in the Global Note by the Trustee or the
Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and
the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global Note that are held by Participants through
Euroclear or Clearstream. 
 Section 2.02 Execution and Authentication. 

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

If an Authorized Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will
nevertheless be valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature
will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a
written order of the Issuer signed by an Authorized Officer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, up to the aggregate principal amount of
$700,000,000. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in
Section 2.07 hereof. 
 The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with
Holders or an Affiliate of the Issuer. 
 Section 2.03 Registrar and Paying Agent. 

The Issuer will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Issuer may
appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent, including the Luxembourg Paying Agent.
The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another
entity as Registrar or 

  
 26 

 
Paying Agent, the Trustee shall act as such. The Issuer may act as Paying Agent or Registrar. So long as the Notes are listed on the Official List of the Luxembourg Stock Exchange and the rules
of the Official List of the Luxembourg Stock Exchange so require, the Issuer shall appoint and maintain an office or agency in Luxembourg where the Notes may be presented or surrendered for payment or redemption, in the event that the Global Notes
are exchanged for Definitive Notes (the “Luxembourg Paying Agent”). 
 The Issuer initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The
Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. The Issuer initially appoints Deutsche Bank Luxembourg S.A. to act as the Luxembourg Paying Agent. 

Section 2.04 Paying Agent to Hold Money in Trust. 
 The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, or interest on the Notes, and will 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 (if other than the Issuer) will have no further liability for the money. If
the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will
serve as Paying Agent for the Notes. 
 Section 2.05 Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA §312(a). If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes. 
 Section 2.06 Transfer and Exchange. 
 (a) Transfer and
Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or
any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Issuer for Definitive Notes if: 
 (i) the Issuer delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange
Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary; 
 (ii) the Issuer in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee;
provided that in no event shall the Regulation S Global Note be exchanged by the Issuer for Definitive Notes prior to the expiration of the Restricted Period; or 

  
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 (iii) there has occurred and is continuing a Default with respect to the
Notes and any Holder of the Notes requests that Definitive Notes be issued. 
 Upon the occurrence of any of the preceding
events in clauses (i), (ii) or (iii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and
shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b),
(c) or (d) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The
transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be
subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (i) or
(ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial
interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 2.06(b)(i). 
 (ii) All Other Transfers and
Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i) above, the transferor of such beneficial interest must deliver to the
Registrar either: 
  

	 	(A)	both: 

 (i) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 

  
 28 

	 	(B)	both: 

 (i) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be
transferred or exchanged; and 
 (ii) instructions given by the Depositary to the Registrar containing
information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (B)(i) above; 
 provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Global Note prior to the expiration of the Restricted Period.

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

(iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted
Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) above and the Registrar receives the
following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global
Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof; and 
 (C) if the transferee will take delivery in the form of a
beneficial interest in the IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable.

 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in
an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) above and: 
 (A) such exchange or transfer is effected pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (4) thereof; or 
 (B) the Registrar receives the following: 

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

  
 29 

 (ii) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (B), if the Registrar or
Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar or Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to subparagraph (iv) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to
subparagraph (B) above. 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c)
Transfer or Exchange of Beneficial Interests for Definitive Notes. 
 (i) Beneficial Interests in
Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to
a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of
Exhibit C hereto, including the certifications in item (2)(a) thereof; 
 (B) if such beneficial interest
is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(a) thereof; 

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

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities
Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer shall execute and the Trustee upon receipt of an Authentication Order shall authenticate and deliver
to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in
such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall
deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (ii) Beneficial
Interests in Regulation S Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a Person
who takes delivery thereof in the form of a Definitive Note prior to the expiration of the Restricted Period, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or
Rule 904. 
 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A
holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note only if: 
 (A) such exchange or transfer is effected pursuant to an effective registration
statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (4) thereof; or 
 (B) the Registrar receives the following: 
 (i) if the holder of
such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or 

  
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 (ii) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (B), if the Registrar or Issuer so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar or Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial
interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof, the Trustee will
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and upon receipt of an Authentication Order, the Trustee will authenticate and deliver
to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) will be registered in such name or names
and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such
Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) will not bear the Private Placement Legend. 

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

(i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such
Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from
the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

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

 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement
under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (4) thereof, 
 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note,
in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 

(ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
only if the Registrar receives the following: 
 (A) such an exchange or transfer is effected pursuant to an
effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (4) thereof; or 

(B) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
 (C) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate
from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such
case set forth in this Section 2.06(d)(ii), if the Registrar or Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar or Issuer to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

  
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 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(ii), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an
Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global
Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant
to subparagraphs (ii) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a
written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 
 (i)
Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar
receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will
be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable. 
 (ii) Restricted Definitive Notes to Unrestricted
Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the
Registrar receives the following: 
 (A) such an exchange or transfer is effected pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (4) thereof; or 

  
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 (B) if the Holder of such Restricted Definitive Notes proposes to exchange
such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(C) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this Section 2.06(e)(ii), if the Registrar or Issuer so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar or Issuer to the effect that
such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof. 
 (f) Legends. The following legends will appear on the face of all
Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (i) Private Placement Legend. 
 (A) Except as permitted by
subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 

“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER

 (1) REPRESENTS THAT 
 (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION
WITH RESPECT TO EACH SUCH ACCOUNT OR 
 (B) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT); AND 

  
 35 

 (2) AGREES FOR THE BENEFIT OF THE ISSUER AND THE GUARANTORS THAT IT WILL NOT
OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY 

(A) TO THE ISSUER, 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, 
 (D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR 
 (E) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH 2(E) ABOVE, THE ISSUER RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH
LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO
THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(iii),
(c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(3iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

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

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

  
 36 

 
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note will 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 or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or
for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (h) General Provisions Relating to Transfers and Exchanges.  

(i) To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (ii) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10,
3.06, 4.10(c), 4.15, 4.19 and 9.04 hereof). 
 (iii) The Registrar will not be required to register the transfer
of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (v) Neither the Registrar nor the Issuer will be required: 
 (A)
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on
the day of selection; 

  
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 (B) to register the transfer of or to exchange any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (vi) 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 none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

(vii) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.02 hereof. 
 (viii) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

Section 2.07 Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer will issue and the
Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the
judgment of (i) the Trustee to protect the Trustee and (ii) 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 may charge for
its expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Issuer and will be entitled to
all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding
Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those 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 2.08 as not outstanding. Except as set forth in
Section 2.09 hereof, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Issuer or an Affiliate of the Issuer shall not be deemed to be outstanding for purposes of
Section 3.07(a) hereof. 
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless
the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 

  
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 If the principal amount of any Note is considered paid under Section 4.01 hereof, it
ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Issuer or an Affiliate of
any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

Section 2.09 Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or a Guarantor, or by any of their respective
Affiliates, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee
knows are so owned will be so disregarded. 
 Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication
Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee.
Without unreasonable delay, the Issuer will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy cancelled Notes
(subject to the record retention requirement of the Exchange Act or the Trustee). Certification of the destruction or cancellation of all cancelled Notes will be delivered to the Issuer upon written request. The Issuer may not issue new Notes to
replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 

If the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer will notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be
less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will
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. 

  
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 ARTICLE 3 
 REDEMPTION AND PREPAYMENT 
 Section 3.01 Notices to Trustee. 

If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the
Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 
 (i) the clause of this Indenture pursuant to which the redemption shall occur; 
 (ii) the redemption date; 
 (iii) the principal amount of Notes to
be redeemed; and 
 (iv) the redemption price. 
 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 
 If less than
all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or purchase on a pro rata basis (or, in the case of Global Notes, based on a method that most nearly
approximates a pro rata selection in accordance with the procedures of the Depositary), unless otherwise required by applicable Law or applicable stock exchange requirements. 

In the event of partial redemption, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein,
not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 
 The Trustee will promptly notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount
thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $200,000 and whole multiples of $1,000 in excess thereof; provided 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, even if not a multiple of $1,000, shall be redeemed or purchased. No Notes will be redeemed in part if such partial redemption results in Notes with less than $200,000. Except as provided in
the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 
 Section 3.03 Notice of Redemption or Offer to Purchase. 
 At least 30 days
but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, postage prepaid, a notice of redemption to the Trustee on behalf of each Holder whose Notes are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12
hereof. 
 The notice will identify the Notes to be redeemed and will state: 

(i) the redemption date; 

  
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 (ii) the redemption price; 

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

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

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

(vi) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (vii) the paragraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and 
 (viii) 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 request, the Trustee will give the notice of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer has delivered to the Trustee, at least 10 days prior to the date the notice needs to be
sent, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

At least 30 days but not more than 60 days before an Offer Expiration Date, the Issuer will mail or cause to be mailed, by first class
mail, postage prepaid, a notice of any Offer to Purchase to the Trustee on behalf of each Holder at its registered address, which notice shall specify (i) the principal amount of Notes subject to the Offer to Purchase, (ii) the purchase
price of the offer, (iii) an expiration date (the “Offer Expiration Date”) not less than 30 days nor more than 60 days after the date of the Offer to Purchase and (iv) a settlement date for purchase (the “Offer
Purchase Date”) not more than five Business Days after the Offer Expiration Date. Such written notice shall additionally include (i) information concerning the business of the Issuer and the Guarantors which the Issuer and the
Guarantors in good faith believe will enable the Holders to make an informed decision with respect to the Offer to Purchase and (ii) instructions and materials necessary to enable Holders to tender their respective Notes pursuant to the Offer
to Purchase. 
 Section 3.04 Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of
redemption may not be conditional. 
 Section 3.05 Deposit of Redemption or Purchase Price. 

One Business Day prior to the redemption or purchase date, the Issuer will deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption or purchase price of all Notes to be redeemed or purchased on that date together with accrued and unpaid interest and Additional Amounts, 

  
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if any, thereon, to, but excluding, the applicable redemption or purchase date. The Trustee or the Paying Agent will 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 or purchase price of all Notes to be redeemed or purchased on that date together with accrued and unpaid interest and Additional Amounts, if any, thereon, to, but
excluding, the applicable redemption or purchase date. 
 In connection with any redemption or Offer to Purchase, the applicable
Guarantor shall make a prepayment on its Intercompany Note to the extent necessary to allow the Issuer to consummate such redemption or Offer to Purchase, as the case may be, and the Issuer shall thereupon consummate such redemption or Offer to
Purchase, as the case may be, in accordance with the terms of this Indenture. 
 If the Issuer complies with the provisions of
the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but
on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is
not so paid upon surrender for redemption or purchase because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and
to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part. 
 Upon surrender of a Note
that is redeemed or purchased in part, the Issuer will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or
unpurchased portion of the Note surrendered. 
 Section 3.07 Optional Redemption. 

(a) At any time prior to November 30, 2016, the Issuer may on any one or more occasions redeem the Notes, at its
option, in whole or in part, at a “make-whole” redemption price equal to the greater of (i) 101% of the principal amount of the Notes being redeemed and (ii) the present value at such redemption date of all required interest and
principal payments on such Notes through the final maturity date (excluding accrued but unpaid interest to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at
the Treasury Rate plus 50 basis points; plus in each case any accrued and unpaid interest and Additional Amounts, if any, on such Notes to, but excluding, the redemption date, as calculated by the Independent Investment Banker. 

Any redemption of Notes by the Issuer pursuant to this paragraph will be subject to either (i) there being at least U.S.$150.0
million in aggregate principal amount of Notes outstanding after such redemption or (ii) the Issuer redeeming all of the then-outstanding principal amount of the Notes. 

(b) On any Semi-Annual Payment Date occurring in November 2016 or at any time thereafter until (but not including) the
Semi-Annual Payment Date occurring in November 2017, the Issuer may redeem all, but not less than all, of the Notes, at a redemption price equal to 101% of the then outstanding principal amount of the Notes, plus accrued and unpaid interest and
Additional Amounts, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). 

  
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 (c) On any Semi-Annual Payment Date occurring in November 2017 or at any
time thereafter, the Issuer may redeem all, but not less than all, of the Notes, at 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the redemption date
(subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).\ 
 (d) If as a result of any change in or amendment to the applicable Laws of a Relevant Jurisdiction, or any amendment to or change in an official interpretation, administration or application of such Laws
(including a holding, judgment or order by a court of competent jurisdiction), which change or amendment or change in official position becomes effective on or after the Issue Date or on or, with respect to a successor, after the date a successor
assumes the obligations under the Notes, the Issuer, the Guarantors or any successor have or will become obligated to pay Additional Amounts, the Issuer may, at its option, redeem all, but not less than all, of the Notes, at a redemption price equal
to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, upon publication of irrevocable notice not less than 30 days nor more than 60 days
prior to the applicable redemption date; provided that no notice of such redemption may be given earlier than 60 days prior to the earliest date on which the Issuer, the Guarantors or any successor would, but for such redemption, be obligated
to pay the Additional Amounts. Notwithstanding the foregoing, the Issuer shall not have the right to so redeem the Notes unless: (i) it has used commercially reasonable efforts to avoid the obligation to pay Additional Amounts; and (ii) it
has complied with all applicable Laws to legally effect such redemption; provided, however, that for this purpose commercially reasonable efforts shall not include, without limitation, any change in the Issuer’s or any successor’s,
corporate form, jurisdiction of incorporation or organization or location of its principal executive or registered office. In the event that the Issuer elects to so redeem the Notes, it will deliver to the Trustee: (1) a certificate of an
Authorized Officer of the Issuer stating that the Issuer is entitled to redeem the Notes pursuant to the indenture and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Issuer to so redeem have
occurred or been satisfied; and (2) an opinion of counsel to the effect that the Issuer has or will become obligated to pay Additional Amounts and that all governmental approvals necessary for the Issuer to effect the redemption have been
obtained and are in full force and effect. 
 (e) Any redemption pursuant to this Section 3.07 shall be made
in accordance with the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 Mandatory Redemption. 

If, as of the Note Proceeds Account Release Date, (i) the Existing Project Finance Obligations are not repaid or purchased by the Issuer in full or
(ii) all funds on deposit in the Note Proceeds Account are not released, then the Issuer shall instruct the Collateral Agent to disburse all funds then held on deposit in the Note Proceeds Account to the Trustee and redeem the maximum principal
amount of Notes, together with accrued and unpaid interest, if any, thereon to, but excluding, the applicable redemption date (subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment
date) that may be redeemed with the funds then held on deposit in the Note Proceeds Account, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest, if any, thereon to, but
excluding, the applicable redemption date. 
 Section 3.09 Offers to Purchase. 

(a) A Holder may tender all or any portion of its Notes pursuant to an Offer to Purchase; provided that, to the
extent any Holder tenders less than all of its Notes, any Note that is not tendered must be for a minimum denomination of $200,000; provided, further, that any portion of a Note tendered pursuant to an Offer to Purchase must be in a
multiple of $1,000 principal amount. 

  
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 (b) On the Offer Purchase Date, the purchase price specified in the written
offer will become due and payable on each Note accepted for purchase pursuant to the Offer to Purchase, and interest on Notes purchased pursuant to such Offer to Purchase will cease to accrue on and after the Offer Purchase Date. 

(c) If (i) the Issuer makes an Offer to Purchase for less than all of the outstanding Notes and (ii) Notes in an
aggregate principal amount in excess of the purchase amount specified in the written offer are tendered and not withdrawn pursuant to the Offer to Purchase, then the Issuer will purchase Notes having an aggregate principal amount equal to the
purchase amount specified on the written offer on a pro rata basis; provided that adjustments shall be made so that only Notes in multiples of $1,000 principal amount will be purchased. 

(d) Any Offer to Purchase shall be made by the Issuer in compliance with Rule 14e-1 under the Exchange Act (to the extent
applicable) and all other applicable Laws, and the procedures set forth in this Indenture shall be deemed to be modified as necessary to permit such compliance. The Issuer and Guarantors shall additionally obtain all necessary consents and approvals
from any Governmental Authority for any required remittance of funds outside of any jurisdiction in connection with any Offer to Purchase. 
 (e) Notwithstanding anything herein to the contrary, the Issuer shall not be required to make an Offer to Purchase pursuant to the terms of this Indenture if (i) a third party makes an offer to
purchase Notes in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to an Offer to Purchase made by the Issuer and such third party purchases all Notes properly tendered and not
withdrawn by the Holders thereof under such offer to purchase or (ii) if notice of redemption for all outstanding Notes has been given pursuant to Section 3.07 or 3.08 hereof, unless and until there is a default in payment of the
applicable redemption price. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01 Payment of Notes. 

The Issuer will 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 will be considered paid on the date due if the Paying Agent, if other than the Issuer, holds as of noon Eastern Time on the Business Day before the due date money deposited by the
Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 
 The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, at the rate equal to 2% per annum in excess of the
then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period)
at the same rate to the extent lawful. 
 Section 4.02 Maintenance of Office or Agency. 

The Issuer will maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) where Notes may be surrendered for registration of transfer or for 

  
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exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee. 
 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 will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency. 
 The Issuer hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03 hereof. 
 Section 4.03
Reports. 
 (a) So long as any Notes are outstanding, each Guarantor will furnish to the Holders and the Trustee:

 (i) as soon as available and in any event within 60 days after the end of the first three fiscal quarters of
each fiscal year of such Guarantor, a copy of the complete unaudited, consolidated statements of income, retained earnings and cash flow of such Guarantor, and the related unaudited, consolidated balance sheet of such Guarantor as at the end of such
period, setting forth in each case in comparative form the corresponding figures for the corresponding period in the preceding fiscal year, if any, accompanied by a certificate of an Authorized Officer of such Guarantor, which certificate shall
state that said financial statements fairly present the financial condition and results of operations of such Guarantor in accordance with IFRS, consistently applied, as at the end of, and for, such periods (subject to normal year-end audit
adjustments); provided that such Guarantor shall be deemed to have provided all such forms, financial statements or reports on the date on which such forms, financial statements or reports are posted (or a link thereto is provided) on an
internet site notified in writing by the Issuer to the Holders and the Trustee; 
 (ii) as soon as available and
in any event within 120 days after the end of each fiscal year of such Guarantor, a copy of the complete audited, consolidated statements of income, retained earnings and cash flow of such Guarantor, and the related audited, consolidated balance
sheet of such Guarantor as at the end of such year prepared in accordance with IFRS and any related audit letter, setting forth in each case in comparative form the corresponding figures for the preceding fiscal year, and accompanied by an opinion
thereon of a firm of independent certified public accountants of recognized international standing; provided that such Guarantor shall be deemed to have provided all such forms, financial statements or reports on the date on which such forms,
financial statements or reports are posted (or a link thereto is provided) on an internet site notified in writing by the Issuer to the Holders and the Trustee; 
 (iii) at the time it furnishes each set of financial statements as described in paragraph (ii) above, a certificate of an Authorized Officer of the Issuer stating that: (i) there has been no
(x) notice, demand or other communication given or received by such Guarantor (A) pursuant to or relating to any of the Transaction Documents (including all requests for amendments or waivers) or pursuant to or relating to any Necessary
Governmental Approval or (B) to or from any Governmental Authority relating in any way to the Project and (y) annual environmental reports required to be delivered to Petrobras under the Charter Agreements and Services Agreements; in

  
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each case identifying matters which would reasonably be expected to result in a Material Adverse Effect, or except as detailed in such certificate; and (ii) a review of the activities of the
Issuer and each of the Guarantors during the preceding fiscal year has been made under the supervision of the signing Authorized Officer with a view to determining whether the Issuer and each other Project Party has kept, observed, performed and
fulfilled its obligations under this Indenture, the Project Documents and the Security Documents, and further stating, as to such Authorized Officer signing such certificate, that to the best of his or her knowledge, the Issuer and each Project
Party has kept, observed, performed and fulfilled each and every covenant contained in this Indenture, each Project Document and each Security Document and is not in default in the performance or observance of any of the terms, provisions and
conditions of this Indenture or any Security Document (or, if a Default or Event of Default has occurred, describing in reasonable detail all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuer or the
relevant Guarantor is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the
Notes is prohibited or if such event has occurred, a description of the event and what action the Issuer is taking or proposes to take with respect thereto; and 
 (iv) promptly after any officer or director of such Guarantor knows or has a reasonable basis to believe that any Default or Event of Default or any material default by any Project Participant under any
Project Document has occurred, an Officers’ Certificate describing any such event in detail and, specifying what action if any such Guarantor or, if known by such Guarantor, such Project Participant has taken and/or proposes to take with
respect thereto; 
 (b) Each Guarantor will also, for so long as any Notes remain outstanding, furnish or cause
to be furnished to the Trustee the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act; and the Trustee will furnish such information to the Holders, beneficial owners of the Notes and prospective investors upon
written request. 
 Section 4.04 Taxes. 
 Each of the Issuer and the Guarantors shall duly pay and discharge before they become overdue all material taxes, assessments and other governmental charges or levies imposed by a Governmental Authority
upon it or its Property, income or profits; provided that any of the Issuer or the Guarantors may contest in good faith any such tax, assessment, charge, levy, claim or obligation and, in such event, may permit the tax, assessment, charge,
levy, claim or obligation to remain unpaid during any period, including appeals, when the Issuer or such Guarantor is in good faith contesting the same by proper proceedings, so long as (i) adequate reserves shall have been established with
respect to any such tax, assessment, charge, levy, claim or obligation, accrued interest thereon and potential penalties or other costs relating thereto, or other adequate provision for payment thereof shall have been made, and (ii) such
contest would not reasonably be expected to result in a Material Adverse Effect. 
 Section 4.05 Compliance with Laws. 

Each of the Issuer and the Guarantors shall conduct its business, and each Guarantor shall cause its Drilling Rig to be duly operated in
compliance with, all requirements of applicable Law, including all Necessary Governmental Approvals, Environmental Laws, the International Safety Management (ISM) Code and the International Ship and Port Facility Security (ISPS) Code, except where
any failure to comply would not individually or in the aggregate reasonably be expected to result in a Material Adverse Effect; provided that any of the Issuer or the Guarantors may, at its expense, contest by appropriate proceedings
conducted in good faith the validity or application of any such requirement of applicable 

  
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Law, so long as (a) none of the Secured Parties would be subject to any liability for failure to comply therewith and (b) the institution of such proceedings would not reasonably be
expected to result in a Material Adverse Effect. 
 Section 4.06 Stay, Extension and Usury Laws. 

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

Section 4.07 Restricted Payments. 
 Neither the Issuer nor either Guarantor will, directly or indirectly: 
 (i) declare or pay any dividend or make any other payment or distribution on account of the Issuer or such Guarantor’s Equity Interests (including, without limitation, any payment in connection with
any merger or consolidation involving the Issuer or such Guarantor) or to the direct or indirect holders of the Issuer’s or such Guarantor’s Equity Interests in their capacity as such, other than, in each case, (i) dividends or
distributions payable in Equity Interests (other than Disqualified Stock) of the Issuer or such Guarantor and (ii) dividends or distributions payable to the Issuer or such Guarantor; 

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

(iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any
Indebtedness of the Issuer or such Guarantor that is contractually subordinated to the Notes or the Note Guarantees, other than solely with the proceeds from a Permitted Equity Issuance or Permitted Subordinated Indebtedness; 

(iv) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any
Constellation Intercompany Debt, other than solely with (i) the net proceeds of the Notes remaining on deposit in the Note Proceeds Account after the First Note Proceeds Utilization upon satisfaction of all conditions to the occurrence of the
Second Notes Proceeds Utilization or (ii) proceeds from a Permitted Equity Issuance or Permitted Subordinated Indebtedness; 
 (v) pay any indemnity or any other amount under any Second Note Proceeds Intercompany Debt, other than solely with the proceeds from a Permitted Equity Issuance or Permitted Subordinated Indebtedness; or

 (vi) make any Investment other than a Permitted Investment; 

  
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 (all such payments and other actions set forth in these clauses (i) through (vi) above being
collectively referred to as “Restricted Payments”); provided that each Guarantor may make (i) a prepayment on such Guarantor’s Intercompany Issuer Note to the extent necessary to permit the Issuer to redeem,
repurchase or make any payment of principal, interest or other amounts due under the Notes permitted under this Indenture (ii) upon the repayment in full of the Existing Project Finance Obligations, the Constellation Receivables Offset
Distribution, (iii) upon the satisfaction of all conditions to the occurrence of the Second Note Proceeds Utilization, any Restricted Payment solely with the net proceeds of the Notes remaining on deposit in the Note Proceeds Account after the
occurrence of the First Note Proceeds Utilization pursuant to Section 4.24, or (iv) a Distribution in accordance with this Indenture. 
 Star International will not be entitled to remit funds from the Offshore Distribution Holding Account to either Guarantor’s Offshore Distribution Account on any Distribution Date (a
“Distribution”), unless the following conditions are satisfied (such conditions being referred to collectively as the “Distribution Release Conditions”): 

(i) no Default shall have occurred and be continuing or would occur from the making of such Distribution; 

(ii) a Consolidated Historical Debt Service Coverage Statement for the Semester Date immediately preceding the date of the
proposed Distribution has been delivered to the Trustee, which Consolidated Historical Debt Service Coverage Statement shall state that the Consolidated Historical Debt Service Coverage Ratio as of the Semester Date immediately preceding the date of
the proposed Distribution for the 12-month period ending on such Semester Date was at least 1.20:1.00; 
 (iii)
each of the Guarantor Collateral Accounts is fully funded; 
 (iv) at least one scheduled payment of principal
under the Notes has been made; 
 (v) any amounts due on the Notes and deferred as a result of a Deferral Event
shall have been fully paid; and 
 (vi) any amounts that would be part of such Distribution shall have been
deposited in the Offshore Distribution Holding Account before the commencement of the Retention Period. 
 Not later than the
date of making a Distribution, the Issuer shall deliver to the Trustee and the Collateral Agent a certificate of an Authorized Officer of the Issuer stating that such Distribution complies, or will comply, with the terms of this Indenture and
setting forth in reasonable detail the basis upon which each of the required calculations was computed. 
 Section 4.08 Additional Amounts.

 (a) All payments made by the Issuer with respect to the Notes or by the Guarantors with respect to the Note
Guarantees will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments, or other governmental charges of whatever nature (collectively, “Taxes”) imposed
or levied by or on behalf of the Cayman Islands, Brazil, the British Virgin Islands or any other jurisdiction in which the Issuer or either Guarantor is resident for tax purposes, or any other jurisdiction through which any such payments under the
Notes or the Note Guarantees are made, or any political subdivision of any such jurisdiction having power to tax (each, a “Relevant Jurisdiction”) unless the Issuer or the Guarantors are compelled by applicable Law to deduct or
withhold such taxes, duties, assessments, or governmental charges. 

  
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 (b) If the Issuer or the Guarantors are so required to deduct or withhold or
deduct any amounts for or on account of Taxes from any payment made under or with respect to the Notes or the Note Guarantees, as applicable, the Issuer or the Guarantors, as applicable, will make such deduction or withholding, make payment of the
amount so withheld to the appropriate Governmental Authority and pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amounts received in respect of such payment by such Holder (including
Additional Amounts) after such withholding or deduction shall equal the respective amounts of principal, interest or other amounts which such Holder would have received in respect of the Notes or under the Note Guarantees if such Taxes had not been
required to be so withheld or deducted; provided that no Additional Amounts will be payable with respect to a payment made to a Holder: 
 (i) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of such Note or Note Guarantee by reason of the existence of any
present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such Holder is an estate, a trust, a partnership, a limited liability company or a corporation) and the Relevant
Jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or
having, or having had, a permanent establishment therein, other than the mere holding of the Note or the benefit of the Note Guarantees or enforcement of rights and the receipt of payments with respect to the Note or the Note Guarantees; 

(ii) in respect of any Note presented for payment more than 30 days after the Relevant Date, except to the extent that the
Holder of such Note would have been entitled to such Additional Amounts on surrender of such Note for payment on or prior to the last day of such period of 30 days; 

(iii) where such Additional Amount is imposed on a payment to an individual and is required to be made pursuant to any
applicable Law implementing or complying with, or introduced in order to conform to, European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council Meeting of 26-27 November 2000; 

(iv) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or other
governmental charges by reason of such Holder’s failure to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Relevant Jurisdiction, if
(1) compliance is required by the Relevant Jurisdiction, as a precondition to, exemption from, or reduction in the rate of, the tax, assessment or other governmental charge and (2) the Issuer has given the Holders at least 30 days’
notice that Holders will be required to provide such certification, identification or other requirement; 
 (v)
in respect of any estate, inheritance, gift, sales, transfer, capital gains, excise or personal property or similar tax, assessment or governmental charge; 
 (vi) in respect of any tax, assessment or other governmental charge which is payable other than by deduction or withholding from payments of principal of or interest on the Note or payments by the
Guarantors under the Note Guarantees or is otherwise payable by direct payment by the Issuer or the Guarantors in respect of claims made against the Issuer or the Guarantors under the Financing Documents; 

  
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 (vii) any tax, assessment or other governmental charge required to be
withheld by any paying agent from any payment of principal, premium (if any) or interest on the Notes or any payment by the Guarantors if such tax, assessment or other governmental charge results from the presentation of such Note for payment (in
cases in which presentation is required) and the payment can be made without such withholding or deduction by the presentation of such Note for payment to another available paying agent of the Issuer; or 

(viii) in respect of any combination of the above. 

(c) Notwithstanding anything herein to the contrary, no Additional Amounts shall be paid with respect to any payment on a
Note to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment to the extent that payment would be required by the applicable Laws of the Relevant Jurisdiction to be included
in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional
Amounts had that beneficiary, settlor, member or beneficial owner been the Holder of such Note. 
 (d) In the
event that Additional Amounts actually paid with respect to the Notes or under the Note Guarantees described above are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such
Notes or the benefit of the Note Guarantees, and, as a result thereof such Holder is entitled to make claim for a refund or credit of such excess from the Governmental Authority imposing such withholding tax, then such Holder shall, by accepting
such Notes and the benefit of such Note Guarantees, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Issuer or the Guarantors, as applicable. 

(e) Whenever in this Indenture or the Notes there is mentioned, in any context, the payment of principal (and premium, if
any), interest or any other amount payable under or with respect to any Note, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section 4.08 to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof. 
 (f) The obligations to make payments of Additional
Amounts with respect to principal, interest or other amounts payable on the Notes or the Note Guarantees will survive any termination or discharge of this Indenture, payment of the Notes, discharge of the Note Guarantees and/or the resignation or
removal of the Trustee, the Collateral Agent or any Agent hereunder. 
 Section 4.09 Incurrence of Indebtedness and Issuance of
Disqualified Stock. 
 (a) Neither Guarantor will, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness, and neither Guarantor will issue any Disqualified Stock. 

(b) The provisions of Section 4.09(a) hereof will not prohibit the incurrence by a Guarantor of any of the following
items of Indebtedness (collectively, “Permitted Debt”): 
 (i) Indebtedness under the Existing
Project Finance Obligations; 
 (ii) Indebtedness under the Financing Documents; 

  
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 (iii) Permitted Refinancing Indebtedness; 

(iv) Permitted Subordinated Indebtedness; 

(v) Indebtedness evidenced by the Intercompany Issuer Note; and 

(vi) Constellation Intercompany Debt. 
 The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the
reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an
incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.09. 
 Section 4.10 Dispositions.

 (a) Neither Guarantor shall consummate a Disposition unless (1) such Disposition is for Fair Market Value
and otherwise permitted under this Indenture, and (2) at least 90% of the consideration therefor received by the applicable Guarantor is in the form of cash, Cash Equivalents or Replacement Assets or any combination thereof. For the purposes of
this Section 4.10(a), the assumption by the purchaser of Indebtedness or other obligations (other than Permitted Subordinated Indebtedness) of the applicable Guarantor pursuant to customary arrangements, and instruments or securities received
from the purchaser that are promptly, but in any event within 30 days of the closing, converted by the applicable Guarantor to cash, to the extent of the cash actually so received, shall be considered cash received at closing. 

(b) Within 360 days after the receipt by a Guarantor of any Net Disposition Proceeds, such Guarantor may apply up to an amount in
aggregate equal to such Net Disposition Proceeds to make any capital expenditure or to purchase Replacement Assets (or enter into a binding agreement to make such capital expenditure or to purchase any such Replacement Assets); provided that
such capital expenditure or purchase is consummated within the later of (x) 360 days after the receipt of the relevant Net Disposition Proceeds and (y) 180 days after the date of such binding agreement. 

(c) Subject to Section 3.09(e), when accumulated Excess Disposition Proceeds equal or exceed $25.0 million, the Issuer shall, within
30 days, make an Offer to Purchase the maximum principal amount of Notes, together with accrued and unpaid interest, if any, thereon to, but excluding, the applicable purchase date (subject to the rights Holders on the relevant record date to
receive interest due on the relevant interest payment date) that may be purchased with the Excess Disposition Proceeds (any such offer, an “Excess Disposition Offer”), at a purchase price equal to 100% of the principal amount of the
Notes to be purchased, together with accrued and unpaid interest, if any, thereon to, but excluding, the applicable purchase date. For the avoidance of doubt, upon the completion of any Excess Disposition Offer, Excess Disposition Proceeds will be
reset at zero, and any Excess Disposition Proceeds remaining after giving effect to the consummation of such Excess Disposition Offer may be used for any purpose not otherwise prohibited in this Indenture. 

Section 4.11 Transactions with Affiliates. 
 (a) Neither Guarantor will (a) make any Investment in or any payment to, (b) sell, lease, transfer, assign or otherwise dispose of any of their Property to, (c) purchase or acquire Property
from, or (d) enter into or make or amend any transaction, contract, agreement, arrangement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of such Guarantor (each, an “Affiliate
Transaction”), unless: 
 (i) the Affiliate Transaction is on terms that are no less favorable to such
Guarantor than those that would have been obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of such Guarantor; and 

  
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 (ii) prior to an Affiliate Transaction for any transaction amount in excess
of $15.0 million, the applicable Guarantor delivers to the Trustee a certificate of an Authorized Officer of such Guarantor stating that such Affiliate Transaction complies with the Indenture; 

provided, that the restrictions and conditions set forth in this Section 4.11 shall not apply to any Affiliate Transaction (i) under any
Project Document that is effective as of the Issue Date, (ii) under any Financing Document, (iii) entered into in order to consummate the Hopelake Acquisition, (iv) entered into in order to consummate the Issuer Reorganization,
(v) entered into in order to consummate the Asset reorganization; (vi) between the Issuer and the Guarantors, (vii) between the Guarantors (including, for the avoidance of doubt, the Bareboat Charter Agreement), (viii) consisting
of Constellation Intercompany Debt (or the repayment thereof), or (ix) consisting of Second Note Proceeds Intercompany Debt. 

Section 4.12 Liens. 

Neither Guarantor will directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind on any Property now owned or
hereafter acquired, except Permitted Liens. 
 Section 4.13 Limitation on Leases and Sale and Leaseback Transactions. 

Neither Guarantor shall enter into any agreement, or be or become liable as lessee under any agreement, for the lease, hire or use of any
Property, except for operating leases of Property (which do not constitute Capital Lease Obligations); provided that such Guarantor’s aggregate payment obligations under all such operating leases shall not exceed $5.0 million in any
calendar year. Neither Guarantor shall enter into any Sale and Leaseback Transaction. 
 Section 4.14 Maintenance of Existence; Business
Activities. 
 Each of the Issuer and the Guarantors shall: 

 

	 	(i)	preserve and maintain its legal existence under the applicable Laws of its jurisdiction of organization and all of its material licenses, rights, privileges and
franchises necessary for the maintenance of its corporate existence; 

  

	 	(ii)	comply, in all material respects, with its Organizational Documents; 

  

	 	(iii)	in the case of the Guarantors, engage solely in the business of owning, operating and maintaining the Facilities and activities ancillary thereto and any other activity
expressly contemplated by the Transaction Documents, and, in the case of the Issuer, engage solely in activities expressly contemplated by the Transaction Documents; and 

 

	 	(iv)	 refrain from making any amendments to its Organizational Documents other than those that would not reasonably be expected to (i) result in a
Material Adverse Effect or (ii) increase the risk of the Issuer or such Guarantor of being 

  
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consolidated with another Person in the event of a bankruptcy of the Issuer or such Guarantor, including, for the avoidance of doubt, amendments necessary in connection with a merger or
consolidation of any of the Issuer or the Guarantors permitted under Article 5 hereof. 

 Section 4.15 Offer to Repurchase
Upon Change of Control. 
 Subject to Section 3.09(e), not later than 30 days following a Change of Control that results in
a Rating Decline, the Issuer shall make an Offer to Purchase all, but not less than all, of the Notes at a purchase price equal to 101% of the outstanding principal amount of the Notes to be purchased, together with accrued and unpaid interest, if
any, thereon to, but excluding, the applicable purchase date (subject to the rights of the Holders on the relevant record date to receive interest due on the relevant interest payment date) (any such offer, a “Change of Control
Offer”). Such Change of Control Offer may be made in advance of a Change of Control and conditioned upon the consummation of such Change of Control; provided that a definitive agreement is in place for such Change of Control at the
time such Offer to Purchase is made. The Issuer shall mail or cause to be mailed notice of a Change of Control Offer in accordance with Section 3.03 hereof. 
 If the Offer Purchase Date for any Change of Control Offer is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest will be paid to the
Holder in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Change of Control Offer. 

Section 4.16 Inspection. 
 (a) Each Guarantor shall permit, and cause the Operating Company to permit, at the expense of such Guarantor, representatives of the Trustee, the Insurance Advisor and the Independent Engineer, with
reasonable advance notice, during normal business hours and at such intervals as such Person shall desire, to visit and inspect its Drilling Rigs, to examine, copy and make extracts from its (and the Operating Company’s) books and records, to
inspect its Properties, and to discuss its business and affairs with its (and the Operating Company’s) officers and engineers, all to the extent reasonably requested by the Trustee, the Insurance Advisor or the Independent Engineer, provided,
however, that such visits and inspections shall be subject to availability of transportation and, if required, approval by Petrobras. Each Guarantor will assist the officers and designated representatives of the Trustee, the Insurance Advisor and
the Independent Engineer in its communications with such Guarantor’s independent auditors (whose fees and expenses shall be for the account of such Guarantor) regarding such Guarantor’s accounts and operations; provided, however, that upon
the occurrence of a Default or an Event of Default and its continuance, the officers and designated representatives of the Trustee, the Insurance Advisor and the Independent Engineer shall be entitled to communicate directly with each
Guarantor’s independent auditors (whose fees and expenses shall be for the account of such Guarantor), it being understood that representatives of the applicable Guarantor will participate in any such direct communication, at any reasonable
time and upon prior written notice to the Guarantor, regarding such Guarantor’s accounts and operations. 

(b) Each Guarantor shall permit, and cause the Operating Company to permit, the Trustee, the Independent Engineer and the
Insurance Advisor to review (i) any quality control data and (ii) any other data relating to the Project as may be reasonably requested by the Trustee, the Independent Engineer or the Insurance Advisor, as the case may be. 

(c) For the avoidance of doubt, so long as no Event of Default shall have occurred and be continuing, (i) inspections
and visits at the expense of a Guarantor shall be limited to one inspection or 

  
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visit each year by the Insurance Advisor and the Independent Engineer and (ii) the Guarantors shall not be responsible for the cost of travel accommodations or travel costs other than travel
to the nearest port city and to the Facilities and reasonable accommodations on the Facilities and in such port city. 
 Section 4.17
Governmental Approvals. 
 Each Guarantor shall from time to time obtain and maintain, or cause to be obtained and maintained,
each Necessary Governmental Approval as shall now or hereafter be required under applicable Laws, except if (a) the inability to obtain, or the rescission, termination, modification or suspension of such Necessary Governmental Approval is being
contested by appropriate proceedings in accordance with this Indenture, and (b) the failure to obtain or maintain such Necessary Governmental Approval or any such proceedings would not reasonably be expected to result in a Material Adverse
Effect. 
 Section 4.18 Insurance. 
 To the extent available to each Guarantor on commercially reasonable terms, and to the extent permitted by applicable Law, such Guarantor shall maintain or cause to be maintained in full force and effect,
with financially sound insurers of international standing, insurance coverage for the Project in relation to its operations and Property in accordance with Good Practices, including: 

(a) hull and machinery insurance and increased value insurance, with a combined policy limit equal to 100% of the
aggregate outstanding principal under the Notes; 
 (b) war risks insurance, with a combined policy limit equal
to the aggregate outstanding principal under the Notes; and 
 (c) protection and indemnity insurance, with a
policy limit equal to $150.0 million in respect of each Drilling Rig. 
 Such insurance shall (i) name such Guarantor as
named insured and loss payee, and (ii) note the interest of the Collateral Agent thereon as a mortgagee and loss payee (other than under third-party liability insurance policies) for its rights and interests. The Guarantors shall cause all
Insurance Proceeds to be applied in accordance with the terms of this Indenture. 
 Section 4.19 Application of Net Available Amounts from
Events of Loss. 
 (a) If an Event of Loss shall occur, each Guarantor may apply any Net Available Amount
received by it as a result of such Event of Loss to Restore (or reimburse the Sponsor for the costs of Restoration of) the Affected Property without any obligation of the Issuer to make a purchase of Notes pursuant to this Indenture; provided
that if in respect of such Event of Loss (x) the Affected Property constitutes the entirety or any portion of either Drilling Rig (“Affected Drilling Rig Property”) and (y) the Net Available Amount in respect of such
Event of Loss is equal to or greater than $35.0 million, then the applicable Guarantor may not apply such Net Available Amount to Restore (or reimburse the Sponsor for the costs of Restoration of) the Affected Drilling Rig Property unless, for any
such Event of Loss, the applicable Guarantor delivers to the Collateral Agent and Trustee within 120 days of the occurrence of such Event of Loss a certificate of an Authorized Officer of the applicable Guarantor and a written verification from the
Independent Engineer, each stating that the aggregate of all Net Available Amounts, funds on deposit in the Guarantor Collateral Accounts, binding equity commitments with respect to funds, anticipated Insurance Proceeds and any available proceeds
from Permitted Subordinated Indebtedness or a Permitted Equity Issuance are sufficient to (x) Restore the Affected Drilling Rig Property or reimburse the Sponsor for the costs of Restoration thereof, as the case may be, and (y) pay
scheduled principal and interest on the Notes during the period of such Restoration. 

  
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 (b) Subject to Section 3.09(e), when accumulated Excess Loss Proceeds
equal or exceed $35.0 million, the Issuer shall, within 30 days, make an Offer to Purchase the maximum principal amount of Notes, together with accrued and unpaid interest, if any, thereon to, but excluding, the applicable purchase date (subject to
the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date) that may be purchased with the Excess Loss Proceeds (any such Offer to Purchase, an “Excess Loss Offer”), at a purchase
price equal to 100% of the principal amount of the Notes to be purchased, together with accrued and unpaid interest, if any, thereon to, but excluding, the applicable purchase date. For the avoidance of doubt, upon completion of any Excess Loss
Offer, the amount of Excess Loss Proceeds will be reset at zero, and any Excess Loss Proceeds remaining after giving effect to the consummation of such Excess Loss Offer may be used for any purpose not otherwise prohibited in this Indenture.

 Section 4.20 Project Maintenance. 
 (a) Each Guarantor shall maintain and preserve its Drilling Rig and all of its other Properties necessary or useful in the proper conduct of its business in good working order and in such condition that
its Drilling Rig will have the capacity and functional ability to perform, on a continuing basis (ordinary wear and tear excepted), in normal commercial operation, in each case, pursuant to the Charter Agreement and the Services Agreement to which
such Guarantor is a party, unless such failure to so maintain and preserve such Drilling Rig and other Properties would not reasonably be expected to result in a Material Adverse Effect. 

(b) Each Guarantor shall cause its Drilling Rig to be operated, serviced, maintained and repaired so that the condition
and operating efficiency thereof will be maintained and preserved (ordinary wear and tear excepted) in all material respects in accordance and compliance with (i) Good Practices, (ii) such operating standards as shall be required to
enforce any material warranty claims against dealers, manufacturers, vendors, contractors, and sub-contractors, (iii) the terms and conditions of all insurance policies maintained with respect to such Drilling Rig at any time and (iv) the
terms of the Charter Agreement and the Services Agreement to which such Guarantor is a party, in each case, unless the failure to perform any such action would not reasonably be expected to result in a Material Adverse Effect. 

(c) Neither Guarantor shall, in any material respect, alter, remodel, add to, remove, reconstruct, improve or demolish any
material part of its Drilling Rig, except if any such alteration, remodeling, addition, removal, reconstruction, improvement or demolition (i) would not reasonably be expected to result in a Material Adverse Effect and (ii) such Guarantor
obtains written verification by the Independent Engineer that such alteration, remodeling, addition, removal, reconstruction, improvement or demolition would not reasonably be expected to result in a material adverse effect on the performance of
such Guarantor’s or the Operating Company’s obligations under any Charter Agreement and the Services Agreement to which such Guarantor is a party, provided that such verification need not be obtained if such alteration, remodeling,
addition, removal, reconstruction, improvement or demolition arises solely in connection with an Event of Loss or Disposition permitted under this Indenture or as a result of a request from Petrobras in accordance with the terms of the relevant
Charter Agreement. 
 (d) Neither Guarantor shall, directly or indirectly, make or commit to make any expenditure
in respect of the purchase or other acquisition of fixed or capital Property, other than (i) expenditures reasonably required in connection with the Project, (ii) expenditures of any Net Available

  
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Amount applied to the Restoration of any Affected Property in accordance with Section 4.19 hereof, (iii) expenditures of Net Disposition Proceeds applied to the purchase any Property,
including Replacement Assets, in accordance with Section 4.10 hereof, or (iv) expenditures funded solely with the proceeds of a Permitted Equity Issuance or Permitted Subordinated Indebtedness, unless such Guarantor shall deliver to the
Trustee a certificate of an Authorized Officer of such Guarantor describing in reasonable detail such expenditure and stating that such expenditure would not reasonably be expected to result in a Material Adverse Effect. 

