Document:

Security Agreement

 Exhibit 10.4 

 
  
 SECURITY AGREEMENT 
 Dated as of December 21, 2010 

among 
 CNO
FINANCIAL GROUP, INC., 
 and 
 the SUBSIDIARY GUARANTORS 
 Party Hereto 

and 
 WILMINGTON
TRUST FSB, 
 as Collateral Agent 
 THIS SECURITY AGREEMENT IS SUBJECT TO THE PROVISIONS OF THE PARI PASSU INTERCREDITOR AGREEMENT DATED AS OF DECEMBER 21, 2010 (AS AMENDED, RESTATED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME), AMONG
MORGAN STANLEY SENIOR FUNDING, INC., AS ADMINISTRATIVE AGENT AND WILMINGTON TRUST FSB, AS 2018 NOTES COLLATERAL AGENT AND AS 2018 NOTES AUTHORIZED REPRESENTATIVE. 
  

 

 TABLE OF CONTENTS 

 

							
	  	 	 	  	Page	 
			
	 Section 1.
	 	 Definitions
	  	 	1	  
			
	Section 2.	 	[Reserved]	  	 	9	  
			
	Section 3.	 	Grant of Transaction Liens	  	 	9	  
			
	Section 4.	 	General Representations and Warranties	  	 	11	  
			
	Section 5.	 	Further Assurances; General Covenants	  	 	13	  
			
	Section 6.	 	Accounts	  	 	15	  
			
	Section 7.	 	Chattel Paper and Instruments	  	 	15	  
			
	Section 8.	 	Commercial Tort Claims	  	 	16	  
			
	Section 9.	 	Recordable Intellectual Property	  	 	16	  
			
	Section 10.	 	Proceeds of Letters of Credit	  	 	17	  
			
	Section 11.	 	Investment Property	  	 	18	  
			
	Section 12.	 	Controlled Deposit Accounts	  	 	21	  
			
	Section 13.	 	Operation of Collateral Accounts	  	 	22	  
			
	Section 14.	 	Transfer of Record Ownership	  	 	23	  
			
	Section 15.	 	Right to Vote Securities	  	 	23	  
			
	Section 16.	 	Remedies upon Event of Default	  	 	24	  
			
	Section 17.	 	Application of Proceeds	  	 	25	  
			
	Section 18.	 	Fees and Expenses; Indemnification	  	 	25	  
			
	Section 19.	 	Authority to Administer Collateral	  	 	26	  
			
	Section 20.	 	Limitation on Duty in Respect of Collateral	  	 	26	  
			
	Section 21.	 	General Provisions Concerning the Collateral Agent	  	 	26	  
			
	Section 22.	 	Termination of Transaction Liens; Release of Collateral	  	 	28	  
			
	Section 23.	 	Additional Subsidiary Guarantors and Lien Grantors	  	 	29	  
			
	Section 24.	 	Notices	  	 	29	  

  
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	  	 	 	  	Page	 
			
	Section 25.	 	No Implied Waivers; Remedies Not Exclusive	  	 	30	  
			
	Section 26.	 	Successors and Assigns	  	 	30	  
			
	Section 27.	 	Amendments and Waivers	  	 	30	  
			
	Section 28.	 	Choice of Law	  	 	30	  
			
	Section 29.	 	Waiver of Jury Trial	  	 	31	  
			
	Section 30.	 	Severability	  	 	31	  
			
	Section 31.	 	Intercreditor Agreement; Indenture	  	 	31	  
			
	Exhibit A	 	Form of Security Agreement Supplement	  			
	Exhibit B	 	Form of Copyright Security Agreement	  			
	Exhibit C	 	Form of Patent Security Agreement	  			
	Exhibit D	 	Form of Trademark Security Agreement	  			
	Exhibit E	 	Form of Perfection Certificate	  			
	Exhibit F	 	Form of Issuer Control Agreement	  			
			
	Schedule 1	 	Equity Interests	  			
	Schedule 2	 	Other Securities	  			
	Schedule 3	 	Deposit Accounts, Securities Accounts and Commodities Accounts	  			
	Schedule 4	 	Commercial Tort Claims	  			
	Schedule 5	 	Pledged Instruments	  			
	Schedule 6	 	Controlled Accounts	  			

  
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 SECURITY AGREEMENT 

AGREEMENT dated as of December 21, 2010 (this “Agreement”) among CNO FINANCIAL GROUP, INC., a Delaware
corporation (the “Company”), the SUBSIDIARY GUARANTORS party hereto and WILMINGTON TRUST FSB, as Collateral Agent. 
 WHEREAS, the Company will issue $275,000,000 of Notes pursuant to the Indenture, dated as of December 21, 2010 (as amended, supplemented, amended and restated or otherwise modified from time
to time, the “Indenture”), among the Company, the Subsidiary Guarantors, the Trustee and the Collateral Agent, the proceeds of which will be used, together with the proceeds from the Credit Agreement, (i) to refinance in full
all indebtedness outstanding under the Company’s existing credit agreement and (ii) to pay fees and expenses incurred in connection with the foregoing; 
 WHEREAS, the Company is willing to secure its obligations under the Indenture and the Notes by granting Liens on substantially all of its assets to the Collateral Agent as provided in the
Collateral Documents; 
 WHEREAS, the Company is willing to cause each of its current and future Domestic Subsidiaries
(other than Insurance Subsidiaries, Subsidiaries of Insurance Subsidiaries and Immaterial Subsidiaries) to (i) guarantee the foregoing obligations of the Company and (ii) secure such guarantee thereof by granting Liens on substantially all
of the assets of such Subsidiaries to the Collateral Agent as provided in the Collateral Documents; 
 WHEREAS, it is a
condition precedent to the issuance of the Notes that (i) the foregoing obligations of the Company be secured and guaranteed as described above and (ii) each guarantee thereof be secured by Liens on substantially all of the assets of the
relevant Subsidiary Guarantor as provided in the Collateral Documents; 
 WHEREAS, in order to secure the obligations
under the Credit Agreement, the Lien Grantors are concurrently granting to the collateral agent under the Credit Agreement, for the benefit of the lenders under the Credit Agreement and certain other secured parties, a security interest in the
Collateral ranking pari passu with the Transaction Liens, it being understood that the relative rights of the grantees in respect of the Collateral are governed by the Intercreditor Agreement; and 

WHEREAS, upon any foreclosure or other enforcement of the Collateral Documents, the net proceeds of, or other collections on, the
relevant Collateral are, subject to the terms of the Intercreditor Agreement, to be received by or paid over to the Collateral Agent and applied as provided herein; 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 Section 1. Definitions. 
 (a) Terms Defined in Indenture. Terms defined in the Indenture and not otherwise defined in subsection (b) or (c) of this Section have, as used herein, the respective meanings provided
for therein. 
 (b) Terms Defined in UCC. As used herein, each of the following terms has the meaning specified in the
UCC: 
  

			
	 Term
	  	 UCC

		
	 Account
	  	9-102

			
	 Term
	  	 UCC

		
	 Authenticate
	  	9-102
	 Certificated Security
	  	8-102
	 Chattel Paper
	  	9-102
	 Commercial Tort Claim
	  	9-102
	 Commodity Account
	  	9-102
	 Commodity Contract
	  	9-102
	 Commodity Customer
	  	9-102
	 Commodity Intermediary
	  	9-102
	 Deposit Account
	  	9-102
	 Document
	  	9-102
	 Electronic Chattel Paper
	  	9-102
	 Entitlement Holder
	  	8-102
	 Entitlement Order
	  	8-102
	 Equipment
	  	9-102
	 Financial Asset
	  	8-102 & 103
	 General Intangibles
	  	9-102
	 Instrument
	  	9-102
	 Inventory
	  	9-102
	 Investment Property
	  	9-102
	 Letter-of-Credit Right
	  	9-102
	 Payment Intangible
	  	9-102
	 Record
	  	9-102
	 Securities Account
	  	8-501
	 Securities Intermediary
	  	8-102
	 Security
	  	8-102 & 103
	 Security Entitlement
	  	8-102
	 Supporting Obligation
	  	9-102
	 Tangible Chattel Paper
	  	9-102
	 Uncertificated Security
	  	8-102

 (c) Additional
Definitions. The following additional terms, as used herein, have the following meanings: 
 “Account Control
Agreement” means a Commodity Account Control Agreement, a Deposit Account Control Agreement or a Securities Account Control Agreement, as the context requires. 
 “Article 9” means Article 9 of the UCC. 

“Collateral” means all property, whether now owned or hereafter acquired, on which a Lien is granted or purports to be
granted to the Collateral Agent pursuant to the Collateral Documents. When used with respect to a specific Lien Grantor, the term “Collateral” means all its property on which such a Lien is granted, or purports to be granted, pursuant to
the Collateral Documents. 
 “Collateral Agent” means Wilmington Trust FSB, in its capacity as collateral agent
under the Notes Documents, and its successors and assigns in such capacity. 
 “Collateral Accounts” means the
Controlled Commodity Accounts, the Controlled Deposit Accounts and the Controlled Securities Accounts. 

  
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 “Commodity Account Control Agreement” means, with respect to any Commodity
Account as to which a Lien Grantor is the Commodity Customer, an agreement among such Lien Grantor, the Collateral Agent and the relevant Commodity Intermediary establishing the Collateral Agent’s control with respect to such Commodity Account.

 “Company” has the meaning specified in the recitals hereto. 

“Control” has the following meanings: 

(a) when used with respect to any Security or Security Entitlement, the meaning specified in UCC Section 8-106;

 (b) when used with respect to any Deposit Account, the meaning specified in UCC Section 9-104;

 (c) when used with respect to any Electronic Chattel Paper, the meaning specified in UCC Section 9-105;

 (d) when used with respect to any Commodity Account or Commodity Contract, the meaning specified in UCC
Section 9-106(b); and 
 (e) when used with respect to any right to payment or performance by the issuer or
a Nominated Person in respect of a letter of credit, the meaning specified in UCC Section 9-107. 
 “Controlled
Commodity Account” means a Commodity Account as to which (i) a Lien Grantor is the Commodity Customer and (ii) a Commodity Account Control Agreement is in effect. 

“Controlled Deposit Account” means a Deposit Account (i) that is subject to a Deposit Account Control Agreement or
(ii) as to which the Collateral Agent is the Depositary Bank’s “customer” (as defined in UCC Section 4-104). 
 “Controlled Securities Account” means a Securities Account that (i) is maintained in the name of a Lien Grantor at an office of a Securities Intermediary located in the United States
and (ii) together with all Financial Assets credited thereto and all related Security Entitlements, is subject to a Securities Account Control Agreement among such Lien Grantor, the Collateral Agent and such Securities Intermediary. 

“Copyright License” means any agreement now or hereafter in existence granting to any Lien Grantor, or pursuant to which
any Lien Grantor grants to any other Person, any right to use, copy, reproduce, distribute, prepare derivative works, display or publish any records or other materials on which a Copyright is in existence or may come into existence, including any
agreement identified in Schedule 1 to any Copyright Security Agreement. 
 “Copyright Security Agreement” means
a Copyright Security Agreement, substantially in the form of Exhibit B, executed and delivered by a Lien Grantor in favor of the Collateral Agent for the benefit of the Secured Parties. 

“Copyrights” means all the following: (i) all copyrights under the laws of the United States (whether or not the
underlying works of authorship have been published), all registrations and recordings thereof, all copyrightable works of authorship (whether or not published), and all applications for copyrights under the laws of the United States, including
registrations, recordings and applications in the 

  
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United States Copyright Office or in any similar office or agency of the United States or any State thereof, including those described in Schedule 1 to any Copyright Security Agreement,
(ii) all renewals of any of the foregoing, (iii) all claims for, and rights to sue for, past or future infringements of any of the foregoing and (iv) all income, royalties, damages and payments now or hereafter due or payable with
respect to any of the foregoing, including damages and payments for past or future infringements thereof. 
 “Credit
Agreement” means the Credit Agreement dated as of the date hereof among the Company, the Lenders party thereto, and Morgan Stanley Senior Funding, Inc., as Agent. 
 “Deposit Account Control Agreement” means, with respect to any Deposit Account of any Lien Grantor, an agreement among such Lien Grantor, the Collateral Agent and the relevant Depositary
Bank, set forth in an authenticated Record, (i) establishing the Collateral Agent’s Control with respect to such Deposit Account and (ii) subordinating to the relevant Transaction Lien all claims of the Depositary Bank to such Deposit
Account (except its right to deduct its customary operating charges and fees and any uncollected funds previously credited thereto). 
 “Depositary Bank” means a bank at which a Controlled Deposit Account is maintained. 
 “Discharge of Credit Agreement Obligations” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Environment” means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

 “Environmental Laws” means all requirements of law relating to pollution or protection of the Environment,
health and safety. 
 “Equity Interest” means (i) in the case of a corporation, any shares of its capital
stock, (ii) in the case of a limited liability company, any membership interest therein, (iii) in the case of a partnership, any partnership interest (whether general or limited) therein, (iv) in the case of any other business entity,
any participation or other interest in the equity or profits thereof, (v) any warrant, option or other right to acquire any Equity Interest described in this definition or (vi) any Security Entitlement in respect of any Equity Interest
described in this definition. 
 “Federal Government” means the federal government of the United States or any
agency or instrumentality thereof. 
 “FINRA” means the Financial Industry Regulatory Authority. 

“Intellectual Property” means all rights, priorities and privileges relating to intellectual property, including
Copyrights, Patents, Patent Licenses, Trademarks and Trademark Licenses, arising under the laws of the United States, which intellectual property is owned by the Lien Grantors. 

“Intellectual Property Filing” means (i) with respect to any Patent, Patent License, Trademark or Trademark
License, the filing of the applicable Patent Security Agreement or Trademark Security Agreement with the United States Patent and Trademark Office, together with an appropriately completed recordation form and (ii) with respect to any Copyright
or Copyright License, the filing of the applicable Copyright Security Agreement with the United States Copyright Office, together with an appropriately completed recordation form, in each case sufficient to record the Transaction Lien granted to the
Collateral Agent in such Recordable Intellectual Property. 

  
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 “Intellectual Property Security Agreement” means a Copyright Security
Agreement, a Patent Security Agreement or a Trademark Security Agreement. 
 “Issuer Control Agreement” means
an Issuer Control Agreement substantially in the form of Exhibit F. 
 “Lien Grantors” means the Company and
the Subsidiary Guarantors. 
 “Liquid Investment” means a Cash Equivalent (other than commercial paper) that
matures within 30 days after it is first included in the Collateral. 
 “LLC Interest” means a membership
interest or similar interest in a limited liability company. 
 “Margin Stock” means “margin stock”
as such term is defined in Regulation U of the FRB. 
 “Material Adverse Effect” means (a) a material
adverse change in, or a material adverse effect upon, the business, properties or condition (financial or otherwise) of the Company or the Company and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Lien
Grantor to perform under any Notes Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Lien Grantor of any Notes Document to which it is a party.

 “Material Commercial Tort Claim” means a Commercial Tort Claim involving a claim for more than $5,000,000.

 “Material Real Property” means real property owned in fee by a Lien Grantor with a fair market value in
excess of $5,000,000. 
 “Mortgage” means a deed of trust, trust deed, deed to secure debt or mortgage, as
applicable, made by a Lien Grantor in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties in respect of Material Real Property. 
 “Mortgage Requirement” means, with respect to any Material Real Property owned by a Lien Grantor, (i) provision of (a) a Mortgage encumbering such Material Real Property in
favor or for the benefit of the Collateral Agent on behalf of the Secured Parties, duly executed and acknowledged by each Lien Grantor that is the owner of or holder of any interest in such Material Real Property, and otherwise in form for recording
in the recording office of each applicable political subdivision where each such Material Real Property is situated, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or
filing thereof to create a lien under applicable Requirements of Law, and such financing statements and any other instruments necessary to grant a mortgage lien under the laws of any applicable jurisdiction; (b) fully paid American Land Title
Association Lender’s Extended Coverage title insurance policies, with endorsements and in amounts reasonably determined by the Company, issued, coinsured and reinsured by title insurers reasonably acceptable to the Collateral Agent, insuring
such Mortgage to be a valid first and subsisting Lien on the property described therein, free and clear of all defects (including, but not limited to, mechanics’ and materialmen’s Liens) and encumbrances, excepting only Permitted Liens,
and providing for such other affirmative insurance and such coinsurance and direct access reinsurance as may be reasonably necessary or desirable; (c) an ALTA survey (provided that the Company shall not be required to comply with the
requirement of this clause (c) if, in the reasonable discretion of the Company as certified by an officer of the Company, the burden, cost or consequences of obtaining such survey is excessive in relation to the benefits to be obtained
therefrom by the Secured Parties); (d) a completed “Life-of-Loan” Federal Emergency 

  
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Management Agency Standard Flood Hazard Determination with respect to such Material Real Property (and if any building located on such Material Real Property is determined to be in a special
flood hazard area, delivery of (x) a notice about special flood hazard area status and flood disaster assistance duly executed by the Company and each other applicable Lien Grantor relating thereto and (y) evidence of flood insurance);
(e) a local counsel opinion as to the due authorization, execution and delivery and enforceability of such Mortgage in the state in which the Material Real Property described in such Mortgage is located and other matters customarily covered in
real estate enforceability opinions; and (f) any other documents reasonably requested by the Collateral Agent or the Holders of a majority in aggregate principal amount outstanding of the Notes; and (ii) recording of such Mortgage in the
land records of the county in which such Material Real Property to be so encumbered is located. 
 “Nominated
Person” means a Person whom the issuer of a letter of credit (i) designates or authorizes to pay, accept, negotiate or otherwise give value under such letter of credit and (ii) undertakes by agreement or custom and practice to
reimburse. 
 “Notes Documents” means the Indenture, the Notes issued thereunder, this Agreement, the
Collateral Documents and any security documents and other operative agreements evidencing or governing the Indebtedness thereunder, and the liens securing such Indebtedness, including any agreement entered into for the purpose of securing the
Secured Obligations. 
 “Original Lien Grantor” means any Lien Grantor that grants a Lien on any of its assets
hereunder on the Issue Date. 
 “own” refers to (i) in the case of personal property, the possession of
sufficient rights in property to grant a security interest therein as contemplated by UCC Section 9-203 and (ii) in the case of real property, possession of fee simple interest, and “acquire” refers to the acquisition of any such
rights. 
 “Partnership Interest” means a partnership interest, whether general or limited. 

“Patent License” means any agreement now or hereafter in existence granting to any Lien Grantor, or pursuant to which
any Lien Grantor grants to any other Person, any right with respect to any Patent or any invention now or hereafter in existence, whether patentable or not, whether a patent or application for patent is in existence on such invention or not, and
whether a patent or application for patent on such invention may come into existence or not, including any agreement identified in Schedule 1 to any Patent Security Agreement. 
 “Patent Security Agreement” means a Patent Security Agreement, substantially in the form of Exhibit C, executed and delivered by a Lien Grantor in favor of the Collateral Agent for the
benefit of the Secured Parties. 
 “Patents” means (i) all letters patent and design letters patent of the
United States and all applications for letters patent or design letters patent of the United States, including applications in the United States Patent and Trademark Office or in any similar office or agency of the United States or any State
thereof, including those described in Schedule 1 to any Patent Security Agreement, (ii) all reissues, divisions, continuations, continuations in part, revisions and extensions of any of the foregoing, (iii) all claims for, and rights to
sue for, past or future infringements of any of the foregoing and (iv) all income, royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future
infringements thereof. 

  
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 “Perfection Certificate” means, with respect to any Lien Grantor, a
certificate substantially in the form of Exhibit E, completed and supplemented with the schedules contemplated thereby, and signed by an officer of such Lien Grantor. 
 “Permitted Liens” means Liens on the Collateral permitted to be created or assumed or to exist pursuant to Section 3.5 of the Indenture. 

“Permitted Priority Liens” means inchoate tax Liens arising by operation of law. 

“Pledged,” when used in conjunction with any type of asset, means at any time an asset of such type that is included (or
that creates rights that are included) in the Collateral at such time. For example, “Pledged Equity Interest” means an Equity Interest that is included in the Collateral at such time and “Pledged letter of credit” means a letter
of credit that creates rights to payment or performance that are included in the Collateral at such time. 

“Post-Petition Interest” means any interest that accrues after the commencement of any case, proceeding or other action
relating to the bankruptcy, insolvency or reorganization of any one or more of the Lien Grantors (or would accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable as a claim in
any such proceeding. 
 “Proceeds” means all proceeds of, and all other profits, products, rents or receipts,
in whatever form, arising from the collection, sale, lease, exchange, assignment, licensing or other disposition of, or other realization upon, any Collateral, including all claims of the relevant Lien Grantor against third parties for loss of,
damage to or destruction of, or for proceeds payable under, or unearned premiums with respect to, policies of insurance in respect of, any Collateral, and any condemnation or requisition payments with respect to any Collateral. 

