Document:

Exhibit 4.19

 

	 

 

CO-LENDER
AGREEMENT

by and between

CIBC INC.

(Senior Noteholder)

and

TCM CRE CREDIT FUND LP,

(Junior Noteholder)

 

Dated as of July 10, 2017

Holiday Inn, St. Augustine, FL

	 

 

    

     

    

  

	Section
    1.	Definitions	1
	Section
    2.	Servicing	19
	Section
    3.	Payments
    Prior to a Sequential Pay Event	21
	Section
    4.	Payments
    Following a Sequential Pay Event	23
	Section
    5.	Administration
    of the Mortgage Loan	24
	Section
    6.	Appointment
    of Junior Operating Advisor	29
	Section
    7.	Special
    Servicer	31
	Section
    8.	Limitation
    on Fees	31
	Section
    9.	Payment
    Procedure	31
	Section
    10.	Limitation
    on Liability of the Noteholders	32
	Section
    11.	Bankruptcy	33
	Section
    12.	Cure
    Rights of Junior Noteholder	34
	Section
    13.	Purchase
    of Senior Note by Junior Noteholder	35
	Section
    14.	Representations
    of Junior Noteholder	36
	Section
    15.	Representations
    of the Initial Senior Noteholder	37
	Section
    16.	Independent
    Analysis of Junior Noteholder	37
	Section
    17.	No
    Creation of a Partnership or Exclusive Purchase Right	38
	Section
    18.	Not
    a Security	38
	Section
    19.	Other
    Business Activities of the Noteholders	38
	Section
    20.	Sale
    of the Junior Note and the Senior Note	38
	Section
    21.	Registration
    of Transfer	42
	Section
    22.	Registration
    of the Senior Note and the Junior Note	42
	Section
    23.	Statement
    of Intent	43
	Section
    24.	No
    Pledge	43
	Section
    25.	Governing
    Law; Waiver of Jury Trial	43
	Section
    26.	Submission
    to Jurisdiction; Waivers	43
	Section
    27.	Withholding
    Taxes	44
	Section
    28.	Custody
    of Mortgage Loan Documents	45
	Section
    29.	Miscellaneous	45
	Section
    30.	Broker	46
	Section
    31.	Certain
    Matters Affecting the Agent	47
	Section
    32.	Termination
    of Agent	47

 

    i

     

    

 

  Table of Contents 

(continued)    

 

	 	 	Page
	 	 	 
	Section 33.	Servicing of the Loan	47
	Section 34.	Conflict	48

 

Exhibits

 

	Exhibit A	Mortgage Loan Schedule
	Exhibit B	Parties and Addresses
	Exhibit C	Permitted Fund Managers
	Exhibit D	Model PSA

 

 

Index
of Defined Terms

 

	Acceptable
    Insurance Default	1
	Additional
    Servicing Expenses	1
	Advance
    Interest Amount	2
	Advances	2
	Affiliate	2
	Agent	2
	Agent
    Office	2
	Agreement	1
	Appraisal	2
	Appraisal
    Reduction Amount	3
	Appraisal
    Trigger Event	3
	Appraised
    Value	4
	Appraised-Out
    Holder	28
	Approved
    Servicer	13
	Asset
    Status Report	4
	Balloon
    Payment	4
	Bankruptcy
    Code	4
	Business
    Day	4
	Certificate
    Administrator	4
	CIBC	1
	CLO	13
	CLO
    Asset Manager	4
	Code	4
	Collection
    Amount	5
	Condemnation
    Proceeds	5
	Conduit	42
	Conduit
    Credit Enhancer	42
	Conduit
    Inventory Loan	42
	Control	5,
    14
	Control
    Appraisal Period	5
	Controlled	14
	Controlling
    Noteholder	5
	Corrected
    Mortgage	5
	Credit
    Risk Retention Rule	5
	Cure
    Period	34

 

	DBRS	6
	Default
    Interest	6
	Default
    Note Purchase Date	35
	Defaulted
    Loan	6
	Defaulted
    Mortgage Loan Purchase Price	6
	Depositor	6
	Determination
    Date	6
	Due
    Date	7
	Escrow
    Payment	7
	Event
    of Default	7
	Excluded
    Information	7
	Fitch	7
	Guarantor	7
	Initial
    Junior Noteholder	1
	Initial
    Noteholders	7
	Initial
    Senior Noteholder	1
	Insolvency
    Proceeding	7
	Insurance
    Proceeds	7
	Interest
    Rate	8
	Interim
    Servicing Agreement	8
	Intervening
    Trust Vehicle	8
	Junior
    Note	1
	Junior
    Note Default Rate	8
	Junior
    Note Percentage Interest	8
	Junior
    Note Principal Balance	8
	Junior
    Note Rate	8
	Junior
    Note Relative Spread	8
	Junior
    Noteholder	8
	Junior
    Operating Advisor	8,
    29
	Kroll	8
	Lender	8
	Liquidation
    Proceeds	8
	Loan
    Agreement	9
	Major
    Decision	9
	Master
    Servicer	11

 

    ii

     

    

 

	Model
    PSA	11
	Monetary
    Default	34
	Monetary
    Default Notice	34
	Monthly
    Debt Service Payment Amount	11
	Monthly
    Payment	11
	Monthly
    Payment Date	11
	Moody’s	11
	Morningstar	11
	Mortgage	1
	Mortgage
    Loan	1
	Mortgage
    Loan Borrower	1
	Mortgage
    Loan Borrower Related Party	11
	Mortgage
    Loan Documents	11
	Mortgage
    Loan Rate	12
	Mortgage
    Loan Schedule	1,
    11
	Mortgaged
    Property	1
	Net
    Junior Note Rate	12
	Net
    Senior Note Rate	12
	Non-Exempt
    Person	12
	Non-Monetary
    Default	35
	Non-Monetary
    Default Cure Period	35
	Non-Monetary
    Default Notice	35
	Note	12
	Note
    Default interest Spread	12
	Note
    Pledgee	40
	Note
    Rate	12
	Note
    Register	43
	Noteholder	12
	Noteholder
    Purchase Notice	35
	P&I
    Advance	13
	Percentage
    Interest	12
	Permitted
    Fund Manager	12
	Person	12
	Prepayment
    Premium	12
	Principal
    Balance	13
	Purchase
    Price	13
	Qualified
    Institutional Lender	13
	Qualified
    Trustee	14
	Rating
    Agencies	15
	Rating
    Agency Confirmation	15
	Recovered
    Costs	15
	Redirection
    Notice	41
	Relative
    Spread	15
	REMIC	15

 

	REMIC
    Provisions	15
	REO
    Loan	16
	REO
    Property	16
	Required
    Special Servicer Rating	15
	S&P	16
	Securitization	16
	Securitization
    Date	16
	Securitization
    Operating Advisor	16
	Securitization
    Servicing Agreement	16
	Securitization
    Trust	16
	Securitization
    Vehicle	13
	Senior
    Note	1
	Senior
    Note Default Rate	17
	Senior
    Note Percentage Interest	17
	Senior
    Note Principal Balance	17
	Senior
    Note Rate	17
	Senior
    Note Relative Spread	17
	Senior
    Noteholder	17
	Sequential
    Pay Event	17
	Servicer	17
	Servicer
    Termination Event	17
	Servicing
    Agreement	17
	Servicing
    Fee Rate	17
	Servicing
    Standard	17
	Servicing
    Transfer Event	18
	Special
    Servicer	18
	Specially
    Serviced Mortgage Loan	19
	Taxes	19
	Threshold
    Event Collateral	28
	Threshold
    Event Cure	29
	Transfer	19
	Trustee	19
	U.S.
    Person	19
	Unliquidated
    Advances	19
	Workout	19

 

    iii

     

    

 

THIS
CO-LENDER AGREEMENT (“Agreement”), dated as of July 10, 2017 by and between CIBC INC., a Delaware corporation
(“CIBC”), having an address at 425 Lexington Avenue, New York, New York 10017, Attn: Real Estate Group (together
with its successors and assigns in interest, in its capacity as initial owner of the Senior Note, “Initial Senior Noteholder”),
and TCM CRE CREDIT FUND LP, a Delaware limited partnership, having an address at 1044 Northern Boulevard, Suite 100, Roslyn, New
York 11576 (together with its successors and assigns in interest, in its capacity as initial owner of the Junior Note, “Initial
Junior Noteholder”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the Loan Agreement (as defined herein) CIBC and Initial Junior Noteholder originated a certain loan described on the
schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) (the “Mortgage Loan”)
to the mortgage loan borrower described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which
is evidenced, inter alia, by two promissory notes (collectively, as amended, modified or supplemented, the “Notes”),
each dated July 10, 2017, with the first such note in the original principal amount of $6,800,000.00 (as amended, modified or
supplemented, the “Senior Note”) made by the Mortgage Loan Borrower in favor of the Initial Senior Noteholder,
and the second such note in the original principal amount of $1,200,000.00 (as amended, modified or supplemented, the “Junior
Note”) made by the Mortgage Loan Borrower in favor of Initial Junior Noteholder, and secured by a certain first mortgage
lien (as amended, modified or supplemented, the “Mortgage”) on one or more parcels of, or estates in, real
property located as described on the Mortgage Loan Schedule (collectively, the “Mortgaged Property”); and

 

WHEREAS,
the Initial Senior Noteholder and Initial Junior Noteholder desire to enter into this Agreement to memorialize the terms under
which the Initial Senior Noteholder and Initial Junior Noteholder are holding the Senior Note and the Junior Note, respectively,
in the Mortgage Loan.

 

NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto mutually agree as follows:

 

Section
1.      Definitions. References to a “Section” or the “recitals”
are, unless otherwise specified, to a Section or the recitals of this Agreement. Whenever used in this Agreement, capitalized
terms have the meanings given to them in the context of this Agreement (refer to the index of defined terms). In addition,
the following terms have the respective meanings set forth below unless the context clearly requires otherwise. Capitalized
terms not otherwise defined herein have the meanings ascribed thereto in the Servicing Agreement.

 

“Acceptable
Insurance Default” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such
other analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Additional
Servicing Expenses” means (a) all property protection advances, fees and/or expenses incurred by and reimbursable to
any Servicer, Trustee, Securitization Operating Advisor, certificate administrator or fiscal agent pursuant to the Servicing Agreement
or incurred

 

    	 

     

    

 

by Senior Noteholder at any time no Servicing Agreement is in effect, and (b) all interest accrued on Advances made
by any Servicer or Trustee in accordance with the terms of the Servicing Agreement; provided that: (i) the aggregate special servicing
administration fee (which fee is payable solely during the period that the Mortgage Loan is a Specially Serviced Mortgage Loan)
shall not exceed 0.25% or, if such rate would result in a special servicing fee that would be less than $3,500 in any given month,
then the special servicing fee rate shall be such higher rate as would result in a special servicing fee equal to (x) $3,500 or
(y) if the Risk Retention Consultation Party is entitled to consult with the Special Servicer, so long as the Mortgage Loan is
specially serviced and during the occurrence of a consultation termination event, $5,000), (ii) the special servicing liquidation
fee (or equivalent) shall not exceed 1.00% of the collections made with respect to the Mortgage Loan or any sums received from
proceeds from the disposition of the Mortgaged Property or the Mortgage Loan, as the case may be (or, if such rate would result
in an aggregate liquidation fee less than $25,000, then the liquidation fee rate may not exceed the lesser of (x) 3.00% and (y)
such lower rate as would result in an aggregate liquidation fee equal to $25,000; and (iii) the special servicing workout fee
(or equivalent) shall be equal to the greater of (x) 1.00% of the collections made with respect to the Mortgage Loan while the
Mortgage Loan is a performing or Corrected Mortgage Loan and (y) $25,000.

 

“Advance
Interest Amount” means interest payable on Advances, as specified in the Servicing Agreement. Prior to the Securitization
Date, the term Advance Interest Amount will not apply hereunder.

 

“Advances”
has the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.
Prior to the Securitization Date, the term Advances will not apply hereunder.

 

“Affiliate”
means, with respect to any specified Person any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing.

 

“Agent”
means CIBC or such Person to whom CIBC shall delegate its duties hereunder, and from and after the Securitization Date means the
Master Servicer in its role as “Companion Paying Agent” (or equivalent term) under the Servicing Agreement.

 

“Agent
Office” means the designated office of the Agent, which office at the date of this Agreement is located at CIBC Inc.,
425 Lexington Avenue, New York, New York 10017, Attn: Real Estate Group, and which is the address to which notices to and correspondence
with the Agent should be directed. The Agent may change the address of its designated office by notice to the Noteholders.

 

“Appraisal”
(i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous term used
in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.

 

    	2 

     

    

 

“Appraisal
Reduction Amount” means:

 

(A)       prior
to the Securitization Date, after the occurrence of an Appraisal Trigger Event, an amount (calculated initially as of the Determination
Date immediately following the later of the date on which the Appraisal Trigger Event occurs and the date on which the applicable
Appraisal was obtained) equal to the excess, if any, of:

 

(a)       the
sum of, without duplication, (i) the outstanding Principal Balance of the Mortgage Loan as of the applicable date of determination,
(ii) to the extent not previously advanced by or on behalf of the Master Servicer or the Trustee, all unpaid interest on the Mortgage
Loan through the most recent Due Date prior to the date of determination (exclusive of any portion thereof that represents Default
Interest), (iii) all other amounts (excluding principal, default interest, late charges, penalty charges, exit fees, Prepayment
Premiums and any similar amounts) due and unpaid with respect to the Mortgage Loan, (iv) all related unreimbursed Advances made
by or on behalf of (plus all accrued and unpaid interest on such Advances (other than Unliquidated Advances) payable to) the Master
Servicer, the Special Servicer and/or the Trustee with respect to Mortgage Loan, (v) any other unpaid trust fund expenses (excluding
any costs that do not relate directly to the Mortgage Loan), and (vi) all currently due and unpaid real estate taxes and assessments,
insurance premiums and, if applicable, ground rents, and any unfunded improvement or other applicable reserves, in respect of
the related Mortgaged Property or REO Property, as the case may be (in each case, net of any amounts escrowed with the Master
Servicer or the Special Servicer for such items); over

 

(b)       an
amount equal to the sum of: (i) the excess, if any, of (x) 90% of the Appraised Value of the Mortgaged Property (or REO Property)
as determined by the applicable Appraisal or any letter update of such Appraisal, over (y) the amount of any obligations secured
by liens on such Mortgaged Property (or REO Property) that are prior to the lien of the Mortgage Loan; plus (ii) the amount
of any Escrow Payments and/or reserve funds held by the Master Servicer or the Special Servicer with respect to the Mortgage Loan,
the related Mortgaged Property or any related REO Property that are not being held in respect of any real estate taxes and assessments,
insurance premiums or, if applicable, ground rents; plus (iii) the amount of any letter of credit constituting additional
security for the Mortgage Loan and that may be applied towards the reduction of the principal balance of the Mortgage Loan; plus
(iv) the amount of any Threshold Event Collateral then held by the Servicer; and

 

(B)       from
and after the Securitization Date, the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Appraisal
Trigger Event” means:

 

(i)       prior
to the Securitization Date, the earliest of the date on which the Mortgage Loan: (a) becomes a modified Mortgage Loan following
the occurrence of a Servicing Transfer Event, (b) becomes an REO Loan, (c) with respect to which a receiver or similar official
is appointed and continues for 30 days in such capacity in respect of the Mortgaged Property, (d) the Mortgage Loan Borrower becomes
the subject of bankruptcy, insolvency or similar proceedings or, if such proceedings are involuntary, such proceedings remain
undismissed for 60 days, (e) any Monthly Payment (other than a

 

    	3 

     

    

 

Balloon Payment) becomes 120 days or more delinquent, or (f) the
Mortgage Loan Borrower fails to make when due any Balloon Payment and the Mortgage Loan Borrower does not deliver to the Master
Servicer or the Special Servicer, on or before the due date of the Balloon Payment, a written and fully executed (subject only
to customary final closing conditions) refinancing commitment from an acceptable lender and reasonably satisfactory in form and
substance to the Master Servicer (and the Master Servicer shall promptly forward such commitment to the Special Servicer) which
provides that such refinancing will occur within 90 days after the date on which the Balloon Payment will become due (provided
that if either such refinancing does not occur during that time or the Master Servicer is required during that time to make any
P&I Advance in respect of the Mortgage Loan, an Appraisal Trigger Event will occur immediately); and

 

(ii)       from
and after the Securitization Date, the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Appraised
Value” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous
term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.

 

“Asset
Status Report” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such
other analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Balloon
Payment” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in
the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Bankruptcy
Code” means the United States Bankruptcy Code, as amended from time to time, any successor statute or rule promulgated
thereto.

 

“Business
Day” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous
term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.

 

“Certificate
Administrator” means the certificate administrator under the Securitization Servicing Agreement, if any.

 

“CLO
Asset Manager” with respect to any Securitization Vehicle that is a CLO, means the entity that is responsible for managing
or administering the Junior Note as an underlying asset of such Securitization Vehicle or, if applicable, as an asset of any Intervening
Trust Vehicle (including, without limitation, the right to exercise any consent and control rights available to the holder of
the Junior Note).

 

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

 

    	4 

     

    

 

“Collection
Account” means the trust account or accounts (including any sub-accounts) created and maintained by the Servicer.

 

“Condemnation
Proceeds” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in
the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an
entity, whether through the ability to exercise voting power, by contract or otherwise.

 

“Control
Appraisal Period” means any period, with respect to the Mortgage Loan, if and for so long as:

 

(a)       (1)
the initial Junior Note Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal (whether
as principal prepayments or otherwise) allocated to, and received on, the Junior Note after the date of creation of the Junior
Note, (y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated to the Junior Note and (z) any losses realized
with respect to any Mortgaged Property or the Mortgage Loan that are allocated to the Junior Note, plus (3) the Threshold
Event Collateral then held by the Servicer, is less than

 

(b)      twenty-five
percent (25%) of the remainder of the (i) initial Junior Note Principal Balance less (ii) any payments of principal (whether as
principal prepayments or otherwise) allocated to, and received by, Junior Noteholder on the Junior Note after the date of creation
of the Junior Note.

 

“Controlling
Noteholder” means as of any date of determination (i) Junior Noteholder, unless a Control Appraisal Period has occurred
and is continuing or (ii) if a Control Appraisal Period has occurred and is continuing, Senior Noteholder; provided that,
if Junior Noteholder would be the Controlling Noteholder pursuant to the terms hereof, but any interest in the Note of Junior
Noteholder is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, or the Mortgage Loan Borrower or Mortgage
Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Controlling Noteholder, a Control Appraisal
Period shall be deemed to have occurred with respect to such Junior Noteholder. As of the Closing Date, the Controlling Noteholder
will be Junior Noteholder.

 

“Corrected
Mortgage Loan” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such
other analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Credit
Risk Retention Rule” shall mean the final rule promulgated to implement the credit risk retention requirements under
Section 15G of the Exchange Act, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (79
F.R. 77601; Pages: 77740-77766), as such rule may be amended from time to time, and subject to such clarification and interpretation
as have been provided by the Department of Treasury, the Federal Reserve

 

    	5 

     

    

 

System, the Federal Deposit Insurance Corporation, the
Federal Housing Finance Agency, the Securities and Exchange Commission and the Department of Housing and Urban Development in
the adopting release (79 FR 77601 et. seq.) or by the staff of any such agency, or as may be provided by any such agency or its
staff from time to time, in each case, as effective from time to time as of the applicable compliance date specified therein.

 

“DBRS”
means DBRS, Inc., and its successors in interest.

 

“Default
Interest” means interest on the Mortgage Loan at a rate per annum equal to the Note Default Interest Spread.

 

“Defaulted
Loan” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous
term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.

 

“Defaulted
Mortgage Loan Purchase Price” means the sum, without duplication, of (a) the Principal Balance of the Senior Note, (b)
accrued and unpaid interest thereon at the Senior Note Rate, from the date as to which interest was last paid in full by Mortgage
Loan Borrower up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the
date the purchase occurred, (c) any other amounts due under the Mortgage Loan, other than Prepayment Premiums, default interest,
late fees, exit fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest,
late fees, exit fees and any other similar fees, (d) any unreimbursed property protection or servicing Advances and any expenses
incurred in enforcing the Mortgage Loan Documents (including, without limitation, servicing Advances payable or reimbursable to
any Servicer, and earned and unpaid special servicing fees), (e) any accrued and unpaid Advance Interest Amount, (f) (i) if the
Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (ii) if the Senior Note is purchased after
90 days after such option first becomes exercisable pursuant to Section 13 of this Agreement, any liquidation or workout
fees payable under the Securitization Servicing Agreement with respect to the Senior Note and (g) any Recovered Costs not reimbursed
previously to the Senior Note pursuant to this Agreement. If the Mortgage Loan is converted into a REO Property, for purposes
of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue at the Senior Note Rate
on the Senior Note Principal Balance, as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage
Loan Purchase Price include amounts due or payable to Junior Noteholder under this Agreement.

 

“Depositor”
means the Person selected by Senior Noteholder to create the Securitization Trust.

 

“Determination
Date” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous
term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.

 

    	6 

     

    

 

“Due
Date” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous
term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.

 

“Escrow
Payment” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in
the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Event
of Default” means, with respect to the Mortgage Loan, an “Event of Default” as defined in the Mortgage Loan
Documents.

 

“Excluded
Information” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term or
such other analogous term used in the Servicing Agreement.

 

“Fitch”
means Fitch, Inc., and its successors in interest.

 

“Guarantor”
has the meaning assigned to such term in the Mortgage Loan Documents.

 

“Initial
Noteholders” means, collectively, Initial Junior Noteholder and the Initial Senior Noteholder.

 

“Insolvency
Proceeding” means any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other
insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the
dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets of
the Mortgage Loan Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of a
trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or any
other action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage Loan
Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage Loan
Borrower in a transaction permitted under the Mortgage Loan Documents; provided, however, that following any such
permitted transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement
shall be defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage
Loan Documents; provided, further, however, that for the purposes of this definition, in the event that more than one entity comprises
the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

 

“Insurance
Proceeds” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in
the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

    	7 

     

    

 

“Interest
Rate” has the meaning assigned to the term “Interest Rate” in the Mortgage Loan Documents.

 

“Interim
Servicing Agreement” means at such time that the Mortgage Loan is not serviced pursuant to the Securitization Servicing
Agreement, either the internal, informal servicing arrangement by CIBC as self servicer for the whole Loan or, in the alternative,
an interim servicing agreement between CIBC, as owner, and an experienced interim servicer selected by CIBC; provided that, in
the event that a Securitization of the Senior Note has not occurred within 90 days after the date hereof, then the Noteholders
will negotiate in good faith and enter into a standalone servicing agreement reasonably acceptable to the Noteholders. Senior
Noteholder shall not, without the consent of Junior Noteholder, consent to any amendment or modification to such Interim Servicing
Agreement to the extent such amendment or modification would materially and adversely affect the Mortgage Loan or Junior Noteholder’s
rights with respect thereto (as reasonably determined by Junior Noteholder).

 

“Intervening
Trust Vehicle” with respect to any Securitization Vehicle that is a CLO, means a trust vehicle or entity that holds
the Junior Note as collateral securing (in whole or in part) any obligation or security held by such Securitization Vehicle as
collateral for the CLO.

 

“Junior
Noteholder” means Initial Junior Noteholder, and its successors in interest, or any subsequent holder of the Junior
Note.

 

“Junior
Note Default Rate” means a rate per annum equal to the Junior Note Rate plus the Note Default Interest Spread.

 

“Junior
Note Percentage Interest” means a fraction, expressed as a percentage, the numerator of which is the Junior Note Principal
Balance and the denominator of which is the sum of the Senior Note Principal Balance and the Junior Note Principal Balance.

 

“Junior
Note Principal Balance” means, at any time of determination, the initial Junior Note Principal Balance set forth on
the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Section 3,
4 or 5, as applicable.

 

“Junior
Note Rate” means the Junior Note Rate set forth on the Mortgage Loan Schedule.

 

“Junior
Note Relative Spread” means the ratio of the Junior Note Rate to the Mortgage Loan Rate.

 

“Junior
Operating Advisor” means, with respect to the Mortgage Loan, the advisor appointed pursuant to Section 6(a).

 

“Kroll”
means Kroll Bond Rating Agency, Inc., or its successor in interest.

 

“Lender”
has the meaning assigned to such term in the Mortgage.

 

“Liquidation
Proceeds” (i) prior to the Securitization Date, means the amount (other than insurance proceeds, condemnation awards
or amounts required to be paid to the Mortgage Loan Borrower or other Persons pursuant to the Mortgage Loan Documents or applicable
law)

 

    	8 

     

    

 

received in connection with (y) the liquidation of a Specially Serviced Mortgage Loan through a trustee’s sale, foreclosure
sale or otherwise or (z) a sale of the Mortgage Loan or an REO Property in accordance with this Agreement and (ii) from and after
the Securitization Date, has the meaning assigned to such term in the Servicing Agreement or any one or more analogous terms in
the Servicing Agreement.

 

“Loan
Agreement” means that certain Loan Agreement, dated as of July 10, 2017, between CIBC, as Lender, Initial Junior Noteholder,
as Note B Holder, and Krishna Lodging, LLC, a Delaware limited liability company, as Borrower, as the same may be further amended,
restated, renewed, extended, modified or supplemented from time to time, subject to the terms hereof.

 

“Major
Decision” means:

 

(i)       prior
to the Securitization Date:

 

(a)       any
proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO Property) of the ownership
of the Mortgaged Property;

 

(b)      any
modification, consent to a modification or waiver of any monetary term or material non-monetary term (including, without limitation,
terms and conditions relating to the timing of payments and acceptance of discounted payoffs, cash management, non-recourse exceptions,
prepayment and defeasance, casualty and condemnation, transfers, definitions relating to the debt service coverage ratio, financial
reporting and insurance) of the Mortgage Loan or any extension of the maturity date of the Mortgage Loan;

 

(c)       following
a default or an event of default with respect to the Mortgage Loan, any exercise of remedies, including the acceleration of the
Mortgage Loan or initiation of any proceedings, judicial or otherwise, under the Mortgage Loan Documents;

 

(d)      any
sale of a Defaulted Loan or REO Property for less than the applicable Purchase Price; provided, however, the foregoing shall not
affect the rights of the Lender or the Junior Noteholder to transfer all or a portion of the Senior Note or the Junior Note in
accordance with the terms hereof;

 

(e)       any
determination to bring the Mortgaged Property or an REO Property into compliance with applicable environmental laws or to otherwise
address any hazardous materials located at the Mortgaged Property or an REO Property if the cost thereof exceeds $25,000.00;

 

(f)       any
release of collateral or any acceptance of substitute or additional collateral for the Mortgage Loan or any consent to either
of the foregoing, other than if required pursuant to the specific terms of the Mortgage Loan Documents and for which there is
no lender discretion;

 

    	9 

     

    

 

(g)      any
waiver of a “due on sale” or “due on encumbrance” clause with respect to the Mortgage Loan or any consent
to such a waiver or consent to a transfer of the Mortgaged Property or direct or indirect interests in the Mortgage Loan Borrower;

 

(h)      any
material amendment, material modification or termination of any Management Agreement (as defined in the Loan Agreement) and any
property management company changes, including, without limitation, approval of the termination of the existing property manager
and appointment of a new property manager, or franchise changes with respect to a Mortgage Loan, in each case for which the lender
is required to consent or approve such changes under the Mortgage Loan Documents;

 

(i)       releases
of any amounts from any escrow accounts, reserve funds or letters of credit, in each case, held as performance escrows or reserves,
other than those required pursuant to the specific terms of the Mortgage Loan Documents;

 

(j)       any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in the Mortgage Loan Borrower,
Guarantor or other guarantor, indemnitor or obligor releasing the Mortgage Loan Borrower, Guarantor or other guarantor, indemnitor
or obligor from liability under the Mortgage Loan other than pursuant to the specific terms of the Mortgage Loan and for which
there is no lender discretion;

 

(k)       any
determination of an Acceptable Insurance Default;

 

(l)    
   the execution, termination, modification, waiver or amendment of any term of the Franchise Agreement (as
defined in the Loan Agreement), in each case to the extent Lender approval is required under the Mortgage Loan
Documents;

 

(m)     
any filing of a bankruptcy or similar action against the Mortgage Loan Borrower or Guarantor or the election of any action in
a bankruptcy or Insolvency Proceeding to seek relief from the automatic stay or dismissal of a bankruptcy filing or voting for
or opposing a plan of reorganization, seeking or opposing an order for adequate protection, adequate assurance, a Section 363
sale, order shortening time or similar motion of procedure in an Insolvency Proceeding or making an Section 1111(b)(2) election
on behalf of the Noteholders;

 

(n)      approval
of the Annual Budget (as defined in the Loan Agreement) to the extent the Lender’s consent is required under the Loan Agreement;

 

(o)      any
incurrence of additional debt by the Mortgage Loan Borrower or any mezzanine financing by any beneficial owner of the Mortgage
Loan Borrower (to the extent that the lender has consent rights pursuant to the Mortgage Loan Documents (for purposes of the determination
whether a lender has such consent rights pursuant to the Mortgage Loan Documents, any Mortgage Loan Document provision that requires
that an intercreditor agreement be reasonably or otherwise acceptable to the Lender shall constitute such consent rights));

 

    	10 

     

    

 

(p)      the
creation by Senior Noteholder or Servicer of any additional loan components, including mezzanine debt, whether senior or junior
to the Junior Note; and

 

(ii)      from
and after the Securitization Date, the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Master
Servicer” (i) prior to the Securitization Date, means CIBC or an entity appointed by it to master service the Loan on
an interim basis and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.

 

“Model
PSA” means the pooling and servicing agreement for the UBS Commercial Mortgage Trust 2017-C1 transaction, among UBS
Commercial Mortgage Securitization Corp., as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital
Asset Management LLC, as special servicer, AEGON USA Realty Advisors, LLC, as Save Mart Portfolio Special Servicer, Wells Fargo
Bank, National Association, as certificate administrator, Wilmington Trust, National Association, as trustee, and Pentalpha Surveillance
LC, as operating advisor and as asset representations reviewer, dated as of June 1, 2017, a copy of which is attached hereto as
Exhibit D.

 

“Monthly
Debt Service Payment Amount” has the meaning assigned to such term or an analogous term in the Loan Agreement.

 

“Monthly
Payment” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in
the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Monthly
Payment Date” means the Payment Date (as defined in the Loan Agreement).

 

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

 

“Morningstar”:
Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation resulting
from any acquisition by Morningstar, Inc. or other similar entity of Realpoint LLC.

 

“Mortgage
Loan Borrower Related Party” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model
PSA or such other analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned
to such term in the Servicing Agreement.

 

“Mortgage
Loan Documents” means, with respect to the Mortgage Loan, the Mortgage, the Note, the Loan Agreement and all other documents
now or hereafter evidencing and securing or guaranteeing the Mortgage Loan.

 

“Mortgage
Loan Schedule” means the Schedule attached hereto as Exhibit A.

 

    	11 

     

    

 

“Mortgage
Loan Rate” means, as of any date of determination, the weighted average of the Senior Note Rate and the Junior Note
Rate.

 

“Net
Junior Note Rate” means the Junior Note Rate minus the Servicing Fee Rate.

 

“Net
Senior Note Rate” means the Senior Note Rate minus the Servicing Fee Rate.

 

“Non-Exempt
Person” means any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent for
the relevant year such duly-executed form(s) or statement(s) that may, from time to time, be prescribed by law and that, pursuant
to applicable provisions of (A) any income tax treaty between the United States and the country of residence of such Person, (B)
the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit Senior Noteholder to make
such payments free of any obligation or liability for withholding.

 

“Noteholder”
means either of Senior Noteholder and Junior Noteholder, as applicable.

 

“Note”
means either of the Senior Note and the Junior Note, as applicable.

 

“Note
Default Interest Spread” means a rate per annum equal to four percent (4%); provided, however, that if
the weighted average of the Senior Note Default Rate and the Junior Note Default Rate would exceed the maximum rate permitted
by applicable law, the note default interest spread shall equal (i) the rate at which the weighted average of the Senior Note
Default Rate and the Junior Note Default Rate equals the maximum rate permitted by applicable law minus (ii) the Interest Rate.

 

“Note
Rate” means either of the Senior Note Rate and the Junior Note Rate, as applicable.

 

“Percentage
Interest” means, with respect to Senior Noteholder, the Senior Note Percentage Interest, and with respect to Junior
Noteholder, the Junior Note Percentage Interest, as each may be adjusted from time to time.

 

“Permitted
Fund Manager” means any Person that on the date of determination is (i) one of the entities on Exhibit C attached hereto
and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests relating
to commercial real estate, (ii) investing through a fund with committed capital of at least $100,000,000 and (iii) not subject
to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

 

“Person”
(i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous term used
in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.

 

“Prepayment
Premium” means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance
premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan
Documents, including any exit fee.

 

    	12 

     

    

 

“Principal
Balance” means either of the Senior Note Principal Balance and the Junior Note Principal Balance, as applicable.

 

“Purchase
Price” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous
term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.

 

“P&I
Advance” has the meaning assigned to such term or an analogous term in the Servicing Agreement. Prior to the Securitization
Date, the term P&I Advance will not apply hereunder.