Section 4.21 Performance of Project Documents. 
 (a) Each Guarantor shall perform and observe, in all material respects, all of its covenants and agreements contained in any of the Project Documents to which it is or becomes a party, and shall take all
necessary action to prevent the termination of any of the Project Documents in accordance with the terms thereof or otherwise (other than by virtue of the scheduled expiration in the ordinary course of such Project Document in accordance with its
terms), unless (i) such Guarantor obtains a Ratings Affirmation in connection with such failure to perform and observe or such termination or (ii) such Guarantor shall deliver to the Trustee (A) a certificate of an Authorized Officer
of such Guarantor describing in reasonable detail such failure to perform and observe or such termination and stating that such failure to perform and observe or such termination would not reasonably be expected to result in a Material Adverse
Effect (under items (i), (ii) and (iv) of the definition of “Material Adverse Effect”) and (B) solely in the case of a failure to comply with or observe, in all material respects, any covenants and agreements contained in
the relevant Project Document, written verification by the Independent Engineer that such failure to perform and observe would not reasonably be expected to result in a material adverse effect on the viability of the Project. 

(b) Each Guarantor shall instruct all Project Participants to make all payments payable to such Guarantor to the Offshore
Accounts Bank for deposit in the applicable Guarantor Collateral Accounts in accordance with the Guarantor Accounts Agreement. 

Section 4.22 Amendment of Project Documents and Additional Project Documents. 

(a) Neither Guarantor shall (i) subject to the provisions of Section 4.22(b), amend, supplement, modify in any
material respect or give any consent to or waiver of any material matter under any Project Document or (ii) except as required or otherwise permitted by the Financing Documents and this Indenture, enter into any Additional Project Document,
unless in either case such Guarantor shall deliver to the Trustee (x) a certificate of an Authorized Officer of such Guarantor describing in reasonable detail the relevant action and stating that such action would not reasonably be expected to
result in a Material Adverse Effect and (y) written verification by the Independent Engineer that such action would not reasonably be expected to result in a material adverse effect on the viability of the Project. 

(b) Notwithstanding the foregoing, the Guarantors shall, promptly upon the repayment in full of the Existing Project
Financing Obligations: (i) amend the Bareboat Charter Agreement solely to provide that payments by Star International to Alaskan Star Ltd. thereunder will be made upon the application of funds paid by Petrobras under the Alaskan Star Charter
Agreement pursuant to the terms of the Guarantor Accounts Agreement; and (ii) amend the Constellation Management Agreement solely to (A) provide that the services provided by Constellation Services to Alaskan Star Ltd. pursuant to the
terms set forth therein be also provided to Star International with respect to the Atlantic Star Charter Agreement and (B) extend the term of the Constellation Management Agreement until the payment in full of all Obligations under the Notes.

  
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 Section 4.23 Certain Agreements. 

Neither Guarantor shall enter into any agreement or undertaking other than the Transaction Documents or as otherwise permitted pursuant
to the terms of this Indenture, restricting, or purporting to restrict, in any material respect, the ability of either Guarantor to comply with the terms of this Indenture or to amend this Indenture or any other Financing Document. 

Section 4.24 Use of Proceeds. 
 Each Guarantor shall use the proceeds of the Intercompany Issuer Note solely (i) to pay the Existing Project Finance Obligations, (ii) to pay any Project Costs in accordance with the Transaction
Documents, (iii) for general corporate purposes of the Guarantors, which shall include the repayment in full of any Constellation Intercompany Debt and may include making distributions or loans to Constellation or any of its Affiliates
(including for purposes of effecting the Hopelake Acquisition) and (iv) to fund the Offshore Debt Service Reserve Account pursuant to the terms of this Indenture and the Guarantor Accounts Agreement. 

Section 4.25 Subsidiaries. 

Neither Guarantor shall own any Subsidiary other than the Issuer. 
 Section 4.26 Transfers of Equity Interests. 
 Neither Guarantor shall
(a) permit or consent to the transfer (by assignment, sale or otherwise) of any of its Equity Interests, or (b) issue any new Equity Interests; provided, that either Guarantor may permit or consent to the assignment, sale or transfer of
its Equity Interests or to the issuance of new Equity Interests (each a “Transfer”) if such Transfer is consummated in compliance with the terms of this Indenture and each of the following conditions: 

 

	 	(i)	after giving effect to any such Transfer, no Change of Control shall have occurred; 

 

	 	(ii)	such Transfer shall be made expressly subject to the granting of a Lien in favor of the Collateral Agent on the Equity Interests so being transferred, and any Person
that owns any Equity Interest in either Guarantor as a result of such Transfer shall, simultaneously with such Transfer, sign a pledge agreement substantially identical to the Pledge Agreements and otherwise in form, scope and substance satisfactory
to the Trustee (acting upon the instructions of the Majority Holders); and 

  

	 	(iii)	such Person referred to in paragraph (2) above shall, simultaneously with such Transfer, execute and deliver to the Collateral Agent such financing statements and
other documents and instruments necessary or as the Collateral Agent may reasonably request in order to evidence, secure, and perfect the Collateral Agent’s security interest in and Lien on such Equity Interests. 

For the avoidance of doubt, this limitation shall not restrict the Hopelake Acquisition, the Issuer Reorganization or the ability of
either Guarantor to enter into a Pledge Agreement or any other pledge agreement with respect to any Equity Interests of such Guarantor with the Collateral Agent. 

  
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 Section 4.27 Accounting and Financial Management. 

Each of the Issuer and the Guarantors shall (a) maintain adequate management information and cost control systems and
(b) maintain a system of accounting in which full and correct entries shall be made of all financial transactions and the assets and business of such Person in accordance with IFRS. In the event that any of the Issuer or the Guarantors replaces
its existing auditors for any reason, such Person shall appoint and maintain as auditors another firm of independent public accountants, which firm shall be internationally recognized. 
 Section 4.28 Guarantor Prepayments. 
 In connection with any redemption or
Offer to Purchase required or permitted pursuant to Article 3 hereof, the applicable Guarantor shall make a prepayment on its respective Intercompany Issuer Note to the extent necessary to allow the Issuer to (and the Issuer shall) consummate such
redemption or Offer to Purchase, as the case may be, in accordance with Article 3 hereof. 
 Section 4.29 Ranking. 

The Issuer shall ensure that the Notes will at all times be general, direct, unsubordinated and unconditional obligations of the Issuer
that rank pari passu at all times in terms of priority for payment with all of its other unsubordinated obligations whether now or hereafter outstanding, subject to any mandatory preferences under applicable Law. 

Section 4.30 Limitations and Restrictions on the Issuer. 
 (a) The Issuer shall not engage in any business or enter into, or be a party to, any transaction or agreement except: 

(i) the issuance, sale, redemption, repurchase, or defeasance of the Notes and activities incidentally related thereto;

 (ii) the Intercompany Issuer Note; 

(iii) as required by applicable Law; and 

(iv) an agreement entered into by the Issuer in connection with the opening of a bank account with a bank to be selected
by the Issuer (such account, the “Pay-in Account”) into which no more than $50,000 shall be deposited for the sole purpose of the payment by Constellation for the issued and outstanding Capital Stock of the Issuer; it being
understood that the proceeds deposited in the Pay-in Account may be used at the discretion of the Issuer solely to pay expenses of the Issuer. 
 (b) The Issuer shall not acquire or own any Subsidiaries or other assets or Properties, except (1) Permitted Investments pursuant to the terms of this Indenture, (2) any assets related to
Intercompany Issuer Note, (3) the Notes, and (4) other non-material assets and properties, including the Pay-In Account and the amounts deposited therein, which shall not exceed $50,000. 

(c) The Issuer shall not incur any Indebtedness (other than the Notes) or issue any Disqualified Stock. 

  
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 (d) The Issuer shall not create, assume, incur or suffer to exist any Lien
upon any Property whatsoever, except for Permitted Liens. 
 (e) The Issuer shall not (1) enter into any
merger into or consolidation, amalgamation, joint venture, or other form of combination with any other Person (whether or not the Issuer is the surviving corporation) or (2) sell, lease, sublet, convey or otherwise dispose of (or permit or
consent to the sale, lease, sublet, conveyance or other disposition of) any of its Property, in one or more related transactions, to any Person, other than, in each case, (i) sales or other dispositions of Permitted Investments prior to the
Stated Maturity thereof, (ii) Restricted Payments permitted under Section 4.07 hereof, (iii) other payments permitted under or contemplated by the Financing Documents, (iv) waivers or amendments to contracts or other rights as
permitted under this Indenture, and (v) redemptions or repurchases of the Notes in accordance with Article 3 hereof. 

ARTICLE 5 

SUCCESSORS 
 Section 5.01
Merger or Consolidation, Sale of Property, and Dispositions; Purchase of Property. 
 (a) Neither Guarantor will,
directly or indirectly: (i) merge into or consolidate with any other Person (whether or not such Guarantor is the surviving corporation) or change its form of organization as a limited liability company organized under the laws of the British
Virgin Islands or the Cayman Islands, as applicable, (ii) sell, lease, sublet (or, with respect to the Drilling Rigs, consent to Petrobras subletting), convey or otherwise dispose of (or permit or consent to the sale, lease, sublet, conveyance
or other disposition of) all or substantially all of its Property, in each case, in one or more related transactions, to any Person or (iii) make any other Disposition, other than: 

(i) chartering and servicing of the Drilling Rigs pursuant to the Charter Agreements and/or the Services Agreements (and
any other chartering or servicing thereof), in each case subject to the terms of this Indenture; 
 (ii) sales or
other dispositions of Permitted Investments; 
 (iii) Restricted Payments permitted under Section 4.07
hereof; 
 (iv) other payments permitted under or contemplated by the Financing Documents; 

(v) sales or exchanges entered into with Affiliates of such Guarantor of spare parts or consumables for the Drilling Rig
of such Guarantor permitted under Section 4.11 hereof; 
 (vi) sales or other dispositions of Obsolete
Assets; provided that, if the amount of all such sales or other dispositions of Obsolete Assets by any Guarantor during any fiscal year exceeds U.S.$10.0 million, such Guarantor shall deliver to the Trustee a certificate of an Authorized
Officer of such Guarantor stating that such sale of Obsolete Assets complies with the terms of this Indenture; and 
 (vii) transfers or other dispositions of the Transferred Assets in order to effect the Asset Reorganization. 

  
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 (b) Neither Guarantor shall purchase or acquire any Property other than
(i) Property which is reasonably required in connection with the Project and (ii) cash or Permitted Investments. 
 Section 5.02
Issuer Reorganization. 
 Notwithstanding anything to the contrary in this Indenture, the Issuer, the Guarantors and the Sponsor
will be permitted to consummate the Issuer Reorganization; provided that, on the date of the conclusion of the Issuer Reorganization, each of the Issuer and the Guarantors shall have delivered to the Trustee a certificate of an Authorized Officer
stating that the Issuer Reorganization could not reasonably be expected to result in a Material Adverse Effect and the Issuer shall have provided the Trustee with: 

(a) legal opinions from external British Virgin Islands counsel to the Issuer to the effect that: 

(i) there is no income or other tax of the British Virgin Islands imposed by withholding or otherwise on any payment to be
made to or by the Issuer or the Guarantors pursuant to the documents giving effect to the Issuer Reorganization; 

(ii) to the extent governed by the British Virgin Islands law, the documentation giving effect to the Issuer
Reorganization is valid, binding and effective (subject to standard legal opinion assumptions and qualifications and closing conditions set forth in the relevant documentation); 

(iii) if the Issuer Reorganization is carried out in accordance with the documentation referred to in clause (ii), all
Liens on the Collateral created under the Issuer Share Pledge Agreement will continue to be valid and effective; 

(iv) the Issuer Reorganization does not contravene any applicable Law and will not result in the creation of any Lien on
any Properties of the Project Parties (other than a continuing Lien on the Issuer’s shares pursuant to the terms of the Issuer Share Pledge Agreement); and 
 (v) neither the Sponsor nor its creditors will have any right to payment from or other recourse to the Issuer and the Guarantors pursuant to the documents giving effect to the Issuer Reorganization; and

 (b) legal opinions from external Cayman Islands counsel to the Issuer to the effect that: 

(i) there are no material adverse tax consequences to the Issuer or to the Guarantors in the Cayman Islands, nor adverse
effects on the effectiveness of the Project Documents or the Financing Documents, resulting from the Issuer Reorganization; 
 (ii) the documentation giving effect to the Issuer Reorganization is valid, binding and effective (if applicable, subject to closing conditions set forth in such documentation) in accordance with its
terms; 
 (iii) if the Issuer Reorganization is carried out in accordance with the documentation referred to in
clause (ii), all Liens on the Collateral created under Cayman Islands law will continue to be valid and enforceable; and 

  
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 (iv) neither the Sponsor nor its creditors will have any right to payment
from or other recourse to the Issuer and the Guarantors pursuant to the documents giving effect to the Issuer Reorganization. 

Section 5.03 Asset Reorganization. 
 Notwithstanding anything to the contrary in this Indenture, the Issuer, the Guarantors and any Affiliate thereof will at all times be permitted to consummate, and take all necessary action in connection
with, the Asset Reorganization; provided that, on the date of the conclusion of the Asset Reorganization, each of the Issuer and the Guarantors shall have delivered to the Trustee a certificate of an Authorized Officer stating that the Asset
Reorganization could not reasonably be expected to result in a Material Adverse Effect and the Issuer shall have provided the Trustee with legal opinions from external Cayman Islands counsel to the Issuer to the effect that: 

(a) there is no income or other tax of the Cayman Islands imposed by withholding or otherwise on any payment to be made to
or by Star International pursuant to the documents giving effect to the Asset Reorganization; 
 (b) there are no
material adverse effects on the effectiveness of the Project Documents or the Financing Documents resulting from the Asset Reorganization. 
 (c) the documentation giving effect to the Asset Reorganization is valid, binding and effective (if applicable, subject to closing conditions set forth in such documentation) in accordance with its terms;

 (d) if the Asset Reorganization is carried out in accordance with the documentation referred to in clause (b),
all Liens on the Collateral created under Cayman Islands law will continue to be valid and enforceable; 
 (e)
the Asset Reorganization does not contravene any applicable Law (including any applicable fraudulent or preferential transfer or insolvency law) and will not result in the creation of any Lien on any of the Property of Star International other than
the Transferred Assets; and 
 (f) if the Asset Reorganization is carried out in accordance with the
documentation referred to in clause (ii), (A) none of the Persons acting as transferees in connection with the Asset Reorganization (collectively, the “Transferee Persons”) or their creditors will have any recourse or right of
chargeback to Star International with respect to the Transferred Assets held by it for losses thereon experienced by it; (B) each Transferee Person will bear all risk of loss due to the Transferred Assets; and (C) Star International has no
obligation or right to repurchase any Transferred Assets. 
 Section 5.04 Hopelake Acquisition. 

Notwithstanding anything to the contrary in this Indenture, the Issuer, the Guarantors and the Sponsor will at all times be permitted to
consummate, and take all necessary action in connection with, the Hopelake Acquisition; provided that, on the date of the conclusion of the Hopelake Acquisition, each of the Issuer and the Guarantors shall have delivered to the Trustee a certificate
of an Authorized Officer stating that the Hopelake Acquisition could not reasonably be expected to result in a Material Adverse Effect and the Issuer shall have provided the Trustee with: 

(a) legal opinions from external British Virgin Islands counsel to the Issuer to the effect that: 

(i) there is no income or other tax of the British Virgin Islands imposed by withholding or otherwise on any payment to be
made to or by the Issuer or the Guarantors pursuant to the documents giving effect to the Hopelake Acquisition; 

  
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 (ii) Hopelake is duly organized and validly existing and in good standing
under the laws of the British Virgin Islands and has full power and authority to execute, deliver and perform its obligations under any Financing Documents to which it is or becomes a party; 

(iii) the documentation giving effect to the Hopelake Acquisition is valid, binding and effective (if applicable, subject
to standard legal opinion assumptions and qualifications and closing conditions set forth in the relevant documentation); 
 (iv) if the Hopelake Acquisition is carried out in accordance with the documentation referred to in clause (iii), all Liens on the Collateral created under the Alaskan Star Share Pledge Agreement will
continue to be valid and effective; and 
 (v) the Hopelake Acquisition does not contravene any applicable Law
and will not result in the creation of any Lien on any of the Property of either of the Guarantors (other than a continuing Lien on the shares of Alaskan Star Ltd. pursuant to the terms of the Alaskan Star Share Pledge Agreement); and 

(b) legal opinions from external Cayman Islands counsel to the Issuer to the effect that: 

(i) there are no material adverse tax consequences to the Issuer and the Guarantors in the Cayman Islands, nor adverse
effects on the effectiveness of the Project Documents or the Financing Documents governed by the laws of the Cayman Islands, resulting from the Hopelake Acquisition; 

(ii) the documentation giving effect to the Hopelake Acquisition is valid, binding and effective (if applicable, subject
to standard legal opinion assumptions and qualifications and closing conditions set forth in the relevant documentation); 
 (iii) if the Hopelake Acquisition is carried out in accordance with the documentation referred to in clause (ii), all Liens on the Collateral created under the Atlantic Star Share Pledge Agreement will
continue to be valid and enforceable; and 
 (iv) the Hopelake Acquisition does not contravene any applicable Law
and will not result in the creation of any Lien on any of the Property of either of the Guarantors (other than a continuing Lien on the shares of Star International pursuant to the terms of the Atlantic Star Share Pledge Agreement). 

ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 
 Each of the following is an “Event of Default”: 

(i) the Issuer shall default for 30 days in the payment when due of interest on the Notes; 

  
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 (ii) the Issuer shall default in the payment when due (at maturity, upon
acceleration or redemption or otherwise) of the principal of, or premium, if any, on, the Notes; 
 (iii) the
Issuer or either Guarantor shall default in the payment when due of any principal of or interest on any of its Indebtedness (other than the Notes) in the aggregate amount of at least $25.0 million beyond any period of grace specified therein, or any
event specified in any note, agreement, indenture or other document evidencing or relating to any such Indebtedness (other than the Notes) in the aggregate amount of at least $25.0 million shall occur and continue if the effect of the occurrence and
continuance of such event is to cause such Indebtedness to become due, or to be prepaid in full (whether by redemption, purchase, offer to purchase or otherwise), prior to the Stated Maturity of such Indebtedness and such acceleration is not
rescinded or annulled within five Business Days; 
 (iv) failure by the Issuer or the Guarantors to comply with
or perform any other agreement or covenant contained in this Indenture or in any other Financing Document and such failure shall continue unremedied for 60 days after notice to the Issuer by the Trustee or the holders of at least 25% in aggregate
principal amount of the Notes then outstanding voting as a single class; 
 (v) the Issuer, the Guarantors or the
Operating Company shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its Property, (ii) make a general assignment
for the benefit of its creditors or (iii) commence a voluntary case under or file a petition to take advantage of any Bankruptcy Law (as now or hereafter in effect); provided that no such event shall constitute an Event of Default in
respect of the Operating Company to the extent that the Operating Company is replaced by a Replacement Project Participant in accordance with the terms of this Indenture within (1) 45 days in respect of a Operating Company that is an Affiliate
of the Sponsor or (2) 90 days in respect of a Operating Company that is not an Affiliate of the Sponsor, of the occurrence of such event; 
 (vi) a proceeding or case shall be commenced, without the application or consent of the Issuer, either Guarantor or the Operating Company in any court of competent jurisdiction, seeking (a) its
liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of its debts, (b) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person or of all or any substantial part of its
Property or (c) similar relief in respect of the Issuer, either Guarantor, the Operating Company under any Bankruptcy Law, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the
foregoing shall be entered and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against the Issuer, either Guarantor or, the Operating Company shall be entered and continue unstayed and in effect, for a period
of 60 or more days in an involuntary case under any Bankruptcy Law; provided that no such event shall constitute an Event of Default in respect of the Operating Company to the extent that the Operating Company is replaced by a Replacement
Project Participant in accordance with the terms of this Indenture within (1) 45 days in respect of a Operating Company that is an Affiliate of the Sponsor or (2) 90 days in respect of a Operating Company that is not an Affiliate of the
Sponsor, of the occurrence of such event; 
 (vii) a final judgment or judgments for the payment of money in
excess of (x) $10.0 million in the case of any one judgment, or (y) $25.0 million in the aggregate, shall be rendered by one or more courts, administrative tribunals or other bodies having jurisdiction against the Issuer or the Guarantors,
and the same shall not be discharged (or provision shall not be made for 

  
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such discharge), or a stay of execution thereof shall not be procured, within 60 days from the date of entry thereof and the Issuer or either Guarantor, as the case may be, shall not, within such
60-day period, or such longer period during which execution of the same shall have been stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal 

(viii) any of the Secured Parties shall cease to have a first priority, perfected Lien on any Collateral to the extent
required by the Security Documents, subject to Permitted Liens; 
 (ix) any Services Agreement or Charter
Agreement (a) shall be terminated (other than by virtue of the scheduled expiration in the ordinary course of such Project Document in accordance with its terms), (b) shall at any time for any reason cease to be valid and binding or
(c) shall be declared to be null and void by any Governmental Authority; provided that no Event of Default shall occur if (1) any such Project Document is replaced within 90 days of such termination, cessation or declaration with a
valid and binding replacement Project Document on terms not materially less favorable (taken as a whole) to the relevant Guarantor than the agreement being replaced with or among (x) the same parties or (y) a Replacement Project
Participant or (2) a Ratings Affirmation shall have been obtained; 
 (x) either Guarantor shall have
actually abandoned the Project; 
 (xi) an Expropriation Event shall have occurred; provided that, with
respect to an Expropriation Event related to the Facilities, it shall only be an Event of Default if the Facilities shall not have been released or such Expropriation Event shall not have been rescinded within a period of 60 days after such
Expropriation Event (or lesser period if such Guarantor shall not at all times during such period of 60 days be acting diligently to contest, discharge, settle or secure the same); provided that such 60-day period shall be extended for an
additional 90 days if during such additional 90-day period (A) the Project Documents are in full force and effect, (B) funds are being deposited in the Guarantor Collateral Accounts in accordance with Section 4.21(b) hereof and
(C) the Issuer and the Guarantors are meeting their payment obligations on the Notes or the Note Guarantees when due; or 
 (xii) the Note Guarantee of either Guarantor ceases to be in full force and effect, other than in accordance with the terms of this Indenture, or either Guarantor denies or disaffirms in writing its
obligations under its Note Guarantee. 
 For the avoidance of doubt, a failure to make a funding of Guarantor Collateral
Accounts in accordance with the Guarantor Accounts Agreement (other than the failure to timely make such initial funding of the Offshore O&M Service Reserve Account and the Offshore Debt Service Reserve Account) shall not by itself be an Event
of Default hereunder if it is the result of insufficient funds being available for such funding in such Guarantor Collateral Accounts. 

Section 6.02 Acceleration. 

If an Event of Default, other than an Event of Default specified in clause (v) or (vi) of Section 6.01 hereof, occurs and
is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Issuer (and to the Trustee if the notice is given by the Holders of the Notes) may,
and the Trustee at the written request of such Holders shall, declare all the Notes to be due and payable immediately, including all unpaid principal and accrued and unpaid interest, if any, thereon. 

  
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 Upon any such declaration, the Notes shall become automatically due and payable
immediately. Upon an Event of Default specified in clause (v) or (vi) of Section 6.01 hereof, all Notes then outstanding will become due and payable immediately, including all unpaid principal and accrued and unpaid interest, if any,
thereon, without further action or notice on the part of the Trustee or any Holder. 
 The Majority Holders by written notice to
the Issuer and to the Trustee may, on behalf of all of the Holders, rescind and annul a declaration of acceleration and its consequences if: 
 (i) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by the declaration of acceleration, have been
cured or waived; and 
 (ii) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

Section 6.03 Notice of Event of Default; Other Remedies. 
 If any Event of Default occurs and is continuing and is known to a responsible officer of the Trustee, the Trustee will send notice of the Event of Default to each Holder within 90 days after it occurs,
unless the Event of Default has been cured; provided that, except in the case of a default in the payment of the principal of or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive
committee or a trust committee of directors of the Trustee in good faith determine that withholding the notice is in the interest of the Holders. 
 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, and interest on the Notes or to enforce the performance
of any provision of the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the
Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by Law. 
 Section 6.04 Waiver of Past Defaults.

 Except as otherwise provided in this Indenture, the Majority Holders by written notice to the Trustee may on behalf of the
Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder. 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 6.05 Control by Majority. 
 The Majority Holders may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on the Trustee.
However, the Trustee may refuse to follow any direction that conflicts with applicable Law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of
other Holders not joining in the giving of such direction, and may take any other action it deems proper that is not inconsistent with any such direction received from Holders. 

  
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 Section 6.06 Limitation on Suits. 

A Holder may not institute any proceeding, judicial or otherwise, with respect to this Indenture or the Notes, or for the appointment of
a receiver or Trustee, or for any other remedy under this Indenture or the Notes, unless: 
 (i) such Holder has
previously given to the Trustee written notice of a continuing Event of Default; 
 (ii) Holders of at least 25%
in aggregate principal amount of the Notes then outstanding voting as a single class have made written request to the Trustee to institute proceedings in respect of the Event of Default in its own name as Trustee under this Indenture; 

(iii) such Holder or Holders offer and, if requested, provide to the Trustee indemnity or security reasonably satisfactory
to the Trustee against any costs, liabilities or expenses to be incurred in compliance with such request; 
 (iv)
the Trustee within 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (v) during such 60-day period, the Majority Holders have not given the Trustee a direction that is inconsistent with such written request. 

Notwithstanding anything to the contrary herein, the right of a Holder to receive payment of principal of or interest on its Note on or
after the Stated Maturities thereof, or to bring suit for the enforcement of any such payment on or after such dates, may not be impaired or affected without the consent of that Holder. 
 Section 6.07 Rights of Holders 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 on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or
to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the
enforcement of payment if and to the extent that the institution or prosecution thereof or the entry of judgment therein would, under applicable Law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any Property
subject to such Lien. 
 Section 6.08 Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(i) or (ii) 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, if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the 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 property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, the Collateral Agent and their respective agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof and the Collateral Agent under
Section 10.11 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, the Collateral Agent and their respective agents and counsel, and any other amounts due the Trustee under
Section 7.06 hereof and the Collateral Agent under Section 10.11 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. 

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

 First: to the Trustee, the Collateral Agent and the Offshore Accounts Bank and their respective agents
and attorneys for amounts due under Section 7.06 and Section 10.11 hereof, or Section 10.10 of the Guarantor Accounts Agreement or Section 9.9 of the Issuer Accounts Agreement, as applicable, including payment of all
compensation, reasonable expenses and liabilities incurred, and all advances made, by the Trustee and the Collateral Agent 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,
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, respectively; and 

Third: 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 the 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 

  
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discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 ARTICLE 7 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 

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

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

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

(ii) in the absence of gross negligence or willful misconduct on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and
opinions to determine whether or not they conform to the form requirements of this Indenture and may rely on the advice of counsel to determine such conformance. 

(c) The Trustee may not be relieved from liabilities for its own grossly negligent action or failure to act, or its own
willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this
Section 7.01; 
 (ii) the Trustee will not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee will not be liable with respect to any action it takes or omits to take in accordance with a direction received by it pursuant to Section 6.05 hereof. 

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

  
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 (f) Neither the Trustee nor any Agent shall incur any liability for not
performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond their control (including but not limited to any act or provision of any present or future law or regulation or governmental
authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

Section 7.02 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 the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the
advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of
any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take
in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed by an Authorized Officer of the Issuer. 

(f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against the losses, liabilities and expenses that might be incurred by it in compliance with such request or
direction. In no event shall the Trustee be obligated to expend or risk its own funds or incur any liabilities in the performance of its duties hereunder. 
 (g) In no event shall the Trustee be responsible or liable for any special indirect or consequential loss or damage of any kind whatsoever (including but not limited to, loss of profit), irrespective of
whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 7.03
Individual Rights of Trustee. 
 Each of the Trustee and the Collateral Agent in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Issuer, the Guarantors or any Affiliate of the Issuer with the same rights it would have if it were not Trustee or the Collateral Agent, as the case may be. However, in the event that the
Trustee or the Collateral Agent acquires any conflicting interest it must eliminate such conflict within 90 days or resign. Any Agent may do the same with like rights and duties. Each of the Trustee and the Collateral Agent is also subject to
Sections 7.09 and 7.10 hereof. 

  
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 Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, 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 will not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is actually known to the Trustee, the Trustee will mail to Holders of
Notes a notice of the Default or Event of Default within 90 days after it occurs (or promptly after its discovery if such discovery occurs 90 days after the Default or Event of Default). Except in the case of a Default or Event of 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 a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the
Notes. 
 Section 7.06 Compensation and Indemnity. 
 (a) The Issuer will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder; provided that the compensation set forth in any fee
letter shall be deemed reasonable. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon request for all disbursements, advances and
expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Issuer and the Guarantors will indemnify the Trustee, its Affiliates, and their respective officers, directors,
agents, employees and servants, against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of
enforcing this Indenture against the Issuer and the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Issuer, the Guarantors, any Holder or any other Person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its gross negligence or willful misconduct. The obligation in the preceding sentence to indemnify
the Trustee shall not apply in connection with taxes incurred or owed as a result of the receipt by the Trustee of compensation for its services. The Trustee will notify the Issuer promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Issuer will not relieve the Issuer or the Guarantors of their obligations hereunder. The Issuer or the Guarantors will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate
counsel, and the Issuer will pay the reasonable fees and expenses of such counsel. Neither the Issuer nor the Guarantors need pay for any settlement made without its consent, which consent will not be unreasonably withheld, delayed or conditioned.

 (c) The obligations of the Issuer and the Guarantors under this Section 7.06 will survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 

  
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 (d) To secure the Issuer’s and the Guarantors’ payment obligations
in this Section 7.06, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the
satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after
an Event of Default specified in Section 6.01(v) or (vi) 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 Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the
extent applicable. 
 Section 7.07 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section 7.07. The Issuer shall promptly appoint a successor Trustee provided, however, that in case of a bankruptcy, the resigning Trustee will have the right to appoint a
successor Trustee within 10 Business Days after giving such notice of resignation if the Issuer has not already appointed a successor Trustee. 
 (b) The Trustee may resign in writing at any time and be discharged by so notifying the Issuer. The Majority Holders may remove the Trustee by so notifying the Trustee and the Issuer in writing. The
Issuer may remove the Trustee if: 
 (i) the Trustee fails to comply with Section 7.09 hereof; 

(ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee
under any Bankruptcy Law; 
 (iii) a custodian or public officer takes charge of the Trustee or its property; or

 (iv) the Trustee becomes incapable of acting. 

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

 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails
to comply with Section 7.09 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.
Thereupon, the resignation or removal of the retiring Trustee will become 

  
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effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The
retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Issuer’s obligations under Section 7.06 hereof will continue for the benefit of the retiring Trustee. 

Section 7.08 Successor Trustee by Merger, etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act will
be the successor Trustee. 
 Section 7.09 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0
million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.10
Preferential Collection of Claims Against 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 7.11 Other Agents. 
 The rights, privileges, protections, immunities
and benefits given to the Trustee including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by each Agent and its respective officers, employees, agents, custodians and other Persons employed to act
hereunder. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or
Covenant Defeasance. 
 The Issuer may at any time, at the option of its Board of Directors evidenced by a resolution set forth
in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 
 Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Project Parties will, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to the Financing Documents to which they are a party on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). 

  
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For this purpose, Legal Defeasance means that the Issuer and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the
Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (i) and (ii) below, and each Project Party
will have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the
following provisions which will survive until otherwise terminated or discharged hereunder: 
 (i) the rights of
Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

(ii) the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 

(iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s, Guarantors’
and such other Project Parties’ obligations in connection therewith; and 
 (iv) this Article 8. 

Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof. The exercise by the Issuer of Legal Defeasance pursuant to this Section 8.02 shall in each case be effective when 123 days have passed since the date of the deposit in trust in accordance
with the conditions set forth in Section 8.04 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, each of the Project
Parties will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.07 and 4.09 through 4.30 hereof (other than clause (i) of
Section 4.14 to the extent such clause relates to the Issuer) with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be
deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and
the Note Guarantees, each Project Party may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to
any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except
as specified above, the remainder of this Indenture and such Notes and the Note Guarantees will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(iii) through 6.01(xii) hereof will not constitute Events of Default. 

  
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 Section 8.04 Conditions to Legal or Covenant Defeasance. 

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

(i) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of,
premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment
or to a particular redemption date; 
 (ii) in the case of an election under Section 8.02 hereof, the Issuer
must deliver to the Trustee either a ruling received from the Internal Revenue Service or an Opinion of Counsel confirming that Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance and
will be subject to federal income tax on the same amount and in the same manner and at the same times as would otherwise have been the case, which Opinion of Counsel could not be given absent a change of applicable U.S. federal income tax law after
the date of this Indenture; and 
 (iii) in the case of an election under Section 8.03 hereof, the Issuer
must deliver to the Trustee either a ruling received from the Internal Revenue Service or an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(iv) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a
Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the granting of any Lien to secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any
other instrument to which the Issuer, the Guarantor or any other Project Party is a party or by which the Issuer, the Guarantor or any other Project Party is bound; 

(v) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default
under, any material agreement or instrument (other than this Indenture) to which the Issuer, the Guarantor or any other Project Party is a party or by which the Issuer, the Guarantor or any other Project Party is bound; 

(vi) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05 Deposited Money
and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money
and non-callable government securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this 

  
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Indenture, to the payment, either directly or through any Paying Agent (including the Issuer 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, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable government securities deposited pursuant to Section 8.04
hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

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

 Section 8.06 Repayment to Issuer. 
 Subject to applicable Law, 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 on, any Note and
remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust; and the Holder of such
Note will thereafter be permitted to 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, will thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the 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 will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the
Issuer. 
 Section 8.07 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable government securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then each Project Party’s obligations under this Indenture, the Notes and the Note Guarantees will be revived and reinstated as
though no deposit had occurred pursuant to Section 8.04 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.04 hereof, 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 will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the
Trustee or Paying Agent. 

  
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 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes.

 Notwithstanding Section 9.02 of this Indenture, the Issuer, the Guarantors, the Trustee and, if applicable, the
Collateral Agent may amend or supplement this Indenture, the Notes and the Note Guarantees without the consent of any Holder of Note: 
 (i) to cure any ambiguity, defect or inconsistency in the Indenture, the Notes or the Note Guarantees in a manner that does not materially and adversely affect the rights of any Holder; 

(ii) to evidence and provide for the acceptance of an appointment of a successor Trustee; 

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

(iv) to provide for any Note Guarantee, to secure the Notes or to confirm and evidence the release, termination or
discharge of any Note Guarantee of or Lien on Collateral securing the Notes when such release, termination or discharge is permitted by this Indenture; or 
 (v) to make any other change that does not materially and adversely affect the rights hereunder of any Holder or to conform the text of this Indenture to any provision of the “Description of the
Notes” section of the Offering Circular. 
 Upon the request of the Issuer accompanied by an Officers’ Certificate
certifying to the due authorization of the execution of any such amended or supplemental indenture or amendment or supplement to the Notes or the Note Guarantees, and upon receipt by the Trustee and the Collateral Agent, as applicable, of the
documents described in Section 7.02 hereof, the Trustee and, if applicable, the Collateral Agent will join with the Issuer and the Guarantors in the execution of any such document authorized or permitted by the terms of this Indenture and to
make any further appropriate agreements and stipulations that may be therein contained, but the Trustee or the Collateral Agent, as the case may be, will not be obligated to enter into such document that affects its own rights, duties or immunities
under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders of Notes. 

(a) Except as provided below in this Section 9.02 and as otherwise provided in Article 6 hereof, the Issuer, the
Guarantor, the Trustee and the Collateral Agent may amend or supplement this Indenture, the Notes and the Note Guarantees with the written consent of the Majority Holders (in the case of the Collateral Agent, at the direction of the Trustee acting
on such Majority Holders’ consent) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Section 6.07 hereof, any
existing Default or Event of Default or future compliance with any provision of this Indenture or the Notes may be waived with the written consent of the Majority Holders voting as a single class (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 

  
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 (b) Subject to Section 6.07 hereof and clauses (c) and (d) of
this Section 9.02, the Majority Holders voting as a single class may waive compliance in a particular instance by the Issuer, the Guarantor or any other Project Party with any provision of this Indenture, the Notes or the Note Guarantees.

 (c) Without the consent of each Holder affected, an amendment, supplement or waiver under this
Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (i) reduce the
principal amount of or change the Stated Maturity of any installment of principal of any Note; 
 (ii) reduce the
rate of or change the Stated Maturity of any interest payment on any Note; 
 (iii) reduce the amount payable
upon the redemption of any Note or change the time of any mandatory redemption or, in respect of an optional redemption, the times at which any Note may be redeemed or, once notice of redemption has been given, the time at which it must thereupon be
redeemed; 
 (iv) after the time an Offer to Purchase is required to have been made, reduce the purchase amount
or purchase price, or extend the latest expiration date or purchase date thereunder; 
 (v) make any Note payable
in currency other than that stated in the Notes; 
 (vi) impair the right of any Holder to receive any principal
payment or interest payment on such Holder’s Notes, on or after the Stated Maturity thereof, or to institute suit for the enforcement of any such payment; 
 (vii) make any change in the percentage of the principal amount of the Notes required for amendments or waivers; 
 (viii) modify or change any provision of this Indenture affecting the ranking of the Notes or the Note Guarantees by the Guarantors in a manner adverse to the Holder of such Notes; or 

(ix) make any change in a Note Guarantee that would adversely affect the Holders. 

In addition, any amendment to, or waiver of, the provisions of this Indenture or any Security Document that has the effect of releasing
all or substantially all of the Collateral from the Liens securing the Notes will require the consent of the Holders of at least 75% in aggregate principal amount of the Notes then outstanding; provided, however, that (i) all
Collateral shall be released from the Liens securing the Notes pursuant to Articles 10 and 12 and (ii) all of the Alaskan Star Collateral shall be released from the Liens securing the Notes pursuant to Section 12.03. 

(d) Upon the request of the Issuer accompanied by an Officers’ Certificate certifying to the due authorization of the
execution of any such amended or supplemental indenture or amendment or supplement to the Notes or Note Guarantees, and upon the filing with the Trustee and the Collateral Agent, as applicable, of evidence satisfactory to the Trustee and the
Collateral Agent, as applicable, of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee and the Collateral Agent, as applicable, of the documents described in Section 7.02 hereof, the Trustee and, if applicable,

  
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the Collateral Agent (acting at the direction of the Trustee), will join with the Issuer and the Guarantors in the execution of such amended or supplemental indenture or amendment or supplement
to the Notes or Note Guarantees unless such document directly affects the rights, duties or immunities of the Trustee or the Collateral Agent, as the case may be, under this Indenture or otherwise, in which case the Trustee or the Collateral Agent,
as the case may be, may in its discretion, but will not be obligated to, enter into such document. 
 (e) After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such
notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 
 (f) It is not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent
approves the substance thereof. 
 Section 9.03 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives
written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

Section 9.04 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, upon
receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make
the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 

Section 9.05 Trustee to Sign Amendments, etc. 
 The Trustee and the Collateral Agent, as applicable, will sign any amendment or supplement authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights,
duties, liabilities or immunities of the Trustee and the Collateral Agent, as applicable. In executing any amendment or supplement, the Trustee and the Collateral Agent, as applicable, will be entitled to receive and (subject to Section 7.01
hereof) will be fully protected in relying upon, in addition to the documents required by Section 13.03 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amendment or supplement is authorized or
permitted by this Indenture and the Notes or Note Guarantees, if applicable. 
 Section 9.06 Payment. 

None of the Issuer or the Guarantors nor any of its Subsidiaries or Affiliates may, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any 

  
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Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid or agreed to be
paid to all Holders that consent, waive or agree to amend such term or provision within the time period set forth in the solicitation documents relating to the consent, waiver or amendment. 

ARTICLE 10 

COLLATERAL AND SECURITY 

Section 10.01 Collateral Documents. 
 (a) The due and punctual payment of the principal of, premium, if any, and interest on the Notes and amounts due hereunder and under the Note Guarantees when and as the same shall be due and payable,
whether on an interest payment date, by acceleration, purchase, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest (to the extent permitted by law), if any, on the Notes and the performance
of all other Obligations of the Issuer, the Guarantors and each other Project Party to the Holders, the Collateral Agent or the Trustee under this Indenture, the Notes and the Note Guarantees will be secured by the Security Documents. The Security
Documents will provide for the grant by the Issuer, the Guarantors and the Project Parties party thereto in favor of the Collateral Agent for the benefit of the Secured Parties of security interests in the Collateral, subject to Permitted Liens. The
Secured Parties will also benefit from customary assignments of insurance policies, payment instructions and consents to assignments, to the extent required by such Security Documents. 
 Section 10.02 Security Documents. 
 (a) Each of the Issuer and
the Guarantors shall take, or cause to be taken, at their expense, all actions necessary or requested by the Collateral Agent (acting at the instruction of the Trustee, who shall act as directed by the Majority Holders) to maintain each Security
Document to which it is a party in full force and effect and enforceable in accordance with its terms and to maintain and preserve the Liens created by such Security Documents and the priority thereof, including (i) making filings and
recordations, (ii) making payments of fees and other charges on a timely basis, (iii) issuing and, if necessary, filing or recording supplemental documentation, including continuation statements, (iv) discharging all claims or other
Liens adversely affecting the rights of any Secured Party in any Collateral, (v) publishing or otherwise delivering notice to third parties, (vi) depositing title documents and (vii) taking all other actions either necessary or
otherwise requested by the Collateral Agent (acting at the instruction of the Trustee, who shall act as directed by the Majority Holders) to ensure that all Collateral (including any after-acquired Property of the Issuer of either Guarantor, as
applicable, in each case intended to be covered by any Security Document to which it is a party) is subject to a valid and enforceable first-priority Lien in favor of the Collateral Agent for the benefit of the Secured Parties (except as otherwise
permitted under the Financing Documents). In furtherance of the foregoing, (A) each of the Issuer and the Guarantors shall ensure that all of its after-acquired Property other than such Property not intended to be covered by such Security
Documents shall become subject to the Lien of the Security Documents having the priority contemplated thereby promptly upon the acquisition thereof and (B) each of the Issuer and the Guarantors shall not open or maintain any bank account (other
than each Guarantor’s Offshore Distribution Account) without first taking all such actions as may be necessary or otherwise requested by the Collateral Agent (acting at the instruction of the Trustee, who shall act as directed by the Majority
Holders) to ensure that such bank account is subject to a valid and enforceable first priority Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 

(b) Each of the Issuer and the Guarantors shall take, or cause to be taken, all actions necessary to cause each Additional
Project Document intended to be covered by a Security Document 

  
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to which it is a party to be or become subject to the Liens of the Security Documents (whether by amendment to any Security Document, execution of a new Security Document or otherwise) in favor
of the Collateral Agent, and shall deliver or cause to be delivered to the Collateral Agent such certificates or other documents with respect to each Additional Project Document as are necessary or as the Collateral Agent (acting at the instruction
of the Trustee, who shall act as directed by the Majority Holders) may reasonably request, in each case to the extent required by the Security Documents. 
 (c) Each of the Issuer and the Guarantors shall grant (and shall take all actions necessary to cause) a first priority Lien in favor of the Collateral Agent for the benefit of the Secured Parties on any
future Property, including Replacement Assets, of the Issuer or such Guarantor that is funded by any Net Available Amount or Net Disposition Proceeds, in each case to the extent required by the Security Documents. 

(d) On the Issue Date or at such other times as the Trustee may reasonably request in writing, each of the Issuer and the
Guarantors shall furnish, or cause to be furnished, to the Trustee and the Collateral Agent, an opinion or opinions of legal counsel either stating that, in the opinion of such counsel, such action has been taken with respect to (i) amending or
supplementing the Security Documents (or providing additional Security Documents, notifications or acknowledgments) as is necessary to subject all the Collateral (including any after-acquired Property of the Issuer or either Guarantors, as
applicable, in each case intended to be covered by a Security Document) to the Lien of the Security Documents and (ii)(A) the recordation of the Security Documents (including, without limitation, any amendment or supplement thereto) and any other
requisite documents and (B) the execution and filing of any financing statements and continuation statements as are necessary to maintain the Liens purported to be created by the Security Documents and reciting the details of such action taken
or to be taken or stating that, in the opinion of such counsel, no such action is necessary to maintain such Liens. Such opinion or opinions of counsel shall also describe the recordation of the Security Documents and any other requisite documents
and the execution and filing of any financing statements and continuation statements, or the taking of any other action that will, in the opinion of such counsel, be required to maintain the Liens purported to be created by the Security Documents
after the date of such opinion. 
 Section 10.03 Release of Collateral. 

(a) The Collateral Agent shall not at any time release the Collateral from the Liens created by the Security Documents
unless such release is in accordance with the provisions of this Indenture and the applicable Security Documents. 
 (b) The release of any Collateral from the Liens created by the Security Documents shall not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the
extent the Collateral is released pursuant to this Indenture and the Security Documents. 
 Section 10.04 Specified Releases of Collateral.

 (a) Collateral may be released from the Liens created by the Security Documents at any time or from time to time in
accordance with the provisions of the Security Documents or as provided in this Indenture. The Project Parties will be entitled to releases of assets included in the Collateral from the Liens securing the Notes and the other Financing Documents
under any one or more of the following circumstances: 
 (i) as described under Sections 10.05 and 12.03;

  
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 (ii) with the consent of Holders in accordance with Section 9.02; or

 (iii) in connection with any disposition of Property permitted under this Indenture. 

(b) Upon the request of the Issuer pursuant to an Officers’ Certificate and Opinion of Counsel confirming that all conditions
precedent hereunder and under the Security Documents and Intercompany Issuer Note have been met, and any necessary or proper instruments of termination, satisfaction or release prepared by the applicable Project Party, the Collateral Agent, without
the consent of any Holder or the Trustee and at the expense of the Issuer or such other Project Party, shall execute, deliver or acknowledge such instruments or releases to evidence the release from the Liens created by the Security Documents of any
Collateral permitted to be released pursuant to this Indenture or the Security Documents. 
 Section 10.05 Release upon Satisfaction or
Defeasance of all Outstanding Obligations. 
 (a) The Liens on all Collateral that secure the Notes and the Note
Guarantees will be automatically terminated and released without the need for further action by any Person: 

(i) if the Issuer exercises Legal Defeasance or Covenant Defeasance as described under Section 8.01; 

(ii) upon satisfaction and discharge of this Indenture as described under Article 12; or 

(iii) upon payment in full in immediately available funds of the principal of, premium, if any, and accrued and unpaid
interest on the Notes and all other Obligations under this Indenture and the Security Documents that are then due and payable (other than contingent indemnification obligations for which no claim has been asserted). 