“Recordable Intellectual Property” means (i) Patents, (ii) Patent Licenses, (iii) Trademarks,
(iv) Trademark Licenses, (v) Copyrights and (vi) Copyright Licenses, and all rights in or under any of the foregoing. 
 “Regulated Subsidiary” means a Subsidiary as to which the consent of a governmental body or official is required for any acquisition of control or change of control thereof. 

“Secured Agreement,” when used with respect to any Secured Obligation, refers collectively to each instrument, agreement
or other document that sets forth obligations of the Company, obligations of a Subsidiary Guarantor and/or rights of the holder with respect to such Secured Obligation. 
 “Secured Guarantee” means, with respect to each Subsidiary Guarantor, its guarantee of the Secured Obligations under Article X of the Indenture. 

“Secured Obligations” means (i) the Obligations (as defined in the Indenture) under the Notes, the Indenture and
any Notes Document. 
 “Secured Party” shall have the meaning assigned to such term in the Indenture.

 “Secured Party Requesting Notice” means, at any time, a Secured Party that has, at least five Business Days
prior thereto, delivered to the Collateral Agent a written notice (i) stating that it holds one or more Secured Obligations and wishes to receive copies of the notices referred to in Section 21(h) and (ii) setting forth its address,
facsimile number and electronic mail address to which copies of such notices should be sent. 

  
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 “Securities Account Control Agreement” means, when used with respect to a
Securities Account, an agreement among the relevant Securities Intermediary, such Lien Grantor and the Collateral Agent establishing the Collateral Agent’s Control. 
 “Security Agreement Supplement” means a Security Agreement Supplement, substantially in the form of Exhibit A, signed and delivered to the Collateral Agent for the purpose of adding a
Subsidiary as a party hereto pursuant to Section 23 and/or adding additional property to the Collateral. 

“Subsidiary Guarantor” means each Subsidiary listed on the signature pages hereof under the caption “Subsidiary
Guarantors” and each Subsidiary that shall, at any time after the date hereof, become a “Subsidiary Guarantor” pursuant to Section 23. 
 “Supporting Letter of Credit” means a letter of credit that supports the payment or performance of one or more items included in the Collateral. 

“Trademark License” means any agreement now or hereafter in existence granting to any Lien Grantor, or pursuant to which
any Lien Grantor grants to any other Person, any right to use any Trademark, including any agreement identified in Schedule l to any Trademark Security Agreement. 
 “Trademark Security Agreement” means a Trademark Security Agreement, substantially in the form of Exhibit D, executed and delivered by a Lien Grantor in favor of the Collateral Agent for
the benefit of the Secured Parties. 
 “Trademarks” means: (i) all trademarks, trade names, corporate
names, company names, business names, fictitious business names, trade styles, service marks, logos, brand names, slogans, trade dress, prints and labels on which any of the foregoing have appeared or appear, package and other designs, and all other
source or business identifiers, and all general intangibles of like nature, and the rights in any of the foregoing which arise under applicable law, (ii) the goodwill of the business symbolized thereby or associated with each of them,
(iii) all registrations and applications in connection therewith, including registrations and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States or any State thereof, including
those described in Schedule 1 to any Trademark Security Agreement, (iv) all renewals of any of the foregoing, (v) all claims for, and rights to sue for, past or future infringements of any of the foregoing and (vi) all income,
royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future infringements thereof. 
 “Transaction Liens” means the Liens granted by the Lien Grantors under the Collateral Documents. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the
priority of any Transaction Lien on any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other
jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 
 (d) Terms Generally. The definitions of terms herein (including those incorporated by reference to the UCC or to another document) apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed
by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect 

  
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as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any reference herein to any
Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Sections, Exhibits and Schedules shall be construed to refer to Sections of, and Exhibits and Schedules to, this Agreement and (v) the
word “property” shall be construed to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

Section 2. [Reserved]. 
 Section 3. Grant of Transaction Liens. 
 (a) The Company, in order to
secure the Secured Obligations, and each Subsidiary Guarantor listed on the signature pages hereof, in order to secure its Secured Obligations, grants to the Collateral Agent for the benefit of the Secured Parties a continuing security interest in
all right, title and interest of the Company or such Subsidiary Guarantor, as the case may be, in, to and under the following property of the Company or such Subsidiary Guarantor, as the case may be, whether now owned or existing or hereafter
acquired or arising and regardless of where located: 
 (i) all Accounts; 

(ii) all Chattel Paper; 
 (iii) the Commercial Tort Claims described in Schedule 4; 

(iv) all Deposit Accounts; 
 (v) all Documents; 
 (vi) all Equipment; 

(vii) all General Intangibles (including any Equity Interests in other Persons that do not constitute Investment
Property); 
 (viii) all Instruments; 

(ix) all Inventory; 
 (x) all Investment Property; 
 (xi) all Letter-of-Credit Rights;

 (xii) all Intellectual Property; 

(xiii) all books and records (including customer lists, credit files, computer programs, printouts and other computer
materials and records) of such Original Lien Grantor pertaining to any of its Collateral; 

  
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 (xiv) such Original Lien Grantor’s ownership interest in (1) its
Collateral Accounts, (2) all Financial Assets credited to its Collateral Accounts from time to time and all Security Entitlements in respect thereof, (3) all cash held in its Collateral Accounts from time to time and (4) all other
money in the possession of the Collateral Agent; and 
 (xv) all Supporting Obligations and Proceeds of the
Collateral described in the foregoing clauses (i) through (xiv); 
 provided that the following property is excluded from the
foregoing security interests (“Excluded Property”): (A) motor vehicles the perfection of a security interest in which is excluded from the UCC in the relevant jurisdiction, (B) voting Equity Interests in any first-tier
Foreign Subsidiary, to the extent (but only to the extent) required to prevent the Collateral from including more than 65% of all voting Equity Interests in such first-tier Foreign Subsidiary, (C) Capital Stock of any Foreign Subsidiary that is
not a first-tier Foreign Subsidiary, (D) Equipment leased by an Original Lien Grantor under a lease that prohibits the granting of a Lien on such Equipment, (E) cash and Cash Equivalents maintained in any trust or payroll account, so long
as such account are maintained as a trust or payroll account respectively, (F) Cash and Cash Equivalents maintained in any account of any Lien Grantor that is an investment adviser registered under the Investment Advisers Act of 1940 so long as
(x) such account is maintained to satisfy qualified professional asset manager requirements under ERISA and (y) the aggregate amount of cash and Cash Equivalents in all such accounts does not exceed $2,000,000 at any time, (G) cash
and Cash Equivalents maintained in any account of any Lien Grantor that is a broker-dealer registered under the Exchange Act and a member of FINRA so long as (x) such account is maintained to satisfy minimum net regulatory capital requirements
imposed by FINRA regulations pursuant to the Exchange Act and (y) the aggregate amount of cash and Cash Equivalents in all such accounts does not exceed $10,000,000 at any time, (H) intent-to-use trademark applications to the extent that,
and solely during the period in which, the grant of a security interest therein would impair the validity and enforceability of such intent to use trademark applications under applicable United States federal law, (I) any contract, permit,
lease, license or other agreement to the extent that the grant of a security interest therein would violate applicable law, or violate the terms of such contract, permit, lease, license or other agreement (in each case, after giving effect to
applicable provisions of the UCC), (J) any leasehold improvements to the extent that the grant of a security interest therein would violate the related lease, (K) assets located outside the United States to the extent a Lien on such assets
cannot be perfected by the filing of UCC financing statements (or Personal Property Security Act (PPSA) statements), (L) assets subject to a purchase money lien, capitalized lease obligation or similar arrangement, in each case as permitted by
the Indenture and the Credit Agreement, to the extent that the contract or other agreement in which such Lien is granted (or the documentation providing for such capitalized lease obligation or similar arrangement) prohibits such assets from being
Collateral and only for so long as such Lien remains outstanding, (M) any real property or real property interests (including leasehold interests) other than Material Real Property, (N) subject to Section 3(e) below, Margin Stock and
(O) proceeds and products of any and all of the foregoing excluded assets described in clauses (A) through (N) above only to the extent such proceeds and products would constitute property or assets of the type described in clauses
(A) through (N) above. Each Original Lien Grantor shall use commercially reasonable efforts to obtain any consent that is reasonably obtainable and required for any property described in clause (D), (I), (J) or (L) above to cease
to constitute Excluded Property. Notwithstanding the foregoing, (i) property in which a security interest is granted pursuant to Section 5(g) shall not constitute Excluded Property for so long as the Other First Lien Obligations are
secured by such property and (ii) all assets of Insurance Subsidiaries (including cash and Cash Equivalents temporarily held by Lien Grantors on behalf of, and for the benefit of, Insurance Subsidiaries) shall be Excluded Property. 

(b) With respect to each right to payment or performance included in the Collateral from time to time, the Transaction Lien granted
therein includes a continuing security interest in (i) any Supporting Obligation that supports such payment or performance and (ii) any Lien that (x) secures such right to payment or performance or (y) secures any such Supporting
Obligation. 

  
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 (c) The Transaction Liens are granted as security only and shall not subject the Collateral
Agent or any other Secured Party to, or transfer or in any way affect or modify, any obligation or liability of any Lien Grantor with respect to any of the Collateral or any transaction in connection therewith. 

(d) If the governmental body or official having jurisdiction over any Regulated Subsidiary determines that the pledge of the shares of
capital stock of such Regulated Subsidiary hereunder constitutes the acquisition of or a change of control with respect to such Regulated Subsidiary as to which the prior approval of such governmental body or official was required, then, immediately
upon the relevant Lien Grantor’s (1) written memorialization of oral notice or (2) receipt of written notice from such governmental body or official of such determination and without any action on the part of the Collateral Agent or
any other Person, such pledge shall be rendered void ab initio and of no effect. Upon any such occurrence, (i) the Collateral Agent shall, at such Lien Grantor’s written request and expense, return all certificates representing such
capital stock to such Lien Grantor and execute and deliver such documents as such Lien Grantor shall reasonably request to evidence such Lien Grantor’s retention of all rights in such capital stock and (ii) such Lien Grantor shall, if
requested by the Collateral Agent or the Holders of a majority in aggregate principal amount of the Notes, promptly submit a request to the relevant governmental body or official for approval of the pledge of such shares to the Collateral Agent
hereunder and, upon receipt of such approval, shall forthwith deliver to the Collateral Agent certificates representing all the outstanding shares of capital stock of such Regulated Subsidiary (subject to the limitation in Section 11(m) if such
Regulated Subsidiary is a Foreign Subsidiary) to be held as Collateral hereunder. 
 (e) Margin Stock shall not constitute
Excluded Property (i) to the extent the Collateral Agent or the Holders of a majority in aggregate principal amount of the Notes give written notice to the Company that such Margin Stock shall not constitute Excluded Property or (ii) after
the Discharge of the Credit Agreement Obligations. 
 Section 4. General Representations and Warranties. Each
Original Lien Grantor represents and warrants that: 
 (a) Such Lien Grantor is duly organized, validly existing
and in good standing under the laws of the jurisdiction identified as its jurisdiction of organization in its Perfection Certificate. 
 (b) Schedule 1 lists all Equity Interests in Subsidiaries and Affiliates owned by such Lien Grantor as of the Issue Date. Such Lien Grantor holds all such Equity Interests directly (i.e.,
not through a Subsidiary, a Securities Intermediary or any other Person). 
 (c) Schedule 2 lists, as of
the Effective Date, all Securities owned by such Lien Grantor (except Securities evidencing Equity Interests in Subsidiaries and Affiliates). 
 (d) Schedule 3 lists, as of the Issue Date, (i) all Securities Accounts to which Financial Assets are credited in respect of which such Lien Grantor owns Security Entitlements, (ii) all
Commodity Accounts in respect of which such Lien Grantor is the Commodity Customer and (iii) all Deposit Accounts in the name of such Lien Grantor. 
 (e) All Pledged Equity Interests owned by such Lien Grantor are owned by it free and clear of any Lien other than Permitted Liens. All shares of capital stock included in such Pledged Equity Interests
(including shares of capital stock in respect of which such Lien Grantor 

  
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owns a Security Entitlement) have been duly authorized and validly issued and are fully paid and non-assessable. None of such Pledged Equity Interests is subject to any option to purchase or
similar right of any Person. Such Lien Grantor is not and will not become a party to or otherwise bound by any agreement (except as permitted by the Indenture) which restricts in any manner the rights of any present or future holder of any Pledged
Equity Interest with respect thereto. 
 (f) Such Lien Grantor has good and marketable title to, a right to use,
or a valid leasehold interest in, all its Collateral, except for such defects in title or interests as could not, individually or in the aggregate with respect to all Lien Grantors, reasonably be expected to have a Material Adverse Effect. The
property of such Lien Grantor is subject to no Liens, other than Liens permitted under Section 3.5 of the Indenture. 
 (g) Such Lien Grantor has not performed any acts that could reasonably be expected to prevent the Collateral Agent from enforcing any of the provisions of the Collateral Documents or that would limit the
Collateral Agent in any such enforcement. No authorized financing statement, security agreement, mortgage or similar or equivalent document or instrument covering all or part of the Collateral owned by such Lien Grantor is on file or of record in
any jurisdiction in which such filing or recording would be effective to perfect or record a Lien on such Collateral, except financing statements, mortgages or other similar or equivalent documents with respect to Liens permitted under
Section 3.5 of the Indenture. After the Issue Date, no Collateral owned by such Lien Grantor will be in the possession or under the Control of any other Person having a claim thereto or security interest therein, other than a Lien permitted
under Section 3.5 of the Indenture. 
 (h) The Transaction Liens on all Collateral owned by such Lien
Grantor (i) have been validly created, (ii) will attach to each item of such Collateral on the Issue Date (or, if such Lien Grantor first obtains rights thereto on a later date, on such later date) and (iii) when so attached, will
secure all the Secured Obligations or such Lien Grantor’s Secured Guarantee, as the case may be. 
 (i) Such
Lien Grantor has delivered a Perfection Certificate to the Collateral Agent. The information set forth therein is correct and complete as of the Issue Date. Within 90 days after the Issue Date, such Lien Grantor will furnish (or cause to be
furnished) to the Collateral Agent a file search report from each UCC filing office listed in its Perfection Certificate, showing the filing made at such filing office to perfect the Transaction Liens on its Collateral. 

(j) When UCC financing statements describing the Collateral as set forth in the Perfection Certificate have been filed in
the offices specified in such Perfection Certificate, the Transaction Liens will constitute perfected security interests in the Collateral owned by such Lien Grantor to the extent that a security interest therein may be perfected by filing pursuant
to the UCC, prior to all Liens and rights of others therein except Permitted Liens that have priority over the Transaction Liens by operation of law. When, in addition to the filing of such UCC financing statements, the applicable Intellectual
Property Filings have been made with respect to such Lien Grantor’s Recordable Intellectual Property (including any future filings required pursuant to Sections 5(a) and 9(a)), the Transaction Liens will constitute perfected security interests
in all right, title and interest of such Lien Grantor in its Recordable Intellectual Property to the extent that security interests therein may be perfected by such filings, prior to all Liens and rights of others therein except Permitted Liens.
Except for (i) the filing of such UCC financing statements and (ii) such Intellectual Property Filings, no registration, recordation or filing with, and no authorization or approval or other action by, any governmental body, agency or
official is required in connection with the execution or delivery of the Security Agreement or is necessary for the validity 

  
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or enforceability thereof or for the perfection or due recordation of the Transaction Liens or (except with respect to the capital stock of any Regulated Subsidiary) for the enforcement of the
Transaction Liens. 
 (k) If such Lien Grantor is also a Subsidiary Guarantor, in executing and delivering this
Agreement (including providing its Secured Guarantee), such Lien Grantor has (i) without reliance on the Collateral Agent or any other Secured Party or any information received from the Collateral Agent or any other Secured Party and based upon
such documents and information it deems appropriate, made an independent investigation of the transactions contemplated by the Notes Documents and the Company, the Company’s business, assets, operations, prospects and condition, financial or
otherwise, and any circumstances which may bear upon such transactions, the Company or the obligations and risks undertaken herein with respect to the Secured Obligations, (ii) adequate means to obtain from the Company on a continuing basis
information concerning the Company, (iii) full and complete access to the Notes Documents and any other documents executed in connection with the Notes Documents and (iv) not relied and will not rely upon any representations or warranties
of the Collateral Agent or any other Secured Party not embodied herein or any acts heretofore or hereafter taken by the Collateral Agent or any other Secured Party (including any review by the Collateral Agent or any other Secured Party of the
affairs of the Company). 
 Section 5. Further Assurances; General Covenants. Each Lien Grantor covenants as
follows: 
 (a) Such Lien Grantor will at the Company’s expense, execute, deliver, file and record any
statement, assignment, instrument, document, agreement or other paper and take any other action (including any Intellectual Property Filing and any filing of financing or continuation statements under the UCC) that from time to time may be necessary
in order to: 
 (i) create, preserve, perfect or confirm the Transaction Liens on such Lien Grantor’s
Collateral; 
 (ii) in the case of Pledged Deposit Accounts, Pledged Letter-of-Credit Rights, Pledged Electronic
Chattel Paper and Pledged Investment Property, cause the Collateral Agent to have Control thereof; or 
 (iii)
enable the Collateral Agent to exercise and enforce any of its rights, powers and remedies with respect to any of such Lien Grantor’s Collateral. 
 In furtherance of the foregoing, in respect of the insurance policies required by the Indenture relating to any property or business of such Lien Grantor, such Lien Grantor shall deliver to the Collateral
Agent, on the Issue Date (with respect to existing polices) and promptly following the entry into new policies or the renewal, extension or modification of existing policies, a copy of, or a certificate as to coverage under such policies, each of
which shall (i) promptly be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payable or mortgagee endorsement (as applicable) naming the Collateral Agent as mortgagee or loss payee (in
the case of property insurance) or additional insured on behalf of the Secured Parties (in the case of liability insurance), as applicable and (ii) to the extent available, provide that no cancellation, material addition in amount or material
change in coverage shall be effective until after 30 days’ notice thereof to the Collateral Agent. 
 To the extent
permitted by applicable law, such Lien Grantor authorizes the Collateral Agent to execute and file such financing statements or continuation statements, and amendments thereto, 

  
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including, without limitation, one or more financing statements indicating that such financing statements cover all assets or all personal property (or words of similar effect) of such Lien
Grantor, in each case without such Lien Grantor’s signature appearing thereon, and regardless of whether any particular asset described in such financing statement falls within the scope of the UCC or the granting clause of this Agreement. Such
Lien Grantor agrees (but makes no representation that the applicable filing officer shall accept) that a carbon, photographic, photostatic or other reproduction of this Agreement or of a financing statement is sufficient as a financing statement.
Such Lien Grantor constitutes the Collateral Agent its attorney-in-fact to execute and file, in the event such Lien Grantor fails to do so promptly, all Intellectual Property Filings and other filings required or so requested for the foregoing
purposes, all such acts of such attorney being hereby ratified and confirmed; and such power, being coupled with an interest, shall be irrevocable until all the Transaction Liens granted by such Lien Grantor terminate pursuant to Section 22.
The Company will pay the reasonable costs of, or incidental to, any Intellectual Property Filings and any recording or filing of any financing or continuation statements or other documents recorded or filed pursuant hereto. 

(b) Such Lien Grantor will not (i) change its name or corporate structure or (ii) change its location
(determined as provided in UCC Section 9-307), without first giving the Collateral Agent at least 10 days’ prior written notice thereof and taking all actions that are necessary or required by the Collateral Agent for the purpose of
perfecting or protecting the security interest granted by this Agreement. 
 (c) If any of its Collateral with a
value in excess of $500,000 (or $1,000,000 when taken together with the Collateral of the other Lien Grantors) is in the possession or control of a warehouseman, bailee or agent at any time, such Lien Grantor will (i) notify such warehouseman,
bailee or agent of the relevant Transaction Liens, (ii) instruct such warehouseman, bailee or agent to hold all such Collateral for the Collateral Agent’s account subject to the Collateral Agent’s instructions (which shall permit such
Collateral to be removed by such Lien Grantor in the ordinary course of business until the Collateral Agent notifies such warehouseman, bailee or agent that an Event of Default has occurred and is continuing), (iii) use commercially reasonable
efforts to cause such warehouseman, bailee or agent to Authenticate a Record acknowledging that it holds possession of such Collateral for the Collateral Agent’s benefit and (iv) make any such authenticated Record available to the
Collateral Agent. 
 (d) Such Lien Grantor will not sell, lease, exchange, assign or otherwise dispose of, or
grant any option with respect to, any of its Collateral, other than licenses of Intellectual Property granted in the ordinary course of business; provided that such Lien Grantor may do any of the foregoing unless (i) doing so would
violate a covenant in the Indenture or (ii) an Event of Default shall have occurred and be continuing and the Collateral Agent shall have notified such Lien Grantor that its right to do so is terminated, suspended or otherwise limited.