 

“Qualified
Institutional Lender” means each of the Initial Noteholders and any Affiliate of the foregoing or any other Person that
is:

 

(s)       an
entity Controlled (as defined below) by, under Common Control with or Controlling any of the Initial Senior Noteholder, Initial
Junior Noteholder, or

 

(t)       one
or more of the following:

 

(i)     
  an insurance company, bank, savings and loan association, investment bank, trust company, commercial credit
corporation, pension plan, pension fund, pension fund advisory firm, mutual fund, real estate investment trust, governmental
entity or plan, or

 

(ii)       an
investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, or an “institutional accredited investor” within the meaning of Regulation
D under the Securities Act of 1933, as amended, or

 

(iii)      a
Qualified Trustee (or in the case of a CLO, a single purpose bankruptcy remote entity that contemporaneously assigns or pledges
its Junior Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a) a
securitization of, (b) the creation of collateralized debt obligations (“CLO”) secured by, or (c) a financing
through an “owner trust” of, any or all of the Junior Note (any of the foregoing, a “Securitization Vehicle”),
provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment
grade by each of the Rating Agencies that assigned a rating to one or more classes of securities issued in connection with a securitization
(it being understood that with respect to any Rating Agency that assigned such a rating to the securities issued by such Securitization
Vehicle, a Rating Agency Confirmation will not be required in connection with a transfer of a Junior Note to such Securitization
Vehicle); (2) in the case of a Securitization Vehicle that is not a CLO, the special servicer of such Securitization Vehicle has
a Required Special Servicer Rating (such entity, an “Approved Servicer”) and such Approved Servicer is required
to service and administer such Junior Note in accordance with servicing arrangements for the assets held by the Securitization
Vehicle that require that such Approved Servicer act in accordance with a servicing standard

 

    	13 

     

    

 

notwithstanding any contrary direction
or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and,
if applicable, each Intervening Trust Vehicle that is not administered and managed by a CLO Asset Manager that is a Qualified
Institutional Lender, are each a Qualified Institutional Lender under clauses (i), (ii), (iii), (iv) or (v) of this definition,
or

 

(iv)      an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $100,000,000, in which (A) Senior Noteholder or Junior Noteholder, as applicable, (B) a person that is otherwise a
Qualified Institutional Lender under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities
referred to in clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the
fund manager responsible for the day-to-day management and operation of such investment vehicle and provided that at least 50%
of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise
Qualified Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in
the definition), or

 

(v)       an
institution substantially similar to any of the foregoing, and

 

in
the case of any entity referred to in clause (b)(i), (ii), (iii)(a), (iv)(B) or (v) of this definition, (x) such entity has at
least $100,000,000 in capital/statutory surplus or shareholders’ equity including uncalled capital commitments (except with
respect to a pension advisory firm or similar fiduciary) and at least $250,000,000 in total assets including uncalled capital
commitments (in name or under management), and (y) is regularly engaged in the business of making or owning commercial real estate
loans (or interests therein) similar to the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating commercial
real estate properties; provided that, in the case of the entity described in clause (iv) (B) above, the requirements of this
clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible for the day-to-day management
and operation of such entity, or

 

(vi)      any
entity Controlled (as defined below) by any of the entities described in clause (b) above or approved by the Rating Agencies hereunder
as a Qualified Institutional Lender for purposes of this Agreement.

 

For
purposes of this definition only, “Control” means the ownership, directly or indirectly, in the aggregate of
more than fifty percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise
voting power, by contract or otherwise (“Controlled” has the meaning correlative thereto).

 

“Qualified
Trustee” means (i) a corporation, national bank, national banking association or a trust company, organized and doing
business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers
and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to

 

    	14 

     

    

 

supervision or
examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an
institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the
applicable Rating Agencies.

 

“Rating
Agencies” means any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) Kroll and (f) Morningstar or, if any
of such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized
statistical rating agency designated by Senior Noteholder; provided, however, that at any time during which the
Senior Note is an asset of a Securitization, “Rating Agencies” or “Rating Agency” has the meaning assigned
to such term in the Servicing Agreement.

 

“Rating
Agency Confirmation” means prior to a Securitization with respect to any matter, confirmation in writing (which may
be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will
not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class of
certificates (if then rated by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating
Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to
satisfy the requirement for the Rating Agency Confirmation from each Rating Agency with respect to such matter and after a Securitization,
the meaning given thereto or any analogous term in the Securitization Servicing Agreement including any deemed Rating Agency Confirmation.

 

“Recovered
Costs” means any amounts referred to in clauses (d) and/or (e) of the definition of “Defaulted Mortgage Loan Purchase
Price” that, at the time of determination, had been previously paid or reimbursed to any Servicer from sources other than
collections on or in respect of the Mortgage Loan or the Mortgaged Property (including, without limitation, from collections on
or in respect of loans other than the Mortgage Loan).

 

“Relative
Spread” means Senior Note Relative Spread or Junior Note Relative Spread, as the context may require.

 

“REMIC”
means a real estate mortgage investment conduit within the meaning of Section 860D(a) of the Code.

 

“REMIC
Provisions” means provisions of the federal income tax law relating to real estate mortgage investment conduits, which
appear at Sections 860A through 860G of subchapter M of Chapter 1 of the Code, and related provisions, and regulations (including
any applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

“Required
Special Servicer Rating” means (i) a rating of “CSS3” in the case of Fitch, (ii) being on S&P’s
Select Servicer List as a U.S. Commercial Mortgage Special Servicer in the case of S&P and (iii) in the case of Moody’s
or Morningstar, as applicable, such special servicer is acting as special servicer for one or more loans included in a commercial
mortgage loan securitization that was rated by Moody’s or Morningstar, as applicable, within the twelve (12) month period
prior to the date of determination, and Moody’s or Morningstar, as applicable, has

 

    	15 

     

    

 

not downgraded or withdrawn the then-current
rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch publicly
citing the continuation of such special servicer as special servicer of such commercial mortgage loans as the sole or material
factor in such ratings action.

 

“REO
Loan” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such other analogous
term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.

 

“REO
Property” (i) prior to the Securitization Date, means any Mortgaged Property, title to which has been acquired by a
Servicer on behalf of the Noteholders through foreclosure, deed in lieu of foreclosure or otherwise and (ii) from and after the
Securitization Date, has the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“S&P”
means S&P Global Ratings, and its successors in interest.

 

“Securitization”
means one or more sales by Senior Noteholder of all or a portion of the Senior Note to a Depositor, who will in turn include such
portion of the Senior Note as part of a securitization of one or more mortgage loans.

 

“Securitization
Date” means the effective date on which the Securitization of the Senior Note or portion thereof is consummated.

 

“Securitization
Operating Advisor” means the operating advisor under the Securitization Servicing Agreement, if any.

 

“Securitization
Servicing Agreement” means a pooling and servicing agreement, substantially in the form of the Model PSA (and where
such pooling and servicing agreement is not substantially the same as the Model PSA, and the changes would materially and adversely
affect the Mortgage Loan or Junior Noteholder’s rights with respect thereto (as reasonably determined by Junior Noteholder),
the changes are reasonably acceptable to Junior Noteholder), to be entered into in connection with the Securitization, by and
among (a) the Trustee, (b) the Person who serves as master servicer from and after the Securitization Date, (c) the Person that
serves as special servicer from and after the Securitization Date, (d) the Person who services as operating advisor from and after
the Securitization Date and (e) the Depositor, and any other additional Persons that may be party to such pooling and servicing
agreement; provided it is acknowledged that such agreement is subject in all respects to changes (i) required by the Code relating
to the tax elections of the related Securitization Trust, (ii) required by law or changes in any law, rule or regulation and (iii)
requested by the Rating Agencies or any purchaser of subordinate certificates. The Servicing Standard in the Securitization Servicing
Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests
of each Noteholder (taking into account that the Junior Note is junior to the Senior Note).

 

“Securitization
Trust” means a trust formed pursuant to a Securitization pursuant to which the Junior Note or Senior Note is held.

 

    	16 

     

    

 

“Senior
Noteholder” means the Initial Senior Noteholder or any subsequent holder of the Senior Note, together with its successors
and assigns.

 

“Senior
Note Default Rate” means a rate per annum equal to the Senior Note Rate plus the Note Default Interest Spread.

 

“Senior
Note Percentage Interest” means a fraction, expressed as a percentage, the numerator of which is the Senior Note Principal
Balance and the denominator of which is the sum of the Senior Note Principal Balance and the Junior Note Principal Balance.

 

“Senior
Note Principal Balance” means, with respect to the Mortgage Loan, at any time of determination, the initial Senior Note
Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by Senior Noteholder
or reductions in such amount pursuant to Section 3, 4 or 5, as applicable.

 

“Senior
Note Rate” means the Senior Note Rate set forth on the Mortgage Loan Schedule.

 

“Senior
Note Relative Spread” means the ratio of the Senior Note Rate to the Mortgage Loan Rate.

 

“Sequential
Pay Event” means any Event of Default with respect to an obligation to pay money due under the Mortgage Loan or any
other Event of Default that causes the Mortgage Loan to become a Specially Serviced Mortgage Loan (other than as a result of clause
(iii) or clause (ix) of the definition of Servicing Transfer Event), or any bankruptcy or insolvency event that constitutes an
Event of Default. A Sequential Pay Event shall no longer exist to the extent it has been cured (including any cure payment made
by the Controlling Noteholder in accordance with Section 12) and shall not be deemed to exist to the extent any Junior
Noteholder is exercising its cure rights under Section 12.

 

“Servicer”
means the Master Servicer or the Special Servicer, as the context may require.

 

“Servicer
Termination Event” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such
other analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Servicing
Agreement” means, with respect to the Mortgage Loan, prior to the Securitization Date, the Interim Servicing Agreement,
and, from and after the Securitization Date, the Securitization Servicing Agreement.

 

“Servicing
Fee Rate” (i) prior to the Securitization Date, means 0.0% and (ii) from and after the Securitization Date, has the
meaning assigned to such term in the Servicing Agreement; provided that the Servicing Fee Rate attributable to the Junior Note
shall not exceed one basis point (0.01%) per annum.

 

“Servicing
Standard” (x) prior to the Securitization Date, shall refer to the procedures that the Master Servicer, as an independent
contractor, follows in order to service and administer the Mortgage Loan and administer REO Property solely on behalf of the Noteholders
(as a collective

 

    	17 

     

    

 

whole as if such Noteholders constituted one lender, it being understood that the Junior Note is subordinate
to the Senior Note, subject to the terms and conditions of this Agreement) (as determined by the Master Servicer in the exercise
of its good faith and reasonable judgment), in accordance with applicable law, the terms of this Agreement and the Mortgage Loan
Documents and, to the extent consistent with the foregoing, the following standards: (i) the higher of (a) the same manner in
which and with the same care, skill, prudence and diligence with which the Master Servicer services and administers similar loans
and administers foreclosed properties for other third-party portfolios, giving due consideration to customary and usual standards
of practice of prudent institutional commercial mortgage lenders in servicing their own loans and administering their own foreclosed
properties, or (b) with the care, skill, prudence and diligence the Master Servicer uses for loans that it owns or for foreclosed
properties it owns and administers; (ii) with a view to the timely collection of (a) all scheduled payments of principal and interest
under the Mortgage Loan or, if the Mortgage Loan comes into and continues in default and if no satisfactory arrangements can be
made for the collection of the delinquent payments, the maximization of the recovery on the Mortgage Loan to the Noteholders (as
a collective whole as if such Noteholders constitute a single lender, it being understood that the Junior Note is subordinate
to the Senior Note, subject to the terms of this Agreement) on a net present value basis and (b) any reimbursable expenses and
other amounts due under the Mortgage Loan and (iii) without regard to:

 

any
relationship that the Master Servicer or its affiliates may have with the Mortgage Loan Borrower or any of its affiliates;

 

the
ownership of any other mezzanine loan by the Master Servicer or its affiliates;

 

its
obligation to make Advances;

 

the
right of the Master Servicer or its affiliates to receive reimbursement of costs, compensation or other fees (other than Advances),
or the sufficiency of any compensation payable to it under this Agreement or with respect to any particular transaction; or

 

the
ownership, servicing or management for others of any other loans or property by the Master Servicer; and

 

(y)
from and after the Securitization Date, has the meaning assigned to such term in the Servicing Agreement.

 

“Servicing
Transfer Event” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA or such
other analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to such term
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Special
Servicer” (i) prior to the Securitization Date, means CIBC or an entity appointed by it to specially service the Loan
on an interim basis and (ii) from and after the Securitization Date, has the meaning assigned to such term in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.

 

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“Specially
Serviced Mortgage Loan” (i) prior to the Securitization Date, has the meaning assigned to such term in the Model PSA
or such other analogous term used in the Model PSA and (ii) from and after the Securitization Date, has the meaning assigned to
such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Taxes”
means any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter
imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein.

 

“Transfer”
means any sale, assignment, transfer, pledge, syndication, participation, hypothecation, contribution, encumbrance or other disposition
(either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar agreement, excluding
a repo financing or a Pledge in accordance with Section 20(f)).

 

“Trustee”
means the bank or trust company as may be selected by the Depositor and approved by the Rating Agencies to act as trustee for
the Securitization, and shall include any fiscal agent and/or paying agent appointed for such Securitization.

 

“Unliquidated
Advances” has the meaning assigned to such term or an analogous term in the Servicing Agreement. Prior to the Securitization
Date, the term Unliquidated Advances will not apply hereunder.

 

“U.S.
Person” means a citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) created or organized in or under the laws of the United States, any State thereof or the District
of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, or an estate whose
income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States
is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority
to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in
existence on August 20, 1996 that is eligible to elect to be treated as a U.S. Person).

 

“Workout”
means any written modification, waiver, amendment or restructuring relating to a workout of the Mortgage Loan or the Note in connection
with a Mortgage Loan default or a likely default.

 

Section
2.      Servicing.

 

(a)      Each
Noteholder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced prior to
the Securitization Date by CIBC or a Master Servicer or Special Servicer appointed by it and from and after the Securitization
Date (except as otherwise set forth in Section 2(e)), pursuant to the Securitization Servicing Agreement, in each case,
in accordance with this Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments
of principal or interest in respect of the Notes other than the Senior Note if such principal or interest is not paid by the Mortgage
Loan Borrower, but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to
the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the
terms of the Securitization

 

    	19 

     

    

 

Servicing Agreement. Junior Noteholder acknowledges that Senior Noteholder may elect, in its sole
discretion, to include the Senior Note in a Securitization and agrees that it will reasonably cooperate with Senior Noteholder,
at Senior Noteholder’s expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each
Noteholder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, Special Servicer and the
Trustee under the Securitization Servicing Agreement by the Depositor and agrees to reasonably cooperate with the Master Servicer
and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Securitization Servicing Agreement
and this Agreement. Each Noteholder hereby appoints the Master Servicer and the Trustee in the Securitization as such Noteholder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan
on its behalf under the Securitization Servicing Agreement (subject at all times to the rights of the Noteholder set forth herein
and in the Servicing Agreement). In no event shall the Servicing Agreement require the Servicer to enforce the rights of any Noteholder
against the other Noteholder or limit the Servicer in enforcing the rights of one Noteholder against the other Noteholder; however,
this statement shall not be construed to otherwise limit the rights of one Noteholder with respect to the other Noteholder.

 

(b)      The
Controlling Noteholder (or any Junior Operating Advisor appointed by it acting on its behalf) shall exercise the rights and powers
granted to the “Controlling Holder”, “Directing Certificateholder” or “Directing Holder” (or
similar term) under the Servicing Agreement with respect to the Mortgage Loan.

 

(c)      The
Securitization Servicing Agreement shall contain the Servicing Standard. In no event may the Securitization Servicing Agreement
change the interest or principal allocable to, or the amount of any payments due to, Junior Noteholder or materially increase
Junior Noteholder’s obligations or materially decrease Junior Noteholder’s rights, remedies or protections hereunder.

 

(d)      The
Securitization Servicing Agreement shall contain provisions to the effect that:

 

(i)     
  any payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the Noteholders in
accordance with Sections 3 and 4 hereof on the “master servicer remittance date” under the
Securitization Servicing Agreement;

 

(ii)       Junior
Noteholder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide, any information relating
to the Mortgage Loan, the borrower or the Mortgaged Property as Junior Noteholder may reasonably request and would be customarily
in the possession of, or collected or known by, the Master Servicer or Special Servicer of mortgage loans similar to the Mortgage
Loan and, in any event, all information that is required to be provided to holders of the securities issued by the Securitization
Trust that includes other Notes but not limited to standard CREFC® reports, provided that if an interest in the
Junior Note or Junior Noteholder is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, then Junior
Noteholder shall not be entitled to receive any Excluded Information;

 

    	20 

     

    

 

(iii)      each
Noteholder is an intended third party beneficiary in respect of the rights afforded it under the Securitization Servicing Agreement
and may directly enforce such rights; and

 

(iv)     the
Securitization Servicing Agreement may not be amended without the consent of Junior Noteholder if such amendment would materially
and adversely affect the Mortgage Loan or Junior Noteholder’s rights with respect thereto (as determined by Junior Noteholder).

 

(e)       Notwithstanding
anything to the contrary contained in this Agreement, any obligation of the Servicer pursuant to the terms hereof shall be performed
by the Master Servicer or the Special Servicer, as applicable, as set forth in the Servicing Agreement.

 

(f)       At
any time after the Securitization Date that the Senior Note is no longer subject to the provisions of the Securitization Servicing
Agreement, Senior Noteholder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement mutually agreeable
to Senior Noteholder and Junior Noteholder that contains servicing provisions that are the same as or more favorable to Junior
Noteholder, in substance, to those in the Securitization Servicing Agreement and all references herein to the “Securitization
Servicing Agreement” shall mean such subsequent servicing agreement; provided, however, that until a replacement servicing
agreement has been entered into, Senior Noteholder shall cause the Mortgage Loan to be serviced in accordance with the servicing
provisions set forth in the Securitization Servicing Agreement as if such agreement was still in full force and effect with respect
to the Mortgage Loan; provided, further, however, that until a replacement servicing agreement is in place, the actual servicing
of the Mortgage Loan may be performed by any nationally recognized commercial mortgage loan servicer appointed by Senior Noteholder
with the consent of Junior Noteholder and does not have to be performed by the service providers set forth under the Securitization
Servicing Agreement.

 

Section
3.      Payments Prior to a Sequential Pay Event. The Junior Note and the right of Junior Noteholder to receive payments
of interest, principal and other amounts with respect to such Junior Note shall at all times be junior, subject and subordinate
to the Senior Note and the right of Senior Noteholder to receive payments of interest, principal and other amounts with respect
to the Senior Note as set forth herein. If no Sequential Pay Event, as determined by the applicable Servicer, shall have occurred
and be continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to
or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in
the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other
collateral or instrument securing the Mortgage Loan or Insurance Proceeds or Condemnation Proceeds (other than proceeds, awards
or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower
in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), but excluding (x)
all amounts for required reserves or escrows required by the Mortgage Loan Documents (to the extent, in accordance with the terms
of the Mortgage Loan Documents) to be held as reserves or escrows or received as reimbursements on account of recoveries in respect
of Advances then due and payable or reimbursable to the Servicer under the Servicing Agreement and (y) all amounts that are then

    	21 

     

    

 

due, payable or reimbursable to any Servicer, Securitization Operating
Advisor, Certificate Administrator or Trustee with respect to this Mortgage Loan pursuant to the Servicing Agreement, shall be
applied by Senior Noteholder (or its designee) and distributed by Senior Noteholder (or the Servicer on its behalf) for payment
in the following order of priority without duplication (and payments shall be made at such times as are set forth in the Servicing
Agreement):

 

(a)       first,
to Senior Noteholder in an amount equal to the accrued and unpaid interest on the Senior Note Principal Balance at the Net Senior
Note Rate;

 

(b)      second,
(i) to Senior Noteholder in an amount equal to all prepayment proceeds relating to casualty or condemnation payable pursuant to
the Loan Agreement until the Senior Note Principal Balance has been reduced to zero, and (ii) to Senior Noteholder in an amount
equal to the Senior Note Percentage Interest of other principal payments received, if any, with respect to such Monthly Payment
Date with respect to the Mortgage Loan (including any Monthly Debt Service Payment Amount);

 

(c)       third,
to Senior Noteholder up to the amount of any unreimbursed costs and expenses paid by Senior Noteholder including any Recovered
Costs not previously reimbursed to Senior Noteholder with respect to the Mortgage Loan pursuant to this Agreement or the Servicing
Agreement;

 

(d)      fourth,
to Junior Noteholder in an amount equal to the accrued and unpaid interest on the Junior Note Principal Balance at the Net Junior
Note Rate;

 

(e)      
fifth, (i) to Junior Noteholder in an amount equal to any remaining prepayment proceeds relating to casualty or condemnation payable
pursuant to the Loan Agreement after the Senior Note Principal Balance has been reduced to zero, and (ii) to Junior Noteholder
in an amount equal to the Junior Note Percentage Interest of other principal payments received, if any, with respect to such Monthly
Payment Date with respect to the Mortgage Loan (including any Monthly Debt Service Payment Amount);

 

(f)       sixth,
to the extent Junior Noteholder has made any payments or advances to cure defaults pursuant to Section 12, to reimburse
Junior Noteholder for all such cure payments;

 

(g)      seventh,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to Senior Noteholder in an amount up to
its pro rata interest therein, based on the product of the Senior Note Percentage Interests multiplied by its Relative Spread;

 

(h)      eighth,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to Junior Noteholder in an amount up to
its pro rata interest therein, based on the product of the Junior Note Percentage Interests multiplied by its Relative Spread;

 

(i)    
   ninth, to the extent default interest, late fees, assumption or transfer fees actually paid by the Mortgage
Loan Borrower are not required to be otherwise applied under the Servicing Agreement, including, without limitation, to
compensate a Servicer under the

 

    	22 

     

    

 

Servicing
Agreement, any such default interest, late fees, assumption or transfer fees, to the extent actually paid by the Mortgage Loan
Borrower, shall be paid to Senior Noteholder and Junior Noteholder, pro rata, based on their respective Percentage Interests;
and

 

(j)     
  tenth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise
applied in accordance with the foregoing clauses (a)-(j), any remaining amount shall be paid pro rata to Senior Noteholder
and Junior Noteholder in accordance with their respective initial Percentage Interests.

 

Section
4.      Payments Following a Sequential Pay Event. Payments of interest and principal shall
be made to the Noteholders in accordance with Section 3; except, if a Sequential Pay Event, as determined by the
applicable Servicer in accordance with this Agreement and the Servicing Agreement, shall have occurred and be continuing, all
amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with
the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof (including without limitation amounts
received by the Master Servicer or Special Servicer pursuant to the Servicing Agreement as reimbursements on account of
recoveries in respect of Advances), whether received in the form of Monthly Payments, any proceeds from the sale or
distribution of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or
other collateral or instrument securing the Mortgage Loan or Insurance Proceeds or Condemnation Proceeds (other than
proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the
Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC
Provisions), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to
continue to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of Advances then
due and payable or reimbursable to the Servicer under Servicing Agreement and (y) all amounts that are then due, payable or
reimbursable to any Servicer, Securitization Operating Advisor, Certificate Administrator or Trustee with respect to this
Mortgage Loan pursuant to the Servicing Agreement with respect to the Mortgage Loan, shall be distributed by the Servicer in
the following order of priority without duplication (and payments shall be made at such times as are set forth in the
Servicing Agreement):

 

(a)       first,
to Senior Noteholder in an amount equal to the accrued and unpaid interest on the Senior Note Principal Balance at the Net Senior
Note Rate;

 

(b)      second,
to Senior Noteholder in an amount equal to the Senior Note Principal Balance, until the Senior Note Principal Balance has been
reduced to zero;

 

(c)       third,
to Senior Noteholder up to the amount of any unreimbursed costs and expenses paid by Senior Noteholder including any Recovered
Costs not previously reimbursed to Senior Noteholder with respect to the Mortgage Loan pursuant to this Agreement or the Servicing
Agreement;

 

(d)      fourth,
to the extent Junior Noteholder has made any payments or advances to cure defaults pursuant to Section 12, to reimburse
Junior Noteholder for all such cure payments;

 

    	23 

     

    

 

(e)       fifth,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to Senior Noteholder in an amount up to
its pro rata interest therein, based on the product of the Senior Note Percentage Interests multiplied by its Relative Spread;

 

(f)       sixth,
to Junior Noteholder in an amount equal to the accrued and unpaid interest on the Junior Note Principal Balance at the Net Junior
Note Rate;

 

(g)      seventh,
to Junior Noteholder in an amount equal to the Junior Note Percentage Interest of principal payments received, if any, with respect
to such Monthly Payment Date with respect to the Mortgage Loan, until the Junior Note Principal Balance has been reduced to zero;

 

(h)      eighth,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to Junior Noteholder in an amount up to
its pro rata interest therein, based on the product of the Junior Note Percentage Interests multiplied by its Relative Spread;

 

(i)      
 ninth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the
amounts required to be applied in accordance with the foregoing clauses (a)-(h) and, as a result of a Workout the Principal
Balance of the Junior Note has been reduced, such excess amount shall be paid to Junior Noteholder in an amount up to the
reduction, if any, of the Junior Note Principal Balance as a result of such Workout, plus interest on such amount at the
related Junior Note Rate;

 

(j)    
   tenth, to the extent default interest, late fees, assumption or transfer fees actually paid by the Mortgage
Loan Borrower are not required to be otherwise applied under the Servicing Agreement, including, without limitation, to
compensate a Servicer under the Servicing Agreement, any such default interest, late fees, assumption or transfer fees, to
the extent actually paid by the Mortgage Loan Borrower, shall be paid to Senior Noteholder and Junior Noteholder, pro rata,
based on their respective Percentage Interests; and

 

(k)       eleventh,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with
the foregoing clauses (a)-(j), any remaining amount shall be paid pro rata to Senior Noteholder and Junior Noteholder in accordance
with their respective initial Percentage Interests.

 

Section
5.      Administration of the Mortgage Loan.

 

(a)       Subject
to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement, Senior Noteholder (or
the Servicer acting on behalf of Senior Noteholder) shall have the sole and exclusive authority with respect to the administration
of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority
to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Mortgage
Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate the Mortgage Loan
or institute any foreclosure action or other remedy and Junior Noteholder shall not have any voting, consent or other rights whatsoever
with respect to Senior Noteholder’s administration of, or exercise of its rights and remedies with respect to, the Mortgage
Loan. Subject to this Agreement and the Servicing Agreement (including, without limitation,

 

    	24 

     

    

 

Section 5(f) below), Junior
Noteholder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to Senior Noteholder
(or the Servicer acting on behalf of Senior Noteholder) the rights, if any, that Junior Noteholder has to, (i) call or cause Senior
Noteholder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan
or the Mortgage Loan Borrower, including, without limitation, filing or causing Senior Noteholder to file any bankruptcy petition
against the Mortgage Loan Borrower. Senior Noteholder (or the Servicer acting on behalf of Senior Noteholder) shall not have any
fiduciary duty to Junior Noteholder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve
Senior Noteholder from the obligation to make any disbursement of funds as set forth herein).

 

(b)      The
administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder agrees to
be bound by the terms of the Servicing Agreement and this Agreement. Servicing of the Mortgage Loan shall be carried out by the
Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan by the Special Servicer, in each case pursuant
to the Servicing Agreement and this Agreement. Notwithstanding anything to the contrary contained herein, in accordance with the
Servicing Agreement, Senior Noteholder shall cause the Master Servicer and the Special Servicer to service and administer the
Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of Senior Noteholder and Junior Noteholder
(it being understood that the interest of Junior Noteholder is a junior Note interest, subject to the terms and conditions of
this Agreement), and any Junior Noteholder who is not the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party shall
be deemed a third party beneficiary of such provisions of the Servicing Agreement. The foregoing provisions of this section shall
not limit or modify the rights of the Controlling Noteholder and/or the Junior Operating Advisor to exercise their respective
rights specifically set forth under this Agreement.

 

(c)       Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and this Agreement
(including, without limitation, Section 5(f) below), if Senior Noteholder in connection with a Workout of the Mortgage
Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is decreased, (ii) the Interest
Rate or scheduled amortization payments on the Mortgage Loan are reduced, (iii) payments of interest or principal on the Mortgage
Loan are waived, reduced or deferred or (iv) any other adjustment (other than an increase in the Interest Rate or increase in
scheduled amortization payments) is made to any of the terms of the Mortgage Loan (other than an extension of the Mortgage Loan
maturity date), all payments to Senior Noteholder pursuant to Section 3 and Section 4, as applicable, shall be made
as though such Workout did not occur, with the payment terms of the Senior Note remaining the same as they are on the date hereof,
the Junior Note shall bear the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan
attributable to such Workout (up to the amount otherwise due on the Junior Note). Subject to the Servicing Agreement and this
Agreement (including without limitation Section 5(f) below), in the case of any modification or amendment described above,
Senior Noteholder will have the sole authority and ability to revise the payment provisions set forth in Section 3 and
Section 4 above in a manner that reflects the subordination of the Junior Note to the Senior Note with respect to the loss
that is the result of such amendment or modification, including: (i) the ability to increase the Senior Note Percentage Interest
and to reduce the Junior Note Percentage Interest in a manner that reflects a loss in

 

    	25 

     

    

 

principal as a result of such amendment
or modification and (ii) the ability to change the Senior Note Rate and the Junior Note Rate, as applicable, in order to reflect
a reduction in the Interest Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set forth
in Sections 3 and 4 hereof. Notwithstanding the foregoing, if any Workout, modification or amendment of the Mortgage
Loan extends the original maturity date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment will be deemed
not to be due on the original maturity date of the Mortgage Loan but will be deemed due on the extended maturity date of the Mortgage
Loan.

 

(d)      All
rights and obligations of Senior Noteholder described hereunder may be exercised by the Servicer on behalf of Senior Noteholder
in accordance with the Servicing Agreement and this Agreement.

 

(e)       For
so long as the Senior Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding:
(i) the Mortgage Loan shall be administered such that the Senior Note and the Junior Note shall each qualify at all times as (or
as interests in) a “qualified mortgage” within the meaning of Sections 860G(a)(3) of the Code, (ii) any real property
(and related personal property) acquired by or on behalf of Senior Noteholder pursuant to a foreclosure, exercise of a power of
sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property following a default on the Mortgage
Loan shall be administered so that the interests of the Noteholders therein shall at all times qualify as “foreclosure property”
within the meaning of Sections 860G(a)(8) of the Code and (iii) Senior Noteholder may not modify, waive or amend any provision
of the Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from
exercising any powers or rights that Senior Noteholder may have under the Mortgage Loan Documents, if any such action would constitute
a “significant modification” of the Mortgage Loan, within the meaning of Section 1.860G 2(b) of the regulations of
the United Stated Department of the Treasury, more than three months after the earliest startup day of any REMIC that includes
the Senior Note (or any portion thereof). The Noteholders agree that the provisions of this section shall be effected by compliance
by Senior Noteholder or its assignees with this Agreement or the Servicing Agreement or any other agreement that governs the administration
of the Mortgage Loan or Senior Noteholder’s interests therein. All costs and expenses of compliance with this section, to
the extent that such costs and expenses relate to administration of a REMIC or to any determination respecting the amount, payment
or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne by Senior
Noteholder.

 

(f)       Notwithstanding
anything to the contrary contained herein or in the Servicing Agreement, if any consent, modification, amendment or waiver under
or other action in respect of the Mortgage Loan or the Mortgage Loan Documents (whether or not a Servicing Transfer Event has
occurred and is continuing) that would constitute a Major Decision has been requested or proposed, then, subject to the next paragraph
of this Section 5(f), the prior written consent of the Controlling Noteholder (or its Junior Operating Advisor) shall be
required as a condition precedent to any such action. Senior Noteholder (or Servicer acting on its behalf) shall deliver to the
Controlling Noteholder (or its Junior Operating Advisor) written notice of each such action, and the Controlling Noteholder (or
its Junior Operating Advisor) shall have at least ten (10) Business Days to respond.

 

    	26 

     

    

 

If
the Controlling Noteholder (or its Junior Operating Advisor) fails to respond to Senior Noteholder (or Servicer acting on its
behalf) with respect to any such proposed action within ten (10) Business Days after receipt of such notice and any supporting
documentation relating to the subject action requested by the Controlling Noteholder as may be necessary in the reasonable judgment
of the Controlling Noteholder in order to make a decision, then the Controlling Noteholder (or its Junior Operating Advisor),
as applicable, shall be deemed to have consented to such action, provided that Controlling Noteholder (or its Junior Operating
Advisor), as applicable, will only be deemed to have given such consent if, and only if, such written notice includes all of the
supporting documentation reasonably requested by the Controlling Noteholder (or its Junior Operating Advisor), as applicable,
to make a decision regarding such request, as determined in the reasonable judgment of Controlling Noteholder (or its Junior Operating
Advisor), as applicable, and includes the following in all capital, bolded, block letters on the first page thereof:

 

“THE
FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN TEN (10) BUSINESS DAYS OF RECEIPT. FAILURE TO DO SO WILL BE DEEMED AN APPROVAL OF
THE REQUEST.”

 

The
Controlling Noteholder (or its Junior Operating Advisor) acknowledges that, if the “retaining sponsor” in the Securitization
Trust has sold an “eligible horizontal interest” to a “third party purchaser” in accordance with the Credit
Risk Retention Rule, then following the occurrence of an “Operating Advisor Consultation Event” (or similar term)
under the Servicing Agreement a Securitization Trust operating advisor may have the right to consult with the Special Servicer
with respect to Major Decisions.

 

Notwithstanding
the foregoing, following the occurrence of an emergency event with respect to any Mortgaged Property (i.e., danger of harm to
property or the security interest of the Loan Documents), or if a failure to take any such action at such time would be inconsistent
with the Servicing Standard, Senior Noteholder (or Servicer acting on its behalf) may take actions with respect to such Mortgaged
Property before obtaining the consent of the Controlling Noteholder (or its Junior Operating Advisor) if Senior Noteholder (or
Servicer acting on its behalf) reasonably determines in accordance with the Servicing Standard that failure to take such actions
prior to such consent would materially and adversely affect the interest of the Noteholders, and Senior Noteholder (or Servicer
acting on its behalf) has made a reasonable effort to contact the Controlling Noteholder (or its Junior Operating Advisor). The
foregoing shall not relieve Senior Noteholder (or Servicer acting on its behalf) of its duties to comply with the Servicing Standard.

 

Notwithstanding
the foregoing, Senior Noteholder (or Servicer acting on its behalf) shall not follow any advice or consultation provided by the
Controlling Noteholder (or its Junior Operating Advisor) that would require or cause Senior Noteholder (or Servicer acting on
its behalf) to violate any applicable law, including the REMIC Provisions, be inconsistent with the Servicing Standard, require
or cause Senior Noteholder (or Servicer acting on its behalf) to violate provisions of this Agreement or the Servicing Agreement,
require or cause Senior Noteholder (or Servicer acting on its behalf) to violate the terms of the Mortgage Loan, or materially
expand the scope of any Senior Noteholder’s (or Servicer acting on its behalf) responsibilities under this Agreement.

 

    	27 

     

    

 

(g)      The
Asset Status Report shall be subject to the approval of the Controlling Noteholder within the time frame provided in the Servicing
Agreement.

 

(h)      (i)
Junior Noteholder, if it is determined at any time of determination to no longer be the Controlling Noteholder (the “Appraised-Out
Holder”) as a result of the application of an Appraisal Reduction Amount, shall have the right, at its sole expense,
to require the Special Servicer to order a second Appraisal with respect to the Mortgage Loan. The Special Servicer shall use
best efforts to ensure that such second Appraisal is delivered within 30 days from receipt of the Appraised-Out Holder’s
written request and shall ensure that such Appraisal is prepared on an “as-is” basis by an MAI appraiser (provided
that such MAI appraiser may not be the same MAI appraiser that provided the Appraisal in respect of which the Appraised-Out Holder
is requesting the Special Servicer to obtain an additional Appraisal).