(b) Upon the request of the Issuer pursuant to an Officers’ Certificate and Opinion of Counsel confirming that all
conditions precedent hereunder and under the Security Documents have been met, any necessary or proper instruments of termination, satisfaction or release prepared by the applicable Project Party, the Collateral Agent, without the consent of any
Holder or the Trustee and at the expense of the Issuer or such other Project Party, shall execute, deliver or acknowledge such instruments or releases to evidence the release from the Liens created by the Security Documents of any Collateral
permitted to be released pursuant to this Indenture or the Security Documents. 
 Section 10.06 Form and Sufficiency of Release.

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

  
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 Section 10.07 Purchaser Protected. 

No purchaser or grantee of any property or rights purported to have been released from the Lien of this Indenture or of the Security
Documents shall be bound to ascertain the authority of the Trustee or the Collateral Agent, as applicable, to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority; nor shall any
purchaser or grantee of any property or rights permitted by this Indenture to be sold or otherwise disposed of by the Issuer, the Guarantors or any other Project Party be under any obligation to ascertain or inquire into the authority of the Issuer
to make such sale or other disposition. 
 Section 10.08 Authorization of Actions to be Taken by the Collateral Agent Under the Security
Documents. 
 (a) Subject to the provisions of the applicable Security Documents, each Holder, by acceptance of
the Notes, and the Trustee hereby (i) appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of this Indenture and each other Financing Document to which it is a party and to exercise
such powers and perform such duties as are expressly delegated to it by the terms of this Indenture or any such other Financing Document, together with such powers as are reasonably incidental thereto, (ii) to the extent required by the laws of
any jurisdiction for the purposes of the enforcement of any Collateral, shall assign to the Collateral Agent all its rights and interests to and under, the Financing Documents, on a free payment basis, for the exclusive purpose of allowing the
Collateral Agent to perform its powers and discretions under the Security Documents to which it is a party and (iii) authorizes the Collateral Agent to execute, deliver and perform each of the Financing Documents to which the Collateral Agent
is or is intended to be a party on its own behalf or on behalf of the Holders and the Trustee and each Holder agrees to be bound by all of the agreements of the Collateral Agent contained in such Financing Documents. 

(b) Notwithstanding any provision to the contrary contained elsewhere in this Indenture or in any other Financing
Document, the Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein and in the other Financing Documents, nor shall Collateral Agent have or be deemed to have any fiduciary relationship with any
Holder or the Trustee, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture or any other Financing Document or otherwise exist against the Collateral Agent. Without limiting the
generality of the foregoing sentence, the use of the term “Collateral Agent” in this Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and are intended to create or reflect only a relationship between independent contracting parties. 

(c) So long as no Event of Default shall have occurred and be continuing, and subject to certain terms and conditions in
this Indenture and the Security Documents, the Project Parties will be entitled to exercise any voting, consensual rights and other rights pertaining to such Collateral pledged by it. Upon the occurrence and during the continuance of an Event of
Default, upon prior written notice and demand from the Collateral Agent, (a) all rights of the Project Parties to exercise such voting, consensual rights, or other rights shall cease and all such rights shall become vested in the Collateral
Agent, which, to the extent permitted by applicable Law, shall have the sole right to exercise such voting, consensual rights or other rights, (b) all rights of the Project Parties to receive cash dividends, interest and other payments made
upon or with respect to the Collateral shall cease, and such cash 

  
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dividends, interest and other payments shall be paid to the Collateral Agent, for the benefit of the Secured Parties and (c) the Collateral Agent may sell the Collateral or any part thereof
in accordance with, and subject to the terms of, the Security Documents. All funds distributed in respect of the Collateral under the Security Documents and received by the Collateral Agent for the ratable benefit of the Secured Parties shall be
turned over to the Trustee to be distributed by it in accordance with the provisions of this Indenture. 
 (d)
Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent (acting on the instructions of the Trustee, who shall act as directed by the Majority Holders) shall have the right to replace the Operating Company as
operator in accordance with the Services Agreements. 
 Section 10.09 Authorization of Receipt of Funds by the Trustee Under the Security
Documents. 
 The Collateral Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders
distributed under the Security Documents and, to the extent not prohibited under the Security Documents or the applicable Accounts Agreement, to make further distributions of such funds to itself and the Trustee. The Trustee will make all
distributions to the Holders in accordance with the provisions of Section 6.10 and the other provisions of this Indenture. 

Section 10.10 Action by the Collateral Agent. 
 In each case that the Collateral Agent may or is required hereunder or under any Security Document to take any action (an “Action”), including without limitation to make any
determination, to give consents, to exercise rights, powers or remedies, to release or sell Collateral or otherwise to act hereunder or under any Security Document, the Collateral Agent may seek direction from the Majority Holders or from the
Trustee, who may seek direction from such Holders. The Collateral Agent shall not be liable with respect to any Action taken or omitted to be taken by it in accordance with the direction from the Majority Holders or the Trustee, as applicable. If
the Collateral Agent shall request direction from the Trustee, the Collateral Agent shall be entitled to refrain from such Action unless and until the Majority Holders have provided to the Collateral Agent an indemnification satisfactory to the
Collateral Agent, and the Collateral Agent shall not incur liability to any Person by reason of so refraining. 

Notwithstanding anything to the contrary in this Indenture or any Security Document, in no event shall the Collateral Agent or the
Trustee be responsible for, or have any duty or obligation with respect to, the recording, filing, registering, perfection, protection or maintenance of the security interests or Liens intended to be created by this Indenture or the Security
Documents (including the filing or continuation of any Uniform Commercial Code financing or continuation statements or similar documents or instruments), nor shall the Collateral Agent or the Trustee be responsible for, and the Collateral Agent and
the Trustee make no representations regarding, the validity, effectiveness or priority of any of the Security Documents or the security interests or Liens intended to be created thereby. 

In the event that the Collateral Agent is required to acquire title to an asset, or take any managerial action of any kind in regard
thereto, in order to perform any obligation under this Agreement or any other Financing Document, which in the Collateral Agent’s sole discretion may cause the Collateral Agent to incur potential liability under any Environmental Law, the
Collateral Agent reserves the right, instead of taking such action, to either resign as the Collateral Agent or arrange for the transfer of the title or control of the asset to a court-appointed receiver. 

  
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 Section 10.11 Compensation and Indemnity. 

(a) The Issuer will pay to the Collateral Agent, its Affiliates, and their respective officers, directors, agents,
employees and servants, from time to time reasonable compensation as shall be agreed to in writing by the Issuer and the Collateral Agent for its acceptance of this Indenture, the Security Documents and services hereunder. The Issuer will reimburse
the Collateral Agent promptly upon request for all reasonable and documented disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation,
disbursements and expenses of the Collateral Agent’s agents and counsel. 
 (b) The Issuer and the
Guarantors will, jointly and severally, indemnify the Collateral Agent against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture and
the Security Documents, including (i) any claim relating to the grant to the Collateral Agent of any Lien in any property or assets of the Issuer, either Guarantor or any other Project Party and (ii) the costs and expenses of enforcing
this Indenture and the Security Documents against the Issuer, the Guarantors and the Project Parties (including this Section 10.11) and defending itself against any claim (whether asserted by the Issuer, the Guarantors, any other Project Party,
any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or thereunder, except to the extent any such loss, liability or expense may be attributable to its gross negligence
or willful misconduct as determined by a court of competent jurisdiction in a non-appealable order or judgment. The Collateral Agent will notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Collateral Agent to so
notify the Issuer will not relieve the Issuer, either Guarantor or each other Project Party party hereto of their obligations hereunder. The Issuer, the Guarantors or such Project Party will defend such claim and the Collateral Agent will cooperate
in the defense. The Collateral Agent may have separate counsel and the Issuer will pay the reasonable fees and expenses of such counsel. None of the Issuer, the Guarantors or any Project Party need pay for any settlement made without its consent,
which consent will not be unreasonably withheld, delayed or conditioned. 
 (c) Without in any way limiting the
generality of the other provisions contained in this Section 10.11, the Guarantors each agree to defend, protect, indemnify, save and hold harmless the Collateral Agent, its Affiliates, and their respective officers, directors, agents,
employees and servants, whether as beneficiary of any of the Security Documents, as a mortgagee in possession, or as successor-in-interest to the Guarantors by foreclosure deed or deed in lieu of foreclosure, or otherwise, from and against any and
all losses, liabilities or expenses incurred by it arising out of (A) the actual or alleged presence of Hazardous Materials on, in, under or affecting all or any portion of the Project whether or not the same originates or emanates from the
Project or from properties at which any Hazardous Materials generated, stored or handled by any Project Party were Released or disposed of, (B) any Environmental Claim relating to the Project or (C) the exercise of any Secured Party’s
rights under any of the provisions of the Security Documents (the “Indemnified Matters”), whether any of the Indemnified Matters arise before or after foreclosure of any of the Security Interests or other taking of title to all or
any portion of the Collateral by any Secured Party, including, without limitation, (x) the costs of removal of any and all Hazardous Materials from all or any portion of the Project, (y) additional costs required to take reasonable
precautions to protect against the Release of Hazardous Materials on, in, under or affecting the Project into the air, any body of water, any other public domain or any surrounding areas, and (z) costs incurred to comply, in connection with all
or any portion of the Project, with all applicable Environmental Laws with respect to Hazardous Materials, except to the extent that any such Indemnified Matter arises from the gross negligence or willful misconduct of such Indemnified Person, as
determined by a court of competent jurisdiction in a final non-appealable judgment. 

  
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 (d) The obligations of the Issuer and the Guarantors under this
Section 10.11 will survive the satisfaction and discharge of this Indenture and the resignation, removal or replacement of the Collateral Agent. 
 (e) The Collateral Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the
Collateral Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the
unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 
 Section 10.12 Delegation of
Duties of the Collateral Agent. 
 The Collateral Agent may execute any of its duties under this Indenture or any other
Financing Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of
any agent or attorney-in-fact that it selects with reasonable care. 
 Section 10.13 Liability of the Collateral Agent. 

The Collateral Agent shall not (a) be liable for any action taken or omitted to be taken by it under or in connection with this
Indenture or any other Transaction Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (b) be responsible in any manner to any of the Holders or the Trustee or any other Person for
any recital, statement, representation or warranty made by the Issuer or any Affiliate of the Issuer, or any officer thereof, contained in this Indenture or in any other Transaction Document, or in any certificate, report, statement or other
document referred to or provided for in, or received by the Collateral Agent under or in connection with, this Indenture or any other Transaction Document, or for the value of or title to any Collateral, or the validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Transaction Document, or for any failure of the Issuer or any other party to any Transaction Document to perform its obligations hereunder or thereunder. The Collateral Agent shall not be
under any obligation to any Holder or the Trustee to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Indenture or any other Transaction Document, or to inspect the properties,
books or records of the Issuer or any Affiliate of the Issuer. 
 Section 10.14 Reliance by the Collateral Agent. 

The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent,
certificate, affidavit, letter, telegram, facsimile, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal
counsel (including counsel to the Issuer), independent accountants and other experts selected by the Collateral Agent. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Indenture or any
other Transaction Document in accordance with a request or consent of the Trustee and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Holders and the Trustee. 

Section 10.15 Successor Collateral Agent. 
 (a) Subject to the appointment and acceptance of a successor as provided below, the Collateral Agent may resign at any time by giving notice thereof to the Trustee and the Issuer, and the

  
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Collateral Agent may be removed on 30 days’ advance written notice with or without cause by the Majority Holders. Upon any such resignation or removal, the Majority Holders shall have the
right to appoint a successor to the Collateral Agent. If no successor Collateral Agent shall have been appointed, and shall have accepted such appointment within 30 days after the resigning Collateral Agent’s giving of notice of resignation or
the giving of any notice of removal thereof, then the resigning Collateral Agent or Collateral Agent being removed, as the case may be, may apply to a court of competent jurisdiction to appoint a successor thereto. If the Collateral Agent shall
resign or be removed pursuant to the foregoing provisions, upon the acceptance of appointment by a successor Collateral Agent hereunder, the former Collateral Agent shall deliver all Collateral then in its possession to the successor Collateral
Agent. Upon the acceptance of its appointment as a successor Collateral Agent hereunder, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of such resigning or removed
Collateral Agent, and such resigning Collateral Agent or removed Collateral Agent shall be discharged from its duties and obligations hereunder. Notwithstanding anything to the contrary hereunder or under any other Financing Document, a successor of
the Collateral Agent shall, to the extent required by applicable law, be a holder of all or part of the Obligations. 
 (b) After a Collateral Agent’s resignation or removal, the provisions of Section 10.11 and this Section 10.15 shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was the Collateral Agent. 
 ARTICLE 11 
 NOTE GUARANTEE 
 Section 11.01 Note Guarantee. 

(a) Subject to this Article 11, the Guarantors hereby jointly, severally, unconditionally and irrevocably guarantee to
each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, and to the Trustee, Collateral Agent and their respective successors and assigns, irrespective of the validity and enforceability of
this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: 
 (i) the principal
of, premium, if any, and interest on, the Notes will be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, any
Additional Amounts required to be paid in connection with certain taxes, and all other Obligations of the Issuer to the Holders, the Trustee or the Collateral Agent under the Notes or the Indenture will be promptly 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 any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will each be
obligated to pay the same immediately. The Guarantors agree that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree that its obligations hereunder are 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 of the Notes with respect to any 

  
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provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor. The Guarantors hereby waive diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the
Issuer, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be
reinstated in full force and effect. 
 (d) Each of the Guarantors agrees that it will not be entitled to any
right of subrogation in relation to the Holders in respect of any Obligations guaranteed hereby until payment in full of all Obligations guaranteed hereby. Each of the Guarantors further agrees that, as between either of the Guarantors, on the one
hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such Obligations (whether or not due
and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. 

(e) The Note Guarantees will be senior secured obligations of the Guarantors, will rank equally with all other existing
unsubordinated obligations of the Guarantors, and will benefit from a first priority Lien on the Collateral as provided for herein; provided that, prior to the release of the Liens on the Existing Project Finance Collateral on or prior to the
Note Proceeds Account Release Date pursuant to the terms of this Indenture, the Existing Project Finance Secured Parties will have a prior claim on assets covered by the Liens on the Existing Project Finance Collateral. 

Section 11.02 Limitation on Guarantor Liability. 
 The Guarantors, and by its acceptance of Notes, each Holder, hereby confirm that it is the intention of all such parties that the Note Guarantees of the Guarantors not constitute a fraudulent transfer or
conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or foreign law to the extent applicable to any Note Guarantee. To effectuate the foregoing
intention, the Trustee, the Collateral Agent, the Holders and the Guarantors hereby irrevocably agree that the Obligations of the Guarantors will be limited to the maximum amount that will, after giving effect to such maximum amount and all other
contingent and fixed liabilities of the Guarantors that are relevant under such laws, result in the obligations of the Guarantors under their respective Note Guarantee not constituting a fraudulent transfer or conveyance. 

Section 11.03 Execution and Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 11.01 hereof, each of the Guarantors hereby agrees that a notation of such Note Guarantee substantially in the form attached as Exhibit E hereto
will be endorsed by an Authorized Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Authorized Officers. 

  
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 Each of the Guarantors hereby agrees that its Note Guarantee set forth in
Section 11.01 hereof will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of the Note Guarantee. 
 If an Authorized Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the
Note Guarantee will be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof
hereunder, will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 Section 11.04
Releases. 
 Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in
accordance with Article 12 hereof, Star International and/or Alaskan Star, as the case may be, will be released and relieved of any obligations under the Note Guarantee. 
 ARTICLE 12 
 SATISFACTION AND DISCHARGE 

Section 12.01 Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
 (i) either: 
 (a) all Notes that have been authenticated, except
lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or 

(b) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
mailing of a notice of redemption or otherwise or will become due and payable within one year and the Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in
U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the
Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 
 (ii) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such
deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other material instrument to which the Issuer, the Guarantors or any other Project Party is a party or by which the Issuer, the Guarantors or
any other Project Party is bound; 
 (iii) the Issuer, the Guarantors or any other Project Party has paid or
caused to be paid all sums payable by it under this Indenture; and 

  
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 (iv) 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. 
 In
addition, the Issuer must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee and the Collateral Agent stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to
Section 12.01(i)(b), the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.06 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture. 
 Upon discharge of the Indenture in accordance with this Section 12.01, all
Note Guarantees shall automatically terminate and cease to be of effect. 
 Section 12.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 12.01 hereof shall
be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 12.01
hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Issuer and the Guarantors under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Issuer has made any payment of principal of, premium, if any, or interest on, any Notes
because of 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 or Government Securities held by the Trustee or Paying Agent. 

Section 12.03 Release of Liens on the Alaskan Star Collateral and the Note Guarantee by Alaskan Star. 

Notwithstanding any other provision contained in this Indenture, upon payment in full of all principal and accrued interest on the Notes
and any other amounts then due, in each case, payable by the Issuer under this Indenture on or before the Semi-Annual Payment Date occurring in November 2016 (including, without limitation, the installment of principal on the Notes due on such date
pursuant to the amortization schedule set forth on the Notes), Alaskan Star will be released and discharged from all its obligations in respect of its Note Guarantee and its obligation to indemnify the Trustee under this Indenture (the date such
releases and discharge occur, the “Alaskan Star Release Date”) by delivering a notice to the Trustee; provided, that: 
 (i) before and immediately after the release of the Liens on the Alaskan Star Collateral and Alaskan Star from its obligations pursuant to this Section 12.03, no Default or Event of Default shall
exist and any amounts due on the Notes and deferred as a result of a Deferral Event shall have been fully paid; 
 (ii) on the
Semi-Annual Payment Date occurring in November 2016 (after giving effect to the payment of any Obligations due on such date and the application of proceeds on deposit in the 

  
 89 

 
Offshore Proceeds Accounts), the amounts on deposit in the Offshore Debt Service Reserve Account shall be not less than the Offshore Debt Service Reserve Account Required Balance on such
Semi-Annual Payment Date; 
 (iii) on the Semi-Annual Payment Date occurring in November 2016 (after giving effect to the
payment of any Obligations and Operation and Maintenance Expenses due on such date and the application of proceeds on deposit in the Offshore Proceeds Accounts), the amounts on deposit in the Offshore O&M Service Reserve Account shall be not
less than the Offshore O&M Service Reserve Account Required Balance on such Semi-Annual Payment Date; 
 (iv) if, in order
to comply with the conditions set forth in clauses (ii) or (iii) above any of the Issuer or the Guarantors increases, at any time during the period from (and including) the Semi-Annual Payment Date occurring in May 2016 to (and including)
the Semi-Annual Payment Date occurring in November 2016 (or, in the case described in the proviso below clause (v), the period from (and including) the immediately preceding Semi-Annual Payment Date to (and including) the subsequent Semi-Annual
Payment Date referred to in such proviso), the amounts on deposit in either of the Offshore Debt Service Reserve Account or the Offshore O&M Service Reserve Account (a) with the proceeds of Permitted Equity Issuances or Permitted
Subordinated Indebtedness or (b) by crediting one or more Reserve Account Letters of Credit to either of such Guarantor Collateral Accounts, the Consolidated Historical Debt Service Coverage Ratio calculated on the Semester Date occurring in
November 2016, for the 12-month period ending on such Semester Date, shall be not less than 1.05:1.00; and 
 (v) immediately
after the release of the Liens on the Alaskan Star Collateral and Alaskan Star’s obligations pursuant to this Section 12.03, all Collateral (other than the Alaskan Star Collateral) shall remain subject to first priority Liens in favor of
the Collateral Agent for the benefit of the Secured Parties (to the extent necessary, by amendment of the Security Documents, by entering into new security documents or otherwise); 
 provided, that if the Alaskan Star Release Date does not occur due to the failure of the Issuer or the Guarantors to comply with the condition set forth in clause (iv) above, the Liens on the
Alaskan Star Collateral will be released and Alaskan Star will be released and discharged from all of its obligations in respect of its Note Guarantee and its obligation to indemnify the Trustee under this Indenture on any subsequent Semi-Annual
Payment Date; so long as on any such subsequent Semi-Annual Payment Date (a) all principal and accrued interest on the Notes and any other amounts then due, in each case, payable by the Issuer under this Indenture on or before such Semi-Annual
Payment Date (including, without limitation, the installment of principal on the Notes due on such date pursuant to the amortization schedule set forth in the Notes) shall have been paid in full and (b) each condition described in clauses
(i) to (v) above shall have been fulfilled as of such Semi-Annual Payment Date. 
 In connection with the release of
Alaskan Star from its obligations under the Note Guarantee to which it is a party, Alaskan Star shall have delivered to the Trustee a certificate of an Authorized Officer stating that all conditions precedent relating to the release of Alaskan
Star’s Note Guarantee have been complied with. Upon the release of Alaskan Star’s Note Guarantee, Alaskan Star will no longer be subject to any covenant or other provision of this Indenture or the Note Guarantee to which it is a party.

 Upon the request of the Alaskan Star pursuant to an Officers’ Certificate and Opinion of Counsel confirming that all
conditions precedent related to the release of the Alaskan Star Collateral have been met, the Collateral Agent, without the consent of any Holder or the Trustee and at the expense of the Issuer or any of the Guarantors, shall execute, deliver or
acknowledge such instruments or releases prepared by the Issuer or any Guarantor to evidence the release from the Liens created by the Security Documents of the Alaskan Star Collateral permitted to be released pursuant to this Section 12.03.

  
 90 

 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.01 Notices. 

Any notice or communication by the Issuer, the Guarantors, the Trustee, the Collateral Agent or the Luxembourg Paying Agent to the others
is duly given if in writing and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Issuer or the Guarantors: 
 Queiroz Galvão Óleo e Gás S.A. 
 Av. Presidente Antônio
Carlos, 51 - 5o, 6o e 7o andares 
 Rio de Janeiro/RJ – CEP: 20020-010 

Brazil 

Attention: Guilherme Lima 
 Telephone No.: +55 21 3231-2500 
 Facsimile No.: +55 21 2262-3020 

If to the Trustee: 
 Deutsche Bank Trust Company Americas 
 Trust & Securities Services

 60 Wall Street, MS NYC 60-2710 
 New York, NY 10005 
 Attention: Project Finance Deal Manager – QGOG
Atlantic/Constellation 
 Telephone No.: 201-593-2966 
 Facsimile No.: 732-578-4636 
 If to the Collateral Agent: 

Deutsche Bank Trust Company Americas 
 Trust & Securities Services 
 60 Wall Street, MS NYC 60-2710 

New York, NY 10005 
 Attention: Project Finance Deal Manager – QGOG Atlantic/Constellation 

Telephone No.: 201-593-2966 
 Facsimile No.: 732-578-4636 
 With a copy to: 

Deutsche Bank Trust Company Americas 
 c/o Deutsche Bank National Trust Company 
 Trust and Agency Services 

100 Plaza One, Mailstop JCY03-0699 
 Jersey City, New Jersey 07311 
 Attention: Project Finance Deal Manager – QGOG
Atlantic/Constellation 
 Telephone: 201-593-2966 
 Facsimile: 732-578-4636 

  
 91 

 If to the Luxembourg Paying Agent: 

Deutsche Bank Luxembourg S.A. 
 2 Bld Konrad Adenauer 
 L-1115 Luxembourg 

Attention: CTAS Listing Agent Dept. 
 Telephone: (00352) 421 22 643 / 645 
 Facsimile: (00352) 47 31 36

 The Issuer, the Guarantors, the Trustee or the Collateral Agent, by notice to the others, may designate additional or
different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to
Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; when mailed, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will
be mailed by first class mail, to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. Any notice to a
Holder of a Global Note shall be made in accordance with the rules of the Depositary. 
 If a notice or communication is mailed
in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the
Issuer mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 

Neither the failure to give any notice to a particular Holder, nor any defect in a notice given to a particular Holder, will affect the
sufficiency of any notice given to another Holder. 
 Notwithstanding any other provision of this Indenture or any Note, where
this Indenture or any Note provides for notice of any event (including any notice of redemption) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its
designee) pursuant to the standing instructions from such Depositary. For so long as the Notes are listed on the Euro MTF market of the Luxembourg Stock Exchange and it is required by the rules of the Luxembourg Stock Exchange, publication of such
notices to the Holders of the Notes in English in a leading newspaper having general circulation in Luxembourg (which is expected to be the d’Wort) or, to the extent and in the manner permitted by such rules, posted on the official
website of the Luxembourg Stock Exchange. 
 Section 13.02 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, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 13.03 Certificate and
Opinion as to Conditions Precedent. 
 Upon any request or application by the Issuer to the Trustee or the Collateral Agent to
take any action under this Indenture, the Issuer shall furnish to the Trustee: 
 (i) an Officers’
Certificate in form and substance reasonably satisfactory to the Trustee and, if applicable, the Collateral Agent (which must include the statements set forth in Section 13.04 hereof) stating that, in the opinion of the signers, all conditions
precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

  
 92 

 (ii) an Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee and, if applicable, the Collateral Agent (which must include the statements set forth in Section 13.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 Section 13.04 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

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

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

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

 Section 13.05 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 13.06 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No past, present or future director, officer, employee, incorporator or stockholder of the Issuer, either Guarantor or any other Project
Party will have any liability for any obligations of the Issuer or the Guarantor under the Notes, this Indenture, the Note Guarantees or any other Financing Document or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities
laws. 
 Section 13.07 No Immunity; No Liability. 
 (a) To the extent that any of the Issuer or the Guarantors may be entitled, in any jurisdiction in which judicial proceedings may at any time be commenced with respect to this Indenture, the Notes, the
Note Guarantee or any other Financing Document to which the Issuer or such Guarantor is a party, to claim for itself or its revenues, assets or Properties any immunity from suit, the jurisdiction of any court, attachment prior to judgment,
attachment in aid of execution of judgment, set-off, 

  
 93 

 
execution of a judgment or any other legal process, and to the extent that in any such jurisdiction there may be attributed to such Person such an immunity (whether or not claimed), each of the
Issuer and the Guarantors hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the fullest extent permitted by the Law of the applicable jurisdiction. 

(b) No director, officer, employee, incorporator, member or stockholder of the Issuer or either Guarantor, as such, will
have any liability for any obligations of the Issuer or such Guarantor, as the case may be, under the Notes, the Note Guarantees or this Indenture or for any claim based on, in respect of, or by reason of, such obligations. Each Holder by accepting
a Note waives and releases all such liability. This waiver and release are part of the consideration for issuance of the Notes. This waiver may not be effective to waive liabilities under United States securities Laws, and it is the view of the U.S.
Securities and Exchange Commission that such a waiver is against public policy. 
 Section 13.08 Judgment Currency. 

Dollars are the sole currency of account and payment for all sums due and payable by the Issuer and the Guarantors under this Indenture,
the Notes and the Note Guarantees. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due hereunder in Dollars into another currency, the Issuer and the Guarantors will agree, to the fullest extent that they may
legally and effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Trustee determines a Person could purchase Dollars with such other currency in New York, New York, on the business
day immediately preceding the day on which final judgment is given. 
 The obligation of each of the Issuer and the Guarantors
in respect of any sum due to any Holder or the Trustee in Dollars shall, to the extent permitted by applicable Law, notwithstanding any judgment in a currency other than Dollars, be discharged only to the extent that on the business day following
receipt of any sum adjudged to be so due in the judgment currency such Holder or Trustee may in accordance with normal banking procedures purchase Dollars in the amount originally due to such Person with the judgment currency. If the amount of
Dollars so purchased is less than the sum originally due to such Person, each of the Issuer and the Guarantors agrees, jointly and severally, as a separate obligation and notwithstanding any such judgment, to indemnify such Person against the
resulting loss; and if the amount of Dollars so purchased is greater than the sum originally due to such Person, such Person will, by accepting a Note, be deemed to have agreed to repay such excess. 

Section 13.09 Submission to Jurisdiction; Appointment of Process Agent. 
 Each of the Issuer and the Guarantors hereby irrevocably submits to the non-exclusive jurisdiction of the U.S. federal and state courts in the Borough of Manhattan in the City of New York in any suit,
action or proceeding arising out of or relating to the Indenture or any Note or the Note Guarantees. Each of the Issuer and the Guarantors hereby irrevocably waives, to the fullest extent permitted by applicable Law, any objection which it may now
or hereafter have to the laying of venue of any such suit, action or proceeding brought in such courts and any claim that any such suit, action or proceeding brought in such courts, has been brought in an inconvenient forum and any right to which it
may be entitled on account of place of residence or domicile. To the extent the Issuer or either Guarantor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process with respect to itself or its property,
each of the Issuer and the Guarantors hereby irrevocably waives such immunity in respect of (i) its obligations under this Indenture and (ii) any Note or the Note Guarantees. Each of the Issuer and the Guarantors hereby agrees that final
judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding on them and may be enforced in any court to the jurisdiction of which each of them is subject by a suit upon such judgment, provided, that
service of process is effected upon the Issuer or the Guarantors in the manner specified in the following paragraph or as otherwise permitted by applicable Law. 

  
 94 

 As long as any of the Notes remain outstanding, the Issuer and the Guarantors will at all
times have an authorized agent in the City of New York (the “Process Agent”), upon whom process may be served in any legal action or proceeding arising out of or relating to this Indenture or any Note or the Note Guarantees. Service
of process upon the Process Agent and written notice of such service mailed or delivered to the Issuer or either Guarantor shall to the extent permitted by applicable Law be deemed in every respect effective service of process upon the Issuer or
such Guarantor, as the case may be, in any such legal action or proceeding. The Issuer and the Guarantors will appoint National Registered Agents, Inc., 875 Avenue of the Americas, Suite 501, New York, New York 10001, United States (or at such other
address or at the office of such other authorized agent as the Issuer or the Guarantors may designate by written notice to the Trustee). 

Section 13.10 Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES, AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 13.11 Waiver of Jury Trial.

 EACH OF THE ISSUER, THE GUARANTORS, THE TRUSTEE AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES, THE FINANCING DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

 Section 13.12 No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer, the Guarantors or of any other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture. 
 Section 13.13 Successors. 
 All agreements of the Issuer and the Guarantors in this Indenture, the Notes, the Note Guarantees and each other Financing Document will bind its successors. All agreements of the Trustee and the
Collateral Agent in this Indenture will bind its successors. 
 Section 13.14 Severability. 

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

  
 95 

 Section 13.15 Security Documents. 

The Trustee, the Collateral Agent and the Holders are bound by the terms of the Security Documents. 

Section 13.16 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. 

Section 13.17 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 will in no way modify or restrict any of the terms or provisions hereof. 
 Section 13.18 English Language. 

This Indenture has been negotiated and executed in the English language. All certificates, reports, notices and other documents and
communications given or delivered pursuant to this Agreement (including, without limitation, any modifications or supplements hereto) (collectively, the “Indenture Documents”) shall be in the English language, or accompanied by a
certified English translation thereof. In the case of any Indenture Document originally issued in a language other than English, the English language version of any such Indenture Document shall for purposes of this Indenture, and absent manifest
error, control the meaning of the matters set forth therein. 
 Section 13.19 Patriot Act 

The parties hereto acknowledge that in accordance with the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the “Patriot Act”), the Trustee and the Collateral Agent, like all financial institutions, are required to obtain, verify, and record information that identifies each person
or legal entity that establishes a relationship or opens an account with Deutsche Bank Trust Company Americas. The parties hereto agree that they will provide the Trustee or the Collateral Agent with such information as they may request in order for
them to satisfy the requirements of the Patriot Act. 
 Section 13.20 Existing Project Finance Obligations 

To the extent that any undertaking by either Guarantor under this Indenture is prohibited by the terms of the Existing Project Finance
Obligations, such undertaking shall become effective upon payment in full of the Existing Project Finance Obligations; provided that this Section 13.20 shall not affect any obligations or liabilities of the Guarantors with respect to the
Trustee or the Collateral Agent in their individual capacities pursuant to this Indenture or the other Financing Documents. 

[Signatures on following page] 

  
 96 

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

					
	 QGOG ATLANTIC / ALASKAN RIGS LTD.,
 as Issuer

		
	By:	 	 /s/ Guilherme Ribeiro Vieira Lima

		 	Name:	 	Guilherme Ribeiro Vieira Lima
		 	Title:	 	Director
		
	By:	 	 /s/ Leduvy de Pina Gouvea Filho

		 	Name:	 	Leduvy de Pina Gouvea Filho
		 	Title:	 	Director

 Indenture Signature Page 

 
					
	 ALASKAN STAR LTD.,

as Guarantor

		
	By:	 	 /s/ Guilherme Ribeiro Vieira Lima

		 	Name:	 	Guilherme Ribeiro Vieira Lima
		 	Title:	 	Officer
		
	By:	 	 /s/ Leduvy de Pina Gouvea Filho

		 	Name:	 	Leduvy de Pina Gouvea Filho
		 	Title:	 	Officer

  

Indenture Signature Page 

 
					
	EXECUTED AS A DEED
	
	 STAR INTERNATIONAL DRILLING LIMITED,
 as Guarantor

		
	By:	 	 /s/ Guilherme Ribeiro Vieira Lima

		 	Name:	 	Guilherme Ribeiro Vieira Lima
		 	Title:	 	Officer
		
	By:	 	 /s/ Leduvy de Pina Gouvea Filho

		 	Name:	 	Leduvy de Pina Gouvea Filho
		 	Title:	 	Officer

  

Indenture Signature Page 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee, Registrar, Transfer Agent and Paying Agent
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Wanda Camacho

		 	Name:	 	Wanda Camacho
		 	Title:	 	Vice President
		
	By:	 	 /s/ Estelle Lawrence

		 	Name:	 	Estelle Lawrence
		 	Title:	 	Vice President

  

Indenture Signature Page 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Wanda Camacho

		 	Name:	 	Wanda Camacho
		 	Title:	 	Vice President
		
	By:	 	 /s/ Estelle Lawrence

		 	Name:	 	Estelle Lawrence
		 	Title:	 	Vice President

  

Indenture Signature Page 

 
					
	DEUTSCHE BANK LUXEMBOURG S.A., as
	Luxembourg Paying Agent, Transfer Agent and
	Luxembourg Listing Agent
		
	By:	 	 /s/ Wanda Camacho

		 	Name:	 	Wanda Camacho
		 	Title:	 	Vice President
		
	By:	 	 /s/ Estelle Lawrence

		 	Name:	 	Estelle Lawrence
		 	Title:	 	Vice President

  

Indenture Signature Page 

 EXHIBIT A 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

 [Face of Note] 

 
 QGOG ATLANTIC / ALASKAN RIGS
LTD. 
 5.25% SENIOR SECURED NOTES DUE 2018 

 

			
		  	CUSIP/CINS         
		
		  	U.S. ISIN         
		
	No.     	  	$        

 QGOG Atlantic / Alaskan Rigs Ltd. promises to pay to
                     or registered assigns, the principal sum of
                                         
                                        DOLLARS as set
forth in the Principal Payment Schedule in this Note. 
 Interest Payment Dates: May 30 and November 30, commencing on
November 30, 2011 
 Record Dates: May 15 and November 15 
 Dated:             , 20     
 Reference is made to the further provisions of this Note contained on the reverse side of this Note, which for all purposes have the same effect as if set forth at this place. 

[Signature page follows.] 

  
 A-2

 IN WITNESS WHEREOF, QGOG Atlantic / Alaskan Rigs Ltd. has caused this instrument to be duly
executed. 
  

			
	QGOG ATLANTIC / ALASKAN RIGS LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the Notes referred to 
 in the within-mentioned Indenture: 
  

			
	 Deutsche Bank Trust Company Americas,
as Trustee

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Name:
		 	Title:

 Date:
                     

  
 A-3

 [Back of Note] 
 5.25% Senior Secured Notes due 2018 
 Capitalized terms used herein have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 i.
PRINCIPAL. QGOG Atlantic / Alaskan Rigs Ltd., a business company limited by shares organized under the laws of the British Virgin Islands (the “Issuer”), promises to pay principal on this Note on
the dates and in the percentage amounts of principal of the Notes as set forth in the schedule below (the “Principal Payment Schedule”): 
  

							
	 Installment
	  	 Principal Payment Date
	  	Amortization	 
	 1
	  	November 30, 2011	  	 	4.26	% 
	 2
	  	May 30, 2012	  	 	6.68	% 
	 3
	  	November 30, 2012	  	 	6.76	% 
	 4
	  	May 30, 2013	  	 	7.02	% 
	 5
	  	November 30, 2013	  	 	7.16	% 
	 6
	  	May 30, 2014	  	 	7.44	% 
	 7
	  	November 30, 2014	  	 	7.59	% 
	 8
	  	May 30, 2015	  	 	7.88	% 
	 9
	  	November 30, 2015	  	 	8.04	% 
	 10
	  	May 30, 2016	  	 	8.39	% 
	 11
	  	November 30, 2016	  	 	8.13	% 
	 12
	  	May 30, 2017	  	 	4.03	% 
	 13
	  	November 30, 2017	  	 	4.12	% 
	 14
	  	May 30, 2018	  	 	4.27	% 
	 15
	  	July 30, 2018	  	 	1.19	% 
	 Balloon Payment
	  	July 30, 2018	  	 	7.04	% 

 ii. DEFERRAL OF PRINCIPAL
PAYMENT. So long as no Event of Default shall have occurred and be continuing and the Issuer shall have determined that, on any Semi-Annual Payment Date, after the application of funds on deposit in the Offshore
Guarantor Collateral Accounts on such date pursuant to the terms of the Guarantor Accounts Agreement (including, without limitation, pursuant to Section 6.1.2 of the Guarantor Accounts Agreement) the funds on deposit in the Note Debt Service Account
will not be sufficient to pay the full amount of principal on the Notes due on such Semi-Annual Payment Date (the amount of such shortfall, the “Shortfall Principal Amount”), then the Issuer shall be entitled to a one-time deferral
of the obligation to make the payment of the Shortfall Principal Amount, to be exercised by the Issuer in its sole discretion (such deferral, a “Deferral Event”). 

The Issuer will give the Trustee and the Collateral Agent written notice of the Deferral Event no earlier than 20 Business Days and no
later than 10 Business Days prior to the applicable Semi-Annual Payment Date on which it elects to exercise its right to have a Deferral Event. 
 iii. MATURITY DATE EXTENSION. No later than 120 days before the original Stated Maturity of the Notes (the “Original Maturity Date”),
the Guarantors (and, if necessary, the Issuer) shall deliver to the Collateral Agent irrevocable powers-of-attorney and such other documents as may be necessary to effect, upon instructions of the Trustee (acting upon the instructions of the
Majority Holders), the transfer under applicable Law of all right, title and interest in the Facilities for the Atlantic Star Drilling Rig and, unless previously released pursuant to Section 12.03 of the Indenture, the Alaskan Star Drilling Rig
to such transferee or transferees as the Trustee (acting upon the instructions of the 

  
 A-4

 
Majority Holders) may designate. Such powers-of-attorney and documentation shall be duly executed by each Guarantor (and, if necessary, the Issuer), to be held in escrow by the Collateral Agent.
If on the Original Maturity Date the aggregate amounts available on deposit in the Issuer’s Note Debt Service Account and the Guarantor Collateral Accounts (less the amounts necessary to pay all Operation and Maintenance Expenses and all
Obligations scheduled to become due prior to the Original Maturity Date) is less than the outstanding principal of and accrued and unpaid interest on the Notes due on the Original Maturity Date, then (a) the original Stated Maturity of the
Notes shall be automatically extended for a period of six months from the Original Maturity Date (such period being referred to as the “Initial Extension Period”), (b) the Collateral Agent shall be authorized as agent for the
Guarantors (and, if necessary, the Issuer), to the fullest extent permitted by applicable Law, to execute, deliver and file any and all documents, including any documents held in escrow by the Collateral Agent previously delivered to it by the
Guarantors (and, if applicable, the Issuer), to effect in good faith the transfer of title of the applicable Facilities to a transferee designated by the Trustee acting upon the instructions of the Majority Holders; and (C) the Issuer and the
Guarantors shall do and perform any and all acts (and execute any and all documents) as such Persons deem necessary (or as reasonably requested by the Trustee or the Collateral Agent) in order to effect such transfer; provided that, so long as no
Event of Default shall have occurred and be continuing, any such transfer described in this paragraph shall be made in consultation with the Issuer and the Guarantors. 
 On the last day of the Initial Extension Period, the Issuer shall apply all funds on deposit in the Note Debt Service Account pursuant to the Issuer Accounts Agreement to repay the remaining outstanding
principal amount of the Notes, together with interest accrued thereon and any other amounts payable under the Notes. 
 If, on
the last day of the Initial Extension Period, the aggregate amounts available on deposit in the Issuer’s Note Debt Service Account and the Guarantor Collateral Accounts (less the amounts necessary to pay all Operation and Maintenance Expenses
and all Obligations coming due prior to the end of the Initial Extension Period) is less than the outstanding principal of and accrued interest on the Notes due on the last day of the Initial Extension Period, the final maturity date of the Notes
shall be automatically extended for an additional period of six-months following the end of the Initial Extension Period, such additional extension period being referred to as the “Second Extension Period.” 

Upon a transfer of title to the Facilities as a result of an extension of the Original Maturity Date pursuant to this Section (iii), the
Trustee shall apply all of the net proceeds from such transfer to repay all of the then outstanding Obligations. If after the application of all such net proceeds all of the then outstanding Obligations have been repaid in full, then the Trustee
shall promptly transfer any remaining balance of such net proceeds to an account of the Guarantor that was the owner of the applicable Facilities, nominated by such Guarantor in writing to the Trustee and all the Liens on the Collateral other than
the Facilities shall be promptly released pursuant to the terms of the Indenture. 
 iv.
INTEREST. The Issuer promises to pay interest on the principal amount of this Note at 5.25 % per annum commencing on the Issue Date until, but not including, the Original Maturity Date. The Issuer will pay
interest semi-annually in arrears on May 30 and November 30 of each year, 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 will accrue
from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be November 30,
2011. 

  
 A-5

 The Issuer will pay interest on the principal amount of this Note during the Initial
Extension Period (if any) at a rate per annum equal to the rate set forth on the face of this Note multiplied by 1.5 and during the Second Extension Period (if any) at a rate per annum equal to the rate set forth on the face of this Note multiplied
by 1.75. 
 The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, at the rate equal to 2.0% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful; it being understood, for the avoidance of doubt, that no such additional interest shall accrue with respect to
any Shortfall Principal Amount deferred as described in Section ii. 
 If the Issuer elects to defer any Shortfall Principal
Amount due on any Semi-Annual Payment Date, such Shortfall Principal Amount will (i) accrue interest at the per annum rate then applicable to the Notes and (ii) be due and payable on the next succeeding Semi-Annual Payment Date, together
with any interest accrued pursuant to clause (i). 
 Interest shall be computed on the basis of a 360-day year comprised of
twelve 30-day months. 
 v. METHOD OF PAYMENT. The Issuer will pay interest
on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the May 30 or November 30 next preceding the Interest Payment Date, even if such Notes are canceled 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 will be payable as to principal, premium, if any, and interest at the office or agency of the
Issuer maintained for such purpose or, at the option of the Paying Agent, payment of interest 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 will be required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or the Paying Agent. Such
payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 vi. PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas, the Trustee under the Indenture, will act as Paying
Agent and Registrar and Deutsche Bank Luxemburg S.A. will act as Luxembourg Paying Agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer may act in any such capacity. 

vii. INDENTURE. The Issuer issued the Notes under an Indenture dated as of July 27, 2011 (the
“Indenture”) among the Issuer, the Guarantors, the Collateral Agent, the Trustee and the Luxembourg Paying Agent. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the
TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling. The Notes are secured obligations of the Issuer limited to $700.0 million in aggregate principal amount. 
 viii. OPTIONAL REDEMPTION. 

(a) At any time prior to November 30, 2016, the Issuer may on any one or more occasions redeem the Notes, at its
option, in whole or in part, at a “make-whole” redemption price 

  
 A-6

 
equal to the greater of (i) 101% of the principal amount of the Notes being redeemed and (ii) the present value at such redemption date of all required interest and principal payments
on such Notes through the final maturity date (excluding accrued but unpaid interest to the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 50 basis points; plus in each case any accrued and unpaid interest and Additional Amounts, if any, on such Notes to, but excluding, the redemption date, as calculated by the Independent Investment Banker. 

Any redemption of Notes by the Issuer pursuant to this Section (viii)(a) will be subject to either (A) there being at least
U.S.$150.0 million in aggregate principal amount of Notes outstanding after such redemption or (B) the Issuer redeeming all of the then-outstanding principal amount of the Notes. 
 “Comparable Treasury Issue” shall mean the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity
comparable to the remaining period until the final maturity date of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable
maturity to the remaining period until the final maturity date of the Notes. 
 “Independent Investment Banker” shall mean one
of the Reference Treasury Dealers appointed by the Issuer. 
 “Comparable Treasury Price” shall mean, with respect to any
redemption date (i) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (ii) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Reference Treasury Dealer”
shall mean Santander Investment Securities, Inc., HSBC Securities (USA) Inc., Citigroup Global Markets Inc. or their respective affiliates which are primary United States government securities dealers and not less than two other leading primary
United States government securities dealers in New York City reasonably designated by the Issuer; provided that if any of the foregoing cease to be a primary United States government securities dealer in New York City (a “Primary Treasury
Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
shall mean, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 pm New York time on the third Business Day preceding such redemption date. 

“Treasury Rate” shall mean, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date. 
 (b) On any Semi-Annual Payment Date occurring in November 2016 or at any time thereafter
until (but not including) the Semi-Annual Payment Date occurring in November 2017, the Issuer may redeem all, but not less than all, of the Notes, at a redemption price equal to 101% of the then outstanding principal amount of the Notes, plus
accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). 