 (e) Such Lien Grantor will, promptly upon request, provide to the Collateral Agent all information and
evidence concerning such Lien Grantor’s Collateral that the Collateral Agent may reasonably request to enable it to enforce the provisions of the Collateral Documents. 

(f) Upon the acquisition of any Material Real Property by any Lien Grantor or any real property owned by any Lien Grantor
becoming Material Real Property (as of the end of any fiscal quarter), such Lien Grantor will cause such Material Real Property to be subjected to a Lien securing the Secured Obligations and will take such actions as shall be necessary or reasonably
requested by the Collateral Agent to grant and perfect or record such Lien in accordance with the Mortgage Requirement and to satisfy the other conditions of the Mortgage Requirement within one hundred twenty (120) days of the requirement
becoming applicable. 

  
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 (g) Such Lien Grantor shall not incur or suffer to exist any Lien (the
“Initial Lien”) on any property (including any property that would otherwise be Excluded Property) to secure any Other First Lien Obligations (as defined in the Intercreditor Agreement) or take any action to perfect any such
security interest, unless such Lien Grantor concurrently grants a Lien to the Collateral Agent to secure the Secured Obligations ranking pari passu with such Initial Lien securing such Other First Lien Obligations and takes such action to
perfect such Lien; provided that any such Lien on property that would otherwise be Excluded Property created to secure the Secured Obligations pursuant to this clause (g) shall provide by its terms that upon the release and discharge of
the Initial Lien on such property by the Collateral Agent (as defined in the Intercreditor Agreement) for such Other First Lien Obligations, the Lien on such property securing the Secured Obligations shall be automatically and unconditionally
released and discharged and such Lien Grantor may take any action necessary to memorialize such release or discharge. 
 (h) Each Lien Grantor agrees that it will provide the Collateral Agent with prompt written notice (and in any case within 30 days) of the acquisition of any Margin Stock by such Lien Grantor, including a
description thereof in reasonable detail. 
 Section 6. Accounts. Each Lien Grantor represents, warrants and
covenants that if an Event of Default shall have occurred and be continuing, such Lien Grantor will, if requested to do so by the Collateral Agent, promptly notify (and to the extent it fails to do so promptly, such Lien Grantor authorizes the
Collateral Agent so to notify) each account debtor in respect of any of its Accounts that such Accounts have been assigned to the Collateral Agent hereunder, and that any payments due or to become due in respect of such Accounts are to be made
directly to the Collateral Agent or its designee for the period during which such Event of Default is continuing. 

Section 7. Chattel Paper and Instruments. Except as to actions to be taken by the Collateral Agent, each Lien Grantor
represents, warrants and covenants as follows: 
 (a) On the Issue Date (in the case of an Original Lien Grantor)
or the date on which it signs and delivers its first Security Agreement Supplement (in the case of any other Lien Grantor), such Lien Grantor will deliver to the Collateral Agent as Collateral hereunder (i) all Pledged Tangible Chattel Paper,
provided that delivery of the Pledged Tangible Chattel Paper shall be required pursuant to this paragraph only to the extent that the aggregate value of all Pledged Tangible Chattel Paper that has not been delivered would exceed $5,000,000
and (ii) each Pledged Instrument having a value in excess of $2,000,000 then owned by such Lien Grantor. Thereafter, whenever such Lien Grantor acquires any other Pledged Tangible Chattel Paper or Pledged Instrument having a value in excess of
$2,000,000, such Lien Grantor will immediately deliver such Pledged Tangible Chattel Paper or Pledged Instrument to the Collateral Agent as Collateral hereunder. Notwithstanding the foregoing, all debt owing by the Company or any of its Subsidiaries
to a Lien Grantor (regardless of the value thereof) shall be pledged by delivery to the Collateral Agent of an intercompany note. 
 (b) So long as no Event of Default shall have occurred and be continuing, the Collateral Agent will, promptly upon request by the relevant Lien Grantor, make appropriate arrangements for making any
Pledged Tangible Chattel Paper or Pledged Instrument available to it for purposes of presentation, collection or renewal (any such arrangement to be effected against trust receipt or like document). 

  
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 (c) Schedule 5 lists, as of the Issue Date, all Pledged Instruments.

 (d) All Pledged Tangible Chattel Paper and Pledged Instruments owned by such Lien Grantor, when delivered to
the Collateral Agent (to the extent such delivery is required), will be indorsed to the order of the Collateral Agent, or accompanied by duly executed instruments of assignment. 

(e) Upon the delivery of any Pledged Tangible Chattel Paper or Pledged Instrument owned by such Lien Grantor to the
Collateral Agent, the Transaction Lien on such Collateral will be perfected, subject to no prior Liens or rights of others. 
 (f) Each Lien Grantor will take (or cause others to take) all actions required under UCC Section 9-105 to cause the Collateral Agent to obtain and maintain Control of any and all Electronic Chattel
Paper owned by such Lien Grantor from time to time, provided that such Lien Grantor’s actions to cause the Collateral Agent to obtain and maintain Control of such Electronic Chattel shall be required pursuant to this paragraph only to the
extent that the aggregate value of all Electronic Chattel Paper then owned by such Lien Grantor and not subject to the Collateral Agent’s Control would exceed $5,000,000. 
 Section 8. Commercial Tort Claims. Each Lien Grantor represents, warrants and covenants as follows: 
 (a) In the case of an Original Lien Grantor, Schedule 4 accurately describes, with the specificity required to satisfy Official Comment 5 to UCC Section 9-108, each Material Commercial Tort
Claim with respect to which such Original Lien Grantor is the claimant as of the Issue Date. In the case of any other Lien Grantor, Schedule 4 to its first Security Agreement Supplement will accurately describe, with the specificity required
to satisfy said Official Comment 5, each Material Commercial Tort Claim with respect to which such Lien Grantor is the claimant as of the date on which it signs and delivers such Security Agreement Supplement. 

(b) If any Lien Grantor acquires a Material Commercial Tort Claim after the Issue Date (in the case of an Original Lien
Grantor) or the date on which it signs and delivers its first Security Agreement Supplement (in the case of any other Lien Grantor), such Lien Grantor will promptly sign and deliver to the Collateral Agent a Security Agreement Supplement granting a
security interest in such Commercial Tort Claim (which shall be described therein with the specificity required to satisfy said Official Comment 5) to the Collateral Agent for the benefit of the Secured Parties. 

(c) Upon the filing of a UCC financing statement in the jurisdiction under the laws of which the relevant Lien Grantor is
organized, the Transaction Lien on each Commercial Tort Claim described pursuant to subsection (a) or (b) above will be perfected, subject to no prior Liens or rights of others, except for Permitted Liens that have priority over the
Transaction Liens by operation of law. 
 Section 9. Recordable Intellectual Property. Each Lien Grantor covenants
as follows: 
 (a) On the Issue Date (in the case of an Original Lien Grantor) or the date on which it signs and
delivers its first Security Agreement Supplement (in the case of any other Lien Grantor), such Lien Grantor will sign and deliver to the Collateral Agent Intellectual Property Security Agreements with respect to all Recordable Intellectual Property
then owned by it. Concurrently with (or prior to) each delivery of annual financial statements pursuant to Section 3.2 of the Indenture, 

  
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it will sign and deliver to the Collateral Agent any Intellectual Property Security Agreement necessary to grant Transaction Liens on all Recordable Intellectual Property owned by it on
December 31 of the most recently ended year covered by such financial statements that is not covered by any previous Intellectual Property Security Agreement so signed and delivered by it. In each case, it will promptly make all Intellectual
Property Filings necessary to record the Transaction Liens on such Recordable Intellectual Property. 
 (b) Such
Lien Grantor will notify the Collateral Agent in writing promptly if it knows that any application or registration relating to any Recordable Intellectual Property owned or licensed by it may become abandoned or dedicated to the public, or of any
adverse determination or development (including the institution of, or any adverse determination or development in, any proceeding in the United States Copyright Office, the United States Patent and Trademark Office or any court) regarding such Lien
Grantor’s ownership of such Recordable Intellectual Property, its right to register or patent the same, or its right to keep and maintain the same; provided that the foregoing shall not apply to the extent that any such event,
individually or together with all such events, could not reasonably be expected to have a Material Adverse Effect. 

Section 10. Proceeds of Letters of Credit. Except as to actions to be taken by the Collateral Agent, each Lien Grantor
represents, warrants and covenants as follows: 
 (a) On the Issue Date (in the case of an Original Lien Grantor)
or the date on which it signs and delivers its first Security Agreement Supplement (in the case of any other Lien Grantor), such Lien Grantor will deliver to the Collateral Agent each letter of credit having a face amount in excess of $2,500,000
(the “Specified Letters of Credit”). 
 (b) Notwithstanding the foregoing, so long as no Event
of Default shall have occurred and be continuing, the Collateral Agent will, promptly upon request by any Lien Grantor, make appropriate arrangements for making any Specified Letter of Credit delivered to the Collateral Agent pursuant to subsection
(a) above available to such Lien Grantor to facilitate the administration thereof or the exercise of its rights thereunder (any such arrangement to be effected against trust receipt or like document). 

(c) Such Lien Grantor, by granting a security interest in its Letter-of-Credit Rights to the Collateral Agent, intends to
(and hereby does) assign to the Collateral Agent its rights (including its contingent rights) to the proceeds of all letters of credit of which it is or hereafter becomes a beneficiary. If any such letter of credit is not a Supporting Letter of
Credit, such Lien Grantor will (i) use commercially reasonable efforts to cause the issuer of such letter of credit and each Nominated Person (if any) with respect thereto to consent to such assignment of the proceeds thereof and
(ii) deliver written evidence of any such consent obtained to the Collateral Agent. 
 (d) The Transaction
Lien on the relevant Lien Grantor’s rights to the proceeds of each letter of credit under which such Lien Grantor is a beneficiary will be perfected, subject to no prior Liens or rights of others, if either (i) such letter of credit is a
Supporting Letter of Credit and the Transaction Lien on the item of Collateral supported thereby has been perfected or (ii) the relevant issuing bank and each relevant Nominated Person (if any) shall have consented to the assignment of the
proceeds thereof set forth in subsection (c) above. 
 (e) If an Event of Default shall have occurred and be
continuing, such Lien Grantor will, promptly upon request by the Collateral Agent, notify (and in the event such Lien Grantor fails to do so promptly, such Lien Grantor authorizes the Collateral Agent to notify) the issuer and each Nominated Person
with respect to each of its Pledged letters of credit that (i) the proceeds 

  
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thereof have been assigned to the Collateral Agent hereunder and (ii) any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its designee for
the period during which such Event of Default is continuing. 
 Section 11. Investment Property. Each Lien Grantor
represents, warrants and covenants as follows: 
 (a) Certificated Securities. On the Issue Date (in the
case of an Original Lien Grantor) or the date on which it signs and delivers its first Security Agreement Supplement (in the case of any other Lien Grantor), such Lien Grantor will deliver to the Collateral Agent as Collateral hereunder all
certificates representing Pledged Certificated Securities then owned by such Lien Grantor. Thereafter, whenever such Lien Grantor acquires any other certificate representing a Pledged Certificated Security, such Lien Grantor will promptly deliver
such certificate to the Collateral Agent as Collateral hereunder. The provisions of this subsection are subject to the limitation in Section 11(m) in the case of voting Equity Interests in a Foreign Subsidiary. 

(b) Uncertificated Securities. 

(i) On the Issue Date (in the case of an Original Lien Grantor) or the date on which it signs and delivers its first
Security Agreement Supplement (in the case of any other Lien Grantor), such Lien Grantor will enter into (and, if the relevant issuer is a Subsidiary, cause, or if the relevant issuer is not a Subsidiary, use commercially reasonable efforts to
cause, the relevant issuer to enter into) an Issuer Control Agreement in respect of each Pledged Uncertificated Security then owned by such Lien Grantor and deliver such Issuer Control Agreement to the Collateral Agent (which shall enter into the
same). Thereafter, whenever such Lien Grantor acquires any other Pledged Uncertificated Security, such Lien Grantor will enter into (and, if the relevant issuer is a Subsidiary, cause, or if the relevant issuer is not a Subsidiary, use commercially
reasonable efforts to cause, the relevant issuer to enter into) an Issuer Control Agreement in respect of such Pledged Uncertificated Security and deliver such Issuer Control Agreement, if any, to the Collateral Agent (which shall enter into the
same). The provisions of this subsection are subject to (i) the limitation in Section 11(m) in the case of voting Equity Interests in a Foreign Subsidiary and (ii) Sections 11(n) and 14(c). 

(ii) If any Pledged Uncertificated Partnership Interest or any Pledged Uncertificated LLC Interest that was not considered
a security under the UCC as of the Issue Date becomes a security under the UCC thereafter, the Lien Grantor that originally pledged such interest shall promptly after the date on which such interest becomes an uncertificated security enter into
(and, if the relevant issuer is a Subsidiary, cause, or if the relevant issuer is not a Subsidiary, use commercially reasonable efforts to cause, the relevant issuer to enter into) an Issuer Control Agreement in respect of each such Pledged
Uncertificated Security then owned by such Lien Grantor and deliver such Issuer Control Agreement to the Collateral Agent (which shall enter into the same). 
 (c) Security Entitlements. 
 (i) All Security Entitlements
owned by each Lien Grantor shall be held, upon or promptly after receipt thereof, in one or more Controlled Securities Accounts; provided, that this Section 11(c)(i) shall not apply to any Security Entitlements maintained in (x) any
Securities Account to the extent that the aggregate value of the Security Entitlements held in such Securities Account does not exceed $5,000,000; and provided further that the aggregate value of all Securities Entitlements owned by all Lien
Grantors and held in all Securities Accounts (other than Securities 

  
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Accounts described in clause (y) or (z) below) that are not Controlled Securities Accounts shall not at any time be in excess of $10,000,000, (y) any Securities Account that
satisfies the applicable conditions set forth in clauses (E), (F) and (G) of the proviso at the end of Section 3(a) or (z) any Securities Account consisting solely of Security Entitlements collected and held by such Lien Grantor
on behalf and for the benefit of Insurance Subsidiaries. The provisions of this subsection are subject to Section 14(c). 
 (ii) Each Lien Grantor agrees that it will provide the Collateral Agent with prompt written notice (and in any case within 20 days) of the opening of any new Securities Accounts and any such notice shall
be deemed to be an automatic amendment to Schedule 3 hereto to include such account. 
 (iii) Each Lien
Grantor represents, warrants and covenants that (x) Schedule 6 lists, as of the Issue Date, all Controlled Securities Accounts, (y) each Controlled Securities Account will be operated as provided in Section 13, and
(z) except to the extent not required by clause (i) above, it will provide the Collateral Agent with prompt written notice that any Account meets the requirements of a Controlled Securities Account, any such notice shall be deemed an
automatic amendment to Schedule 6 hereto to include such Account, and such Lien Grantor shall enter into an Account Control Agreement with respect to such Account within 30 days of such Account meeting such requirements (unless the Agent
under the Credit Agreement, in its discretion, shall have agreed in writing to a longer period). 
 (d)
Commodity Accounts. 
 (i) All Commodity Contracts owned by each Lien Grantor shall be held, upon or
promptly after receipt thereof, in one or more Controlled Commodity Accounts; provided, that this Section 11(d)(i) shall not apply to any Commodity Contracts maintained in (x) any Commodities Account to the extent that the aggregate
value of the Commodity Contracts held in such Commodities Account, does not exceed $5,000,000; and provided further that the aggregate value of all Commodity Contracts held by all Lien Grantors in all Commodity Accounts (other than Commodity
Accounts that are trust accounts) that are not Controlled Commodity Accounts shall not at any time be in excess of $10,000,000 and (y) any Commodities Account that is a trust account, so long as such Commodities Account is maintained as a trust
account. 
 (ii) Each Lien Grantor agrees that it will provide the Collateral Agent with prompt written notice
(and in any case within 10 days) of the opening of any new Commodity Accounts and any such notice shall be deemed to be an automatic amendment to Schedule 3 hereto to include such account. 

(iii) Each Lien Grantor represents, warrants and covenants that (x) Schedule 6 lists, as of the Issue Date,
all Controlled Commodity Accounts, (y) each Controlled Commodity Account will be operated as provided in Section 13, and (z) except to the extent not required by clause (i) above, it will provide the Collateral Agent with prompt
written notice that any Account meets the requirements of a Controlled Commodity Account, any such notice shall be deemed an automatic amendment to Schedule 6 hereto to include such Account, and such Lien Grantor shall enter into an Account
Control Agreement with respect to such Account within 30 days of such Account meeting such requirements (unless the Agent under the Credit Agreement, in its discretion, shall have agreed in writing to a longer period). 

(e) Regulated Subsidiaries. If the Collateral includes any capital stock of a Regulated Subsidiary that is not
represented by certificates, the relevant Lien Grantor shall exercise its 

  
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commercially reasonable efforts to cause such capital stock to be represented by certificates and, promptly upon receipt thereof, comply with Section 11(a) with respect thereto. No Lien
Grantor shall hold any capital stock of a Regulated Subsidiary in a Securities Account. 
 (f) Perfection as
to Certificated Securities. When such Lien Grantor delivers the certificate representing any Pledged Certificated Security owned by it to the Collateral Agent and complies with Section 11(k) in connection with such delivery, (i) the
Transaction Lien on such Pledged Certificated Security will be perfected, subject to no prior Liens or rights of others, (ii) the Collateral Agent will have Control of such Pledged Certificated Security and (iii) the Collateral Agent will
be a protected purchaser (within the meaning of UCC Section 8-303) thereof. 
 (g) Perfection as to
Uncertificated Securities. When such Lien Grantor, the Collateral Agent and the issuer of any Pledged Uncertificated Security owned by such Lien Grantor enter into an Issuer Control Agreement with respect thereto, (i) the Transaction Lien
on such Pledged Uncertificated Security will be perfected, subject to no prior Liens or rights of others (except Permitted Priority Liens), (ii) the Collateral Agent will have Control of such Pledged Uncertificated Security and (iii) the
Collateral Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof. 
 (h)
Perfection as to Security Entitlements. So long as the Financial Asset underlying any Security Entitlement owned by such Lien Grantor is credited to a Controlled Securities Account, (i) the Transaction Lien on such Security Entitlement
will be perfected, subject to no prior Liens or rights of others (except (x) Liens and rights of the relevant Securities Intermediary that are Permitted Liens and (y) Permitted Priority Liens), (ii) the Collateral Agent will have
Control of such Security Entitlement and (iii) no action based on an adverse claim to such Security Entitlement or such Financial Asset, whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may be asserted
against the Collateral Agent or any other Secured Party. 
 (i) Perfection as to Commodity Accounts. So
long as any Commodity Account is subject to a Commodity Account Control Agreement, (i) the Transaction Liens on such Commodity Account and all Commodity Contracts carried therein will be perfected, subject to no prior Liens or rights of others
(except (x) Liens and rights of the relevant Commodity Intermediary permitted by such Commodity Account Control Agreement and (y) Permitted Priority Liens) and (ii) the Collateral Agent will have Control of such Commodity Account and
all Commodity Contracts carried therein from time to time. 
 (j) Agreement as to Applicable Jurisdiction.
In respect of all Security Entitlements owned by such Lien Grantor, and all Securities Accounts to which the related Financial Assets are credited, the Securities Intermediary’s jurisdiction (determined as provided in UCC Section 8-110(e))
will at all times be located in the United States. In respect of all Commodity Contracts owned by such Lien Grantor and all Commodity Accounts in which such Commodity Contracts are carried, the Commodity Intermediary’s jurisdiction (determined
as provided in UCC Section 9-305(b)) will at all times be located in the United States. 
 (k) Delivery
of Pledged Certificates. All Pledged Certificates, when delivered to the Collateral Agent, will be in suitable form for transfer by delivery, or accompanied by duly executed instruments of transfer or assignment in blank. 