 

(ii)       Upon
receipt of any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine, in accordance with the
Servicing Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal Reduction
Amount is warranted, and if so warranted, the Special Servicer shall recalculate the Appraisal Reduction Amount based on such
supplemental Appraisal and any information received from the Master Servicer. If required by such recalculation, the Appraised-Out
Holder shall be reinstated as the Controlling Noteholder and, if applicable, shall have its Junior Note Principal Balance notionally
restored to the extent required by such recalculation of the Appraisal Reduction Amount. The Appraised-Out Holder requesting any
supplemental Appraisal pursuant to clause (i) above shall refrain from exercising any direction, control, consent and/or similar
rights of the Controlling Noteholder until such time, if any, as the holder is reinstated as the Controlling Noteholder (such
period beginning upon receipt by the Special Servicer of any request to obtain a supplemental Appraisal pursuant to clause (i)
above to but excluding the date on which either (A) the Special Servicer determines that no recalculation of the Appraisal Reduction
Amount is warranted or (B) the Special Servicer recalculates the Appraisal Reduction Amount based on the supplemental Appraisal,
the “Appraisal Review Period”). The rights of the Controlling Noteholder during each Appraisal Review Period
shall be exercised by Senior Noteholder.

 

(i)       Junior
Noteholder shall be entitled to avoid a Control Appraisal Period caused by application of an Appraisal Reduction Amount upon satisfaction
of the following (which must be completed within 30 days of the receipt of a third party Appraisal that indicates such Control
Appraisal Period has occurred): (i) Junior Noteholder shall have delivered as a supplement to the Appraised Value of the Mortgaged
Property, in the amount specified in clause (ii) below, to the Servicer, together with documentation acceptable to the
Servicer in accordance with the Servicing Standard to create and perfect a first priority security interest in favor of Senior
Noteholder in such collateral (a) cash collateral for the benefit of the Senior Note, and acceptable to, the Servicer or (b) an
unconditional and irrevocable standby letter of credit with Senior Noteholder as the beneficiary, issued by a bank or other financial
institutions, the long term unsecured debt obligations of which are at all times rated at least “AA” by S&P, “A”
by Fitch and “Aa2” by Moody’s or the short term obligations of which are rated at least “A-1+” by
S&P, “F-1” by Fitch and “P-1” by Moody’s (either (a) or (b), the “Threshold
Event Collateral”), and (ii) the Threshold Event Collateral shall be in an amount that, when added to

 

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the Appraised
Value of the Mortgaged Property, as determined pursuant to the Servicing Agreement, would cause the applicable Control Appraisal
Period not to occur. If the requirements of this paragraph are satisfied by Junior Noteholder (a “Threshold Event Cure”),
no Control Appraisal Period caused by application of an Appraisal Reduction Amount shall be deemed to have occurred. If a letter
of credit is furnished as Threshold Event Collateral, Junior Noteholder shall be required to renew such letter of credit not later
than 30 days prior to expiration thereof or to replace such letter of credit with a substitute letter of credit or other Threshold
Event Collateral with an expiration date that is greater than 45 days from the date of substitution; provided, however,
that, if a letter of credit is not renewed prior to 30 days prior to the expiration date of such letter of credit, the letter
of credit shall provide that the Servicer may (and at the direction of Junior Noteholder, shall) draw upon such letter of credit
and hold the proceeds thereof as Threshold Event Collateral. If a letter of credit is furnished as Threshold Event Collateral,
Junior Noteholder shall be required to replace such letter of credit with other Threshold Event Collateral within 30 days if the
credit ratings of the issuing entity are downgraded below the required ratings; provided, however, that, if such
Threshold Event Collateral is not so replaced, the Servicer shall draw upon such letter of credit and hold the proceeds thereof
as Threshold Event Collateral. The Threshold Event Cure shall continue until (i) the Appraised Value of the Mortgaged Property
plus the value of the Threshold Event Collateral would not be sufficient to prevent a Control Appraisal Period from occurring;
or (ii) final liquidation of the Mortgage Loan or REO Property. If the Appraised Value of the Mortgaged Property, upon any redetermination
thereof, is sufficient to avoid the occurrence of a Control Appraisal Period without taking into consideration any, or some portion
of, Threshold Event Collateral previously delivered by Junior Noteholder, any or such portion of Threshold Event Collateral held
by the Servicer shall promptly be returned to Junior Noteholder (at its sole expense). Upon final liquidation of the Mortgage
Loan or REO Property with respect to the Mortgage Loan, such Threshold Event Collateral shall be available to reimburse each Noteholder
for any realized loss pursuant to Section 3 or 4, as applicable, with respect to the Mortgage Loan after application
of the net proceeds of liquidation, not in excess of the Senior Note Principal Balance and the Junior Note Principal Balance,
as the case may be, plus accrued and unpaid interest thereon at the applicable interest rate and all other Additional Servicing
Expenses reimbursable under this Agreement and under the Servicing Agreement. The entire amount of Threshold Event Collateral,
without a haircut or other reduction, shall be considered in determining the sufficiency of such Threshold Event Collateral to
avoid a Control Appraisal Period.

 

(j)       The
Servicer or Special Servicer shall obtain appraisals that meet the requirements of, and at the times required pursuant to, the
terms of the Securitization Servicing Agreement.

 

(k)       If
the Mortgaged Property becomes an REO Property, the same shall be acquired, managed and operated in the manner provided in the
Servicing Agreement.

 

Section
6.      Appointment of Junior Operating Advisor.

 

(a)       The
Controlling Noteholder shall have the right at any time to appoint a representative (the “Junior Operating Advisor”)
to exercise its rights hereunder. The Controlling Noteholder shall have the right in its sole discretion at any time and from
time to time to remove

 

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and replace the Junior Operating Advisor. When exercising its various rights under Section 5 and
elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each case, act through the Junior Operating Advisor.
The Junior Operating Advisor may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage
Loan Borrower), including, without limitation, the Controlling Noteholder, any officer or employee of the Controlling Noteholder,
any Affiliate of the Controlling Noteholder or any other unrelated third party. No such Junior Operating Advisor shall owe any
fiduciary duty or other duty to any other Person (other than the Controlling Noteholder). All actions that are permitted to be
taken by the Controlling Noteholder under this Agreement may be taken by the Junior Operating Advisor acting on behalf of the
Controlling Noteholder and Senior Noteholder will accept such actions of the Junior Operating Advisor as actions of the Controlling
Noteholder. Senior Noteholder (or any Servicer on its behalf) shall not be required to recognize any Person as an Junior Operating
Advisor until the Controlling Noteholder has notified Senior Noteholder (and any Servicer) of such appointment and, if the Junior
Operating Advisor is not the same Person as the Controlling Noteholder, the Junior Operating Advisor provides Senior Noteholder
(and any Servicer) with written confirmation of its acceptance of such appointment, an address (including e-mail) and telecopy
number for the delivery of notices and other correspondence and a list of officers or employees of such person with whom the parties
to this Agreement may deal (including their names, titles, work addresses (including e-mail) and telecopy numbers). Senior Noteholder
shall promptly deliver such information to any Servicer.

 

(b)      Neither
the Junior Operating Advisor nor the Controlling Noteholder will have any liability to Senior Noteholder or any other Person for
any action taken, or for refraining from the taking of any action pursuant to this Agreement or the Servicing Agreement, or errors
in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence.
Senior Noteholder and Junior Noteholder agree that the Junior Operating Advisor and any Controlling Noteholder (whether acting
in place of the Junior Operating Advisor when no Junior Operating Advisor shall have been appointed hereunder or otherwise exercising
any right, power or privilege granted to such Controlling Noteholder hereunder) may take or refrain from taking actions that favor
the interests of one Noteholder over other Noteholders, and that the Junior Operating Advisor may have special relationships and
interests that conflict with the interests of a Noteholder and, absent willful misfeasance, bad faith or gross negligence on the
part of the Junior Operating Advisor or such Controlling Noteholder, as the case may be, agree to take no action against the Junior
Operating Advisor, such Controlling Noteholder or any of their respective officers, directors, employees, principals or agents
as a result of such special relationships or interests, and that neither the Junior Operating Advisor nor such Controlling Noteholder
will be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or
to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting solely in the
interests of Senior Noteholder or Junior Noteholder, as applicable.

 

(c)       If
Senior Noteholder is the Controlling Noteholder, Junior Noteholder acknowledges and agrees all of the aforementioned rights and
obligations of the Controlling Noteholder and the Junior Operating Advisor set forth in Section 5(f) and this Section
6 shall be exercisable by Senior Noteholder (or the applicable Person specified in the Servicing Agreement) to the extent
set forth in the Servicing Agreement.

 

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Section
7. Special Servicer. Subject to the terms of the Servicing Agreement, the Controlling Noteholder (or its Junior Operating
Advisor), at its expense (including, without limitation, the reasonable costs and expenses of counsel to any third parties and
costs and expenses of the terminated Special Servicer), shall have the right to appoint a replacement of the Special Servicer
under the Servicing Agreement, with or without cause, upon at least ten Business Days’ prior notice to the Special Servicer
(provided, however, that the Controlling Noteholder (or its Junior Operating Advisor) shall not be liable for any termination
or similar fee in connection with the removal of the Special Servicer in accordance with this Section 7); any such termination
not to be effective unless and until (A) each Rating Agency delivers Rating Agency Confirmation with respect to the identity of
any such replacement Special Servicer (to the extent the Mortgage Loan has been transferred in connection with a Securitization);
(B) the initial or successor Special Servicer has assumed in writing (from and after the date such successor Special Servicer
becomes the Special Servicer) all of the responsibilities, duties and liabilities of the Special Servicer under the Servicing
Agreement from and after the date it becomes the Special Servicer as they relate to such Mortgage Loan pursuant to an assumption
agreement reasonably satisfactory to the Trustee; and (C) the Trustee shall have received an opinion of counsel reasonably satisfactory
to the Trustee to the effect that (x) the terms of the Servicing Agreement will be binding on such Special Servicer with respect
to such Mortgage Loan and (y) subject to customary qualifications and exceptions, the applicable servicing agreement will be enforceable
against such replacement in accordance with its terms. The Controlling Noteholder shall promptly provide copies to any terminated
Special Servicer of the documents referred to in the preceding sentence.

 

Notwithstanding
the foregoing, after the Securitization Date, if the “retaining sponsor” in the Securitization Trust has sold an “eligible
horizontal interest” to a “third party purchaser” in accordance with the Credit Risk Retention Rule, each Noteholder
agrees that the Special Servicer may be replaced upon (a) the recommendation of the operating advisor appointed under the Securitization
Servicing Agreement if the operating advisor determines, in its sole discretion exercised in good faith, that (1) the Special
Servicer has failed to comply with the Servicing Standard and (2) a replacement of the Special Servicer would be in the best interest
of the holders of the Certificates, and (b) the subsequent affirmative vote of “ABS interests” (as defined in the
Credit Risk Retention Rule). However, Junior Noteholder shall retain its right to subsequently remove and replace the Special
Servicer, but Junior Noteholder shall not restore a Special Servicer that has been replaced pursuant to the preceding sentence.

 

Section
8. Limitation on Fees. Prior to the Securitization, if the Mortgage Loan becomes a Specially Serviced Mortgage Loan, and
if not later than 30 days after the Mortgage Loan becomes a Specially Serviced Mortgage Loan the Controlling Noteholder (or its
Junior Operating Advisor) elects to replace the Special Servicer, then each Noteholder agrees that no liquidation fees or workout
fees shall be payable to the Special Servicer being replaced, unless such Special Servicer shall have either successfully completed
a workout or a liquidation, in which case such fees shall be payable as provided herein.

 

Section
9. Payment Procedure.

 

(a)          Senior
Noteholder (or the Servicer on its behalf), in accordance with the priorities set forth in Section 3 or 4, as applicable,
and subject to the terms of the Servicing

 

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Agreement, will deposit or cause to be deposited all payments allocable to the Notes
to the Collection Account for the Notes established pursuant to the Servicing Agreement. Senior Noteholder (or the Servicer on
its behalf) shall establish a segregated sub-account for amounts due to Senior Noteholder and Junior Noteholder. Senior Noteholder
(or the Servicer acting on its behalf) shall deposit such amounts to the applicable account on the Business Day next following
the date such payment was received by Senior Noteholder (or the Servicer acting on its behalf) from or on behalf of the Mortgage
Loan Borrower.

 

(b)          If
Senior Noteholder (or the Servicer on its behalf) determines, or a court of competent jurisdiction orders, at any time that any
amount received or collected in respect of the Senior Note or the Junior Note must, pursuant to any insolvency, bankruptcy, fraudulent
conveyance, preference or similar law, be returned to the Mortgage Loan Borrower or paid to Senior Noteholder, Junior Noteholder
or any Servicer or paid to any other Person, then, notwithstanding any other provision of this Agreement, Senior Noteholder (or
the Servicer on its behalf) shall not be required to distribute any portion thereof to such Junior Noteholder or Senior Noteholder,
as applicable, and Junior Noteholder will promptly on demand by Senior Noteholder (or the Servicer on its behalf) repay to Senior
Noteholder (or the Servicer on its behalf) any portion thereof that Senior Noteholder (or the Servicer on its behalf) shall have
theretofore distributed to Junior Noteholder together with interest thereon at such rate, if any, as Senior Noteholder shall have
been required to pay to any Mortgage Loan Borrower, Senior Noteholder, Master Servicer, Special Servicer or such other Person
with respect thereto.

 

(c)          If,
for any reason, Senior Noteholder (or the Servicer on its behalf) makes any payment to Junior Noteholder before Senior Noteholder
(or the Servicer on its behalf) has received the corresponding payment (it being understood that Senior Noteholder (or the Servicer
on its behalf) is under no obligation to do so), and Senior Noteholder (or the Servicer on its behalf) does not receive the corresponding
payment within three Business Days of its payment to Junior Noteholder, Junior Noteholder will, at Senior Noteholder’s (or
the Servicer’s on its behalf) request, promptly return that payment to Senior Noteholder (or the Servicer on its behalf).

 

(d)          Each
of Senior Noteholder and Junior Noteholder agrees that if at any time it shall receive from any sources whatsoever any payment
on account of the Mortgage Loan in excess of its distributable share thereof, it will promptly remit such excess to Senior Noteholder
(or the Servicer on its behalf) or Junior Noteholder, as applicable, subject to this Agreement and the Servicing Agreement. Senior
Noteholder (or the Servicer on its behalf) shall have the right to offset any amounts due hereunder from Junior Noteholder with
respect to the Mortgage Loan against any future payments due to Junior Noteholder under the Mortgage Loan, provided, that
Senior Noteholder’s and Junior Noteholder’s obligations under this Section 9 are separate and distinct obligations
from one another and in no event shall Senior Noteholder (or the Servicer on its behalf) enforce the obligations of Senior Noteholder
against Junior Noteholder or the obligations of Junior Noteholder against Senior Noteholder. Senior Noteholder’s and Junior
Noteholder’s obligations under this Section 9 constitute absolute, unconditional and continuing obligations.

 

Section
10. Limitation on Liability of the Noteholders. Senior Noteholder (including any Servicer) shall have no liability to Junior
Noteholder with respect to the Junior Note except with

 

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respect to losses actually suffered due to the gross negligence, willful
misconduct or breach of this Agreement on the part of Senior Noteholder. Junior Noteholder shall have no liability to Senior Noteholder
with respect to the Senior Note except with respect to losses actually suffered due to the gross negligence, willful misconduct
or breach of this Agreement on the part of Junior Noteholder.

 

Junior
Noteholder acknowledges that, subject to the terms and conditions hereof and the obligation of Senior Noteholder (including any
Servicer) to comply with, and except as otherwise required by, the Servicing Standard, Senior Noteholder (including any Servicer)
may exercise, or omit to exercise, any rights that Senior Noteholder may have under this Agreement and the Servicing Agreement
in a manner that may be adverse to the interests of Junior Noteholder and that Senior Noteholder (including any Servicer) shall
have no liability whatsoever to Junior Noteholder in connection with Senior Noteholder’s exercise of rights or any omission
by Senior Noteholder to exercise such rights other than as described above; provided, however, that the Servicer
must act in accordance with the Servicing Standard and Senior Noteholder shall not be protected against any liability to Junior
Noteholder that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence.

 

Senior
Noteholder acknowledges that, subject to the terms and conditions hereof, Junior Noteholder may exercise, or omit to exercise,
any rights that Junior Noteholder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to
the interests of Senior Noteholder and that Junior Noteholder shall have no liability whatsoever to Senior Noteholder in connection
with Junior Noteholder’s exercise of rights or any omission by Junior Noteholder to exercise such rights; provided,
however, that Junior Noteholder shall not be protected against any liability to Senior Noteholder that would otherwise
be imposed by reason of willful misfeasance, bad faith or negligence.

 

Section
11. Bankruptcy. Subject to the provisions of Section 5(f) hereof, Junior Noteholder hereby covenants and agrees
that only Senior Noteholder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce, petition under
Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person
to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any
part of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Subject
to the provisions of Section 5(f) hereof, Junior Noteholder further agrees that only Senior Noteholder, as a creditor,
can make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take
any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding.
Junior Noteholder hereby appoints Senior Noteholder as its agent, and grants to Senior Noteholder an irrevocable power of attorney
coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available
to Junior Noteholder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any
other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject
a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion
to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. Junior

 

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Noteholder in its capacity as such, hereby agrees that,
upon the request of Senior Noteholder, such Junior Noteholder shall execute, acknowledge and deliver to Senior Noteholder all
and every such further deeds, conveyances and instruments as Senior Noteholder may reasonably request for the better assuring
and evidencing of the foregoing appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding
are subject to and must be in accordance with the Servicing Standard and this Agreement.

 

Section
12. Cure Rights of Junior Noteholder.

 

(a)          Subject
to Section 12(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal or interest
on the Mortgage Loan by the end of the applicable grace period for such payment permitted under the applicable Mortgage Loan Documents
(a “Monetary Default“), Senior Noteholder shall promptly provide notice to Junior Noteholder and the Junior
Operating Advisor of such default (the “Monetary Default Notice“). Junior Noteholder shall have the right,
but not the obligation, to cure such Monetary Default within ten Business Days after receiving the Monetary Default Notice (the
“Cure Period“). At the time a payment is made to cure a Monetary Default, Junior Noteholder shall pay or reimburse
Senior Noteholder for all unreimbursed Advances (whether or not recoverable), Advance Interest Amounts, any unpaid fees to any
Servicer and any Additional Servicing Expenses. Junior Noteholder shall not be required, in order to effect a cure hereunder,
to pay any default interest or late charges under the Mortgage Loan Documents. So long as a Monetary Default exists for which
a cure payment permitted hereunder is made, such Monetary Default shall not be treated as an Event of Default by Senior Noteholder
(including for purposes of (i) the definition of “Sequential Pay Event,” (ii) accelerating the Mortgage Loan, modifying,
amending or waiving any provisions of the Mortgage Loan Documents or commencing proceedings for foreclosure or the taking of title
by deed-in-lieu of foreclosure or other similar legal proceedings with respect to the Mortgaged Property; or (iii) treating the
Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such limitation shall not prevent Senior Noteholder
from collecting default interest or late charges from the Mortgage Loan Borrower from and after the expiration of the applicable
Cure Period. Any amounts advanced by a Noteholder on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable
to such Noteholder under Section 3 or Section 4, as applicable.

 

(b)         Notwithstanding
anything to the contrary contained in Section 12(a), Junior Noteholder shall be limited to six cures of Monetary Defaults
in a 12 month period, and six cures of Non-Monetary Defaults over the term of the Mortgage Loan. Additional Cure Periods shall
only be permitted with the consent of Senior Noteholder.

 

(c)          No
action taken by Junior Noteholder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower of
its obligations under the Mortgage Loan Documents and Senior Noteholder’s rights under the Mortgage Loan Documents shall
not be waived or prejudiced by virtue of Junior Noteholder’s actions under this Agreement. Subject to the terms of this
Agreement, Junior Noteholder shall be subrogated to Senior Noteholder’s rights to any payment owing to Senior Noteholder
for which Junior Noteholder makes a cure payment as permitted under this Section 12 but such subrogation rights may not
be exercised against the Mortgage Loan Borrower until 91 days after the Senior Note is paid in full.

 

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(d)          If
an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default“), Senior Noteholder shall promptly provide written notice to Junior Noteholder and the Junior Operating Advisor
of such failure (the “Non-Monetary Default Notice“) and Junior Noteholder shall have the right, but not the
obligation, to cure such Non-Monetary Default within thirty (30) days from the later of (i) the expiration of the cure period
of the Mortgage Loan Borrower under the Mortgage Loan Documents and (ii) receipt of the Non-Monetary Default Notice, provided,
however, if such Non-Monetary Default is susceptible of cure but cannot reasonably be cured within such period and if curative
action was promptly commenced and is being diligently pursued by Junior Noteholder, Junior Noteholder shall be given an additional
period of time as is reasonably necessary to enable Junior Noteholder in the exercise of due diligence to cure such Non-Monetary
Default for so long as (i) Junior Noteholder diligently and expeditiously proceeds to cure such Non-Monetary Default, (ii) Junior
Noteholder makes all cure payments that it is permitted to make in accordance with the terms and provisions of Section 12(a)
hereof, (iii) such additional period of time does not exceed 90 days, (iv) such Non-Monetary Default is not caused by an Insolvency
Proceeding or during such period of time that Junior Noteholder has to cure a Non-Monetary Default in accordance with this Section
12(d) (the “Non-Monetary Default Cure Period“), an Insolvency Proceeding does not occur and (v) during
such Non-Monetary Default Cure Period, there is no material adverse effect on the Mortgage Loan Borrower or the use, value, operation
or condition of the Mortgaged Property or the value of the Mortgage Loan as a result of such Non-Monetary Default or the attempted
cure.

 

Section
13. Purchase of Senior Note by Junior Noteholder. Junior Noteholder shall have the right, by written notice to Senior
Noteholder (a “Noteholder Purchase Notice“), delivered at any time an Event of Default under the Mortgage Loan
has occurred and is continuing, to purchase, in immediately available funds, the Senior Note in whole but not in part at the applicable
Defaulted Mortgage Loan Purchase Price. Upon the delivery of the Noteholder Purchase Notice to Senior Noteholder, Senior Noteholder
shall sell (and Junior Noteholder shall purchase) the Senior Note (including, without limitation, any Notes therein) at the applicable
Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date“) (i) not more than thirty
(30) days after the written exercise of Junior Noteholder to purchase the Senior Note or (ii) not more than sixty (60) days after
the written exercise of Junior Noteholder to purchase the Senior Note if Junior Noteholder deposits 10% of the Defaulted Mortgage
Loan Purchase Price with Senior Noteholder within ten Business Days after the written exercise of Junior Noteholder to purchase
the Senior Note. The Noteholder Purchase Notice shall contain a statement that Junior Noteholder’s failure to purchase the
Senior Notes on a Defaulted Note Purchase Date will result in the termination of such right, unless the failure to purchase was
caused by an act or omission of Senior Noteholder. Junior Noteholder agrees that the sale of the Senior Note shall comply with
all requirements of the Servicing Agreement and that all costs and expenses related thereto shall be paid by Junior Noteholder.
The Defaulted Mortgage Loan Purchase Price shall be calculated by Senior Noteholder (or the Servicer on its behalf) three Business
Days prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all amounts included
in the Defaulted Mortgage Loan Purchase Price), and shall, absent manifest error, be binding upon Junior Noteholder. Concurrently
with the payment to Senior Noteholder in immediately available funds of its respective portion of the applicable Defaulted Mortgage
Loan Purchase Price, Senior Noteholder will execute, at the sole cost and expense of Junior Noteholder, in favor of Junior Noteholder
assignment documentation that will assign the Senior

 

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Note and the Mortgage Loan Documents without recourse, representations or
warranties (except Senior Noteholder, and Junior Noteholder, as applicable, will represent and warrant that it had good and marketable
title to, was the sole owner and holder of, and had power and authority to deliver the Mortgage Loan or Note, as applicable, free
and clear of all liens and encumbrances (other than the interest created by the Junior Note)). The right of Junior Noteholder
to purchase the Senior Note shall automatically terminate upon a foreclosure sale, sale by power of sale or delivery of a deed
in lieu of foreclosure with respect to the Mortgaged Property (and Senior Noteholder shall give Junior Noteholder ten days notice
of its intent with respect to any such action). Notwithstanding the foregoing sentence, if title to the Mortgaged Property is
transferred to Senior Noteholder (or a designee on its behalf) less than ten days after the acceleration of the Mortgage Loan
(if permitted pursuant to the terms of this Agreement and the Servicing Agreement), Senior Noteholder shall notify Junior Noteholder
of such transfer and Junior Noteholder shall have a 15 day period from the date of such notice from Senior Noteholder to deliver
the Noteholder Purchase Notice to Senior Noteholder, in which case Junior Noteholder will be obligated to purchase the Mortgaged
Property, in immediately available funds, within thirty (30) days after delivery of the Noteholder Purchase Notice to Senior Noteholder
at the applicable Defaulted Mortgage Loan Purchase Price.

 

Section
14. Representations of Junior Noteholder. Junior Noteholder represents, and it is specifically understood and agreed,
that it is acquiring its Junior Note for its own account in the ordinary course of its business and Senior Noteholder shall otherwise
have no liability or responsibility to Junior Noteholder except as expressly provided herein or for actions that are taken or
omitted to be taken by Senior Noteholder that constitute gross negligence or willful misconduct or that constitute a breach of
this Agreement. Junior Noteholder represents and warrants that the execution, delivery and performance of this Agreement is within
its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene its charter or any law
or contractual restriction binding upon Junior Noteholder, and that this Agreement is the legal, valid and binding obligation
of Junior Noteholder enforceable against Junior Noteholder in accordance with its terms, except as such enforcement may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law), and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited
by applicable law. Junior Noteholder represents and warrants that it is duly organized, validly existing, in good standing and
possesses of all licenses and authorizations necessary to carry on its business. Junior Noteholder represents and warrants that
(a) this Agreement has been duly executed and delivered by Junior Noteholder, (b) to Junior Noteholder’s actual knowledge,
all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required
for the execution, delivery and performance of this Agreement by Junior Noteholder have been obtained or made, (c) to Junior Noteholder’s
actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against Junior Noteholder,
an adverse outcome of which would materially and adversely affect its performance under this Agreement and (d) the acquisition
and holding of the Junior Note will not result in a non-exempt violation of any applicable federal, state or local law that is
materially similar to Section 406 of ERISA or Section 4975 of the Code.

 

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Junior
Noteholder acknowledges that Senior Noteholder does not owe Junior Noteholder any fiduciary duty with respect to any action taken
under the Mortgage Loan Documents and, except as provided herein, need not consult with Junior Noteholder with respect to any
action taken by Senior Noteholder in connection with the Mortgage Loan.

 

Junior
Noteholder expressly and irrevocably waives for itself and any Person claiming through or under Junior Noteholder any and all
rights that it may have under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions of any
similar law that purports to give a junior loan Noteholder the right to initiate any loan enforcement or foreclosure proceedings.

 

Section
15. Representations of the Initial Senior Noteholder. The Initial Senior Noteholder represents and warrants that
the execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary
corporate action, and does not contravene the Initial Senior Noteholder’s charter or any law or contractual restriction
binding upon the Initial Senior Noteholder, and that this Agreement is the legal, valid and binding obligation of the Initial
Senior Noteholder enforceable against the Initial Senior Noteholder in accordance with its terms. The Initial Senior Noteholder
represents and warrants that it is duly organized, validly existing, in good standing and possession of all licenses and authorizations
necessary to carry on its business. The Initial Senior Noteholder represents and warrants that (a) this Agreement has been duly
executed and delivered by the Initial Senior Noteholder, (b) to the Initial Senior Noteholder’s actual knowledge, all consents,
approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution,
delivery and performance of this Agreement by the Initial Senior Noteholder has been obtained or made and (c) to the Initial Senior
Noteholder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation
against the Initial Senior Noteholder, an adverse outcome of which would materially and adversely affect its performance under
this Agreement.

 

Section
16. Independent Analysis of Junior Noteholder. Junior Noteholder acknowledges that it has, independently and without
reliance upon the Initial Senior Noteholder, except with respect to the representations and warranties provided by the Initial
Senior Noteholder herein, and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to purchase the Junior Note and Junior Noteholder accepts responsibility therefor. Junior Noteholder hereby acknowledges
that, other than the representations and warranties provided herein, Senior Noteholder has made no representations or warranties
with respect to the Mortgage Loan, subject to such representations and warranties as provided by Senior Noteholder herein, and
that Senior Noteholder shall have no responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability
or legal effect of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to
be furnished to Senior Noteholder in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or
effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Mortgage
Loan Borrower. Senior Noteholder assumes all risk of loss in connection with the Senior Note except as specifically set forth
herein. Junior Noteholder assumes all risk of loss in connection with the Junior Note except as specifically set forth herein.

 

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Section
17. No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action
taken pursuant hereto shall be deemed to constitute the relationship created hereby among any of the Noteholders as a partnership,
association, joint venture or other entity. Senior Noteholder shall have no obligation whatsoever to offer to Junior Noteholder
the opportunity to purchase a Note interest in any future loans originated by Senior Noteholder or its Affiliates and if Senior
Noteholder chooses to offer to Junior Noteholder the opportunity to purchase a Note interest in any future mortgage loans originated
by Senior Noteholder or its Affiliates, such offer shall be at such purchase price and interest rate as Senior Noteholder chooses,
in its sole and absolute discretion. Junior Noteholder shall not have any obligation whatsoever to purchase from Senior Noteholder
a Note interest in any future loans originated by Senior Noteholder or its Affiliates.

 

Section
18. Not a Security. The Junior Note shall not be deemed to be a security within the meaning of the Securities Act
of 1933 or the Securities Exchange Act of 1934.

 

Section
19. Other Business Activities of the Noteholders. Each Noteholder acknowledges that any Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, any Affiliate of the Mortgage
Loan Borrower Related Party, and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower Related
Parties and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement and the
transactions contemplated hereby were not in effect.

 

Section
20. Sale of the Junior Note and the Senior Note.

 

(a)          Junior
Noteholder agrees that it will not Transfer all or any portion of the Junior Note except that Junior Noteholder shall have the
right to Transfer its respective Note, or any portion thereof, without the consent of Senior Noteholder or any other Person (i)
to a Qualified Institutional Lender, provided, that prior to the Transfer (x) Senior Noteholder is provided with a representation
from a transferee certifying that such transferee is a Qualified Institutional Lender, (y) Senior Noteholder is provided with
a copy of the assignment and assumption agreement referred to in Section 21 and (z) such transfer would not cause the Junior
Note to be directly held by more than 5 Persons, and (ii) to an entity that is not a Qualified Institutional Lender; provided
that Junior Noteholder obtains (1) prior to a Securitization and with respect to a Transfer in accordance with this clause
(a)(ii), the consent of Senior Noteholder, which shall not be unreasonably withheld, delayed or conditioned and (2) after
a Securitization, Rating Agency Confirmation (and for avoidance of doubt, no consent of Senior Noteholder shall be required after
a Securitization); provided that in each of case (1) and (2), promptly after the Transfer Senior Noteholder is provided with a
copy of the assignment and assumption agreement referred to in Section 21. If the Junior Note is held by more than one
Junior Noteholder at any time, the holders of a majority of the Junior Note Principal Balance shall immediately appoint a representative
to exercise all rights of the Junior Note hereunder. Notwithstanding the foregoing, without Senior Noteholder’s prior consent,
which may be withheld in Senior Noteholder’s sole discretion, Junior Noteholder shall not Transfer all or any portion of
the Junior Note to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely
null and void and shall vest no rights in the purported transferee. Junior Noteholder agrees it will pay the reasonable documented
expenses of Senior Noteholder (including all expenses of the Master Servicer and the Special

 

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Servicer) in connection with any
such Transfer by Junior Noteholder. The Agent shall provide two Business Days prior written notice to each Rating Agency of any
Transfer of the Junior Note.

 

(b)         Notwithstanding
the foregoing, Junior Noteholder shall have the right, without the need to obtain the consent of Senior Noteholder or any other
Person, to Transfer 49% or less (in the aggregate) of its interest in the Junior Note to any Person; provided that any such Transfer
shall be made in accordance with the terms of this Section 20(b); provided, further that Junior Noteholder shall not Transfer
all or any portion of the Junior Note to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer
shall be void ab initio, absolutely null and void and shall vest no rights in the purported transferee. All Transfers of the Junior
Note under Sections 20(a) and (b) shall be made upon written notice to Senior Noteholder not later than the date
of such Transfer, and each transferee shall (i) execute an assignment and assumption agreement whereby such transferee assumes
all or a ratable portion, as the case may be, of the obligations of Junior Noteholder hereunder with respect to the Junior Note
from and after the date of such assignment (or, in the case of a pledge, collateral assignment or other encumbrance made in accordance
with Section 20(a) by Junior Noteholder of the Junior Note solely as security for a loan to Junior Noteholder made by a
third-party lender whereby Junior Noteholder remains fully liable under this Agreement, on or before the date on which such lender
succeeds to the rights of Junior Noteholder by foreclosure or otherwise, such third-party lender executes an agreement that such
lender shall be bound by the terms and provisions of this Agreement and the obligations of Junior Noteholder hereunder) and (ii)
agree in writing to be bound by the Servicing Agreement, unless the Servicing Agreement is not then in effect with respect to
the Mortgage Loan, in which event the parties will enter into or agree to be bound by any replacement servicing agreement therefor
in accordance with the provisions hereof. Upon the consummation of a Transfer of all or any portion of the Junior Note in accordance
with this Agreement, the transferring Person shall be released from all liability arising under this Agreement with respect to
the Junior Note (or the portion thereof that was the subject of such Transfer), for the period from and after the effective date
of such Transfer (it being understood and agreed that the foregoing release shall not apply in the case of a sale, assignment,
transfer or other disposition of a participation interest in the Junior Note as described in clause (c) below). In connection
with any such permitted transfer of a portion of the Junior Note and for all purposes of this Agreement, Senior Noteholder need
only recognize the majority holder of the Junior Note for purposes of notices, consents and other communications between Senior
Noteholder and such majority holder of the Junior Note shall be the only Person authorized hereunder to exercise any rights of
Junior Noteholder under this Agreement; provided, however, the majority holder of the Junior Note may from time
to time designate any other Person as an additional party entitled to receive notices, consents and other communications and/or
to exercise rights on behalf of Junior Noteholder hereunder by delivering written notice thereof to Senior Noteholder, and, from
and after delivery of such notice, such designee shall be so authorized hereunder and shall be the only party entitled to receive
such notices, consents and such other communications and/or to exercise such rights.