  
 A-7

 (c) On any Semi-Annual Payment Date occurring in November 2017 or at any
time thereafter, the Issuer may redeem all, but not less than all, of the Notes, at 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the redemption date
(subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 (d) If as a result of any change in or amendment to the applicable Laws of a Relevant Jurisdiction, or any amendment to or change in an official interpretation, administration or application of such Laws
(including a holding, judgment or order by a court of competent jurisdiction), which change or amendment or change in official position becomes effective on or after the Issue Date or on or, with respect to a successor, after the date a successor
assumes the obligations under the Notes, the Issuer, the Guarantors or any successor have or will become obligated to pay Additional Amounts, the Issuer may, at its option, redeem all, but not less than all, of the Notes, at a redemption price equal
to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, upon publication of irrevocable notice not less than 30 days nor more than 60 days
prior to the applicable redemption date; provided that no notice of such redemption may be given earlier than 60 days prior to the earliest date on which the Issuer, the Guarantors or any successor would, but for such redemption, be obligated
to pay the Additional Amounts. Notwithstanding the foregoing, the Issuer shall not have the right to so redeem the Notes unless: (i) it has used commercially reasonable efforts to avoid the obligation to pay Additional Amounts; and (ii) it
has complied with all applicable Laws to legally effect such redemption; provided, however, that for this purpose commercially reasonable efforts shall not include, without limitation, any change in the Issuer’s or any successor’s,
corporate form, jurisdiction of incorporation or organization or location of its principal executive or registered office. In the event that the Issuer elects to so redeem the Notes, it will deliver to the Trustee: (1) a certificate of an
Authorized Officer of the Issuer stating that the Issuer is entitled to redeem the Notes pursuant to the indenture and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Issuer to so redeem have
occurred or been satisfied; and (2) an opinion of counsel to the effect that the Issuer has or will become obligated to pay Additional Amounts and that all governmental approvals necessary for the Issuer to effect the redemption have been
obtained and are in full force and effect. 
 ix. MANDATORY REDEMPTION. If, as of the Note
Proceeds Account Release Date, (i) the Existing Project Finance Obligations are not repaid or purchased by the Issuer in full or (ii) all funds on deposit in the Note Proceeds Account are not released, then the Issuer shall instruct the
Collateral Agent to disburse all funds then held on deposit in the Note Proceeds Account to the Trustee and redeem the maximum principal amount of Notes, together with accrued and unpaid interest, if any, thereon to, but excluding, the applicable
redemption date (subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date) that may be redeemed with the funds then held on deposit in the Note Proceeds Account, at a redemption price
equal to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest, if any, thereon to, but excluding, the applicable redemption date. 

x. OFFERS TO PURCHASE. 

(a) A Holder may tender all or any portion of its Notes pursuant to an Offer to Purchase; provided that, to the extent any Holder
tenders less than all of its Notes, any Note that is not tendered must be for a minimum denomination of $200,000; provided, further, that any portion of a Note tendered pursuant to an Offer to Purchase must be in a multiple of $1,000
principal amount. 
 (b) On the Offer Purchase Date, the purchase price specified in the written offer will become due and
payable on each Note accepted for purchase pursuant to the Offer to Purchase, and interest on Notes purchased pursuant to such Offer to Purchase will cease to accrue on and after the Offer Purchase Date. 

  
 A-8

 (c) If (i) the Issuer makes an Offer to Purchase for less than all of the outstanding
Notes and (ii) Notes in an aggregate principal amount in excess of the purchase amount specified in the written offer are tendered and not withdrawn pursuant to the Offer to Purchase, then the Issuer will purchase Notes having an aggregate
principal amount equal to the purchase amount specified on the written offer on a pro rata basis; provided that adjustments shall be made so that only Notes in multiples of $1,000 principal amount will be purchased. 

(d) Any Offer to Purchase shall be made by the Issuer in compliance with Rule 14e-1 under the Exchange Act (to the extent applicable)
and all other applicable Laws, and the procedures set forth in the Indenture shall be deemed to be modified as necessary to permit such compliance. The Issuer and Guarantors shall additionally obtain all necessary consents and approvals from any
Governmental Authority for any required remittance of funds outside of any jurisdiction in connection with any Offer to Purchase pursuant to the Indenture. 
 (e) Notwithstanding anything herein to the contrary, the Issuer shall not be required to make an Offer to Purchase pursuant to the terms of Section 3.09, 4.10(c), 4.15 or 4.19(b) of the Indenture if
(i) a third party makes an offer to purchase Notes in the manner, at the times and otherwise in compliance with the requirements set forth in Section 3.09 of the Indenture applicable to an Offer to Purchase made by the Issuer and such
third party purchases all Notes properly tendered and not withdrawn by the Holders thereof under such offer to purchase or (ii) if notice of redemption for all outstanding Notes has been given pursuant to Section 3.07 or 3.08 of the
Indenture, unless and until there is a default in payment of the applicable redemption price. 
 xi. NOTICE
OF REDEMPTION. At least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, postage prepaid, a notice of redemption to the
Trustee and to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of the Indenture pursuant to Articles 8 or 12 thereof. Notes in denominations larger than $2,000 may be redeemed in part but only in amounts of $200,000 or whole multiples of $1,000, unless all of the Notes held by a
Holder are to be redeemed. 
 xii. DENOMINATIONS, TRANSFER,
EXCHANGE. The Notes are in registered form without coupons in denominations of $200,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the
Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the
Indenture. Neither the Issuer nor the Registrar will be required (i) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for
redemption under Section 3.02 of the Indenture and ending at the close of business on the day of selection; (ii) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or (iii) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 xiii. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

  
 A-9

 xiv. AMENDMENT, SUPPLEMENT AND
WAIVER. Subject to certain exceptions, the Indenture, the Notes, the Note Guarantees and the other Financing Documents may be amended or supplemented with the consent of the Holders (or in the case of the Collateral Agent, if
applicable, at the direction of the Trustee acting on such Holders’ consent) of at least a majority in aggregate principal amount of the then outstanding Notes voting as a single class (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 of the Indenture, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the
principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been rescinded) 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 voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Without the
consent of any Holder of a Note, the Indenture, the Notes, the Note Guarantees and the other Financing Documents may be amended or supplemented to cure any ambiguity, defect or inconsistency in a manner that does not materially and adversely affect
the rights of any Holder, to evidence and provide for the acceptance of an appointment of a successor Trustee, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for any Note Guarantee, to secure the
Notes or to confirm and evidence the release, termination or discharge of any Note Guarantee of or Lien on Collateral Securing the Notes when such release, termination or discharge is permitted by the Indenture, to given effect to any Permitted
Reorganization or Existing Project Finance Loan Purchase to the extent permitted by the Indenture, or to make any other change that does not materially and adversely affect the rights under the Indenture of any Holder or to conform the text of the
Indenture to any provision of the “Description of Notes” section of the Offering Circular. 
 xv.
DEFAULTS AND REMEDIES. Events of Default are set forth in Section 6.01 of the Indenture. In the case of an Event of Default specified in clause (v) or (vi) of Section 6.01 of the
Indenture, with respect to the Issuer or the Guarantor, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least
25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Holders of a majority in aggregate
principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. 
 If any Event of
Default occurs and is continuing and is known to a responsible officer of the Trustee, the Trustee will send notice of the Event of Default to each Holder within 90 days after it occurs, unless the Event of Default has been cured; provided
that, except in the case of a default in the payment of the principal of or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors of the Trustee
in good faith determine that withholding the notice is in the interest of the Holders. 
 Except as otherwise provided in this
Indenture, the Majority Holders by written notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an Offer to Purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may
rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. The Majority Holders by written notice to the Issuer and to the Trustee may, on behalf of all of the Holders, rescind and annul
a declaration of acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by the declaration of acceleration,
have been cured or waived; and (ii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

  
 A-10

 The Issuer is required to deliver to the Trustee within 120 days after the end of each
fiscal year commencing with the fiscal year ending December 31, 2011, an Officers’ Certificate regarding compliance with the Indenture, and the Issuer is required, upon becoming aware of any Default or Event of Default, to deliver to the
Trustee an Officers’ Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. 
 xvi. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee. However, in the event that the Trustee or the Collateral Agent acquires any conflicting interest it must
eliminate such conflict within 90 days or resign. 
 xvii. NO RECOURSE AGAINST
OTHERS. A director, officer, employee, incorporator or stockholder of the Issuer or either the Guarantor, as such, will not have any liability for any obligations of the Issuer or either Guarantor under the Notes, the Indenture or
the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the
issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws, and it is the view of the U.S. Securities and Exchange Commission that such a waiver is against public policy. 

xviii. AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or
an authenticating agent. 
 xix. 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).

 xx. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 
 xxi. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE, AND THE NOTE GUARANTEE WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-11

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or any of the other Financing Documents. Requests may be made to: 
 Deutsche Bank Trust Company Americas

 Trust & Securities Services 
 60 Wall Street, MS NYC 60-2710 
 New York, NY 10005 

Attention: Project Finance Deal Manager – QGOG Atlantic/Constellation 

Telephone No.: 201-593-2966 
 Facsimile No.: 732-578-4636 

  
 A-12

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	  	  

		  	(Insert assignee’s legal name)

 

	
	  

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

	  

	  

	  

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

  

			
	and irrevocably appoint	  	  

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

 Date:
                     
  

					
		 	Your Signature:	 	  

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

 Signature Guarantee*:
                                        

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-13

 Option of Holder to Elect Purchase 
 If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10(c), 4.15 or 4.19(b) of the Indenture, check the appropriate box below: 

 

					
	 ̈ Section 4.10(c)	 	 ̈ Section 4.15	 	 ̈ Section 4.19(b)

 If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.10(c),
4.15 or Section 4.19(b) of the Indenture, state the amount you elect to have purchased: 

$             
 Date:                      

 

					
		 	Your Signature:	 	  

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

 

					
		 	Tax Identification No.:	 	  

 Signature Guarantee*:
                                        

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-14

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

 

									
	 Date of Exchange
	  	Amount of decrease in
Principal
Amount
of
this Global Note	  	Amount of increase in
Principal
Amount
of
this Global Note	  	Principal Amount
of this Global Note
following such
decrease
(or increase)	  	Signature of authorized
officer of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

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

  
 A-15

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 QGOG Atlantic / Alaskan Rigs Ltd. 

Av. Presidente Antônio Carlos, 51 -5o, 6o e 7o andares 
 Rio de Janeiro/RJ – CEP: 20020-010 
 Brazil 

Attention: Guilherme Lima 
 Telephone No.: +55 21
3231-2500 
 Facsimile No.: +55 21 2262-3020 
 Deutsche Bank Trust Company Americas 
 Trust & Securities Services 

60 Wall Street, MS NYC 60-2710 
 New York, NY
10005 
 Attention: Project Finance Deal Manager – QGOG Atlantic/Constellation 
 Telephone No.: 212-250-8452 
 Facsimile No.: 732-578-4636 

Re: QGOG Atlantic / Alaskan Rigs Ltd. 5.25% Senior Secured Notes Due 2018 

Reference is hereby made to the Indenture, dated as of July 27, 2011 (the “Indenture”), among QGOG Atlantic /
Alaskan Rigs Ltd., as issuer (the “Company”), Star International Drilling Limited and Alaskan Star Ltd., as guarantors (the “Guarantors”), Deutsche Bank Trust Company Americas, as trustee (the
“Trustee”) and Deutsche Bank Trust Company Americas, as collateral agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                      
      , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $
         in such Note[s] or interests (the “Transfer”), to
                                        
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
 1.
 ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is
being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion,
and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 2.  ̈ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant to
Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the 

  
 B-1

 
Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside
the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is
being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser) and the interest so transferred will be held immediately
thereafter through Euroclear or Clearstream. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated
in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant to
any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)  ̈ such Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act; 
 or 
 (b)  ̈ such Transfer is being effected to the Issuer or a subsidiary thereof; 
 or 
 (c)  ̈ such
Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 

or 
 (d)  ̈ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the
Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer
complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed
by the Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in
compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act. 

  
 B-2

 4.  ̈ Check if Transferee will take
delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a)  ̈ Check if Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirement of the Securities Act. 

(b)  ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

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

											
		 		 		 		 	  

		 		 		 		 		 	[Insert Name of Transferor]
						
		 		 		 		 	By:	 	  

		 		 		 		 		 	Name:
		 		 		 		 		 	Title:
						
		 	 Dated:	 	  
	 		 		 	

  
 B-3

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

											
	1.	  	The Transferor owns and proposes to transfer the following:
	
	[CHECK ONE OF (a) OR (b)]
				
		  		  	(a)	  	 ̈ a beneficial interest in the:
						
		  		  		  	(i)	  	 ̈	 	144A Global Note, or
						
		  		  		  	(ii)	  	 ̈	 	Regulation S Global Note, or
						
		  		  		  	(iii)	  	 ̈	 	IAI Global Note; or
				
		  		  	(b)	  	 ̈ a Restricted Definitive Note.
		
	2.	  	After the Transfer the Transferee will hold:
	
	[CHECK ONE]
				
		  		  	(a)	  	 ̈ a beneficial interest in the:
						
		  		  		  	(i)	  	 ̈	 	144A Global Note, or
						
		  		  		  	(ii)	  	 ̈	 	Regulation S Global Note, or
						
		  		  		  	(iii)	  	 ̈	 	IAI Global Note; or
						
		  		  		  	(iv)	  	 ̈	 	Unrestricted Global Note; or
				
		  		  	(b)	  	 ̈ a Restricted Definitive Note; or
				
		  		  	(c)	  	 ̈ an Unrestricted Definitive Note,
			
		  		  	in accordance with the terms of the Indenture.

  
 B-4

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 QGOG Atlantic / Alaskan Rigs Ltd. 

Av. Presidente Antônio Carlos, 51 -5o, 6o e 7o andares 
 Rio de Janeiro/RJ – CEP: 20020-010 
 Brazil 

Attention: Guilherme Lima 
 Telephone No.: +55 21
3231-2500 
 Facsimile No.: +55 21 2262-3020 
 Deutsche Bank Trust Company Americas 
 Trust & Securities Services 

60 Wall Street, MS NYC 60-2710 
 New York, NY
10005 
 Attention: Project Finance Deal Manager – QGOG Atlantic/Constellation 
 Telephone No.: 212-250-8452 
 Facsimile No.: 732-578-4636 

Re: QGOG Atlantic / Alaskan Rigs Ltd. 5.25% Senior Secured Notes Due 2018 

Reference is hereby made to the Indenture, dated as of July 27, 2011 (the “Indenture”), among QGOG Atlantic /
Alaskan Rigs Ltd., as issuer (the “Company”), Star International Drilling Limited and Alaskan Star Ltd., as guarantors (the “Guarantors”), Deutsche Bank Trust Company Americas, as trustee (the
“Trustee”) and Deutsche Bank Trust Company Americas, as collateral agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                      
      , (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $          in
such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or
Beneficial Interests in an Unrestricted Global Note  
 (a)
 ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in
an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the

  
 C-1

 
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 (c)
 ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a
beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive
Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account
without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes  
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the
Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from
Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]
 ̈ 144A Global Note,  ̈ Regulation S Global Note,  ̈ IAI Global Note with an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted
Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

  
 C-2

									
		 		 		 		 	  

		 		 		 		 	[Insert Name of Transferor]
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:
					
	Dated:	 	  
	 		 		 	

  
 C-3

 EXHIBIT D 
 FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

QGOG Atlantic / Alaskan Rigs Ltd. 
 Av.
Presidente Antônio Carlos, 51 -5o, 6o e 7o andares 
 Rio de Janeiro/RJ – CEP: 20020-010 

Brazil 
 Attention: Guilherme Lima 

Telephone No.: +55 21 3231-2500 
 Facsimile No.:
+55 21 2262-3020 
 Deutsche Bank Trust Company Americas 
 Trust & Securities Services 
 60 Wall Street, MS NYC 60-2710 

New York, NY 10005 
 Attention: Project Finance
Deal Manager – QGOG Atlantic/Constellation 
 Telephone No.: 212-250-8452 
 Facsimile No.: 732-578-4636 
 Re: QGOG Atlantic / Alaskan Rigs Ltd. 5.25% Senior
Secured Notes Due 2018 
 Reference is hereby made to the Indenture, dated as of July 27, 2011 (the
“Indenture”), among QGOG Atlantic / Alaskan Rigs Ltd., as issuer (the “Company”), Star International Drilling Limited and Alaskan Star Ltd., as guarantors (the “Guarantors”), Deutsche Bank Trust
Company Americas, as trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, as collateral agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of $          aggregate principal amount of:

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

 (b)  ̈ a Definitive Note, 

we confirm that: 
 1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by,
and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 

2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any
interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest
therein, we will do so only (A) to the Issuer or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional
“accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Issuer a signed letter substantially in the form of this letter and an Opinion of
Counsel in form reasonably acceptable to the Issuer to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act,
(E)

  
 D-1

 
pursuant to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any
Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are
restricted as stated herein. 
 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Issuer such certifications, legal opinions and other information as you and the Issuer may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each
of which we exercise sole investment discretion. 
 You and the Issuer are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	  

		 	[Insert Name of Accredited Investor]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 D-2

 EXHIBIT E 
 FORM OF NOTATION OF GUARANTEE 
 For value received, the Guarantors (which term
includes any successor Person under the Indenture) has unconditionally guaranteed to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, and to the Trustee, Collateral Agent and their
respective successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, to the extent set forth in the Indenture and subject to the provisions in the
Indenture dated as of July 27, 2011 (the “Indenture”), among QGOG Atlantic / Alaskan Rigs Ltd., as issuer (the “Company”), Star International Drilling Limited and Alaskan Star Ltd., as guarantors (the
“Guarantors”), Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, as collateral agent, (a) the due and punctual payment of the principal of, premium, if
any, and interest on, the Notes, whether at Stated Maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, any Additional Amounts required to
be paid in connection with certain taxes, and the due and punctual performance of all other Obligations of the Issuer to the Holders, the Trustee or the Collateral Agent under the Notes or the Indenture, all in accordance with the terms of the
Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at Stated Maturity, by acceleration or otherwise. 
 The obligations of the Guarantor to the Holders of Notes, the
Trustee, the Collateral Agent and their respective successors and assigns pursuant to the Note Guarantees and the Indenture are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of
the Note Guarantees. 
 Capitalized terms used but not defined herein have the meanings given to them in the Indenture.

 The foregoing provisions are intended as an inducement to the Lenders under the Credit Agreement to extend credit to the
Borrower and such Lenders are intended third party beneficiaries of such provisions. 
  

			
	[NAME OF GUARANTOR(S)]
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 E-1Indenture, dated as of November 9, 2012

 Exhibit 4.2 
 EXECUTION COPY 
  

 
  

QGOG CONSTELLATION S.A. 
 as Issuer, 
 CONSTELLATION OVERSEAS LTD., 

as Guarantor, 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Trustee, Paying Agent, Transfer Agent and Registrar 

 
  

INDENTURE 

Dated as of November 9, 2012 
  

 
 U.S.
$700,000,000 
 6.250% SENIOR NOTES DUE 2019 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1
 DEFINITIONS AND INCORPORATION
 BY REFERENCE
	   

  
   

			
	 Section 1.01
	  	Definitions.	  	 	1	  
	 Section 1.02
	  	Rules of Construction.	  	 	24	  
	
	ARTICLE 2	  
	THE NOTES	  
			
	 Section 2.01
	  	Form and Dating.	  	 	25	  
	 Section 2.02
	  	Execution and Authentication.	  	 	25	  
	 Section 2.03
	  	Registrar and Paying Agent.	  	 	26	  
	 Section 2.04
	  	Paying Agent to Hold Money in Trust.	  	 	26	  
	 Section 2.05
	  	Holder Lists.	  	 	26	  
	 Section 2.06
	  	Transfer and Exchange.	  	 	27	  
	 Section 2.07
	  	Replacement Notes.	  	 	35	  
	 Section 2.08
	  	Outstanding Notes.	  	 	35	  
	 Section 2.09
	  	Treasury Notes.	  	 	36	  
	 Section 2.10
	  	Temporary Notes.	  	 	36	  
	 Section 2.11
	  	Cancellation.	  	 	36	  
	 Section 2.12
	  	CUSIP/ISIN Numbers.	  	 	36	  
	
	ARTICLE 3	  
	REDEMPTION AND PREPAYMENT	  
			
	 Section 3.01
	  	Notices to Trustee.	  	 	36	  
	 Section 3.02
	  	Selection of Notes to Be Redeemed or Purchased.	  	 	37	  
	 Section 3.03
	  	Notice of Redemption.	  	 	37	  
	 Section 3.04
	  	Effect of Notice of Redemption.	  	 	38	  
	 Section 3.05
	  	Deposit of Redemption or Purchase Price.	  	 	38	  
	 Section 3.06
	  	Notes Redeemed or Purchased in Part.	  	 	38	  
	 Section 3.07
	  	Optional Redemption.	  	 	38	  
	 Section 3.08
	  	Repurchase.	  	 	40	  
	 Section 3.09
	  	Offer to Purchase by Application of Net Cash Proceeds.	  	 	40	  
	
	ARTICLE 4	  
	COVENANTS	  
			
	 Section 4.01
	  	Payment of Notes.	  	 	41	  
	 Section 4.02
	  	Maintenance of Office or Agency.	  	 	41	  
	 Section 4.03
	  	Reports.	  	 	42	  
	 Section 4.04
	  	Compliance Certificate.	  	 	42	  
	 Section 4.05
	  	Taxes.	  	 	42	  
	 Section 4.06
	  	Stay, Extension and Usury Laws.	  	 	43	  
	 Section 4.07
	  	Restricted Payments.	  	 	43	  
	 Section 4.08
	  	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.	  	 	46	  
	 Section 4.09
	  	Incurrence of Additional Indebtedness.	  	 	47	  
	 Section 4.10
	  	Asset Sales.	  	 	51	  
	 Section 4.11
	  	Transactions with Affiliates.	  	 	53	  
	 Section 4.12
	  	Liens.	  	 	54	  
	 Section 4.13
	  	Conduct of Business.	  	 	54	  
	 Section 4.14
	  	Corporate Existence.	  	 	54	  
	 Section 4.15
	  	Offer to Repurchase Upon Change of Control.	  	 	54	  
	 Section 4.16
	  	Designation of Unrestricted Subsidiaries and Project Finance Subsidiaries.	  	 	56	  

							
	 	  	 	  	Page	 
			
	 Section 4.17
	  	Additional Amounts.	  	 	57	  
	 Section 4.18
	  	Currency Indemnity.	  	 	59	  
	
	ARTICLE 5	  
	SUCCESSORS	  
			
	 Section 5.01
	  	Merger, Consolidation and Sale of Assets.	  	 	60	  
	 Section 5.02
	  	Successor Corporation Substituted.	  	 	61	  
	
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	  
			
	 Section 6.01
	  	Events of Default.	  	 	61	  
	 Section 6.02
	  	Acceleration.	  	 	63	  
	 Section 6.03
	  	Other Remedies.	  	 	64	  
	 Section 6.04
	  	Waiver of Past Defaults.	  	 	64	  
	 Section 6.05
	  	Control by Majority.	  	 	64	  
	 Section 6.06
	  	Limitation on Suits.	  	 	64	  
	 Section 6.07
	  	Rights of Holders of Notes to Receive Payment.	  	 	65	  
	 Section 6.08
	  	Collection Suit by Trustee.	  	 	65	  
	 Section 6.09
	  	Trustee May File Proofs of Claim.	  	 	65	  
	 Section 6.10
	  	Priorities.	  	 	65	  
	 Section 6.11
	  	Undertaking for Costs.	  	 	66	  
	 Section 6.12
	  	Restoration of Rights and Remedies.	  	 	66	  
	 Section 6.13
	  	Rights and Remedies Cumulative.	  	 	66	  
	 Section 6.14
	  	Delay or Omission Not Waiver.	  	 	66	  
	
	ARTICLE 7	  
	TRUSTEE	  
			
	 Section 7.01
	  	Duties of Trustee.	  	 	66	  
	 Section 7.02
	  	Rights of Trustee.	  	 	67	  
	 Section 7.03
	  	Individual Rights of Trustee.	  	 	69	  
	 Section 7.04
	  	Trustee’s Disclaimer.	  	 	69	  
	 Section 7.05
	  	Notice of Defaults.	  	 	69	  
	 Section 7.06
	  	Notice of Listing.	  	 	69	  
	 Section 7.07
	  	Compensation and Indemnity.	  	 	69	  
	 Section 7.08
	  	Replacement of Trustee.	  	 	70	  
	 Section 7.09
	  	Successor Trustee by Merger, etc.	  	 	71	  
	 Section 7.10
	  	Eligibility; Disqualification.	  	 	71	  
	
	ARTICLE 8	  
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 Section 8.01
	  	Option to Effect Legal Defeasance or Covenant Defeasance.	  	 	72	  
	 Section 8.02
	  	Legal Defeasance and Discharge.	  	 	72	  
	 Section 8.03
	  	Covenant Defeasance.	  	 	72	  
	 Section 8.04
	  	Conditions to Legal or Covenant Defeasance.	  	 	73	  
	 Section 8.05
	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	 	74	  
	 Section 8.06
	  	Repayment to Company.	  	 	74	  
	 Section 8.07
	  	Reinstatement.	  	 	74	  
	
	ARTICLE 9	  
	AMENDMENT, SUPPLEMENT AND WAIVER	  
			
	 Section 9.01
	  	Without Consent of Holders of Notes.	  	 	75	  
	 Section 9.02
	  	With Consent of Holders of Notes.	  	 	75	  
	 Section 9.03
	  	Revocation and Effect of Consents.	  	 	76	  
	 Section 9.04
	  	Notation on or Exchange of Notes.	  	 	77	  
	 Section 9.05
	  	Trustee to Sign Amendments, etc.	  	 	77	  

  
 ii 

							
	 	  	 	  	Page	 
	
	ARTICLE 10	  
	GUARANTEES	  
			
	 Section 10.01
	  	Guarantee.	  	 	77	  
	 Section 10.02
	  	Limitation on Liability; Termination, Release and Discharge.	  	 	78	  
	 Section 10.03
	  	Right of Contribution.	  	 	79	  
	 Section 10.04
	  	No Subrogation.	  	 	79	  
	 Section 10.05
	  	Additional Note Guarantees.	  	 	79	  
	
	ARTICLE 11	  
	INTEREST RESERVE	  
			
	 Section 11.01
	  	Interest Reserve Account.	  	 	80	  
	 Section 11.02
	  	Security.	  	 	81	  
	 Section 11.03
	  	Payments from the Letter of Credit or Pledged Account.	  	 	81	  
	 Section 11.04
	  	Termination.	  	 	81	  
	
	ARTICLE 12	  
	SUBSTITUTION OF THE ISSUER	  
			
	 Section 12.01
	  	Substitution of the Issuer.	  	 	81	  
	 Section 12.02
	  	Notice.	  	 	82	  
	 Section 12.03
	  	Deemed Substitution.	  	 	82	  
	
	ARTICLE 13	  
	RELEASE OF COVENANTS	  
			
	 Section 13.01
	  	Release of Covenants.	  	 	83	  
	
	 ARTICLE 14
	   

	SATISFACTION AND DISCHARGE	  
			
	 Section 14.01
	  	Satisfaction and Discharge.	  	 	83	  
	 Section 14.02
	  	Application of Trust Money.	  	 	84	  
	
	ARTICLE 15	  
	MISCELLANEOUS	  
			
	 Section 15.01
	  	Notices.	  	 	84	  
	 Section 15.02
	  	Communication by Holders of Notes with Other Holders of Notes.	  	 	86	  
	 Section 15.03
	  	Certificate and Opinion as to Conditions Precedent.	  	 	86	  
	 Section 15.04
	  	Statements Required in Certificate or Opinion.	  	 	86	  
	 Section 15.05
	  	Rules by Trustee and Agents.	  	 	87	  
	 Section 15.06
	  	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	 	87	  
	 Section 15.07
	  	Governing Law.	  	 	87	  
	 Section 15.08
	  	No Adverse Interpretation of Other Agreements.	  	 	87	  
	 Section 15.09
	  	Successors.	  	 	87	  
	 Section 15.10
	  	Severability.	  	 	87	  
	 Section 15.11
	  	Counterpart Originals.	  	 	88	  
	 Section 15.12
	  	Table of Contents, Headings, etc.	  	 	88	  
	 Section 15.13
	  	Waiver to Jury Trial.	  	 	88	  
	 Section 15.14
	  	Waiver of Immunity.	  	 	88	  
	 Section 15.15
	  	Consent to Jurisdiction and Service of Process.	  	 	88	  

  

			
	EXHIBITS
		
	 Exhibit A
	  	FORM OF NOTE
	 Exhibit B
	  	FORM OF CERTIFICATE OF TRANSFER
	 Exhibit C
	  	FORM OF CERTIFICATE OF EXCHANGE
	 Exhibit D
	  	FORM OF SUPPLEMENTAL INDENTURE FOR NOTE GUARANTEE

  
 iii

 INDENTURE dated as of November 9, 2012, among QGOG Constellation S.A., a public limited
liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 40, Avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg register of commerce and
companies under number B163424, Constellation Overseas Ltd., a business company incorporated under the laws of the British Virgin Islands, as guarantor, Deutsche Bank Trust Company Americas, as trustee, transfer agent, paying agent and registrar,
and Deutsche Bank Luxembourg S.A., as the Irish listing agent. 
 The Company and the Trustee agree as follows for the benefit
of each other and for the equal and ratable benefit of the Holders (as defined) of the US $700,000,000 6.250% Senior Notes due 2019 (the “Notes”): 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 

BY REFERENCE 

Section 1.01 Definitions. 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf
of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“Acquired Indebtedness” means Indebtedness of a Person or any of its Restricted Subsidiaries existing at the time such
Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Company or any of its Restricted Subsidiaries or is assumed in connection with the acquisition of assets from such Person. Such Indebtedness will be deemed to
have been Incurred at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Company or a Restricted Subsidiary or at the time such Indebtedness is assumed in connection with the acquisition of assets
from such Person. 
 “Additional Amounts” has the meaning set forth under Section 4.17 hereof. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with
Sections 2.02 and 4.09 hereof, as part of the same series as the Initial Notes. 
 “Affiliate” means, with
respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meaning. 

“Affiliate Transaction” has the meaning set forth under Section 4.11 hereof. 

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

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

“Asset Acquisition” means: 
 (1) an Investment by the Company or any Restricted Subsidiary in any other Person pursuant to which such Person will become a Restricted Subsidiary, or will be merged with or into the Company or any
Restricted Subsidiary; or 

  
 1 

 (2) the acquisition by the Company or any Restricted Subsidiary of the
assets of any Person (other than a Subsidiary of the Company) which constitute all or substantially all of the assets of such Person or comprises 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; or 
 (3) any Revocation with respect to an Unrestricted Subsidiary or
Project Finance Subsidiary. 
 “Asset Sale” means any sale, disposition, issuance, conveyance, transfer, lease
(other than operating leases entered into in the ordinary course of business), assignment or other transfer (other than a Lien or Sale and Leaseback Transaction incurred in accordance with this Indenture) (each, a “disposition”), by the
Company or any Restricted Subsidiary of: 
 (1) any Capital Stock of any Restricted Subsidiary; or 

(2) any property or assets (other than cash, Cash Equivalents or Capital Stock) of the Company or any Restricted
Subsidiary not in the ordinary course of business. 
 Notwithstanding the preceding, the following items will not be deemed to
be Asset Sales: 
 (1) the disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries
as permitted under Section 5.01 hereof or any disposition which constitutes a Change of Control; 
 (2) any transaction or
series of related transactions involving assets with a Fair Market Value not in excess of U.S.$25.0 million; 
 (3) the sale,
lease, sublease, license, sublicense, consignment, conveyance or other disposition of real property, capital assets or equipment, inventory, indefeasible right of uses, accounts receivable or other assets in the ordinary course of business;

 (4) the making of a Restricted Payment permitted under Section 4.07 hereof and any Permitted Investment; 

(5) a disposition to the Company or a Restricted Subsidiary (other than a Project Finance Subsidiary), including a Person that is or will
become a Restricted Subsidiary (other than a Project Finance Subsidiary) immediately after the disposition; 
 (6) a disposition
to a Project Finance Subsidiary by another Project Finance Subsidiary, including a Person that is or will become a Project Finance Subsidiary immediately after the disposition; 

(7) a disposition of the Capital Stock of an Unrestricted Subsidiary; 

(8) the sale or disposition of cash or Cash Equivalents; 
 (9) dispositions of receivables and related assets or interests in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar
proceedings and exclusive of factoring or similar arrangements; 
 (10) any issuance of Disqualified Capital Stock otherwise
permitted under Section 4.09 hereof; 
 (11) the settlement, compromise, release, dismissal or abandonment of any action or
claims against any Person; and 
 (12) the creation of a Permitted Lien. 

  
 2 

 “Asset Sale Offer” has the meaning set forth under Section 4.10
hereof. 
 “Asset Sale Offer Amount” has the meaning set forth under Section 4.10 hereof. 

“Asset Sale Offer Payment Date” has the meaning set forth under Section 3.09 hereof. 

“Asset Sale Transaction” means any disposition by the Company or any Restricted Subsidiary of any property or assets of
the Company or any Restricted Subsidiary not in the ordinary course of business, including, without limitation, (1) any sale or other disposition of Capital Stock and (2) any Designation with respect to an Unrestricted Subsidiary or
Project Finance Subsidiary. 
 “Authentication Order” has the meaning set forth under Section 2.02 hereof.

 “Bankruptcy Law” means articles 437 to 592 of the Luxembourg Commercial Code, the relevant provisions of the
Law dated 10 August 1915, as amended, on commercial companies, the relevant provisions of the Civil Code, other proceedings listed at Article 13, items 2 to 11, 13 and Article 14 of the Luxembourg Act dated December 19, 2002 on the
Register of Commerce and Companies, on Accounting and on Annual Accounts of the Companies (as amended from time to time), and the Council Regulation (EC) n°1346/2000 of May 29, 2000 on insolvency proceedings (with respect to the Company)
and the British Virgin Islands bankruptcy law, the Insolvency Act 2003 (with respect to Constellation Overseas Ltd.), or any similar foreign law, as applicable, for the relief of debtors. 

“beneficial owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. The terms
“Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
 “Board of
Directors” means, as to any Person, the board of directors, management committee or similar governing body of such Person or any duly authorized committee thereof; provided that, if such Person has a dual board structure, the term
“Board of Directors” shall refer to the board body responsible for the oversight of the business operations of such Person unless the members of such body may be replaced by action taken by the other board body (a “senior
board”), in which case the term “Board of Directors” shall refer to the senior board. 
 “Board
Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person at a meeting of such Board of
Directors, by written consent in lieu of such a meeting or otherwise 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. 

“Capital Expenditures” means, for any Person, the aggregate amount of all expenditures of such Person for fixed or
capital assets made during such period which, in accordance with IFRS, would be classified as capital expenditures. 

“Capital Stock” means: 
 (1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each
class of Common Stock and Preferred Stock of such Person; 
 (2) with respect to any Person that is not a
corporation, any and all partnership or other equity or ownership interests of such Person; and 
 (3) any
warrants, rights or options to purchase or acquire any of the instruments or interests referred to in clause (1) or (2) above, but excluding Indebtedness convertible into equity. 

  
 3 

 “Capitalized Lease Obligations” means, as to any Person, the obligations of
such Person under a lease that are required to be classified and accounted for as capital lease obligations under IFRS, including any Refinancing of such obligations that does not increase the aggregate principal amount thereof as of the date of
Refinancing. For purposes of this definition, the amount of such obligations at any date will be the capitalized amount of such obligations at such date, determined in accordance with IFRS. 

“Cash Equivalents” means at any time, any of the following: 

(1) Brazilian reais, United States dollars or money in other currencies that are readily convertible into United States
dollars received in the ordinary course of business; 
 (2) direct obligations of, or unconditionally guaranteed
by, any country or a state thereof (or any agency or political subdivision thereof, to the extent such obligations are supported by the full faith and credit of the government of such country or a state thereof), maturing not more than one year
after such time of purchase, that are rated A2 or higher by Moody’s or A or higher by S&P; 
 (3)
commercial paper maturing no more than one year from the date of purchase thereof and, at the time of acquisition, having a rating of at least A-2 from S&P or at least P-2 from Moody’s; 

(4) demand deposits, certificates of deposit, time deposits or bankers’ acceptances maturing within one year from
the date of acquisition thereof issued by (a) any bank organized under the laws of the United States of America or any state thereof or the District of Columbia, (b) any member State of the European Union, (c) any U.S. branch of
a non-U.S. bank having at the date of acquisition thereof combined capital and surplus of not less than U.S.$250.0 million, (d) with respect to Cash Equivalents made by any Person whose principal place of business is in a jurisdiction
other than the United States or such member state of the European Union, a bank operating in such other jurisdiction that either (A) has a long-term local currency rating of A2 or higher from Moody’s, A or higher from S&P or A or
higher from Fitch, or (B) is ranked (by any applicable governmental regulatory authority or by any reputable, non-governmental ranking organization) as one of the top three banks in such jurisdiction (ranked by total assets), or (e) any
bank to the extent the Company or any of its Subsidiaries maintains any deposits with such bank in the ordinary course of business, so long as no such deposit is outstanding for longer than 14 days; 

(5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in
clause (1) above entered into with any bank meeting the qualifications specified in clause (3) above; and 
 (6) investments in money market funds which invest substantially all of their assets in securities of the types described in clauses (1) through (4) above. 

“Change of Control” means the occurrence of one or more of the following events: 

(1) the Permitted Holders cease to be the beneficial owners of at least 35.0% of the total voting power of the Voting
Stock of the Company (including a Surviving Entity, if applicable); 
 (2) the consummation of any transaction
(including without limitation, any merger or consolidation) the result of which is that any Person or Group (other than the Permitted Holders) is or becomes the beneficial owner (as defined below), directly or indirectly, in the aggregate of 35.0%
or more of the total voting power of the Voting Stock of the Company (including a Surviving Entity, if applicable) unless the Permitted Holders beneficially own more, directly or indirectly, in the aggregate of the total voting power of the Voting
Stock of the Company (including a Surviving Entity, if applicable) than such other Person or Group; 
 (3) the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken
as a whole to any Person other than to the Company or one of its Subsidiaries; 

  
 4 

 (4) if at any time, individuals who at the beginning of such period
constituted the Company’s Board of Directors (together with any new members whose election to such Board of Directors, or whose nomination for election by our shareholders, was approved by a vote of at least a majority of the members of the
Company’s Board of Directors then still in office who were either members at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason other than death or disability to constitute
a majority of the members of the Company’s Board of Directors then in office; or 
 (5) the approval by the
holders of Capital Stock of the Company of any plan or proposal for the liquidation or dissolution of the Company; provided, however, that this clause will not be applicable to the Company merging with a Restricted Subsidiary of the Company for the
purpose of reincorporating the Company in another jurisdiction. 
 In the event that there shall at any time be a Substituted
Debtor pursuant to Section 12.01, this definition shall be interpreted by the substitution of the “Substituted Guarantor” for the “Company.” 
 For purposes of this definition: 
 (a) “beneficial
owner” will have the meaning specified in Rules 13d-3 and 13d-5 under the Exchange Act; and 
 (b)
“Person” and “Group” will have the meanings for “person” and “group” as used in Sections 13(d) and 14(d) of the Exchange Act. 
 “Change of Control Offer” has the meaning set forth under Section 4.15 hereof. 
 “Change of Control Payment” has the meaning set forth under Section 4.15 hereof. 
 “Change of Control Payment Date” has the meaning set forth under Section 4.15 hereof. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Event. 
 “Clearstream” means Clearstream Banking, S.A. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents
(however designated and whether voting or non-voting) of such Person’s common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common equity
interests. 
 “Company” means QGOG Constellation S.A., a public limited liability company
(société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 40, Avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg register of commerce and companies under
number B163424 and any and all successors thereto. 
 “Comparable Treasury Issue” means the United States
Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 

  
 5 

 “Comparable Treasury Price” means, with respect to any redemption date,
(1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (2) if the Company obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations. 
 “Consolidated EBITDA” means, for any Person for any
period, Consolidated Net Income for such Person for such period, plus the following, without duplication, to the extent deducted in calculating such Consolidated Net Income: 

(1) amounts attributable to amortization; 

(2) income tax and franchise tax expense (to the extent based on such Person’s income); 

(3) Consolidated Interest Expense (including each component thereof, to the extent deducted in calculating Consolidated
Net Income); and 
 (4) depreciation, depletion, impairment and abandonment of assets; 

provided that the following shall be excluded from the calculation of Consolidated EBITDA (to the extent not already excluded from
Consolidated Net Income): 
 (1) any gains and losses (whether cash or non-cash) on the sale of assets not in
the ordinary course of business, 
 (2) other non-cash items (such other non-cash items to include realized or
unrealized non-cash currency exchange gain or loss), and 
 (3) any extraordinary or non-recurring item or
expense (whether cash or non-cash); 
 provided, further, that minority interests will be included in the calculation of
Consolidated EBITDA (to the extent not already included in Consolidated Net Income). 
 “Consolidated Interest
Expense” means, for any Person for any period, the sum of, without duplication determined on a consolidated basis in accordance with IFRS: 
 (1) the aggregate of cash and non-cash interest expense of such Person and its Subsidiaries (Restricted Subsidiaries (other than a Project Finance Subsidiary) in the case of the Company) for such period
determined on a consolidated basis, in all cases determined in accordance with IFRS, including, without limitation (whether or not interest expense in accordance with IFRS): 

(a) any amortization or accretion of debt discount or any interest paid on Indebtedness of such Person and its
Subsidiaries (Restricted Subsidiaries (other than a Project Finance Subsidiary) in the case of the Company) in the form of additional Indebtedness, but excluding amortization of debt issuance costs, fees and expenses, 

(b) any amortization of deferred financing costs, 

(c) the net payments under Hedging Obligations (including amortization of fees), 

(d) any amortization of capitalized interest, 

(e) the interest portion of any deferred payment obligation, 

(f) commissions, discounts and other fees and charges Incurred in respect of letters of credit or bankers’
acceptances, and 

  
 6 

 (g) any interest expense on Indebtedness of another Person that is
Guaranteed by such Person or one of its Subsidiaries (Restricted Subsidiaries (other than a Project Finance Subsidiary) in the case of the Company) or secured by a Lien on the assets of such Person or one of its Subsidiaries (Restricted Subsidiaries
(other than a Project Finance Subsidiary) in the case of the Company), whether or not such Guarantee or Lien is called upon (excluding any capitalized interest of any Project Finance Subsidiary that has been treated as an Incurrence of
Indebtedness); and 
 (2) the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled
to be paid or accrued by such Person and its Subsidiaries (Restricted Subsidiaries (other than a Project Finance Subsidiary) in the case of the Company) during such period. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate net income (or loss) of such Person and its Subsidiaries for such period on a consolidated basis,
determined in accordance with IFRS; provided, that there shall be excluded therefrom to the extent reflected in such aggregate net income (loss): 
 (1) the net income (or loss) of any Person that is (i) not a Restricted Subsidiary, (ii) accounted for by the equity method of accounting or (iii) a Project Finance Subsidiary, except, in
each case, to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person (other than a Project Finance Subsidiary); 

(2) any net after-tax extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating
thereto), including any impairment or asset write-down; 
 (3) any net after-tax income or loss from disposed or
discontinued operations and any net after-tax gains or losses on disposal of disposed or discontinued operations; 
 (4) any net after-tax gains or losses less all fees and expenses relating thereto attributable to Asset Sale Transactions or the sale or other disposition of any Capital Stock of any Person other than in
the ordinary course of business, as determined in good faith by the Company; 
 (5) any unrealized gains and
losses related to currency remeasurements of Indebtedness, and any unrealized net loss or gain resulting from hedging transactions for interest rates or currency exchange risk; 

(6) the cumulative effect of changes in accounting principles; and 

(7) any non-cash charges or expense (other than depreciation, depletion or amortization) and non-cash gains. 

“Consolidated Net Leverage Ratio” means, with respect to any Person as of any date of determination, the ratio of the
aggregate amount of Consolidated Total Net Indebtedness for such Person as of such date to Consolidated EBITDA for such Person for the four most recent full fiscal quarters for which financial statements are available ending prior to the date of
such determination. 
 For purposes of this definition, Consolidated Total Net Indebtedness and Consolidated EBITDA will be
calculated after giving effect on a pro forma basis in good faith for the period of such calculation for the following: 
 (1) the Incurrence, repayment or redemption of any Indebtedness (including Acquired Indebtedness) of such Person or any of its Subsidiaries (Restricted Subsidiaries (other than any Project Finance
Subsidiary) in the case of the Company), and the application of the proceeds thereof, including the Incurrence of any Indebtedness (including Acquired Indebtedness), and the application of the proceeds thereof, giving rise to the need to make such
determination, occurring during such period or at any time subsequent to the last day of such period and prior to or on such date of determination, to the extent, in the case of an Incurrence, such Indebtedness is outstanding on the date of
determination, as if such Incurrence, and the application of the proceeds thereof, repayment or redemption occurred on the first day of such period; and 

  
 7 

 (2) any Asset Sale Transaction or Asset Acquisition by such Person or any of
its Subsidiaries (Restricted Subsidiaries (other than any Project Finance Subsidiary) in the case of the Company), including any Asset Sale or Asset Acquisition giving rise to the need to make such determination, occurring during such period or at
any time subsequent to the last day of such period and prior to or on such date of determination, as if such Asset Sale Transaction or Asset Acquisition occurred on the first day of such period. 