(l) Communications. Each Lien Grantor will promptly give to the Collateral Agent copies of any notices and other
communications received by it with respect to (i) Pledged Securities 

  
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registered in the name of such Lien Grantor or its nominee and (ii) Pledged Security Entitlements as to which such Lien Grantor is the Entitlement Holder, in each case (x) while an
Event of Default has occurred and is continuing or (y) relating to any matter that could reasonably be expected to have a Material Adverse Effect. 
 (m) Foreign Subsidiaries. A Lien Grantor will not be obligated to comply with the provisions of this Section at any time with respect to any voting Equity Interest in a Foreign Subsidiary if and to
the extent (but only to the extent) that such voting Equity Interest is excluded from the Transaction Liens at such time pursuant to clause (B) of the proviso at the end of Section 3(a) and/or the comparable provisions of one or more
Security Agreement Supplements. 
 (n) Compliance with Applicable Foreign Laws. If and so long as the
Collateral includes (i) any Equity Interest in, or other Investment Property issued by, a Subsidiary (other than an Immaterial Subsidiary) organized under the laws of a jurisdiction outside the United States or (ii) any Security
Entitlement in respect of a Financial Asset issued by such a Subsidiary (other than an Immaterial Subsidiary), the relevant Lien Grantor will take all such action as may be required under the laws of such foreign jurisdiction to ensure that the
Transaction Lien on such Collateral ranks prior to all Liens and rights of others therein other than Permitted Liens that have priority over the Transaction Liens by operation of law. If and so long as the Collateral includes any Pledged
Uncertificated Security issued by such a Subsidiary (other than an Immaterial Subsidiary), the relevant Lien Grantor will comply with this subsection, and will not be required to comply with Section 11(b), with respect thereto. 

Section 12. Controlled Deposit Accounts. Each Lien Grantor represents, warrants and covenants as follows: 

(a) All cash owned by each Lien Grantor shall be deposited, upon or promptly after the receipt thereof, in one or more
Controlled Deposit Accounts; provided that this Section 12(a) shall not apply to any cash maintained in (i) any Deposit Account to the extent that the average daily balance of cash held in such Deposit Account, as determined on a
monthly basis, does not exceed $5,000,000; and provided further that the aggregate amount of cash maintained by all Lien Grantors in all Deposit Accounts (other than Deposit Accounts described in clause (ii) or (iii) below) that are
not Controlled Deposit Accounts shall not at any time be in excess of $10,000,000, (ii) any Deposit Account that satisfies the applicable conditions set forth in clauses (E), (F) and (G) of the proviso at the end of Section 3(a)
or (iii) any Deposit Account consisting solely of cash collected and held by such Lien Grantor on behalf and for the benefit of Insurance Subsidiaries. 
 (b) (i) Schedule 6 lists, as of the Issue Date, all Controlled Deposit Accounts, (ii) each Controlled Deposit Account will be operated as provided in Section 13, and (iii) except to
the extent not required by clause (a) above, it will provide the Collateral Agent with prompt written notice that any Account meets the requirements of a Controlled Deposit Account, any such notice shall be deemed an automatic amendment to
Schedule 6 hereto to include such Account, and such Lien Grantor shall enter into an Account Control Agreement with respect to such Account within 30 days of such Account meeting such requirements (unless the Agent under the Credit Agreement,
in its discretion, shall have agreed in writing to a longer period). 
 (c) In respect of each Controlled Deposit
Account, the Depositary Bank’s jurisdiction (determined as provided in UCC Section 9-304) will at all times be a jurisdiction in which Article 9 is in effect. 

  
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 (d) So long as the Collateral Agent has Control of a Controlled Deposit
Account, the Transaction Lien on such Controlled Deposit Account will be perfected, subject to no prior Liens or rights of others (except (i) the Depositary Bank’s right to deduct its customary operating charges and any uncollected funds
previously credited thereto and (ii) Permitted Priority Liens). 
 (e) Each Lien Grantor will provide the
Collateral Agent with prompt written notice (and in any case within 20 days) of the opening of any new Deposit Account and any such notice shall be deemed to be an automatic amendment to Schedule 3 hereto. 

Section 13. Operation of Collateral Accounts. 
 (a) (i) Funds held in any Controlled Deposit Account may, until withdrawn, be invested and reinvested in such Liquid Investments as the relevant Lien Grantor may select from time to time, (ii) Funds
held in any Controlled Securities Account may, until withdrawn, be invested and reinvested in such Cash Equivalents as the relevant Lien Grantor may select from time to time, (iii) Funds held in any Controlled Commodity Account may, until
withdrawn, be invested and reinvested in such Cash Equivalents as the relevant Lien Grantor may select from time to time; provided that upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the
sole right to direct the disposition of funds with respect to each Collateral Account (including the withdrawal of such funds), and it shall be a term and condition of the Collateral Accounts, notwithstanding any term or condition to the contrary in
any other agreement relating to the Collateral Accounts, that upon written notice by the Collateral Agent to such account holder, the holders of such accounts will comply with instructions with respect to such accounts originated only by the
Collateral Agent, without notice to, consent from or other reference to any Lien Grantor. Upon the curing or waiving of such Event of Default, the Collateral Agent will instruct the relevant account holder that the relevant Lien Grantor may
withdraw, or direct the disposition of, funds held therein unless and until the Collateral Agent rescinds such instruction. 

(b) Upon the occurrence and during the continuation of an Event of Default, each Lien Grantor will (i) immediately upon the written
request of the Collateral Agent, instruct each Person obligated at any time to make any payment to such Lien Grantor for any reason to make such payment to a Collateral Account and (ii) deposit in the Collateral Accounts or pay to the
Collateral Agent for deposit in the Collateral Accounts, at the end of each Business Day, all proceeds of Collateral and all other cash of each Lien Grantor. 
 (c) Each Lien Grantor may from time to time provide the Collateral Agent with an Account Control Agreement or a supplement to an existing Account Control Agreement with such then existing Depositary Bank,
Commodity Intermediary or Securities Intermediary covering a new Collateral Account (and, upon the receipt by the Collateral Agent of such Account Control Agreement or supplement, Schedule 6 shall be automatically amended to include such
account). 
 (d) Each Lien Grantor agrees that it will promptly provide the Collateral Agent with written notice of any
termination (if such termination is permitted) of any Collateral Account (and, upon such notice, Schedule 6 shall be automatically amended to remove such account). Upon any termination by any Lien Grantor of any Collateral Account, the
Company will immediately transfer all funds and property held in such terminated Collateral Account to another Collateral Account. 
 (e) If immediately available cash on deposit in all Collateral Accounts is not sufficient to make any distribution or withdrawal to be made pursuant hereto following the occurrence and during the
continuation of an Event of Default, the Collateral Agent may cause to be liquidated, as promptly as practicable, such investments held in or credited to one or more such Collateral Account as shall be required to obtain sufficient cash to make such
distribution or withdrawal and, notwithstanding any other provision hereof, such distribution or withdrawal shall not be made until such liquidation has taken place. 

  
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 Section 14. Transfer of Record Ownership. 

(a) At any time when an Event of Default shall have occurred and be continuing, the Collateral Agent may (and to the extent that action
by it is required, the relevant Lien Grantor, if directed to do so by the Collateral Agent, will as promptly as practicable) cause each of the Pledged Securities (or any portion thereof specified in such direction) to be (x) transferred of
record into the name of the Collateral Agent or its nominee or (y) credited to an appropriate Collateral Account; provided that no such action shall be taken with respect to any capital stock of any Regulated Subsidiary unless any and
all regulatory approvals required under applicable law shall have been obtained; and provided further that (i) to the extent any of the Pledged Securities (or a portion thereof) have been transferred of record into the name of the
Collateral Agent or its nominee and (ii) no Event of Default is continuing, the Collateral Agent will cooperate reasonably with the relevant Lien Grantor to cause such Pledged Security (or a portion thereof) to be re-registered (as promptly as
practicable) in the name of such Lien Grantor. Each Lien Grantor will take any and all actions reasonably necessary or as requested by the Collateral Agent to facilitate compliance with this subsection. 

(b) Perfection upon Transfer of Record Ownership. If and when any Pledged Security (whether certificated or uncertificated) owned
by such Lien Grantor is transferred of record into the name of the Collateral Agent or its nominee pursuant to Section 14(a), (i) the Transaction Lien on such Pledged Security will be perfected, subject to no prior Liens or rights of
others, (ii) the Collateral Agent will have Control of such Pledged Security and (iii) the Collateral Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof. 

(c) Provisions Inapplicable after Transfer of Record Ownership. If the provisions of Section 14(a) are implemented, Sections
11(b) and 11(c) shall not thereafter apply to (i) any Pledged Security that is registered in the name of the Collateral Agent or its nominee or (ii) any Security Entitlement in respect of which the Collateral Agent or its nominee is the
Entitlement Holder. 
 (d) Communications after Transfer of Record Ownership. The Collateral Agent will promptly give to
the relevant Lien Grantor copies of any notices and other communications received by the Collateral Agent with respect to (i) Pledged Securities registered in the name of the Collateral Agent or its nominee and (ii) Pledged Security
Entitlements as to which the Collateral Agent or its nominee is the Entitlement Holder. 
 Section 15. Right to Vote
Securities. 
 (a) Unless an Event of Default shall have occurred and be continuing, each Lien Grantor will have the right,
from time to time, to vote and to give consents, ratifications and waivers with respect to any Pledged Security owned by it and the Financial Asset underlying any Pledged Security Entitlement owned by it, and the Collateral Agent will, upon
receiving a written request from such Lien Grantor, promptly deliver (or cause to be delivered) to such Lien Grantor or as specified in such request such proxies, powers of attorney, consents, ratifications and waivers in respect of any such Pledged
Security that is registered in the name of the Collateral Agent or its nominee or any such Pledged Security Entitlement as to which the Collateral Agent or its nominee is the Entitlement Holder, in each case as shall be specified in such request.
Unless an Event of Default shall have occurred and be continuing, the Collateral Agent will have no right to take any action which the owner of a Pledged Partnership Interest or Pledged LLC Interest is entitled to take with respect thereto, except
the right to receive payments and other distributions to the extent provided herein. 

  
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 (b) If an Event of Default shall have occurred and be continuing, and after written notice
from the Collateral Agent to such Lien Grantor, the Collateral Agent will have the right to the extent permitted by law (and, in the case of a Pledged Partnership Interest or Pledged LLC Interest, by the relevant partnership agreement, limited
liability company agreement, operating agreement or other governing document) to vote, to give consents, ratifications and waivers and to take any other action with respect to the Pledged Investment Property, the other Pledged Equity Interests (if
any) and the Financial Assets underlying the Pledged Security Entitlements, with the same force and effect as if the Collateral Agent were the absolute and sole owner thereof, and each Lien Grantor will take all such action as may be necessary or as
the Collateral Agent may reasonably request from time to time to give effect to such right; provided that the Collateral Agent will not have the right to vote, to give consents, ratifications or waivers or to take any other action with
respect to the capital stock of any Regulated Subsidiary, in each case to the extent that such action would require prior regulatory approval under applicable law, unless such approval shall have been granted. 

Section 16. Remedies upon Event of Default. 
 (a) If an Event of Default shall have occurred and be continuing, the Collateral Agent may but shall not be obligated to exercise (or cause its sub-agents to exercise) any or all of the remedies available
to it (or to such sub-agents) under the Collateral Documents. 
 (b) Without limiting the generality of the foregoing, if an
Event of Default shall have occurred and be continuing, the Collateral Agent may exercise on behalf of the Secured Parties all the rights of a secured party under the UCC (whether or not in effect in the jurisdiction where such rights are exercised)
with respect to any Collateral and, in addition, the Collateral Agent may, without being required to give any notice, except as herein provided or as may be required by mandatory provisions of law, withdraw all cash held in the Collateral Accounts
and apply such cash as provided in Section 17 and, if there shall be no such cash or if such cash shall be insufficient to pay all the Secured Obligations in full, sell, lease, license or otherwise dispose of the Collateral or any part thereof;
provided that the right of the Collateral Agent to sell or otherwise dispose of the capital stock of any Regulated Subsidiary shall be subject to the Collateral Agent or the relevant Lien Grantor obtaining, to the extent necessary under
applicable law, the prior approval of such sale or other disposition by the governmental body or official having jurisdiction with respect to such Regulated Subsidiary. Notice of any such sale or other disposition shall be given to the relevant Lien
Grantor(s) as required by Section 19. 
 (c) Without limiting the generality of the foregoing, if an Event of Default shall
have occurred and be continuing: 
 (i) the Collateral Agent may license or sublicense, whether general, special
or otherwise, and whether on an exclusive or non-exclusive basis, any Pledged Intellectual Property (including any Pledged Recordable Intellectual Property) for such term or terms, on such conditions and in such manner as the Collateral Agent shall
in its reasonable discretion determine; provided that such licenses or sublicenses do not conflict with any existing license of which the Collateral Agent shall have received a copy; 

(ii) the Collateral Agent may (without assuming any obligation or liability thereunder), at any time and from time to time
enforce (and shall have the exclusive right to enforce) against any licensee or sublicensee all rights and remedies of any Lien Grantor in, to and under any of its Pledged Intellectual Property and take or refrain from taking any action under any
thereof, and each Lien Grantor releases the Collateral Agent and each other Secured Party from liability for, and agrees to hold the Collateral Agent and each other Secured Party free and harmless from and against any claims and expenses arising out
of, any lawful action so taken or omitted 

  
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to be taken with respect thereto, except for claims and expenses arising from the Collateral Agent’s or such Secured Party’s gross negligence or willful misconduct as determined by a
court of competent jurisdiction in a final and non-appealable judgment; and 
 (iii) upon request by the
Collateral Agent (which shall not be construed as implying any limitation on its rights or powers), each Lien Grantor will execute and deliver to the Collateral Agent a power of attorney, in form and substance reasonably satisfactory to the
Collateral Agent, for the implementation of any sale, lease, license or other disposition of any of such Lien Grantor’s Pledged Intellectual Property or any action related thereto. In connection with any such disposition, but subject to any
confidentiality restrictions imposed on such Lien Grantor in any license or similar agreement, such Lien Grantor will supply to the Collateral Agent its know-how and expertise relating to the relevant Intellectual Property or the products or
services made or rendered in connection with such Intellectual Property, and its customer lists and other records relating to such Intellectual Property and to the distribution of said products or services. 

Section 17. Application of Proceeds. Subject to the Intercreditor Agreement, if an Event of Default shall have occurred and
be continuing, the Collateral Agent shall apply (i) any cash held in the Collateral Accounts and (ii) the proceeds of any sale or other disposition of, or any collections (including in the form of interest, dividends, redemption payments
and other distributions in respect of any Equity Interests) on, all or any part of the Collateral, in accordance with Section 6.10 of the Indenture. 
 Section 18. Fees and Expenses; Indemnification. 
 (a) The Company will
within ten Business Days following written demand (together with, in the case of clauses (i) and (ii) below, if requested by the Company, backup documentation supporting such written demand) pay to the Collateral Agent: 

(i) the amount of any taxes that the Collateral Agent may have been required to pay by reason of the Transaction Liens or
to free any Collateral from any other Lien thereon; 
 (ii) the amount of any and all reasonable out-of-pocket
expenses, including transfer taxes and reasonable fees and expenses of counsel and other outside experts, that the Collateral Agent may incur in connection with (x) the administration or enforcement of the Collateral Documents, including such
expenses as are incurred to preserve the value of the Collateral or the validity, perfection, rank or value of any Transaction Lien, (y) the collection, sale or other disposition of any Collateral or (z) the exercise by the Collateral
Agent of any of its rights or powers under the Collateral Documents; and 
 (iii) the amount of any fees that the
Company shall have agreed in writing to pay to the Collateral Agent and that shall have become due and payable in accordance with such written agreement. 
 (b) If any transfer tax, documentary stamp tax or other tax is payable in connection with any transfer or other transaction provided for in the Collateral Documents, the Company will pay such tax and
provide any required tax stamps to the Collateral Agent or as otherwise required by law. 
 (c) Each Lien Grantor waives all
rights for contribution and all other rights of recovery with respect to liabilities, losses, damages, costs and expenses arising under or related to Environmental Laws that it might have by statute or otherwise against any Indemnified Person.

  
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 Section 19. Authority to Administer Collateral. Each Lien Grantor irrevocably
appoints the Collateral Agent its true and lawful attorney, with full power of substitution, in the name of such Lien Grantor, any Secured Party or otherwise, for the sole use and benefit of the Secured Parties, but at the Company’s expense, to
the extent permitted by law to exercise, at any time and from time to time while an Event of Default shall have occurred and be continuing, all or any of the following powers with respect to all or any of such Lien Grantor’s Collateral:

 (a) to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon
or by virtue thereof, 
 (b) to settle, compromise, compound, prosecute or defend any action or proceeding with
respect thereto, 
 (c) to sell, lease, license or otherwise dispose of the same or the proceeds or avails
thereof, as fully and effectually as if the Collateral Agent were the absolute owner thereof, and 
 (d) to
extend the time of payment of any or all thereof and to make any allowance or other adjustment with reference thereto; 
 provided that,
except in the case of Collateral that is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Collateral Agent will give the relevant Lien Grantor at least ten days’ prior written
notice of the time and place of any public sale thereof or the time after which any private sale or other intended disposition thereof will be made. Any such notice shall (i) contain the information specified in UCC Section 9-613,
(ii) be Authenticated and (iii) be sent to the parties required to be notified pursuant to UCC Section 9-611(c); provided that, if the Collateral Agent fails to comply with this sentence in any respect, its liability for such
failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC. 
 Section 20.
Limitation on Duty in Respect of Collateral. Beyond the exercise of reasonable care in the custody and preservation thereof and accounting for monies received therefrom, the Collateral Agent will have no duty as to any Collateral in its
possession or control or in the possession or control of any sub-agent or bailee or any income therefrom or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Collateral Agent will be deemed to have
exercised reasonable care in the custody and preservation of the Collateral in its possession or control if such Collateral is accorded treatment substantially equal to that which it accords its own property, and will not be liable or responsible
for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of any act or omission of any sub-agent or bailee selected by the Collateral Agent in good faith, except to the extent that such liability arises from
the Collateral Agent’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final and non-appealable judgment. 
 Section 21. General Provisions Concerning the Collateral Agent. 
 (a)
Appointment and Authorization; “Collateral Agent.” The provisions of Article XI of the Indenture shall inure to the benefit of the Collateral Agent, and shall be binding upon all Lien Grantors and all Secured Parties, in connection
with this Agreement and the other Collateral Documents. The Collateral Agent is hereby irrevocably appointed, designated and authorized to take such actions under the provisions of this Agreement and each other Collateral Document and to exercise
such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Collateral Document, together with such actions and powers as are reasonably incidental thereto. In furtherance of the foregoing, the
Collateral Agent is hereby authorized to serve as Applicable Authorized Representative and Applicable Collateral Agent (each as defined in the Intercreditor Agreement) in accordance with the 

  
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terms of the Intercreditor Agreement and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Intercreditor Agreement, together with such actions
and powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Collateral Document, the Collateral Agent shall not have any duties or responsibilities, except those expressly
set forth herein, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement
or any other Collateral Document or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Collateral Documents with reference to the
Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties. 
 (b) Delegation of Duties. The
Collateral Agent may execute any of its duties under this Agreement or any other Collateral Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all
matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. The exculpatory provisions
of Section 20 and this Section shall apply to any such agent, employee or attorney-in-fact. 
 (c) Liability of
Collateral Agent. Neither the Collateral Agent nor any sub-agent appointed by the Collateral Agent to carry out the functions under this Agreement shall (i) be liable for any action taken or omitted to be taken by any of them under or in
connection with this Agreement or any other Collateral Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in connection with its duties expressly set forth herein or required by applicable
law) or (ii) be responsible in any manner to any Secured Party for any recital, statement, representation or warranty made by the Company or any Subsidiary or Affiliate thereof, or any officer thereof, contained herein or in any other
Collateral Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this Agreement or any other Collateral Document, or the validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Collateral Document, or for any failure of the Company or any Subsidiary or Affiliate thereof or any other party to any Collateral Document to perform its
obligations hereunder or thereunder. Neither the Collateral Agent nor any sub-agent appointed by the Collateral Agent to carry out the functions under this Agreement shall be under any obligation to any Secured Party to ascertain or to inquire as to
the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Collateral Document, or to inspect the properties, books or records of the Company or any Subsidiary or Affiliate thereof. The
Collateral Agent shall not be responsible for the existence, genuineness or value of any Collateral or for the validity, perfection, priority or enforceability of any Transaction Lien, including, without limitation, the filing, form, content or
renewal of UCC financing statements, Mortgages or similar documents or instruments, whether impaired by operation of law or by reason of any action or omission to act on its part under the Collateral Documents. 