 

(c)          In
the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such Noteholder’s
obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible for the performance
of such obligations, (iii) the other Noteholder and any Persons acting on its behalf shall continue to

 

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deal solely and directly
with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement and the Servicing
Agreement, and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold such participation interest;
provided, however, that if the applicable participant is a Qualified Institutional Lender (and delivers to the other
Noteholder a certification from an authorized officer confirming its status as a Qualified Institutional Lender), such Noteholder,
by written notice to the other Noteholder, may delegate to such participant such Noteholder’s right to exercise the rights
of the Controlling Noteholder hereunder and under the Servicing Agreement; provided, further, however, that upon the occurrence
of a Control Appraisal Period with respect to the Junior Note, the aforesaid delegation of rights shall terminate and be of no
further force and effect.

 

(d)          Senior
Noteholder shall have the right to Transfer all or any portion of the Senior Note without the prior consent of any Noteholder
to (i) the Depositor for a Securitization of all or any portion of the Senior Note and the related Securitization Trust, (ii)
prior to the occurrence of a Securitization of all or any portion of the Senior Note, a Qualified Institutional Lender (provided
that any Transferee in connection with the Securitization of the Senior Note shall not be required to be a Qualified Institutional
Lender) and (iii) after the occurrence of a Securitization of all or any portion of the Senior Note, to any party in accordance
with the Servicing Agreement, except that, Senior Noteholder shall not Transfer all or any portion of the Senior Note to the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer to the Mortgage Loan Borrower or a Mortgage Loan
Borrower Related Party shall be absolutely null and void and shall vest no rights in the purported transferee.

 

(e)          Prior
to a Control Appraisal Period, Senior Noteholder shall not be permitted to transfer all or any portion of the Junior Note without
the prior consent of Junior Noteholder. If a Control Appraisal Period has occurred and is continuing, Senior Noteholder (or the
Special Servicer acting on its behalf) shall have the right to sell the Junior Note, together with the Senior Note, subject to
the provisions of the Servicing Agreement, without Junior Noteholder’s consent, (i) prior to an Event of Default, to any
party other than the Mortgage Loan Borrower or any Mortgage Loan Borrower Related Party and (ii) after an Event of Default, to
any party, including the Mortgage Loan Borrower and any Mortgage Loan Borrower Related Party. In connection with any such sale
the Junior Noteholder shall be permitted to submit an offer at any sale of the Mortgage Loan unless such Person is the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party. In the event that the cash purchase price bid timely offered by Junior
Noteholder equals or exceeds the amount of any other bids received in connection with such sale (and exceeds the minimum purchase
price determined in accordance with the Securitization Servicing Agreement), then Junior Noteholder shall be awarded the winning
bid and shall be entitled to purchase the Mortgage Loan pursuant to the Securitization Servicing Agreement.

 

(f)          Notwithstanding
any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage
Loan Borrower or any Affiliate thereof) that has extended a credit or repurchase facility to such Noteholder and that is either
a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or
the equivalent) or better by each Rating Agency (a “Note Pledgee“), on terms and conditions set forth in this
Section 20(f), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any person that Controls
such Noteholder that is secured by

 

    	40 

     

    

 

such Noteholder’s interest in the applicable Note and is structured as a repurchase arrangement,
shall qualify as a “Pledge” hereunder, provided that a Note Pledgee that is not a Qualified Institutional Lender may
not take title to the pledged Note without (a) prior to Securitization, the consent of each other Noteholder and (b) after Securitization,
Rating Agency Confirmation. Upon written notice by the applicable Noteholder to the other Noteholders and any Servicer that a
Pledge has been effected (including the name and address of the applicable Note Pledgee), each of the other holders agrees to
acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging
Noteholder in respect of its obligations under this Agreement of which default such Noteholder has actual knowledge; (ii) to allow
such Note Pledgee a period of ten days to cure a default by the pledging Noteholder in respect of its obligations to the other
Noteholder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification,
waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent of such Note
Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Noteholder shall give
to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging
Noteholder and accept any cure thereof by such Note Pledgee that such pledging Noteholder has the right (but not the obligation)
to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such other Noteholder shall deliver to Note
Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be
in a form reasonably satisfactory to such other Noteholder; and (vi) that, upon written notice (a “Redirection Notice“)
to the other Noteholders and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond any applicable
cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable credit agreement
between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Noteholder),
and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any
payments that any Noteholder or Servicer would otherwise be obligated to pay to the pledging Noteholder from time to time pursuant
to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely releases the other
Noteholders and any Servicer from any liability to the pledging Noteholder on account of any Noteholder’s or Servicer’s
compliance with any Redirection Notice believed by any Servicer or any such other Noteholder to have been delivered by a Note
Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder to such Note
Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement.
In such event, the Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than the Mortgage
Loan Borrower or any Affiliate thereof that is also a Qualified Institutional Lender at any foreclosure or similar sale held by
such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Noteholder’s
rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume
in writing the obligations of the pledging Noteholder hereunder accruing from and after such Transfer (i.e., realization upon
the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note
Pledgee under this Section 20(f) shall remain effective as to any Noteholder (and any Servicer) unless and until such Note
Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing that its interest in the pledged
Note has terminated.

 

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(g)          Notwithstanding
any provisions herein to the contrary, if a conduit (“Conduit“) that is not a Qualified Institutional Lender
provides financing to a Noteholder then such Noteholder shall have the right to grant a security interest in its Note to such
Conduit notwithstanding that such Conduit is not a Qualified Institutional Lender, if the following conditions are satisfied:

 

(i)           The
loan (the “Conduit Inventory Loan“) made by the Conduit to such Noteholder to finance the acquisition and holding
of its Note will require a third party (the “Conduit Credit Enhancer“) to provide credit enhancement;

 

(ii)          The
Conduit Credit Enhancer and conduit manager (if Moody’s rates the Securitization) will be a Qualified Institutional Lender;

 

(iii)         Such
Noteholder will pledge (or sell, transfer or assign as part of a repurchase facility) its interest in the applicable Note to the
Conduit as collateral for the Conduit Inventory Loan;

 

(iv)        The
Conduit Credit Enhancer and the Conduit will agree that, if such Noteholder defaults under the Conduit Inventory Loan, or if the
Conduit is unable to refinance its outstanding commercial paper even if there is no default by such Noteholder, the Conduit Credit
Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Noteholder’s
Note to the Conduit Credit Enhancer; and

 

(v)         Unless
the Conduit is in fact then a Qualified Institutional Lender, the Conduit will not, without obtaining the consent of each other
Noteholder, have any greater right to acquire the interests in the Note pledged by such Noteholder, by foreclosure or otherwise,
than would any other purchaser that is not a Qualified Institutional Lender at a foreclosure sale conducted by a Note Pledgee.

 

Section
21. Registration of Transfer. In connection with any Transfer of a Note (but excluding any Note Pledgee unless and
until it realizes on its Pledge), except for the transfer of a participation interest, a transferee shall execute an assignment
and assumption agreement whereby such transferee assumes all of the obligations of the applicable Noteholder hereunder with respect
to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including the restriction on Transfers
set forth in Section 20, from and after the date of such assignment. Notwithstanding the preceding sentence, a Trustee
shall not be required to execute an assignment and assumption agreement in connection with any Transfer of a Note if the obligations
are assumed pursuant to the Securitization Servicing Agreement. No transfer of a Note may be made unless it is registered on the
Note Register, and the Agent shall not recognize any attempted or purported transfer of any Note in violation of the provisions
of Section 20 and this Section 21. Any such purported transfer shall be absolutely null and void and shall vest
no rights in the purported transferee. Each Noteholder desiring to effect such transfer shall, and does hereby agree to, indemnify
the Agent and any other Noteholder against any liability that may result if the transfer is not made in accordance with the provisions
of this Agreement. Upon a Securitization of the Senior Note, the Certificate Administrator shall automatically become and be the
Agent.

 

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Section
22. Registration of the Senior Note and the Junior Note. The Agent shall keep or cause to be kept at the Agent Office
books (the “Note Register“) for the registration and transfer of the Notes. The Agent shall serve as the initial
Note registrar and the Agent hereby accepts such appointment. The names and addresses of the holders of the Notes and the names
and addresses of any transferee of any Note of which the Agent has received notice, in the form of a copy of the assignment and
assumption agreement referred to in Section 20, shall be registered in the Note Register. The Person in whose name a Note
is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes of this Agreement, except in
the case of the Initial Senior Noteholder and Initial Junior Noteholder who may hold their Notes through a nominee. Upon request
of a Noteholder, the Agent shall provide such party with the names and addresses of the Noteholders. To the extent another party
is appointed as Agent hereunder, Senior Noteholder and Junior Noteholder hereby designates such person as its agent under this
Section 22 solely for purposes of maintaining the Note Register.

 

Section
23. Statement of Intent. The Agent and each Noteholder intend that the Notes be classified and the arrangement hereby
be maintained in a manner consistent with the rules applicable to a grantor trust under subtitle A, chapter 1, subchapter J, part
I, subpart E of the Code that is a fixed investment trust within the meaning of Treasury Regulation §301.7701-4(c), and the
parties will not take any action inconsistent with such classification. It is neither the purpose nor the intent of this Agreement
to create a partnership, joint venture, “taxable mortgage pool” or association taxable as a corporation among the
parties.

 

Section
24. No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in any Mortgage Loan by Senior
Noteholder to Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, Junior Noteholder
shall not have any interest in any property taken as security for any Mortgage Loan, provided, however, that if
any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then Junior Noteholder shall
be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

 

Section
25. Governing Law; Waiver of Jury Trial. This Agreement and any claim, controversy or dispute arising under or related
to this Agreement, the relationship of the parties to this Agreement, and/or the interpretation and enforcement of the rights
and duties of the parties to this Agreement shall be governed by and construed in accordance with the internal laws and decisions
of the State of New York, without regard to the choice of law rules thereof. Each of the parties hereby irrevocably waives all
right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

 

Section
26. Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)          SUBMITS
FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF
ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL
COURTS OF THE UNITED STATES OF AMERICA FOR THE

 

    	43 

     

    

 

SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

 

(b)          CONSENTS
THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING
WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

 

(c)          AGREES
THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED
MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF
WHICH A PARTY HEREIN SHALL HAVE BEEN NOTIFIED; AND

 

(d)          AGREES
THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE
RIGHT TO SUE IN ANY OTHER JURISDICTION.

 

Section
27. Withholding Taxes.

 

(a)          If
Senior Noteholder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other
amounts payable to Junior Noteholder with respect to the Mortgage Loan as a result of Junior Noteholder constituting a Non-Exempt
Person, Senior Noteholder, in its capacity as servicer, shall be entitled to do so with respect to Junior Noteholder’s interest
in such payment (all withheld amounts being deemed paid to Junior Noteholder), provided that Senior Noteholder shall furnish
such Junior Noteholder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information
that may reasonably be requested for purposes of assisting such Junior Noteholder to seek any allowable credits or deductions
for the Taxes so withheld in each jurisdiction in which Junior Noteholder is subject to tax.

 

(b)          Junior
Noteholder shall and hereby agrees to indemnify Senior Noteholder against and hold Senior Noteholder harmless from and against
any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of Senior Noteholder
(or the Servicer on its behalf) to withhold Taxes from payment made to Junior Noteholder in reliance upon any representation,
certificate, statement, document or instrument made or provided by Junior Noteholder to Senior Noteholder in connection with the
obligation of Senior Noteholder to withhold Taxes from payments made to Junior Noteholder, it being expressly understood and agreed
that (i) Senior Noteholder shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement,
document or instrument as being true and correct in all respects and to fully rely thereon without any obligation or responsibility
to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) Junior
Noteholder shall, upon request of Senior Noteholder and at its sole cost and expense, defend any claim or action relating to the
foregoing indemnification using counsel selected by Junior Noteholder, but reasonably acceptable to Senior Noteholder.

 

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(c)          Junior
Noteholder represents to Senior Noteholder (for the benefit of the Mortgage Loan Borrower) that it is not a Non-Exempt Person
and that neither Senior Noteholder nor the Mortgage Loan Borrower is obligated under applicable law to withhold Taxes on sums
paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement. Contemporaneously with the execution of
this Agreement and from time to time as necessary during the term of this Agreement, Junior Noteholder shall deliver to Senior
Noteholder or Servicer, as applicable, evidence satisfactory to Senior Noteholder substantiating that Junior Noteholder is not
a Non-Exempt Person and that Senior Noteholder is not obligated under applicable law to withhold Taxes on sums paid to it with
respect to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if Junior Noteholder
is created or organized under the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the
requirements of the preceding sentence by furnishing to Senior Noteholder an Internal Revenue Service Form W-9 and (ii) if Junior
Noteholder is not created or organized under the laws of the United States, any state thereof or the District of Columbia, and
if the payment of interest or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes as
derived in whole or part from sources within the United States, Junior Noteholder shall satisfy the requirements of the preceding
sentence by furnishing to Senior Noteholder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or
Form W-8BEN, or successor forms, as may be required from time to time, duly executed by Junior Noteholder, as evidence of Junior
Noteholder’s exemption from the withholding of United States tax with respect thereto. Senior Noteholder shall not be obligated
to make any payment hereunder to Junior Noteholder in respect of its Junior Note or otherwise until Junior Noteholder shall have
furnished to Senior Noteholder the requested forms, certificates, statements or documents.

 

Section
28. Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Junior
Note) shall be held by Senior Noteholder (or a custodian acting on behalf of Senior Noteholder) on behalf of the registered holders
of the Notes. Notwithstanding anything to the contrary in this Agreement, upon a Securitization of the Senior Note, the originals
of all of the Mortgage Loan Documents (other than the Junior Note) shall be held by the Custodian (as defined in the Securitization
Servicing Agreement).

 

Section
29. Miscellaneous.

 

(a)          Modification;
Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the
parties hereto (other than as set forth in Section 5(c)) and, after Securitization, any modification that materially affects
the rights of Senior Noteholder shall be subject to Rating Agency Confirmation, except that no Rating Agency Confirmation shall
be required in connection with a modification to cure any ambiguity or to correct or supplement any provision herein that may
be defective or inconsistent with any other provisions herein or with the Servicing Agreement. The parties hereto agree to enter
into any modification of this Agreement reasonably requested by the Rating Agencies or any purchaser of subordinate certificates
in order to meet current market standards and norms connection with a Securitization, provided that the economic rights of the
parties hereto shall not be materially adversely affected thereby.

 

    	45 

     

    

 

(b)          Successors
and Assigns; Third Party Beneficiaries. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Except
as provided herein, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party
hereto. Subject to Section 20, each Noteholder may assign or delegate its rights or obligations under this Agreement. Upon
any such assignment, the assignee shall be entitled to all rights and benefits of Senior Noteholder or Junior Noteholder, as applicable,
hereunder, including, without limitation, the right to make further assignments and grant additional Notes.

 

(d)          Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the
same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or
by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.

 

(e)          Captions.
The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended
to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction
of this Agreement.

 

(f)           Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

(g)          Entire
Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter
contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

 

(h)          Notices.
All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall be in writing and personally
delivered, (ii) sent by facsimile transmission (during business hours) if the sender on the same day sends a confirming copy of
such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery service (charges prepaid)
or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the respective parties at their
addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter inform the other party by
written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt.

 

All
notices and reports (including, without limitation, Asset Status Reports) required to be delivered hereunder by Senior Noteholder
(or the Servicer on its behalf) to the Controlling Noteholder (or its Junior Operating Advisor), or by the Controlling Noteholder
(or its Junior Operating Advisor) to Senior Noteholder (or the Servicer on its behalf), shall also be delivered by the applicable
party to Junior Noteholder.

 

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Section
30. Broker. Junior Noteholder and Senior Noteholder represent to each other that no broker was responsible for bringing
about this transaction.

 

Section
31. Certain Matters Affecting the Agent.

 

(a)          The
Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 21;

 

(b)          The
Agent may consult with counsel and any opinion of counsel shall be full and complete authorization and protection in respect of
any action taken or suffered or omitted by it hereunder in good faith and in accordance with such opinion of counsel;

 

(c)          The
Agent shall be under no obligation to institute, conduct or defend any litigation hereunder or in relation hereto at the request,
order or direction of any of the Noteholders pursuant to the provisions of this Agreement, unless it has received indemnity reasonably
satisfactory to it;

 

(d)          The
Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within the meaning of
the Act, shall not be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed
by the Agent to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(e)          The
Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate or assignment
and assumption agreement delivered to the Agent pursuant to Section 21; and

 

(f)          The
Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
but shall not be relieved of its obligations hereunder.

 

Section
32. Termination of Agent. The Agent may be terminated at any time upon ten days prior written notice from Senior
Noteholder. In the event that the Agent is terminated pursuant to this Section 32, all of its rights and obligations under
this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such termination.

 

The
Agent may resign at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed
to be bound by this Agreement and perform the duties of the Agent hereunder. CIBC may transfer its rights and obligations to the
Servicer, as successor Agent, at any time without the consent of any Noteholder. CIBC, as CIBC, shall promptly and diligently
attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to act in such capacity, shall promptly
and diligently attempt to cause a similar servicer to act as successor Agent. The termination or resignation of such Servicer,
as Servicer under the Servicing Agreement, shall be deemed a termination or resignation of such Servicer as Agent under this Agreement.
Notwithstanding anything to the contrary in this Agreement, upon a Securitization of the Senior Note, the Master Servicer shall
automatically become and be the Agent.

 

    	47 

     

    

 

Section
33. Servicing of the Loan. Pursuant to the Servicing Agreement, the Master Servicer (whose identity may change from
time to time as provided in the Servicing Agreement) will be appointed as the servicer of the Mortgage Loan and the Special Servicer
(whose identity may change from time to time as provided in the Servicing Agreement) will be appointed as the special servicer
of the Mortgage Loan, and the parties agree that the Master Servicer and Special Servicer will service the Mortgage Loan on behalf
of each Noteholder pursuant to the Servicing Agreement and subject to the terms hereof. Senior Noteholder shall not enter into
any amendment to any Servicing Agreement that would materially and adversely affect the rights or interests of Junior Noteholder
without obtaining Junior Noteholder’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

 

Section
34. Conflict. To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement (without
regard to any references in this Agreement to the effect that a given defined term has the meaning of such defined term or an
analogous term in the Servicing Agreement), on the other, this Agreement shall control.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	48 

     

    

 

IN
WITNESS WHEREOF, the Initial Noteholders have caused this Agreement to be duly executed as of the day and year first above written.

 

 

	 	CIBC INC., as Initial Senior Noteholder
	 	 	 
	 	By:	/s/ Todd
    Roth
	 	 	Name: Todd Roth
	 	 	Title:   Managing Director

  

[Signatures
Continued on Next Page]

 

Signature
Page to Co-Lender Agreement

 

     

     

    

 

	 	TCM CRE CREDIT FUND LP, a
    Delaware 
 limited partnership, as Initial
    Junior Noteholder
	 	 	 
	 	By: TCM CRE Credit GP LLC,
	 	a Delaware limited liability company,
	 	its general partner
	 	 	 
	 	By:	/s/
    Richard Spinelli
	 	 	Name: Richard Spinelli
	 	 	Title:   Managing Director

 

[Signature
Page to Co-Lender Agreement]

 

     

     

    

 

EXHIBIT
A

 

MORTGAGE
LOAN SCHEDULE

 

A.          Description
of Mortgage Loan:

 

	Mortgage
    Loan:	Holiday
    Inn Express & Suites
	Mortgage
    Loan Borrower:	Krishna
    Lodging, LLC, a Delaware limited liability company
	Date
    of the Mortgage Loan and the Mortgage:	July
    10, 2017
	Initial
    Principal Amount of Mortgage Loan:	$8,000,000.00
	Location
    of Mortgaged Property:	St.
    Augustine, FL
	Initial
    Maturity Date:	August
    1, 2027

 

B.          Description
of Note Interests:

 

	Initial
    Senior Note Principal Balance:	$6,800,000.00
	Initial
    Junior Note Principal Balance:	$1,200,000.00
	Initial
    Senior Note Percentage Interest:	85%
	Initial
    Junior Note Percentage Interest:	15%
	Senior
    Note Rate:	4.91765%
	Junior
    Note Rate:	10.0%%

 

     

     

    

 

EXHIBIT
B

 

Initial
Senior Noteholder:

 

CIBC
INC.

 

Notice
Address:

 

425
Lexington Avenue

New York, New York 10017

Attn: Real Estate Group

 

with
a copy to:

 

Initial
Junior Noteholder:

 

TCM
CRE CREDIT FUND LP

 

Notice
Address:

 

c/o
Trawler Capital Management 

1044
Northern Blvd., Suite 100 

Roslyn,
New York 11576 

Attn:
Mr. Richard Spinelli, Managing Director

 

with
a copy to:

 

     

     

    

 

EXHIBIT
C

 

PERMITTED
FUND MANAGERS

 

1.          Westbrook
Partners 

2.          DLJ
Real Estate Capital Partners 

3.          iStar
Financial Inc. 

4.          Capital
Trust, Inc. 

5.          Lend-Lease
Real Estate Investments 

6.          Archon
Capital, L.P. 

7.          Whitehall
Street Real Estate Fund, L.P. 

8.          The
Blackstone Group International Ltd. 

9.          Apollo
Real Estate Advisors 

10.        Colony
Capital, Inc. 

11.        Praedium
Group 

12.        Fortress
Investment Group, LLC 

13.        Lonestar
Opportunity Fund 

14.        Clarion
Partners 

15.        Walton
Street Capital, LLC 

16.        Starwood
Financial Trust 

17.        BlackRock,
Inc. 

18.        Gramercy
Capital Corp. 

19.        North
Star Realty Finance Corp. 

20.        Brascan
Real Estate Financials Partners LLC 

21.        Prima
Capital Advisor LLC 

22.        Rialto
Capital Management, LLC

 

     

     

    

 

EXHIBIT
D

 

MODEL
PSAEX-4.1

 Exhibit 4.1 

Execution Copy 
  

 
  

 
 SESI, L.L.C.

 AND EACH OF THE GUARANTORS PARTY HERETO 

7.750% SENIOR NOTES DUE 2024 
  

 
 INDENTURE 

Dated as of August 17, 2017 
  

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

 
  

 

 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture
 Act
Section
	  	Indenture Section	 
	 310(a)(1)
	  	 	7.10	 
	       (a)(2)
	  	 	7.10	 
	       (a)(3)
	  	 	N.A.	 
	       (a)(4)
	  	 	N.A.	 
	       (a)(5)
	  	 	7.10	 
	       (b)
	  	 	7.03; 7.10	 
	       (c)
	  	 	N.A.	 
	 311(a)
	  	 	7.11	 
	       (b)
	  	 	7.11	 
	 312(a)
	  	 	2.05	 
	       (b)
	  	 	12.03	 
	       (c)
	  	 	12.03	 
	 313(a)
	  	 	7.06	 
	       (b)(1)
	  	 	N.A.	 
	       (b)(2)
	  	 	7.06; 7.07	 
	       (c)
	  	 	7.06; 12.02	 
	       (d)
	  	 	7.06	 
	 314(a)
	  	 	4.03; 4.04; 12.05	 
	       (b)
	  	 	N.A.	 
	       (c)(1)
	  	 	12.04	 
	       (c)(2)
	  	 	12.04	 
	       (c)(3)
	  	 	N.A.	 
	       (d)
	  	 	N.A.	 
	       (e)
	  	 	12.04; 12.05	 
	       (f)
	  	 	N.A.	 
	 315(a)
	  	 	7.01(b)	 
	       (b)
	  	 	7.05; 12.02	 
	       (c)
	  	 	7.01(a)	 
	       (d)
	  	 	7.01(c)	 
	       (e)
	  	 	6.11	 
	 316(a) (last sentence)
	  	 	2.11	 
	       (a)(1)(A)
	  	 	6.05	 
	       (a)(1)(B)
	  	 	6.04	 
	       (a)(2)
	  	 	N.A.	 
	       (b)
	  	 	6.07	 
	       (c)
	  	 	9.04	 
	 317(a)(1)
	  	 	6.08	 
	       (a)(2)
	  	 	6.09	 
	       (b)
	  	 	2.04	 
	 318(a)
	  	 	12.01	 
	       (b)
	  	 	N.A.	 
	       (c)
	  	 	12.01	 

  
 N.A. means
not applicable. 

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

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Other Definitions
	  	 	16	 
	 Section 1.03
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	16	 
	 Section 1.04
	 	 Rules of Construction
	  	 	17	 
		
	 ARTICLE 2 THE NOTES
	  	 	17	 
			
	 Section 2.01
	 	 Form and Dating
	  	 	17	 
	 Section 2.02
	 	 Execution and Authentication
	  	 	27	 
	 Section 2.03
	 	 Registrar and Paying Agent
	  	 	28	 
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	29	 
	 Section 2.05
	 	 Holder Lists
	  	 	29	 
	 Section 2.06
	 	 Transfer and Exchange
	  	 	29	 
	 Section 2.07
	 	 Form of Certificate to be Delivered in Connection with Transfers to Institutional Accredited
Investors
	  	 	34	 
	 Section 2.08
	 	 Form of Certificate to be Delivered in Connection with Transfers Pursuant to
Regulation S
	  	 	36	 
	 Section 2.09
	 	 Replacement Notes
	  	 	37	 
	 Section 2.10
	 	 Outstanding Notes
	  	 	37	 
	 Section 2.11
	 	 Treasury Notes
	  	 	38	 
	 Section 2.12
	 	 Temporary Notes
	  	 	38	 
	 Section 2.13
	 	 Cancellation
	  	 	38	 
	 Section 2.14
	 	 Defaulted Interest
	  	 	38	 
	 Section 2.15
	 	 CUSIP, Common Code and ISIN Numbers
	  	 	39	 
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	39	 
			
	 Section 3.01
	 	 Notices to Trustee
	  	 	39	 
	 Section 3.02
	 	 Selection of Notes to Be Redeemed or Purchased
	  	 	39	 
	 Section 3.03
	 	 Notice of Redemption
	  	 	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
	  	 	41	 
	 Section 3.07
	 	 Optional Redemption
	  	 	42	 
	 Section 3.08
	 	 Mandatory Redemption
	  	 	43	 
	 Section 3.09
	 	 [Reserved.]
	  	 	43	 
	 Section 3.10
	 	 [Reserved.]
	  	 	43	 
		
	 ARTICLE 4 COVENANTS
	  	 	43	 
			
	 Section 4.01
	 	 Payment of Notes
	  	 	43	 
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	43	 

  
 i 

							
	 Section 4.03
	 	 SEC Reports
	  	 	44	 
	 Section 4.04
	 	 Compliance Certificate
	  	 	45	 
	 Section 4.05
	 	 Taxes
	  	 	45	 
	 Section 4.06
	 	 Stay, Extension and Usury Laws
	  	 	46	 
	 Section 4.07
	 	 Limitation on Restricted Payments
	  	 	46	 
	 Section 4.08
	 	 [Reserved.]
	  	 	49	 
	 Section 4.09
	 	 [Reserved.]
	  	 	49	 
	 Section 4.10
	 	 [Reserved.]
	  	 	49	 
	 Section 4.11
	 	 [Reserved.]
	  	 	49	 
	 Section 4.12
	 	 Limitation on Liens
	  	 	49	 
	 Section 4.13
	 	 Corporate Existence
	  	 	49	 
	 Section 4.14
	 	 Offer to Repurchase Upon Change of Control
	  	 	50	 
	 Section 4.15
	 	 [Reserved.]
	  	 	53	 
	 Section 4.16
	 	 [Reserved.]
	  	 	53	 
	 Section 4.17
	 	 Payments for Consent
	  	 	53	 
	 Section 4.18
	 	 Future Guarantors
	  	 	53	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	53	 
			
	 Section 5.01
	 	 Merger and Consolidation
	  	 	53	 
	 Section 5.02
	 	 Successor Corporation Substituted
	  	 	55	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	55	 
			
	 Section 6.01
	 	 Events of Default
	  	 	55	 
	 Section 6.02
	 	 Acceleration
	  	 	57	 
	 Section 6.03
	 	 Other Remedies
	  	 	58	 
	 Section 6.04
	 	 Waiver of Past Defaults
	  	 	58	 
	 Section 6.05
	 	 Control by Majority
	  	 	58	 
	 Section 6.06
	 	 Limitation on Suits
	  	 	59	 
	 Section 6.07
	 	 Rights of Holders to Receive Payment
	  	 	59	 
	 Section 6.08
	 	 Collection Suit by Trustee
	  	 	59	 
	 Section 6.09
	 	 Trustee May File Proofs of Claim
	  	 	60	 
	 Section 6.10
	 	 Priorities
	  	 	60	 
	 Section 6.11
	 	 Undertaking for Costs
	  	 	61	 
		
	 ARTICLE 7 TRUSTEE
	  	 	61	 
			
	 Section 7.01
	 	 Duties of Trustee
	  	 	61	 
	 Section 7.02
	 	 Rights of Trustee
	  	 	62	 
	 Section 7.03
	 	 Individual Rights of Trustee
	  	 	64	 
	 Section 7.04
	 	 Trustee’s Disclaimer
	  	 	64	 
	 Section 7.05
	 	 Notice of Defaults
	  	 	64	 
	 Section 7.06
	 	 Reports by Trustee to Holders of the Notes
	  	 	64	 
	 Section 7.07
	 	 Compensation and Indemnity
	  	 	65	 
	 Section 7.08
	 	 Replacement of Trustee
	  	 	66	 
	 Section 7.09
	 	 Successor Trustee by Merger, etc
	  	 	67	 
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	67	 
	 Section 7.11
	 	 Preferential Collection of Claims Against Company
	  	 	67	 

  
 ii 

							
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	67	 
			
	 Section 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	67	 
	 Section 8.02
	 	 Legal Defeasance and Discharge
	  	 	67	 
	 Section 8.03
	 	 Covenant Defeasance
	  	 	68	 
	 Section 8.04
	 	 Conditions to Legal or Covenant Defeasance
	  	 	68	 
	 Section 8.05
	 	 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous
Provisions
	  	 	70	 
	 Section 8.06
	 	 Repayment to Issuer
	  	 	70	 
	 Section 8.07
	 	 Reinstatement
	  	 	70	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	71	 
			
	 Section 9.01
	 	 Without Consent of Holders
	  	 	71	 
	 Section 9.02
	 	 With Consent of Holders
	  	 	72	 
	 Section 9.03
	 	 Compliance with Trust Indenture Act
	  	 	73	 
	 Section 9.04
	 	 Revocation and Effect of Consents
	  	 	74	 
	 Section 9.05
	 	 Notation on or Exchange of Notes
	  	 	74	 
	 Section 9.06
	 	 Trustee to Sign Amendments, etc
	  	 	74	 
		
	 ARTICLE 10 NOTE GUARANTEES
	  	 	74	 
			
	 Section 10.01
	 	 Guarantee
	  	 	74	 
	 Section 10.02
	 	 Limitation on Guarantor Liability
	  	 	76	 
	 Section 10.03
	 	 Guarantors to Sign Indenture
	  	 	76	 
	 Section 10.04
	 	 Guarantors May Consolidate, etc., on Certain Terms
	  	 	77	 
	 Section 10.05
	 	 Releases
	  	 	78	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	78	 
			
	 Section 11.01
	 	 Satisfaction and Discharge
	  	 	78	 
	 Section 11.02
	 	 Application of Trust Money
	  	 	79	 
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	80	 
			
	 Section 12.01
	 	 Trust Indenture Act Controls
	  	 	80	 
	 Section 12.02
	 	 Notices
	  	 	80	 
	 Section 12.03
	 	 Communication by Holders with Other Holders
	  	 	81	 
	 Section 12.04
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	81	 
	 Section 12.05
	 	 Statements Required in Certificate or Opinion
	  	 	82	 
	 Section 12.06
	 	 Rules by Trustee and Agents
	  	 	82	 
	 Section 12.07
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	82	 
	 Section 12.08
	 	 Governing Law
	  	 	82	 
	 Section 12.09
	 	 No Adverse Interpretation of Other Agreements
	  	 	83	 

  
 iii 

							
	 Section 12.10
	 	 Successors
	  	 	83	 
	 Section 12.11
	 	 Severability
	  	 	83	 
	 Section 12.12
	 	 Counterpart Originals
	  	 	83	 
	 Section 12.13
	 	 Table of Contents, Headings, etc
	  	 	84	 
	 Section 12.14
	 	 Waiver of Jury Trial
	  	 	84	 
	 Section 12.15
	 	 U.S.A. Patriot Act
	  	 	84	 
	 Section 12.16
	 	 Legal Holidays
	  	 	84	 

  

			
	 EXHIBITS

		
	 EXHIBIT A
	 	 Form of Series A Note

	 EXHIBIT B
	 	 Form of Series B Note

	 EXHIBIT C
	 	 Form of Indenture Supplement to Add Future Subsidiary Guarantors

  
 iv 

 INDENTURE dated as of August 17, 2017 among SESI, L.L.C., a Delaware limited liability
company, Guarantors (as defined) and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee. 
 Each
party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of (i) Issuer’s 7.750% Senior Notes, Series A, due 2024, issued on the date hereof (the “Initial
Notes”), (ii) if and when issued, an unlimited principal amount of additional 7.750% Senior Notes, Series A, due 2024 in a non-registered offering or 7.750% Senior Notes, Series B, due 2024 in a
registered offering that may be offered from time to time subsequent to the Issue Date, in each case subject to Section 2.01 (the “Additional Notes”) as provided in Section 2.01(a) and (iii) if and when issued,
Issuer’s 7.750% Senior Notes, Series B, due 2024 that may be issued from time to time in exchange for Initial Notes or any Additional Notes in an offer registered under the Securities Act as provided in the Registration Rights Agreement, as
hereinafter defined (the “Exchange Notes” and, together with the Initial Notes and Additional Notes, the “Notes”): 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 

“Additional Interest” means any and all additional interest payable in accordance with the Registration Rights
Agreement with respect to the Notes. 
 “Additional Notes” has the meaning ascribed to it in the second introductory
paragraph of this Indenture. 
 “Affiliate” of any specified Person means (1) any other Person, directly or
indirectly, controlling or controlled by, or (2) under direct or indirect common control with, such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. For purposes of Section 4.07 hereto only, “Affiliate” shall also mean any beneficial owner of Capital Stock representing 10% or more of the total voting power of the Voting Stock (on a fully diluted basis) of Superior
Energy or of rights or warrants to purchase such Capital Stock (whether or not currently exercisable) and any Person who would be an Affiliate of any such beneficial owner pursuant to the first sentence hereof. 

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

 “Applicable Premium” means, as determined by Issuer, with respect to any
Note on any redemption date, the greater of: 
 (a) 

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

(2) the excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at
September 15, 2020, (such redemption price being set forth in the table appearing in Section 3.07 hereof) plus (ii) all required interest payments due on the Note through September 15, 2020, (excluding accrued but unpaid interest
to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(b) the then-outstanding principal amount of the Note, if greater. 