For purposes of making such pro forma computation: 

(a) the amount of Indebtedness under any revolving credit facility will be computed based on the average daily balance
of such Indebtedness during such period or if such facility was created after the end of such period, the average daily balance of such Indebtedness during the period from the date of creation of such facility to the date of such calculation, in
each case giving pro forma effect to any borrowings related to any transaction referred to in clause (2) above; 
 (b) if any Indebtedness bears a floating rate of interest and the effects of such Indebtedness are to be calculated on a pro forma basis, the interest expense related to such Indebtedness will be
calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any interest rate agreement applicable to such Indebtedness if such interest rate agreement has a remaining term
as at the date of determination in excess of twelve months); and 
 (c) the pro forma calculations will be
determined in good faith by a responsible financial or accounting officer of the Company. 
 “Consolidated Net Tangible
Assets” means the aggregate amount of total assets of the Company and its Restricted Subsidiaries (including any Project Finance Subsidiaries) minus (a) the total liabilities of the Project Finance Subsidiaries, (b) current
liabilities, (c) applicable depreciation, amortization and depletion and (d) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other intangibles, all determined on a consolidated basis in accordance
with IFRS, based (i) on the Company’s most recent annual or quarterly balance sheet which are available, (ii) in accordance with IFRS and (iii) on a pro forma basis to give effect to any acquisition or disposition of companies,
divisions, lines of businesses or operations by the Company and its Restricted Subsidiaries subsequent to such date and on or prior to the date of determination. 
 “Consolidated Total Net Indebtedness” means, with respect to any Person as of any date of determination, an amount equal to the aggregate amount (without duplication) of all Indebtedness
of such Person and its Subsidiaries (Restricted Subsidiaries (other than any Project Finance Subsidiary) in the case of the Company) outstanding at such time less the sum of (without duplication) cash and Cash Equivalents and marketable
securities of such Person and its Subsidiaries (Restricted Subsidiaries (other than any Project Finance Subsidiary) in the case of the Company) recorded as current assets (including the net proceeds from the issuance of the Notes so long as such
proceeds are invested in cash and Cash Equivalents and/or marketable securities of the Company and the Restricted Subsidiaries (other than any Project Finance Subsidiary) recorded as current assets), except for any Capital Stock in any Person, in
all cases determined in accordance with IFRS and as set forth in the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries (excluding Project Finance Subsidiaries) at the time of such determination 

“Corporate Trust Office of the Trustee” means Deutsche Bank Trust Company Americas, 60 Wall Street, Mailstop NYC60-2710,
New York, New York, 10005, or any other address that the Trustee may designate with respect to itself from time to time by notice to the Company and the Holders. 
 “Covenant Defeasance” has the meaning set forth under Section 8.03 hereof. 

  
 8 

 “Covenant Suspension Event” has the meaning set forth under
Section 13.01(a)(2) hereof. 
 “Credit Parties” means, collectively, the Company and the Subsidiary
Guarantors. 
 “Currency Agreement” means, in respect of any Person, any foreign exchange contract, currency
swap agreement or other similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or
both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of
the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of
Interests in the Global Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable
or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture. 
 “Designation” has the meanings set forth under Section 4.16
hereof. 
 “Disqualified Capital Stock” means that portion of any Capital Stock which, by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
is redeemable at the sole option of the holder thereof, in any case, on or prior to the 91st day after the final maturity date of the Notes. 
 “DTC” has the meaning set forth under Section 2.03 hereof. 

“Eligible Equity Offering” means the issuance and sale for cash of Qualified Stock of the Company to any Person (other
than a Restricted Subsidiary of the Company) pursuant to (i) a public offering in accordance with any applicable laws, rules and regulations or (ii) a private offering in accordance with Rule 144A, Regulation S and/or another exemption
under the Securities Act or any other applicable law, rules and regulations of any other jurisdiction. 

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

“EU Country” means any member state of the European Union. 

“Event of Default” has the meaning set forth under Section 6.01 hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 “Fair Market Value” means the value that would be paid by a buyer to an unaffiliated seller, determined in
good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture) and evidenced by a Board Resolution; provided, that with respect to any price less than U.S.$25.0 million (or the equivalent in other
currencies) only a good faith determination by the Company’s senior management will be required. 

  
 9 

 “FATCA” means section 1471 through 1474 of the Code and any current and
future regulations or official interpretations thereof. 
 “Fitch” means Fitch Ratings Ltd. and its successors.

 “Fully Funded” has the meaning set forth under Section 11.01(b) hereof. 

“Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(d)(2) hereof. 

“Governmental Authority” means the government of the Grand Duchy of Luxembourg or any other nation or any political
subdivision of any thereof, whether provincial, state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers
or functions of or pertaining to government. 
 “Government Securities” means direct obligations of, or
obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person: 

(1) to purchase or pay, or advance or supply funds for the purchase or payment of, such Indebtedness of such other
Person, whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise, or 

(2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or
to protect such obligee against loss in respect thereof, in whole or in part, 
 provided, that “Guarantee”
will not include endorsements for collection or deposit in the ordinary course of business. “Guarantee” used as a verb has a corresponding meaning. 
 “Guaranteed Obligations” has the meaning set forth under Section 10.01(a) hereto. 
 “Hedging Obligations” means the obligations of any Person pursuant to any Interest Rate Agreement or Currency Agreement. 

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

“IFRS” means International Financial Reporting Standards as issued by the International Accounting Standards Board.

 “Incur” means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur
(including by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Indebtedness or other obligation on the balance sheet of such Person (and “Incurrence,” “Incurred” and
“Incurring” will have meanings correlative to the preceding). For the avoidance of doubt, any Performance/Pre-Completion Guarantee, completion guarantee (including interest scheduled to be capitalized) or equity contribution commitment
entered into by a Person that qualifies as Indebtedness of such Person shall be Incurred on the date the Performance/Pre-Completion Guarantee, completion guarantee or equity contribution commitment becomes a legal, valid and binding obligation of
such Person. 

  
 10 

 “Indebtedness” means with respect to any Person, without duplication:

 (1) the principal amount (or, if less, the accreted value) of all obligations of such Person for borrowed
money; 
 (2) the principal amount (or, if less, the accreted value) of all obligations of such Person evidenced
by bonds, debentures, notes or other similar instruments; 
 (3) all Capitalized Lease Obligations of such
Person, other than power purchase agreements and fuel supply and transportation agreements that are treated as such; 
 (4) Purchase Money Indebtedness; 
 (5) all letters of credit,
banker’s acceptances or similar credit transactions, including reimbursement obligations in respect thereof; 
 (6) Guarantees and other contingent obligations of such Person in respect of Indebtedness referred to in clauses (1) through (5) above and clauses (8) through (10) below; 

(7) all Indebtedness of any other Person of the type referred to in clauses (1) through (6) which is secured by
any Lien on any property or asset of such Person (other that the Capital Stock of such Person, if any such Person is a Project Finance Subsidiary or an Unrestricted Subsidiary), the amount of such Indebtedness being deemed to be the lesser of the
Fair Market Value of such property or asset and the amount of the Indebtedness so secured; 
 (8) all
obligations under Hedging Obligations of such Person; 
 (9) all Disqualified Capital Stock issued by such
Person with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any;
provided, that: 
 (a) if the Disqualified Capital Stock does not have a fixed repurchase price, such
maximum fixed repurchase price will be calculated in accordance with the terms of the Disqualified Capital Stock as if the Disqualified Capital Stock were purchased on any date on which Indebtedness will be required to be determined pursuant to this
Indenture, and 
 (b) if the maximum fixed repurchase price is based upon, or measured by, the fair market
value of the Disqualified Capital Stock, the fair market value will be the Fair Market Value thereof; and 

(10) all liabilities recorded on the balance sheet of such Person in connection with any equity commitments made to a
Project Finance Subsidiary; 
 if and to the extent any of the preceding items (other than letters of credit) would appear as a
liability upon a balance sheet of the specified Person prepared in accordance with IFRS. 
 For the avoidance of doubt,
Performance/Pre-Completion Guarantees, completion guarantees and equity commitments that are treated as Restricted Payments or Permitted Investments at the election of the Company shall not constitute Indebtedness. 

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

  
 11 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global
Note through a Participant. 
 “Initial Notes” means the first U.S. $700,000,000 in aggregate principal amount
of Notes issued under this Indenture on the date hereof. 
 “Interest Rate Agreement” of any Person means any
interest rate protection agreement (including, without limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such
Person. 
 “Interest Reserve” has the meaning set forth under Section 11.01(b) hereof. 

“Interest Reserve Account” has the meaning set forth under Section 11.01(a) hereof. 

“Interest Reserve Account Pledge Agreement” has the meaning set forth under Section 11.01(a) hereof. 

“Intermediate Holding Company” means Constellation Overseas Ltd., QGOG Star GmbH, Constellation Netherlands B.V and any
other Restricted Subsidiary (other than a Project Finance Subsidiary) of the Company that (i) owns directly or indirectly Capital Stock of one or more Restricted Subsidiaries, (ii) has more than U.S.$25.0 million outstanding in
aggregate principal amount of Indebtedness (other than intercompany loans and equity contribution commitments to Project Finance Subsidiaries) and (iii) does not own directly any assets in the form of a drillship, drilling rig, floating
production, storage and offloading vessel or other related vessel or facility the aggregate value of which exceeds 1% of the Company’s Consolidated Net Tangible Assets. 
 “Investment” means, with respect to any Person, any: 
 (1) direct or indirect loan, advance or other extension of credit (including, without limitation, a Guarantee) or Performance/Pre-Completion Guarantee provided to any other Person (other than advances or
extensions of credit to customers in the ordinary course of business or any debt or extension of credit by a bank deposit other than a time deposit), 
 (2) capital contribution (including any commitment to make such capital contribution) (by means of any transfer of cash or other property to others or any payment for property or services for the account
or use of others) to any other Person, or 
 (3) any purchase or acquisition by such Person of any Capital
Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by, any other Person. 
 The Company
will be deemed to have made an “Investment” in an Unrestricted Subsidiary or a Project Finance Subsidiary, as applicable, at the time of its Designation, which will be valued at the Fair Market Value of the sum of the net assets of such
Unrestricted Subsidiary or a Project Finance Subsidiary, as applicable, at the time of its Designation and the amount of any Indebtedness of such Unrestricted Subsidiary or a Project Finance Subsidiary, as applicable, owed to the Company or any
Restricted Subsidiary immediately following such Designation. Any property transferred to or from an Unrestricted Subsidiary or a Project Finance Subsidiary, as applicable, will be valued at its Fair Market Value at the time of such transfer. If the
Company or any Restricted Subsidiary sells or otherwise disposes of any Capital Stock of a Restricted Subsidiary (including any issuance and sale of Capital Stock by a Restricted Subsidiary) such that, after giving effect to any such sale or
disposition, such Restricted Subsidiary would cease to be a Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale or disposition equal to the sum of the Fair Market Value of the Capital Stock
of such former Restricted Subsidiary held by the Company or any Restricted Subsidiary immediately following such sale or other disposition and the amount of any Indebtedness of such former Restricted Subsidiary Guaranteed by the Company or any
Restricted Subsidiary or owed to the Company or any other Restricted Subsidiary immediately following such sale or other disposition. 

  
 12 

 With respect to a Performance/Pre-Completion Guarantee, completion guarantee or equity
contribution commitment, the Company or a Restricted Subsidiary will be deemed to have made an “Investment” in a Project Finance Subsidiary at the time of entering into such Performance/Pre-Completion Guarantee, completion guarantee or
equity contribution commitment supporting the obligations of a Project Finance Subsidiary. 
 “Investment Grade
Rating” means BBB- or higher by S&P, Baa3 or higher by Moody’s or BBB- or higher by Fitch, or the equivalent of such global ratings by S&P, Moody’s or Fitch. 

“Irish Listing Agent” means the party named as such in this Indenture until a successor replaces it and, thereafter,
means the successor. 
 “Issue Date” means the first date of issuance of Notes under this Indenture.

 “Issuer Substitution Documents” has the meaning set forth under Section 12.01. 

“L/C Bank” has the meaning set forth under Section 11.01(a) hereof. 

“Judgment Currency” has the meaning set forth under Section 7.07 hereof. 

“Legal Defeasance” has the meaning set forth under Section 8.02 hereof. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York, Luxembourg,
São Paulo or Rio de Janeiro, Brazil or the British Virgin Islands or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made
at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
 “Letter of Credit” has the meaning set forth under Section 11.01(a) hereof. 
 “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease
in the nature thereof and any agreement to give any security interest); provided that the lessee in respect of a Capitalized Lease Obligation or Sale and Leaseback Transaction will be deemed to have Incurred a Lien on the property leased
thereunder. 
 “Luxembourg” means the Grand Duchy of Luxembourg. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents,
including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents (other than the portion of any such deferred payment constituting interest) received by the Company or any of its Restricted
Subsidiaries from such Asset Sale, net of: 
 (1) reasonable out-of-pocket expenses and fees relating to such
Asset Sale (including, without limitation, legal, accounting and investment banking fees, brokerage commissions, sales commissions and other direct costs); 
 (2) taxes paid or payable in respect of such Asset Sale after taking into account any reduction in consolidated tax liability due to available tax credits or deductions and any tax sharing arrangements;

  
 13 

 (3) repayment of Indebtedness including premiums and accrued interest that
are either (a) secured by a Lien permitted under this Indenture that is required to be repaid in connection with such Asset Sale or (b) otherwise required to be repaid in connection with such Asset Sale; and 

(4) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in
accordance with IFRS, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment
benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, but excluding any reserves with respect to Indebtedness. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes
shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Note Guarantees” has the meaning set forth under Section 10.01(a) hereof. 

“Obligations” means, with respect to any Indebtedness, any principal, interest (including, without limitation,
post-petition Interest), premium, Additional Amounts, penalties, fees, indemnifications, reimbursements, damages, and other liabilities payable under the documentation governing such Indebtedness, including in the case of the Notes and the Note
Guarantees, the Indenture. 
 “Obligor” on the Notes means the Company and any successor obligor upon the
Notes. 
 “Offering Memorandum” means the offering memorandum for the Notes dated November 5, 2012.

 “Officer” means the Chairman of the Board (if an executive), Chief Executive Officer, the Chief Financial
Officer, the President, the Chief Operating Officer, General Counsel, Chief Accounting Officer, the Treasurer, the Controller, any Vice President, any director or the Secretary of the Company. 

“Officer’s Certificate” means a certificate signed by an Officer. 

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Company (except as
otherwise provided in this Indenture), and who shall be reasonably acceptable to the Trustee, containing customary exceptions and qualifications and which shall not be at the expense of the Trustee. 

“Performance/Pre-Completion Guarantee” means any performance or other similar guarantees by the Company or any
Restricted Subsidiary supporting the obligations of a Project Finance Subsidiary, including engineering, procurement and construction agreements, construction management agreements, construction agreements, operation and maintenance agreements,
charter agreements, services agreements and concession agreements or other similar arrangements relating to the business of a Project Finance Subsidiary (and letters of credit in connection with, in lieu of or in respect of each of the foregoing)
consistent with the then current market requirements for limited recourse financing of drilling vessels, rigs and other associated facilities related to the oil and gas exploration and production industry (including expansions or related projects)
as certified by the chief financial officer or another Officer of the Company in his/her sole judgment. 

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

“Paying Agent” has the meaning set forth under Section 2.03 hereof. 

“Payor” has the meaning set forth under Section 4.17 hereof. 

  
 14 

 “Permitted Business” means (i) the business or businesses conducted by
the Company, its Subsidiaries and other operating businesses described in the Offering Memorandum as of the Issue Date , and (ii) any business reasonably ancillary, complementary, similar or related to the business or businesses provided for in
clause (i) above. 
 “Permitted Holders” means any or all of the following: (1) any member of the
Queiroz Galvão Family, including any such member’s spouse, children or heirs; (2) the estate or any guardian, custodian or other legal representative of any individual named in or any trust established solely for the benefit of any
one or more individuals named in clause (1); and (3) any Person in which a majority of the total voting power of the Voting Stock are owned, directly or indirectly, by any one or more of the persons named in clauses (1) and (2).

 “Permitted Indebtedness” has the meaning set forth under Section 4.09 hereof. 

“Permitted Investments” means: 
 (1) Investments by the Company or any Restricted Subsidiary (other than a Project Finance Subsidiary) in any Person that is, or that result in any Person becoming, immediately after such Investment, a
Restricted Subsidiary (other than a Project Finance Subsidiary) or constituting a merger or consolidation of such Person into the Company or with or into a Restricted Subsidiary (other than a Project Finance Subsidiary); 

(2) Investments in the Company (including purchases by the Company or any Restricted Subsidiary of the Notes or any other
Indebtedness of the Company or any wholly-owned Restricted Subsidiary); 
 (3) Investments in cash and Cash
Equivalents; 
 (4) any Investment existing on, or made pursuant to written agreements existing on, the Issue
Date and any extension, modification or renewal of such Investments (but not Investments involving additional advances, contributions or other investments of cash or property or other increases thereof (unless a binding commitment therefore has been
entered into on or prior to the Issue Date), other than as a result of the accrual or accretion of interest or original issue discount or payment-in-kind pursuant to the terms of such Investment as of the Issue Date); 

(5) Investments permitted pursuant to clause (b)(3) or (4) of Section 4.11 hereof; 

(6) any Investments received in compromise or resolution of (A) obligations of Persons that were incurred in the
ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any Persons; or (B) litigation, arbitration or other
disputes; 
 (7) Investments by the Company or its Restricted Subsidiaries as a result of non-cash consideration
permitted to be received in connection with an Asset Sale made in compliance with the covenant described under Section 4.10 hereof; 
 (8) Investments permitted under clause Section 4.09(b)(4) hereof, 
 (9) loans and advances to officers, directors and employees made in the ordinary course of business of the Company or any Restricted Subsidiary of the Company in an aggregate principal amount not to
exceed U.S.$2.0 million at any one time outstanding; 
 (10) any Investment acquired from a Person which is
merged with or into the Company or any Restricted Subsidiary, or any Investment of any Person existing at the time such Person becomes a Restricted Subsidiary and, in either such case, is not created as a result of or in connection with or in
anticipation of any such transaction; 

  
 15 

 (11) Investments made with or in exchange for the issuance of Capital Stock
(other than Disqualified Capital Stock) of the Company; and 
 (12) Investments in Project Finance Subsidiaries
in the aggregate not to exceed U.S.$250.0 million at any one time outstanding; 
 (13) if immediately after
giving effect thereto no Default (other than a Technical Default) or Event of Default shall have occurred and be continuing, Investments in Project Finance Subsidiaries in the aggregate of 50% of cumulative Consolidated Net Income of the Company
(or, if Consolidated Net Income shall be a deficit, 100% of such deficit) accrued on a cumulative basis during the period, treated as one accounting period, beginning on July 1, 2012 to the end of the most recent fiscal quarter for which
financial statements of the Company have been provided to the Trustee pursuant to the Indenture; 
 (14)
additional Investments, taken together with all other Investments made pursuant to this clause (14) that are at that time outstanding, in the aggregate not to exceed U.S.$150.0 million; 

(15) Performance/Pre-Completion Guarantees to shipyards in an aggregate amount not to exceed (i) the amount
committed in respect of equity contribution commitments that were made pursuant to Section 4.07 plus (ii) the amount with respect to which any Project Finance Subsidiary that has a primary obligation to a relevant shipyard has also
received binding commitments from one or more financial institutions meeting the criteria set forth in clause (4) of the definition of “Cash Equivalents” to fund the same amount to such Project Finance Subsidiary to which such
Performance/Pre-Completion Guarantee relates; provided that the Company has not been called upon to pay any such amount to such shipyard as a result of the relevant Performance/Pre-Completion Guarantee; and 

(16) Investments in a Permitted Business not to exceed 100% of the aggregate net cash proceeds received by the Company
from (x) the issuance and sale of Qualified Capital Stock of the Company or (y) a contribution to the Capital Stock of the Company not representing an interest in Disqualified Capital stock, in each case, not received from a Restricted
Subsidiary of the Company; provided that any such net cash proceeds will be excluded from clause (3)(B) of the first paragraph of Section 4.07 and clause (2) of the second paragraph of Section 4.07. 

“Permitted Liens” means any of the following: 

(1) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, material-men, repairmen and
other Liens imposed by law (including tax Liens) incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by IFRS shall
have been made in respect thereof; 
 (2) Liens Incurred or deposits made in the ordinary course of business
(i) in connection with workers’ compensation, unemployment insurance and other types of social security (including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection
therewith) or (ii) to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of
borrowed money); 
 (3) Liens securing reimbursement obligations with respect to commercial letters of credit
which encumber documents and other property relating to such letters of credit and products and proceeds thereof; 
 (4) Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company, including rights of offset and set-off; 

  
 16 

 (5) Liens securing Hedging Obligations that relate to Indebtedness that is
Incurred in accordance with Section 4.09; provided that such Hedging Obligations are secured by the same assets that secure such Indebtedness; 
 (6) Liens existing on the Issue Date and Liens to secure any Refinancing Indebtedness which is Incurred to Refinance any Indebtedness which has been secured by a Lien permitted under the covenant
described under Section 4.12 and which Indebtedness has been Incurred in accordance with Section 4.09: provided that such new Liens do not extend to any property or assets other than the property or assets securing the Indebtedness
Refinanced by such Refinancing Indebtedness; provided, further that if the Indebtedness being Refinanced contains a Lien relating to after acquired property, the Lien securing the Refinanced Indebtedness may also include after acquired
property on terms that are not materially more favorable to the holders of the Refinanced Indebtedness than the Lien relating to the after acquired property was to the holders of the Indebtedness being Refinanced; 

(7) Liens for the purpose of securing the payment of all or a part of the purchase price of assets or property acquired
or constructed in the ordinary course of business, provided that: 
 (a) the aggregate principal amount of
Indebtedness secured by such Liens is otherwise permitted to be Incurred in accordance with Section 4.09 and does not exceed the cost of the assets or property so acquired or constructed; and 

(b) such Liens are created within 365 days of construction or acquisition of such assets or property and do not encumber
any other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto; 
 (8) Liens securing Acquired Indebtedness Incurred in accordance with Section 4.09 not incurred in connection with, or in anticipation or contemplation of, the relevant acquisition, merger or
consolidation; provided, that 
 (a) such Liens secured such Acquired Indebtedness at the time of and prior to
the Incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary and were not granted in connection with, or in anticipation of the Incurrence of such Acquired Indebtedness by the Company and 

(b) such Liens do not extend to or cover any property of the Company other than the property that secured the Acquired
Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company; 
 (9) Liens
constituting any interest of title of a lessor, a licensor or either’s creditors in the Property subject to any lease (other than a capital lease); 
 (10) Liens securing Indebtedness Incurred by a Subsidiary that was a Project Finance Subsidiary at the time of such Incurrence and the granting of such Liens that continue to exist after the date that the
Company revokes the designation of such Subsidiary as a Project Finance Subsidiary; 
 (11) Liens securing
Indebtedness Incurred by a Restricted Subsidiary that is not a Subsidiary Guarantor at the time of such Incurrence; 
 (12) Liens for taxes, assessments or other governmental charges not yet subject to penalties for nonpayment or which are being contested in good faith by appropriate proceedings, provided that appropriate
reserves required pursuant to IFRS have been made in respect thereof; 
 (13) judgment Liens not giving rise to
an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceeding may be
initiated has not expired; 

  
 17 

 (14) any Liens granted to secure borrowings from, directly or indirectly,
(a) Banco Nacional de Desenvolvimento Econômico e Social—BNDES (including loans from Financiadora de Estudos e Projectos—FINEP), or any other Brazilian governmental development bank or credit agency or (b) any international
or multilateral development bank or government-sponsored agency, export-import bank or official export-import credit insurer; provided that the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred in
accordance Section 4.09; 
 (15) Liens securing an amount of Indebtedness outstanding at any one time not
to exceed the greater of (i) U.S.$100.0 million and (ii) 3.5% of the Company’s Consolidated Net Tangible Assets; and 
 (16) Liens in favor of the Holders of the Notes over the Interest Reserve Account. 

“Person” means an individual, partnership, limited partnership, corporation, company, limited liability company,
unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

“Preferred Stock” of any Person means any Capital Stock of such Person that has preferential rights over any other
Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation. 
 “Private
Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 

“Project Finance Subsidiary” means (i) as of the Issue Date, Laguna Star Ltd. and Amaralina Star Ltd. and their
respective subsidiaries and (ii) any Restricted Subsidiary and any Restricted Subsidiary thereof that is (A) a special purpose vehicle established in connection with a new project for the financing, acquisition, construction, operation
and/or development of any drillship, drilling rig, floating production, storage and offloading vessel or other related vessel or facility or (B) a special purpose vehicle established or operating in connection with the refurbishment, repair or
upgrade of any drillship, drilling rig, floating production, storage and offloading vessel or other related vessel or facility, provided that in respect of clause (B) the Officer’s Certificate delivered to the Trustee in connection
with the Designation of such Project Finance Subsidiary will state that the Board of Directors of the Company does not expect such special purpose vehicle to generate any cash flow within the six-month period after its Designation as a Project
Finance Subsidiary, and provided further in respect of both clauses (A) and (B) that such special purpose vehicle is designated a Project Finance Subsidiary pursuant to Section 4.16; any such Designation may be revoked by an
Officer’s Certificate, subject to the provisions of such covenant. 
 “Purchase Money Indebtedness” means
all obligations of a Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement due more than six months after such property is acquired and excluding
trade accounts payable and other accrued liabilities arising in the ordinary course of business that are not overdue by 90 days or more or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted.

 “Queiroz Galvão Family” shall mean any individual holding Capital Stock of: (i) Timbaúba
International Ltd., a limited liability company organized under the laws of the British Virgin Islands; (ii) Guararapes International Limited, a limited liability company organized under the laws of the British Virgin Islands; and
(iii) Skycrest Overseas Inc., a company incorporated under the laws of the British Virgin Islands, in each case as of the Issue Date, together with any of their respective heirs. 

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

“Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock and any warrants, rights or
options to purchase or acquire Capital Stock that is not Disqualified Capital Stock or that are not convertible into or exchangeable into Disqualified Capital Stock. 

  
 18 

 “Rating Agency” means any of S&P, Fitch or Moody’s; or if, at the
relevant time of determination, S&P, Fitch or Moody’s do not have a public rating in effect on the Notes, an internationally recognized U.S. rating agency or agencies, as the case may be, selected by the Company, which will be substituted
for S&P, Fitch or Moody’s, as the case may be. 
 “Ratings Event” means that at any time from the
earlier of the date of public notice of a Change of Control and of the Company’s intention or that of any Person to effect a Change of Control until 60 days after the consummation of the Change of Control (which period shall be extended so long
as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies), (i) in the event the Notes are assigned an Investment Grade Rating by at least two of the Rating Agencies prior to such
public notice, the rating of the Notes by any Rating Agency shall be below an Investment Grade Rating; (ii) in the event the Notes are rated below an Investment Grade Rating by at least two of the Rating Agencies prior to such public notice,
the rating of the Notes by any Rating Agency shall be decreased by one or more categories, or (iii) the Notes shall not be, or cease to be, rated by at least one of the Rating Agencies; provided that, in each case, any such Ratings Event is in
whole or in part in connection with a Change of Control. 
 “Reference Treasury Dealers” means HSBC Securities
(USA) Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated or their respective affiliates which are primary United States government securities dealers and not less than two other leading primary United States government securities
dealers in New York City reasonably designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary United States government securities dealer in New York City (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such redemption date. 
 “Refinance” means, in respect of any Indebtedness, to issue any Indebtedness in exchange for or to refinance, replace, defease or refund such Indebtedness in whole or in part or, in the
case of a revolving credit facility, any re-borrowing of amounts previously advanced and re-paid thereunder. “Refinanced” and “Refinancing” will have correlative meanings. 

“Refinancing Indebtedness” means Indebtedness of the Company or any Restricted Subsidiary (other than a Project Finance
Subsidiary) issued to Refinance any other Indebtedness of the Company or a Restricted Subsidiary (other than a Project Finance Subsidiary) so long as: 
 (1) the aggregate principal amount (or initial accreted value, if applicable) of such new Indebtedness as of the date of such proposed Refinancing does not exceed the aggregate principal amount (or
initial accreted value, if applicable) of the Indebtedness being Refinanced (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and the amount of reasonable fees, expenses and defeasance
costs, if any, incurred by the Company in connection with such Refinancing); 
 (2) such new Indebtedness has:

 (a) a Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to
Maturity of the Indebtedness being Refinanced, and 
 (b) a final maturity that is equal to or later than the
final maturity of the Indebtedness being Refinanced; 

  
 19 

 (3) if the Indebtedness being Refinanced is: 

(a) Indebtedness of the Company, then such Refinancing Indebtedness will be Indebtedness of the Company, 

(b) Indebtedness of a Restricted Subsidiary, then such Refinancing Indebtedness will be Indebtedness of the Company
and/or such Restricted Subsidiary, and 
 (c) Subordinated Indebtedness, then such Refinancing Indebtedness
shall be subordinate to the Notes at least to the same extent and in the same manner as the Indebtedness being Refinanced. 

“Registrar” has the meaning set forth under Section 2.03 hereof. 

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

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global
Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903
of Regulation S. 
 “Relevant Taxing Jurisdiction” has the meaning set forth under Section 4.17 hereof.

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

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Investment” means any Investment other than a Permitted Investment. 

“Restricted Payment” has the meaning set forth under Section 4.07 hereof. 

“Restricted Subsidiary” means any Subsidiary of the Company or any Restricted Subsidiary which at the time of
determination is not an Unrestricted Subsidiary. 
 “Reversion Date” has the meaning set forth under
Section 13.01(b) hereof. 
 “Revocation” has the meaning set forth under Section 4.16 hereof.

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

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

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

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

“S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. and its successors.

 “Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any
such Person is a party providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred
by the Company or such Restricted Subsidiary to such Person or to any other Person by whom funds have been or are to be advanced on the security of such property. 

  
 20 

 “SEC” means the U.S. Securities and Exchange Commission. 

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

“Senior Indebtedness” means the Notes and any other Indebtedness of the Company that ranks equal in right of payment
with the Notes. 
 “Significant Subsidiary” means a Restricted Subsidiary of the Company (other than a Project
Finance Subsidiary) which at the time of determination either (x) had assets which, as of the date of the Company’s most recent quarterly consolidated balance sheet, constituted at least 7.5% of the Company’s total assets on a
consolidated basis as of such date, or (y) had revenues for the 12-month period ending on the date of the Company’s most recent quarterly consolidated statement of operations which constituted at least 7.5% of the Company’s net
operating revenues on a consolidated basis for such period. 
 “Stated Maturity” means, with respect to any
security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the happening of any contingency unless such contingency has occurred). 
 “Subordinated Indebtedness” means any Indebtedness of the Company which is expressly subordinated in right of payment to the Notes. 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any Person the account of which
would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with IFRS as of such date. 

“Subsidiary Guarantors” means, on the Issue Date, Constellation Overseas Ltd., and thereafter each Restricted Subsidiary
of the Company who is required to deliver a Note Guarantee pursuant to Section 10.05 hereof. 
 “Substituted
Debtor” has the meaning set forth under Section 12.01 hereof. 
 “Substituted Guarantor” has the
meaning set forth under Section 12.01 hereof. 
 “Surviving Entity” has the meaning set forth under
Section 5.01 hereof. 
 “Suspended Covenants” has the meaning set forth under Section 13.01(a)(2)
hereof. 
 “Suspension Period” has the meaning set forth under Section 13.01(b) hereof. 

“Taxes” has the meaning set forth under Section 4.17 hereof. 

“Technical Default” has the meaning set forth under Section 6.01 hereof. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield
to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date. 
 “Trustee” means Deutsche Bank Trust Company Americas, until a successor replaces it in
accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

  
 21 

 “Unconsolidated Cash and Receipts” means, for any period, for the Credit
Parties, the sum of (determined on an unconsolidated basis, without duplication) unconsolidated cash and Cash Equivalents and unconsolidated marketable securities of the Credit Parties recorded as current assets (including the net proceeds from the
issuance of the Notes so long as such proceeds are invested in cash and Cash Equivalents and/or consolidated marketable securities recorded as current assets) on the first day of any such period and the following amounts, but only to the extent
received in cash by the Credit Parties from a Person during such period: 
 (1) dividends and capital reductions
paid to the Credit Parties by their respective Subsidiaries during such period (other than dividends paid in respect of loans made to the Credit Parties for which credit was received in any prior period in accordance with clause (6) below);

 (2) consulting, management, royalty, development and licensing fees paid to the Credit Parties for such
period; 
 (3) tax sharing payments made to the Credit Parties during such period; 

(4) interest and other distributions paid during such period with respect to cash and Cash Equivalents of the Credit
Parties; 
 (5) interest and principal payments made with respect to any intercompany loans provided to any
Subsidiary; 
 (6) loans made to the Credit Parties from their respective Subsidiaries in anticipation of the
payment of dividends which funds for the payment of such dividends have been set aside for such period; and 

(7) any dividends, distributions or cash from any Person in which the Company or a Restricted Subsidiary owns a minority
interest; 
 less the sum of capital contributions and principal amounts of intercompany loans provided to any Subsidiary that is not a
member of the Credit Parties (determined on an unconsolidated basis without duplication), in each case to the extent paid by the Credit Parties during such period and regardless of whether any such amount was accrued during such period,
provided that any capital contributions or principal amounts of intercompany loans provided to (i) a Project Finance Subsidiary or an Unrestricted Subsidiary shall be excluded to the extent that such capital contributions or principal
amounts of intercompany loans were funded by the net cash proceeds of a debt or equity financing by the Company or a Restricted Subsidiary, (ii) a Restricted Subsidiary shall be excluded to the extent that such capital contributions or
principal amounts of intercompany loans are used for the purpose of making Capital Expenditures and (iii) Queiroz Galvão Óleo and Gas S.A. shall be excluded to the extent that such capital contributions are required by the Cost
Sharing Agreement between us and Queiroz Galvão S.A. dated June 15, 2010. 
 “Unconsolidated Interest
Coverage Ratio” means, with respect to the Credit Parties as of any date of determination, the ratio of the Unconsolidated Cash and Receipts to Unconsolidated Interest Expense, in each case, for the four most recent full fiscal quarters for
which financial statements are available ending prior to the date of such determination. 
 For purposes of this definition,
Unconsolidated Cash and Receipts and Unconsolidated Interest Expense will be calculated after giving effect on a pro forma basis in good faith for the period of such calculation for the following: 

(1) the Incurrence, repayment or redemption of any Indebtedness (including Acquired Indebtedness), and the application of
the proceeds thereof, including the Incurrence of any Indebtedness (including Acquired Indebtedness), and the application of the proceeds thereof, giving rise to the need to make such determination, occurring during such period or at any time
subsequent to the last day of such period and prior to or on such date of determination, to the extent, in the case of an Incurrence, such Indebtedness is outstanding on the date of determination, as if such Incurrence, and the application of the
proceeds thereof, repayment or redemption occurred on the first day of such period; and 

  
 22 

 (2) any Asset Sale Transaction or Asset Acquisition, including any Asset
Sale or Asset Acquisition giving rise to the need to make such determination, occurring during such period or at any time subsequent to the last day of such period and prior to or on such date of determination, as if such Asset Sale Transaction or
Asset Acquisition occurred on the first day of such period. 
 For purposes of making such pro forma computation: 

(a) the amount of Indebtedness under any revolving credit facility will be computed based on the average daily balance
of such Indebtedness during such period or if such facility was created after the end of such period, the average daily balance of such Indebtedness during the period from the date of creation of such facility to the date of such calculation, in
each case giving pro forma effect to any borrowings related to any transaction referred to in clause (2) above; 
 (b) if any Indebtedness bears a floating rate of interest and the effects of such Indebtedness are to be calculated on a pro forma basis, the interest expense related to such Indebtedness will be
calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any interest rate agreement applicable to such Indebtedness if such interest rate agreement has a remaining term
as at the date of determination in excess of twelve months); and 
 (c) the pro forma calculations will be
determined in good faith by a responsible financial or accounting officer of the Company. 
 “Unconsolidated Interest
Expense” means, for any period, for the Credit Parties, the sum of, without duplication determined on an unconsolidated basis in accordance with IFRS: 
 (1) the aggregate of cash and non-cash interest expense of such Person for such period, in all cases determined in accordance with IFRS, including, without limitation (whether or not interest expense in
accordance with IFRS): 
 (a) any amortization or accretion of debt discount or any interest paid on
Indebtedness of such Person in the form of additional Indebtedness, but excluding amortization of debt issuance costs, fees and expenses, 
 (b) any amortization of deferred financing costs, 
 (c) the net
payments under Hedging Obligations (including amortization of fees), 
 (d) any amortization of capitalized
interest, 
 (e) the interest portion of any deferred payment obligation, 

(f) commissions, discounts and other fees and charges Incurred in respect of letters of credit or bankers’
acceptances, and 
 (g) any interest expense on Indebtedness of another Person that is Guaranteed by such
Person or secured by a Lien on the assets of such Person, but only if such Guarantee or Lien is called upon; and 
 (2) the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person during such period. 

  
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 “Unrestricted Definitive Note” means a Definitive Note that does not bear
and is not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a Global Note
that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means
any Subsidiary of the Company or a Restricted Subsidiary Designated as such pursuant to Section 4.16 hereof; any such Designation may be revoked by a Board Resolution of the Company, subject to the provisions of such covenant. 

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

“Voting Stock” with respect to any Person, means securities of any class of Capital Stock of such Person entitling the
holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years (calculated
to the nearest one-twelfth) obtained by dividing: 
 (1) the then outstanding aggregate principal amount or
liquidation preference, as the case may be, of such Indebtedness into 
 (2) the sum of the products obtained by
multiplying: 
 (a) the amount of each then remaining installment, sinking fund, serial maturity or other
required payment of principal or liquidation preference, as the case may be, including payment at final maturity, in respect thereof, by 
 (b) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment. 

“Wholly-owned Subsidiary” means a Subsidiary of which at least 95% of the Capital Stock (other than directors’
qualifying shares) is owned by the Company or another Wholly-owned Subsidiary. 
 Section 1.02 Rules of
Construction. 
 Unless the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

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

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

(6) provisions apply to successive events and transactions; and 

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

  
 24 

 ARTICLE 2 
 THE NOTES 
 Section 2.01 Form and Dating. 

(a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of U.S.$200,000 and integral multiples of
U.S.$1,000 in excess thereof. 
 The Notes shall be fully and unconditionally guaranteed by the Subsidiary Guarantors in
accordance with Article 10. The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the Subsidiary Guarantors and the Trustee, by their execution and
delivery of this Indenture, and the Holders by their acceptance of the Notes, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Notes issued in global
form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be
substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the
outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial
interests in the Regulation S Global Note that are held by Participants through Euroclear or Clearstream. 
 Section 2.02
Execution and Authentication. 
 Two Officers must sign the Notes for the Company by manual, facsimile or electronic
(including “.pdf”) signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a
Note is authenticated, the Note will nevertheless be valid. 
 A Note will not be valid until authenticated by the manual
signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. 

The Trustee will, upon receipt of a written order of the Company signed by an Officer (an “Authentication Order”), authenticate
Notes for original issue that may be validly issued under this Indenture, including any Additional Notes, up to the aggregate principal amount of the Initial Notes, plus Additional Notes issued pursuant to this Section 2.02 and
Section 4.09 hereof; provided, that the Additional Notes will not bear the same CUSIP number as the Notes, unless such Additional Notes are part of the same “issue” or issued in a “qualified reopening” for U.S.
federal income tax purposes or such Additional Notes and the Notes are issued with no more than a de minimis amount of OID for U.S. federal income tax purposes. The aggregate principal amount of Notes outstanding at any time may not exceed
the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. Such Authentication Orders shall specify the principal amount of the Notes
to be authenticated, the date on which the issue of the Notes is to be 

  
 25 

 
authenticated, the number of separate Notes certificates to be authenticated, the registered Holder of each such Note and delivery instructions, and, in the case of an issuance of Additional
Notes after the Issue Date, shall certify that such issuance is in compliance with Section 4.09 hereof. 
 The Trustee may
appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company. 

Section 2.03 Registrar and Paying Agent. 
 The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented
for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as
Paying Agent or Registrar. 
 The Registrar will send a copy of the Register to the Issuer on the Issue Date and after any
change to the Register made by the Registrar, with such copy to be held by the Issuer and at its registered office. For purposes of Luxembourg law, ownership of the Notes will be evidenced through registration from time to time at the registered
office of the Issuer, and such registration is a means of evidencing title to the Notes. 
 The Company initially appoints The
Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The Company
initially appoints the Trustee to act as the Registrar, Transfer Agent and Paying Agent and to act as Custodian with respect to the Global Notes. The Company initially appoints Deutsche Bank Luxembourg S.A. as Irish Listing Agent. 

Section 2.04 Paying Agent to Hold Money in Trust. 
 The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee of all amounts that it is obligated to pay, the Paying Agent (if other than the Company or a
Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any
bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Company
will furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and
addresses of the Holders of Notes. 

  
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 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. The Global Notes shall be exchanged
by the Company for Definitive Notes only in the following limited circumstances: 
 (1) the Company delivers to
the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act at a time when it is required to be so registered in order to act as
depository, and in each case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary; 

(2) the Company in its sole discretion determines that the Global Notes (in whole but not in part)
should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3)
there has occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of any of
the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07
and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form
of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.06(b) or (c) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The
transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. None of the Company, the Subsidiary Guarantors, the
Trustee, the Paying Agent, nor any agent of the Company shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Note, or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the extent required by the
Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted
Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend. Beneficial interests
in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to
effect the transfers described in this Section 2.06(b)(1). 
 (2) All Other Transfers and Exchanges of
Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either:

  
 27 

 (A) both: 

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

(2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase; or 
 (B) both: 

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

(2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in Section 2.06(b)(1) above. 
 Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(g) hereof. 
 (3) Transfer of Beneficial Interests to
Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with
the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 
 (A) if the
transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 
 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be
exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies
with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 
 (1) if the
holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including
the certifications in item (1)(a) thereof; or 
 (2) if the holder of such beneficial interest in a
Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof; 

  
 28 

 and, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to this clause
(4) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this clause (4). 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

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

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest
in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such beneficial interest is being transferred to the Company or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; or 
 (E) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (3)(b) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

  
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 (2) Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form
of an Unrestricted Definitive Note only if the Registrar receives the following: 
 (1) if the holder of such
beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or 
 (2) if the holder of such beneficial interest in a Restricted Global Note proposes
to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant
to Section 2.06(g) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for
a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar
from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 
 (d) Transfer and Exchange of
Definitive Notes for Beneficial Interests. 
 (1) Restricted Definitive Notes to Beneficial Interests in
Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in
the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being
transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

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

  
 30 

 (D) if such Restricted Definitive Note is being transferred to the Company
or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; or 
 (E) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (3)(b) thereof, 
 the Trustee will cancel the Restricted Definitive Note and increase or cause
to be increased the aggregate principal amount of the applicable Global Note. 
 (2) Restricted Definitive
Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
 (1) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (1)(c) thereof; or 
 (2) if the Holder of such Definitive Notes
proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in
item (4) thereof; 
 and if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the
subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an
Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global
Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant
to subparagraphs (2) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a
written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

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

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof; and 
 (B) if the transfer will
be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged
by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such
Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and if the Registrar
so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3)
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request
to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of
this Indenture. 
 (1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued
in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 (i)
If a Rule 144A Note: 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE ISSUER
OR ANY SUBSIDIARY THEREOF, (2) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A) IN ACCORDANCE WITH RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE 

  
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WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR (5) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS
AND AGREES THAT IT WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. 
 THIS LEGEND
MAY BE REMOVED SOLELY AT THE DISCRETION AND AT THE DIRECTION OF THE ISSUER.” 
 (ii) if a Regulation S
Global Note: 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.” 
 (B) Notwithstanding the
foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the
Private Placement Legend. 
 (2) Global Note Legend. Each Global Note will bear a legend in substantially
the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN
CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE,
(2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF QGOG CONSTELLATION S.A. 
 UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (g) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be
returned to or retained and canceled 

  
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by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10,
3.06, 3.09, 4.10, 4.15 and 9.04 hereof). 
 (3) The Registrar will not be required to register the transfer of
or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company will be required: 
 (A)
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on
the day of selection; 
 (B) to register the transfer of or to exchange any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the
transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6)
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving
payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. So long as the Depositary or its nominee is the registered owner of a
Global Note, the Depositary or such nominee, as the case may be, will be considered the sole owner or Holder represented by the Global Note for all purposes under this Indenture. Owners of beneficial interests in respect of a Global Note will not be
entitled to have Notes represented by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of Definitive Notes, and will not be considered the owners or holders thereof under the Indenture for any
purpose, including with respect to the giving of any direction, instruction or approval to the Trustee thereunder, except as provided under Section 15.02 hereof. Accordingly, each Holder owning a beneficial interest in respect of a Global Note
must rely on the procedures of the Depositary and, if such Holder is not a participant or an indirect participant, on the procedures of the participant through which such Holder owns its interest, to exercise any rights of a Holder of Notes under
this Indenture or such Global Note. 

  
 34 

 (7) The Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 2.02 hereof. 
 (8) All certifications, certificates and Opinions
of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile or electronically by “.pdf”. 

(9) The Trustee shall be entitled to request such evidence reasonably satisfactory to it documenting the identity and/or
signatures of the transferor and the transferee. 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, Applicable Procedures or under applicable
law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary Participants or beneficial owners of interests in any Definitive Note or Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an
indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss or liability that any of them may suffer if a
Note is replaced. The Company and the Trustee may charge for their expenses in replacing a Note. 
 Every replacement Note is an
additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 
 The Notes outstanding at any time
are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those
described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or
an Affiliate of the Company shall not be deemed to be outstanding for purposes of Section 3.07(c) hereof. 
 If a Note is
replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless a Responsible Officer of the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser (as defined in Section 8-303 of the
Uniform Commercial Code). 
 If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to
be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate
of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

  
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 Section 2.09 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes
owned by the Company, or by any Affiliate of the Company, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes
that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Company or any Affiliate of the Company. 
 Section 2.10 Temporary Notes. 
 Until certificates representing Notes
are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of Definitive Notes but may have variations that the
Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate Definitive Notes in exchange for temporary Notes.

 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange
or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of such canceled Notes in accordance with its customary procedures. Certification
of disposal of such Notes will be delivered to the Company upon its request therefor. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

Section 2.12 CUSIP/ISIN Numbers. 
 The Company in issuing the Notes may use CUSIP and ISIN numbers (in each case, if then generally in use) and, if so, the Trustee shall use CUSIP and ISIN numbers in notices of redemption as a convenience
to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption and that reliance may be placed only on the
other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will as promptly as practicable notify the Trustee in writing of any change in the CUSIP and
ISIN numbers. 
 ARTICLE 3 
 REDEMPTION AND PREPAYMENT 
 Section 3.01 Notices to Trustee.