(d) Reliance by Collateral Agent. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon
any writing, communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it
to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the Company or any Subsidiary), independent accountants and other experts selected
by the Collateral Agent. The Collateral Agent shall be fully justified in failing or refusing to take any action under any Collateral Document unless it shall first receive such advice or concurrence of the Holders of a majority in aggregate
principal amount of the Notes as it deems appropriate and, if it so requests, 

  
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it shall first be indemnified to its satisfaction by the Secured Parties (other than the Trustee and Collateral Agent) against any and all liability and expense which may be incurred by it by
reason of taking or continuing to take any such action. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Collateral Document in accordance with a request or consent
of the requisite number of Holders required by the Indenture and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Secured Parties. 

(e) Notice of Default. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default,
unless the Collateral Agent shall have received written notice from a Secured Party or the Company referring to the Indenture, describing such Default and stating that such notice is a “notice of default.” The Collateral Agent will notify
the Secured Parties of its receipt of any such notice. The Collateral Agent shall take such action with respect to such Default as may be directed by the requisite number of Holders required by the Indenture; provided, however, that
unless and until the Collateral Agent has received any such direction, the Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable or in the
interest of the Secured Parties. 
 (f) [Reserved]. 

(g) Information as to Secured Obligations and Actions by Secured Parties. For all purposes of the Collateral Documents, including
determining the amounts of the Secured Obligations or whether any action has been taken under any Secured Agreement, the Collateral Agent will be entitled to rely on information from (i) its own records for information as to the Holders, their
Secured Obligations and actions taken by them; (ii) any Secured Party for information as to its Secured Obligations and actions taken by it, to the extent that the Collateral Agent has not obtained such information from the foregoing sources;
and (iii) the Company, to the extent that the Collateral Agent has not obtained information from the foregoing sources. 

(h) Within two Business Days after it receives or sends any notice referred to in this subsection, the Collateral Agent shall send to
each Secured Party Requesting Notice, copies of any notice given by the Collateral Agent to any Lien Grantor, or received by it from any Lien Grantor, pursuant to Section 16, 17, 19 or 22. 

(i) The Collateral Agent may refuse to act on any notice, consent, direction or instruction from any Secured Parties or any agent,
trustee or similar representative thereof that, in the Collateral Agent’s opinion, (i) is contrary to law or the provisions of any Collateral Document, (ii) may expose the Collateral Agent to liability (unless the Collateral Agent
shall have been indemnified, to its satisfaction, for such liability by the Secured Parties (other than the Trustee and Collateral Agent) that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured
Parties not joining in such notice, consent, direction or instruction. 
 Section 22. Termination of Transaction Liens;
Release of Collateral. 
 (a) The Transaction Liens granted by each Subsidiary Guarantor shall terminate when its Secured
Guarantee is released pursuant to the Indenture. 
 (b) The Transaction Liens granted by the Company shall terminate in
accordance with Section 11.3 of the Indenture. 
 (c) Concurrently with any sale, lease or other disposition (except a sale
or disposition to another Lien Grantor or a lease) permitted by the proviso to Section 5(d) or release of any Transaction Lien 

  
 -28-

 
in accordance with the Indenture, the Transaction Liens on the assets sold or disposed of (but not in any Proceeds arising from such sale or disposition) or so released will cease immediately
without any action by the Collateral Agent or any other Secured Party. 
 (d) Upon any termination of a Transaction Lien or
release of Collateral, the Collateral Agent will, upon written request certifying that such termination of release is permitted under the Notes Documents and at the expense of the relevant Lien Grantor, execute and deliver to such Lien Grantor such
documents as such Lien Grantor shall reasonably request to evidence the termination of such Transaction Lien or the release of such Collateral, as the case may be. 
 Section 23. Additional Subsidiary Guarantors and Lien Grantors. Any Subsidiary may become a party hereto by signing and delivering to the Collateral Agent a Security Agreement Supplement,
whereupon such Subsidiary shall become a “Subsidiary Guarantor” and a “Lien Grantor” as defined herein. 

Section 24. Notices. 
 (a) Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including by facsimile transmission). All such written notices shall be
mailed, faxed or delivered to the applicable address, facsimile number (provided that any matter transmitted by the Company by facsimile (1) shall be immediately confirmed by a telephone call to the recipient at the number specified
below and (2) shall be followed promptly by delivery of a hard copy original thereof) or (subject to subsection (c) below) electronic mail address, and all notices and other communications expressly permitted hereunder to be given by
telephone shall be made to the applicable telephone number, as follows: 
 (i) if to the Company or the
Collateral Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person in the Indenture or to such other address, facsimile number, electronic mail address or telephone number as shall be designated
by such party in a notice to the other parties; 
 (ii) if to any Subsidiary Guarantor listed on the signature
pages hereof, to the Company as set forth above to be forwarded to such Subsidiary Guarantor at its address, facsimile number, electronic mail address or telephone number designated by such party in a notice to the Company; 

(iii) if to any other Subsidiary Guarantor, to the address, facsimile number, electronic mail address or telephone number
specified for such Person in its first Security Agreement Supplement or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and 

(iv) if to any Secured Party Requesting Notice, to such address, facsimile number, electronic mail address or telephone
number as such party may hereafter specify for the purpose by notice to the Collateral Agent. 
 All such notices and other
communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party
hereto; (B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which
form of delivery is subject to the provisions of subsection (c) below), when delivered. In no event shall a voicemail message be effective as a notice, communication or confirmation hereunder. 

  
 -29-

 (b) This Agreement and the other Collateral Documents may be transmitted and/or signed by
facsimile or Adobe PDF delivered by electronic mail. The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on the Company, all
Subsidiary Guarantors, the Secured Parties and the Collateral Agent. The Collateral Agent may also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided, that the failure to request or
deliver the same shall not limit the effectiveness of any facsimile document or signature. 
 (c) Electronic mail and Internet
and intranet websites may be used only to distribute routine communications and to distribute this Agreement and other Collateral Documents for execution by the parties thereto, and may not be used for any other purpose. 

(d) The Collateral Agent and the other Secured Parties shall be entitled to rely and act upon any notices purportedly given by or on
behalf of the Company or any Subsidiary Guarantor even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein or (ii) the terms thereof,
as understood by the recipient, varied from any confirmation thereof. The Company and the Subsidiary Guarantors shall jointly and severally indemnify the Collateral Agent, any sub-agent appointed by the Collateral Agent to carry out the functions
under this Agreement and each Secured Party from all losses, costs, out-of-pocket expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Company or any Subsidiary Guarantor;
provided that such indemnity shall not, as to any Person, be available to the extent that such losses, costs, out-of-pocket expenses or liabilities are determined by a court of competent jurisdiction by final and nonappealable judgment to
have resulted from the gross negligence or willful misconduct of such Person. All telephonic notices to and other communications with the Collateral Agent may be recorded by the Collateral Agent, and each of the parties hereto hereby consents to
such recording. 
 Section 25. No Implied Waivers; Remedies Not Exclusive. No failure by the Collateral Agent or any
Secured Party to exercise, and no delay in exercising and no course of dealing with respect to, any right or remedy under any Collateral Document shall operate as a waiver thereof; nor shall any single or partial exercise by the Collateral Agent or
any Secured Party of any right or remedy under any Notes Document preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies specified in the Notes Documents are cumulative and are not
exclusive of any other rights or remedies provided by law. 
 Section 26. Successors and Assigns. This Agreement is
for the benefit of the Collateral Agent and the Secured Parties. If all or any part of any Secured Party’s interest in any Secured Obligation is assigned or otherwise transferred, the transferor’s rights hereunder, to the extent applicable
to the obligation so transferred, shall be automatically transferred with such obligation. This Agreement shall be binding on the Lien Grantors and their respective successors and assigns. 

Section 27. Amendments and Waivers. Neither this Agreement nor any provision hereof may be waived, amended, modified or
terminated except pursuant to an agreement or agreements in writing entered into by the parties hereto, with the consent of such Holders as are required to consent thereto under Article IX of the Indenture. 

Section 28. Choice of Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New
York. 

  
 -30-

 Section 29. Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY COLLATERAL DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY
COLLATERAL DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER
OF THEIR RIGHT TO TRIAL BY JURY. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER SECURITY DOCUMENTS. 

Section 30. Severability. If any provision of any Collateral Document is invalid or unenforceable in any jurisdiction, then,
to the fullest extent permitted by law, (i) the other provisions of the Collateral Documents shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Collateral Agent and the Secured Parties in
order to carry out the intentions of the parties thereto as nearly as may be possible and (ii) the invalidity or unenforceability of such provision in such jurisdiction shall not affect the validity or enforceability thereof in any other
jurisdiction. 
 Section 31. Intercreditor Agreement; Indenture. Notwithstanding anything herein to the contrary,
the Liens and security interests granted to the Collateral Agent pursuant to this Agreement, the exercise of any right or remedy by the Collateral Agent hereunder and the obligations of the Lien Grantors hereunder, in each case, with respect to the
Collateral are subject to the limitations and provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement with respect to the Collateral, the terms of the
Intercreditor Agreement shall govern and control. For the avoidance of doubt, at any time that the Collateral Agent is not the Applicable Collateral Agent (as defined in the Intercreditor Agreement), the Lien Grantors shall be deemed to have
complied with any obligation hereunder to deliver any possessory collateral (or other Collateral that can be held by only one person) to the Collateral Agent by delivering such possessory collateral to the Applicable Collateral Agent (as defined in
the Intercreditor Agreement). In the event of any conflict between this Agreement and the Indenture the terms of the Indenture shall control. 

  
 -31-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	CNO FINANCIAL GROUP, INC.
		
	By:	 	 /s/ Scott L. Galovic

		 	Name: Scott L. Galovic
		 	Title: Vice President and Treasurer
	
	WILMINGTON TRUST FSB, as Collateral Agent
		
	By:	 	 /s/ Timothy Mowdy

		 	Name: Timothy Mowdy
		 	Title: Vice President
	
	Subsidiary Guarantors:
	
	 AMERICAN LIFE AND CASUALTY MARKETING DIVISION CO.

CDOC, INC.
 CNO MANAGEMENT SERVICES
COMPANY

		
	By:	 	 /s/ Scott L. Galovic

		 	Name: Scott L. Galovic
		 	Title: Vice President and Treasurer
	
	40|86 ADVISORS, INC.
	40|86 MORTGAGE CAPITAL, INC.
		
	By:	 	 /s/ Scott L. Galovic

		 	Name: Scott L. Galovic
		 	Title: Vice President and Treasurer

  

			
	PERFORMANCE MATTERS ASSOCIATES, INC.
	 PERFORMANCE MATTERS ASSOCIATES OF TEXAS, INC.

		
	By:	 	 /s/ Scott L. Galovic

		 	Name: Scott L. Galovic
		 	Title: Vice President and Treasurer
	
	CNO SERVICES, LLC
		
	By:	 	CNO Management Services Company,
		 	its Manager
		
	By:	 	 /s/ Scott L. Galovic

		 	Name: Scott L. Galovic
		 	Title: Vice President and Treasurer

 EXHIBIT A 
 to Security Agreement 
 SECURITY AGREEMENT SUPPLEMENT 

SECURITY AGREEMENT SUPPLEMENT dated as of             ,
             between [NAME OF LIEN GRANTOR] (the “Lien Grantor”) and Wilmington Trust FSB, as Collateral Agent (together with its successors and assigns, the
“Collateral Agent”). 
 WHEREAS, CNO Financial Group, Inc., the Subsidiary Guarantors party thereto and the
Collateral Agent, are parties to the Security Agreement dated as of December 21, 2010 (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”) under which CNO Financial Group, Inc. secures
certain of its obligations (the “Secured Obligations”) and the Subsidiary Guarantors secure their respective guarantees thereof; 
 WHEREAS, [name of Lien Grantor] desires to become [is] a party to the Security Agreement as a Lien Grantor thereunder1; and 
 WHEREAS, terms defined in the Security Agreement (or whose definitions are incorporated by reference in Section 1 of the Security Agreement) and not otherwise defined herein have, as used herein, the
respective meanings provided for therein; 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Grant of Transaction Liens. (a) In order to secure [its Secured Guarantee]2 [the Secured Obligations]3, the Lien Grantor grants to the Collateral Agent for the benefit of the Secured Parties a continuing security interest
in all the following property of the Lien Grantor, whether now or owned or existing or hereafter acquired or arising and regardless of where located (the “New Collateral”): 

[describe property being added to the Collateral]4 
 (b) With respect to each right to payment or performance included in the Collateral from time to time, the Transaction Lien granted therein includes a continuing security interest in (i) any
Supporting Obligation that supports such payment or performance and (ii) any Lien that (x) secures such right to payment or performance or (y) secures any such Supporting Obligation. 

 

	1	 If the Lien Grantor is the Company, delete this recital and Section 1 hereof. 

	2	 Delete bracketed words if the Lien Grantor is the Company. 

	3	 Delete bracketed words if the Lien Grantor is a Subsidiary Guarantor. 

	4	 If the Lien Grantor is not already a party to the Security Agreement, clauses (i) through (xv) of, and the proviso to, Section 3(a) of
the Security Agreement may be appropriate. 

 (c) The foregoing Transaction Liens are granted as security only and shall not subject the
Collateral Agent or any other Secured Party to, or transfer or in any way affect or modify, any obligation or liability of the Lien Grantor with respect to any of the New Collateral or any transaction in connection therewith. 

2. Delivery of Collateral. Concurrently with delivering this Security Agreement Supplement to the Collateral Agent, the Lien
Grantor is complying with the provisions of Section 7 of the Security Agreement with respect to Chattel Paper and Instruments, Section 10 of the Security Agreement with respect to rights to the proceeds of letters of credit, and either
Section 11 or Section 14(a) (whichever is applicable) of the Security Agreement with respect to Investment Property, in each case if and, to the extent included in the New Collateral at such time. 

3. Party to Security Agreement. Upon delivering this Security Agreement Supplement to the Collateral Agent,
the Lien Grantor will become a party to the Security Agreement and will thereafter have all the rights and obligations of a Subsidiary Guarantor and a Lien Grantor thereunder and be bound by all the provisions thereof as fully as if the Lien Grantor
were one of the original parties thereto.5 

4. Address of Lien Grantor. The address, facsimile number, electronic mail address and telephone number of the Lien Grantor for
purposes of Section 29 of the Security Agreement are: 
 [address, facsimile number, electronic mail address and telephone
number of Lien Grantor] 
 5. Representations and Warranties.6 (a) The Lien Grantor is a corporation duly organized, validly
existing and in good standing under the laws of [jurisdiction of organization]. 
 (b) The Lien Grantor has delivered a
Perfection Certificate to the Collateral Agent. The information set forth therein is correct and complete as of the date hereof. Within 60 days after the date hereof, the Lien Grantor will furnish (or cause to be furnished) to the Collateral Agent a
file search report from each UCC filing office listed in such Perfection Certificate, showing the filing made at such filing office to perfect the Transaction Liens on the New Collateral. 

(c) The execution and delivery of this Security Agreement Supplement by the Lien Grantor and the performance by it of its obligations
under the Security Agreement as supplemented hereby are within its corporate or other powers, have been duly authorized by all necessary corporate or other action, require no action by or in respect of, or filing with, any governmental body, agency
or official (except (i) such as have been obtained on or prior to the date hereof and (ii) filings necessary to perfect the Transactions Liens) and do not contravene, or constitute a default under, any provision of applicable law or
regulation (except to the extent that such contraventions or defaults, in the aggregate, could not reasonably be expected to have a Material Adverse Effect) or of its Organization Documents, or of any material agreement, judgment, injunction, order,
decree or other instrument binding upon it or result in the creation or imposition of any Lien (except a Transaction Lien) on any of its assets. 

 

	5	 Delete Sections 4 and 5 if the Lien Grantor is already a party to the Security Agreement. 

	6	 Modify as needed if the Lien Grantor is not a corporation. 

  
 A-2

 (d) The Security Agreement as supplemented hereby constitutes a valid and binding agreement
of the Lien Grantor, enforceable in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting creditors’ rights generally and (ii) general principles
of equity. 
 (e) Each of the representations and warranties set forth in the Security Agreement is true as applied to the Lien
Grantor and the New Collateral. For purposes of the foregoing sentence, references in said Sections to a “Lien Grantor” shall be deemed to refer to the Lien Grantor, references to Schedules to the Security Agreement shall be deemed to
refer to the corresponding Schedules to this Security Agreement Supplement, references to “Collateral” shall be deemed to refer to the New Collateral, and references to the “Issue Date” shall be deemed to refer to the date on
which the Lien Grantor signs and delivers this Security Agreement Supplement. 
 6. Governing Law. This Security
Agreement Supplement shall be construed in accordance with and governed by the laws of the State of New York. 

  
 A-3

 IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement Supplement to be
duly executed by their respective authorized officers as of the day and year first above written. 
  

			
	[NAME OF LIEN GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON TRUST FSB, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4

 Schedule 1 
 to Security Agreement 
 Supplement 

EQUITY INTERESTS IN SUBSIDIARIES AND AFFILIATES 
 OWNED BY LIEN GRANTOR 
  

											
	 Current Legal

Entities Owned
	 	 Record Owner
	 	 Certificate No.
	  	No. Shares/Interest	 	  	 Percent Pledged

		 		 		  				  	
		 		 		  				  	
		 		 		  				  	
		 		 		  				  	

  
 A-5

 Schedule 2 
 to Security Agreement 
 Supplement 

OTHER SECURITIES 
 (OTHER THAN EQUITY INTERESTS IN SUBSIDIARIES AND AFFILIATES) 
  

											
	 Current Legal

Entities Owned
	 	 Record Owner
	 	 Certificate No.
	  	No. Shares/Interest	 	  	 Percent Pledged

		 		 		  				  	
		 		 		  				  	
		 		 		  				  	
		 		 		  				  	

  
 A-6

 Schedule 3 
 to Security Agreement 
 Supplement 

DEPOSIT ACCOUNTS, SECURITIES ACCOUNTS AND COMMODITIES ACCOUNTS 

PART 1 — Securities Accounts 
 The Lien Grantor owns Security Entitlements with respect to Financial Assets credited to the following Securities Accounts: 

 

																					
	 Owner
	  	Type Of Account	 	  	Intermediary	 	  	Account Numbers	 	  	Subject to
control
agreement?
[Yes/No]	 	  	Reason for
Exclusion
from
Control
Requirement	 
		  				  				  				  				  			

 PART 2 — Commodity Accounts 
 The Lien Grantor is the Commodity Customer with respect to the following Commodity Accounts: 
  

																					
	 Owner
	  	Type Of Account	 	  	Intermediary	 	  	Account Numbers	 	  	Subject to
control
agreement?
[Yes/No]	 	  	Reason for
Exclusion
from
Control
Requirement	 
		  				  				  				  				  			

 PART 3 — Deposit Accounts 
 The Lien Grantor is the Customer with respect to the following Deposit Accounts: 
  

																					
	 Owner
	  	Type Of Account	 	  	Bank	 	  	Account Numbers	 	  	Subject to
control
agreement?
[Yes/No]	 	  	Reason for
Exclusion
from
Control
Requirement	 
		  				  				  				  				  			

  
 A-7

 Schedule 4 
 to Security Agreement 
 Supplement 

COMMERCIAL TORT CLAIMS 
  

			
	 Description
	  	 Pledged

[Yes/No]

		  	
		  	
		  	

  
 A-8

 Schedule 5 
 to Security Agreement 
 Supplement 

PLEDGED INSTRUMENTS 
  

	1.	Promissory Notes: 

  

											
	 Entity
	 	 Principal

Amount
	 	 Date of

Issuance
	  	 Interest Rate
	  	 Maturity Date
	  	 Pledged

[Yes/No]

		 		 		  		  		  	
		 		 		  		  		  	
		 		 		  		  		  	

  

	2.	Chattel Paper: 

  

			
	 Description
	  	 Pledged

[Yes/No]

		  	
		  	
		  	

  
 A-9

 Schedule 6 
 to Security Agreement 
 Supplement 

CONTROLLED ACCOUNTS 
 PART 1 — Securities Accounts 
  

							
	 Owner
	 	 Type Of Account
	 	 Intermediary
	 	 Account Numbers

		 		 		 	

 PART 2 — Commodity Accounts 

 

							
	 Owner
	 	 Type Of Account
	 	 Intermediary
	 	 Account Numbers

		 		 		 	

 PART 3 — Deposit Accounts 

 