“Applicable Procedures” means, with respect to any matter at any time relating to a Global Note, the rules, policies
and procedures of DTC applicable to such matter. 
 “Attributable Debt” in respect of a Sale/Leaseback Transaction
means, as at the time of determination, the present value (discounted at the interest rate borne by the Notes, compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such
Sale/Leaseback Transaction (including any period for which such lease has been extended). 
 “Average Life” means,
as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (1) the sum of the products of numbers of years from the date of determination to the dates of each successive scheduled
principal payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by (2) the sum of all such payments. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law 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, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such
“person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
after the passage of time. The terms “beneficially owns” and “beneficially owned” have a corresponding meaning. 

“Board of Directors” means: 

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

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

  
 2 

 (4) with respect to any other Person, the board or committee of such Person
serving a similar function. 
 “Business Day” means each day other than a Saturday, Sunday or a day on which
commercial banking institutions are authorized or required by law to close in New York City. 
 “Capital Lease
Obligation” means an obligation that is required to be classified and accounted for as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the
capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be
terminated by the lessee without payment of a penalty. 
 “Capital Stock” of any Person means any and all shares,
interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.
Notwithstanding the foregoing, any Permitted Bond Hedge or Permitted Warrant transaction will not be considered “Capital Stock.” 

“Common Stock” means with respect to any Person, any and all shares, interests or other participations in, and other
equivalents (however designated and whether voting or nonvoting) of such Person’s common stock, whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes of such common stock. 

“Consolidated Net Income” means, for any period, the net income of Superior Energy, Issuer and their
consolidated Subsidiaries; provided, however, that there shall not be included in such Consolidated Net Income to the extent included in computing such net income (without duplication): 

(1) any net income of any Person (other than Issuer) if such Person is not a Subsidiary, except that (A) subject to the
exclusion contained in clauses (3) and (5) below, Issuer’s equity in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person
during such period to Superior Energy, Issuer or a Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution paid to a Subsidiary, to the limitations contained in clause (2) below) and
(B) Superior Energy’s or Issuer’s equity in a net loss of any such Person for such period shall be included in determining such Consolidated Net Income; 

(2) any net income of any Subsidiary to the extent that, directly or indirectly, the declaration or payment of dividends or the
making of similar distributions by such Subsidiary, directly or indirectly, to Issuer or Superior Energy, of that net income (or loss) is not at the date of determination permitted without prior government approval (that has not been obtained) or,
directly or indirectly, by operation of the terms of its organizational documents and all agreements except that Superior Energy’s or Issuer’s equity in a net loss of any such Subsidiary for such period shall be included in determining
such Consolidated Net Income; 

  
 3 

 (3) any gain (or loss) realized upon the sale or other disposition of any assets
of Superior Energy, Issuer or their consolidated Subsidiaries (including pursuant to any sale-and-leaseback arrangement) which is not sold or otherwise disposed of in
the ordinary course of business and any gain (or loss) realized upon the sale or other disposition of any Capital Stock of any Person; 

(4) effects of adjustments (including the effects of such adjustments pushed down to Superior Energy, Issuer and their
Subsidiaries) in such Person’s consolidated financial statements, including adjustments to the inventory, property and equipment, software and other intangible assets (including favorable and unfavorable leases and contracts), deferred revenue
and debt line items in such Person’s consolidated financial statements pursuant to GAAP resulting from the application of purchase accounting in relation to any consummated acquisition or the amortization or
write-off or write-down of any amounts thereof, net of taxes; 
 (5) any unrealized non-cash gains or losses in respect of Hedging Obligations (including those under Accounting Standards Codification 815); 

(6) extraordinary gains or losses; 

(7) any non-cash compensation charges in connection with stock options, restricted
stock grants and similar employee benefit plans; and 
 (8) the cumulative effect of a change in accounting principles. 

“Consolidated Tangible Assets” as of any date of determination, means the total amount of assets (less
accumulated depreciation and amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items) which would appear on a consolidated balance sheet of Superior Energy, Issuer and their Subsidiaries,
determined on a consolidated basis in accordance with GAAP, after deducting therefrom, to the extent otherwise included, the amounts of: 

(1) minority interests in such consolidated Subsidiaries held by Persons other than Superior Energy, Issuer or a Subsidiary;

 (2) cash set apart and held in a sinking or other analogous fund established for the purpose of redemption or other
retirement of Indebtedness or Capital Stock; and 
 (3) all goodwill, trade names, trademarks, patents, organization expense,
unamortized debt discount and expense and other similar intangibles properly classified as intangibles in accordance with GAAP; 
 in each case after giving
pro forma effect, in accordance with GAAP, to any acquisition (whether effected as a merger, stock purchase, asset acquisition or other purchase), Investment or asset disposition occurring on or after the date of such consolidated balance sheet as
if such transaction had occurred immediately prior to such balance sheet date, it being understood that for the avoidance of doubt, such transaction need not have actually been included in the most recent consolidated financial statements of
Superior Energy and its Subsidiaries that have been provided to the Holders pursuant to this Indenture preceding the date of such transaction. 

  
 4 

 “Convertible Notes” means Indebtedness of Superior Energy that is
optionally convertible into Common Stock of Superior Energy (and/or cash based on the value of such Common Stock) and/or Indebtedness of a Subsidiary of Superior Energy (including Issuer) that is optionally exchangeable for Common Stock of Superior
Energy (and/or cash based on the value of such Common Stock). 
 “Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 12.02 hereof, and for Agent services such office shall also mean the office or agency of the Trustee located at the date hereof at 111 Sanders Creek Parkway, East
Syracuse, NY 13057, or such other address as to which the Trustee may give notice to Issuer. 
 “Credit Agreement”
means the Fourth Amended and Restated Credit Agreement dated February 22, 2016 among Issuer, Superior Energy, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto, as amended, restated, modified, renewed, refunded,
replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 

“Currency Agreement” means in respect of a Person any foreign exchange contract, currency swap agreement or other
similar agreement designed to protect such Person against fluctuations in currency values. 
 “Custodian” means the
Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
 “De Minimis
Indebtedness” means a principal amount of Indebtedness that does not exceed $5.0 million. 
 “Debt
Facilities” means, one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities, in each case, with banks or other institutional lenders providing for revolving credit loans, term
loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or issuances of debt securities evidenced by
notes, debentures, bonds or similar instruments, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to
institutional investors) in whole or in part from time to time. 
 “Default” means any event which is, or after notice, or
the passage of time, or both, would be, an Event of Default. 
 “Definitive Note” means a certificated Note. 

“Disqualified Stock” means, with respect to any Person, 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) or upon the happening of any event (1) matures or is mandatorily 

  
 5 

 
redeemable pursuant to a sinking fund obligation or otherwise, (2) is convertible or exchangeable for Indebtedness or Disqualified Stock or (3) is mandatorily redeemable or must be
purchased upon the occurrence of certain events or otherwise, in whole or in part, in each case on or prior to the first anniversary of the Stated Maturity of the Notes; provided, however, that any Capital Stock that would not
constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of a “change of control” occurring prior to the first
anniversary of the Stated Maturity of the Notes shall not constitute Disqualified Stock if (i) the “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the
provisions described under Section 4.14 hereto and (ii) any such requirement only becomes operative after compliance with such terms applicable to the Notes, including the purchase of any Notes tendered pursuant thereto. 

“DTC” means The Depository Trust Company, its nominees and their respective successors and assigns, or such other depository
institution hereinafter appointed by Issuer. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Exchange Notes” has the meaning set forth in the second introductory paragraph of this Indenture. 

“Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Foreign Subsidiary” means any Subsidiary not created or organized in the United States of America or any State
thereof or the District of Columbia. 
 “GAAP” means generally accepted accounting principles in the United States of
America, which are in effect on the Issue Date, including those set forth in (1) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, (2) statements and
pronouncements of the Financial Accounting Standards Board, (3) such other statements by such other entity as approved by a significant segment of the accounting profession and (4) the rules and regulations of the SEC governing the
inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins
and similar written statements from the accounting staff of the SEC. 
 “Guarantee” means any obligation, contingent or
otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness of such Person (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) or (2) entered into for the purpose of assuring in any other manner the obligee of such
Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in
the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

  
 6 

 “Guarantor” means Superior Energy and each Subsidiary that provides a Note
Guarantee on or after the Issue Date in accordance with this Indenture; provided that upon release or discharge of Superior Energy or such Subsidiary from its Note Guarantee in accordance with this Indenture, such Subsidiary or Superior Energy
ceases to be a Guarantor. 
 “Hedging Agreement” means any oil and natural gas hedging agreement and any other
agreement or arrangement designed to protect Superior Energy, Issuer or any Subsidiary against fluctuations in oil and natural gas prices. 

“Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement,
Currency Agreement or Hedging Agreement. 
 “Holder” means a Person in whose name a Note is registered on the
Registrar’s books. 
 “Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it
becomes a Subsidiary. The term “Incurrence” when used as a noun shall have a correlative meaning. 

“Indebtedness” means, with respect to any Person on any date of determination (without duplication): 

(1) the principal in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced by
notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent such premium has become due and payable; 

(2) all Capital Lease Obligations of such Person and all Attributable Debt in respect of Sale/Leaseback Transactions entered
into by such Person; 
 (3) all obligations of such Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); 

(4) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or
similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) through (3) above) entered into in the ordinary course of business of such Person to the
extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on the letter of credit); 

(5) the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any
Disqualified Stock of such Person or, with respect to any Non-Guarantor Subsidiary of such Person, the liquidation preference with respect to, any Preferred Stock (but excluding, in each case, any accrued
dividends); 

  
 7 

 (6) all obligations of the type referred to in clauses (1) through (5) of
other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 

(7) all obligations of the type referred to in clauses (1) through (6) of other Persons secured by any Lien on any
property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the value of such property or assets and the amount of the obligation so secured; and 

(8) any net Hedging Obligations of such Person; 

if and to the extent any of the preceding items (other than the items described in the preceding clauses (4), (6), (7) and (8)) would appear on the liability
side of a balance sheet of the specified Person prepared in accordance with GAAP. The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and the maximum
liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date. Indebtedness shall not include obligations of any Person resulting from its endorsement of negotiable instruments for
collection in the ordinary course of business. For the avoidance of doubt, obligations of any Person under a Permitted Bond Hedge or a Permitted Warrant shall not be deemed to be “Indebtedness.” 

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

“Initial Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture. 

“Institutional Accredited Investor” means an institution that is an “accredited investor” as defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
 “Interest Rate
Agreement” means in respect of a Person any interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement designed to protect such Person against fluctuations in interest rates. 

“Investment” in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary
course of business that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or
other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by such Person. Notwithstanding the foregoing, any
Permitted Bond Hedge or Permitted Warrant transaction will not be considered an “Investment.” 
 “Issue
Date” means August 17, 2017. 

  
 8 

 “Issuer” means SESI, L.L.C., and any and all successors thereto. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale
or other title retention agreement or lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statute) of any jurisdiction). 
 “Net Cash Proceeds” means, with respect to any issuance or sale of Capital
Stock, the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in
connection with such issuance or sale and net taxes paid or payable as a result thereof. 

“Non-Guarantor Subsidiary” means any Subsidiary that is not a Subsidiary
Guarantor. 
 “Non-U.S. Person” means a Person who is not a U.S. Person.

 “Note Guarantee” means, individually, any Guarantee of payment of the Notes and Issuer’s other Obligations
under this Indenture by a Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. 

“Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture. 

“Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in
bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), other monetary obligations,
penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and Guarantees of payments of such principal, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the final offering memorandum, dated August 3, 2017 relating to the offering by
Issuer of $500.0 million principal amount of Notes. 
 “Officer” means the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of any Person or, in the event that such Person is a partnership or a limited liability
company that has no such officers, a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of such Person. 

“Officers’ Certificate” means a certificate signed by two Officers of Issuer, one of whom is the principal
executive officer, the principal financial officer, the treasurer or the principal accounting officer or by an Officer and either an Assistant Treasurer or an Assistant Secretary of Issuer, that meets the requirements of Section 12.05 hereof.

  
 9 

 “Opinion of Counsel” means a written opinion from legal counsel,
that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to Issuer or any Subsidiary of Issuer. 

“Permitted Bond Hedge” means any call options or capped call options referencing Superior Energy’s Common
Stock purchased by Issuer concurrently with the issuance of Convertible Notes to hedge Superior Energy’s or any Subsidiary issuer’s (including Issuer) obligations under such Indebtedness. 

“Permitted Liens” means, with respect to any Person: 

(1) pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits
of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 
 (2) carriers’, operator’s, warehousemen’s , repairmen, mechanics’ and other similar Liens
arising in the ordinary course of business; 
 (3) Liens for taxes, assessments or governmental charges or claims that are
not yet delinquent or that are being contested in good faith and by appropriate proceedings; 
 (4) Liens to secure the
performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other similar instruments Incurred in the ordinary course of its business; 

(5) Liens in favor of collecting or payor banks having a right or setoff, revocation, refund or chargeback; 

(6) survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens
incidental to the conduct of the business of such Person or to the ownership of its properties; 
 (7) Liens securing
Indebtedness Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to any other property owned by such
Person or any of its Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto or the proceeds or products of such property, plant or equipment), and the Indebtedness (other than any interest
thereon) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion or construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien; 

  
 10 

 (8) Liens existing on the Issue Date (other than Liens securing Obligations under
the Credit Agreement); 
 (9) Liens on property or shares of Capital Stock of another Person at the time such other Person
becomes a Subsidiary of such Person; provided, however, that the Liens may not extend to any other property owned by such Person or any of its Subsidiaries (other than assets and property affixed or appurtenant thereto); 

(10) Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any acquisition by
means of a merger or consolidation with or into such Person or a Subsidiary of such Person; provided, however, that the Liens may not extend to any other property owned by such Person or any of its Subsidiaries (other than assets and property
affixed or appurtenant thereto); 
 (11) Liens securing Indebtedness or other obligations of a Subsidiary of such Person
owing to such Person or a Wholly Owned Subsidiary of such Person; 
 (12) Liens securing Hedging Obligations in each case
Incurred in the ordinary course of business and not for speculative purposes; 
 (13) Liens on Superior Energy’s,
Issuer’s or a Subsidiary’s Investment in another Person securing Indebtedness of that Person as long as any such Indebtedness is not assumed or otherwise guaranteed by Superior Energy, Issuer or any Subsidiary; 

(14) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any
Lien referred to in the foregoing clauses (7), (8), (9), (10) or (13); provided, however, that: 
 (A) such new Lien shall be
limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or
distributions thereof); and 
 (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater
than the sum of (x) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (7), (8), (9), (10) or (13) at the time the original Lien became a Permitted Lien and (y) an amount
necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; 

(15) Liens securing Indebtedness Incurred under Debt Facilities; provided, however, that after giving effect to
such Incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (15) (with letters of credit and bankers’ acceptances, if any, being deemed to have a principal amount equal to the maximum potential liability
thereunder) and then outstanding does not exceed the greater of (A) 

  
 11 

 
$400.0 million and (B) the amount equal to 17.5% of Consolidated Tangible Assets as of the end of the most recent fiscal quarter for which consolidated financial statements of Superior
Energy and its Subsidiaries have been provided to the Holders pursuant to the Indenture immediately preceding the date of such Incurrence; and 

(16) Liens securing Indebtedness in an aggregate principal amount outstanding at any one time not to exceed $50.0 million.

 “Permitted Warrant” means any call option in respect of Superior Energy’s Common Stock sold by Superior
Energy concurrently with the issuance of Convertible Notes. 
 “Person” means any individual, corporation, partnership,
limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such
Person. 
 “principal” of a Note means the principal of the Note plus the premium, if any, payable on the Note which is due
or overdue or is to become due at the relevant time. 
 “Public Equity Offering” means an underwritten
primary public offering of Capital Stock of Superior Energy (other than Disqualified Stock) pursuant to an effective registration statement under the Securities Act (other than a registration statement on Form
S-4 or Form S-8 or otherwise relating to equity securities issuable under any employee benefit plan of Superior Energy), to the extent the Net Cash Proceeds are
contributed to Issuer. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or
retire, or to issue other Indebtedness in exchange or replacement for, such indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Refinancing Indebtedness” means Indebtedness that Refinances any Indebtedness of Superior Energy, Issuer or any
Subsidiary existing on the Issue Date or Incurred in compliance with this Indenture, including Indebtedness that Refinances Refinancing Indebtedness; provided, however, that (1) such Refinancing Indebtedness has a Stated Maturity
no earlier than the Stated Maturity of the Indebtedness being Refinanced, (2) such Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the
Indebtedness being Refinanced, (3) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if
Incurred with original issue discount, the aggregate accreted value) then outstanding or committed (plus fees and expenses, including any premium and defeasance costs) under the Indebtedness being Refinanced; (4) to the extent such Refinancing
Indebtedness refinances (i) Indebtedness 

  
 12 

 
subordinated or pari passu to the Notes or any Note Guarantee, such Refinancing Indebtedness is subordinated or pari passu to the Notes or such Note Guarantee at least to the same extent as the
Indebtedness being refinanced or refunded; provided further, however, that Refinancing Indebtedness shall not include (A) Indebtedness of a Non-Guarantor Subsidiary that Refinances Indebtedness of Issuer
or (B) Indebtedness of a Non-Guarantor Subsidiary that Refinances Indebtedness of a Guarantor. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of the Issue Date among
Issuer, the Guarantors and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration rights agreements
among Issuer, the Guarantors and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by Issuer to the purchasers of Additional Notes to register such Additional Notes
under the Securities Act. 
 “Regulation S” means Regulation S under the Securities Act. 

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

“Restricted Notes” means Initial Notes and Additional Notes bearing one of the restrictive legends described in
Section 2.01(d). 
 “Restricted Payment” with respect to any Person means: 

(1) the declaration or payment of any dividends or any other distributions of any sort in respect of its Capital Stock
(including any payment in connection with any merger or consolidation involving such Person) or similar payment to the direct or indirect holders of its Capital Stock (other than dividends or distributions payable solely in its Capital Stock (other
than Disqualified Stock) and dividends or distributions payable solely to Superior Energy, Issuer or a Subsidiary, and other than pro rata dividends or other distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to minority
stockholders (or owners of an equivalent interest in the case of a Subsidiary that is an entity other than a corporation)); 

(2) the purchase, redemption or other acquisition or retirement for value of any Capital Stock of Superior Energy or Issuer
held by any Person (other than Superior Energy, Issuer or a Subsidiary) or of any Capital Stock of a Subsidiary held by any Affiliate of Superior Energy or Issuer (other than a Subsidiary), including the exercise of any option to exchange any
Capital Stock (other than into Capital Stock of Superior Energy that is not Disqualified Stock); or 
 (3) the purchase,
repurchase, redemption, defeasance or other acquisition or retirement for value, prior to scheduled maturity, scheduled repayment or scheduled 

  
 13 

 
sinking fund payment of any Subordinated Obligations of such Person (other than the purchase, repurchase or other acquisition of Subordinated Obligations purchased in anticipation of satisfying a
sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such purchase, repurchase or other acquisition). 

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

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

“Sale/Leaseback Transaction” means an arrangement relating to property owned by Superior Energy, Issuer or a
Subsidiary on the Issue Date or thereafter acquired by Superior Energy, Issuer or a Subsidiary whereby Superior Energy, Issuer or a Subsidiary transfers such property to a Person and Superior Energy, Issuer or a Subsidiary leases it from such
Person. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness of Superior Energy, Issuer or their Subsidiaries that is secured by a
Lien. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights
Agreement. 
 “Significant Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of
Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC, as such regulation is in effect on the date of this Indenture. 

“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 Obligation” means with respect
to a Person, any Indebtedness of such Person (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate or junior in right of payment to the Notes or a Note Guarantee of such Person, as the case may be, pursuant to a written
agreement to that effect. 
 “Subsidiary” means, with respect to any Person, (1) any corporation, limited liability
company, association or other business entity of which more than 50% of the total voting power of shares of Voting Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by (A) such Person, (B) such Person and one or more Subsidiaries of such Person or (C) one or more Subsidiaries of such Person, and (2) any partnership
(A) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (B) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination
thereof). 

  
 14 

 “Subsidiary Guarantor” means any Guarantor that is a Subsidiary of
Superior Energy or Issuer. 
 “Superior Energy” means Superior Energy Services, Inc., a Delaware corporation, and
any successor corporation. 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§
77aaa-77bbbb). 
 “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date
of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date
(or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to September 15, 2020; provided, however, that if the period
from the redemption date to September 15, 2020, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means The Bank of New York Mellon Trust Company, N.A. until a successor replaces it in accordance with the
applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “U.S. Government
Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and
credit of the United States of America is pledged and which are not callable at Issuer’s option. 
 “U.S.
Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 
 “Voting
Stock” of a Person means all classes of Capital Stock or other interest (including partnership interests) of such person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees thereof. 
 “Wholly Owned Subsidiary” means a Subsidiary all the Capital
Stock of which (other than directors’ qualifying shares or shares required by applicable law to be held by a Person other than Issuer or a Wholly Owned Subsidiary) is owned by Issuer or one or more Wholly Owned Subsidiaries. 

  
 15 

 Section 1.02 Other Definitions. 

 

					
	 Term
	  	Defined in
Section	 
	 “Additional Restricted Notes”
	  	 	2.01	 
	 “Agent Members”
	  	 	2.01	 
	 “Authentication Order”
	  	 	2.02	 
	 “Automatic Exchange”
	  	 	2.06	 
	 “Automatic Exchange Date”
	  	 	2.06	 
	 “Automatic Exchange Notice”
	  	 	2.06	 
	 “Automatic Exchange Notice Date”
	  	 	2.06	 
	 “Change of Control”
	  	 	4.14	 
	 “Change of Control Offer”
	  	 	4.14	 
	 “Change of Control Payment”
	  	 	4.14	 
	 “Change of Control Payment Date”
	  	 	4.14	 
	 “Clearstream”
	  	 	2.01	 
	 “Covenant Defeasance”
	  	 	8.03	 
	 “Euroclear”
	  	 	2.01	 
	 “Event of Default”
	  	 	6.01	 
	 “Exchange Global Note”
	  	 	2.01	 
	 “Global Notes”
	  	 	2.01	 
	 “Institutional Accredited Investor Global
Note”
	  	 	2.01	 
	 “Institutional Accredited Investor Notes”
	  	 	2.01	 
	 “Legal Defeasance”
	  	 	8.02	 
	 “Notes Register”
	  	 	2.03	 
	 “Paying Agent”
	  	 	2.03	 
	 “Payment Default”
	  	 	6.01	 
	 “Registrar”
	  	 	2.03	 
	 “Regulation S Global Note”
	  	 	2.01	 
	 “Regulation S Notes”
	  	 	2.01	 
	 “Resale Restriction Termination Date”
	  	 	2.06	 
	 “Restricted Global Note”
	  	 	2.06	 
	 “Restricted Notes Legend”
	  	 	2.01	 
	 “Restricted Period”
	  	 	2.01	 
	 “Rule 144A Global Note”
	  	 	2.01	 
	 “Rule 144A Notes”
	  	 	2.01	 
	 “Successor Company”
	  	 	5.01	 
	 “Successor Guarantor”
	  	 	10.04	 
	 “Successor Issuer”
	  	 	5.01	 
	 “Unrestricted Global Note”
	  	 	2.06	 

 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 have the following meanings: 

“indenture securities” means the Notes; 

  
 16 

 “indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

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

“obligor” on the Notes and the Note Guarantees means Issuer and the Guarantors, respectively, and any successor obligor upon
the Notes and the Note Guarantees, 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: 

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

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

(3) “or” is not exclusive; 

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

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

(6) provisions apply to successive events and transactions; 

(7) references to sections of or rules 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 
 (8) all references to interest shall include Additional
Interest, if payable on the Notes. 
 ARTICLE 2 

THE NOTES 
 Section 2.01
Form and Dating. 
 (a) General. The aggregate principal amount of Notes that may be authenticated and delivered under this
Indenture is unlimited. The Initial Notes issued on the date hereof shall be in an aggregate principal amount of $500,000,000. In addition, Issuer may issue, from time to time in accordance with the provisions of this Indenture, Additional Notes (as
provided herein) and Exchange Notes. Furthermore, Notes may be authenticated and delivered upon registration of transfer, exchange or in lieu of, other Notes pursuant to Sections 2.02, 2.06, 2.09, 2.12, 3.06 or 9.05, in connection with a Change of
Control Offer pursuant to Section 4.14. 

  
 17 

 Notwithstanding anything to the contrary contained herein, Issuer may not issue any Additional
Notes, unless such issuance is in compliance with Section 4.12. 
 The Initial Notes shall be known and designated as “7.750%
Senior Notes, Series A, due 2024” of Issuer. Additional Notes issued as Restricted Notes (the “Additional Restricted Notes”) shall be known and designated as “7.750% Senior Notes, Series A, due 2024” of
Issuer. Additional Notes issued other than as Restricted Notes shall be known and designated as “7.750% Senior Notes, Series B, due 2024” of Issuer, and Exchange Notes shall be known and designated as “7.750% Senior Notes, Series B,
due 2024” of Issuer. 
 With respect to any Additional Notes, Issuer shall set forth in (a) a resolution of the Board of Directors
of Superior Energy and (b) (i) an Officers’ Certificate or (ii) one or more indentures supplemental hereto, the following information: 

(1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 

(2) the issue price and the issue date of such Additional Notes, including the date from which interest shall accrue; and 

(3) whether such Additional Notes shall be Additional Restricted Notes issued in the form of Exhibit A hereto and/or whether
such Additional Notes shall be issued in the form of Exhibit B hereto. 
 In authenticating and delivering Additional Notes, the Trustee
shall be entitled to receive and shall be fully protected in conclusively relying upon, in addition to the Opinion of Counsel and Officers’ Certificate required by Section 12.04, an Opinion of Counsel as to the due authorization,
execution, delivery, validity and enforceability of such Additional Notes. 
 The Initial Notes, the Additional Notes and the Exchange Notes
shall be considered collectively as a single class for all purposes of this Indenture. Holders of the Initial Notes, the Additional Notes and the Exchange Notes shall vote and consent together on all matters to which such Holders are entitled to
vote or consent as one class, and none of the Holders of the Initial Notes, the Additional Notes or the Exchange Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent.

 If any of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors of
Superior Energy, a copy of an appropriate record of such action shall be certified by an Officer of Superior Energy or Issuer and delivered to the Trustee, at or prior to the delivery of the Officers’ Certificate or the indenture supplemental
hereto setting forth the terms of the Additional Notes. 
 (b) The Initial Notes are being offered and sold by Issuer pursuant to a Purchase
Agreement, dated as of August 3, 2017, among Issuer, Superior Energy, the Subsidiary 

  
 18 

 
Guarantors, J.P. Morgan Securities LLC and the other initial purchasers named therein. The Initial Notes and any Additional Restricted Notes shall be resold initially only to (A) QIBs in
reliance on Rule 144A and (B) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional Restricted Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance
on Regulation S and Institutional Accredited Investors in accordance with Rule 501 of the Securities Act, in each case, in accordance with the procedure described herein. Additional Notes offered after the date hereof may be offered and sold by
Issuer from time to time pursuant to one or more purchase agreements in accordance with applicable law. 
 Initial Notes and Additional
Restricted Notes offered and sold to QIBs in the United States of America in reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the form of a permanent global Note substantially in the form of Exhibit A,
which is hereby incorporated by reference and made a part of this Indenture, including appropriate legends as set forth in Section 2.01(d) (the “Rule 144A Global Note”), deposited with the Custodian, as
custodian for DTC, duly executed by Issuer and authenticated by the Trustee as hereinafter provided. The Rule 144A Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount
to be represented by a single certificate. The aggregate principal amount of the Rule 144A Global Note may from time to time be increased or decreased by adjustments made on the records of the Custodian, as custodian for DTC or its nominee, as
hereinafter provided. 
 Initial Notes and any Additional Restricted Notes offered and sold outside the United States of America (the
“Regulation S Notes”) in reliance on Regulation S shall initially be issued in the form of a permanent global Note substantially in the form of Exhibit A including appropriate legends as set forth in
Section 2.01(d) (the “Regulation S Global Note”). The Regulation S Note will be deposited upon issuance with, or on behalf of, the Custodian, as custodian for the DTC in the manner described in this Article
2 for credit to the respective accounts of the purchasers (or to such other accounts as they may direct), including, but not limited to, accounts at Euroclear Bank S.A./N.V. (“Euroclear”) or Clearstream Banking,
société anonyme (“Clearstream”). Prior to the 40th day after the later of the commencement of the offering of the Initial Notes and the Issue Date (such period through and including such 40th day, the
“Restricted Period”), interests in the Regulation S Global Note may only be transferred to Non-U.S. Persons pursuant to Regulation S, to QIBs under Rule 144A or Institutional Accredited
Investor in accordance with the transfer and certification requirements described herein. 
 Investors may hold their interests in the
Regulation S Global Note through organizations other than Euroclear or Clearstream that are participants in DTC’s system or directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations
which are participants in such systems. If such interests are held through Euroclear or Clearstream, Euroclear and Clearstream shall hold such interests in the applicable Regulation S Global Note on behalf of their participants through
customers’ securities accounts in their respective names on the books of their respective depositaries. Such depositaries, in turn, shall hold such interests in the applicable Regulation S Global Note in customers’ securities accounts in
the depositaries’ names on the books of DTC. 
 The Regulation S Global Note may be represented by more than one certificate, if so
required by DTC’s rules regarding the maximum principal amount to be represented by a single 

  
 19 

 
certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Custodian, as custodian for
DTC or its nominee, as hereinafter provided. 
 Initial Notes and Additional Restricted Notes resold to Institutional Accredited Investors
(the “Institutional Accredited Investor Notes”) in the United States of America shall be issued in the form of a permanent global Note substantially in the form of Exhibit A including appropriate legends as set
forth in Section 2.01(d) (the “Institutional Accredited Investor Global Note”) deposited with the Custodian, as custodian for DTC, duly executed by Issuer and authenticated by the Trustee as
hereinafter provided. The Institutional Accredited Investor Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single certificate. The
aggregate principal amount of the Institutional Accredited Investor Global Note may from time to time be increased or decreased by adjustments made on the records of the Custodian, as custodian for DTC or its nominee, as hereinafter provided. 

Exchange Notes exchanged for interests in the Rule 144A Notes, the Regulation S Notes and the Institutional Accredited Investor Notes shall be
issued in the form of a permanent global Note, substantially in the form of Exhibit B, which is hereby incorporated by reference and made a part of this Indenture, deposited with the Custodian, as custodian for DTC, as hereinafter provided,
including the appropriate legend set forth in Section 2.01(d) (the “Exchange Global Note”). The Exchange Global Note shall be deposited upon issuance with, or on behalf of, the Custodian, as custodian for DTC,
duly executed by Issuer and authenticated by the Trustee as hereinafter provided. The Exchange Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented
by a single certificate. 
 The Rule 144A Global Note, the Regulation S Global Note, the Institutional Accredited Investor Global Note and
the Exchange Global Note are sometimes collectively herein referred to as the “Global Notes.” 
 The principal of
(and premium, if any) and interest on the Notes shall be payable at the office or agency of Paying Agent or Registrar designated by Issuer maintained for such purpose in the United States or at such other office or agency of Issuer as may be
maintained for such purpose pursuant to Section 2.03 of this Indenture; provided, however, that, at the option of Issuer, each installment of interest may be paid by (i) check mailed to addresses of the Persons entitled
thereto as such addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes represented by a
Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. Payments in respect of Notes represented by Definitive Notes
(including principal, premium, if any, and interest) held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes shall be made by wire transfer to a U.S. dollar account maintained by the payee with a
bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for payment (or such
other date as the Trustee may accept in its discretion). 

  
 20 

 The Notes may have notations, endorsements or legends required by law, stock exchange rule or
usage, in addition to those set forth on Exhibit A and Exhibit B and in Section 2.01(d). Issuer shall approve any notation, endorsement or legend on the Notes. Each Note shall be dated the date of its authentication. The terms of the Notes set
forth in Exhibit A and Exhibit B are part of the terms of this Indenture and, to the extent applicable, Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to be bound by such terms. 