 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must
furnish to the Trustee, at least 35 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth: 
 (1) the clause of this Indenture pursuant to which the redemption shall occur; 
 (2) the redemption date; 
 (3) the principal amount of Notes to be
redeemed; and 
 (4) the redemption price. 

  
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 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

In the event that less than all of the Notes are to be redeemed or purchased at any time, selection of Notes for redemption shall be made
(i) in compliance with the requirements of the principal national securities exchange, if any, on which Notes are listed and any applicable depository procedures, (ii) by lot or such other similar method in accordance with the applicable
procedures of DTC (if the Notes are global notes), or (iii) if there are no such requirements of such exchange or the Notes are not then listed on a national securities exchange or DTC, on a pro rata basis or by such other method the
Trustee deems fair and reasonable. No Notes of a principal amount of U.S.$200,000 or less may be redeemed in part, and if notes are redeemed in part, the remaining outstanding amount must be at least equal to U.S.$200,000 and be an integral multiple
of U.S.$1,000. 
 The Trustee shall promptly (and in any event, within 5 Business Days) notify the Company in writing of the
Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. 
 Section 3.03 Notice of Redemption. 
 Subject to the provisions of
Section 3.09 hereof, at least 30 days but not more than 60 days before the redemption date, the Company shall mail or cause to be mailed, by first-class mail, postage prepaid, a notice of redemption to each Holder whose Notes are to be redeemed
at its registered address, with a copy to the Trustee, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of
this Indenture pursuant to Articles 8 or 13 hereof. 
 The notice will identify the Notes to be redeemed and will state:

 (1) the redemption date; 

(2) the redemption price; 
 (3) if any Definitive Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes
in principal amount equal to the unredeemed portion thereof (if any) will be issued in the name of the Holder thereof upon cancellation of the original Note; 
 (4) the name and address of the Paying Agent; 
 (5) that Notes
called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (6) that,
unless the Company defaults in making such redemption payment, interest on Notes 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) the CUSIP number, together with a statement 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 Company’s written request, the Trustee will
give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, or such shorter period agreed to by the Company and
the Trustee, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

  
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 Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price together with accrued and unpaid interest thereon through the date of redemption. A notice of redemption may not be conditional. 

Section 3.05 Deposit of Redemption or Purchase Price. 

At or before the close of business one Business Day prior to the redemption or purchase date, the Company will deposit with the Trustee
or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited
with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased. 

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease
to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest
shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the
Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 4.01 hereof. Upon redemption or purchase of any Notes by the Company, such redeemed or purchased Notes will be cancelled. 

Section 3.06 Notes Redeemed or Purchased in Part. 
 Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the
Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered, subject to the minimum denomination set forth in Section 2.01 hereof. 

Section 3.07 Optional Redemption. 
 (a) Optional Redemption at Make-Whole Price. At any time prior to November 9, 2016, the Company shall have the right, at its option, to redeem any of the Notes, in whole or in part, at any
time and from time to time at a redemption price equal to the greater of (1) 101% of the principal amount of such Notes and (2) the present value to be calculated by an Independent Investment Banker at such redemption date of (i) the
redemption price of such Notes at November 9, 2016 (such redemption price being set forth in the table below) plus (ii) all required interest payments thereon through November 9, 2016 on such Notes (excluding accrued but unpaid
interest to the redemption date), in each case, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in each case any accrued and unpaid
interest on the principal amount of such Notes to, but excluding, the date of redemption. 
 (b) Optional
Redemption on or after November 9, 2016. At any time, or from time to time, on or after November 9, 2016, the Company may redeem the Notes, at its option, in whole or in part, at the following redemption prices, expressed as
percentages of the principal amount on the redemption date, plus any accrued and unpaid interest to, but excluding, the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date), if redeemed during the twelve-month period commencing on November 9 of any year set forth below: 

  
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	 Year
	  	Percentage	 
	 2016
	  	 	103.125	% 
	 2017
	  	 	101.563	% 
	 2018 and thereafter
	  	 	100.000	% 

 Any redemption of Notes by the Company pursuant to Section 3.07(a) or (b) above shall be
subject to either (i) there being at least U.S.$150.0 million in aggregate principal amount of Notes (including any Additional Notes) outstanding after such redemption or (ii) the Company redeeming all of the then outstanding principal
amount of the Notes. 
 (c) Optional Redemption Upon Eligible Equity Offerings. At any time, on or prior to November 9,
2015, the Company may on any one or more occasions, at its option, use an amount not to exceed the net cash proceeds of one or more Eligible Equity Offerings to redeem up to 35% of the aggregate principal amount of the outstanding Notes (including
any Additional Notes) at a redemption price equal to 106.250% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date; provided that after
giving effect to any such redemption, at least 65% of the aggregate principal amount of the Notes (including any Additional Notes but excluding notes held by the Company and its Subsidiaries) issued under the Indenture remains outstanding. Such
redemption must be made within 90 days after the date of the closing of such Eligible Equity Offering. 
 (d) Optional
Redemption for Changes in Withholding Taxes. If, as a result of any amendment to, or change in, the laws (or any rules or regulations thereunder) or treaties of a Relevant Taxing Jurisdiction, or any amendment to or change in an official
interpretation or application of such laws, rules or regulations, which amendment to or change of such laws, treaties, rules or regulations becomes effective on or after the date on which the Notes are issued, (or on or after the date a successor
Payor assumes the obligations under the Notes, in the case of a successor with a different Relevant Taxing Jurisdiction than the Company), a Payor would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional
Amounts, then, at the Payor’s option, all, but not less than all, of the Notes may be redeemed at any time on giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the outstanding principal amount,
plus accrued and unpaid interest and any Additional Amounts due thereon up to, but excluding, the date of redemption; provided, however, that (1) no notice of redemption for tax reasons may be given earlier than 90 days prior to the
earliest date on which the Payor would be obligated to pay these Additional Amounts if a payment on the Notes were then due, and (2) at the time such notice of redemption is given such obligation to pay such Additional Amounts remains in
effect. 
 Prior to the publication of any notice of redemption pursuant to this Section 3.07(d), the Payor will deliver to
the Trustee: 
 (1) an Officer’s Certificate stating that the Payor is entitled to effect the redemption
and setting forth a statement of facts showing that the conditions precedent to such redemption have occurred; and 
 (2) an Opinion of Counsel of the applicable Relevant Taxing Jurisdiction of recognized standing to the effect that no later than the next succeeding date on which any amount is to be paid, the relevant
Payor has or will become obligated to pay such Additional Amounts as a result of such change or amendment. 
 As long as the
Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price pursuant to this Indenture, interest will cease to accrue on Notes or portions thereof called for redemption on and after the applicable redemption
date. 
 (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through
3.06 hereof. 

  
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 Section 3.08 Repurchase. 

The Company or any of its Affiliates may at any time purchase Notes at any price or prices in the open market or otherwise. Notes
redeemed pursuant to the terms of this Indenture or so purchased may be held or resold or, at the Company or any of its Affiliates’ discretion, surrendered to the Trustee for cancellation. 

Section 3.09 Offer to Purchase by Application of Net Cash Proceeds. 

In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an Asset Sale Offer, it will follow the
procedures specified below. 
 To the extent there exist remaining Net Cash Proceeds, pursuant to Section 4.10 hereof, the
Company shall purchase pursuant to an Asset Sale Offer from all tendering Holders on a pro rata basis (with such adjustments made so that no Notes will be purchased in an unauthorized denomination), and, at the Company’s option, on a
pro rata basis with the Holders of any other Senior Indebtedness with similar provisions requiring the Company to offer to purchase the other Senior Indebtedness with the proceeds of Asset Sales, that principal amount (or accreted value in
the case of Indebtedness issued with original issue discount) of Notes and the other Senior Indebtedness to be purchased equal to such Net Cash Proceeds. The purchase date shall be no earlier than 30 days nor later than 60 days from the date notice
of such Asset Sale Offer is mailed, other than as may be required by law (the “Asset Sale Offer Payment Date”). 
 If the Asset Sale Offer Payment Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest will be paid to the Person in whose name a
Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 
 Within 30 days following an Asset Sale Offer, the Company shall send, electronically or by first class mail, a notice to the Holders, with a copy to the Trustee. The notice shall contain all instructions
and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer, including the Asset Sale Offer Payment Date. The notice, which will govern the terms of the Asset Sale Offer, shall state: 

(1) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the
length of time the Asset Sale Offer will remain open; 
 (2) the remaining Net Cash Proceeds, Asset Sale Offer
Amount and the Asset Sale Offer Payment Date; 
 (3) that any Note not tendered or accepted for payment will
continue to accrue interest; 
 (4) that, unless the Company defaults in making such payment, any Note accepted
for payment pursuant to the Asset Sale Offer will cease to accrue interest after the Asset Sale Offer Payment Date; 
 (5) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in whole or in part in integral multiples of U.S.$1,000 only in exchange for cash,
provided that the principal amount of such tendering Holder’s Note shall not be less than U.S.$200,000; 
 (6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to
the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Asset Sale Offer Payment Date; 

(7) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the
case may be, receives a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have
such Note purchased; 

  
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 (8) that, if the aggregate principal amount of Notes and other pari
passu Senior Indebtedness surrendered by holders thereof exceeds the amount of remaining Net Cash Proceeds, the Company will select the Notes and other pari passu Senior Indebtedness to be purchased on a pro rata basis based on
amounts tendered as set forth above (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of U.S.$1,000, or integral multiples thereof, will be purchased, provided that the principal amount of
such tendering Holder’s Note shall not be less than U.S.$200,000); and 
 (9) that Holders whose Notes were
purchased only in part shall be issued new Notes equal in principal amount to the portion thereof not purchased upon cancellation of the original Notes (or appropriate adjustments to the amount and beneficial interests in Global Notes, as
appropriate) 
 On or before the Asset Sale Offer Payment Date, the Company will, to the extent lawful, accept for payment, on a
pro rata basis to the extent necessary, the Asset Sale Offer Amount of Notes or portions thereof properly tendered and not withdrawn pursuant to the Asset Sale Offer, or if less than the Asset Sale Offer Amount has been tendered, all Notes
properly tendered and not withdrawn, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased
by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary, the Trustee or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Asset Sale Offer Payment Date)
mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon receipt of an
Authentication Order from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so
accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Asset Sale Offer Payment Date. By the close of business on the Business Day prior to
the Asset Sale Offer Payment Date, the Company shall deposit with the Trustee or with the Paying Agent funds in an amount equal to the Asset Sale Offer Amount in respect of all Notes or portions thereof so tendered and not withdrawn. 

Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to
the provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE 4 

COVENANTS 

Section 4.01 Payment of Notes. 
 The Company will 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. The Subsidiary Guarantor(s) will pay or cause
to be paid any amounts owed by it under its Guarantee in accordance with the terms of the Notes and this Indenture. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company or a
Subsidiary thereof, holds at or before the close of business one Business Day prior to the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due. 
 Section 4.02 Maintenance of Office or Agency. 

The Company will maintain an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee, Registrar or
co-registrar) required under Section 2.03 hereof, where Notes may be surrendered for registration of transfer or for exchange. If such office or agency is other than an office of the Trustee or an Affiliate of the Trustee, the Company will give
prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof,
such presentations and surrenders, may be made or served at the Corporate Trust Office of the Trustee. 

  
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 The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency of which the Company is aware. 
 The Company hereby designates the Corporate Trust
Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03 hereof. 

Section 4.03 Reports. 
 So long as any Notes remain outstanding: 
 (a) the Company will provide the
Trustee with annual consolidated financial statements audited by an internationally recognized firm of independent public accountants within 120 days after the end of the Company’s fiscal year, and, commencing with the first full quarter
after the Issue Date, unaudited quarterly financial statements (including a balance sheet, income statement and cash flow statement for the fiscal quarter then ended and the corresponding fiscal quarter from the prior year, except that the
comparison of the balance sheet will be as of the end of the previous fiscal year) within 60 days of the end of each of the first three fiscal quarters of each fiscal year. Such annual and quarterly financial statements will be prepared in
accordance with IFRS and will be in English; 
 (b) the Company will provide the Trustee copies (including English translations
of documents prepared in another language) of all public filings made with any securities exchange or securities regulatory agency or authority within thirty (30) Business Days of such filing. 

(c) the Company will make available, upon request, to any Holder and any prospective purchaser of Notes the information required pursuant
to Rule 144A(d)(4) under the Securities Act; and 
 (d) if the Company files the reports described above with the U.S.
Securities and Exchange Commission or makes such reports available on its website, it will be deemed to have satisfied the reporting requirement set forth in such applicable clause. 

Section 4.04 Compliance Certificate. 
 (a) The Company shall deliver to the Trustee, within 135 days after the end of each fiscal year, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company has complied with its obligations under this Indenture, and further stating, as to such Officer signing such
certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions
and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect
thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a
description of the event and what action the Company is taking or proposes to take with respect thereto. 
 (b) So long as any
of the Notes are outstanding, the Company shall deliver to the Trustee upon becoming aware of any Default or Event of Default, as promptly as practicable (and in any event within 5 Business Days) written notice of any event that constitutes a
Default or Event of Default, its status and what action the Company is taking or proposes to take in respect thereof. 

Section 4.05 Taxes. 
 The Company shall pay, and will cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith
and by appropriate negotiations or 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 4.06 Stay, Extension and Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law has been enacted. 
 Section 4.07 Restricted
Payments. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, take
any of the following actions (each, a “Restricted Payment”): 
 (a) declare or pay any dividend
or make any distribution or return of capital on or in respect of shares of Capital Stock of the Company or any Restricted Subsidiary to holders of such Capital Stock, other than: 

(ii) dividends or distributions payable in Qualified Capital Stock of the Company, 

(ii) dividends, distributions or returns of capital payable to the Company and/or a Restricted Subsidiary (other than a
Project Finance Subsidiary, except to the extent that the dividend, distribution or return of capital is made by a Project Finance Subsidiary to another Project Finance Subsidiary), or 

(iii) dividends, distributions or returns of capital made on a pro rata basis to the Company and its Restricted
Subsidiaries (other than a Project Finance Subsidiary, except to the extent that the dividend, distribution or return on of capital is made by a Project Finance Subsidiary to another Project Finance Subsidiary), on the one hand, and the other
holders of Capital Stock of such Restricted Subsidiary, on the other hand (or on a less than pro rata basis to any minority holder); 
 (b) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company except for Capital Stock held by the Company or a Restricted Subsidiary (other than a Project Finance
Subsidiary, except to the extent that the purchase, redemption, acquisition or retirement is made by a Project Finance Subsidiary from another Project Finance Subsidiary): 
 (c) make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund
payment, as the case may be, any Subordinated Indebtedness of a Credit Party except (i) a payment of interest, (ii) a repayment, redemption, repurchase, defeasance or acquisition or retirement in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case, due within one year of the date of such repurchase, defeasance or acquisition or retirement and (iii) Subordinated Indebtedness permitted to be Incurred under clause (e) of
the definition of “Permitted Indebtedness”; or 
 (d) make any Restricted Investment; 

if immediately after giving effect thereto: 
 (1) a Default (other than a Technical Default) or an Event of Default shall have occurred and be continuing; 
 (2) the Company is not able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to clause (a) of Section 4.09 hereof, or 

  
 43 

 (3) the aggregate amount (the amount expended for these purposes, if other
than in cash, being the Fair Market Value of the relevant property) of the proposed Restricted Payment and all other Restricted Payments made subsequent to the Issue Date up to the date thereof shall exceed the sum of: 

(A) 50% of cumulative Consolidated Net Income of the Company (or, if Consolidated Net Income shall be a deficit, minus
100% of such deficit) accrued on a cumulative basis during the period, treated as one accounting period, beginning on July 1, 2012 to the end of the most recent fiscal quarter for which financial statements of the Company have been provided to
the Trustee pursuant to this Indenture; plus 
 (B) 100% of the aggregate net cash proceeds and the Fair
Market Value of property other than cash received by the Company from any Person from any: 
 (1)(i)
contribution to the equity capital of the Company not representing an interest in Disqualified Capital Stock and (ii) issuance and sale of Qualified Capital Stock of the Company subsequent to July 1, 2012, or 

(2) issuance and sale subsequent to July 1, 2012 (and, in the case of Indebtedness of a Restricted Subsidiary, at
such time as it was a Restricted Subsidiary) of any Indebtedness included in clauses (1), (2), (3), (4), (5) and (9) of the definition thereof of the Company or any Restricted Subsidiary (other than a Project Finance Subsidiary) that
has been converted into or exchanged for Qualified Capital Stock of the Company; 
 excluding, in each case, any net cash
proceeds: 
 (w) received from a Restricted Subsidiary of the Company; 

(x) applied in accordance with clause (2) of the second paragraph of this Section 4.07; or 

(z) used to acquire Capital Stock or other assets from an Affiliate (other than a Restricted Subsidiary) of the Company;
plus 
 (C) to the extent that any Restricted Investment is sold for cash or otherwise liquidated or repaid for
cash or Designated as a Restricted Subsidiary, the cash proceeds with respect to such Restricted Investment (less the cost of disposition, if any) in the case of any sale, liquidation or repayment and the Fair Market Value of the Company’s
Restricted Investments as of the date of Designation in the case of any Designation; provided, that if such Restricted Investment was made prior to the Issue Date, such amount shall not be included in determining if the Company can make a
Restricted Payment provided for in clauses (a), (b) and (c) of the first paragraph of this Section 4.07; plus 
 (D) to the extent that: 
 (1) any Unrestricted Subsidiary of the
Company Designated as such on or after the Issue Date is redesignated as a Restricted Subsidiary and not as a Project Finance Subsidiary, the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation;
and 
 (2) any Project Finance Subsidiary of the Company Designated as such on or after the Issue Date has such
Designation revoked and such Project Finance Subsidiary remains a Restricted Subsidiary after the Issue Date, the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such revocation; plus 

  
 44 

 (E) to the extent that the Company or a Restricted Subsidiary terminates
all or any part of any commitment to make an Investment that was previously accounted for as a Restricted Payment under clause (7) of the next succeeding paragraph, the amount of the terminated commitment; plus 

(F) to the extent not included above under this clause, 100% of any dividends, distributions or cash received by the
Company or any of its Restricted Subsidiaries from an Unrestricted Subsidiary, Project Finance Subsidiary or any Person in which the Company or a Restricted Subsidiary owns a minority interest. 

Notwithstanding the preceding paragraph, this Section 4.07 does not prohibit: 

(1) the payment of any dividend or other distribution or redemption within 60 days after the date of declaration of such
dividend or call for redemption if such payment would have been permitted on the date of declaration or call for redemption pursuant to the preceding paragraph; 

(2) any Restricted Payment either (i) in exchange for Qualified Capital Stock of the Company or (ii) through
the application of the net cash proceeds received by the Company from (x) a substantially concurrent sale of Qualified Capital Stock of the Company or (y) a contribution to the Capital Stock of the Company not representing an interest in
Disqualified Capital Stock, in each case, not received from a Restricted Subsidiary of the Company; provided that the value of any such Qualified Capital Stock issued in exchange for such acquired Capital Stock and any such net cash proceeds
will be excluded from clause (3)(B) of the first paragraph of this Section 4.07 (and were not included therein at any time); 
 (3) the voluntary prepayment, purchase, defeasance, redemption or other acquisition or retirement for value of any Subordinated Indebtedness solely in exchange for, or through the application of net cash
proceeds of a substantially concurrent sale, other than to a Restricted Subsidiary of the Company, of Refinancing Indebtedness for such Subordinated Indebtedness; 

(4) repurchases of Capital Stock deemed to occur upon exercise of stock options, warrants or other similar rights if such
Capital Stock represents a portion of the exercise price of such options, warrants or other similar rights or nominal cash payments in lieu of issuances of fractional shares; 

(5) the payment of dividends, distributions or other amounts to fund the repurchase, redemption or other acquisition or
retirement for value of any of the Company’s Capital Stock or any Capital Stock of any of its Restricted Subsidiaries held by any then-existing or former director, officer, employee, of the Company, its direct or indirect parent or any of its
Restricted Subsidiaries or their respective assigns, estates or heirs; provided, however, that the price paid for all repurchased, redeemed, acquired or retired Capital Stock, other than as a result of death or disability, does not exceed U.S.$5.0
million in the aggregate in any fiscal year (with unused amounts in any fiscal year being carried over to succeeding fiscal years subject to a maximum payment (without giving effect to the following proviso) of U.S.$10.0 million in any calendar
year); provided, further, that the amounts in any fiscal year may be increased by an amount not to exceed: (A) the cash proceeds received by the Company from the sale of Capital Stock of the Company to any present or former employees,
directors, officers or consultants (or their respective permitted transferees) of the Company or any of its Restricted Subsidiaries following the Issue Date; plus (B) the cash proceeds of “key man” life insurance policies received by
the Company or any of its Restricted Subsidiaries since the Issue Date; 
 (6) the payment at any time of all or
any part of a Restricted Investment made pursuant to a commitment to make the Restricted Investment; provided, that at the time of entering into such commitment to make the Restricted Investment (i) the entire amount of such
commitment was permitted to be made as a Restricted Payment under this Indenture as if the entire amount was made on the date of such commitment and (ii) the entire amount of such commitment is included in the calculation required under clause
(3) of the first paragraph above; 

  
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 (7) repurchases of Subordinated Indebtedness at a purchase price not greater
than (a) 101% of the principal amount or accreted value, as applicable, of such Subordinated Indebtedness and accrued and unpaid interest thereon in the event of a Change of Control or (b) 100% of the principal amount or accreted value, as
applicable, of such Subordinated Indebtedness and accrued and unpaid interest thereon in the event of an Asset Sale, in connection with any Change of Control Offer or Asset Sale Offer required by the terms of such Subordinated Indebtedness, but only
if: (i) in the case of a Change of Control, the Company has first complied with and fully satisfied its obligations under Section 4.15 hereof; or (ii) in the case of an Asset Sale, the Company has first complied with and fully
satisfied its obligations under Section 4.10 hereof; and 
 (8) payments of dividends on Disqualified
Capital Stock issued pursuant to Section 4.09; 
 (9) Restricted Payments made with the Capital Stock of an
Unrestricted Subsidiary; and 
 (10) Restricted Payments in an amount which, when taken together with all
Restricted Payments made pursuant to this clause (10), does not exceed U.S.$10.0 million (or the equivalent in other currencies). 
 In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date, only amounts expended pursuant to clauses (1) (without duplication for the declaration of the relevant
dividend), (5) and (6) (without duplication of the original commitment) above shall be included in the calculation required by clause (3) of the first paragraph above. 

The amount of any Restricted Payments not in cash will be the Fair Market Value on the date of such Restricted Payment of the property,
assets or securities proposed to be paid, transferred or issued by the Company or the relevant Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. 
 Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 
 (a) Except as provided in paragraph (b) below, the Company will not, and will not cause or permit any of its Restricted Subsidiaries to create or otherwise cause or permit to exist or become
effective any encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or
make any other distributions on or in respect of its Capital Stock to the Company or any other Restricted Subsidiary or pay any Indebtedness owed to the Company or any other Restricted Subsidiary; 

(2) make loans or advances to the Company or any other Restricted Subsidiary (it being understood that the subordination
of loans or advances made to the Company or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances); or 

(3) transfer any of its property or assets to the Company or any other Restricted Subsidiary. 

(b) Paragraph (a) above will not apply to encumbrances or restrictions existing under or by reason of: 

(1) applicable law, rule, regulation or order (including, without limitation, (i) by any national stock exchange on
which any Restricted Subsidiary has its Capital Stock listed and (ii) pursuant to any fiduciary obligations imposed by law); 
 (2) this Indenture, the Notes, the Note Guarantees or the Interest Reserve Account Pledge Agreement; 
 (3) the terms of any Indebtedness or other agreement existing on the Issue Date and any extensions, renewals, replacements, amendments or refinancings thereof; provided, that such extension,
renewal, replacement, amendment or refinancing is not, taken as a whole, materially more restrictive with respect to such encumbrances or restrictions than those in existence on the Issue Date; 

  
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 (4) customary non-assignment provisions in contracts, agreements, leases,
permits and licenses; 
 (5) restrictions with respect to a Restricted Subsidiary of the Company imposed
pursuant to a binding agreement which has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary; provided, that such restrictions apply solely to the Capital
Stock or assets of such Restricted Subsidiary being sold; 
 (6) customary restrictions imposed on the transfer
of copyrighted or patented materials; 
 (7) Purchase Money Indebtedness and Capitalized Lease Obligations for
assets acquired in the ordinary course of business that impose encumbrances and restrictions only on the assets so acquired or subject to lease; 
 (8) customary provisions restricting the ability of any Restricted Subsidiary to undertake any action described in Section 4.08(a) in a joint venture or other similar agreement that was entered into
in the ordinary course of business; 
 (9) any agreement governing Acquired Indebtedness, which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 

(10) restrictions on the transfer of assets subject to any Permitted Lien; 

(11) restrictions on cash or other deposits or net worth imposed by customers under contracts or other arrangements
entered into or agreed to in the ordinary course of business; 
 (12) the terms of any Indebtedness or other
agreements of any Project Finance Subsidiary; 
 (13) with respect to any agreement governing Indebtedness of
any Restricted Subsidiary that is permitted to be Incurred in accordance with Section 4.09 hereof and any extensions, renewals, replacements, amendments or refinancings thereof; provided that (i) the encumbrance or restriction is
not materially disadvantageous to the Holders of the Notes than is customary in comparable financings at such time and (ii) the Company determines that on the date of the Incurrence of such Indebtedness, that such encumbrance or restriction
would not be expected to materially impair the Company’s ability to make principal or interest payments on the Notes; provided, further, that such extension, renewal, replacement, amendment or refinancing is not, taken as a whole,
materially more restrictive with respect to such encumbrances or restrictions than those in existence in such agreement being extended, renewed, amended or refinanced; and 

(14) Refinancing Indebtedness; provided, that the restrictions contained in the agreements governing such
Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being Refinanced. 
 Section 4.09 Incurrence of Additional Indebtedness. 
 (a) The Company
will not, and will not permit any of its Restricted Subsidiaries to Incur any Indebtedness, except that the Company and any Restricted Subsidiary may Incur Indebtedness if immediately after giving pro forma effect to the Incurrence thereof and the
application of the proceeds therefrom: 

  
 47 

 (1) with respect to Indebtedness Incurred by the Company or any Intermediate
Holding Company, (i) the Credit Parties’ Unconsolidated Interest Coverage Ratio is equal to or greater than 2.0 to 1.0 and (ii) the Company’s Consolidated Net Leverage Ratio is equal to or less than (i) 5.25 to 1.0 if such
Incurrence occurs after the Issue Date and on or prior to December 31, 2013, (ii) 4.75 to 1.0 if such Incurrence occurs on or after January 1, 2014 and on or prior to December 31, 2015, and (iii) 3.75 to 1.0 if such
Incurrence occurs on or after January 1, 2016; and 
 (2) with respect to Indebtedness Incurred by a
Restricted Subsidiary that is not an Intermediate Holding Company, the Company’s Consolidated Net Leverage Ratio is equal to or less than (i) 5.25 to 1.0 if such Incurrence occurs after the Issue Date and on or prior to December 31,
2013, (ii) 4.75 to 1.0 if such Incurrence occurs on or after January 1, 2014 and on or prior to December 31, 2015, and (iii) 3.75 to 1.0 if such Incurrence occurs on or after January 1, 2016. 

The foregoing restrictions on the Incurrence of Indebtedness shall not be applicable with respect to any Project Finance Subsidiary.

 (b) Notwithstanding clause (a) above, the Company and its Restricted Subsidiaries, as applicable, may Incur the
following Indebtedness (“Permitted Indebtedness”): 
 (1) Indebtedness in respect of the Notes
and the Note Guarantees, excluding Additional Notes and guarantees thereof; 
 (2) Indebtedness of the Company
and its Restricted Subsidiaries outstanding on the Issue Date; 
 (3) Guarantees by any Restricted Subsidiary of
Indebtedness of the Company or any Restricted Subsidiary (other than a Project Finance Subsidiary) permitted under this Indenture provided, that if any such Guarantee is of Subordinated Indebtedness, then the Guarantee of such Subordinated
Indebtedness shall be subordinated to the Notes or the Note Guarantees, as applicable; 
 (4) Hedging
Obligations entered into by the Company and its Restricted Subsidiaries not for speculative purposes; 
 (5)
intercompany Indebtedness between the Company and any Restricted Subsidiary (other than a Project Finance Subsidiary) or between any Restricted Subsidiaries (other than a Project Finance Subsidiary); provided that: 

(A) if the Company or any Subsidiary Guarantor is the Obligor and the obligee is a Restricted Subsidiary that is not a
Subsidiary Guarantor, such Indebtedness must be (i) unsecured and (ii) expressly subordinated to the prior payment in full of all obligations under the Notes or the Note Guarantees, as applicable, and the Indenture, and 

(B) in the event that at any time any such Indebtedness ceases to be held by the Company or a Restricted Subsidiary,
such Indebtedness shall be deemed to be Incurred by the Company or the applicable Restricted Subsidiary, as the case may be, and not permitted by this clause (5) at the time such event occurs; 

(6) Indebtedness of the Company or any of its Restricted Subsidiaries 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 (including daylight overdrafts paid in full by the close of business on the day such overdraft was Incurred);
provided, that such Indebtedness is extinguished within five Business Days of Incurrence; 
 (7)
Indebtedness of the Company or any of its Restricted Subsidiaries in respect of performance bonds, bankers’ acceptances, workers’ compensation claims, bid, surety or appeal bonds, payment obligations in connection with, insurance premiums
or similar obligations, security deposits and bank overdrafts (and letters of credit in connection with, in lieu of or in respect of each of the foregoing); 

  
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 (8) Refinancing Indebtedness in respect of: 

(A) Indebtedness Incurred pursuant to clause (a) above; or 

(B) Indebtedness Incurred pursuant to clause (1), (2), (8) and (14) hereof; 

(9) Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar
obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company or any Restricted Subsidiary pursuant to such agreements, in any case Incurred in connection with the disposition of any
business, assets or Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition), so long as the amount does not exceed
the gross proceeds (including non-cash proceeds) actually received by the Company or any Restricted Subsidiary thereof in connection with such disposition; 
 (10) Indebtedness constituting reimbursement obligations in respect of trade or performance letters of credit entered into in the ordinary course of business; 

(11) Indebtedness in the form of (i) equity contribution commitments (which may be in the form of intercompany
loans) to a Project Finance Subsidiary to the extent that such equity contribution commitment is or would be permitted under Section 4.07 if treated as an Investment and (ii) Performance/Pre-Completion Guarantees to shipyards to the extent
that such Performance/Pre-Completion Guarantees are permitted under Section 4.07 pursuant to clause (15) of the definition of “Permitted Investments”; 

(12) Indebtedness to the extent that the net proceeds thereof are promptly deposited to defease or to satisfy and
discharge the Notes in accordance with this Indenture; 
 (13) Debt of the Company or any Restricted Subsidiary
Incurred through the provision of bonds, guarantees, letters of credit or similar instruments required by any maritime commission or authority or other governmental or regulatory agencies, including, without limitation, customs authorities; in each
case, for vessels owned or chartered by, and in the ordinary course of business of, the Company or any of its Restricted Subsidiaries at any time outstanding not to exceed the amount required by such governmental or regulatory authority; 

(14) Acquired Indebtedness; provided, that on the date that such transaction is consummated, after giving effect to the
Incurrence of such Indebtedness pursuant to this clause, (i) if with respect to Acquired Indebtedness of any Restricted Subsidiary that is not an Intermediate Holding Company, either (A) such Restricted Subsidiary would have been able to
Incur U.S.$1.00 of additional Indebtedness pursuant to clause (a) above or (B) the Company would have a Consolidated Net Leverage Ratio that is equal to or less than the Company’s Consolidated Net Leverage Ratio immediately prior to
such transaction or (ii) if with respect to Acquired Indebtedness of the Company or any Intermediate Holding Company, either (A) the Company would have been able to Incur U.S.$1.00 of additional Indebtedness pursuant to clause
(a) above or (B) the Credit Parties would have an Unconsolidated Interest Coverage Ratio that is equal to or greater than the Credit Parties’ Unconsolidated Interest Coverage Ratio and the Company would have a Consolidated Net
Leverage Ratio that is equal to or less than the Company’s Consolidated Net Leverage Ratio, in each case, immediately prior to such transaction; 
 (15) Debt of the Company or any Restricted Subsidiary, including but not limited to obligations under Capital Leases, mortgage financings or purchase money obligations, Incurred for the purpose of
financing (whether prior to or within 365 days after) all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment or other assets (including any Indebtedness deemed to be
incurred in connection with such purchase), whether through direct purchase of or the Capital Stock of any Person owning such property, plant or equipment or other assets, or Incurred to refinance any such purchase price or cost of construction or
improvement, and refinancings thereof, in an aggregate principal amount not to exceed at any one time outstanding the greater of (i) U.S.$25.0 million and (ii) 1.0% of the Company’s Consolidated Net Tangible Assets; and 

  
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 (16) in addition to Indebtedness referred to in clauses (1) through
(15) above, Indebtedness of the Company or any Restricted Subsidiary, including any refinancing thereof, in an aggregate principal amount not to exceed U.S.$250.0 million. 

(c) The Company will not and will not cause or permit any Subsidiary Guarantor to Incur any Indebtedness that is contractually
subordinate in right of payment to any other Indebtedness, unless such Indebtedness is expressly subordinate in right of payment to the Notes and the applicable Note Guarantee to the same extent and on the same terms as such Indebtedness is
subordinate to such other Indebtedness; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness solely by virtue of being unsecured or by virtue of being
secured on a first or junior Lien basis. 
 (d) For purposes of determining compliance with, and the outstanding principal
amount of, any particular Indebtedness Incurred pursuant to and in compliance with this Section 4.09: 

(1) the outstanding principal amount of any item of Indebtedness will be counted only once (without duplication for
guarantees or otherwise); 
 (2) in the event that an item of Indebtedness meets the criteria of more than one
of the categories of Permitted Indebtedness described in clauses (1) through (16) above, the Company may, in its sole discretion, divide and classify (or at any time reclassify) such item of Indebtedness in any manner that complies with
this Section 4.09; 
 (3) the amount of Indebtedness Incurred by a Person on the Incurrence date thereof
shall equal the amount recognized as a liability on the balance sheet of such Person in accordance with IFRS and the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of liability in
respect thereof determined in accordance with IFRS. Accrual of interest, the accretion or amortization of original issue discount, the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the
payment of regularly scheduled dividends on Disqualified Capital Stock in the form of additional Disqualified Capital Stock with the same terms (unless such payment is capitalized interest of a Project Finance Subsidiary that is guaranteed by the
Company or any Restricted Subsidiary (other than a Project Finance Subsidiary) and such guaranteed capitalized interest is not included in the calculation of Unconsolidated Interest Expense, in which case such amount shall be deemed an Incurrence of
Indebtedness) will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.09; provided that any such outstanding additional Indebtedness or Disqualified Capital Stock paid in respect of Indebtedness Incurred
pursuant to any provision of clauses (a) or (b) of this Section 4.09 will be counted as Indebtedness outstanding for purposes of any future Incurrence under Section 4.09(a); and 

(4) with respect to any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the
case of revolving credit Indebtedness; provided, that if such Indebtedness is incurred to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing would cause the applicable U.S. dollar-denominated restriction to
be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing
Indebtedness does not exceed the principal amount of such Indebtedness being Refinanced. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company may incur pursuant to this Section 4.09
shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to Refinance other Indebtedness, if incurred in a different currency from the Indebtedness
being Refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such Refinancing. 

  
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 Section 4.10 Asset Sales. 

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

(a) the Company or a 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 sold or otherwise disposed of, and 
 (b) at least 75% of the consideration received for the
assets sold by the Company or the Restricted Subsidiary, as the case may be, in the Asset Sale shall be in the form of (1) cash or Cash Equivalents, (2) assets (other than current assets as determined in accordance with IFRS or Capital
Stock) to be used by the Company or any Restricted Subsidiary in a Permitted Business, (3) Capital Stock in a Person engaged primarily in a Permitted Business that will become a Restricted Subsidiary as a result of such Asset Sale,
(4) Indebtedness assumed pursuant to a customary novation agreement (5) to the extent not otherwise included in (4), the Fair Market Value of the discharge of any Lien granted by the Company or any Restricted Subsidiary in connection with
the Asset Sale or (6) a combination of any of the foregoing. 
 The Company and one or more Restricted Subsidiaries,
as the case may be, may apply within 365 days of any Asset Sale an amount equal to the Net Cash Proceeds from any such Asset Sale to: 
 (a) repay any Senior Indebtedness of the Company or a Restricted Subsidiary (other than a Project Finance Subsidiary unless the Asset Sale was made by a Project Finance Subsidiary) for borrowed money
(including any such Indebtedness represented by bonds, notes, debentures or other similar instruments)or constituting a Capitalized Lease Obligation, or 
 (b) purchase or enter into a binding contract to purchase (or within such 365-day period, the Board of Directors shall have made a good faith determination to purchase; provided, that the Company
or one or more Restricted Subsidiaries shall have purchased or entered into a binding contract to purchase within 60 days of such good faith determination to purchase): 

(1) assets (other than current assets as determined in accordance with IFRS or Capital Stock) to be used by the Company
or any Restricted Subsidiary (other than a Project Finance Subsidiary unless the Asset Sale was made by a Project Finance Subsidiary) in a Permitted Business, or 

(2) Capital Stock of a Person engaged in a Permitted Business that will become, upon purchase, a Restricted Subsidiary
(other than a Project Finance Subsidiary unless the Asset Sale was made by a Project Finance Subsidiary); 
 from a Person other than the
Company and its Restricted Subsidiaries; or 
 (c) to make Capital Expenditures. 

Notwithstanding the foregoing, if an Asset Sale is the result of an involuntary expropriation, nationalization, taking or similar action
by or on behalf of any Governmental Authority, such Asset Sale need not comply with clauses (a) and (b) of the first paragraph of this covenant. In addition, the proceeds of any such Asset Sale shall not be deemed to have been received
(and the 365-day period in which to apply any Net Cash Proceeds shall not begin to run) until the proceeds to be paid by or on behalf of the Governmental Authority have been paid in cash to the Company or the Restricted Subsidiary making such Asset
Sale and if any litigation, arbitration or other action is brought contesting the validity of or any other matter relating to any such expropriation, nationalization, taking or other similar action, including the amount of the compensation to be
paid in respect thereof, until such litigation, arbitration or other action is finally settled or a final judgment or award has been entered and any such judgment or award has been collected in full. 

  
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 For the purpose of this Section 4.10, any securities, notes or other obligations
received by the Company or any such Restricted Subsidiary from such transferee will be deemed to be cash to the extent, and in the amount, that they are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 90
days of the receipt thereof (subject to ordinary settlement periods). The Fair Market Value of the discharge of any Lien in connection with a foreclosure will be deemed to be the price received in connection with such foreclosure. 

To the extent there are any remaining Net Cash Proceeds that have not been applied as described in clauses (a) , (b) and
(c) of the third preceding paragraph 365 days after the Asset Sale, the Company will make an offer to purchase Notes (an “Asset Sale Offer”), at a purchase price equal to 100% of the principal amount of the Notes to be
purchased, plus accrued and unpaid interest to, but excluding, the date of purchase (the “Asset Sale Offer Amount”). The Company shall purchase pursuant to an Asset Sale Offer from all tendering Holders on a pro rata basis
and, at the Company’s option, on a pro rata basis with the Holders of any other Senior Indebtedness with similar provisions requiring the Company to offer to purchase the other Senior Indebtedness with the proceeds of Asset Sales, that
principal amount (or accreted value in the case of Indebtedness issued with original issue discount) of Notes and the other Senior Indebtedness to be purchased equal to such remaining Net Cash Proceeds. The Company may satisfy its obligations under
this covenant with respect to the remaining Net Cash Proceeds of an Asset Sale by making an Asset Sale Offer prior to the expiration of the relevant 365-day period. 
 Notwithstanding the foregoing, the Company may defer an Asset Sale Offer until there is an aggregate amount of remaining Net Cash Proceeds from one or more Asset Sales equal to or in excess of U.S.$100.0
million (or the equivalent in other currencies). At that time, the entire amount of remaining Net Cash Proceeds, and not just the amount in excess of U.S.$100.0 million (or the equivalent in other currencies), will be applied as required pursuant to
this Section 4.10. 
 Pending application in accordance with this Section 4.10, Net Cash Proceeds may be applied to
temporarily reduce revolving credit borrowings that can be reborrowed or Invested in Cash Equivalents. 

Each notice of an Asset Sale Offer shall be provided to the Holders within 30 days following such 365th day, with a copy to the Trustee, offering to purchase the Notes as
described above. Each notice of an Asset Sale Offer shall state, among other things, the purchase date, which must be no earlier than the Asset Sale Offer Payment Date. Upon receiving notice of an Asset Sale Offer, Holders may elect to tender their
Notes in whole or in part in integral multiples of U.S.$1,000 in exchange for cash; provided that the principal amount of such tendering Holder’s Note shall not be less than U.S.$200,000. 

On the Asset Sale Offer Payment Date, the Company shall, to the extent lawful: 

(1) accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Asset Sale
Offer; 
 (2) deposit with the Paying Agent funds in an amount equal to the Asset Sale Offer Amount in respect
of all Notes or portions thereof so tendered and not withdrawn; and 
 (3) deliver or cause to be delivered to
the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 

To the extent Holders of Notes and holders of other Senior Indebtedness, if any, which are the subject of an Asset Sale Offer properly
tender and do not withdraw Notes or the other Senior Indebtedness in an aggregate amount exceeding the amount of remaining Net Cash Proceeds, the Company shall purchase the Notes and the other Senior Indebtedness on a pro rata basis (based on
amounts tendered) as set forth above. If only a portion of a Note is purchased pursuant to an Asset Sale Offer, a new Note in a principal amount equal to the portion thereof not purchased shall be issued, and upon receipt of an Authentication Order
the Trustee shall authenticate in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate). 

  
 52 

 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other applicable securities laws in connection with the purchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with the provisions of Section 3.09 hereof or
this Section 4.10, the Company shall comply with these laws and regulations and shall not be deemed to have breached its obligations under Section 3.09 hereof or this Section 4.10 by virtue of such compliance. If it would be unlawful
in any jurisdiction to make an Asset Sale Offer, the Company shall not be obligated to make such offer in such jurisdiction and shall not be deemed to have breached its obligations under this Indenture by doing so. 

Upon completion of an Asset Sale Offer, the amount of remaining Net Cash Proceeds will be reset at zero. Accordingly, to the extent that
the aggregate amount of Notes and other Indebtedness tendered pursuant to an Asset Sale Offer is less than the aggregate amount of remaining Net Cash Proceeds, the Company may use any remaining Net Cash Proceeds in any manner not otherwise
prohibited by this Indenture. 
 Section 4.11 Transactions with Affiliates. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to enter into any transaction or series of related
transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) involving aggregate consideration in excess of U.S.$1.0 million (or equivalent in other currencies) with, or for the
benefit of, any of its Affiliates (each, an “Affiliate Transaction”), unless: 
 (1) the terms
of such Affiliate Transaction are no less favorable in all material respects to the Company or the applicable Restricted Subsidiary than those that could reasonably be expected to be obtained in a comparable transaction at such time on an
arm’s-length basis from a Person that is not an Affiliate of the Company; and 
 (2) in the event that such
Affiliate Transaction involves aggregate payments, or transfers of property or services with a Fair Market Value, in excess of U.S.$10.0 million (or the equivalent in other currencies), the terms of such Affiliate Transaction will be approved by a
majority of the members of the Board of Directors of the Company (including a majority of the disinterested members thereof, but only to the extent there are disinterested members with respect to such Affiliate Transaction), the approval to be
evidenced by a Board Resolution stating that the Board of Directors has determined that such transaction complies with the preceding provisions. 
 (b) Section 4.11(a) above will not apply to: 
 (1) Affiliate
Transactions with or among the Company and any Restricted Subsidiary or between or among Restricted Subsidiaries (other than a Project Finance Subsidiary) and Affiliate Transactions between or among a Project Finance Subsidiary and any other Project
Finance Subsidiary; 
 (2) reasonable fees and compensation paid to, and any indemnity provided on behalf of
(and entering into related agreements with), officers, directors, employees, consultants or agents of the Company or any Restricted Subsidiary as determined in good faith by the Company’s Board of Directors or senior management; 

(3) any issuance or sale of Capital Stock of the Company; 

(4) Affiliate Transactions undertaken pursuant to (i) any contractual obligations or rights in existence on the
Issue Date and described in the Offering Memorandum, (ii) any contractual obligation of any Restricted Subsidiary or any Person that is merged into the Company or any Restricted Subsidiary on the date such Person becomes a Restricted Subsidiary
or is merged into the Company or any Restricted Subsidiary and (iii) any amendment or replacement agreement to the obligations and rights described in clauses (i) and (ii), so long as such amendment or replacement agreement is not more
disadvantageous to the Holders in any material respect, taken as a whole, than the original agreement; 

  
 53 

 (5)(i) transactions with customers, clients, distributors, suppliers or
purchasers or sellers of goods or services, in each case in the ordinary course of business and on market terms, or (ii) transactions with joint ventures or other similar arrangements entered into in the ordinary course of business, on market
terms and consistent with past practice or industry norms; 
 (6) the provision of administrative services to
any joint venture, Unrestricted Subsidiary or Project Finance Subsidiary on substantially the same terms provided to or by Restricted Subsidiaries; 
 (7) any Restricted Payments made in compliance with Section 4.07 hereof and Permitted Investments permitted under this Indenture; and 

(8) loans and advances to officers, directors and employees of the Company or any Restricted Subsidiary for travel,
moving and other relocation expenses, in each case made in the ordinary course of business and not exceeding U.S.$10.0 million outstanding at any one time. 
 Section 4.12 Liens. 
 The Company covenants and agrees that it will
not and will not cause or permit any Restricted Subsidiary (other than any Project Finance Subsidiary) to Incur any Liens to secure any Indebtedness (except for Permitted Liens) against or upon any of their properties or assets (other than any
Capital Stock of a Project Finance Subsidiary) whether owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, unless contemporaneously therewith effective provision is made to secure the Notes and all other amounts due
under this Indenture equally and ratably with such Indebtedness or other obligation (or, in the event that such Indebtedness is subordinated in right of payment to the Notes, as the case may be, prior to such Indebtedness or other obligation) with a
Lien on the same properties and assets securing such Indebtedness or other obligation for so long as such Indebtedness or other obligation is secured by such Lien. 
 Section 4.13 Conduct of Business. 
 The Company and its Restricted
Subsidiaries shall not engage in any business other than a Permitted Business. 
 Section 4.14 Corporate Existence.

 Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force
and effect: 
 (1) its corporate existence, and the corporate, partnership or other existence of each of its
Significant Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Significant Subsidiary; and 

(2) the material rights (charter and statutory), licenses and franchises of the Company and its Significant Subsidiaries;
provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Significant Subsidiaries, if the Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes.

 Section 4.15 Offer to Repurchase Upon Change of Control. 

(a) Upon the occurrence of a Change of Control Triggering Event, each Holder will have the right to require that the Company purchase all
or a portion (in integral multiples of U.S.$1,000; provided, that the remaining principal amount of such Holder’s Note will not be less than U.S.$200,000) of the Holder’s Notes at a purchase price equal to 101% of the principal
amount thereof, plus accrued and unpaid interest thereon to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the

  
 54 

 
relevant interest payment date) (the “Change of Control Payment”). Within 30 days following the date upon which a Change of Control Triggering Event occurs, the Company must
send, by electronic or first-class mail, a notice to each Holder, with a copy to the Trustee, offering to purchase the Notes as described above (a “Change of Control Offer”). The Change of Control Offer shall state: 

(1) that the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes tendered will be
accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no earlier than 30 days
and no later than 60 days from the date such notice is mailed, except as may be required by law (the “Change of Control Payment Date”); 
 (3) that any Note not tendered will continue to accrue interest; 

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

(5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender
the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed (or with appropriate adjustments to the amount and beneficial interests in a Global Note, as appropriate), to the Paying Agent at the
address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a
telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered in integral multiples of U.S.$1,000, provided that the principal amount of such Holder’s Note will not be less than U.S.$200,000. 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the
provisions of this Section 4.15, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.15 by virtue of such compliance. If it would be
unlawful in any jurisdiction to make a Change of Control Offer, the Company will not be obligated to make such offer in such jurisdiction and will not be deemed to have breached its obligations under this Indenture by doing so. 

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

(1) accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of
Control Offer; 
 (2) deposit with the Paying Agent funds in an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof so tendered and not withdrawn; and 
 (3) deliver or cause to be
delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 

  
 55 

 If only a portion of a Note is purchased pursuant to a Change of Control Offer, a new Note
in a principal amount equal to the portion thereof not purchased will be issued, and upon receipt of an Authentication Order the Trustee shall authenticate in the name of the Holder thereof upon cancellation of the original Note (or appropriate
adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate); provided, that the remaining principal amount of such Holder’s Note will not be less than U.S.$200,000 and will be in integral multiples
of U.S.$1,000 in excess thereof. 
 (c) The Company is only required to make a Change of Control Offer in the event that a
Change of Control results in a Ratings Event. Consequently, if a Change of Control were to occur which does not result in a Ratings Event, the Company would not be required to offer to repurchase the Notes. In addition, notwithstanding anything to
the contrary in this Section 4.15, the Company will not be required to make a Change of Control Offer if (1) a third party makes the Change of Control Offer in a manner, at the times and otherwise in compliance with the requirements set
forth in this Section 4.15 and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer, or (2) notice of redemption for all outstanding Notes has been given pursuant to Section 3.03 hereof unless and
until there is a default in payment of the applicable redemption price. 
 Notwithstanding anything to the contrary contained
herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control and/or a Ratings Event, if a definitive agreement is in place for the Change of Control at the time the
Change of Control Offer is made. 
 In the event that the Holders of not less than 95% of the aggregate principal amount of the
outstanding Notes accept an Change of Control Offer and the Company or a third party purchases all the Notes held by such Holders, the Company will have the right, on not less than 30 nor more than 60 days’ prior notice, given not more than 30
days following the purchase pursuant to the Change of Control Offer described above, to redeem all of the Notes that remain outstanding following such purchase at the purchase price equal to that in the Change of Control Offer plus, to the extent
not included in the Change of Control Offer payment, accrued and unpaid interest and additional amounts, if any, on the Notes that remain outstanding, to the date of redemption. 

The obligation of the Company to make a Change of Control Offer may be waived or modified at any time prior to the occurrence of such
Change of Control with the written consent of Holders of a majority in principal amount of the Notes. 
 Section 4.16
Designation of Unrestricted Subsidiaries and Project Finance Subsidiaries. 
 The Company may designate after the Issue
Date any Subsidiary of the Company or any Subsidiary thereof as an “Unrestricted Subsidiary” or a “Project Finance Subsidiary” under this Indenture (a “Designation”) only if: 

(1) no Default (other than a Technical Default) or Event of Default shall have occurred and be continuing at the time of,
or after giving effect to, such Designation; and 
 (2) the Company would be permitted to make an Investment at
the time of Designation (assuming the effectiveness of such Designation and treating such Designation as an Investment at the time of Designation) as a Restricted Payment pursuant to (i) in the case of a Designation of an Unrestricted
Subsidiary, the first paragraph of Section 4.07 and clauses (2), (6), (9) and (10) of the second paragraph of Section 4.07 or (ii) in the case of a Designation of a Project Finance Subsidiary, the first paragraph of
Section 4.07, clauses (2), (6), (9) and (10) of the second paragraph of Section 4.07 and the definition of “Permitted Investments” in an amount equal to the amount of the Company’s Investment in such Subsidiary on
such date (as determined in accordance with the second paragraph of the definition of “Investment”). 
 Neither the
Company nor any Restricted Subsidiary will at any time provide credit support for, subject any of its property or assets (other than the Capital Stock of any Unrestricted Subsidiary or Project Finance Subsidiary) to the satisfaction of, or
Guarantee, any Indebtedness of any Unrestricted Subsidiary or Project Finance Subsidiary (including any undertaking, agreement or instrument evidencing such Indebtedness) or be directly or indirectly liable for any Indebtedness of any Unrestricted
Subsidiary or Project Finance Subsidiary unless such credit support or Indebtedness was permitted to be Incurred as Indebtedness under Section 4.09 hereof or made as an Investment under Section 4.07 hereof. 

  
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 The Company may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary or
Project Finance Subsidiary (a “Revocation”) only if: 
 (1) no Default (other than a Technical
Default) or Event of Default shall have occurred and be continuing at the time of or after giving effect to such Revocation; and 
 (2) all Indebtedness of such Unrestricted Subsidiary or Project Finance Subsidiary, as applicable, outstanding immediately following such Revocation would, if Incurred at such time, be permitted to be
Incurred pursuant to this Indenture. 
 The Designation of a Subsidiary of the Company as an Unrestricted Subsidiary or Project
Finance Subsidiary, as applicable, shall be deemed to include the Designation of all of the Subsidiaries of such Subsidiary. All Designations and Revocations must be evidenced by an Officer’s Certificate of an Officer of the Company authorized
by the Board of Directors of the Company to designate Unrestricted Subsidiaries and Project Finance Subsidiaries; provided that such Officer’s Certificate is deemed an action of the Board of Directors. Such Officer’s Certificate
shall be delivered to the Trustee certifying compliance with the preceding provisions. 
 Section 4.17 Additional
Amounts. 
 All payments made by or on behalf of the Company, the Subsidiary Guarantors or any successor thereto (each, a
“Payor”) under, or with respect to, the Notes or the Note Guarantees will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other
governmental charge (including penalties, interest and other liabilities related thereto) (collectively, “Taxes”) imposed, levied, collected or assessed by or on behalf of (1) the Grand Duchy of Luxembourg or any political
subdivision or governmental authority thereof or therein having power to tax, (2) any jurisdiction from or through which payment on the Notes or the Note Guarantees is made by or on behalf of the Payor, or any political subdivision or
governmental authority thereof or therein having the power to tax or (3) any other jurisdiction in which a Payor is organized, resident or deemed to be doing business, or any political or governmental authority thereof or therein having the
power to tax (each jurisdiction described in clauses (1), (2) and (3), a “Relevant Taxing Jurisdiction”), unless the withholding or deduction of such Taxes is then required by law or the interpretation or administration
thereof. 
 If any deduction or withholding for, or on account of, any Taxes of any Relevant Taxing Jurisdiction will at any
time be required from any payments made with respect to the Notes or the Note Guarantees including payments of principal, premium, if any, redemption price or interest, the Payor will pay (together with such payments) such additional amounts (the
“Additional Amounts”) as may be necessary in order that the net amounts in respect of such payments received by each Holder, after such withholding or deduction (including any such deduction or withholding from such Additional
Amounts), will not be less than the amounts which would have been received by each Holder in respect of such payments in the absence of such withholding or deduction; provided, however, that no such Additional Amounts will be payable with
respect to: 
 (1) any Taxes that would not have been so imposed but for the existence of any present or former
connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, member, partner or shareholder of, the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee,
trust, limited liability company, partnership or corporation) and the Relevant Taxing Jurisdiction (other than the receipt of such payment or the acquisition or ownership of such Note or enforcement of rights thereunder); 

(2) any estate, inheritance, gift, sales, excise, transfer or personal property tax; 

  
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 (3) any Taxes which are imposed, payable or due because the Notes are
presented (where presentation is required) for payment more than 30 days after the date such payment was due and payable or was provided for, whichever is later, except for Additional Amounts with respect to Taxes that would have been
imposed had the Holder presented the Note for payment on the last day of such 30-day period; 
 (4) any
Taxes that are imposed or withheld by reason of the failure of the Holder or beneficial owner of a Note to comply, at our written request, with certification, identification, information, documentation or other reporting requirements concerning the
nationality, residence, identity or connection of the Holder or such beneficial owner with the Relevant Taxing Jurisdiction or to make, at our written request, any other claim or filing for exemption to which it is entitled if (a) such
compliance, making a claim or filing for exemption is required or imposed by a statute, treaty or regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such Taxes, (b) the Payor has
given the Holder or the beneficial owner at least 30 days’ notice that the Holder or beneficial owner will be required to provide such certification, identification, documentation or other reporting requirement, and (c) the provision of
any certification, identification, information, documentation or other reporting requirement would not be materially more onerous, in form, in procedure or in the substance of information disclosed, to a Holder or beneficial owner of a Note than
comparable information or other reporting requirements imposed under U.S. tax law, regulations and administrative practice (such as U.S. Internal Revenue Service Forms W-8BEN and W-9); 

(5) any withholding or deduction imposed on a payment to an individual and required to be made pursuant to EC Council
Directive 2003/48/EC on the taxation of savings income which was adopted by the ECOFIN Council (the Council of EU Finance and Economic Ministers) on June 3, 2003, or any other directive or law implementing or complying with, or introduced to
conform to, such directive, or pursuant to related measures entered into on a reciprocal basis between member states of the European Union and certain non-European Union countries and dependent or associated territories; 

(6) any Taxes which could have been avoided by the presentation (where presentation is required) of the relevant Note to
another available paying agent of the Payor in a EU Country; or 
 (7) any combination of the above. 

Also such Additional Amounts will not be payable with respect to any payment of principal of (or premium, if any, on) or interest on such
Note to any Holder who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial
owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner held such Note directly. 
 The Payor will (1) make any required withholding or deduction and (2)except as expressly provided below, remit the full amount deducted or withheld to the applicable taxing authority in the
Relevant Taxing Jurisdiction in accordance with applicable law. The Payor will provide to the Trustee certified copies of tax receipts or, if such tax receipts are not reasonably available, such other documentation reasonably acceptable to the
Trustee evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Payor will attach to such documentation a certificate stating (x) that the amount of withholding Taxes evidenced
by the certified copy was paid in connection with payments in respect of the principal amount of Notes then outstanding and (y) the amount of such withholding Taxes paid per U.S. dollar principal amount of the Notes. 

If the Payor will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes or the Note
Guarantees, the Payor will deliver to the Trustee, at least five Business Days prior to the relevant payment date, an Officer’s Certificate stating the fact that such Additional Amounts will be payable, the amounts so payable and will set forth
such other information necessary to enable the Trustee to pay such Additional Amounts to Holders of Notes on the payment date. Each such Officer’s Certificate shall be relied upon by the Trustee without further enquiry until receipt of a
further Officer’s Certificate addressing such matters. 

  
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 The Payor will pay any stamp, issue, registration, documentary, excise, property or other
similar taxes and other duties (including interest and penalties) imposed by any Relevant Taxing Jurisdiction payable in respect of the creation, issue, offering, execution or performance of the Notes, this Indenture, the Note Guarantees or any
documentation with respect thereto and any such taxes, charges or duties imposed by any jurisdiction with respect to the enforcement of the Notes following the occurrence and during the continuance of any Default. The Company will agree to reimburse
each of the Trustee, the paying agents and the Holders of the Notes for any such amounts paid (and reasonably documented) by the Trustee, the paying agents or such Holders. 
 The foregoing obligations will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in which any successor Person to a Payor is organized
or any political subdivision or taxing authority or agency thereof or therein. 
 Whenever in this Indenture there is mentioned,
in any context, (1) the payment of principal, premium, if any, or interest, (2) redemption prices or purchase prices in connection with the redemption or purchase of Notes or (3) any other amount payable under or with respect to any
Note, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, deducted or withholding Taxes are, were or would be payable in respect thereof. 

Notwithstanding anything herein, if any withholding or deduction for Taxes is imposed with respect to any payment on the Notes by the
United States or any authority thereof or pursuant to any agreement between the Company and the United States or any authority thereof pursuant to FATCA, then (i) the Company, the Subsidiary Guarantors, any paying agent or any other person
acting on their behalf shall be entitled to make such deduction or withholding, and (ii) none of the Company, the Subsidiary Guarantors, any paying agent or any other person acting on their behalf will have any obligation to make any additional
payments with respect to any such withholding or deductions imposed by the United States or any authority thereof or pursuant to any agreement between the Issuer and the United States or any authority thereof. 

Section 4.18 Currency Indemnity. 
 The Company and the Subsidiary Guarantors will pay all sums payable under this Indenture, the Notes or the Note Guarantees solely in U.S. dollars. Any amount received or recovered in a currency other
than U.S. dollars in respect of any sum expressed to be due to the Trustee or any Holder from the Company or the Subsidiary Guarantors will only constitute a discharge of the Company to the extent of the U.S. dollar amount which the
recipient is able to purchase with the amount received or recovered in that other currency on the date of the receipt or recovery or, if it is not practicable to make the purchase on that date, on the first date on which it is possible to do so. If
the U.S. dollar amount is less than the U.S. dollar amount expressed to be due to the recipient under any Note, the Company will indemnify the recipient against any loss sustained by it as a result. In any event, the Company or the
Subsidiary Guarantors will indemnify the recipient against the cost of making any purchase of U.S. dollars. 
 For the
purposes of this Section 4.18, it will be sufficient for a Holder or the Trustee to certify (with reasonable documentation) in a satisfactory manner that it would have suffered a loss had an actual purchase of U.S. dollars been made with the
amount received in that other currency on the date of receipt or recovery or, if it was not practicable to make the purchase on that date, on the first date on which it would have been practicable, and to certify in a satisfactory manner the need
for a change of the purchase date. 
 These indemnities (1) constitute a separate and independent obligation from the other
obligations of the Company and the Subsidiary Guarantors, (2) will give rise to a separate and independent cause of action, (3) will apply irrespective of any indulgence granted by any Holder, and (4) will continue in full force and
effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Note. 

  
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 ARTICLE 5 
 SUCCESSORS 
 Section 5.01 Merger, Consolidation and Sale of Assets.

 The Company will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person
(whether or not the Company is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s properties and assets (determined on a consolidated basis for the
Company and its Restricted Subsidiaries), to any Person unless: 
 (a) either: 

(1) the Company shall be the surviving or continuing corporation, or 

(2) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person
which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”):

 (A) shall be an entity organized or incorporated, as applicable, and validly existing under the laws of
(i) the Grand Duchy of Luxembourg, (ii) the United States of America, any State thereof or the District of Columbia, (iii) the Federal Republic of Brazil, (iv) the British Virgin Islands or (v) any country which is a member
country of the Organization for Economic Co-Operation and Development, and 
 (B) shall expressly assume, by
supplemental indenture all of the obligations of the Company under this Indenture and the Notes; 
 (b) immediately after giving
effect to such transaction and the assumption contemplated by clause (a)(2)(B) above (including giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred in connection with or
in respect of such transaction), the Company or such Surviving Entity, as the case may be, (i) will be able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 4.09(a) hereof or (ii) the Credit Parties would
have an Unconsolidated Interest Coverage Ratio that is equal to or greater than the Credit Parties’ Unconsolidated Interest Coverage Ratio and the Company would have a Consolidated Net Leverage Ratio that is equal to or less than the
Company’s Consolidated Net Leverage Ratio, in each case, immediately prior to such transaction; 
 (c) immediately after
giving effect to such transaction and the assumption contemplated by clause (a)(2)(B) above (including, without limitation, giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be
Incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of Default shall have occurred or be continuing; and 
 (d) the Company or the Surviving Entity has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the consolidation, merger, sale, assignment, transfer,
lease, conveyance or other disposition and, if required in connection with such transaction, the supplemental indenture, comply with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to the
transaction have been satisfied. 
 A Subsidiary Guarantor (other than a Subsidiary Guarantor whose Note Guarantee is to be
released in accordance with the terms of the Note Guarantee and this Indenture) will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person (whether or not such Subsidiary Guarantor is the
surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties and assets of such Subsidiary Guarantor (determined on a consolidated basis for such Subsidiary Guarantor
and its Restricted Subsidiaries), to any Person unless: 

  
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 (1) 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 (if other than a Subsidiary Guarantor) shall expressly assume all of the obligations of such Subsidiary Guarantor under its Note Guarantee, or 

(B) the Net Cash Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of
the Indenture; and 
 (2) immediately before and immediately after giving effect to such transaction and the
assumption contemplated by clause (1)(A) above (including, without limitation, giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred and any Lien granted in
connection with or in respect of the transaction), no Default or Event of Default shall have occurred or be continuing. 
 The
provisions of this Section 5.01 will not apply to any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of properties and assets, of any Restricted Subsidiary (other than a Project Finance
Subsidiary) to the Company or any Subsidiary Guarantor or any consolidation or merger among Subsidiary Guarantors. The provisions of clauses (b) and (c) above will not apply to any merger of the Company into a Wholly-owned Subsidiary
(other than a Project Finance Subsidiary) of the Company. 
 Section 5.02 Successor Corporation Substituted.

 Upon any consolidation, combination or merger or any transfer of all or substantially all of the properties and assets of the
Company and its Restricted Subsidiaries in accordance with Section 5.01 hereof, in which the Company is not the continuing Person, the Surviving Entity formed by such consolidation or into which the Company is merged or to which such
conveyance, lease or transfer is made will 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 Surviving Entity and not to the Company), and may exercise, without limitation, every right and power of, the Company under this Indenture and the Notes with the same effect as if such
Surviving Entity had been named as such. Upon such substitution, unless the successor is one or more of the Company’s Restricted Subsidiaries, the Company will be automatically released from its obligations hereunder. For the avoidance of
doubt, compliance with this Section 5.02 will not affect the obligations of the Company (including a Surviving Entity, if applicable) under Section 4.15 hereof, if applicable. 

ARTICLE 6 

DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 
 The following are “Events of
Default”: 
 (1) default in the payment when due of the principal of or premium, if any, on any Notes,
including the failure to make a required payment to purchase Notes tendered pursuant to an optional redemption, Change of Control Offer or an Asset Sale Offer; 
 (2) default for 30 days or more in the payment when due of interest or Additional Amounts on any Notes; 
 (3) the failure to perform or comply with any of the provisions described under Section 5.01 hereof; 

  
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 (4) the failure by the Company or any Restricted Subsidiary to comply with
any other covenant or agreement contained in this Indenture, the Notes or the Interest Reserve Account Pledge Agreement not expressly included as an Event of Default in clauses (9) and (10) hereof and the continuance of such default for
60 days or more after written notice to the Company from the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Notes; 

(5) default by the Company or any Significant Subsidiary which shall not have been cured or waived under any Indebtedness
which: 
 (A) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness
after the expiration of any applicable grace period provided in such Indebtedness on the date of such default; or 
 (B) results in the acceleration of such Indebtedness prior to its Stated Maturity; 

and the principal or accreted amount of Indebtedness covered by (A) or (B) at the relevant time exceeds U.S.$30.0 million
individually or in the aggregate (or the equivalent in other currencies) or more; 
 (6) failure by the
Company or any of its Significant Subsidiaries to pay one or more final, non-appealable judgments against any of them, aggregating U.S.$30.0 million (or the equivalent in other currencies) or more, which judgment(s) are not paid, discharged or
stayed for a period of 60 days or more (and otherwise not covered by an insurance policy or policies issued by reputable and credit-worthy insurance companies); 

(7) except as permitted by this Indenture, any Note Guarantee of a Significant Subsidiary is held in any judicial
proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Subsidiary Guarantor, or any Person acting on behalf of a Subsidiary Guarantor, denies or disaffirms its obligations under its Note Guarantee;
provided that the Note Guarantee of a Subsidiary Guarantor becoming unenforceable or invalid as a result of a change in law shall not constitute an Event of Default under this Indenture; 

(8) the Company or any of its Significant Subsidiaries or group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
 (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) generally is not paying its debts as they become due; and 

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

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

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

(C) orders the liquidation of the Company or any of its Significant Subsidiaries or any group of Restricted Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary; 
 and the order or decree
remains unstayed and in effect for 60 consecutive days. 
 (10) except as permitted under Article 11 hereof, the
failure to maintain the Interest Reserve Fully Funded and such failure continues for 30 consecutive days or more; and 
 (11) except as permitted under Article 11 hereof, the Interest Reserve Account Pledge Agreement ceases, for any reason, to be in full force and effect, or any Lien created by the Interest Reserve Account
Pledge Agreement is invalidated or ceases to be enforceable and of the same effect and priority purported to be created thereby, or the existence, perfection, or priority of any Lien created by the Interest Reserve Account Pledge Agreement is
otherwise materially impaired for any reason. 
 Any default under clause (4) above will be deemed a “Technical
Default” except the failure to perform or comply with Sections 4.07 and 4.09. 
 Section 6.02 Acceleration.

 If an Event of Default (other than an Event of Default specified in clause (8) or (9) of Section 6.01 hereof
with respect to the Company) shall occur and be continuing and has not been cured or waived, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the unpaid principal of (and premium, if any) and accrued
and unpaid interest on all the Notes to be immediately due and payable by notice in writing to the Company and the Trustee specifying the Event of Default and that it is a “notice of acceleration.” In the case of an Event of Default
specified in clause (8) or (9) of Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together,
would constitute a Significant Subsidiary, then the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or
any Holder. 
 At any time after a declaration of acceleration with respect to the Notes as described in the preceding
paragraph, the Holders of a majority in principal amount of the Notes may rescind and cancel such declaration and its consequences by written notice to the Company, if: 

(1) the rescission would not conflict with any judgment or decree; 

(2) all existing Events of Default have been cured or waived, except nonpayment of principal or interest that has become
due solely because of the acceleration; 
 (3) to the extent the payment of such interest is lawful, interest on
overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; and 
 (4) the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances. 

No rescission will affect any subsequent Default or impair any rights relating thereto. 

  
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 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal,
premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 
 Holders of not less than a
majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default
or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an Asset Sale Offer or a Change of Control Offer); provided, however, that the Holders of a majority in aggregate
principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. 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 6.05 Control by Majority. 
 Subject to the provisions of this Indenture and applicable law, the Holders of a majority in aggregate principal amount of the then outstanding Notes have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. The Trustee may refuse to follow any direction that conflicts with any law or this Indenture, that the Trustee determines in
good faith may be unduly prejudicial to the rights of another Holder, or that may involve the Trustee in personal liability; provided that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction. 
 Section 6.06 Limitation on Suits. 

No Holder of any Notes will have any right to institute any proceeding with respect to this Indenture or for any remedy thereunder,
unless: 
 (1) a Holder gives to the Trustee written notice of a continuing Event of Default; 

(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to pursue
the remedy; 
 (3) such Holders of the Notes provide to the Trustee indemnity and/or security satisfactory to it
against any cost, liability or expense; 
 (4) the Trustee does not comply within 60 days after receipt of
such notice and offer of indemnity and/or security; and 
 (5) during such 60-day period the Holders of a
majority in aggregate principal amount of the outstanding Notes do not give the Trustee a written direction which, in the opinion of the Trustee, is inconsistent with the request; 
 provided, that a Holder of a Note may institute suit for enforcement of payment of the principal of and premium, if any, or interest on such Note on or after the respective due dates expressed in
such Note. 

  
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 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a
Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07 Rights of Holders of Notes to
Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive
payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08 Collection
Suit by Trustee. 
 If an Event of Default specified in Section 6.01(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 Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the Notes and interest on overdue principal
and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or
any other Obligor upon the Notes), its creditors or its property and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and its agents and counsel, and in the event that the Trustee shall consent
to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the
estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled
to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. 
 If the Trustee collects any money or property pursuant to this Article 6, it shall distribute out the money in the following order: 

First: to the Trustee, the Paying Agent, the Registrar and their respective agents and attorneys for amounts due
under Section 7.07 hereof, including payment of all compensation, expenses 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,
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, respectively; and 

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

  
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 The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the 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 of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
 Section 6.12 Restoration of Rights and Remedies. 
 If the Trustee or
any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every
such case, subject to any determination in such proceedings, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the
Holders shall continue as though no such proceeding has been instituted. 
 Section 6.13 Rights and Remedies
Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Notes in Section 2.07 hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.14 Delay or Omission Not
Waiver. 
 No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon
any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 ARTICLE 7

 TRUSTEE 
 Section 7.01 Duties of Trustee. 
 (a) If an Event of Default has
occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

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

  
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 (2) in the absence of gross negligence or willful misconduct on its part,
the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, and shall be protected in acting or refraining from acting upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the form required by this Indenture (but need not confirm or investigate mathematical
calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own grossly
negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 
 (1)
this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee
will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with
a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under
this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from
other funds except to the extent required by law. 
 (g) The Trustee shall not be charged with knowledge of (A) the
existence of any Change of Control or Asset Sale, or (B) any Default or Event of Default hereunder unless a Responsible Officer of the Trustee shall have actual knowledge thereof or have received written notice thereof at the Corporate Trust
Office of the Trustee from the Company or any Holder and such notice references the Notes and this Indenture; provided the Trustee shall be deemed to have notice of the failure of the Company to deliver funds. 

Section 7.02 Rights of Trustee. 
 (a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate or verify any fact or matter stated in the document. 
 (b) Before the Trustee acts or
refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of
Counsel. No such Officer’s Certificate or Opinion of Counsel shall be at the expense of the Trustee. The Trustee may consult with counsel appointed with due care and the advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or such opinion of such counsel. 

(c) The Trustee may act through its agents, attorneys, custodians and nominees and will not be responsible for the misconduct or
negligence of any agent, attorney, custodian or nominee appointed with due care. 

  
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 (d) The Trustee will not be liable for any action it takes, suffers or omits to take in good
faith that it believes to be authorized or within its discretion, rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence.

 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will
be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against the losses, costs, liabilities and expenses
that might be incurred by it in compliance with such request or direction. 
 (g) 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, acts of God; earthquakes; fires;
floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or
governmental actions (it being understood that the Trustee shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances). 
 (h) Anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (i) The Trustee shall have no obligation to invest and reinvest any cash held in any account in the absence of timely and specific written investment direction from the Company. In no event shall the
Trustee be liable for the selection of investments or for investment losses incurred thereon. The Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its Stated Maturity.

 (j) Neither the Trustee nor any of its directors, officers, employees, agents or affiliates shall be responsible for nor have
any duty to monitor the performance or any action of the Company, or any of its directors, members, officers, agents, affiliates or employee, nor shall it have any liability in connection with the malfeasance or nonfeasance by such party. The
Trustee shall not be responsible for any inaccuracy in the information obtained from the Company or for the any inaccuracy or omission in the records which may result from such information or any failure by the Trustee to perform its duties as set
forth herein as a result of any inaccuracy or incompleteness. 
 (k) The rights, privileges, protections, immunities and
benefits given to the Trustee including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and each agent, custodian, and other person employed to act
hereunder. 
 (l) The Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability for
the performance of any of its duties hereunder or the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or reasonably adequate indemnity against such risk or liability is not assured
to it. 
 (m) The Trustee shall not have any duty (i) to see to any recording, filing or depositing of this Indenture or
any Indenture referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any
thereof or (ii) to see to any insurance. 
 (n) The Trustee shall not be required to give any bond or surety in respect of
the execution of the powers granted hereunder. 

  
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 (o) To the extent not inconsistent herewith, the rights, protections and immunities afforded
to the Trustee pursuant to this Indenture also shall be afforded to the Paying Agent and the Registrar. 
 (p) In accordance
with Section 326 of the U.S.A. Patriot Act, to help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information that identifies individuals or entities that establish a relationship or
open an account with the Trustee. The Trustee will ask for the name, address, tax identification number and other information that will allow the Trustee to identify the individual or entity who is establishing the relationship or opening the
account. The Trustee may also ask for formation documents such as articles of incorporation, an offering memorandum, if applicable, or other identifying documents to be provided. 

Section 7.03 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if
it were not Trustee. However, in the event that the Trustee or the Collateral Agent acquires any conflicting interest it must eliminate such conflict within 90 days or resign. Any Agent may do the same with like rights. 

Section 7.04 Trustee’s Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it will not be accountable for the Company’s use of the proceeds
from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and
it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

Section 7.05 Notice of Defaults. 
 If a Default or Event of Default occurs, is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee must mail to each Holder, a notice of the Default or Event of Default
within 90 days after a Responsible Officer acquires actual knowledge or has received written notice of such Default or Event of Default, unless such Default or Event of Default has been cured or waived. Except in the case of a Default or Event of
Default in the payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold notice if and so long as a committee of its Responsible Officers in good faith determines that withholding notice is in the interests of the
Holders. 
 Section 7.06 Notice of Listing. 

The Company shall promptly notify the Trustee whenever the Notes become listed on any securities exchange and of any delisting thereof;
provided that the Trustee acknowledges that it has been notified of the Company’s listing on the Official List of the Irish Stock Exchange and trading on the Global Exchange Market of the Irish Stock Exchange in connection with the
issuance of the Initial Notes. 
 Section 7.07 Compensation and Indemnity. 

(a) The Company will pay to the Trustee from time to time such reasonable compensation as shall be agreed upon in writing between the
Company and the Trustee for its acceptance of this Indenture and services hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly
upon written request for all reasonable and documented fees and expenses incurred or made by it in addition to the compensation for its services, except any such fee or expense as may be attributable to the Trustee’s willful misconduct or gross
negligence. Such expenses will include the reasonable and documented fees and expenses of the Trustee’s agents and counsel. 

  
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 (b) The Company will indemnify the Trustee and its officers, directors, employees, agents
and any predecessor trustee, and its officers, directors, employees and agents and hold each of the foregoing harmless against any and all losses, liabilities, expenses, claims or damages (including reasonable and documented fees and expenses of
counsel and taxes other than those based upon the income of the Trustee) 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 Company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the acceptance, exercise or performance of any
of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its gross negligence or willful misconduct. The Trustee will notify the Company promptly of any claim for which it may seek indemnity.
Failure by the Trustee to so notify the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee will, and will cause its officers, directors, employees and agents to, cooperate in the
defense. The Trustee may have separate counsel and the Company will pay the reasonable and documented fees and expenses of such counsel; provided that the Company will not be required to pay such fees and expenses if they assume the
Trustee’s defense with counsel reasonably acceptable to and approved by the Trustee (such consent not to be unreasonably withheld) and there is no conflict of interest between the Company and the Trustee in connection with such defense. The
Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld, delayed or conditioned. The Company need not make any expense or indemnify against any loss or liability to the extent incurred by the
Trustee through its gross negligence or willful misconduct. 
 (c) The obligations of the Company under this Section 7.07
will survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 (d) To secure
the Company’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to distribute principal, premium, if any, and
interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee
incurs expenses or renders services after an Event of Default specified in Section 6.01(8) or (9) 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 Law. 
 (f) All indemnities to be paid to the Trustee under this
Indenture shall be payable promptly when due in U.S. dollars in the full amount due, without deduction for any variation in any rate of exchange. The Company agrees to indemnify the Trustee against any losses incurred by the Trustee as a result of
any judgment or order being given or made for amounts due hereunder and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars and as a result of any variation as between
(i) the rate of exchange at which the U.S. dollar amount is converted into Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange at which the Trustee is then able to purchase U.S. dollars with the
amount of the Judgment Currency actually received by the Trustee. The indemnity set forth in this Section 7.07 shall constitute a separate and independent obligation of the Company and shall continue in full force and effect notwithstanding any
such judgment or order as aforesaid. 
 Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign, upon 30 days
written notice to the Company, in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so
notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
 (1) the Trustee
fails to comply with Section 7.10 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an
order for relief is entered with respect to the Trustee under any Bankruptcy Law; 

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

In addition, the Company may remove the Trustee at any time for any reason to the extent the Company has given the Trustee at least five
Business Days’ written notice and as long as no Default or Event of Default has occurred and is continuing. 
 (c) If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate
principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense), the Company, or the Holders of at
least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee will deliver
a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will
continue for the benefit of the retiring Trustee. 
 Section 7.09 Successor Trustee by Merger, etc. 

Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any
corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all the corporate trust business of the Trustee shall be
the successor of the Trustee hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto. As soon as practicable, the successor Trustee shall mail a notice to the Company
and the Holders of Notes informing them of such merger, conversion or consolidation. 
 Section 7.10 Eligibility;
Disqualification. 
 There will at all times be a Trustee hereunder that is an entity organized and doing business under the
laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and
surplus of at least U.S.$50.0 million as set forth in its most recent published annual report of condition. 

  
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 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect
Legal Defeasance or Covenant Defeasance. 
 The Company may at any time, at the option of its Board of Directors evidenced
by a resolution set forth in an Officer’s Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and the Subsidiary Guarantors will, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes, and all of the Subsidiary Guarantors will be released from their obligations under the Note Guarantees,
on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Subsidiary Guarantors will be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding Notes, and all of the Subsidiary Guarantors will be released from their obligations under the Note Guarantees, which will thereafter be deemed to be “outstanding” only for the purposes of
Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) of this Section 8.02, on the 91st day after the deposit specified in clause (1) of Section 8.04 hereof, and to have
satisfied all their other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will
survive until otherwise terminated or discharged hereunder: 
 (1) the rights of Holders to receive payments in
respect of the principal of, premium, if any, and interest (including Additional Amounts) on the Notes when such payments are due; 
 (2) the Company’s obligations with respect to such Notes under Sections 2.03, 2.07, 2.10 and 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee, the paying agent, the registrar, the transfer agent and the listing agent hereunder and the Company’s and each Subsidiary
Guarantor’s obligations in connection therewith; and 
 (4) this Article 8. 

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

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 3.09, 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17 and
4.18 hereof, and any covenant added to this Indenture subsequent to the Issue Date pursuant to Section 9.01 hereof and clauses (a)(2)(A), (b) and (c) of the first paragraph of Section 5.01 hereof and the second paragraph of
Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed
not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). When the Company is released from its obligations pursuant to Section 8.04, all of the Subsidiary Guarantors will be released
from their obligations under the Note Guarantees. 

  
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 For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the
Company may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason
of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, and all of the Subsidiary Guarantors will
be released from their obligations under the Note Guarantees, but, except as specified above, the remainder of this Indenture and such Notes will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of
the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(7) and Sections 6.01(10) and (11) hereof will not constitute Events of Default.

 Section 8.04 Conditions to Legal or Covenant Defeasance. 

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

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders cash in U.S. dollars,
certain direct non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without reinvestment, in the opinion of a nationally recognized firm of independent public accountants or investment bank, to pay the
principal of, premium, if any, and interest (including Additional Amounts) on the Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

(2) in the case of Legal Defeasance under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of
Counsel from counsel in New York independent of the Company confirming that: 
 (A) the Company has received
from, or there has been published by, the U.S. Internal Revenue Service a ruling; or 
 (B) since the Issue
Date, there has been a change in the applicable U.S. federal income tax law, 
 in either case to the effect that, and based
thereon such Opinion of Counsel shall state that, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of Covenant Defeasance under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion
of Counsel from counsel in New York to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default shall have occurred and be continuing on the date of the deposit pursuant to clause (1) of this Section 8.04 (other than a Default or Event of Default
resulting from the failure to comply with Section 4.09 and 4.12 hereof, as a result of the borrowing of the funds required to effect such deposit and the liens incurred in connection therewith); 

(5) the Company must deliver to the Trustee an Officer’s Certificate stating that such Legal Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a Default under this Indenture or any other material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound; 

  
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 (6) the Company must deliver to the Trustee an Officer’s Certificate
stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or any Subsidiary of the Company or with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company or others; and 
 (7) the Company has delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel from counsel in New York, each stating that all applicable conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

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

Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due
and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04
hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the
request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(2) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 Section 8.06 Repayment to Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for
two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be
permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money
remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 8.07 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes will be revived and reinstated as though no deposit had occurred
pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company
makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the
Trustee or Paying Agent. 

  
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 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders
of Notes. 
 Notwithstanding Section 9.02 hereof, from time to time, the Company and the Trustee may amend or
supplement this Indenture or the Notes without the consent of any Holder of Notes: 
 (1) to cure any ambiguity,
defect or inconsistency; 
 (2) to provide for certificated Notes in addition to or in place of uncertificated
Notes; 
 (3) to comply with Article 5 hereof; 

(4) to make any change that would provide any additional rights or benefits to Holders or that does not materially and
adversely affect the legal rights hereunder of any Holder; 
 (5) to evidence and provide for the acceptance of
an appointment by a successor trustee; 
 (6) to add Note Guarantees with respect to the Notes; 

(7) to conform the text of this Indenture, the Notes and the Note Guarantees to any provision of the “Description of
the Notes” section of the Offering Memorandum; or 
 (8) to provide for the issuance of Additional Notes in
accordance with the limitations set forth in this Indenture as of the date hereof. 
 Section 9.02 With Consent of
Holders of Notes. 
 Except as provided in this Section 9.02, other modifications and amendments of this Indenture or
the Notes may be made with the consent of the Holders of a majority in 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, the
Notes) issued hereunder, and any existing default or compliance with any provision of this Indenture or the Notes outstanding thereunder may be waived with the consent of the Holders of a majority in 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, the Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of
this Section 9.02. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not: 
 (1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the rate of or change or have the effect of changing the time for payment of interest on any Notes; 
 (3) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes or change the date on which any Notes may be subject to redemption, or reduce the redemption price
therefor; 
 (4) amend, change or modify in any material respect the obligation of the Company to make and
consummate a Change of Control Offer in respect of a Change of Control that has occurred or make and consummate an Asset Sale Offer with respect to any Asset Sale that has been consummated; 

  
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 (5) waive an Event of Default in the payment of principal of, premium, if
any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes with respect to a nonpayment default and a waiver of the payment
default that resulted from such acceleration); 
 (6) make any Notes payable in a currency or place of payment
other than that stated in the Notes; 
 (7) make any change in provisions of this Indenture entitling each
Holder to receive payment of principal of, premium, if any, and interest on such Notes on or after the due date thereof or to bring suit to enforce such payment; 

(8) make any change in the provisions of this Indenture described under Section 4.17 hereof that adversely affects
the rights of any Holder; 
 (9) make any change to the provisions of this Indenture or the Notes that adversely
affect the ranking of the Notes; provided that a change to Section 4.12 hereof shall not affect the ranking of the Notes; and 
 (10) release Constellation Overseas Ltd. from any of its obligations under this Indenture or its Note Guarantee, except in accordance with the terms of this Indenture. 

Upon the request of the Company accompanied by an Officer’s Certificate authorizing the execution of any such amended or
supplemental indenture pursuant to this Section 9.02 or Section 9.01 hereof, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, to the extent necessary, and
upon receipt by the Trustee of the documents described in Sections 7.02 and 9.05 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture. In connection with executing an
amendment pursuant to this Section 9.02 or Section 9.01 hereof, the Trustee will be entitled to rely on such evidence as it deems appropriate, including solely on an Opinion of Counsel and Officer’s Certificate. 

The consent of the Holders of Notes is not necessary to approve the particular form of any proposed amendment, supplement or waiver under
this Section 9.02 or Section 9.01 hereof. It is sufficient if such consent approves the substance thereof. After an amendment, supplement or waiver under this Section 9.02 or Section 9.01 hereof becomes effective, the Company
will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of
any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular
instance by the Company with any provision of this Indenture or the Notes. 
 Section 9.03 Revocation and Effect of
Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a
continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such
Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every Holder. 

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

 After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in
any of clauses (1) through (10) of Section 9.02 hereof, in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that
evidences the same indebtedness as the consenting Holder’s Note. 
 Section 9.04 Notation on or Exchange of
Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter
authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or
waiver. 
 Section 9.05 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture or waiver authorized pursuant to this Article 9 if the amendment or
supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company approves it. In executing any amended or
supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) be fully protected in relying on, in addition to the documents and Opinion of Counsel described in Section 15.04 hereof, an Opinion of
Counsel and Officer’s Certificate stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amended or supplemental indenture is valid and binding on the Company in
accordance with its terms. 
 ARTICLE 10 
 GUARANTEES 
 Section 10.01 Guarantee. 

(a) Each Subsidiary Guarantor hereby fully and unconditionally guarantees (the “Note Guarantees”) on a general unsecured
senior basis, as primary obligor and not merely as surety, jointly and severally with each other Subsidiary Guarantor, to each Holder and to the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or
otherwise, of the Obligations (such guaranteed Obligations, the “Guaranteed Obligations”). Upon failure by the Issuer to pay punctually any such amount, each Subsidiary Guarantor shall forthwith pay the amount not so paid at the
place and time and in the manner specified in this Indenture. 
 (b) Each Subsidiary Guarantor waives presentment to, demand of
payment from and protest to the Company of any of the Obligations and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Notes or the Obligations. The obligations of each Subsidiary
Guarantor hereunder shall not be affected by (i) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Notes or any other agreement or
otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of any security
held by any Holder or the Trustee for the Obligations or any of them; (v) the failure of any Holder to exercise any right or remedy against any other Subsidiary Guarantor; or (vi) any change in the ownership of the Company. 

(c) Each of the Subsidiary Guarantors further expressly waives irrevocably and unconditionally: 

  
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 (1) any right it may have to first require any Holder to proceed against,
initiate any actions before a court of law or any other judge or authority, or enforce any other rights or security or claim payment from the Company or any other Person (including any Subsidiary Guarantor or any other guarantor) before claiming
from it under this Indenture; 
 (2) any right to which it may be entitled to have the assets of the Company or
any other Person (including any Subsidiary Guarantor or any other guarantor) first be used, applied or depleted as payment of the Company’s or the Subsidiary Guarantors’ obligations hereunder, prior to any amount being claimed from or paid
by any of the Subsidiary Guarantors hereunder; and 
 (3) any right to which it may be entitled to have claims
hereunder divided between the Subsidiary Guarantors. 
 (d) The obligations of each Subsidiary Guarantor hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of
setoff, counterclaim, recoupment or termination whatsoever (provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim) or by reason of the invalidity, illegality or unenforceability of
the Obligations or otherwise. 
 (e) Each Subsidiary Guarantor further agrees that its Note Guarantee herein shall continue to
be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy, or reorganization of
the Company or otherwise. 
 (f) If acceleration of the time for payment of any amount payable by the Company under this
Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless payable by the Subsidiary Guarantors hereunder
forthwith on demand by the Trustee or the Holders. 
 Section 10.02 Limitation on Liability; Termination, Release and
Discharge. 
 (a) The obligations of each Subsidiary Guarantor hereunder shall be limited to the maximum amount as would not
render such Subsidiary Guarantor’s obligations subject to avoidance under any applicable laws, including, without limitation, applicable fraudulent conveyance provisions of any such applicable laws, or would not result in a breach or violation
by such Subsidiary Guarantor of any provision of any then-existing agreement to which it is party, including any agreements entered into in connection with the acquisition or creation of such Subsidiary Guarantor; provided that such
prohibition was not adopted to avoid guaranteeing the Notes. 
 (b) The Note Guarantee of a Subsidiary Guarantor will terminate
and such Subsidiary Guarantor shall be released and relieved of its obligations under its Note Guarantee in the event that: 
 (1) a sale or other disposition (including by way of consolidation or merger) of all or a portion of the Capital Stock of a Subsidiary Guarantor following which such Subsidiary Guarantor is no longer a
Subsidiary of the Company or a sale or disposition (including by way of consolidation or merger) of all or substantially all the assets of such Subsidiary Guarantor otherwise permitted by this Indenture; 

(2) the repayment, repurchase, defeasance or discharge of the Indebtedness (including Guarantees) by such Subsidiary
Guarantor of the Indebtedness which resulted in the requirement of such Note Guarantee under Section 10.05; 
 (3) upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Indenture, as provided under Article 8 and Article 13; 

(4) the Designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; or 

  
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 (5) the liquidation or dissolution of such Subsidiary Guarantor; provided
that no Event of Default occurs as a result thereof or has occurred and is continuing; 
 provided, that the transaction is carried out
pursuant to, and in accordance with, all other applicable provisions of this Indenture. 
 Section 10.03 Right of
Contribution. 
 Each Subsidiary Guarantor that makes a payment or distribution under a Note Guarantee will be entitled to a
contribution from each other Subsidiary Guarantor, if any, in a pro rata amount, based on the net assets of each Subsidiary Guarantor determined in accordance with IFRS. The provisions of this Section 10.3 shall in no respect limit the
obligations and liabilities of each Subsidiary Guarantor to the Trustee and the Holders and each Subsidiary Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

 Section 10.04 No Subrogation. 
 Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in respect of any Guaranteed Obligations until payment in full in cash or Cash Equivalents of all Obligations. If
any amount shall be paid to any Subsidiary Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full in cash or Cash Equivalents, such amount shall be held by such Subsidiary Guarantor
in trust for the Trustee and the Holders, segregated from other funds of such Subsidiary Guarantor, and shall, forthwith upon receipt by such Subsidiary Guarantor, be turned over to the Trustee in the exact form received by such Subsidiary Guarantor
(duly endorsed by such Subsidiary Guarantor to the Trustee, if required), to be applied against the Obligations. 