							
	 Owner
	 	 Type Of Account
	 	 Bank
	 	 Account Numbers

  
 A-10

 EXHIBIT B 
 to Security Agreement 
 COPYRIGHT SECURITY AGREEMENT 

(Copyrights, Copyright Registrations, Copyright 
 Applications and Copyright Licenses) 
 WHEREAS, [name
of Lien Grantor], a                      corporation7 (herein referred to as the “Lien Grantor”) owns, or in the case of licenses is a party to, the
Copyright Collateral (as defined below); 
 WHEREAS, CNO Financial Group, Inc. (the “Company”) and Wilmington
Trust FSB, as collateral agent (together with its successors and assigns, the “Collateral Agent”) and trustee, are parties to the Indenture dated as of December 21, 2010 (as amended, supplemented or otherwise modified from time
to time, the “Indenture”); and 
 WHEREAS, pursuant to (i) the Security Agreement
dated as of December 21, 2010 (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”) among the Company, the Subsidiary Guarantors party thereto and the Collateral Agent for the Secured
Parties referred to therein (in such capacity, together with its successors and assigns in such capacity, the “Grantee”), and (ii) certain other Collateral Documents (including this Copyright Security Agreement) and the
Indenture, the Lien Grantor has [secured certain of its obligations (the “Secured
Obligations”)]8 [guaranteed certain obligations
of the Company and secured such guarantee (the “Lien Grantor’s Secured Guarantee of the Secured Obligations”)]9 granted to the Grantee for the benefit of such Secured Parties a continuing security interest in personal property of
the Lien Grantor, including all right, title and interest of the Lien Grantor in, to and under the Copyright Collateral (as defined below); 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Lien Grantor grants to the Grantee, to secure the [Secured Obligations] [Lien
Grantor’s Secured Guarantee of the Secured Obligations], a continuing security interest in all of the Lien Grantor’s right, title and interest in, to and under the following (all of the following items or types of property being herein
collectively referred to as the “Copyright Collateral”), whether now owned or existing or hereafter acquired or arising: 
 (i) each Copyright (as defined in the Security Agreement) owned by the Lien Grantor, including, without limitation, each Copyright registration or application therefor referred to in Schedule 1 hereto;

  

	7	 Modify as needed if the Lien Grantor is not a corporation. 

	8	 Delete these bracketed words if the Lien Grantor is a Subsidiary Guarantor. 

	9	 Delete these bracketed words if the Lien Grantor is the Company. 

 (ii) each Copyright License (as defined in the Security Agreement) to which
the Lien Grantor is a party, including, without limitation, each Copyright License identified in Schedule 1 hereto; and 
 (iii) all proceeds of, revenues from, and accounts and general intangibles arising out of, the foregoing, including, without limitation, all proceeds of and revenues from any claim by the Lien Grantor
against third parties for past, present or future infringement of any Copyright (including, without limitation, any Copyright owned by the Lien Grantor and identified in Schedule 1), and. all rights and benefits of the Lien Grantor under any
Copyright License (including, without limitation, any Copyright License identified in Schedule 1). 
 The Lien Grantor
irrevocably constitutes and appoints the Grantee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority in the name of the Lien Grantor or in the Grantee’s name,
from time to time, in the Grantee’s reasonable discretion, so long as any Event of Default shall have occurred and be continuing, to take with respect to the Copyright Collateral, in accordance with the Security Agreement, any and all
appropriate action which the Lien Grantor might take with respect to the Copyright Collateral and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this Copyright Security Agreement and to
accomplish the purposes hereof. 
 Except to the extent expressly permitted in the Security Agreement or the Indenture, the Lien
Grantor agrees not to sell, license, exchange, assign or otherwise transfer or dispose of, or grant any rights with respect to, or mortgage or otherwise encumber, any of the Copyright Collateral. 

The foregoing security interest is granted in conjunction with the security interests granted by the Lien Grantor to the Grantee pursuant
to the Security Agreement. The Lien Grantor acknowledges and affirms that the rights and remedies of the Grantee with respect to the security interest in the Copyright Collateral granted hereby are more fully set forth in the Security Agreement, the
terms and provisions of which are incorporated by reference herein as if fully set forth herein. 

  
 B-2

 IN WITNESS WHEREOF, the Lien Grantor has caused this Copyright Security Agreement to be duly
executed by its officer thereunto duly authorized as of the              day of             ,
        . 
  

			
	[NAME OF LIEN GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

 Acknowledged: 

 

			
	 WILMINGTON TRUST FSB,
 as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3

  

					
	STATE OF                         	  	)	  	
		  	)	  	ss.:
	COUNTY OF                      	  	)	  	

 I,
                                        
, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY, that
                                        
                    ,
                    , of [NAME OF LIEN GRANTOR] (the “Lien Grantor”), personally known to me to be the same person
whose name is subscribed to the foregoing instrument as such                     , appeared before me this day in person and
acknowledged that (s)he signed, executed and delivered the said instrument as her/his own free and voluntary act and as the free and voluntary act of said Lien Grantor, for the uses and purposes therein set forth being duly authorized so to do.

 GIVEN under my hand and Notarial Seal this
             day of             ,         .

 [Seal] 
  

					
	  
	 	
	Signature of notary public	 		 	
	My Commission expires 	 	  
	 	

  
 B-4

 Schedule 1 
 to Copyright 
 Security Agreement 

[NAME OF LIEN GRANTOR] 
 COPYRIGHT REGISTRATIONS 
  

							
	 Registration No.
	 	 Registration Date
	 	 Title
	  	 Expiration Date

		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	

 COPYRIGHT APPLICATIONS 

 

									
	 Case No.
	 	 Serial No.
	 	 Country
	  	 Date
	  	 Filing Title

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

 COPYRIGHT LICENSES 

 

							
	 Name of
Agreement
	 	 Parties
Licensor/Licensee
	 	 Date of
Agreement
	  	 Subject
Matter

		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	

  
 B-5

 EXHIBIT C 
 to Security Agreement 
 PATENT SECURITY AGREEMENT 

(Patents, Patent Applications and Patent Licenses) 
 WHEREAS, [name of Lien Grantor], a
                                        
 corporation10 (herein referred to as the “Lien
Grantor”) owns, or in the case of licenses is a party to, the Patent Collateral (as defined below); 
 WHEREAS, CNO
Financial Group, Inc. (the “Company”) and Wilmington Trust FSB, as collateral agent (together with its successors and assigns, the “Collateral Agent”) and trustee, are parties to the Indenture dated as of
December 21, 2010 (as amended, supplemented or otherwise modified from time to time, the “Indenture”); and 
 WHEREAS, pursuant to (i) the Security Agreement dated as of December 21, 2010 (as amended and/or supplemented from time to time, the “Security Agreement”) among the Company, the
Subsidiary Guarantors party thereto and the Collateral Agent for the Secured Parties referred to therein (in such capacity, together with its successors and assigns in such capacity, the “Grantee”), and (ii) certain other
Collateral Documents (including this Patent Security Agreement) and the Indenture, the Lien Grantor has [secured certain of its obligations (the “Secured Obligations”)]11 [guaranteed certain obligations of the Company and secured such guarantee (the “Lien Grantor’s Secured
Guarantee of the Secured Obligations”)]12 granted
to the Grantee for the benefit of such Secured Parties a continuing security interest in personal property of the Lien Grantor, including all right, title and interest of the Lien Grantor in, to and under the Patent Collateral (as defined below);

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Lien
Grantor grants to the Grantee, to secure the [Secured Obligations] [Lien Grantor’s Secured Guarantee of the Secured Obligations], a continuing security interest in all of the Lien Grantor’s right, title and interest in, to and under the
following (all of the following items or types of property being herein collectively referred to as the “Patent Collateral”), whether now owned or existing or hereafter acquired or arising: 

(i) each Patent (as defined in the Security Agreement) owned by the Lien Grantor, including, without limitation, each
Patent referred to in Schedule 1 hereto; 
 (ii) each Patent License (as defined in the Security Agreement)
to which the Lien Grantor is a party, including, without limitation, each Patent License identified in Schedule 1 hereto; and 

 

	10	Modify as needed if the Lien Grantor is not a corporation. 

	11	Delete these bracketed words if the Lien Grantor is a Subsidiary Guarantor. 

	12	Delete these bracketed words if the Lien Grantor is the Company. 

 (iii) all proceeds of and revenues from the foregoing, including, without
limitation, all proceeds of and revenues from any claim by the Lien Grantor against third parties for past, present or future infringement of any Patent owned by the Lien Grantor (including, without limitation, any Patent identified in Schedule 1
hereto) and all rights and benefits of the Lien Grantor under any Patent License (including, without limitation, any Patent License identified in Schedule 1 hereto). 
 The Lien Grantor irrevocably constitutes and appoints the Grantee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority
in the name of the Lien Grantor or in the Grantee’s name, from time to time, in the Grantee’s reasonable discretion, so long as any Event of Default shall have occurred and be continuing, to take with respect to the Patent Collateral, in
accordance with the Security Agreement, any and all appropriate action which the Lien Grantor might take with respect to the Patent Collateral and to execute any and all documents and instruments which may be necessary or desirable to carry out the
terms of this Patent Security Agreement and to accomplish the purposes hereof. 
 Except to the extent expressly permitted in
the Security Agreement or the Indenture, the Lien Grantor agrees not to sell, license, exchange, assign or otherwise transfer or dispose of, or grant any rights with respect to, or mortgage or otherwise encumber, any of the Patent Collateral.

 The foregoing security interest is granted in conjunction with the security interests granted by the Lien Grantor to the
Grantee pursuant to the Security Agreement. The Lien Grantor acknowledges and affirms that the rights and remedies of the Grantee with respect to the security interest in the Patent Collateral granted hereby are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. 

  
 C-2

 IN WITNESS WHEREOF, the Lien Grantor has caused this Patent Security Agreement to be duly
executed by its officer thereunto duly authorized as of the      day of             ,
        . 
  

					
	[NAME OF LIEN GRANTOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Acknowledged: 
  

					
	 WILMINGTON TRUST FSB,
 as Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 C-3

  

							
	STATE OF                         
        	    	)	  	
		 		    	)	  	ss.:
	COUNTY OF                         
    	    	)	  	

 I,
                                        
, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY, that
                                        
,                     , of [NAME OF LIEN GRANTOR] (the “Lien Grantor”), personally known to me to be the same
person whose name is subscribed to the foregoing instrument as such                     , appeared before me this day in person and
acknowledged that (s) he signed, executed and delivered the said instrument as her/his own free and voluntary act and as the free and voluntary act of said Lien Grantor, for the uses and purposes therein set forth being duly authorized so to do.

 GIVEN under my hand and Notarial Seal this      day of
            ,         . 
 [Seal] 
  

	
	                             
                                         
  
	Signature of notary public
	My Commission expires                        
        

  
 C-4

 Schedule 1 
 to Patent 
 Security Agreement 

[NAME OF LIEN GRANTOR] 
 PATENTS AND DESIGN PATENTS 
  

									
	 Patent No.
	 	 Issued
	 	 Expiration
	  	 Country
	  	 Title

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

 PATENT APPLICATIONS 

 

									
	 Case No.
	 	 Serial No.
	 	 Country
	  	 Date
	  	 Filing Title

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

 PATENT LICENSES 

 

							
	 Name of
Agreement
	 	 Parties
Licensor/Licensee
	 	 Date of
Agreement
	  	 Subject
Matter

		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	

  
 C-5

 EXHIBIT D 
 to Security Agreement 
 TRADEMARK SECURITY AGREEMENT 

(Trademarks, Trademark Registrations, Trademark 
 Applications and Trademark Licenses) 
 WHEREAS, [name of Lien Grantor], a
                                        
 corporation13 (herein referred to as the “Lien
Grantor”) owns, or in the case of licenses is a party to, the Trademark Collateral (as defined below); 
 WHEREAS, CNO
Financial Group, Inc. (the “Company”) and Wilmington Trust FSB, as collateral agent (together with its successors and assigns, the “Collateral Agent”) and trustee, are parties to the Indenture dated as of
December 21, 2010 (as amended, supplemented or otherwise modified from time to time, the “Indenture”); and 
 WHEREAS, pursuant to (i) the Security Agreement dated as of December 21, 2010 (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”) among
the Company, the Subsidiary Guarantors party thereto and the Collateral Agent for the Secured Parties referred to therein (in such capacity, together with its successors and assigns in such capacity, the “Grantee”), and
(ii) certain other Collateral Documents (including this Trademark Security Agreement) and the Indenture, the Lien Grantor has [secured certain of its obligations (the “Secured Obligations”)]14 [guaranteed certain obligations of the Company and secured such
guarantee (the “Lien Grantor’s Secured Guarantee of the Secured Obligations”)]15 granted to the Grantee for the benefit of such Secured Parties a continuing security interest in personal property of the Lien Grantor, including all right, title and interest of the Lien Grantor in, to
and under the Trademark Collateral (as defined below); 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Lien Grantor grants to the Grantee, to secure the [Secured Obligations] [Lien Grantor’s Secured Guarantee of the Secured Obligations (as defined in the Security Agreement)], a continuing
security interest in all of the Lien Grantor’s right, title and interest in, to and under the following (all of the following items or types of property being herein collectively referred to as the “Trademark Collateral”),
whether now owned or existing or hereafter acquired or arising: 
 (i) each Trademark (as defined in the Security
Agreement) owned by the Lien Grantor, including, without limitation, each Trademark registration and application referred to in Schedule 1 hereto, and all of the goodwill of the business connected with the use of, or symbolized by, each
Trademark; 
  

	13	Modify as needed if the Lien Grantor is not a corporation. 

	14	Delete these bracketed words if the Lien Grantor is a Subsidiary Guarantor. 

	15	Delete these bracketed words if the Lien Grantor is the Company. 

 (ii) each Trademark License (as defined in the Security Agreement) to which
the Lien Grantor is a party, including, without limitation, each Trademark License identified in Schedule 1 hereto, and all of the goodwill of the business connected with the use of, or symbolized by, each Trademark licensed pursuant thereto;
and 
 (iii) all proceeds of and revenues from the foregoing, including, without limitation, all proceeds of and
revenues from any claim by the Lien Grantor against third parties for past, present or future unfair competition with, or violation of intellectual property rights in connection with or injury to, or infringement or dilution of, any Trademark owned
by the Lien Grantor (including, without limitation, any Trademark identified in Schedule 1 hereto), and all rights and benefits of the Lien Grantor under any Trademark License (including, without limitation, any Trademark License identified in
Schedule 1 hereto), or for injury to the goodwill associated with any of the foregoing. 
 provided that intent-to-use trademark
applications are excluded from the foregoing security interests, to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity and enforceability of such intent-to-use trademark
applications under applicable United States federal law. 
 The Lien Grantor irrevocably constitutes and appoints the Grantee
and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority in the name of the Lien Grantor or in the Grantee’s name, from time to time, in the Grantee’s
reasonable discretion, so long as any Event of Default shall have occurred and be continuing, to take with respect to the Trademark Collateral, in accordance with the Security Agreement, any and all appropriate action which the Lien Grantor might
take with respect to the Trademark Collateral and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this Trademark Security Agreement and to accomplish the purposes hereof. 

Except to the extent expressly permitted in the Security Agreement or the Indenture, the Lien Grantor agrees not to sell, license,
exchange, assign or otherwise transfer or dispose of, or grant any rights with respect to, or mortgage or otherwise encumber, any of the Trademark Collateral. 
 The foregoing security interest is granted in conjunction with the security interests granted by the Lien Grantor to the Grantee pursuant to the Security Agreement. The Lien Grantor acknowledges and
affirms that the rights and remedies of the Grantee with respect to the security interest in the Trademark Collateral granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference
herein as if fully set forth herein. 

  
 D-2

 IN WITNESS WHEREOF, the Lien Grantor has caused this Trademark Security Agreement to be duly
executed by its officer thereunto duly authorized as of the      day of             ,
        . 
  

					
	[NAME OF LIEN GRANTOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Acknowledged: 
  

					
	 WILMINGTON TRUST FSB,
 as Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 D-3

  

							
	STATE OF                         
        	    	)	  	
		 		    	)	  	ss.:
	COUNTY OF                         
    	    	)	  	

 I,
                                        
, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY, that
                                        
,                     , of [NAME OF LIEN GRANTOR] (the “Lien Grantor”), personally known to me to be the same
person whose name is subscribed to the foregoing instrument as such                     , appeared before me this day in person and
acknowledged that (s) he signed, executed and delivered the said instrument as her/his own free and voluntary act and as the free and voluntary act of said Lien Grantor, for the uses and purposes therein set forth being duly authorized so to do.

 GIVEN under my hand and Notarial Seal this      day of
            ,         . 
 [Seal] 
  

	
	                             
                                         
  
	Signature of notary public
	My Commission expires                        
        

  
 D-4

 Schedule 1 
 to Trademark 
 Security Agreement 

[NAME OF LIEN GRANTOR] 
 U.S. TRADEMARK REGISTRATIONS 
  

					
	 TRADEMARK
	  	REG. NO.	  	REG. DATE
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 U.S. TRADEMARK APPLICATIONS 

 

					
	 TRADEMARK
	  	REG. NO.	  	REG. DATE
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  
 D-5

 TRADEMARK LICENSES 

 

							
	 Name of
Agreement
	 	 Parties
Licensor/Licensee
	 	 Date of
Agreement
	  	 Subject
Matter

		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	

  
 D-6

 EXHIBIT E to 
 Security Agreement 
 PERFECTION CERTIFICATE 

[TO COME] 

 EXHIBIT F to 
 Security Agreement 
 ISSUER CONTROL AGREEMENT 

ISSUER CONTROL AGREEMENT dated as of
                    ,
                     among [name of Lien Grantor] (the “Lien Grantor”), Wilmington Trust FSB, as Collateral Agent (the
“Secured Party”), and CNO Financial Group, Inc. (the “Issuer”). All references herein to the “UCC” refer to the Uniform Commercial Code as in effect from time to time in [Issuer’s jurisdiction
of incorporation]. 
 W I T N E S S E T H: 
 WHEREAS, the Lien Grantor is the registered holder of [specify Pledged Uncertificated Securities issued by the Issuer] issued by the Issuer (the “Securities”); 

WHEREAS, pursuant to the Security Agreement dated as of December 21, 2010 (as such agreement may be amended, supplemented or
otherwise modified from time to time, the “Security Agreement”), the Lien Grantor has granted to the Secured Party a continuing security interest (the “Transaction Lien”) in all right, title and interest of the Lien
Grantor in, to and under the Securities, whether now existing or hereafter arising; and 
 WHEREAS, the parties hereto are
entering into this Agreement in order to perfect the Transaction Lien on the Securities; 
 NOW, THEREFORE, the parties hereto
agree as follows: 
 Section 1. Nature of Securities. The Issuer confirms that (i) the Securities are
“uncertificated securities” (as defined in Section 8-102 of the UCC) and (ii) the Lien Grantor is registered on the books of the Issuer as the registered holder of the Securities. 

Section 2. Instructions. The Issuer agrees to comply with any “instruction” (as defined in Section 8-102 of
the UCC) originated by the Secured Party and relating to the Securities without further consent by the Lien Grantor or any other person. The Lien Grantor consents to the foregoing agreement by the Issuer. 

Section 3. Waiver of Lien; Waiver of Set-off. The Issuer waives any security interest, lien or right of set-off that it may
now have or hereafter acquire in or with respect to the Securities. The Issuer’s obligations in respect of the Securities will not be subject to deduction, set-off or any other right in favor of any person other than the Secured Party.

 Section 4. Choice of Law. This Agreement shall be governed by the laws of [Issuer’s jurisdiction of
incorporation]. 
 Section 5. Conflict with Other Agreements. There is no agreement (except this Agreement) between
the Issuer and the Lien Grantor with respect to the Securities [except for [identify any existing other agreements] (the “Existing Other Agreements”)]. In the event of any conflict between this Agreement (or any portion hereof) and
any other agreement [(including any Existing Other Agreement)] between the Issuer and the Lien Grantor with respect to the Securities, whether now existing or hereafter entered into, the terms of this Agreement shall prevail. 

 Section 6. Amendments. No amendment or modification of this Agreement or waiver
of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all the parties hereto. 

Section 7. Notice of Adverse Claims. As of the date hereof, except for the claims and interests of the Secured Party and the
Lien Grantor in the Securities, the Issuer does not know of any claim to, or interest in, the Securities. When the Issuer knows of any person asserting any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, attachment,
execution or similar process) against the Securities, the Issuer will promptly notify the Secured Party and the Lien Grantor thereof. 
 Section 8. Maintenance of Securities. In addition to, and not in lieu of, the obligation of the Issuer to honor instructions as agreed in Section 2 hereof, the Issuer agrees as follows:

 (i) Lien Grantor Instructions; Notice of Exclusive Control. So long as the Issuer has not received a
Notice of Exclusive Control (as defined below), the Issuer may comply with instructions of the Lien Grantor or any duly authorized agent of the Lien Grantor in respect of the Securities. After the Issuer receives a written notice from the Secured
Party that it is exercising exclusive control over the Securities (a “Notice of Exclusive Control”) and until such Notice of Exclusive Control is rescinded by the Secured Party, the Issuer will cease complying with instructions of
the Lien Grantor or any of its agents. 
 (ii) Dividends and Distributions. So long as the Issuer has not
received a Notice of Exclusive Control, the Issuer shall deliver to the Lien Grantor all dividends, interest and other distributions paid or made upon or with respect to the Securities. After the Issuer receives a Notice of Exclusive Control (and
until such Notice of Exclusive Control is rescinded by the Secured Party), the Issuer shall deliver to the Secured Party all dividends, interest and other distributions paid or made upon or with respect to the Securities. 