(c) Denominations. The Notes shall be issuable only in fully registered form, without coupons, and only in denominations of $2,000 and
any integral multiple of $1,000 in excess thereof. 
 (d) Restrictive Legends. Unless and until (i) an Initial Note or an
Additional Restricted Note is sold under an effective registration statement or (ii) an Initial Note or an Additional Restricted Note is exchanged for an Exchange Note in connection with an effective registration statement, in each case
pursuant to the Registration Rights Agreement or a similar agreement or (iii) the Trustee receives an Opinion of Counsel reasonably satisfactory to Issuer and the Trustee to the effect that neither such legend nor the related restrictions on
transfer are required in order to maintain compliance with the provisions of the Securities Act: 
 (1) the Rule 144A Global
Note, the Regulation S Global Note and the Institutional Accredited Investor Global Note shall bear the following legend on the face thereof (the “Restricted Notes Legend”): 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF THE RULE 144A GLOBAL NOTE AND THE INSTITUTIONAL ACCREDITED INVESTOR GLOBAL NOTE: ONE YEAR AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH ISSUER OR ANY AFFILIATE OF ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF THE
REGULATION S GLOBAL NOTE: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY 

  
 21 

 
(OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO ISSUER OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT
OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO ISSUER’S AND THE REGISTRAR’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE
OF THE REGULATION S GLOBAL NOTE: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT.] 
 BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND
WARRANTED THAT EITHER (I) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO PURCHASE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE,
LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS 

  
 22 

 
THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN,
ACCOUNT OR ARRANGEMENT (EACH, A “PLAN”), OR (II) THE PURCHASE AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
 IF THE HOLDER OF THIS SECURITY IS USING ASSETS OF ANY PLAN TO ACQUIRE
AND HOLD THE SECURITY, THE HOLDER WILL BE DEEMED TO REPRESENT THAT (I) NEITHER THE COMPANY, THE INITIAL PURCHASERS, THE GUARANTORS NOR ANY OF THEIR RESPECTIVE AFFILIATES HAS ACTED AS THE PLAN’S FIDUCIARY, OR HAS BEEN RELIED UPON FOR ANY
ADVICE, WITH RESPECT TO THE HOLDER’S DECISION TO ACQUIRE AND HOLD THE NOTES OR THE EXCHANGE NOTES AND NEITHER THE COMPANY, THE INITIAL PURCHASERS, THE GUARANTORS NOR ANY OF THEIR RESPECTIVE AFFILIATES SHALL AT ANY TIME BE RELIED UPON AS THE
PLAN’S FIDUCIARY WITH RESPECT TO ANY DECISION TO ACQUIRE, CONTINUE TO HOLD OR TRANSFER THE SECURITY AND (II) THE DECISION TO INVEST IN AND HOLD THE SECURITY HAS BEEN MADE AT THE RECOMMENDATION OR DIRECTION OF AN “INDEPENDENT
FIDUCIARY” (“INDEPENDENT FIDUCIARY”) WITHIN THE MEANING OF US CODE OF FEDERAL REGULATIONS 29 C.F.R. SECTION 2510.3-21(C), AS AMENDED FROM TIME TO TIME (THE “FIDUCIARY RULE”) WHO
(A) IS INDEPENDENT OF THE COMPANY, THE INITIAL PURCHASERS AND THE GUARANTORS; (B) IS CAPABLE OF EVALUATING INVESTMENT RISKS INDEPENDENTLY, BOTH IN GENERAL AND WITH RESPECT TO PARTICULAR TRANSACTIONS AND INVESTMENT STRATEGIES (WITHIN THE
MEANING OF THE FIDUCIARY RULE); (C) IS A FIDUCIARY (UNDER ERISA AND/OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED) WITH RESPECT TO THE HOLDER’S INVESTMENT IN THE SECURITY AND IS RESPONSIBLE FOR EXERCISING INDEPENDENT JUDGMENT
IN EVALUATING THE INVESTMENT IN THE SECURITY; (D) IS EITHER (1) A BANK AS DEFINED IN SECTION 202 OF THE INVESTMENT ADVISERS ACT OF 1940, AS AMENDED (THE “ADVISERS ACT”) OR SIMILAR INSTITUTION THAT IS REGULATED AND SUPERVISED AND
SUBJECT TO PERIODIC EXAMINATION BY A STATE OR FEDERAL AGENCY OF THE UNITED STATES; (2) AN INSURANCE CARRIER WHICH IS QUALIFIED UNDER THE LAWS OF MORE THAN ONE STATE OF THE UNITED STATES TO PERFORM THE SERVICES OF MANAGING, ACQUIRING OR
DISPOSING OF ASSETS OF SUCH A PLAN; (3) AN INVESTMENT ADVISER REGISTERED UNDER THE ADVISERS ACT OR, IF NOT REGISTERED AN AS INVESTMENT ADVISER UNDER THE ADVISERS ACT BY REASON OF PARAGRAPH (1) OF SECTION 203A OF THE ADVISERS ACT, IS
REGISTERED AS AN INVESTMENT ADVISER UNDER THE LAWS OF THE STATE (REFERRED TO IN SUCH PARAGRAPH (1)) IN WHICH IT 

  
 23 

 
MAINTAINS ITS PRINCIPAL OFFICE AND PLACE OF BUSINESS; (4) A BROKER DEALER REGISTERED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED; AND/OR (5) AN INDEPENDENT FIDUCIARY (NOT
DESCRIBED IN CLAUSES (1), (2), (3) OR (5) ABOVE) THAT HOLDS OR HAS UNDER MANAGEMENT OR CONTROL TOTAL ASSETS OF AT LEAST $50 MILLION, AND WILL AT ALL TIMES THAT SUCH PURCHASER OR TRANSFEREE HOLDS THE NOTES HOLD OR HAVE UNDER MANAGEMENT OR
CONTROL, TOTAL ASSETS OF AT LEAST $50 MILLION; AND (E) IS AWARE OF AND ACKNOWLEDGES THAT (I) NEITHER THE COMPANY, THE INITIAL PURCHASERS, THE GUARANTORS NOR ANY OF THEIR RESPECTIVE AFFILIATES IS UNDERTAKING TO PROVIDE IMPARTIAL INVESTMENT
ADVICE, OR TO GIVE ADVICE IN A FIDUCIARY CAPACITY, IN CONNECTION WITH THE HOLDER’S INVESTMENT IN THE SECURITY, AND (II) THE COMPANY, THE INITIAL PURCHASERS, THE GUARANTORS AND THEIR RESPECTIVE AFFILIATES HAVE A FINANCIAL INTEREST IN THE
HOLDER’S INVESTMENT IN THE SECURITY ON ACCOUNT OF THE FEES AND OTHER REMUNERATION THEY EXPECT TO RECEIVE IN CONNECTION WITH TRANSACTIONS CONTEMPLATED HEREUNDER. 

(2) Each Global Note, whether or not an Initial Note, shall bear the following legend on the face thereof: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

  
 24 

 (3) Each Note issued hereunder that has more than a de minimis amount of original
issue discount for U.S. federal income tax purposes shall bear a legend in substantially the following form: 
 THIS SECURITY HAS BEEN ISSUED
WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST, ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS SECURITY THE FOLLOWING INFORMATION:
(1) THE ISSUE PRICE AND DATE OF THE SECURITY, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE SECURITY AND (3) THE YIELD TO MATURITY OF THE SECURITY. HOLDERS SHOULD CONTACT [NAME OF INDIVIDUAL OR THE INDIVIDUAL’S TITLE] AT
[ADDRESS]. 
 (e) Book-Entry Provisions. (i) This Section 2.01(e) shall apply only to Global Notes deposited with the
Custodian, as custodian for DTC. 
 (ii) Each Global Note initially shall (x) be registered in the name of DTC or the nominee of DTC,
(y) be delivered to the Custodian, as custodian for DTC, and (z) bear legends as set forth in Section 2.01(d). Transfers of a Global Note (but not a beneficial interest therein) shall be limited to transfers thereof in whole, but not
in part, to the DTC, its successors or its respective nominees, except as set forth in Section 2.01(e)(v) and 2.01(f). If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the
Trustee shall (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other
Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, shall, upon transfer or exchange,
cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, shall thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in
such other Global Note for as long as it remains such an interest. 
 (iii) Members of, or participants in, DTC (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by DTC or by the Custodian, as the custodian of DTC, or under such Global Note, and DTC may be treated by Issuer, the Trustee and
any agent of Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent Issuer, the Trustee or any agent of Issuer or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a Holder of a beneficial interest in any Global
Note. 
 (iv) In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to Section 2.01(f) to
beneficial owners who are required to hold Definitive Notes, the Custodian shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial
interest in the Global Note to be transferred, and Issuer shall execute, and the Trustee shall authenticate and make available for delivery, one or more Definitive Notes of like tenor and amount. 

  
 25 

 (v) In connection with the transfer of an entire Global Note to beneficial owners pursuant to
Section 2.01(f), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and Issuer shall execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by DTC in
exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 

(vi) The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may
hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (vii) Any
Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the Holder of such Global Note (or its agent)
or (b) any Holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 

(f) Definitive Notes. (i) Except as provided below, owners of beneficial interests in Global Notes shall not be entitled to
receive Definitive Notes. If required to do so pursuant to any applicable law or regulation, beneficial owners may obtain Definitive Notes in exchange for their beneficial interests in a Global Note upon written request in accordance with DTC’s
and the Registrar’s procedures. In addition, Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (A) DTC notifies Issuer that it is unwilling or unable to continue
as depositary for such Global Note or DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so registered in order to act as depositary, and in each case a successor depositary is not appointed by
Issuer within 90 days of such notice or, (B) Issuer in its sole discretion executes and delivers to the Trustee and Registrar an Officers’ Certificate stating that such Global Note shall be so exchangeable or (C) an Event of Default
has occurred and is continuing and the Registrar has received a request from DTC. In the event of the occurrence of any of the events specified in the second preceding sentence or in clause (A), (B) or (C) of the preceding sentence, Issuer
shall promptly make available to the Registrar a reasonable supply of Definitive Notes. 
 (ii) Any Definitive Note delivered
in exchange for an interest in a Global Note pursuant to Section 2.01(e)(iv) or (v) shall, except as otherwise provided by Section 2.06(d), bear the applicable legend regarding transfer restrictions applicable to the Definitive Note
set forth in Section 2.01(d). 
 (iii) If a Definitive Note is transferred or exchanged for a beneficial interest in a Global Note, the
Trustee shall (x) cancel such Definitive Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves
less than the entire principal amount of the canceled Definitive Note, Issuer shall execute, and the Trustee shall authenticate and make available for delivery, to the transferring Holder a new Definitive Note representing the principal amount not
so transferred. 

  
 26 

 (iv) If a Definitive Note is transferred or exchanged for another Definitive Note, (x) the
Trustee shall cancel the Definitive Note being transferred or exchanged, (y) Issuer shall execute, and the Trustee shall authenticate and make available for delivery, one or more new Definitive Notes in authorized denominations having an
aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note (in the case of an exchange), registered in the name of such transferee
or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Definitive Note, Issuer shall execute, and the Trustee shall authenticate and make available for delivery to the
Holder thereof, one or more Definitive Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Definitive Notes, registered in the name of the Holder thereof. 

Section 2.02 Execution and Authentication. 

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

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note 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. 
 At any time and from time to time after the execution and delivery of this
Indenture, the Trustee shall authenticate and make available for delivery: (1) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $500,000,000, (2) subject to the terms of this Indenture, Additional Notes for
original issue in an unlimited principal amount, and (3) Exchange Notes for issue only in an Exchange Offer pursuant to the Registration Rights Agreement or upon resale under an effective Shelf Registration Statement, and only in exchange for
Initial Notes or Additional Notes of an equal principal amount and (4) under the circumstances set forth in Section 2.06(e), Initial Notes in the form of an Unrestricted Global Note, in each case upon a written order of Issuer signed by
one Officer (the “Authentication Order”). Such Authentication Order shall specify whether the Notes shall be in the form of Definitive Notes or Global Notes, the amount of the Notes to be authenticated and the date on which
the original issue of Notes is to be authenticated and whether the Notes are to be Initial Notes, Additional Notes or Exchange Notes. The Trustee shall be entitled to receive, and shall be fully protected in conclusively relying upon, in addition to
the Opinion of Counsel and the Officers’ Certificate required by Section 12.04, an Opinion of Counsel as to the due authorization, execution, delivery, validity and enforceability of this Indenture, the Note Guarantees and such Notes. 

In case Issuer or any Guarantor, pursuant to Article 5 or Section 10.04, as applicable, shall be consolidated or merged with or into any
other Person or shall convey, transfer, lease or 

  
 27 

 
otherwise dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving such merger, or into which
Issuer or any Guarantor shall have been merged, or the Person which shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to
Section 5.01 or Section 10.04, as applicable, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease or other disposition may (but shall not be required), from time to time, at the
request of the successor Person, be exchanged for other Notes executed in the name of the successor Person with such changes in phraseology and form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such
exchange and of like principal amount; and the Trustee, upon the Authentication Order of the successor Person, shall authenticate and make available for delivery Notes as specified in such order for the purpose of such exchange. If Notes shall at
any time be authenticated and delivered in any new name of a successor Person pursuant to this Section 2.02 in exchange or substitution for or upon registration of transfer of any Notes, such successor Person, at the option of the Holders but
without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated and delivered in such new name. 

Section 2.03 Registrar and Paying Agent. 

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 (“Notes Register”) and of their
transfer and exchange. 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. Issuer may change any Paying Agent or Registrar without notice to any Holder. Issuer will notify the Trustee in writing of the name and address of any Agent not a party to
this Indenture. If Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. Issuer or any Subsidiary may act as Paying Agent or Registrar. 

Issuer initially appoints DTC to act as depositary with respect to the Global Notes. 

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 has entered into a letter of representations with DTC in the form provided by DTC and the Trustee and each Agent are hereby authorized to act in accordance with such letter and the Applicable Procedures. 

The Issuer shall be responsible for making calculations called for under the Notes and this Indenture, including but not limited to
determination of interest, redemption price, Applicable Premium, if any, and any additional amounts or other amounts payable on the Notes. The Issuer will make the calculations in good faith and, absent manifest error, its calculations will be final
and binding on the Holders. The Issuer will provide a schedule of its calculations to the Trustee when requested by the Trustee, and the Trustee is entitled to rely conclusively on the accuracy of the Issuer’s calculations without independent
verification. The Trustee shall forward the Issuer’s calculations to any Holder of the Notes upon the written request of such Holder. 

  
 28 

 Additional Interest will be payable in arrears on each Interest Payment Date following accrual in
the same manner as regular interest on the Notes. If Additional Interest is payable on the Notes, the Issuer shall provide an Officers’ Certificate to the Trustee on or before the record date for each Interest Payment Date such Additional
Interest is payable setting forth the accrual period and the amount of such Additional Interest in reasonable detail. The Trustee may provide a copy of such Officers’ Certificate or other notice received from the Issuer relating to Additional
Interest to any Holder upon written request. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officers’ Certificate setting forth the particulars of such payment.

 Section 2.04 Paying Agent to Hold Money in Trust. 

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 or Additional Interest, if any, or interest on the Notes, and will notify the Trustee of any default by 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. 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 Issuer or a Subsidiary) will have no further liability for the money. If Issuer 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 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, 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 and Issuer shall otherwise comply with TIA § 312(a). 

Section 2.06 Transfer and Exchange. 

(a) A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein) for
another Note or Notes of any authorized denomination by presenting to the Registrar a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document
required by this Section 2.06. The Registrar shall promptly register any transfer or exchange that meets the requirements of this Section 2.06 by noting the same in the register maintained by the Registrar for the purpose, and no transfer
or exchange shall be effective until it is registered in such register. The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section 2.06 and Section 2.01(e) and 2.01(f), as
applicable, and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of DTC, Euroclear and Clearstream. The Registrar shall refuse to register any requested transfer or exchange that does not comply
with 

  
 29 

 
this paragraph. Any action with respect to transfers and exchanges of the Notes pursuant to this Section 2.06 may be taken by the Registrar whenever the Trustee may do so, and each reference
in this Section 2.06 to the Trustee shall include the Registrar. 
 (b) Transfers of Rule 144A Notes and Institutional Accredited
Investor Notes. The following provisions shall apply with respect to any proposed registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note prior to the date which is one year after the later of the date of
its original issue and the last date on which Issuer or any Affiliate of Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”): 

(1) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest
therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information
regarding Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption
from registration provided by Rule 144A; provided that no such written representation or other written certification shall be required in connection with the transfer of a beneficial interest in the Rule 144A Global Note to a transferee
in the form of a beneficial interest in that Rule 144A Global Note in accordance with this Indenture and the applicable procedures of DTC. 

(2) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest
therein to an Institutional Accredited Investor shall be made upon receipt by the Registrar of a certificate substantially in the form set forth in Section 2.07 from the proposed transferee and, if requested by Issuer, the delivery of an
Opinion of Counsel, certification and/or other information satisfactory to it; and 
 (3) a registration of transfer of a
Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the Registrar of a certificate substantially in the form set
forth in Section 2.08 from the proposed transferee and, if requested by Issuer, the delivery of an Opinion of Counsel, certification and/or other information satisfactory to it. 

(c) Transfers of Regulations S Notes. The following provisions shall apply with respect to any proposed transfer of a Regulation S Note
prior to the expiration of the Restricted Period: 
 (1) a transfer of a Regulation S Note or a beneficial interest therein
to a QIB shall be made upon the representation of the transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any 

  
 30 

 
such account is a “qualified institutional buyer” within the meaning of Rule 144A, is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to
claim the exemption from registration provided by Rule 144A; 
 (2) a transfer of a Regulation S Note or a beneficial
interest therein to an Institutional Accredited Investor shall be made upon receipt by the Registrar of a certificate substantially in the form set forth in Section 2.07 from the proposed transferee and, if requested by Issuer or the Trustee,
the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them; and 
 (3) a
transfer of a Regulation S Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the Registrar of a certificate substantially in the form set forth in Section 2.08
hereof from the proposed transferee and, if requested by Issuer, receipt by the Registrar of an Opinion of Counsel, certification and/or other information satisfactory to Issuer. 

After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without
requiring the certification set forth in Section 2.07, Section 2.08 or any additional certification. 
 (d) Restricted Notes
Legend. Upon the transfer, exchange or replacement of Notes not bearing a Restricted Notes Legend, the Registrar shall deliver Notes that do not bear a Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing a
Restricted Notes Legend, the Registrar shall deliver only Notes that bear a Restricted Notes Legend unless (i) Initial Notes are being exchanged for Exchange Notes in an Exchange Offer pursuant to the Registration Rights Agreement, in which
case the Exchange Notes shall not bear a Restricted Notes Legend, (ii) an Initial Note is being transferred pursuant to the Shelf Registration Statement or other effective registration statement, (iii) Initial Notes are being exchanged for
Notes that do not bear the Restricted Notes Legend in accordance with Section 2.06(e) or (iv) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to Issuer and the Trustee to the effect that neither such
legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend.

 (e) Automatic Exchange from Global Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend. Upon
Issuer’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, beneficial interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global
Note”) may be automatically exchanged into beneficial interests in a Global Note not bearing the Restricted Notes Legend (an “Unrestricted Global Note”) without any action required by or on behalf of the Holder (the “Automatic
Exchange”) at any time on or after the date that is the 366th calendar day after (A) with respect to the Notes issued on the Issue Date or (B) with respect to Additional Notes, if any, the issue date of such Additional Notes, or, in

  
 31 

 
each case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic Exchange Date”). Upon Issuer’s satisfaction that the Restricted Notes Legend shall
no longer be required in order to maintain compliance with the Securities Act, Issuer may pursuant to the rules and procedures (i) provide written notice to DTC at least fifteen (15) calendar days prior to the Automatic Exchange Date,
instructing DTC to exchange all of the outstanding beneficial interests in a particular Restricted Global Note to the Unrestricted Global Note, which Issuer shall have previously otherwise made eligible for exchange with the DTC, (ii) provide
prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address appearing in the register of Holders at least fifteen (15) calendar days prior to the Automatic Exchange Date (the “Automatic
Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of this Indenture pursuant to which the Automatic Exchange shall occur, (y) the “CUSIP” number of the Restricted Global
Note from which such Holder’s beneficial interests shall be transferred and the (z) ”CUSIP” number of the Unrestricted Global Note into which such Holder’s beneficial interests shall be transferred and (iii) on or prior to
the Automatic Exchange Date, deliver to the Agent for authentication one or more Unrestricted Global Notes, duly executed by Issuer, in an aggregate principal amount equal to the aggregate principal amount of Restricted Global Notes to be exchanged.
At Issuer’s request on no less than five (5) calendar days’ notice prior to the Automatic Exchange Notice Date, the Trustee with a copy to the Agent, shall deliver, in Issuer’s name and at its expense, the Automatic Exchange
Notice to each Holder at such Holder’s address appearing in the register of Holders. Notwithstanding anything to the contrary in this Section 2.06(e), during the fifteen (15) day period prior to the Automatic Exchange Date, no
transfers or exchanges other than pursuant to this Section 2.06(e) shall be permitted without the prior written consent of Issuer. As a condition to any Automatic Exchange, Issuer shall provide, and the Trustee and the Agent shall be entitled
to rely upon, an Officers’ Certificate in form reasonably acceptable to the Trustee and the Agent to the effect that the Automatic Exchange shall be effected in compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act and that the aggregate principal amount of the particular Restricted Global Note is to be transferred to the particular
Unrestricted Global Note by adjustment made on the records of the Custodian to reflect the Automatic Exchange. Upon such exchange of beneficial interests pursuant to this Section 2.06(e), the aggregate principal amount of the Global Notes shall
be increased or decreased by adjustments made on the records of the Custodian to reflect the relevant increase or decrease in the principal amount of such Global Note resulting from the applicable exchange. The Restricted Global Note from which
beneficial interests are transferred pursuant to an Automatic Exchange shall be canceled following the Automatic Exchange. 
 (f)
Retention of Written Communications. The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.01 or this Section 2.06. Issuer shall have the right to inspect and make
copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable prior written notice to the Registrar. 

  
 32 

 (g) Obligations with Respect to Transfers and Exchanges of Notes. 

(1) To permit registrations of transfers and exchanges, Issuer shall, subject to the other terms and conditions of this Article
2, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s request. 
 (2) No
service charge shall be made to a Holder for any registration of transfer or exchange, but Issuer may require the Holder to pay a sum sufficient to cover any transfer tax assessments or similar governmental charge payable in connection therewith
(other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant to Sections 2.02, 2.06, 2.07, 2.09, 3.06, 4.14, or 9.05). 

(3) Issuer (and the Registrar) shall not be required to register the transfer of or exchange of any Note (A) for a period
beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an interest payment date and ending on such
interest payment date or (B) called for redemption or tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or other tender offer, except the unredeemed or untendered portion of any Note being redeemed or
tendered in part. 
 (4) Prior to the due presentation for registration of transfer of any Note, Issuer, the Trustee, the
Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the owner of such Note for the purpose of receiving payment of principal of, premium, if any, and interest on such Note and for all other purposes
whatsoever, including without limitation the transfer or exchange of such Note, whether or not such Note is overdue, and none of Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(5) Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.01(f) shall, except
as otherwise provided by Section 2.06(d), bear the applicable legend regarding transfer restrictions applicable to the Definitive Note set forth in Section 2.01(d). 

(6) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and
shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (h) No Obligation
of the Trustee. (1) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its nominee or
of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption
or purchase) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of
the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial 

  
 33 

 
owners in any Global Note shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may conclusively rely and shall be fully protected in conclusively
relying upon information furnished by DTC with respect to its members, participants and any beneficial owners. 
 (2) The Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among DTC participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by,
the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. The Trustee shall not have any responsibility for any actions taken or not taken by DTC. 

Section 2.07 Form of Certificate to be Delivered in Connection with Transfers to Institutional Accredited Investors. 

[Date] 
 SESI, L.L.C. 

1001 Louisiana Street, Suite 2900 
 Houston, TX 77002 

Attention: Robert S. Taylor 
 The Bank of New York Mellon Trust
Company, N.A. 
 111 Sanders Creek Parkway 
 East Syracuse, NY
13057 
 Attention: Transfer 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[        ] principal amount of the 7.750%
Senior Notes due 2024 (the “Notes”) of SESI, L.L.C. (the “Issuer”). 
 Upon transfer, the Notes would be
registered in the name of the new beneficial owner as follows: 
  

	
	 Name:
                                         
                                       

	
	 Address:
                                         
                                   

	
	 Taxpayer ID Number:
                                         
             

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor” at least 

  
 34 

 
$250,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Notes and we invest in or purchase securities similar to the Notes in the normal course of our business. We
and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
 2. We understand that the
Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to
offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue and the last date on which Issuer or any affiliate of Issuer was the owner of such Notes (or any predecessor thereto) (the
“Resale Restriction Termination Date”) only (a) to Issuer or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying
with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own
account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales to Non-U.S. Persons that occur outside the
United States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing
for its own account or for the account of such an institutional “accredited investor,” in each case in a minimum principal amount of Notes of $250,000 for investment purposes and not with a view to or for offer or sale in connection with
any distribution in violation of the Securities Act or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition
of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale shall not apply subsequent to the
Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee
substantially in the form of this letter to Issuer and the Registrar, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or
(7) under the Securities Act) and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that Issuer and the Registrar reserve the right prior to any
offer, sale or other transfer prior to the Resale Termination Date of the Notes pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to Issuer and
the Trustee. 
 3. We [are][are not] an Affiliate of Issuer. 

You and 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. 

  
 35 

 
			
	TRANSFEREE:	 	  

 
			
	
	BY:
                                         
                                     

 Section 2.08 Form of Certificate to be Delivered in Connection with Transfers Pursuant to
Regulation S. 
 [Date] 
 SESI, L.L.C. 

1001 Louisiana Street, Suite 2900 
 Houston, TX 77002 

Attention: Robert S. Taylor 
 The Bank of New York Mellon Trust
Company, N.A. 
 111 Sanders Creek Parkway 
 East Syracuse, NY
13057 
 Attention: Transfer 
  

	 	Re:	SESI, L.L.C. (the “Issuer”) 

 7.750% Senior Notes due 2024 (the
“Notes”) 
 Ladies and Gentlemen: 

In connection with our proposed sale of $[        ] aggregate principal amount of the Notes, we
confirm that such sale has been effected pursuant to and in accordance with Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

(a) the offer of the Notes was not made to a person in the United States; 

(b) either (i) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our
behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither
we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(c) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or
Rule 904(a)(2) of Regulation S, as applicable; and 
 (d) the transaction is not part of a plan or scheme to evade
the registration requirements of the Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions of
Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule 903(b)(3) or
Rule 904(b)(1), as the case may be. 

  
 36 

 We also hereby certify that we [are][are not] an Affiliate of Issuer and, to our knowledge, the
transferee of the Notes [is][is not] an Affiliate of Issuer. 
 You and 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. Terms used in this certificate have the meanings set forth in
Regulation S. 
  

					
		  	Very truly yours,
		
		  	[Name of Transferor]
			
		  	By:	  	                                     
                             
		
		  	                                   
                                         

		  	                    Authorized Signature

 Section 2.09 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, 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 Issuer, an indemnity bond must be supplied
by the Holder that is sufficient in the judgment of the Trustee and Issuer to protect Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. Issuer may charge for its expenses in
replacing a Note. 
 Every replacement Note is an additional obligation of Issuer and will be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.10 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 2.10 as not outstanding. Except as set forth in this Section 2.10, a Note
does not cease to be outstanding because Issuer or an Affiliate of Issuer holds the Note; however, Notes held by Issuer or a Subsidiary of Issuer shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof. 

If a Note is replaced pursuant to Section 2.09 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 Issuer or a Subsidiary) 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 2.11 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
Issuer or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with Issuer or any Guarantor, will be considered as though not outstanding, except that for the purposes of
determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded. 

Section 2.12 Temporary Notes. 

Until certificates representing Notes are ready for delivery, 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 Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, 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 2.13 Cancellation. 

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 dispose of canceled Notes
(subject to the record retention requirement of the Exchange Act). Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

Section 2.14 Defaulted Interest. 

If 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. 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. 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, Issuer (or, upon the written 

  
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request of Issuer, the Trustee in the name and at the expense of 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. 
 Section 2.15 CUSIP, Common Code and ISIN Numbers. 

Issuer in issuing the Notes may use “CUSIP,” “Common Code” and “ISIN” numbers and, if so, the Trustee shall use
“CUSIP,” “Common Code” and “ISIN” numbers in notices of redemption or purchase as a convenience to Holders; provided, however, 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 a redemption or purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or purchase
shall not be affected by any defect in or omission of such CUSIP, Common Code and ISIN numbers. Issuer shall promptly notify the Trustee in writing of any change in the CUSIP, Common Code and ISIN numbers. 

ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Notices to Trustee. 

If 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: 
 (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. 

Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of
the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not listed, then on a pro rata basis (to the extent practicable), by lot or by such similar method in accordance with the procedures of DTC. No
Note of $2,000 in original principal amount or less will be redeemed in part. 
 In the event of partial redemption or purchase by lot, 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. 
 Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed or 

  
 39 

 
purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. 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. 

(a) At least 30 days but not more than 60 days before a redemption date, Issuer will mail or cause to be mailed, by first class mail, a notice
of redemption to each Holder whose Notes are to be redeemed at its registered address or otherwise delivered in accordance with the procedures of DTC, 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 11 hereof. 

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

(1) the redemption date; 

(2) the redemption price; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such 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 (or transferred by book-entry) 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 Issuer 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; 
 (8) that no representation is made as to the correctness or accuracy of the
CUSIP number, if any, listed in such notice or printed on the Notes; and 
 (9) if applicable, any condition to such
redemption. 
 At Issuer’s request, the Trustee will give the notice of redemption in Issuer’s name and at its expense;
provided, however, that Issuer has delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter period shall be satisfactory to the Trustee), an Officers’ Certificate requesting that the Trustee give
such notice, together with the notice to be given (which shall set forth the information to be stated in such notice as provided in the preceding paragraph). 

  
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 (b) Any redemption notice may, at Issuer’s discretion, be subject to one or more conditions
precedent, including completion of a Public Equity Offering or other corporate transaction. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in Issuer’s discretion,
the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the
redemption date, or by the redemption date so delayed. The Issuer shall provide written notice to the Trustee prior to the close of business two Business Days prior to the redemption date (or such shorter period as may be acceptable to the Trustee)
if any such redemption has been rescinded or delayed, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given. 

Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed or sent in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price, subject to any conditions stated in such notice. 
 Section 3.05 Deposit of
Redemption or Purchase Price. 
 On or prior to 11:00 a.m. New York City Time on the Business Day prior to the redemption or purchase
date, Issuer will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest and Additional Interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee
or the Paying Agent will promptly return to Issuer any money deposited with the Trustee or the Paying Agent by Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Additional Interest, if
any, on, all Notes to be redeemed or purchased. 
 If 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 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, Issuer will issue (or transfer by book-entry) and, upon receipt of an
Authentication Order, the Trustee will authenticate for the Holder at the expense of Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

  
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 Section 3.07 Optional Redemption. 

(a) At any time prior to September 15, 2020, Issuer may on any one or more occasions redeem up to 35% of the aggregate principal amount of
Notes issued under this Indenture at a redemption price of 107.75% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to but excluding the redemption date, subject to the rights of Holders on the
relevant record date to receive interest due on the relevant interest payment date, with the Net Cash Proceeds of one or more Public Equity Offerings; provided that: 

(1) at least 65% of the aggregate principal amount of Notes (which includes issued Additional Notes, if any) issued under this
Indenture (excluding Notes held by Superior Energy and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

(2) the redemption occurs within 90 days of the date of the closing of such Public Equity Offering. 

(b) On or after September 15, 2020, Issuer may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to, but excluding, the applicable redemption date (subject to
the rights of Holders on the relevant record date to receive interest on the relevant interest payment date), if redeemed during the twelve-month period beginning on September 15 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2020
	  	 	103.875	% 
	 2021
	  	 	101.938	% 
	 2022 and thereafter
	  	 	100.000	% 

 At any time prior to September 15, 2020, Issuer may also redeem all or a part of the Notes, upon not less
than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, or with respect to Global Notes, to the extent permitted or required by applicable DTC Procedures or regulations, sent
electronically, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to, but excluding, the applicable date of redemption,
subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date. 
 Unless Issuer
defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 

(c) Except pursuant to the preceding paragraphs, the Notes will not be redeemable at Issuer’s option prior to September 15, 2020.

 (d) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. The
redemption price shall be determined by the Issuer. 

  
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 Section 3.08 Mandatory Redemption. 

Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes. However, under the circumstances in
Section 4.14 hereof, Issuer may be required to offer to purchase the Notes. Issuer may at any time and from time to time purchase Notes in the open market or otherwise so long as such acquisition does not otherwise violate the terms of this
Indenture. 
 Section 3.09 [Reserved.] 

Section 3.10 [Reserved.] 

ARTICLE 4 
 COVENANTS 

Section 4.01 Payment of Notes. 

Issuer will pay or cause to be paid the principal of, premium, if any, and interest and Additional Interest, if any, on, the Notes on the dates
and in the manner provided in the Notes. Principal, premium, if any, and interest and Additional Interest, if any, will be considered paid on the date due if the Paying Agent, if other than Issuer or a Subsidiary thereof, holds as of 10:00 a.m.
Eastern Time on the due date money deposited by Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. Issuer will pay all Additional Interest, if any, in the same manner
on the dates and in the amounts set forth in the Registration Rights Agreement. 
 Issuer will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% 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 and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

Section 4.02 Maintenance of Office or Agency. 

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 exchange and where notices and demands to or upon Issuer in respect of the Notes and this Indenture may be served. 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 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. 
 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. 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. 

  
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 Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency
of Issuer in accordance with Section 2.03 hereof. 
 Section 4.03 SEC Reports. 

(a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, Superior Energy will furnish
(without exhibits) to the Holders and to the Trustee, within the time periods specified in the SEC’s rules and regulations: 

(1) all quarterly and annual reports that would be required to be filed with the SEC on Forms
10-Q and 10-K if Superior Energy were required to file reports; and 

(2) all current reports that would be required to be filed with the SEC on Form 8-K if
Superior Energy were required to file such reports. 
 All such reports will be prepared in all material respects in accordance with all of
the rules and regulations applicable to such reports. Each annual report on Form 10-K will include a report on Superior Energy’s consolidated financial statements by Superior Energy’s certified
independent accountants. Each annual report on Form 10-K and each quarterly report on Form 10-Q will include summary financial information with respect to Non-Guarantor Subsidiaries of the type and scope included in the Offering Memorandum, unless such information is otherwise provided pursuant to Rule 3-10 of Regulation S-X promulgated by the SEC. In addition, Superior Energy will file a copy of each of the reports referred to in clauses (1) and (2) above with the SEC for public availability within the time periods specified
in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing) and will post the reports on its website within those time periods. Issuer will at all times comply with TIA § 314(a). 

If, at any time, Superior Energy is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, Superior
Energy will nevertheless continue filing the reports specified in the preceding paragraphs with the SEC within the time periods specified above unless the SEC will not accept such a filing. Superior Energy will not take any action for the purpose of
causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept Superior Energy’s filings for any reason, Superior Energy will post the reports referred to in the preceding paragraphs on its website
within the time periods that would apply if Superior Energy were required to file those reports with the SEC. 
 (b) For so long as any
Notes remain outstanding, if at any time they are not required to file with the SEC the reports required by paragraphs (a) and (b) of this Section 4.03, Issuer and the Guarantors will furnish to the Holders and to securities analysts and
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(c) Delivery of reports, information and documents to the Trustee is for informational purposes only and its receipt of such reports shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s, any Guarantor’s or any other Person’s compliance with any of the covenants under this
Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or 

  
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otherwise, the Issuer’s, any Guarantor’s or any other Person’s compliance with the covenants or with respect to any reports or other documents filed with the SEC or EDGAR or any
website under this Indenture, or participate in any conference calls. 
 Section 4.04 Compliance Certificate. 

(a) Issuer and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days
after the end of each fiscal year (commencing with the fiscal year ended December 31, 2017), an Officers’ Certificate (one signer of which shall be either the principal executive officer, the principal financial officer or the principal
accounting officer of Issuer) that need not comply with Section 12.05 stating that a review of the activities of Issuer and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view
to determining whether Issuer has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge Issuer 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 Issuer 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 Issuer is taking or proposes to take with
respect thereto. 
 (b) So long as not contrary to the then current recommendations of the American Institute of Certified Public
Accountants, the year-end financial statements delivered pursuant to Section 4.03 above shall be accompanied by a written statement of Superior Energy’s independent public accountants (who shall be a
firm of established national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that Superior Energy has violated any provisions of
Article 4 or Article 5 hereof or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain
knowledge of any such violation. 
 (c) So long as any of the Notes are outstanding, Issuer will deliver to the Trustee, forthwith, and in
any event not later than 10 days after any Officer becomes aware of any event that this giving of notice or the lapse of time or both would become a Default or Event of Default, an Officers’ Certificate specifying such Default or Event of
Default and what action Issuer is taking or proposes to take with respect thereto. 
 Section 4.05 Taxes. 