Section 10.05 Additional Note Guarantees. 
 (a) The Company will cause each Intermediate Holding Company that Incurs any Indebtedness (including Guarantees) (other than intercompany loans and equity contribution commitments to Project Finance
Subsidiaries) at any time after the Issue Date in principal or accreted amount of Indebtedness at the relevant time exceeding U.S.$25.0 million individually or in the aggregate to: 

(1) execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit D hereto
pursuant to which such Intermediate Holding Company shall, subject to applicable legal limitations, unconditionally guarantee all of the Company’s Obligations under the Notes and this Indenture; and 

(2) deliver to the Trustee one or more opinions of counsel that such supplemental indenture (a) has been duly
authorized, executed and delivered by such Intermediate Holding Company and (b) constitutes a valid and legally binding obligation of such Intermediate Holding Company in accordance with its terms. 

(b) Notwithstanding the foregoing, such Intermediate Holding Company shall not be required to execute any such supplemental indenture if
the execution or enforcement of such supplemental indenture and the resultant Guarantee thereunder (A) is prohibited by, or in violation of, any applicable law to which such Intermediate Holding Company is subject or (B) would require a
governmental (including regulatory) consent, approval, license or authorization; provided that such violation cannot be prevented or such consent, approval, license or authorization cannot be obtained, as applicable, using commercially
reasonable efforts. 
 For the avoidance of doubt, the failure by any Intermediate Holding Company to satisfy the requirements
set forth in clauses (a)(1) and (a)(2) above due to the limitations set forth in this clause (b) will not be deemed to be a breach of the Company’s or the Subsidiary Guarantors’ obligations under this Indenture or the Notes or result
in a Default or an Event of Default hereunder. 

  
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 Notwithstanding this Section 10.05(b), if an Intermediate Holding Company otherwise
required to provide a Guarantee of the Notes is no longer prevented by applicable law or by any agreement to which it is a party from guaranteeing the Notes, the Company will promptly cause such Intermediate Holding Company to provide a Note
Guarantee in accordance with Section 10.05(a). 
 ARTICLE 11 

INTEREST RESERVE 

Section 11.01 Interest Reserve Account. 
 (a) On the Issue Date, the Company shall establish a U.S. dollar-denominated account (the “Interest Reserve Account”) in the United States and shall: 

(1) obtain one or more direct-pay irrevocable 180-day or 364-day letter of credit (the “Letter of
Credit”) in favor of the Trustee from a bank (the “L/C Bank”) that is rated BBB- or Baa3 by a Rating Agency, in an amount sufficient to provide for the payment in full of interest and Additional Amounts, if any, due on the
next two succeeding scheduled interest payment dates on the Notes; 
 (2) deposit into the Interest Reserve
Account U.S dollars (and/or U.S. dollar-denominated Cash Equivalents maturing on or before the next two succeeding scheduled interest payment dates) in an amount sufficient to provide for the payment in full of interest, and Additional Amounts, if
any, due on the next two succeeding interest payment dates on the Notes, which account, cash and Cash Equivalents will be pledged to the Trustee for the benefit of the holders under a pledge and security agreement, dated November 9, 2012
between the Company and the Trustee (the “Interest Reserve Account Pledge Agreement”); or 

(3) a combination thereof. 
 (b) The amount of cash and/or funds available under the Letter of Credit and in the Interest Reserve Account constitutes the “Interest Reserve.” The Interest Reserve will be deemed to be
“Fully Funded” so long as those funds are in an amount sufficient to provide for the payment in full of interest and Additional Amounts, if any, due on the next two succeeding interest payment dates on the Notes from time to time.

 (c) In the event the Company elects to issue any Additional Notes under this Indenture, the Company shall, on or before the
issue date of such Additional Notes, either obtain a new or additional Letter of Credit, or deposit into the Interest Reserve Account sufficient cash or Cash Equivalents, in an amount sufficient to ensure the Interest Reserve will be Fully Funded
with respect to all of the Notes, including the Additional Notes. 
 (d) If, at any time prior to the expiration date of any
Letter of Credit obtained pursuant to clause (a)(1) above, the L/C Bank notifies the Company that it will not renew such Letter of Credit, then no later than seven days prior to such expiration date the Company shall obtain a new Letter of Credit
from a different bank meeting the requirements of clause (a)(1) above or, if no such Letter of Credit can be obtained, will deposit sufficient cash or Cash Equivalents in the Interest Reserve Account for the Interest Reserve to be Fully Funded
following the expiration of the Letter of Credit. If the Company has not obtained a new Letter of Credit or deposited such cash or Cash Equivalents in the Interest Reserve Account by the day that is five Business Days prior to the expiration date of
the Letter of Credit, then the Trustee shall, on the following Business Day, draw on the Letter of Credit in full and hold the cash received from such draw-down for the benefit of the Holders. 

(e) If the Company deposits cash into the Interest Reserve Account such cash will be invested in Cash Equivalents at the Company’s
discretion. Any excess amounts on deposit in the Interest Reserve Account will be released to the Company. 

  
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 Section 11.02 Security. 

Under the terms of the Interest Reserve Account Pledge Agreement, the Trustee shall have a first priority interest in the cash and Cash
Equivalents on deposit in the pledged account for the benefit of the Holders. 
 Section 11.03 Payments from the Letter
of Credit or Pledged Account. 
 Immediately prior to any Interest Payment Date, the Company may either (i) deposit
with the Trustee, from funds otherwise available to us, cash sufficient to pay the interest scheduled to be paid on such date or (ii) direct the Trustee to draw on the Letter of Credit or release from the pledged account proceeds sufficient to
pay the interest scheduled to be paid on such date. So long as the Notes are outstanding, however, if at any time the Interest Reserve is not Fully Funded for 30 consecutive days, this shall constitute an Event of Default under the Notes as set
forth under Section 6.01(10) hereof. 
 Section 11.04 Termination. 

If on any date following the Issue Date, no Default or Event of Default has occurred and is continuing and either (a) the Notes have
an Investment Grade Rating from any two Rating Agencies or (b) the Company’s Consolidated Net Leverage Ratio is equal to or less than 3.75 to 1.0, then 
  

	 	(i)	the Company shall not be subject to the requirement to maintain an Interest Reserve Account, nor shall any failure to cause the Interest Reserve Account to be Fully
Funded constitute a default or Event of Default, and 

  

	 	(ii)	upon written notice to the Trustee accompanied by an Officer’s Certificate stating that either condition (a) or (b) above has been satisfied, the amounts
deposited in cash and Cash Equivalents and any Letter of Credit in the Interest Reserve Account and the Liens granted in connection with the pledges of the Interest Reserve Account shall be released to the Company and the Interest Reserve Account
Pledge Agreement shall be terminated; provided that any proceeds to the Company hereunder shall be treated in accordance with the Indenture; 

 provided that if both clauses (a) and (b) above are no longer true, then the Company shall thereafter again be subject to all of the requirements of this Article 11, including to
establish the Interest Reserve Account and enter into the Interest Reserve Account Pledge Agreement as set forth above. 

ARTICLE 12 

SUBSTITUTION OF THE ISSUER 
 Section 12.01 Substitution of the Issuer. 
 The Company may, without
the consent of any Holder of the Notes, be substituted by any Wholly-owned Subsidiary of the Company as principal debtor in respect of the Notes (in that capacity, the “Substituted Debtor”); provided, that the following
conditions are satisfied: 
 (1) such documents will be executed by the Substituted Debtor, the Company, the
Subsidiary Guarantors and the Trustee as may be necessary to give full effect to the substitution, including a supplemental indenture under which (i) the Substituted Debtor assumes all of the Company’s payment obligations under the
Indenture and the Notes and assumes, jointly and severally with the Company, all of the Company’s other obligations under the Indenture and the Notes; (ii) the Company fully, unconditionally and irrevocably guarantees (the Company
thereafter, the “Substituted Guarantor”) in favor of each Holder all of the obligations of the Substituted Debtor under the Indenture and the Notes, including the payment of all sums payable under the Indenture and the Notes by the
Substituted Debtor as such principal debtor; (iii) each Subsidiary Guarantor’s Note Guarantee remains in full force and effect guaranteeing the obligations of the Substituted Debtor and the covenants, events of default and other
obligations other than the Substituted Debtor’s payment obligations continue to apply to the Company and its current and future Restricted Subsidiaries in respect of the Notes to the same extent such provisions applied prior to such
substitution as if no such substitution had occurred, it being the intent that the rights of the Holders in respect of the Notes be unaffected by the substitution (the “Issuer Substitution Documents”); 

  
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 (2) if the Substituted Debtor is organized in a jurisdiction other than the
Grand Duchy of Luxembourg, the Issuer Substitution Documents shall contain a provision (i) to ensure that each Holder has the benefit of a covenant in terms corresponding to the obligations of the Company in respect of the payment of Additional
Amounts set forth in Section 4.17 hereof (but including also such other jurisdiction as a Relevant Taxing Jurisdiction); and (ii) to indemnify and hold harmless each Holder and beneficial owner of the Notes against all taxes or duties
imposed by the jurisdiction in which the Substituted Debtor is organized and which arise by reason of a law or regulation in effect or contemplated on the effective date of the substitution, which may be incurred or levied against such Holder or
beneficial owner of the Notes as a result of the substitution and which would not have been so incurred or levied had the substitution not been made; 
 (3) the Issuer Substitution Documents shall contain a provision that the Substituted Debtor and the Company shall indemnify and hold harmless each Holder and beneficial owner of the Notes against all
taxes or duties which are imposed on such Holder or beneficial owner of the Notes by any political subdivision or taxing authority of any country in which such Holder or beneficial owner of the Notes resides or is subject to any such tax or duty and
which would not have been so imposed had the substitution not been made; 
 (4) the Company shall deliver, or
cause the delivery, to the Trustee of Opinions of Counsel in the United States and in the country of incorporation of the Substituted Debtor as to the validity, legally binding effect and enforceability of the Issuer Substitution Documents, as well
as an Officer’s Certificate as to compliance with the provisions described under this Section 12.01 and such information as in necessary for the Trustee to approve the Substituted Debtor under its “know your customer” rules;

 (5) the Substituted Debtor shall appoint a process agent in the Borough of Manhattan in The City of New York
to receive service of process on its behalf in relation to any legal action or proceedings arising out of or in connection with the Notes, this Indenture and the Issuer Substitution Documents; 

(6) no Event of Default has occurred and is continuing; and 

(7) the substitution shall comply with all applicable requirements under the laws of the jurisdiction of organization of
the Substitute Issuer and New York. 
 Section 12.02 Notice. 

No later than 10 Business Days after the execution of the Issuer Substitution Documents, the Substituted Debtor will give notice of the
completion of such Substitution of the Issuer to the Holders. 
 Section 12.03 Deemed Substitution. 

Upon the execution of the Issuer Substitution Documents, any substitute guarantees and compliance with the other conditions in this
Indenture relating to the substitution, the Substituted Debtor will be deemed to be named in the Notes as the principal debtor in place of the Company, assuming all rights, without limitation, and obligations of the Company, and the Company will be
automatically released from its payment obligations as principal debtor under the Notes and this Indenture, but the Company shall continue to provide a Note Guarantee and remain subject to the covenants, events of default and other obligations other
than the Substituted Debtor’s payment obligations as principal debtor under the Notes and the Indenture to the same extent as if no substitution had occurred. 

  
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 ARTICLE 13 
 RELEASE OF COVENANTS 
 Section 13.01 Release of Covenants. 

(a) If on any date following the Issue Date: 
 (1) the Notes have been assigned an Investment Grade Rating by any two Rating Agencies; and 
 (2) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (1) and (2) being collectively referred to as a
“Covenant Suspension Event”), the Company and its Restricted Subsidiaries will not be subject to the following covenants (collectively, the “Suspended Covenants”): 

(A) Section 4.09 hereof; 
 (B) Section 4.07 hereof; 
 (C) Section 4.10 hereof;

 (D) Section 4.08 hereof; 

(E) Section 5.01(b) hereof; 

(F) Section 4.11 hereof; and 

(G) Section 10.05 hereof. 
 (b) In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the
“Reversion Date”), the Notes cease to have an Investment Grade Rating from any two Rating Agencies, then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants. The period of time between
the occurrence of a Covenant Suspension Event and the Reversion Date is referred to as the “Suspension Period.” Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred
as a result of a failure to comply with any of the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during the Suspension Period). 

(c) On the Reversion Date, all Indebtedness incurred during the Suspension Period will be classified to have been incurred pursuant to
Section 4.09(a) hereof or one of the clauses set forth in clauses (1) through (16) of Section 4.09(b) hereof (to the extent such Indebtedness would be permitted to be incurred thereunder as of the Reversion Date and after giving
effect to the Indebtedness incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be permitted to be incurred pursuant to Section 4.09 hereof such Indebtedness will be deemed to
have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.09(b)(2) hereof. 
 ARTICLE
14 
 SATISFACTION AND DISCHARGE 
 Section 14.01 Satisfaction and Discharge. 
 This Indenture (other than
those provisions which by their express terms survive) will be satisfied and discharged and will cease to be of further effect as to all outstanding Notes issued hereunder, when: 

  
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 (1) either: 

(A) all the Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes which have been
replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for
cancellation; or 
 (B) all Notes not theretofore delivered to the Trustee for cancellation have become due and
payable or will become due and payable at the stated date for payment thereof within one year or will be called for redemption within one year, and, in each case, the Company or any Restricted Subsidiary has irrevocably deposited or caused to be
deposited with the Trustee funds or certain direct, non-callable obligations of, or guaranteed by, the United States sufficient without reinvestment to pay and discharge the entire Indebtedness on the Notes not thereto for delivered to the Trustee
for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment; 

(2) the Company or any of its Restricted Subsidiaries have paid or caused to be paid all other sums payable under this
Indenture and the Notes by it; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate
and Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 Section 14.02 Application of Trust Money. 
 Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 14.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with
the Trustee; but such money need not be segregated from other funds except to the extent required by law. Until such time as the money is applied by the Trustee as described in the preceding sentence, the money shall be invested in Government
Securities or such other investment as directed in writing by the Company. 
 If the Trustee or Paying Agent is unable to apply
any money or Government Securities in accordance with Section 14.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 14.01 hereof; provided that if the Company has made any payment of
principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held
by the Trustee or Paying Agent. 
 ARTICLE 15 
 MISCELLANEOUS 
 Section 15.01 Notices. 

Any notice or communication by the Company, Guarantor or the Trustee to the others is duly given if in writing, in the English language,
and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

  
 84 

 If to the Company: 
 QGOG Constellation S.A. 
 40, Avenue Monterey 

L-2163 Luxembourg 

Attn: Onno Bouwmeister / Guilherme Ribeiro Vieira Lima / Leduvy de Pina Gouvea Filho 

Fax: +352 4967 679851 / + 352 2088 0599 
 If to the Guarantor: 
 Constellation Overseas Ltd., 

Vanterpool Plaza, Wickhams Cay 1, 2nd Floor 
 Road Town, Tortola 
 British Virgin Islands 

Attn: Guilherme Ribeiro Vieira Lima / Leduvy de Pina Gouvea Filho 
 Fax: + 352 2088 0599 
 If to the Trustee: 

Deutsche Bank Trust Company Americas 
 60 Wall Street 
 Mailstop NYC60-2710 

New York, NY 10005 
 United States of America 
 Attn: Trust and Agency Services 

Fax: 732-578-4635 
 The Company or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. All notices and communications (other than those sent to
Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt
thereof. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt
requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect
to other Holders. If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. If the Company mails a notice or communication to Holders, it will mail a
copy to the Trustee and each Agent at the same time. 
 For so long as the Notes are listed on the Official List of the Irish
Stock Exchange and the rules of the Irish Stock Exchange require, notices to Holders of Notes will be published in a daily newspaper of general circulation in Ireland (which is expected to be the Ireland Times) or on the website of the Irish
Stock Exchange, at www.ise.ie. For Notes which are represented by global certificates held on behalf of DTC, notices may be given by delivery of the relevant notices to DTC for communication to entitled holders in substitution for the aforesaid
mailing. 
 Notices will be deemed to have been given on the date of mailing or of publication as aforesaid or, if published on
different dates, on the date of the first such publication. 

  
 85 

 Section 15.02 Communication by Holders of Notes with Other Holders of Notes.

 Any Holder, or group of Holders or beneficial owners, holding in the aggregate more than 10% in principal amount of
outstanding Notes may communicate with other Holders with respect to their rights under this Indenture or the Notes, and may instruct the Trustee to deliver such communications to other Holders. 

Section 15.03 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (1) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee
(which must include the statements set forth in Section 15.04 hereof) stating that, in the opinion of the signer, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been
satisfied; and 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 15.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion may be based, and may state that it
is based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company stating that information with respect to such factual matters is in possession of the Company, unless
such counsel knows, or in the exercise of reasonable care should know, that the certificate of opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be
consolidated and form one instrument. 
 Section 15.04 Statements Required in Certificate or Opinion. 

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

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

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

  
 86 

 (4) a statement as to whether or not, in the opinion of such Person, such
condition or covenant has been satisfied. 
 If giving an Opinion of Counsel, counsel may rely as to factual matters on an
Officer’s Certificate or certificates of public officials. 
 Section 15.05 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 15.06 No Personal Liability of Directors,
Officers, Employees and Stockholders. 
 No past, present or future incorporator, director, officer, employee, shareholder
or controlling person of the Company or the Subsidiary Guarantors, as such, will have any liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, the Indenture or the Note Guarantees or for any claims based on, in
respect of or by reason of such obligations. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive
liabilities under the U.S. federal securities laws or under the corporate law of the Grand Duchy of Luxembourg or the British Virgin Islands, and it is the view of the SEC that such a waiver may be contrary to public policy. 

Section 15.07 Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. FOR THE AVOIDANCE OF DOUBT, THE PROVISIONS RELATING TO MEETINGS OF NOTEHOLDERS IN ARTICLES 86 TO 94-8 OF THE LUXEMBOURG ACT DATED AUGUST 10, 1915 ON
COMMERCIAL COMPANIES, AS AMENDED, SHALL NOT APPLY IN RESPECT OF THE NOTES. THE COMPANY AND THE SUBSIDIARY GUARANTORS CONSENT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN AND
HAVE APPOINTED AN AGENT FOR SERVICE OF PROCESS WITH RESPECT TO ANY ACTIONS BROUGHT IN THESE COURTS ARISING OUT OF OR BASED ON THIS INDENTURE, THE NOTES OR THE NOTE GUARANTEES. 
 Section 15.08 No Adverse Interpretation of Other Agreements. 
 This
Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 15.09 Successors. 
 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. 

Section 15.10 Severability. 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or
impaired thereby. 

  
 87 

 Section 15.11 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the
same agreement. 
 Section 15.12 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 will in no way modify or restrict any of the terms or provisions hereof. 
 Section 15.13 Waiver to Jury Trial. 
 EACH OF THE COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 Section 15.14 Waiver of Immunity. 
 To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution, or otherwise) with respect of its obligations hereunder it waives such immunity to the extent permitted by applicable law. Without limiting the generality of the foregoing, the Company agrees that the waivers set
forth herein shall have force and effect to the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for purposes of such Act. 

Section 15.15 Consent to Jurisdiction and Service of Process. 

(a) Each of the parties hereto hereby irrevocably consents to the jurisdiction of any court of the State of New York or any United States
Federal court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United States of America, and any appellate court from any court thereof, in respect of actions, suits or proceedings brought against such party as a
defendant arising out of or relating to this Indenture, the Notes, the Note Guarantees or any transaction contemplated hereby or thereby (a “Proceeding”), and waives any immunity (to the fullest extent permitted by applicable law)
from the jurisdiction of such courts over any Proceeding that may be brought in connection with this Indenture or the Notes and any right to which it may be entitled on account of place of residence or domicile. Each of the parties hereto
irrevocably waives, to the fullest extent it may do so under applicable law, any objection which it may now or hereafter have to the laying of the venue of any such Proceeding brought in any such court and any claim that any such Proceeding brought
in any such court has been brought in an inconvenient forum. Each of the parties hereto agrees that final judgment in any such Proceeding brought in such court shall be conclusive and binding upon such party and may be enforced in any court to the
jurisdiction of which such party is subject by a suit upon such judgment; provided, in the case of the Company, that service of process is effected upon the Company in the manner provided by this Indenture. 

(b) The Company and the Subsidiary Guarantors agree that service of all writs, process and summonses in any suit, action or proceeding
brought in connection with this Indenture, the Notes and the Note Guarantees against the Company and the Subsidiary Guarantors in any court of the State of New York or any United States Federal court sitting, in each case, in the Borough of
Manhattan, The City of New York, may be made upon National Corporate Research, Ltd., 10 East 40th Street, 10th floor, New York, New York, 10016, United States, whom the Issuer and Subsidiary Guarantors irrevocably appoint as their authorized agent
for service of process. The Company and the Subsidiary Guarantors represent and warrant that National Corporate Research Ltd., the Company and the Subsidiary Guarantors’ authorized representative in the United States, has agreed to act as the
Company and the Subsidiary Guarantors’ agent for service of process. The Company and the Subsidiary Guarantors agree that such appointment shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment
by the Company and the Subsidiary Guarantors of a successor in The City of New York as its 

  
 88 

 
authorized agent for such purpose and the acceptance of such appointment by such successor. The Company and the Subsidiary Guarantors further agree to take any and all action, including the
filing of any and all documents and instruments that may be necessary to continue such appointment in full force and effect as aforesaid. If National Corporate Research, Ltd. shall cease to act as the agent for service of process for the Company or
any Subsidiary Guarantor, the Company or such Subsidiary Guarantor shall appoint without delay another such agent and provide prompt written notice to the Trustee of such appointment. With respect to any such action in any court of the State of New
York or any United States Federal court, in each case, in the Borough of Manhattan, The City of New York, service of process on National Corporate Research, Ltd. as the authorized agent of the Company and the Subsidiary Guarantors for service of
process, and written notice of such service to the Company and the Subsidiary Guarantors, shall be deemed, in every respect, effective service of process upon the Company and the Subsidiary Guarantors. 

(c) Nothing in this Section 15.15 shall affect the right of any party to serve legal process in any other manner permitted by law.

 [Signatures on following page] 

  
 89 

 Dated as of November 9, 2012 

 

			
	QGOG CONSTELLATION S.A.
		
	By:	 	/s/ Guilherme R. V. Lima
		 	Name: Guilherme R. V. Lima
		 	Title: Chief Financial Officer

  

			
	By:	 	/s/ Leduvy de Pina Gouvea Filho
		 	Name: Leduvy de Pina Gouvea Filho
		 	Title: Chief Executive Officer

  

			
	CONSTELLATION OVERSEAS LTD., as Guarantor
		
	By:	 	/s/ Guilherme R. V. Lima
		 	Name: Guilherme R. V. Lima
		 	Title: Chief Financial Officer

  

			
	By:	 	/s/ Leduvy de Pina Gouvea Filho
		 	Name: Leduvy de Pina Gouvea Filho
		 	Title: Chief Executive Officer

 
			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Trustee, Registrar, Transfer Agent and Paying Agent
 By: Deutsche Bank National Trust
Company

		
	By:	 	/s/ Wanda Camacho
		 	Name: Wanda Camcho
		 	Title: Vice President
		
	By:	 	/s/ Chris Niesz
		 	Name: Chris Niesz
		 	Title: Associate

 EXHIBIT A 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF QGOG CONSTELLATION S.A. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 [Insert the applicable Private Placement Legend, if applicable pursuant to the provisions of
the Indenture] 
 [Rule 144A Global Note:] THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE ISSUER
OR ANY SUBSIDIARY THEREOF, (2) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A) IN ACCORDANCE WITH RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY
PURCHASING THIS NOTE, REPRESENTS AND AGREES THAT IT WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. 
 THIS LEGEND MAY BE REMOVED SOLELY AT THE DISCRETION AND AT THE DIRECTION OF THE ISSUER. 

[Regulation S Global Note:] THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 

  
 A-1

 [Face of Note] 

 

CUSIP                     

ISIN                     

 6.250% Senior Notes due 2019 
  

			
	No.             	  	U.S.$                     

 Subject to any decreases or increases in 

such principal amount as set forth in the 
 Schedule of Exchanges of Interests 
 in the Global Note attached hereto 

QGOG CONSTELLATION S.A. 

promises to pay to                      or
registered assigns, 
 the principal sum of
                                         
                                         
                       DOLLARS on November 9, 2019 
 subject to any decreases or increases in such principal amount as set forth in the Schedule of Exchanges of Interests 
 in the Global Note attached hereto. 
 Interest Payment Dates: May 9 and November 9,
commencing on                     . 

Record Dates: April 25 and October 25 

Dated:
                                        

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 

  
 A-2

 
			
		 	QGOG CONSTELLATION S.A.
		
	By: 	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-3

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	 Deutsche Bank Trust Company Americas
 By:  Deutsche Bank National Trust Company
         as
Trustee, certifies
                 that this is one
of
                 the Securities referred

                to in the Indenture.
	  	
	By	  	
		
	
M   
                                         
                                         
     

                    Authorized
Signatory
	  	

 Dated: 

  
 A-4

 [Reverse of Note] 
 6.250% Senior Notes due 2019 
 Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated. 
 (1)
INTEREST. QGOG Constellation S.A., a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg (the “Company”), promises
to pay interest on the principal amount of this Note at 6.250% per annum from [            ] until maturity. The Company will pay interest semi-annually in arrears on May 9 and
November 9 of each year, 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 will accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from [     ]; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the
next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be
[            ]. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

(2) METHOD OF PAYMENT. The Company will pay interest
on the Notes to the Persons who are registered Holders of Notes at the close of business on April 25 and October 25 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such
Interest Payment Date. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose, or, at the option of the Company, payment of interest may be made by check mailed to
the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes
and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. 
 (3) PAYING AGENT AND
REGISTRAR. Initially, Deutsche Bank Trust Company Americas, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder.
The Company or any of its Subsidiaries may act in any such capacity. 
 (4)
INDENTURE. The Company issued the Notes under an Indenture dated as of November 9, 2012 (the “Indenture”) among the Company, Constellation Overseas Ltd., as the guarantor and the Trustee.
The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.

 (5) OPTIONAL REDEMPTION. 

(a) At any time prior to November 9, 2016, the Company shall have the right, at its option, to redeem any of the
Notes, in whole or in part, at any time and from time to time at a redemption price equal to the greater of (1) 101% of the principal amount of such Notes and (2) the present value to be calculated by an Independent Investment Banker at
such redemption date of (i) the redemption price of such Notes at November 9, 2016 (such redemption price being set forth in the table below) plus (ii) all required interest payments thereon through November 9, 2016 on such Notes
(excluding accrued but unpaid interest to the redemption date), in each case, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in
each case any accrued and unpaid interest on the principal amount of such Notes to, but 

  
 A-5

 
excluding, the date of redemption. Any redemption of Notes by the Company pursuant to this paragraph will be subject to either (i) there being at least U.S.$150.0 million in aggregate
principal amount of Notes (including any Additional Notes) outstanding after such redemption or (ii) the Company redeeming all of the then outstanding principal amount of the Notes. 

(b) At any time, or from time to time, on or after November 9, 2016, the Company may redeem the Notes, at its
option, in whole or in part, at the following redemption prices, expressed as percentages of the principal amount on the redemption date, plus any accrued and unpaid interest to, but excluding, the redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on November 9 of any year set forth below: 

 

					
	 Year
	  	Percentage	 
	 2016
	  	 	103.125	% 
	 2017
	  	 	101.563	% 
	 2018 and thereafter
	  	 	100.000	% 

 Any redemption of Notes by the Company pursuant to this paragraph shall be subject to either
(i) there being at least U.S.$150.0 million in aggregate principal amount of Notes (including any Additional Notes) outstanding after such redemption or (ii) the Company redeeming all of the then outstanding principal amount of the
Notes. 
 (c) At any time, on or prior to November 9, 2015, the Company may on any one or more occasions,
at its option, use an amount not to exceed the net cash proceeds of one or more Eligible Equity Offerings to redeem up to 35% of the aggregate principal amount of the outstanding notes (including any Additional Notes) at a redemption price equal to
106.250% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date; provided that after giving effect to any such redemption, at least 65% of the
aggregate principal amount of the notes (including any Additional Notes but excluding notes held by the Company and its Subsidiaries) issued under the Indenture remains outstanding. Such redemption must be made within 90 days after the date of the
closing of such Eligible Equity Offering. 
 (d) If, as a result of any amendment to, or change in, the laws (or
any rules or regulations thereunder) or treaties of a Relevant Taxing Jurisdiction, or any amendment to or change in an official interpretation or application of such laws, rules or regulations, which amendment to or change of such laws, treaties,
rules or regulations becomes effective on or after the date on which the Notes are issued, (or on or after the date a successor Payor assumes the obligations under the Notes, in the case of a successor with a different Relevant Taxing Jurisdiction
than the Company), a Payor would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts, then, at the Payor’s option, all, but not less than all, of the Notes may be redeemed at any time on
giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and any Additional Amounts due thereon up to, but excluding, the date of
redemption; provided, however, that (1) no notice of redemption for tax reasons may be given earlier than 90 days prior to the earliest date on which the Payor would be obligated to pay these Additional Amounts if a payment on the
Notes were then due, and (2) at the time such notice of redemption is given such obligation to pay such Additional Amounts remains in effect. 
 (6) MANDATORY REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

(7) REPURCHASE AT THE OPTION OF
HOLDERS.  
 (a) Upon the occurrence of a Change of Control Triggering Event, each Holder
will have the right to require that the Company purchase all or a portion (in integral multiples of U.S.$1,000; provided, that the remaining principal amount of such Holder’s Note will not be less than U.S.$200,000) of the Holder’s Notes
at a purchase price equal to 101% of the principal amount thereof, plus accrued and 

  
 A-6

 
unpaid interest thereon to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date) (the “Change of Control Payment”). Within 30 days following the date upon which the Change of Control that results in a Ratings Event occurred, the Company must send, by first-class mail, a notice to each Holder, with a copy
to the Trustee, offering to purchase the Notes as described above and setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, when the aggregate amount of
Net Cash Proceeds exceeds U.S.$100.0 million (or the equivalent in other currencies), the Company will commence an Asset Sale Offer in accordance with Section 4.10 of the Indenture. Holders of Notes that are the subject of an offer to purchase
will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 

(8) NOTICE OF REDEMPTION. Subject to the provisions of Sections
3.07(c), 3.08 and 3.09 of the Indenture, notice of redemption will be mailed by first-class mail, postage prepaid 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, with a copy to the Trustee, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture.
Notes in denominations larger than U.S.$200,000 may be redeemed in part but only in whole multiples of U.S.$1,000, unless all of the Notes held by a Holder are to be redeemed. If Notes are to be redeemed in part only, the notice of redemption will
state the portion of the principal amount thereof to be redeemed. A new Note in a principal amount equal to the unredeemed portion thereof (if any) will be issued in the name of the Holder thereof upon cancellation of the original Note (or
appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate). 

(9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are
in registered form without coupons in minimum denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not
exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, none of the Company, the Trustee or the Registrar need 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 certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of a majority in principal amount of the
then outstanding Notes including Additional Notes, if any, voting as a single class, 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 Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented to cure any
ambiguity, defect or inconsistency, to provide for certificated Notes in addition to or in place of uncertificated Notes, to comply with Article 5 of the Indenture, to make any change that would provide any additional rights or benefits to Holders
or that does not materially and adversely affect the legal rights under the Indenture of any Holder, to evidence and provide for the acceptance of an appointment by a successor trustee, to add Note Guarantees with respect to the Notes, to conform
the text of the Indenture, the Notes and the Note Guarantees to any provision of the “Description of the Notes” section of the Company’s Offering Memorandum dated November 5, 2012, relating to the initial offering of the Notes,
or to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of the date of 

  
 A-7

 
the Indenture. Without the consent of each Holder affected thereby, no amendment or waiver may (with respect to any Notes held by a non-consenting Holder): reduce the principal amount of Notes
whose Holders must consent to an amendment, supplement or waiver; reduce the rate of or change or have the effect of changing the time for payment of interest, on any Notes; reduce the principal of or change or have the effect of changing the fixed
maturity of any Notes, or change the date on which any Notes may be subject to redemption, or reduce the redemption price therefor; amend, change or modify in any material respect the obligation of the Company to make and consummate a Change of
Control Offer in respect of a Change of Control that has occurred or make and consummate an Asset Sale Offer with respect to any Asset Sale that has been consummated; waive an Event of Default in the payment of principal of, premium, if any, or
interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes with respect to a nonpayment default and a waiver of the payment default that
resulted from such acceleration); make any Notes payable in a currency or place of payment other than that stated in the Notes; make any change in provisions of the Indenture entitling each Holder to receive payment of principal of, premium, if any,
and interest on such Note on or after the due date thereof or to bring suit to enforce such payment; make any change in the provisions of the Indenture described under “Additional Amounts” that adversely affects the rights of any Holder;
make any change to the provisions of the Indenture or the Notes that adversely affect the ranking of the Notes; provided that a change to Section 4.12 of the Indenture shall not affect the ranking of the Notes; and release Constellation
Overseas, Ltd. from any of its obligations under its Note Guarantee or the Indenture, except in accordance with the terms of the Indenture. 
 (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default in the payment when due of the principal of or premium, if any,
on any Notes, including the failure to make a required payment to purchase Notes tendered pursuant to an optional redemption, Change of Control Offer or an Asset Sale Offer; (ii) default for 30 days or more in the payment when due of interest
or Additional Amounts on any Notes; (iii) the failure to perform or comply with any of the provisions of Section 5.01 of the Indenture; (iv) the failure by the Company or any Restricted Subsidiary to comply with any other covenant or
agreement contained in the Indenture or in this Note or the Interest Reserve Account Pledge Agreement not expressly included as an Event of Default in the Indenture and the continuance of such default for 60 days or more after written notice to the
Company from the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Notes; (v) default by the Company or any Significant Subsidiary which shall not have been cured or waived under any Indebtedness which:
(a) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness after the expiration of any applicable grace period provided in such Indebtedness on the date of such default; or (b) results in the
acceleration of such Indebtedness prior to its Stated Maturity; and the principal or accreted amount of Indebtedness covered by (a) or (b) at the relevant time exceeds U.S.$30.0 million individually or in the aggregate (or the equivalent
in other currencies) or more; (vi) failure by the Company or any of its Significant Subsidiaries to pay one or more final, non-appealable judgments against any of them, aggregating U.S.$30.0 million (or the equivalent in other currencies) or
more, which judgment(s) are not paid, discharged or stayed for a period of 60 days or more (AND otherwise not covered by an insurance policy or policies issued by reputable and credit-worthy insurance companies);
(vii) except as permitted by the Indenture, any Note Guarantee of a Significant Subsidiary is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Subsidiary Guarantor,
or any Person acting on behalf of a Subsidiary Guarantor, denies or disaffirms its obligations under its Note Guarantee; provided that the Note Guarantee of a Subsidiary Guarantor becoming unenforceable or invalid as a result of a change in
law shall not constitute an Event of Default under the Indenture; (viii) certain events of bankruptcy described in the Indenture affecting the Company or any of its Significant Subsidiaries or group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary; (ix) except as permitted under Article 11 of the Indenture, the failure to maintain the Interest Reserve Fully Funded and such failure continues for 30 consecutive days or more and
(x) except as permitted under Article 11 of the Indenture, the Interest Reserve Account Pledge Agreement ceases, for any reason, to be in full force and effect, or any Lien created by the Interest Reserve Account Pledge Agreement is invalidated
or ceases to be enforceable and of the same effect and priority purported to be created thereby, or the existence, perfection, or priority of any Lien created by the Interest Reserve Account Pledge Agreement is otherwise materially impaired for any
reason. If any Event of Default (other than an Event of Default specified in clause (viii) above with respect to the Company) shall occur and be continuing and has not been cured or waived, the Trustee or the

  
 A-8

 
Holders of at least 25% in principal amount of outstanding Notes may declare the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes to be immediately due
and payable by notice in writing to the Company and the Trustee specifying the Event of Default and that it is a “notice of acceleration.” Notwithstanding the foregoing, in the case of an Event of Default specified in clause
(viii) above with respect to the Company, any Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together would constitute a Significant Subsidiary, then the unpaid principal of (and premium, if any) and
accrued and unpaid interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture or the Notes except as provided in the
Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of
any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium, if any,) if it determines that withholding notice is in their interest. The Holders of a majority in
aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and
the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

(13) GUARANTEE. The payment by the Company of the principal of, and premium and
interest on, the Notes will be fully and unconditionally guaranteed by Constellation Overseas Ltd. and the other future Subsidiary Guarantors, if any, to the extent set forth in the Indenture. 

(14) TRUSTEE DEALINGS WITH COMPANY. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

(15) NO RECOURSE AGAINST OTHERS. No
past, present or future incorporator, director, officer, employee, shareholder or controlling person of the Company or the Subsidiary Guarantors, as such, will have any liability for any obligations of the Company or the Subsidiary Guarantors under
the Notes, the Indenture or the Note Guarantees or for any claims based on, in respect of or by reason of such obligations. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. The waiver may not be effective to waive liabilities under the U.S. federal securities laws or under the corporate law of the Grand Duchy of Luxembourg or the British Virgin Islands, and it is the view of the SEC that
such a waiver may be contrary to public policy. 
 (16) AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 (17) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness or 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. 

(19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE
THE NOTE GUARANTEES AND THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO 

  
 A-9

 
THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. FOR THE AVOIDANCE OF DOUBT, THE PROVISIONS RELATING TO MEETINGS OF NOTEHOLDERS IN ARTICLES 86 TO
94-8 OF THE LUXEMBOURG ACT DATED AUGUST 10, 1915 ON COMMERCIAL COMPANIES, AS AMENDED, SHALL NOT APPLY IN RESPECT OF THE NOTES. 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 QGOG CONSTELLATION S.A. 
 40, Avenue Monterey 

L-2163 Luxembourg 
 Attn: Onno Bouwmeister /
Guilherme Ribeiro Vieira Lima / Leduvy de Pina Gouvea Filho 

  
 A-10

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to: 	  	 
		  	(Insert assignee’s legal name)

  

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

  

	
	 
	
	 
	
	 
	

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

  

			
	and irrevocably appoint 	  	 

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

Date:                        
                  
 Your
Signature:                                       
                                       

(Sign exactly as your name appears on the face of this Note) 
 Signature
Guarantee*:                                       
   
 * Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

  
 A-11

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 
  ̈
Section
4.10                                         ̈ Section 4.15 
 If you want to elect to have only part of this Note purchased by the
Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased: 

$                     

 Date:                     

 Your
Signature:                                       
                                       

(Sign exactly as your name appears on the face of this Note) 
 Tax Identification
No.:                                        
                          
 Signature
Guarantee*:                                       
   
 * Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

  
 A-12

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

 

									
	 Date of Exchange
	 	Amount of decrease in
Principal Amount
of
this Global Note	 	Amount of increase in
Principal Amount
of
this Global Note	 	Principal Amount
of this Global Note
following such
decrease (or increase)	 	Signature of
authorized officer of
Trustee or Custodian

  

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

  
 A-13

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 QGOG Constellation S.A. 

40, Avenue Monterey, 
 L-2163 Luxembourg

 Deutsche Bank Trust Company Americas 

60 Wall Street 
 Mailstop NYC60-2710 

New York, NY 10005 
 United States of America

 Re: 6.250% Senior Notes due 2019 
 Reference is hereby made to the Indenture, dated as of November 9, 2012 (the “Indenture”), between QGOG Constellation S.A., a public limited liability company (société
anonyme) organized under the laws of Luxembourg having its registered office at 40, Avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg register of commerce and companies under number B163424, Constellation Overseas Ltd., as
guarantor, and Deutsche Bank Trust Company Americas, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 ___________________, (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $___________ in such Note[s]
or interests (the “Transfer”), to ___________________________ (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 
 1.  ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule
144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such
Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2.  ̈ Check if Transferee will take delivery of a beneficial interest in the
Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed Transfer is being made prior to the expiration of the 40-day distribution
compliance period as defined in Regulation S, the Transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities
Act. 

 3.  ̈ Check and complete if Transferee
will take delivery of a beneficial interest in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly
the Transferor hereby further certifies that (check one): 
 (a)
 ̈ such Transfer is being effected to the Company or a subsidiary thereof; 
 or

 (b)  ̈ such Transfer is being effected pursuant to an
effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act. 
 4.  ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

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

 

	
	
	
	  
	 [Insert Name of Transferor]

 
			
	
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

 Dated: _______________________ 

  
 B-2

 ANNEX A TO CERTIFICATE OF TRANSFER 

1. The Transferor owns and proposes to transfer the following: 
 [CHECK ONE OF (a) OR (b)] 
 (a)  ̈ a beneficial interest in the: 
 (i)  ̈ 144A Global Note (CUSIP _________ / ISIN _________), or 
 (ii)  ̈ Regulation S Global Note (CUSIP _________ / ISIN _________), or 

(b) a Restricted Definitive Note. 
 2. After the Transfer the Transferee will hold: 
 [CHECK ONE] 

(a)  ̈ a beneficial interest in the: 

(i)  ̈ 144A Global Note (CUSIP _________ / ISIN _________), or

 (ii)  ̈ Regulation S Global Note (CUSIP _________ / ISIN
_________), or 
 (iii)  ̈ Unrestricted Global Note (CUSIP
_________ / ISIN _________); or 
 (b)  ̈ a Restricted Definitive
Note; or 
 (c)  ̈ an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture. 

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 QGOG Constellation S.A. 

40, Avenue Monterey, 
 L-2163 Luxembourg

 Deutsche Bank Trust Company Americas 

60 Wall Street 
 Mailstop NYC60-2710 

New York, NY 10005 
 United States of America

 Re: 6.250% Senior Notes due 2019 
 Reference is hereby made to the Indenture, dated as of November 9, 2012 (the “Indenture”), between QGOG Constellation S.A., a public limited liability company (société
anonyme) organized under the laws of Luxembourg having its registered office at 40, Avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg register of commerce and companies under number B163424, Constellation Overseas Ltd., as
guarantor, and Deutsche Bank Trust Company Americas, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                                  
       , (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of
$                     in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that: 
 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for
Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a
Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(c)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial
interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States. 

  
 C-1

 (d)  ̈ Check if Exchange is
from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2. Exchange of
Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own
account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a
beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note with an equal principal amount, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to
and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
		 	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: 

  
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 EXHIBIT D 
 FORM OF SUPPLEMENTAL INDENTURE 
 FOR NOTE GUARANTEE 

This Supplemental Indenture, dated as of
[                    ] (this “Supplemental Indenture”), among [name of Restricted Subsidiary], a
[                    ] [corporation][limited liability company] (the “Additional Subsidiary Guarantor”), QGOG Constellation
S.A., a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 40, Avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg
register of commerce and companies under number B163424 (together with its successors and assigns, the “Company”) and Deutsche Bank Trust Company Americas, as Trustee under the Indenture referred to below. 

W I T N E S S E T H: 

WHEREAS, the Company, the Trustee and the Subsidiary Guarantors named therein (each a “Subsidiary Guarantor” and
together the “Subsidiary Guarantors”) have heretofore executed and delivered an Indenture, dated as of November 9, 2012 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for
the issuance of 6.250% Senior Notes due 2019 of the Company (the “Notes”); and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture to supplement the Indenture, without the consent of any Holder; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Additional Subsidiary Guarantor, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

ARTICLE I  

DEFINITIONS 
 Section 1.1. Defined Terms. Unless otherwise defined in this Supplemental Indenture, terms defined in the Indenture are used herein as therein defined. 

ARTICLE II  

AGREEMENT TO BE BOUND; GUARANTEE 
 Section 2.1. Agreement to be Bound. The Additional Subsidiary Guarantor hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such shall have all of the rights and be
subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. The Additional Subsidiary Guarantor hereby agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor and to
perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. 
 ARTICLE III  

MISCELLANEOUS 
 Section 3.1. Notices. Any notice or communication delivered to the Company under the provisions of the Indenture shall constitute notice to the Additional Subsidiary Guarantor. 

Section 3.2. Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or
corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained. 

Section 3.3. Governing Law, etc. This Supplemental Indenture shall be governed by the provisions set forth in Sections 15.07,
15.13, 15.14 and 15.15 of the Indenture. 

  
 D-1

 Section 3.4. Severability. In case any provision in this Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity,
illegality or unenforceability. 
 Section 3.5. Ratification of Indenture; Supplemental Indenture 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 Notes heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture. 

Section 3.6. Duplicate and Counterpart Originals. The parties may sign any number of copies of this Supplemental Indenture.
One signed copy is enough to prove this Supplemental Indenture. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement.

 Section 3.7. Headings. The headings of the Articles and Sections in this Supplemental Indenture have been
inserted for convenience of reference only, are not intended to be considered as a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 3.8. The Trustee. The recitals in this Supplemental Indenture are made by the Company and the Additional Subsidiary Guarantor only and not by the Trustee, and all of the provisions
contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like effect as if set forth herein in full. The
Trustee makes no representations or warranties as to the correctness of the recitals contained herein, which shall be taken as statements of the Company, or the validity or sufficiency of this Supplemental Indenture and the Trustee shall not be
accountable or responsible for or with respect to nor shall the Trustee have any responsibility for provisions thereof. The Trustee represents that it is duly authorized to execute and deliver this Supplemental Indenture and perform its obligations
hereunder. 

  
 D-2

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

			
	QGOG CONSTELLATION S.A.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
	
	[NAME OF SUBSIDIARY GUARANTOR],
		 	as Additional Subsidiary Guarantor
		
	By:	 	 
		 	Name:
		 	Title:

  
 D-3

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