(iii) Voting Rights. Until the Issuer receives a Notice of Exclusive Control, the Lien Grantor shall be entitled to
direct the Issuer with respect to voting the Securities. 
 (iv) Statements and Confirmations. The Issuer
will promptly send copies of all statements and other correspondence concerning the Securities simultaneously to each of the Lien Grantor and the Secured Party at their respective addresses specified in Section 11 hereof. 

(v) Tax Reporting. All items of income, gain, expense and loss recognized in respect of the Securities shall be
reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of the Lien Grantor. 
 Section 9. Representations, Warranties and Covenants of the Issuer. The Issuer makes the following representations, warranties and covenants: 

(i) This Agreement is a valid and binding agreement of the Issuer enforceable in accordance with its terms, except as
limited by (A) applicable bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting creditors’ rights generally and (B) general principles of equity. 

(ii) The Issuer has not entered into, and until the termination of this Agreement will not enter into, any agreement with
any other person relating to the Securities pursuant to which it has agreed, or will agree, to comply with instructions (as defined in Section 8-102 of the UCC) of such person. The Issuer has not entered into any other agreement with the Lien
Grantor or the Secured Party purporting to limit or condition the obligation of the Issuer to comply with instructions as agreed in Section 2 hereof. 

 Section 10. Successors. This Agreement shall be binding upon, and shall inure to
the benefit of, the parties hereto and their respective successors and assigns. 
 Section 11. Notices. Each notice,
request or other communication given to any party hereunder shall be in writing (which term includes facsimile or other electronic transmission) and shall be effective (i) when delivered to such party at its address specified below,
(ii) when sent to such party by facsimile or other electronic transmission, addressed to it at its facsimile number or electronic mail address specified below, and such party sends back an electronic confirmation of receipt or (iv) ten
days after being sent to such party by certified or registered United States mail, addressed to it at its address specified below, with first class or airmail postage prepaid: 
 Lien Grantor: 
 Secured Party: 

Issuer: 
 Any party may change
its address, facsimile number and/or electronic mail address for purposes of this Section by giving notice of such change to the other parties in the manner specified above. 
 Section 12. Termination. The rights and powers granted herein to the Secured Party (i) have been granted in order to perfect the Transaction Lien, (ii) are powers coupled with an
interest and (iii) will not be affected by any bankruptcy of the Lien Grantor or any lapse of time. The obligations of the Issuer hereunder shall continue in effect until the Secured Party has notified the Issuer in writing that the Transaction
Lien has been terminated pursuant to the Security Agreement. 
 Section 13. Counterparts. This Agreement may be
executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of a signature
page to this Agreement by facsimile shall be effective as delivery of an original executed counterpart of this Agreement. 
  

					
	 [NAME OF LIEN GRANTOR]

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 WILMINGTON TRUST FSB,
 as Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	 [NAME OF ISSUER]

		
	By:	 	  

		 	Name:	 	
		 	Title:Indenture dated May 17, 2010

 Exhibit 4.1 
 AMERICAN PETROLEUM TANKERS PARENT LLC 
 and AP TANKERS CO. 

as Issuers 
 and

 THE GUARANTORS PARTY HERETO 
  

 
 103% FIRST
PRIORITY SENIOR SECURED NOTES DUE 2015 
  
  

INDENTURE 
 DATED
AS OF MAY 17, 2010 
  
  

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

 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture

Act Section
	  	Section
Indenture
	 310
	 	 (a)(1)
	  	7.11
		 	 (a)(2)
	  	7.11
		 	 (a)(3)
	  	N.A.
		 	 (a)(4)
	  	N.A.
		 	 (a)(5)
	  	7.11
		 	 (b)
	  	7.3; 7.11
		 	 (c)
	  	N.A.
	 311
	 	 (a)
	  	7.12
		 	 (b)
	  	7.12
		 	 (c)
	  	N.A.
	 312
	 	 (a)
	  	2.5
		 	 (b)
	  	13.3
		 	 (c)
	  	13.3
	 313
	 	 (a)
	  	7.7
		 	 (b)(1)
	  	7.7
		 	 (b)(2)
	  	7.7
		 	 (c)
	  	7.7
		 	 (d)
	  	7.7
	 314
	 	 (a)
	  	13.5
		 	 (b)
	  	N.A.
		 	 (c)(1)
	  	13.4
		 	 (c)(2)
	  	13.4
		 	 (c)(3)
	  	N.A.
		 	 (d)
	  	10.3
		 	 (e)
	  	13.5
		 	 (f)
	  	N.A.
	 315
	 	 (a)
	  	7.1
		 	 (b)
	  	7.6
		 	 (c)
	  	7.1
		 	 (d)
	  	7.1
		 	 (e)
	  	6.11
	 316
	 	 (a) (last sentence)
	  	2.9
		 	 (a)(1)(A)
	  	6.5
		 	 (a)(1)(B)
	  	6.4
		 	 (a)(2)
	  	N.A.
		 	 (b)
	  	6.7
		 	 (c)
	  	2.13
	 317
	 	 (a)(1)
	  	6.8
		 	 (a)(2)
	  	6.9
		 	 (b)
	  	2.4
	 318
	 	 (a)
	  	N.A.
		 	 (b)
	  	N.A.
		 	 (c)
	  	N.A.

  

N.A. means not applicable. 
  

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

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 SECTION 1.1
	  	 Definitions
	  	 	1	  
	 SECTION 1.2
	  	 Other Definitions
	  	 	38	  
	 SECTION 1.3
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	38	  
	 SECTION 1.4
	  	 Rules of Construction
	  	 	39	  
	
	ARTICLE II THE NOTES	  
			
	 SECTION 2.1
	  	 Form and Dating
	  	 	39	  
	 SECTION 2.2
	  	 Execution and Authentication
	  	 	41	  
	 SECTION 2.3
	  	 Registrar; Paying Agent
	  	 	42	  
	 SECTION 2.4
	  	 Paying Agent To Hold Money in Trust
	  	 	42	  
	 SECTION 2.5
	  	 Holder Lists
	  	 	42	  
	 SECTION 2.6
	  	 Book-Entry Provisions for Global Securities
	  	 	43	  
	 SECTION 2.7
	  	 Replacement Notes
	  	 	45	  
	 SECTION 2.8
	  	 Outstanding Notes
	  	 	45	  
	 SECTION 2.9
	  	 Treasury Notes
	  	 	45	  
	 SECTION 2.10
	  	 Temporary Notes
	  	 	46	  
	 SECTION 2.11
	  	 Cancellation
	  	 	46	  
	 SECTION 2.12
	  	 Defaulted Interest
	  	 	46	  
	 SECTION 2.13
	  	 Record Date
	  	 	46	  
	 SECTION 2.14
	  	 Computation of Interest
	  	 	47	  
	 SECTION 2.15
	  	 CUSIP Number
	  	 	47	  
	 SECTION 2.16
	  	 Special Transfer Provisions
	  	 	47	  
	 SECTION 2.17
	  	 Issuance of Additional Notes
	  	 	49	  
	
	ARTICLE III REDEMPTION AND PREPAYMENT	  
			
	 SECTION 3.1
	  	 Notices to Trustee
	  	 	49	  
	 SECTION 3.2
	  	 Selection of Notes To Be Redeemed
	  	 	49	  
	 SECTION 3.3
	  	 Notice of Redemption
	  	 	50	  
	 SECTION 3.4
	  	 Effect of Notice of Redemption
	  	 	51	  
	 SECTION 3.5
	  	 Deposit of Redemption of Purchase Price
	  	 	51	  
	 SECTION 3.6
	  	 Notes Redeemed in Part
	  	 	52	  
	 SECTION 3.7
	  	 Optional Redemption
	  	 	52	  
	 SECTION 3.8
	  	 Mandatory Redemption
	  	 	53	  
	 SECTION 3.9
	  	 Offer To Purchase
	  	 	53	  
	
	ARTICLE IV COVENANTS	  
			
	 SECTION 4.1
	  	 Payment of Notes
	  	 	54	  
	 SECTION 4.2
	  	 Maintenance of Office or Agency
	  	 	54	  
	 SECTION 4.3
	  	 Provision of Financial Information
	  	 	55	  

  
 -i-

  

							
	 SECTION 4.4
	  	 Compliance Certificate
	  	 	56	  
	 SECTION 4.5
	  	 Taxes
	  	 	56	  
	 SECTION 4.6
	  	 Stay, Extension and Usury Laws
	  	 	56	  
	 SECTION 4.7
	  	 Limitation on Restricted Payments
	  	 	57	  
	 SECTION 4.8
	  	 Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries
	  	 	61	  
	 SECTION 4.9
	  	 Limitation on Incurrence of Debt
	  	 	63	  
	 SECTION 4.10
	  	 Limitation on Asset Sales
	  	 	63	  
	 SECTION 4.11
	  	 Limitation on Transactions with Affiliates
	  	 	66	  
	 SECTION 4.12
	  	 Limitation on Liens
	  	 	68	  
	 SECTION 4.13
	  	 Limitation on Sale and Leaseback Transactions
	  	 	68	  
	 SECTION 4.14
	  	 Offer To Purchase upon Change of Control
	  	 	69	  
	 SECTION 4.15
	  	 Maintenance of Corporate Existence
	  	 	69	  
	 SECTION 4.16
	  	 Events of Loss
	  	 	70	  
	 SECTION 4.17
	  	 Business Activities
	  	 	71	  
	 SECTION 4.18
	  	 Existence of Corporate Co-Issuer
	  	 	71	  
	 SECTION 4.19
	  	 Limitations on Activities of APT Co
	  	 	71	  
	 SECTION 4.20
	  	 Additional Note Guarantees
	  	 	72	  
	 SECTION 4.21
	  	 Limitation on Creation of Unrestricted Subsidiaries
	  	 	72	  
	 SECTION 4.22
	  	 Escrow of Proceeds; Escrow Proceeds Offer
	  	 	73	  
	 SECTION 4.23
	  	 Further Assurances
	  	 	73	  
	
	ARTICLE V SUCCESSORS	  
			
	 SECTION 5.1
	  	 Consolidation, Merger, Conveyance, Transfer or Lease
	  	 	73	  
	 SECTION 5.2
	  	 Successor Person Substituted
	  	 	76	  
	
	ARTICLE VI DEFAULTS AND REMEDIES	  
			
	 SECTION 6.1
	  	 Events of Default
	  	 	76	  
	 SECTION 6.2
	  	 Acceleration
	  	 	79	  
	 SECTION 6.3
	  	 Other Remedies
	  	 	79	  
	 SECTION 6.4
	  	 Waiver of Past Defaults
	  	 	79	  
	 SECTION 6.5
	  	 Control by Majority
	  	 	80	  
	 SECTION 6.6
	  	 Limitation on Suits
	  	 	80	  
	 SECTION 6.7
	  	 Rights of Holders of Notes To Receive Payment
	  	 	80	  
	 SECTION 6.8
	  	 Collection Suit by Trustee
	  	 	81	  
	 SECTION 6.9
	  	 Trustee May File Proofs of Claim
	  	 	81	  
	 SECTION 6.10
	  	 Priorities
	  	 	81	  
	 SECTION 6.11
	  	 Undertaking for Costs
	  	 	82	  
	 SECTION 6.12
	  	 Appointment and Authorization of The Bank of New York Mellon Trust Company, N.A. as Collateral Agent and Security
Trustee
	  	 	82	  
	
	ARTICLE VII TRUSTEE	  
			
	 SECTION 7.1
	  	 Duties of Trustee
	  	 	83	  
	 SECTION 7.2
	  	 Rights of Trustee
	  	 	84	  

  
 -ii-

  

							
	 SECTION 7.3
	  	 Limitation on Duty of Trustee in Respect of Collateral; Indemnification
	  	 	86	  
	 SECTION 7.4
	  	 Individual Rights of Trustee
	  	 	87	  
	 SECTION 7.5
	  	 Trustee’s Disclaimer
	  	 	87	  
	 SECTION 7.6
	  	 Notice of Defaults
	  	 	87	  
	 SECTION 7.7
	  	 Reports by Trustee to Holders of the Notes
	  	 	87	  
	 SECTION 7.8
	  	 Compensation and Indemnity
	  	 	88	  
	 SECTION 7.9
	  	 Replacement of Trustee
	  	 	89	  
	 SECTION 7.10
	  	 Successor Trustee by Merger, Etc.
	  	 	90	  
	 SECTION 7.11
	  	 Eligibility; Disqualification
	  	 	90	  
	 SECTION 7.12
	  	 Preferential Collection of Claims Against the Issuers
	  	 	90	  
	 SECTION 7.13
	  	 Trustee’s Application for Instructions from the Issuers
	  	 	90	  
	 SECTION 7.14
	  	 Limitation of Liability
	  	 	91	  
	 SECTION 7.15
	  	 Collateral Agent
	  	 	91	  
	 SECTION 7.16
	  	 Co-Trustees; Separate Trustee; Collateral Agent
	  	 	91	  
	
	ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 SECTION 8.1
	  	 Option To Effect Legal Defeasance or Covenant Defeasance
	  	 	93	  
	 SECTION 8.2
	  	 Legal Defeasance
	  	 	93	  
	 SECTION 8.3
	  	 Covenant Defeasance
	  	 	94	  
	 SECTION 8.4
	  	 Conditions to Legal Defeasance or Covenant Defeasance
	  	 	94	  
	 SECTION 8.5
	  	 Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions
	  	 	95	  
	 SECTION 8.6
	  	 Repayment to Issuers
	  	 	96	  
	 SECTION 8.7
	  	 Reinstatement
	  	 	96	  
	 SECTION 8.8
	  	 Discharge
	  	 	97	  
	
	ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER	  
			
	 SECTION 9.1
	  	 Without Consent of Holders of the Notes
	  	 	98	  
	 SECTION 9.2
	  	 With Consent of Holders of Notes
	  	 	99	  
	 SECTION 9.3
	  	 Compliance with Trust Indenture Act
	  	 	101	  
	 SECTION 9.4
	  	 Revocation and Effect of Consents
	  	 	101	  
	 SECTION 9.5
	  	 Notation on or Exchange of Notes
	  	 	102	  
	 SECTION 9.6
	  	 Trustee To Sign Amendments, Etc.
	  	 	102	  
	
	ARTICLE X SECURITY	  
			
	 SECTION 10.1
	  	 Security Documents; Additional Collateral
	  	 	102	  
	 SECTION 10.2
	  	 Recording, Registration and Opinions
	  	 	103	  
	 SECTION 10.3
	  	 Releases of Collateral
	  	 	104	  
	 SECTION 10.4
	  	 Form and Sufficiency of Release
	  	 	105	  
	 SECTION 10.5
	  	 Possession and Use of Collateral
	  	 	106	  
	 SECTION 10.6
	  	 [Intentionally Omitted]
	  	 	106	  
	 SECTION 10.7
	  	 [Intentionally Omitted]
	  	 	106	  
	 SECTION 10.8
	  	 Purchaser Protected
	  	 	106	  

  
 -iii-

  

							
	 SECTION 10.9
	  	 Authorization of Actions To Be Taken by the Collateral Agent Under the Security Documents
	  	 	106	  
	 SECTION 10.10
	  	 Authorization of Receipt of Funds by the Trustee Under the Security Agreement
	  	 	107	  
	 SECTION 10.11
	  	 Powers Exercisable by Receiver or Collateral Agent
	  	 	107	  
	
	ARTICLE XI APPLICATION OF TRUST MONIES	  
			
	 SECTION 11.1
	  	 Collateral Account
	  	 	107	  
	 SECTION 11.2
	  	 Withdrawal of Loss Proceeds
	  	 	107	  
	 SECTION 11.3
	  	 Withdrawal of Net Cash Proceeds To Fund an Asset Sale Offer or Net Loss Proceeds To Fund an Event of Loss
Offer
	  	 	108	  
	 SECTION 11.4
	  	 Withdrawal of Trust Monies for Investment in Replacement Assets
	  	 	109	  
	 SECTION 11.5
	  	 Investment of Trust Monies
	  	 	109	  
	 SECTION 11.6
	  	 Use of Trust Monies; Retirement of Notes
	  	 	110	  
	 SECTION 11.7
	  	 Disposition of Notes Retired
	  	 	111	  
	
	ARTICLE XII NOTE GUARANTEES	  
			
	 SECTION 12.1
	  	 Note Guarantees
	  	 	111	  
	 SECTION 12.2
	  	 Execution and Delivery of Note Guarantee
	  	 	112	  
	 SECTION 12.3
	  	 Severability
	  	 	112	  
	 SECTION 12.4
	  	 Limitation of Subsidiary Guarantors’ Liability
	  	 	113	  
	 SECTION 12.5
	  	 Guarantors May Consolidate, Etc. on Certain Terms
	  	 	113	  
	 SECTION 12.6
	  	 [Reserved]
	  	 	114	  
	 SECTION 12.7
	  	 Release of a Subsidiary Guarantor
	  	 	114	  
	 SECTION 12.8
	  	 Benefits Acknowledged
	  	 	114	  
	 SECTION 12.9
	  	 Future Guarantors
	  	 	114	  
	
	ARTICLE XIII MISCELLANEOUS	  
			
	 SECTION 13.1
	  	 Trust Indenture Act Controls
	  	 	115	  
	 SECTION 13.2
	  	 Notices
	  	 	115	  
	 SECTION 13.3
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	 	116	  
	 SECTION 13.4
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	116	  
	 SECTION 13.5
	  	 Statements Required in Certificate or Opinion
	  	 	116	  
	 SECTION 13.6
	  	 Rules by Trustee and Agents
	  	 	117	  
	 SECTION 13.7
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	117	  
	 SECTION 13.8
	  	 Governing Law
	  	 	117	  
	 SECTION 13.9
	  	 No Adverse Interpretation of Other Agreements
	  	 	118	  
	 SECTION 13.10
	  	 Successors
	  	 	118	  
	 SECTION 13.11
	  	 Severability
	  	 	118	  
	 SECTION 13.12
	  	 Counterpart Originals
	  	 	118	  
	 SECTION 13.13
	  	 Table of Contents, Headings, Etc.
	  	 	118	  
	 SECTION 13.14
	  	 Acts of Holders
	  	 	118	  
	 SECTION 13.15
	  	 Intercreditor Agreements
	  	 	119	  

  
 -iv-

 EXHIBITS 
  

			
	 Exhibit A
	  	 FORM OF
10 1/4% FIRST PRIORITY SENIOR SECURED
NOTE

	 Exhibit B
	  	 FORM OF NOTATIONAL GUARANTEE

	 Exhibit C
	  	 FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A

	 Exhibit D
	  	 FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S

  
 -v-

 This Indenture, dated as of May 17, 2010, is by and among American Petroleum Tankers
Parent LLC, a Delaware limited liability company (the “Company”), AP Tankers Co., a Delaware corporation (the “Co-Issuer” and, together with the Company, the “Issuers”), the Guarantors (as defined
herein) and The Bank of New York Mellon Trust Company, N.A., as trustee (in such capacity and not in its individual capacity, the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the
holders of (i) the Issuers’ 10 1/4% First
Priority Senior Secured Notes due 2015 issued on the date hereof that contain the restrictive legend in Exhibit A (the “Initial Notes”), (ii) Exchange Notes issued in exchange for the Initial Notes pursuant to the
Registration Rights Agreement or pursuant to an effective registration statement under the Securities Act without the restrictive legend in Exhibit A (the “Exchange Notes”) and (iii) Additional Notes issued from time to
time together with the Initial Notes and any Exchange Notes, the “Notes”). 
 ARTICLE I 

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

“Additional Interest” means all additional interest owing on the Notes pursuant to the Registration Rights Agreement.

 “Additional Notes” means Notes (other than the Initial Notes) issued pursuant to Article II hereof
and otherwise in compliance with the provisions of this Indenture. 
 “Agent” means any Registrar, Paying Agent
(so long as Trustee serves in such capacity) or co-registrar. 
 “Adjusted Consolidated Net Income” means, with
respect to any Person, for any period, the sum of (i) Consolidated Net Income plus (ii) 50% of Depreciation and Amortization plus (iii) 100% of any non-cash interest payable to the Sponsors pursuant to the Second Lien Facility as in
effect on the Issue Date. 
 “Affiliate” of any Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings that correspond to the foregoing. Any Person directly or
indirectly owning 10% or more of the outstanding Capital Interests of the Company will be deemed an Affiliate. 