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

  
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 Section 4.06 Stay, Extension and Usury Laws. 

Issuer and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and Issuer and each of the
Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07
Limitation on Restricted Payments. 
 (a) Each of Superior Energy and Issuer will not, and will not permit any Subsidiary, directly or
indirectly, to make a Restricted Payment if at the time Superior Energy, Issuer or such Subsidiary makes such Restricted Payment: 

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

(2) the aggregate amount of such Restricted Payment and all other Restricted Payments since the Issue Date would exceed the sum
of (without duplication): 
 (A) 50% of the Consolidated Net Income accrued during the period (treated as one accounting
period) from the beginning of the fiscal quarter in which the Issue Date occurs to the end of the most recent fiscal quarter for which consolidated financial statements of Superior Energy and its Subsidiaries have been provided to the Holders
pursuant to this Indenture immediately preceding the date of such Restricted Payment (or, in case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); plus 

(B) 100% of the aggregate Net Cash Proceeds received by Superior Energy from the issuance or sale of its Capital Stock (other
than Disqualified Stock) subsequent to the Issue Date (other than an issuance or sale to any of its Subsidiaries and other than an issuance or sale to an employee stock ownership plan or to a trust established by Superior Energy or any of its
Subsidiaries for the benefit of their employees) or the fair market value of the consideration (if other than cash) from such issue or sale of Capital Stock and 100% of any capital cash contribution received by Superior Energy from its stockholders
subsequent to the Issue Date; plus 
 (C) the amount by which Indebtedness of Superior Energy, Issuer or any Subsidiary is
reduced on Superior Energy’s consolidated balance sheet upon the conversion or exchange (other than by any Subsidiary of Superior Energy) subsequent to the Issue Date of any Indebtedness of Superior Energy, Issuer or any Subsidiary convertible
or exchangeable for Capital Stock (other than Disqualified Stock) of Superior Energy (less the amount of any cash, or the fair market value of any other property, distributed by Superior Energy upon such conversion or exchange). 

  
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 (b) The provisions of the foregoing paragraph (a) will not prohibit: 

(1) any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Capital Stock,
Disqualified Stock or Subordinated Obligations made by exchange for, or out of the Net Cash Proceeds of the substantially concurrent sale of, Capital Stock of Superior Energy (other than Disqualified Stock and other than Capital Stock issued or sold
to a Subsidiary of Superior Energy or an employee stock ownership plan or to a trust established by Superior Energy, Issuer or any Subsidiaries for the benefit of their employees) or a substantially concurrent capital cash contribution received by
Superior Energy from its stockholders; provided, however, that (A) such Restricted Payment shall be excluded in the calculation of the amount of Restricted Payments and (B) the Net Cash Proceeds from such sale or such capital cash
contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of amounts under clause (2)(B) of paragraph (a) above; 

(2) any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Obligations
made by exchange for, or out of the proceeds of the substantially concurrent sale of, Refinancing Indebtedness; provided, however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded
in the calculation of the amount of Restricted Payments; 
 (3) any purchase, repurchase, redemption, defeasance or other
acquisition or retirement of Disqualified Stock of Issuer, Superior Energy or any Subsidiary made by exchange for, or out of the Net Cash Proceeds of the substantially concurrent sale of, Disqualified Stock of Issuer, Superior Energy or such
Subsidiary, as the case may be, so long as such refinancing Disqualified Stock constitutes Refinancing Indebtedness; provided, however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement shall be
excluded in the calculation of the amount of Restricted Payments; 
 (4) dividends paid within 60 days after the date of
declaration thereof if at such date of declaration such dividend would have complied with this Section 4.07; provided, however, that at the time of payment of such dividend, no other Default shall have occurred and be continuing (or result
therefrom); provided further, however, that such dividend shall be included in the calculation of the amount of Restricted Payments; 

(5) so long as no Default has occurred and is continuing, the repurchase or other acquisition of shares of Capital Stock of
Superior Energy or any of its Subsidiaries from employees, former employees, directors or former directors of Superior Energy or any of its Subsidiaries (or permitted transferees of such employees, former employees, directors or former directors),
pursuant to the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by the Board of Directors of Superior Energy under which such individuals purchase or sell or are

  
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granted the option to purchase or sell, shares of such Capital Stock; provided, however, that the aggregate amount of such repurchases and other acquisitions shall not exceed the sum of (i)
$5.0 million in any calendar year(with any unused amounts in any calendar year being carried over to the immediately succeeding calendar year subject to a maximum of $5.0 million in any calendar year), (ii) the aggregate Net Cash Proceeds
received during such period from the Issuance of Capital Stock (other than Disqualified Stock) of Superior Energy pursuant to such agreements or plans, in each case to existing or former employees or members of management of Superior Energy or any
of its Subsidiaries that occurs after the Issue Date, to the extent the Net Cash Proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments (provided that the Net Cash Proceeds from such
sales or contributions shall be excluded from the calculation of amounts under clause (2)(B) of paragraph (a) above), and (iii) the cash proceeds of key man life insurance policies received by Issuer, Superior Energy or their Subsidiaries
after the Issue Date; provided, further, however, that such repurchases and other acquisitions shall be excluded in the calculation of the amount of Restricted Payments; 

(6) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated
Obligation at a purchase price not greater than 101% of the principal amount of such Subordinated Obligation in the event of a Change of Control in accordance with provisions similar to Section 4.14; provided that, prior to or
simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, Issuer has made the Change of Control Offer, as provided in such covenant with respect to the Notes and has completed the repurchase of all
Notes validly tendered for payment in connection with such Change of Control Offer; provided further, however, that such purchases, repurchases, redemptions, defeasances or other acquisitions or retirements for value shall be included in the
calculation of the amount of Restricted Payments; 
 (7) cash payments in lieu of the issuance of fractional shares or
interests in connection with the exercise of warrants, options or other rights or securities convertible into or exchangeable for Capital Stock of Superior Energy or any of its Subsidiaries; provided, however, that such amounts shall be included in
the calculation of the amount of Restricted Payments; 
 (8) repurchase of Capital Stock deemed to occur upon the exercise of
stock options if such Capital Stock represents a portion of the exercise price thereof; provided, however, that such repurchases shall be excluded in the calculation of the amount of Restricted Payments; 

(9) other Restricted Payments in an aggregate amount not to exceed $250.0 million; provided, however, that (A) at the
time of such Restricted Payments, no Default shall have occurred and be continuing (or result therefrom) and (B) such Restricted Payments, when made and in the amount so made, shall thereafter be included in the calculation of the amount of
Restricted Payments; and 

  
 48 

 (10) any payment of cash by Superior Energy, Issuer or any Subsidiary issuer to a
holder of Convertible Notes to the extent such cash payment does not exceed an amount equal to the principal amount of such Convertible Notes that are converted or exchanged and any accrued interest paid thereon, and entry into or any payment in
connection with the performance or any exercise, settlement, cancellation or termination of any Permitted Bond Hedge or any Permitted Warrant; provided, however, that such payment shall be excluded in the calculation of the amount of
Restricted Payments. 
 The amount of all Restricted Payments (other than cash) will be the fair market value on the date of the Restricted
Payment of the asset(s) or securities proposed to be transferred or issued by Superior Energy, Issuer or such Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any assets or securities that are required to
be valued by this Section 4.07 will be determined by the Board of Directors of Superior Energy whose resolution with respect thereto will be delivered to the Trustee. 

Section 4.08 [Reserved.] 

Section 4.09 [Reserved.] 

Section 4.10 [Reserved.] 

Section 4.11 [Reserved.] 

Section 4.12 Limitation on Liens. 

Each of Superior Energy and Issuer will not, and will not permit any Subsidiary to, directly or indirectly, Incur or permit to exist any Lien
(except for Permitted Liens) securing any Indebtedness on any of its properties or assets (including Capital Stock of a Subsidiary), whether owned at the Issue Date or thereafter acquired, which Lien is securing Indebtedness, unless
contemporaneously with the Incurrence of such Liens: 
 (1) in the case of Liens securing Subordinated Obligations, the Notes
and related Note Guarantees are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; or 

(2) in all other cases, the Notes and related Note Guarantees are equally and ratably secured or are secured by a Lien on such
property, assets or proceeds that is senior in priority to such Liens. 
 Any Lien created for the benefit of the Holders of the Notes
pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (1) and (2) above. 

Section 4.13 Corporate Existence. 

Subject to Article 5 hereof, Issuer 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 Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of Issuer or any such Subsidiary; and 

  
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 (2) the rights (charter and statutory), licenses and franchises of Issuer and its
Subsidiaries; provided, however, that Issuer shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of Issuer and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 

Section 4.14 Offer to Repurchase Upon Change of Control. 

(a) Upon the occurrence of any of the following events (each a “Change of Control”), each Holder shall have the
right to require that Issuer repurchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest and Additional Interest, if any, 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): 

(1) any “person” (as such term is used in Section 13(d) of the Exchange Act) is or becomes the beneficial owner,
directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Superior Energy or Issuer; 
 (2)
individuals who on the Issue Date constituted the Board of Directors of Superior Energy together with any new directors whose election by such Board of Directors or whose nomination for election by the stockholders of Superior Energy, as the case
may be, was approved by a vote of majority of the directors of Superior Energy then still in office who were either directors on the Issue Date or whose election or nomination for election was previously so approved) cease for any reason to
constitute a majority of the Board of Directors then in office; 
 (3) the adoption of a plan relating to the liquidation or
dissolution of either Issuer or Superior Energy; 
 (4) the merger or consolidation of Issuer or Superior Energy, as the case
may be, with or into another Person or the merger of another Person with or into Issuer or Superior Energy, as the case may be, other than a transaction following which, in the case of a merger or consolidation transaction, securities that
represented 100% of the Voting Stock of Issuer or Superior Energy, as the case may be, immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction)
constitute at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation transaction; or 

(5) the direct or indirect sale, assignment, conveyance, transfer, lease or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all the assets of Issuer or Superior Energy and their respective Subsidiaries taken as a whole, as the case may be (in each case, determined on a consolidated basis)
to another Person. 

  
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 (b) Within 30 days following any Change of Control, Issuer will mail a notice to each Holder or
otherwise give notice in accordance with the applicable procedures of DTC, with a copy to the Trustee (the “Change of Control Offer”) stating: 

(1) that a Change of Control has occurred and that such Holder has the right to require us to purchase such Holder’s Notes
at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest and Additional Interest, if any, to but excluding the date of purchase (the “Change of
Control Payment”) (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date); 

(2) the circumstances and relevant facts regarding such Change of Control (including information with respect to pro forma
historical income, cash flow and capitalization after giving effect to such Change of Control); 
 (3) the purchase date
(which shall be no earlier than 10 days nor later than 60 days from the date such notice is mailed) (the “Change of Control Payment Date”); 

(4) if such notice is delivered prior to the occurrence of a Change of Control, that the Change of Control Offer is conditioned
upon the occurrence of such Change of Control and setting forth a brief description of the definitive agreement for the Change of Control; 

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

(6) that, unless Issuer 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; 
 (7) that Holders
electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry
transfer, 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; 

(8) 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 
 (9) that Holders whose Notes are being purchased only in part
will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

  
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 Issuer will comply with the requirements of Section 14(e) 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 in Control. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 4.14, Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.14 by virtue of such
compliance. 
 (c) On the Change of Control Payment Date, Issuer will, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes (of $2,000 or integral multiples of $1,000 in excess thereof) properly
tendered pursuant to the Change of Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly tendered; and 
 (3) deliver or cause to be delivered
to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by Issuer in accordance with this Section 4.14. 

The Paying Agent will promptly mail (but in any case not later than five days after the Purchase Date) to each Holder who so tendered Notes
the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if
any provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 
 If
the Change of Control Payment Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest to the Change of Control Payment Date will be paid on the relevant interest payment date to
the Person in whose name a Note is registered at the close of business on such record date. 
 (d) Issuer will not be required to make a
Change of Control Offer following a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (2) notice of redemption has been given pursuant to Section 3.07 hereof unless and until there is a default in
payment of the applicable redemption price. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for
the Change of Control at the time of making of the Change of Control Offer. 

  
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 (e) The provisions described in this Section 4.14 may be waived or modified with the written
consent of the Holders of a majority in principal amount of the Notes. 
 (f) If Holders of not less than 90% in aggregate principal amount
of the outstanding Notes validly tender and do not validly withdraw such Notes in a Change of Control Offer and Issuer, or any third party making a Change of Control Offer in lieu of Issuer as set forth in this Section 4.14, purchases all of
the Notes validly tendered and not validly withdrawn by such Holders, Issuer or such third party will have the right, upon not less than 30 days’ nor more than 60 days’ prior notice, given not more than 30 days following such purchase
pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest,
if any, to, but excluding, the date of redemption (subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date). 

Section 4.15 [Reserved.] 

Section 4.16 [Reserved.] 

Section 4.17 Payments for Consent. 

Issuer will not and Superior Energy will not, and will not permit any of their Subsidiaries to, directly or indirectly, pay or cause to be paid
any consideration to or for the benefit of any 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 and is paid to all
Holders that are “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act, who, upon request, confirm that they are “qualified institutional buyers,” and consent, waive or agree to amend in the time
frame set forth in the solicitation documents relating to such consent, waiver or agreement to amend. 
 Section 4.18 Future
Guarantors. 
 Superior Energy and Issuer will cause each Subsidiary (other than a Foreign Subsidiary) that becomes a borrower under the
Credit Agreement or that Guarantees, on or at any time after the Issue Date, the Obligations under the Credit Agreement or any other Indebtedness (other than De Minimis Indebtedness) of Issuer or any Guarantor to execute and deliver to the Trustee a
supplemental indenture to this Indenture substantially in the form of Exhibit C hereto pursuant to which such Subsidiary will irrevocably and unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of,
premium, if any, and interest (including Additional Interest, if any) in respect of the Notes on a senior basis and all other Obligations under this Indenture.     

  
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 ARTICLE 5 

SUCCESSORS 
 Section 5.01
Merger and Consolidation. 
 (a) Issuer shall not, and Superior Energy shall not permit Issuer to, consolidate with or merge with or
into, or convey or transfer, in one transaction or a series of transactions, directly or indirectly, all or substantially all its assets to, any Person, unless: 

(1) Issuer shall be the surviving Person, or the resulting, surviving or transferee Person (the “Successor
Issuer”) shall be a corporation or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Issuer (if not Issuer) shall expressly
assume, by an indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of Issuer under the Notes and this Indenture and assumes by written agreement all the
obligations of Issuer under the Registration Rights Agreement; 
 (2) immediately after giving pro forma effect to such
transaction (and treating any Secured Indebtedness which becomes an obligation of the Successor Issuer or any Subsidiary as a result of such transaction as having been Incurred by such Successor Issuer or such Subsidiary at the time of such
transaction), no Default shall have occurred and be continuing; and 
 (3) Issuer shall have delivered to the Trustee an
Officers’ Certificate of Superior Energy and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

In addition, Issuer shall not, and Superior Energy shall not permit Issuer to, directly or indirectly, lease all or substantially all of the
properties and assets of it and its Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 
 (b) Superior
Energy shall not consolidate with or merge with or into, or convey or transfer, in one transaction or a series of transactions, directly or indirectly, all or substantially all its assets to, any Person, unless: 

(1) Superior Energy shall be the surviving Person, or the resulting, surviving or transferee Person (the “Successor
Company”) shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not Superior Energy) shall expressly assume, by an
indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of Superior Energy under its Note Guarantee and this Indenture and assumes by written agreement all the
obligations of Superior Energy under the Registration Rights Agreement; 
 (2) immediately after giving pro forma effect to
such transaction (and treating any Secured Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by such Successor Company or such Subsidiary at the time of such
transaction), no Default shall have occurred and be continuing; and 
 (3) Superior Energy shall have delivered to the
Trustee an Officers’ Certificate of Superior Energy and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

  
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 In addition, Superior Energy will not directly or indirectly, lease all or substantially all of
the properties and assets of it and its Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 

Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or transfer or conveyance or other disposition of all or substantially all of the properties or assets of
Issuer in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the Successor Issuer shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, transfer,
conveyance or other disposition, the provisions of this Indenture referring to the “Issuer” shall refer instead to the Successor Issuer and not to Issuer), and may exercise every right and power of Issuer under this Indenture with the same
effect as if such Successor Issuer had been named as Issuer herein; provided, however, that the Issuer shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale of all of
Issuer’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 
 ARTICLE 6

 DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

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

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

 (2) default in the payment when due (at its Stated Maturity, upon redemption, upon required purchase, upon declaration or
otherwise) of the principal of, or premium, if any, on, the Notes; 
 (3) failure by Issuer or Superior Energy to comply with
Section 5.01 hereof; 
 (4) failure by Issuer or Superior Energy to comply for 30 days after notice with any of its
obligations pursuant to Section 4.14 hereof (other than a failure to purchase the Notes, which constitutes an Event of Default under clause (2) above); 

(5) failure by Superior Energy, Issuer or a Subsidiary to comply for 60 days after notice to Superior Energy, Issuer or such
Subsidiary by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in this Indenture; 

(6) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by Superior Energy, Issuer or any of their Subsidiaries (or the payment 

  
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of which is guaranteed by Superior Energy, Issuer or any of their Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that
default: 
 (A) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness which
aggregates $30.0 million or more prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 

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

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which
there has been a Payment Default or the maturity of which has been so accelerated, aggregates $30.0 million or more, provided that in connection with any series of Convertible Notes, (a) any conversion of such Indebtedness by a
holder thereof into shares of Common Stock, cash or a combination of cash and shares of Common Stock, (b) the rights of holders of such Indebtedness to convert into shares of Common Stock, cash or a combination of cash and shares of Common
Stock and (c) the rights of holders of such Indebtedness to require any repurchase by Superior Energy or Issuer of such Indebtedness in cash upon a fundamental change shall not, in itself, constitute an Event of Default under this clause (6);

 (7) any judgment or decree for the payment of money in excess of $30.0 million (excluding amounts covered by
reputable and creditworthy insurance companies) is entered against Issuer, Superior Energy or a Significant Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary, remains outstanding for a period of
60 consecutive days following such judgment and is not discharged, waived or stayed within 10 days after notice; or 
 (8)
Superior Energy, Issuer or any of their Subsidiaries that is a Significant Subsidiary or any group of 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; 

  
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 (9) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: 
 (A) is for relief against Superior Energy, Issuer or any of their Subsidiaries that is a Significant
Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case; 

(B) appoints a custodian of Superior Energy, Issuer or any of their Subsidiaries that is a Significant Subsidiary or any group
of Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of Superior Energy, Issuer or any of their Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries
that, taken together, would constitute a Significant Subsidiary; or 
 (C) orders the liquidation of Superior Energy, Issuer
or any of their Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary; 

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

(10) any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in
full force and effect (other than in accordance with the terms of the Note Guarantee), or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee. 

However, a default under clauses (4), (5), (7) and (10) above will not constitute an Event of Default until the Trustee or the Holders of
at least 25% in principal amount of the outstanding Notes notify Issuer, Superior Energy or the relevant Subsidiary, as the case may be, and the Trustee of the default and Issuer, Superior Energy or the relevant Subsidiary, as the case may be, does
not cure such default within the time specified after receipt of such notice. 
 Section 6.02 Acceleration. 

In the case of an Event of Default specified in clause (8) or (9) of Section 6.01 hereof, with respect to Superior Energy, Issuer,
any Subsidiary that is a Significant Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the Trustee 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. 

Upon any such declaration, the Notes shall become due and payable immediately. 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all
of the Holders, rescind an acceleration and its consequences, if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium or Additional Interest, if any,
that has become due solely because of the acceleration) have been cured or waived. 

  
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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 and
Additional Interest, if any, and interest on the Notes or to enforce the performance of any provision of the Notes, the Note Guarantees 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. 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 Issuer, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted. 

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 and Additional Interest, 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. 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. 
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of
conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it, subject to 7.02(e). However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that
the Trustee determines is unduly prejudicial to the rights of other Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders) or that may
involve the Trustee in personal liability. The Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

  
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 Section 6.06 Limitation on Suits. 

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

(1) such Holder gives to the Trustee written notice that an Event of Default is continuing; 

(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee
to pursue the remedy; 
 (3) such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (5) during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 

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 to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and
Additional Interest, 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 Issuer, a Guarantor or any other obligor on the Notes for the whole amount of principal of, premium and Additional Interest, 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 allowed in any judicial proceedings relative to 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, 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. The Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’
committee or other similar committee. 
 Section 6.10 Priorities. 

If the Trustee collects any money or property pursuant to this Article 6, and after an Event of Default any money or other property
distributable in respect of the Issuer’s or Guarantors’ obligations under this Indenture, shall be paid out or distributed in the following order: 

First: to the Trustee, its 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 for amounts due and unpaid on the Notes for principal, premium, if any, and Additional Interest, 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 Additional Interest, if any and interest, respectively; and 

Third: to Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

  
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 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, 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, 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 their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs under the circumstances. 

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

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

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of the mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be liable with
respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 

  
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 (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 Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document (whether in its original or facsimile form) 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 of its selection concerning all matters of trusts hereof and duties hereunder, and may in all cases pay such reasonable compensation to any attorney, agent, receiver or employee retained or
employed by it in connection herewith, 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 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. 
 (d) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from Issuer will be sufficient if signed by an Officer of Issuer. 
 (e) 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 reasonably satisfactory to the Trustee or
security against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 
 (f) The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is
received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from Issuer or the Holders of at least 25% in aggregate principal amount of the outstanding Notes, and such notice references the specific Default or Event
of Default, the Notes and this Indenture. 

  
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 (g) The Trustee shall not be required to give any bond or surety in respect of the performance of
its power and duties hereunder. 
 (h) The Trustee shall have no duty to inquire as to the performance of Issuer’s covenants herein.

 (i) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(j) In no event shall the Trustee be responsible or liable for special, indirect, punitive 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. 

(k) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
compensated, reimbursed and 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 may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture. 
 (m) In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, or other unavailability of the Federal
Reserve Bank wire or facsimile or other wire or communication facility; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances. 
 (n) The Trustee will not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document, or inquire as to the performance by the Issuer or the
Guarantors of any of their covenants or obligations in this Indenture, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it will be entitled to examine the books, records, and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation. 
 (o) The permissive rights or powers of the Trustee to do things enumerated in this Indenture
shall not be construed as a duty of the Trustee. 

  
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 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 Issuer or any
Affiliate of Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as defined in the TIA) it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as Trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes or the Note
Guarantees, it shall not be accountable for Issuer’s use of the proceeds from the Notes or any money paid to Issuer or upon 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, the Offering Memorandum or any other document in connection with the sale of the Notes
or pursuant to this Indenture other than its certificate of authentication. The Trustee (including in its capacities as Paying Agent or Registrar) shall have no responsibility to determine if a Change of Control has occurred or if Additional
Interest is payable. 
 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee will
mail to Holders a notice of the Default or Event of Default within 90 days after the Trustee obtains knowledge. Except in the case of a Default or Event of Default in payment of principal of, premium or Additional Interest, 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. 

Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding
the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

(b) A copy of each report at the time of its mailing to the Holders will be mailed by the Trustee to Issuer and filed by the Trustee with the
SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). Issuer will promptly notify the Trustee when the Notes are listed on any stock exchange. 

  
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 Section 7.07 Compensation and Indemnity. 

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

(b) Issuer and the Guarantors will jointly and severally indemnify the Trustee against any and all losses, liabilities, damages, claims or
expenses (including reasonable and documented attorneys’ fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of this Indenture and the performance of its duties under this Indenture, including
the costs and expenses of enforcing this Indenture against Issuer and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by 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, damage, claim or expense may be attributable to its negligence or willful misconduct. The Trustee will notify
Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify Issuer will not relieve Issuer or any of the Guarantors of their obligations hereunder. Issuer or such Guarantor will defend the claim and the Trustee
will cooperate in the defense. The Trustee may have separate counsel and Issuer will pay the reasonable fees and expenses of such counsel. Neither Issuer nor any Guarantor need pay for any settlement made without its consent, which consent will not
be unreasonably withheld. All indemnifications and releases from liability granted hereunder to the Trustee shall extend to its officers, directors, employees, agents, attorneys, custodians, successors and assigns. 

(c) The obligations of Issuer and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture,
the resignation or removal of the Trustee and the payment in full of the Notes. 
 (d) To secure Issuer’s and the Guarantors’
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 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 (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) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

(g) “Trustee” for the purposes of this Section 7.07 shall include any predecessor Trustee and the Trustee in each of its
capacities hereunder and each agent, custodian and other person employed to act hereunder; provided, however, that the negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 

  
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 Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying Issuer not less than 30 days prior to the effective date of such resignation. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the
Trustee and Issuer in writing not less than 30 days prior to the effective date of such removal. Issuer 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; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, 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 Issuer.

 (d) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee,
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 7.10
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 Issuer. 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, Issuer’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

  
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 Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.10 Eligibility;
Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation 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). There shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of the Issuer or any of the Guarantors are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 

Section 7.11 Preferential Collection of Claims Against Company. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned
or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

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 Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, Issuer and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that 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
(1) through (4) below, and to 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 Issuer, shall execute proper instruments acknowledging the
same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium and Additional Interest, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

  
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 (2) Issuer’s obligations with respect to such Notes under Article 2 and
Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and Issuer’s
and the Guarantors’ obligations in connection therewith; and 
 (4) this Article 8. 

Subject to compliance with this Article 8, Issuer 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 Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, Issuer and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03, 4.07, 4.12, 4.14, 4.17 and 4.18 hereof 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 Note Guarantees, Issuer and the Guarantors may omit to comply with and will have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in
any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected
thereby. In addition, upon 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(3) (with respect
to clause (3) of Section 5.01(a)) through 6.01(6) 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) Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S.
dollars, non-callable U.S. Government Obligations, 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 delivered to the Trustee, to pay the principal of, premium and Additional Interest, if any, 

  
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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 Issuer must specify whether the Notes are being
defeased to such stated date for payment or to a particular redemption date; 
 (2) in the case of an election under
Section 8.02 hereof, Issuer must deliver to the Trustee an Opinion of Counsel confirming that: 
 (A) Issuer has
received from, or there has been published by, the U.S. Internal Revenue Service a ruling; or 
 (B) since the date of this
Indenture, there has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the
case of an election under Section 8.03 hereof, Issuer must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 (4) no Default or Event of Default 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) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which Issuer or any Guarantor is a party or
by which Issuer or any Guarantor is bound; 
 (5) such Legal Defeasance or Covenant Defeasance will not result in a breach or
violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which Issuer or any of its Subsidiaries is a party or by which Issuer or any of its Subsidiaries is bound; 

(6) Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by Issuer with the
intent of preferring the Holders over the other creditors of Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of Issuer or others; and 

(7) 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. 

  
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 Section 8.05 Deposited Money and U.S. Government Obligations to be Held in Trust; Other
Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and non-callable U.S.
Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, 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 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 and Additional Interest, if any, and interest, but such money need not be segregated from other funds except to the extent
required by law. 
 Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash
or non-callable U.S. Government Obligations deposited pursuant to Section 8.04 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. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to Issuer
from time to time upon the request of Issuer any money or non-callable U.S. Government Obligations 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(1) hereof), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by Issuer, in trust for the payment of the principal of, premium or
Additional Interest, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Additional Interest, if any, or interest has become due and payable shall be paid to Issuer on its request or (if then held
by Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all
liability of 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 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 Issuer. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable U.S. Government
Obligations 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 

  
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otherwise prohibiting such application, then Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though
no deposit had occurred pursuant to 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 Issuer makes any payment of principal of, premium or Additional Interest, if any, or interest on, any Note following the reinstatement of its obligations, 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. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders. 

Notwithstanding Section 9.02 of this Indenture, Issuer, the Guarantors and the Trustee may amend or supplement this Indenture or the Notes
or the Note Guarantees without the consent of any Holder: 
 (1) to cure any ambiguity, defect or inconsistency; 

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

(3) to provide for the assumption of Issuer’s or a Guarantor’s obligations to the Holders of the Notes and Note
Guarantees by a Successor Issuer or Successor Guarantor pursuant to Article 5 or Article 10 hereof; 
 (4) to make any change
that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder; 

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

 (6) to conform the text of this Indenture or the Notes to any provision of the “Description of notes” section of
the Offering Memorandum, to the extent that such provision in that “Description of notes” was intended to be a verbatim recitation of a provision of this Indenture, the Note Guarantees or the Notes; 

(7) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the
date hereof; 
 (8) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the
Notes; or 
 (9) to comply with the rules of DTC or any other applicable depository. 

  
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 Any supplemental indenture for the purpose of permitting any existing or future Subsidiary of the
Issuer to provide a Note Guarantee in accordance with Section 4.18 may be signed by the Issuer, Superior Energy, the Subsidiary providing the Note Guarantee, and the Trustee. 

Upon the request of Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section 7.02 and Section 9.06 hereof, the Trustee will join with Issuer and the Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own
rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders. 

Except as provided below in this Section 9.02, Issuer, the Guarantors and the Trustee may amend or supplement this Indenture and the Notes
and the Note Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) 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 hereof, any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium or Additional Interest, 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 this Indenture or the Notes or
the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) 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 2.10 hereof shall determine which Notes are considered to be “outstanding” for purposes of this
Section 9.02. 
 Upon the request of Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such
amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the
Trustee will join with Issuer and the Guarantors 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. 

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. 

  
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 After an amendment, supplement or waiver under this Section 9.02 becomes effective, Issuer
will mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of 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. 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
Issuer with any provision of this Indenture or the Notes or the Note Guarantees. However, 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): 
 (1) reduce the principal amount of Notes whose Holders must
consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the fixed maturity of any Note or
alter or waive any of the provisions with respect to the redemption of the Notes (except as provided herein with respect to Section 4.14 hereof); 

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

(4) waive a Default or Event of Default in the payment of principal of, or premium or Additional Interest, 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 and a waiver of the payment default that resulted from such acceleration); 

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

(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to
receive payments of principal of, or interest or premium or Additional Interest, if any, on, the Notes; 
 (7) waive a
redemption payment with respect to any Note (other than a payment required by Section 4.14 hereof); 
 (8) release any
Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; or 

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

Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the
TIA as then in effect. 

  
 73 

 Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. 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. 
 Issuer may, but shall not be obligated to, fix a record date for determining which Holders consent to
such amendment, supplement or waiver. If Issuer fixes a record date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the
Trustee prior to such solicitation pursuant to Section 2.05 or (ii) such other date as Issuer shall designate. 

Section 9.05 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. 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 9.06 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. Issuer may not sign an amended or supplemental indenture until the Board of Directors of Issuer approves it. In executing any amended or supplemental indenture, the
Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture, and that it will be valid and binding upon Issuer and the Guarantors in accordance with its terms. 

ARTICLE 10 
 NOTE GUARANTEES 

Section 10.01 Guarantee. 

(a) Subject to this Article 10, each of the Guarantors hereby, jointly and severally, irrevocably, fully and unconditionally guarantees, as
primary obligor and not merely as surety, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its 

  
 74 

 
successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of Issuer hereunder or thereunder, that: 

(1) the principal of, premium and Additional Interest, if any, and interest on, the Notes will be promptly paid in full when
due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of Issuer to the Holders or the Trustee hereunder or thereunder
(including interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to Issuer or a Guarantor whether or not a claim for post-filing or post-petition interest
is allowed in such proceeding) will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

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

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and
severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that their 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 provisions hereof or thereof, the recovery of any judgment against 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. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of Issuer, any right to require a proceeding first against 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 Issuer,
the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either 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 Guarantor 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 Guarantor further agrees that, as between 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. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not
impair the rights of the Holders under the Note Guarantee. 

  
 75 

 (e) Each Guarantor hereby agrees that any Guarantor that makes a payment on the obligations under
the Guarantees shall be entitled, upon payment in full of all obligations under the Guarantees, to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective
net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. The provisions of this Section 10.01(e) shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee and the Holders,
and each Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Guarantor hereunder. 

Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws (including, without limitation, any guarantees under the Credit Agreement), and after giving effect to any collections from, rights to
receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a
fraudulent transfer or conveyance. 
 Section 10.03 Guarantors to Sign Indenture. 

To evidence its Note Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture (or a supplemental
indenture to this Indenture) shall be executed on behalf of such Guarantor by an Officer of such Guarantor. 
 If an 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. 

Upon execution of a supplemental indenture to this Indenture by the Subsidiary Guarantors, the Guarantees set forth in this Indenture shall be
deemed duly delivered, without any further action by any Person, on behalf of the Subsidiary Guarantors. Following the Issue Date, the delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of
the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 In the event that Superior Energy, Issuer or any of their
Subsidiaries creates or acquires any Subsidiary after the date of this Indenture, if required by Section 4.18 hereof, Issuer will cause such Subsidiary to comply with the provisions of Section 4.18 hereof and this Article 10, to the extent
applicable. 

  
 76 

 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 10.05 hereof, no Subsidiary Guarantor may sell or otherwise dispose of all or substantially all of
its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than Issuer or another Guarantor, unless: 

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

(2) if such entity remains a Subsidiary Guarantor, the resulting, surviving or transferee Person (the “Successor
Guarantor”) is a Person (other than an individual) organized and existing under the laws of the United States of America, any state or territory thereof or the District of Columbia; 

(3) the Successor Guarantor, if not already a Subsidiary Guarantor, expressly assumes all the obligations of such Subsidiary
Guarantor under this Indenture, the Notes and its Note Guarantee pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee and assumes by written agreement all the obligations of such Subsidiary Guarantor under the
Registration Rights Agreement; and 
 (4) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

In case of any such consolidation, merger, sale or conveyance and upon the assumption by the Successor Guarantor, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such Successor
Guarantor will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such Successor Guarantor thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of
the Notes issuable hereunder which theretofore shall not have been signed by Issuer and delivered to the Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees
theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 

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

  
 77 

 Section 10.05 Releases. 

The Note Guarantee of a Subsidiary Guarantor shall be automatically and unconditionally released and discharged: 

(a) in connection with any sale or other disposition of all of the Capital Stock of a Subsidiary Guarantor (including by way of merger or
consolidation) to a Person that is not (either before or after giving effect to such transaction) Superior Energy, Issuer or a Subsidiary of Issuer or Superior Energy; 

(b) in connection with any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor (including by way
of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) Superior Energy, Issuer or a Subsidiary of Issuer or Superior Energy; or 

(c) upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11
hereof. 
 Upon delivery by Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or
other disposition was made in accordance with the provisions of this Indenture, the Trustee will execute any documents reasonably required in order to evidence the release of any Subsidiary Guarantor from its obligations under its Note Guarantee in
accordance with the foregoing Sections 10.05(a) and (b) (it being understood that the failure to obtain any such document or instrument shall not impair any automatic release pursuant to Sections 10.05(a) or (b)). 

Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section 10.05 will remain liable for the
full amount of principal of and interest and premium and Additional Interest, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 10. 

ARTICLE 11 
 SATISFACTION AND
DISCHARGE 
 Section 11.01 Satisfaction and Discharge. 

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

(1) either: 

(a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust and thereafter repaid to 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 Issuer or any Guarantor has irrevocably deposited or caused to be deposited with 

  
 78 

 
the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, 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 and Additional
Interest, if any, and accrued interest to the date of maturity or redemption; 
 (2) 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 instrument to which Issuer or any Guarantor is a party or by which Issuer or any Guarantor is bound; 

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

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

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. 
 Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 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 Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium and Additional Interest, 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 U.S. Government Obligations in accordance with Section 11.01
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, Issuer’s and any Guarantor’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if Issuer has made any payment of principal of, premium or Additional Interest, if any, or interest on,
any Notes because of the reinstatement of its obligations, Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

  
 79 

 ARTICLE 12 

MISCELLANEOUS 
 Section 12.01
Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA
§318(c), the imposed duties will control. 
 Section 12.02 Notices. 

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

If to Issuer and/or any Guarantor: 

c/o Superior Energy Services, Inc. 

1001 Louisiana Street, Suite 2900 

Houston, TX 77002 
 Attention:
Robert S. Taylor 
 Facsimile No.: (504) 365-9665 

With a copy to: 

Latham & Watkins LLP 

811 Main Street, Suite 3700 

Houston, TX 77002 
 Attention:
Ryan J. Maierson 
 Facsimile No.: (713) 546-5401 

If to the Trustee: 
 The Bank of
New York Mellon Trust Company, N.A. 
 10161 Centurion Parkway 

Jacksonville, FL 32256 

Attention: Corporate Trust 

Facsimile No.: (904) 645-1921 

Issuer, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 Notices given by publication will be deemed given on the first date on which publication is made, and notices given by
first-class mail, postage prepaid, will be deemed given five calendar days after mailing, provided that notices to the Trustee shall be deemed received only 

  
 80 

 
upon actual receipt. 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
any Holder of an interest in a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC or any other applicable depositary for such Note (or its designee) according to the applicable procedures of DTC or
such depositary. 
 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. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to the extent required
by the TIA. Failure to mail a notice or communication to a Holder or any defect in it 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 Issuer mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 In addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture
sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party
providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk of interception and misuse by third parties. 
 Section 12.03 Communication by Holders with Other
Holders. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or
the Notes. Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 12.04
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by Issuer to the Trustee to take any action
under this Indenture, Issuer shall furnish to the Trustee: 
 (1) an Officers’ Certificate in form and substance
reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 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 

  
 81 

 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.04 or TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and 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 

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

Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No past, present or future director, officer, organizer, manager, employee, incorporator, stockholder or member of
Issuer or any Guarantor, as such, will have any liability for any obligations of Issuer or the Guarantors under the Notes, this Indenture, 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 issuance of the Notes. 

Section 12.08 Governing Law. 

THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 The Issuer and the Guarantors irrevocably consent and agree, for the benefit of the Holders from time to time of the Notes and the
Trustee, that any legal action, suit or proceeding 

  
 82 

 
against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought in the courts of the State of New York or
the courts of the United States located in the Borough of Manhattan, The City of New York, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues. 

The Issuer and the Guarantors irrevocably and unconditionally waive, to the fullest extent permitted by law, any objection which it may now or
hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture or the Notes brought in the courts of the State of New York or the courts of the United States located in
the Borough of Manhattan, The City of New York, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought
in an inconvenient forum. 
 Section 12.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of Issuer or its Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10 Successors. 

All agreements of Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind
its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05 hereof. 

Section 12.11 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 Section 12.12 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. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
 83 

 Section 12.13 Table of Contents, Headings, etc. 

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

Section 12.14 Waiver of Jury Trial. 

EACH OF THE ISSUER, THE GUARANTORS, THE TRUSTEE AND EACH NOTE HOLDER, BY ITS ACCEPTANCE THEREOF, 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 12.15 U.S.A. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

Section 12.16 Legal Holidays. 

In any case where any interest payment date, any redemption date or the maturity date is not a Business Day, then any action to be taken on
such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay. 

[Signature Pages Follow] 

  
 84 

 SIGNATURES 

Dated as of August 17, 2017 
  

					
		 	SESI, L.L.C.
		
	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Executive Vice President, Treasurer and Chief Financial Officer
		
		 	SUPERIOR ENERGY SERVICES, INC.
		
	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Executive Vice President, Treasurer and Chief Financial Officer

  
 [Parent and
Issuer’s Signature Page to Indenture] 

 
					
		 	1105 PETERS ROAD, L.L.C.
		 	ALLIANCE ENERGY SERVICE CO. LLC
		 	COMPLETE ENERGY SERVICES, INC.
		 	H.B. RENTALS, L.C.
		 	INTEGRATED PRODUCTION SERVICES, INC.
		 	STABIL DRILL SPECIALTIES, L.L.C.
		 	 SUPERIOR ENERGY SERVICES-NORTH AMERICA SERVICES, INC.

		 	TEXAS CES, INC.
		 	WARRIOR ENERGY SERVICES CORPORATION
		 	WILD WELL CONTROL, INC.
		 	WORKSTRINGS INTERNATIONAL, L.L.C.
		
	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Vice President and Treasurer
		
		 	MONUMENT WELL SERVICE CO.
		 	PUMPCO ENERGY SERVICES, INC.
		
	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Vice President, Treasurer and Assistant Secretary
		
		 	SUPERIOR ENERGY SERVICES, L.L.C.
		
	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Executive Vice President, Treasurer and Chief Financial Officer

  
 [Subsidiary
Guarantors’ Signature Page to Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Lawrence M. Kush

	Name:	 	Lawrence M. Kush
	Title:	 	Vice President

  
 [Trustee’s
Signature Page to Indenture] 

 EXHIBIT A: Form of Series A Note 

[FORM OF FACE OF SERIES A NOTE] 

[Applicable Restricted Notes Legend] 

[Depository Legend, if applicable] 

[OID Legend, if applicable] 
  

			
	No. [    ]	  	 Principal Amount $[        ] [as

revised by the Schedule of Increases and
 Decreases in Global Note
attached hereto]1

		  	CUSIP NO.
                                        2

 SESI, L.L.C. 

7.750% Senior Notes due 2024 

SESI, L.L.C., a Delaware limited liability company (the “Issuer”), promises to pay to [Cede & Co.]1, or its registered assigns, the principal sum of          Dollars, [as revised by the Schedule of Increases and Decreases in Global Note attached hereto] 1, on September 15, 2024. 
 Interest Payment Dates: March 15 and
September 15, commencing on March 15, 2018 
 Record Dates: March 1 and September 1 

Additional provisions of this Note are set forth on the other side of this Note. 

 
  

	1 	Insert in Global Notes only 

	2 	144A – 78412F AS3 

 Reg S – U8151E AE6 

IAI – 78412F AT1 

  
 A-1 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	SESI, L.L.C.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-2 

							
	TRUSTEE’S CERTIFICATE OF
	AUTHENTICATION
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee, certifies
 that this is one of

the Notes referred
 to in the Indenture.

 

	By:	 	  
	 		 	
		 	 Authorized Signatory
	 		 	Date:                     

  
 A-3 

 [FORM OF REVERSE SIDE OF NOTE] 

SESI, L.L.C. 
 7.750% Senior Notes
due 2024 
 Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 

1.    Interest 

SESI, L.L.C., a Delaware limited liability company (such limited liability company, and its successors and assigns under the Indenture
hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at the rate of 7.750% per annum, which shall accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from August 17, 2017. The Issuer shall pay interest on overdue principal at the rate specified herein, and it shall pay interest on overdue installments of interest (including Additional Interest) at the same
rate to the extent lawful. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

The Issuer shall make each interest payment in cash semi-annually in arrears on March 15 and September 15 of each year, commencing
on March 15, 2018, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”) to Holders of record of Notes on the immediately preceding March 1 and September 1. 

In addition to the rights provided to Holders under the Indenture, Holders of Registrable Securities shall have all rights set forth in the
Registration Rights Agreement, dated as of August 17, 2017, among the Issuer, Superior Energy, the Subsidiary Guarantors named therein and the other parties named on the signature pages thereto (the “Registration Rights
Agreement”), including the right to receive Additional Interest in certain circumstances. If applicable, Additional Interest shall be paid to the same Persons, in the same manner and at the same times as regular interest. 

2.    Method of Payment 

By no later than 11:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due
and payable, the Issuer shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium or interest when due. Interest on any Note which is payable, and is timely paid or duly provided for, on any
interest payment date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the preceding March 1 and September 1 at the office or agency of the Issuer maintained
for such purpose pursuant to Section 2.03 of the Indenture. The principal of (and premium, if any) and interest on the Notes shall be payable at the office or agency of Paying Agent or Registrar designated by the Issuer
maintained for such purpose in the United States or at such other office or agency of the Issuer as may be maintained for such purpose pursuant to Section 2.03 of the Indenture; provided, however, that, at the option
of the Issuer, the principal of (and premium, if any) and interest on the Notes may be paid by (i) check mailed to addresses of the Persons entitled thereto as such 

  
 A-4 

 
addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph.
Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. 

3.    Paying Agent and Registrar 

The Issuer initially appoints The Bank of New York Mellon Trust Company, N.A. as Registrar and Paying Agent for the Notes. The Issuer may
change any Registrar or Paying Agent without prior notice to the Holders. The Issuer or any Subsidiary may act as Paying Agent, Registrar or transfer agent. 

4.    Indenture 
 The
Issuer issued the Notes under an Indenture, dated as of August 17, 2017 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuer, the Guarantors and The
Bank of New York Mellon Trust Company, N.A. (the “Trustee”). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture and the Act for a statement of
those 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 senior unsecured obligations of the Issuer. The aggregate principal amount of Notes that may be authenticated and delivered
under the Indenture is unlimited. This Note is one of the 7.750% Senior Notes, Series A, due 2024 referred to in the Indenture. The Notes include (i) $500,000,000 principal amount of the Issuer’s 7.750% Senior Notes, Series A, due 2024 issued
under the Indenture on August 17, 2017 (the “Initial Notes”), (ii) if and when issued, additional 7.750% Senior Notes, Series A, due 2024 or 7.75% Senior Notes, Series B, due 2024 of the Issuer that may be issued from time to
time under the Indenture subsequent to August 17, 2017 (the “Additional Notes”) as provided in Section 2.1(a) of the Indenture and (iii) if and when issued, the Issuer’s 7.750% Senior Notes,
Series B, due 2024 that may be issued from time to time under the Indenture in exchange for Initial Notes or Additional Notes in an offer registered under the Securities Act as provided in the Registration Rights Agreement (herein called
“Exchange Notes”). The Initial Notes, the Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of the Indenture. The Indenture imposes certain limitations on the making of
restricted payments, the incurrence of certain liens, the making of payments for consents, and the consummation of mergers and consolidations. The Indenture also imposes requirements with respect to the provision of financial information and the
provision of guarantees of the Notes by certain subsidiaries. 

  
 A-5 

 5.    Guarantees 

To guarantee the due and punctual payment of the principal, premium, if any, and interest (including post-filing or post-petition interest) on
the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the
Guarantors have unconditionally guaranteed (and future guarantors, together with the Guarantors, shall unconditionally Guarantee), jointly and severally, such obligations on a senior unsecured basis pursuant to the terms of the Indenture. 

6.    Redemption 

Prior to September 15, 2020, the Issuer may, at its option, upon notice as described under Sections 3.03 and 3.07 of the
Indenture, on one or more occasions redeem up to 35% of the aggregate principal amount of the Notes issued under the Indenture at a redemption price equal to 107.75% of the aggregate principal amount of the Notes, plus accrued and unpaid interest
and Additional Interest, thereon, if any, to but excluding the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, with the net cash
proceeds of one or more Public Equity Offerings; provided that (a) at least 65% of the sum of the aggregate principal amount of Notes originally issued under the Indenture on the Issue Date and any Additional Notes that are issued under
the Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption and (b) each such redemption occurs within 90 days of the date of closing of each such Public Equity Offering. 

On and after September 15, 2020, the Issuer may redeem the Notes, in whole or in part, upon notice as described under Sections
3.03 and 3.07 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth in the table below, plus accrued and unpaid interest thereon and Additional Interest, if any, on
the Notes redeemed, to, but excluding, the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period
beginning on September 15 of each of the years indicated in the table below: 
  

					
	 Period
	  	Percentage	 
	 2020
	  	 	103.875	% 
	 2021
	  	 	101.938	% 
	 2022 and thereafter
	  	 	100.000	% 

 Any redemption pursuant to this paragraph 6 shall be made pursuant to the provisions of Sections 3.01
through 3.06 of the Indenture. 
 At any time prior to September 15, 2020, the Issuer may redeem all or a part of the Notes,
upon notice as described in Sections 3.03 and 3.07 of the Indenture, at a redemption price equal to 100% of the principal amount of Notes redeemed, plus the Applicable Premium (as defined below) as of, and accrued and unpaid interest
and Additional Interest, if any, to, but excluding, the date of redemption, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. 

  
 A-6 

 “Applicable Premium” means, as determined by the Issuer, with respect to any
Note on any redemption date, the greater of: 
 (a) 

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

(2) the excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at
September 15, 2020, (such redemption price being set forth in the table appearing above) plus (ii) all required interest payments due on the Note through September 15, 2020, (excluding accrued but unpaid interest to the redemption
date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the
then-outstanding principal amount of the Note, if greater. 
 “Treasury Rate” means, as of any redemption date, the yield
to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two
business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to September 15, 2020;
provided, however, that if the period from the redemption date to September 15, 2020, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year
will be used. 
 Except as set forth in the following sentence and in paragraph 7 below, the Issuer is not required to make mandatory
redemption or sinking fund payments with respect to the Notes. 
 7.    Repurchase Provisions 

If a Change of Control occurs, unless the Issuer has previously or concurrently mailed a redemption notice with respect to all the outstanding
Notes as described in Section 3.07 of the Indenture, each Holder shall have the right to require the Issuer to repurchase from each Holder all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, 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 as provided in, and subject to the terms of, the Indenture. 

8.    Denominations; Transfer; Exchange 

The Notes shall be issuable only in fully registered form, without coupons, and only in denominations of principal amount of $2,000 and any
integral multiple of $1,000 in 

  
 A-7 

 
excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer
documents and to pay a sum sufficient to cover any tax and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Note (A) for a period beginning (1) 15 days before the
mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an interest payment date and ending on such interest payment date or (B) called for
redemption or tendered (and not withdrawn) for repurchases in connection with a Change of Control Offer or other tender offer, except the unredeemed or untendered portion of any Note being redeemed or tendered in part. 

9.    Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

10.    Unclaimed Money 

If money for the payment of principal, premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the
money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer for payment as general creditors unless an abandoned property law
designates another person and not to the Trustee for payment. 
 11.    Defeasance 

Subject to certain exceptions and conditions set forth in the Indenture, the Issuer at any time may terminate some or all of its obligations
under the Notes and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

12.    Amendment, Supplement, Waiver 

Subject to certain exceptions contained in the Indenture, the Indenture and the Notes may be amended, or default may be waived, with the
consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Issuer, the Guarantors and the Trustee may amend or supplement the Indenture, any Note Guarantee and the Notes as
provided in the Indenture. 
 13.    Defaults and Remedies 

If an Event of Default (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer or
certain Subsidiaries) occurs and is continuing, the Trustee by notice to the Issuer, or the Holders of at least 25% in principal amount of the total outstanding Notes by notice to the Issuer and the Trustee, may, and the Trustee at the request of
such Holders shall, declare the principal of, premium, if any, and accrued and unpaid 

  
 A-8 

 
interest (including Additional Interest), if any, and any other monetary obligations on all the Notes to be due and payable. Upon such a declaration, such principal, premium and accrued and
unpaid interest (including Additional Interest) and any other monetary obligations shall be due and payable immediately. If a bankruptcy, insolvency or reorganization of Superior Energy, the Issuer or certain Subsidiaries occurs and is continuing,
the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest) and any other monetary obligations on all the Notes shall become and be immediately due and payable without any declaration or other act on the part
of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

14.    Trustee Dealings with the Issuer 

Subject to certain limitations set forth in the Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer, Subsidiary Guarantors or their Affiliates with the same rights it would have if it were not Trustee. 

15.    No Recourse Against Others 

An incorporator, director, officer, employee or stockholder of the Issuer or any Subsidiary Guarantor or any of their parent companies, solely
by reason of this status, shall not have any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are a part of the consideration for the issuance of the Notes. 

16.    Authentication 

This Note shall not be valid until the Trustee authenticates the Note. 

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

18.    CUSIP, Common Code and ISIN Numbers 

The Issuer has caused CUSIP, Common Code and ISIN numbers, if applicable, to be printed on the Notes and has directed the Trustee to use
CUSIP, Common Code and ISIN numbers, if applicable, in notices of redemption or purchase 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 or purchase and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-9 

 19.    Governing Law 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

The Issuer shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture and the Registration
Rights Agreement. Requests may be made to: 
 c/o Superior Energy Services, Inc. 

1001 Louisiana Street, Suite 2900 

Houston, TX 77002 
 Attention:
Robert S. Taylor 
 Facsimile No.: (504) 365-9665 

With a copy to: 

Latham & Watkins LLP 

811 Main Street, Suite 3700 

Houston, TX 77002 
 Attention:
Ryan J. Maierson 
 Facsimile No.: (713) 546-5401 

  
 A-10 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to: 
  

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

(Insert assignee’s social security or tax I.D. No.) 

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

 
  

							
	Date:                     	  		 	Your Signature:	 	  

  

			
	Signature Guarantee:	 	  

 (Signature must be guaranteed) 
  

 
 Sign exactly as your name appears on the other side of
this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

The undersigned hereby certifies that it ☐ is / ☐ is not an Affiliate of the Issuer and that, to its knowledge, the proposed transferee ☐ is
/ ☐ is not an Affiliate of the Issuer. 
 In connection with any transfer or exchange of any of the Notes evidenced by this
certificate occurring prior to the date that is one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of the Issuer, the undersigned confirms
that such Notes are being: 
 CHECK ONE BOX BELOW: 
  

					
	(1)	  	☐	  	acquired for the undersigned’s own account, without transfer; or
			
	(2)	  	☐	  	transferred to the Issuer; or
			
	(3)	  	☐	  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(4)	  	☐	  	transferred pursuant to an effective registration statement under the Securities Act; or

  
 A-11 

					
	(5)	  	☐	  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
			
	(6)	  	☐	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished to the Trustee a signed letter containing certain representations and
agreements (the form of which letter appears as Section 2.07 of the Indenture); or
			
	(7)	  	☐	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 Unless one of the boxes is checked, the Trustee shall refuse to register any of the Notes evidenced by this certificate in the
name of any person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer may require, prior to registering any such transfer of the Notes, in its sole discretion, such legal
opinions, certifications and other information as the Issuer may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of
1933, as amended, such as the exemption provided by Rule 144 under such Act. 
  

							
		  		 	  
	 	
		  		 	Signature	 	
				
	Signature Guarantee:	  		 		 	
				
	  
	  		 	  
	 	
	(Signature must be guaranteed)	  		 	Signature	 	

  
  

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
 TO BE
COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note
for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as
amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

 

			
	  

	Dated:	 	

  
 A-12 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTES 

The following increases or decreases 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
signatory of Trustee or
Custodian	 
		  				  				  				  			
		  				  				  				  			

  
 A-13 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Issuer pursuant to Section 4.14 of the Indenture, check the box
below: 
  
 ☐ 

4.14 
 If you want to elect to
have only part of this Note purchased by the Issuer pursuant to Section 4.14 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$         and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being
repurchased (in the absence of any such specification, one such Note shall be issued for the portion not being repurchased):                     .

  

					
	Date:                     	 	Your Signature	 	  

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

  

			
	Signature Guarantee:	 	  

		 	                    (Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

  
 A-14 

 EXHIBIT B: Form of Series B Note 

[FORM OF FACE OF SERIES B NOTE] 

[Depository Legend, if applicable] 

[OID Legend, if applicable] 
  

			
	No. [    ]	  	Principal Amount $[        ] [as revised by the Schedule of Increases and Decreases in Global Note attached hereto]
		  	CUSIP NO.
                                        3

 SESI, L.L.C. 

7.750% Senior Notes due 2024 

SESI, L.L.C., a Delaware limited liability company (the “Issuer”), promises to pay to [Cede & Co.]3, or its registered assigns, the principal sum of          Dollars, [as revised by the Schedule of Increases and Decreases in Global Note attached hereto]3, on September 15, 2024. 
 Interest Payment Dates: March 15 and
September 15, commencing on March 15, 2018 
 Record Dates: March 1 and September 1 

Additional provisions of this Note are set forth on the other side of this Note. 

 
  

	3 	Insert in Global Notes only 

  
 B-1 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	 SESI, L.L.C.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 B-2 

 TRUSTEE’S CERTIFICATE OF 

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

 as Trustee, certifies 
 that this is one of 

the Notes referred 
 to in the Indenture. 

 

							
	 By:
	 	  
	 		 	
		 	 Authorized Signatory
	 		 	 Date:
                    

  
 B-3 

 [FORM OF REVERSE SIDE OF NOTE] 

SESI, L.L.C. 
 7.750% Senior Notes
due 2024 
 Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 

1.    Interest 

SESI, L.L.C., a Delaware limited liability company (such limited liability company, and its successors and assigns under the Indenture
hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at the rate of 7.750% per annum, which shall accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from August 17, 2017. The Issuer shall pay interest on overdue principal at the rate specified herein, and it shall pay interest on overdue installments of interest (including Additional Interest) at the same rate to
the extent lawful. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

The Issuer shall make each interest payment in cash semi-annually in arrears on March 15 and September 15 of each year, commencing
on March 15, 2018, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”) to Holders of record of Notes on the immediately preceding March 1 and September 1. 

2.    Method of Payment 

By no later than 11:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due
and payable, the Issuer shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium or interest when due. Interest on any Note which is payable, and is timely paid or duly provided for, on any
interest payment date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the preceding March 1 and September 1 at the office or agency of the Issuer maintained
for such purpose pursuant to Section 2.03 of the Indenture. The principal of (and premium, if any) and interest on the Notes shall be payable at the office or agency of Paying Agent or Registrar designated by the Issuer
maintained for such purpose in the United States or at such other office or agency of the Issuer as may be maintained for such purpose pursuant to Section 2.03 of the Indenture; provided, however, that, at the option
of the Issuer, the principal of (and premium, if any) and interest on the Notes may be paid by (i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) wire transfer to an
account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire
transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. 

  
 B-4 

 3.    Paying Agent and Registrar 

The Issuer initially appoints The Bank of New York Mellon Trust Company, N.A. as Registrar and Paying Agent for the Notes. The Issuer may
change any Registrar or Paying Agent without prior notice to the Holders. The Issuer or any Subsidiary may act as Paying Agent, Registrar or transfer agent. 

4.    Indenture 
 The
Issuer issued the Notes under an Indenture, dated as of August 17, 2017 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuer, the Guarantors and The
Bank of New York Mellon Trust Company, N.A. (the “Trustee”). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture and the Act for a statement of
those 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 senior unsecured obligations of the Issuer. The aggregate principal amount of Notes that may be authenticated and delivered
under the Indenture is unlimited. This Note is one of the 7.750% Senior Notes, Series B, due 2024 referred to in the Indenture. The Notes include (i) $500,000,000 principal amount of the Issuer’s 7.750% Senior Notes, Series A, due 2024 issued
under the Indenture on August 17, 2017 (the “Initial Notes”), (ii) if and when issued, additional 7.750% Senior Notes, Series A, due 2024 or 7.750% Senior Notes, Series B, due 2024 of the Issuer that may be issued from time to
time under the Indenture subsequent to August 17, 2017 (the “Additional Notes”) as provided in Section 2.1(a) of the Indenture and (iii) if and when issued, the Issuer’s 7.750% Senior Notes,
Series B, due 2024 that may be issued from time to time under the Indenture in exchange for Initial Notes or Additional Notes in an offer registered under the Securities Act as provided in the Registration Rights Agreement (herein called
“Exchange Notes”). The Initial Notes, the Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of the Indenture. The Indenture imposes certain limitations on the making of
restricted payments, the incurrence of certain liens, the making of payments for consents and the consummation of mergers and consolidations. The Indenture also imposes requirements with respect to the provision of financial information and the
provision of guarantees of the Notes by certain subsidiaries. 
 5.    Guarantees 

To guarantee the due and punctual payment of the principal, premium, if any, and interest (including post-filing or post-petition interest) on
the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the
Guarantors have unconditionally guaranteed (and future guarantors, together with the Guarantors, shall unconditionally Guarantee), jointly and severally, such obligations on a senior unsecured basis pursuant to the terms of the Indenture. 

  
 B-5 

 6.    Redemption 

Prior to September 15, 2020, the Issuer may, at its option, upon notice as described under Sections 3.03 and 3.07 of the
Indenture, on one or more occasions redeem up to 35% of the aggregate principal amount of the Notes issued under the Indenture at a redemption price equal to 107.75% of the aggregate principal amount of the Notes, plus accrued and unpaid interest
and Additional Interest, thereon, if any, to but excluding the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, with the net cash
proceeds of one or more Public Equity Offerings; provided that (a) at least 65% of the sum of the aggregate principal amount of Notes originally issued under the Indenture on the Issue Date and any Additional Notes that are issued under
the Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption and (b) each such redemption occurs within 90 days of the date of closing of each such Public Equity Offering. 

On and after September 15, 2020, the Issuer may redeem the Notes, in whole or in part, upon notice as described under Sections
3.03 and 3.07 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth in the table below, plus accrued and unpaid interest thereon and Additional Interest, if any, on
the Notes redeemed, to but excluding the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period
beginning on September 15 of each of the years indicated in the table below: 
  

					
	 Period
	  	Percentage	 
	 2020
	  	 	103.875	% 
	 2021
	  	 	101.938	% 
	 2022 and thereafter
	  	 	100.000	% 

 Any redemption pursuant to this paragraph 6 shall be made pursuant to the provisions of Sections 3.01
through 3.06 of the Indenture. 
 At any time prior to September 15, 2020, the Issuer may redeem all or a part of the Notes,
upon notice as described in Sections 3.03 and 3.07 of the Indenture, at a redemption price equal to 100% of the principal amount of Notes redeemed, plus the Applicable Premium (as defined below) as of, and accrued and unpaid interest
and Additional Interest, if any, to but excluding the date of redemption, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. 

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

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

  
 B-6 

 (2) the excess of: (a) the present value at such redemption date of
(i) the redemption price of the Note at September 15, 2020, (such redemption price being set forth in the table appearing above) plus (ii) all required interest payments due on the Note through September 15, 2020, (excluding
accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(b) the then-outstanding principal amount of the Note, if greater. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the redemption date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to September 15, 2020; provided, however, that if the period from the redemption date
to September 15, 2020, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

Except as set forth in the following sentence and in paragraph 7 below, the Issuer is not required to make mandatory redemption or sinking
fund payments with respect to the Notes.     
 7.    Repurchase Provisions 

If a Change of Control occurs, unless the Issuer has previously or concurrently mailed a redemption notice with respect to all the outstanding
Notes as described in Section 3.07 of the Indenture, each Holder shall have the right to require the Issuer to repurchase from each Holder all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, 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 as provided in, and subject to the terms of, the Indenture. 

8.    Denominations; Transfer; Exchange 

The Notes shall be issuable only in fully registered form, without coupons, and only in denominations of principal amount of $2,000 and any
integral multiple of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay a
sum sufficient to cover any tax and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Note (A) for a period beginning (1) 15 days before the mailing of a notice of
an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an interest payment date and ending on such interest payment date or (B) called for redemption or tendered
(and not withdrawn) for repurchases in connection with a Change of Control Offer or other tender offer, except the unredeemed or untendered portion of any Note being redeemed or tendered in part. 

  
 B-7 

 9.    Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

10.    Unclaimed Money 

If money for the payment of principal, premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the
money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer for payment as general creditors unless an abandoned property law
designates another person and not to the Trustee for payment. 
 11.    Defeasance 

Subject to certain exceptions and conditions set forth in the Indenture, the Issuer at any time may terminate some or all of its obligations
under the Notes and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

12.    Amendment, Supplement, Waiver 

Subject to certain exceptions contained in the Indenture, the Indenture and the Notes may be amended, or default may be waived, with the
consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Issuer, the Guarantors and the Trustee may amend or supplement the Indenture, any Note Guarantee and the Notes as
provided in the Indenture. 
 13.    Defaults and Remedies 

If an Event of Default (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer or
certain Subsidiaries) occurs and is continuing, the Trustee by notice to the Issuer, or the Holders of at least 25% in principal amount of the total outstanding Notes by notice to the Issuer and the Trustee, may, and the Trustee at the request of
such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest), if any, and any other monetary obligations on all the Notes to be due and payable. Upon such a declaration, such
principal, premium and accrued and unpaid interest (including Additional Interest) and any other monetary obligations shall be due and payable immediately. If a bankruptcy, insolvency or reorganization of Superior Energy, the Issuer or certain
Subsidiaries occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest) and any other monetary obligations on all the Notes shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences.

  
 B-8 

 14.    Trustee Dealings with the Issuer 

Subject to certain limitations set forth in the Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer, Subsidiary Guarantors or their Affiliates with the same rights it would have if it were not Trustee. 

15.    No Recourse Against Others 

An incorporator, director, officer, employee or stockholder of the Issuer or any Subsidiary Guarantor or any of their parent companies, solely
by reason of this status, shall not have any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are a part of the consideration for the issuance of the Notes. 

16.    Authentication 

This Note shall not be valid until the Trustee authenticates the Note. 

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

18.    CUSIP, Common Code and ISIN Numbers 

The Issuer has caused CUSIP, Common Code and ISIN numbers, if applicable, to be printed on the Notes and has directed the Trustee to use
CUSIP, Common Code and ISIN numbers, if applicable, in notices of redemption or purchase 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 or purchase and reliance may be placed only on the other identification numbers placed thereon. 
 19.    Governing
Law 
 This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 B-9 

 The Issuer shall furnish to any Holder upon written request and without charge to the Holder a
copy of the Indenture. Requests may be made to: 
 c/o Superior Energy Services, Inc. 

1001 Louisiana Street, Suite 2900 

Houston, TX 77002 
 Attention:
Robert S. Taylor 
 Facsimile No.: (504) 365-9665 

With a copy to: 

Latham & Watkins LLP 

811 Main Street, Suite 3700 

Houston, TX 77002 
 Attention:
Ryan J. Maierson 
 Facsimile No.: (713) 546-5401 

  
 B-10 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to: 
  

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

(Insert assignee’s social security or tax I.D. No.) 

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

 
  

							
	Date:                    	 		 	Your Signature:	 	  

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

  
  

Sign exactly as your name appears on the other side of this Note. 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

  
 B-11 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTES 

The following increases or decreases 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
signatory of Trustee or
Custodian	 
		  				  				  				  			
		  				  				  				  			

  
 B-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Issuer pursuant to Section 4.14 of the Indenture, check the box
below: 
  
 ☐ 

4.14 
 If you want to elect to
have only part of this Note purchased by the Issuer pursuant to Section 4.14 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$         and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being
repurchased (in the absence of any such specification, one such Note shall be issued for the portion not being repurchased):                     .

 Date:                      Your Signature
                                         
                                         
                                         
                                  

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

Signature Guarantee:
                                         
                                         
                                         
                                         
              
 (Signature must be guaranteed) 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

  
 B-13 

 EXHIBIT C: Form of Indenture Supplement to Add Future Subsidiary Guarantors 

FORM OF SUPPLEMENTAL INDENTURE TO ADD FUTURE SUBSIDIARY GUARANTORS 

This Supplemental Indenture is entered into as of
                     (this “Supplemental Indenture”), by and among [NAME OF FUTURE GUARANTOR] (the “New
Guarantor”), a subsidiary of SESI, L.L.C., a Delaware limited liability company (the “Issuer”), the Issuer, Superior Energy Services, Inc., a Delaware corporation (“Superior Energy”) and The Bank of New York
Mellon Trust Company, N.A., a national banking association (the “Trustee”), as Trustee, registrar, authentication agent and paying agent under the Indenture referred to below. 

W I T N E S S E T H: 
 WHEREAS,
Superior Energy, the Issuer, the subsidiary guarantors named therein and the Trustee have heretofore executed and delivered an Indenture dated as of August 17, 2017 (as supplemented, waived or otherwise modified, the
“Indenture”), providing for the issuance of an aggregate principal amount of $500.0 million of 7.750% Senior Notes due 2024 of the Issuer (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the New Guarantor shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Note
Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this
Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties mutually covenant and agree for the benefit of the other parties and for the equal and ratable benefit of the Holders as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01 Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or
recital hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not
to any particular section hereof. 

  
 C-1 

 ARTICLE 2 

REPRESENTATIONS; AGREEMENT TO BE BOUND; GUARANTEE 

Section 2.01 Representations. The New Guarantor represents and warrants to the Trustee as follows: 

(i) It is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. 

(ii) The execution, delivery and performance by it of this Supplemental Indenture have been authorized and approved by all
necessary corporate or limited liability company action on its part. 
 Section 2.02 Agreement to be Bound. The New Guarantor
hereby becomes a party to the Indenture as a Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. The New Guarantor agrees to be bound by all of the provisions
of the Indenture applicable to a Guarantor and to perform all of the obligations and agreements of a Guarantor under the Indenture. 

Section 2.03 Guarantee. The New Guarantor agrees, on a joint and several basis with all the existing Guarantors, to fully,
unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee the Obligations pursuant to Article 10 of the Indenture on a senior unsecured basis. 

ARTICLE 3 
 MISCELLANEOUS 

Section 3.01 Notices. All notices and other communications to the New Guarantor shall be given as provided in the
Indenture to the New Guarantor, at its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuer. 

Section 3.02 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 3.03 Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 Section 3.04 Severability Clause. 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 3.05 Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly
amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and
every Holder 

  
 C-2 

 
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 or with
respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. 
 Section 3.06
Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. The exchange of copies of this Supplemental Indenture
and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 3.07 Headings. The headings of the Articles and the sections in this Supplemental Indenture are for convenience
of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 IN WITNESS WHEREOF,
the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written. 
  

			
	 [NEW GUARANTOR],
 as a Subsidiary
Guarantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
		
		 	[Address]
	
	SESI, L.L.C.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	SUPERIOR ENERGY SERVICES, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3 

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

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-4

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