  
 -1-

 “Applicable Premium” means, with respect to any Note on any applicable
redemption date, the greater of: 
 (1) 1.0% of the then outstanding principal amount of the Note; and

 (2) the excess of: 
 (a) the present value at such redemption date of (i) the redemption price of the Note at May 1, 2012 (such redemption price being set forth in the table appearing in Section 3.7(b) plus
(ii) all required interest payments due on the Note through May 1, 2012 (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(b) the then outstanding principal amount of the Note. 

“Appraised Value” means the appraised value of the Vessels owned and pledged as Collateral for the Notes as set forth in
the most recent appraisal by an independent third party appraiser of national standing delivered to the Trustee and accompanied by an officers’ certificate. 
 “Asset Acquisition” means: 
 (a) an Investment by
the Company or any Restricted Subsidiary of the Company in any other Person pursuant to which such Person shall become a Restricted Subsidiary, or shall be merged with or into the Company or any Restricted Subsidiary; or 

(b) the acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person which
constitute all or substantially all of the assets of such Person, any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business and consistent with past practices.

 “Asset Sale” means any transfer, conveyance, sale, lease or other disposition (including, without
limitation, dispositions pursuant to any consolidation or merger) by the Company or any of its Restricted Subsidiaries to any Person (other than to the Company or one or more of its Restricted Subsidiaries) in any single transaction or series of
transactions of: 
 (i) Capital Interests in another Person (other than Capital Interests in the Company or
directors’ qualifying shares or shares or interests required to be held by foreign nationals pursuant to local law); or 
 (ii) any other property or assets (other than in the normal course of business, including any sale or other disposition of obsolete or permanently retired equipment and any sale of inventory in the
ordinary course of business); provided, however, that the term “Asset Sale” shall exclude: 
 (a) an issuance of Capital Interests by a Restricted Subsidiary of the Company to the Company or another Restricted Subsidiary; 

  
 -2-

 (b) the sale or lease of products, services or accounts receivable in the
ordinary course of business or consistent with past practice (including sales and chartering of Vessels); 
 (c)
any transaction permitted by Section 5.1 that constitutes a disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole; 

(d) any transfer, conveyance, sale, lease or other disposition of property or assets, the gross proceeds of which
(exclusive of indemnities) do not exceed in any one or related series of transactions $10.0 million; 
 (e) sales
or other dispositions of cash or Eligible Cash Equivalents; 
 (f) sales of interests in Unrestricted
Subsidiaries; 
 (g) the disposition of assets (other than Obsolete Equipment) that, in the good faith judgment
of the Board of Directors of the Company, are no longer used or useful in the business of the Company; 
 (h) a
Restricted Payment or Permitted Investment that is otherwise permitted by this Indenture; 
 (i) any trade-in of
equipment in exchange for other equipment in the ordinary course; 
 (j) the creation of a Lien (but not the sale
or other disposition of the property subject to such Lien); 
 (k) leases or subleases in the ordinary course of
business to third persons not interfering in any material respect with the business of the Company or any of its Restricted Subsidiaries and otherwise in accordance with the provisions of this Indenture; 

(l) any disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted
Subsidiary; provided, however, if the disposition is by a Restricted Subsidiary that is a Guarantor, then the disposition must be to a Guarantor; 
 (m) dispositions of accounts receivable in connection with the collection or compromise thereof in the ordinary course of business and consistent with past practice; 

(n) licensing of intellectual property in accordance with industry practice in the ordinary course of business;

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

  
 -3-

 (p) the surrender of contract rights or settlement or release of claims in
the ordinary course of business; 
 (q) any sales or other dispositions of Obsolete Equipment in the ordinary
course of business, including scrapping of Obsolete Equipment; or 
 (r) any Sale and Leaseback Transaction
permitted in accordance with the terms of this Indenture. 
 For purposes of this definition, any series of related transactions
that, if effected as a single transaction, would constitute an Asset Sale, shall be deemed to be a single Asset Sale effected when the last such transaction which is a part thereof is effected. 

“Asset Sale Offer” means an Offer to Purchase required to be made by the Issuers, Parent or another Restricted
Subsidiary, as the case may be, pursuant to Section 4.10 to all Holders. 
 “Attributable Debt” in respect
of a Sale and Leaseback Transaction means, at the time of determination, the present value (discounted at the rate of interest implicit in such transaction) of the total obligations of the lessee for rental payments during the remaining term of the
lease included in such Sale and Leaseback Transaction (including any period for which such lease has been or may be extended). Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP; provided, however, that if such Sale and Leaseback Transaction results in a Capital Lease Obligation, the amount of Debt represented thereby will be determined in accordance with the definition of
“Capital Lease Obligations.” 
 “Average Life” means, as of any date of determination, with respect
to any Debt, the quotient obtained by dividing (i) the sum of the products of (x) the number of years from the date of determination to the dates of each successive scheduled principal payment (including any sinking fund or mandatory
redemption payment requirements) of such Debt multiplied by (y) the amount of such principal payment by (ii) the sum of all such principal payments. 
 “Bankruptcy Code” means The Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and codified as 11 U.S.C. Section 101 et seq. 

“Board of Directors” means (i) with respect to the Company or any Restricted Subsidiary, its board of directors or
any duly authorized committee thereof; (ii) with respect to a corporation, the board of directors of such corporation or any duly authorized committee thereof; and (iii) with respect to any other entity, the board of directors or similar
body of the general partner or managers of such entity or any duly authorized committee thereof. 
 “Board
Resolution” means a copy of a resolution certified by the Chief Executive Officer, Secretary or an Assistant Secretary of the Company, the Co-Issuer, Parent or any Restricted Subsidiary to have been duly adopted by the Board of Directors,
unless the context specifically requires that such resolution be adopted by a majority of the Disinterested Directors, in which case by a majority of such Disinterested Directors, and to be in full force and effect on the date of such certification
and delivered to the Trustee. 

  
 -4-

 “Business Day” means any day other than a Legal Holiday. 

“Capital Interests” in any Person means any and all shares, interests (including Preferred Interests), participations or
other equivalents in the equity interest (however designated) in such Person and any rights (other than Debt securities convertible into an equity interest), warrants or options to acquire an equity interest in such Person. 

“Capital Lease Obligations” means any obligation under a lease that is required to be capitalized for financial
reporting purposes in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last
payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.12, a Capital Lease Obligation shall be deemed
secured by a Lien on the Property being leased 
 “Certificated Notes” means Notes that are in the form of
Exhibit A attached hereto. 
 “Change of Control” means, with respect to any Person, the occurrence of
any of the following events: 
 (a) the acquisition by any “person” or “group” (as such terms
are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, that is or becomes the ultimate “beneficial owner” (as such term is used in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the Voting Interests in the Company; provided that if such person is a group of investors which group includes one or more Permitted Holders, the shares of Voting Interests of the Company beneficially owned by
the Permitted Holders that are part of such group shall not be counted for purposes of determining whether this clause (a) is triggered; or 
 (b) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Company (together with any new directors whose election by the
Board of Directors or whose nomination for election by the equityholders of such Person was approved by the Sponsor or a vote of a majority of the directors of such Person then still in office who were either directors at the beginning of such
period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of such Person’s Board of Directors then in office; provided that any directors elected or appointed to the
Board of Directors to satisfy the requirements of any national securities exchange and the seats to which they were elected or appointed shall not be included for purposes of the foregoing determination; or 

(c) the Company or any Restricted Subsidiary sells, conveys, transfers or leases (either in one transaction or a series of
related transactions) all or substantially all of the Company’s and its Restricted Subsidiaries’ assets (determined on a consolidated basis) to any Person, or the Company merges or consolidates with, a Person other than a Restricted
Subsidiary of the Company (unless the shareholders or members holding Voting Interests of the Company immediately prior to such merger or consolidation control in excess of 50% of the Voting Interests in the surviving Person immediately following
such merger or consolidation). 

  
 -5-

 “Code” means the Internal Revenue Code of 1986, as amended from time to
time and the regulations promulgated thereunder. 
 “Collateral” shall mean, collectively, all of the
“Pledged Collateral” (as defined in the Security Agreement), the Mortgaged Vessels, and all other property of whatever kind and nature subject or purported to be subject from time to time to a Lien under any Security Document. 

“Collateral Account” means the collateral account established pursuant to this Indenture and the Security Documents.

 “Collateral Agent” means The Bank of New York Mellon Trust Company, N.A., in its capacity as Collateral
Agent under the Security Documents together with its successors. 
 “Commission” means the Securities and
Exchange Commission and any successor thereto. 
 “Common Interests” of any Person means Capital Interests in
such Person that do not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person.

 “Company” has the meaning set forth in the preamble hereto until a successor replaces it in accordance with
the applicable provisions of this Indenture and, thereafter, means the successor. 
 “Consolidated Cash Flow Available
for Fixed Charges” means, with respect to any Person for any period: 
 (i) the sum of, without
duplication, the amounts for such period, taken as a single accounting period, of: 
 (a) Consolidated Net
Income; 
 (b) Consolidated Non-cash Charges; 

(c) Consolidated Interest Expense to the extent the same was deducted in computing Consolidated Net Income; 

(d) Consolidated Income Tax Expense (other than income tax expense (either positive or negative) attributable to
extraordinary gains or losses); and 
 (e) to the extent actually incurred, all one-time cash severance costs;
less 

  
 -6-

 (ii) the sum of the following: 

(a) non-cash items increasing Consolidated Net Income for such period, other than (x) the accrual of revenue
consistent with past practice, and (y) reversals of prior accruals or reserves for cash items previously excluded in the calculation of Consolidated Non-cash Charges. 
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of the aggregate amount of Consolidated Cash Flow Available for Fixed Charges of such Person for
the four full fiscal quarters, treated as one period, for which financial information in respect thereof is available immediately preceding the date of the transaction (the “Transaction Date”) giving rise to the need to calculate
the Consolidated Fixed Charge Coverage Ratio (such four full fiscal quarter period being referred to herein as the “Four-Quarter Period”) to the aggregate amount of Consolidated Fixed Charges of such Person for the Four-Quarter
Period. For purposes of this definition, Consolidated Cash Flow Available for Fixed Charges and Consolidated Fixed Charges shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 

(a) the Incurrence of any Debt (other than working capital borrowings under any revolving credit facility in the ordinary
course of business) of the Company or any Restricted Subsidiary (and the application of the proceeds thereof) and any repayment of other Debt (other than working capital borrowings under any revolving credit facility in the ordinary course of
business) occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such Incurrence or repayment, as the case may be (and the application of the
proceeds thereof), occurred on the first day of the Four-Quarter Period; and 
 (b) any Asset Sale or Asset
Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Company or any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a result of such
Asset Acquisition) Incurring Acquired Debt and also including any Consolidated Cash Flow Available for Fixed Charges (including any pro forma expense and cost reductions calculated on a basis consistent with Regulation S-X under the Exchange Act)
associated with any such Asset Acquisition or Asset Sale) occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or Asset
Acquisition (including the incurrence of, or assumption or liability for, any such Debt or Acquired Debt) occurred on the first day of the Four-Quarter Period. 
 In calculating Consolidated Interest Expense for purposes of determining the denominator (but not the numerator) of this Consolidated Fixed Charge Coverage Ratio: 

(a) interest on outstanding Debt determined on a fluctuating basis as of the Transaction Date and which will continue to
be so determined thereafter (other than working capital borrowings under any revolving credit facility incurred in the ordinary course of business) shall be computed based upon the average daily interest on such Debt during the applicable period;

  
 -7-

 (b) if interest on any Debt (other than working capital borrowings under any
revolving credit facility incurred in the ordinary course of business) actually Incurred on the Transaction Date may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate,
or other rates, then the interest rate will be computed based upon the average daily interest on such Debt during the applicable period; and 
 (c) notwithstanding clause (a) or (b) above, interest on Debt determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Hedging Obligations, shall be
deemed to accrue at the rate per annum resulting after giving effect to the operation of these agreements. 

“Consolidated Fixed Charges” means, with respect to any Person for any period, the sum of, without duplication, the
amounts for such period of: 
 (i) Consolidated Interest Expense, excluding, for this purpose only, any non-cash
interest payable to the Sponsors pursuant to the Second Lien Facility as in effect on the Issue Date; and 
 (ii)
the product of (a) all dividends and other distributions paid or accrued during such period in respect of Redeemable Capital Interests of such Person and its Restricted Subsidiaries, times (b) a fraction, the numerator of which is
one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Income Tax Expense” means, with respect to any Person for any period, (x) if such Person is not a
corporation, the Permitted Tax Payments of such Person for such period or (y) if such Person is a corporation, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as
determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, with
respect to any Person for any period, without duplication, the sum of: 
 (i) the interest expense of such Person
and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP, including, without limitation, but without duplication: 

(a) any amortization of debt discount, original issue discount, non-cash interest payments or accruals; 

(b) the net cost under non-speculative Hedging Obligations (including any amortization of discounts); 

(c) the interest portion of any deferred payment obligation; 

  
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 (d) all commissions, discounts and other fees and charges owed with respect
to letters of credit, bankers’ acceptance financing or similar activities; and 
 (e) all accrued interest;
plus 
 (ii) the interest component of Capital Lease Obligations paid, accrued and/or scheduled to be paid
or accrued by such Person and its Restricted Subsidiaries during such period determined on a consolidated basis in accordance with GAAP; 
 (iii) the interest expense on any Debt guaranteed by such Person and its Restricted Subsidiaries; plus 
 (iv) all capitalized interest of such Person and its Restricted Subsidiaries for such period; less 
 (v) interest income of such Person and its Restricted Subsidiaries for such period; 

provided, however, that Consolidated Interest Expense will exclude the amortization or write off of debt issuance costs and deferred
financing fees, commissions, fees and expenses. 
 “Consolidated Net Income” means, with respect to any Person,
for any period, the consolidated net income (or loss) of such Person and its Restricted Subsidiaries (other than non-controlling interests) for such period as determined in accordance with GAAP, adjusted, to the extent included in calculating such
net income, by: 
 (A) excluding, without duplication, 

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

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

(iv) the net income (loss) from any operations disposed of or discontinued after the Issue Date and any net gains or
losses on such disposition or discontinuance, on an after-tax basis; 

  
 -9-

 (v) solely for purposes of determining the amount available for Restricted
Payments under clause (c) of the first paragraph of Section 4.7 the net income of any Restricted Subsidiary (other than a Guarantor) of such Person to the extent that the declaration of dividends or similar distributions by that Restricted
Subsidiary of that income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulations applicable to that Restricted
Subsidiary or its stockholders; 
 (vi) any gain or loss realized as a result of the cumulative effect of a
change in accounting principles; 
 (vii) any fees and expenses, including deferred amortization and deferred
financing costs, paid in connection with the issuance of the Notes and the refinancings contemplated by the Offering Circular (including, without limitation, ratings agency fees); 

(viii) non-cash compensation expense incurred with any issuance of equity interests to an employee of such Person or any
Restricted Subsidiary; and 
 (ix) any net after-tax gains or losses attributable to the early extinguishment of
Debt; and 
 (B) including, without duplication, dividends from Persons that are not Restricted Subsidiaries
actually received in cash by the Company or any Restricted Subsidiary. 
 In addition, Consolidated Net Income shall be reduced
by the amount of any Permitted Tax Payment. 
 “Consolidated Non-cash Charges” means, with respect to any
Person for any period, the aggregate depreciation, amortization (including amortization of goodwill and other intangibles) and other non-cash charges and expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of
such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any charge which requires an accrual of or a reserve
for cash charges for any future period). 
 “Contribution Debt” means Debt or Disqualified Stock of the Issuers
or any Restricted Subsidiary in an aggregate principal amount not greater than 100% of the aggregate amount of cash contributions (a “Cash Contribution”) (other than the proceeds from the issuance of Disqualified Stock or any cash
contribution by an Issuers or a Restricted Subsidiary) made to the capital of the Issuers or a Restricted Subsidiary after the Issue Date (whether through the issuance of Capital Stock or otherwise); provided that (x) such Contribution
Debt is incurred within 180 days after the making of the related cash contribution and (y) the proceeds of such Contribution Debt are used to purchase assets that will constitute Collateral. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business
shall be administered, which office at the date hereof is located at 525 William Penn Place, 38th Floor, Pittsburgh, Pennsylvania, 15259, Attention: Corporate Trust, or 

  
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such other address as the Trustee may designate from time to time by written notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 
 “Credit
Agreement” means one or more debt facilities or other financing arrangements (including, without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit or other long-term
indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and
any indentures or credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility
or indenture that increases the amount permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under clause (i) of the definition of the term “Permitted Debt”),
or adds Guarantors as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders. 
 “Debt” means at any time (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such Person, or non-recourse, the following if and to
the extent any of the foregoing items (other than clauses (iii), (vi), (vii), (viii) and (ix) below) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP: (i) all indebtedness of
such Person for money borrowed or for the deferred purchase price of property, excluding any trade payables or other current liabilities incurred in the normal course of business; (ii) all obligations of such Person evidenced by bonds,
debentures, notes, or other similar instruments; (iii) all obligations of such Person with respect to letters of credit (other than letters of credit that are secured by cash or Eligible Cash Equivalents), bankers’ acceptances or similar
facilities issued for the account of such Person; (iv) all obligations of such Person issued or assumed as the deferred purchase price of property (but excluding prepaid hire under charters) and all indebtedness created or arising under any
conditional sale or other title retention agreement with respect to property or assets acquired by such Person (even if the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale
of such property or assets); (v) all Capital Lease Obligations of such Person (but excluding obligations under operating leases); (vi) the maximum fixed redemption or repurchase price of Redeemable Capital Interests in such Person at the
time of determination and the amount of the liquidation preference of any Preferred Interests of any Restricted Subsidiary of such Person, the principal amount of such Capital Interests to be determined in accordance with this Indenture;
(vii) any net Obligations under Hedging Obligations of such Person, determined on a marked to market basis in accordance with GAAP; (viii) Attributable Debt with respect to any Sale and Leaseback Transaction to which such Person is a
party; and (ix) all obligations of the types referred to in clauses (i) through (viii) of this definition of another Person and all dividends and other distributions of another Person, the payment of which, in either case,
(A) such Person has Guaranteed or (B) is secured by (or the holder of such Debt or the recipient of such dividends or other distributions has an existing right, whether contingent or otherwise, to be secured by) any Lien upon the property
or other assets of such Person, even though such Person has not assumed or become liable for the payment of such Debt, dividends or other distributions. For purposes of the foregoing: (a) the maximum fixed repurchase price of any

  
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Redeemable Capital Interests that do not have a fixed repurchase price shall be calculated in accordance with the terms of such Redeemable Capital Interests as if such Redeemable Capital
Interests were repurchased on any date on which Debt shall be required to be determined pursuant to this Indenture; provided, however, that if such Redeemable Capital Interests are not then permitted to be repurchased, the repurchase
price shall be the book value of such Redeemable Capital Interests; (b) the amount outstanding at any time of any Debt issued with original issue discount is the principal amount of such Debt less the remaining unamortized portion of the
original issue discount of such Debt at such time as determined in conformity with GAAP, but such Debt shall be deemed Incurred only as of the date of original issuance thereof; (c) the amount of any Debt described in clause (ix)(A) above shall
be the maximum liability under any such Guarantee; (d) the amount of any Debt described in clause (ix)(B) above shall be the lesser of (I) the maximum amount of the obligations so secured and (II) the Fair Market Value of such property or
other assets; and (e) interest, fees, premium, and expenses and additional payments, if any, will not constitute Debt. 

Notwithstanding the foregoing, in connection with the purchase by the Company or any Restricted Subsidiary of any business, the term
“Debt” will exclude (x) customary indemnification obligations and (y) post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such
payment is otherwise contingent. 
 The amount of Debt of any Person at any date shall be the outstanding balance at such date
of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligations, of any contingent obligations at such date; provided, however, that in the case of
Debt sold at a discount, the amount of such Debt at any time will be the accreted value thereof at such time. 

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

 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the
Person specified in Section 2.3 hereof as the Depositary with respect to the Notes, until a successor shall have been appointed and become such pursuant to Section 2.6 hereof, and, thereafter, “Depositary” shall mean or include
such successor. 
 “Disinterested Director” means, with respect to any proposed transaction between
(i) the Company, the Co-Issuer, Parent or a Restricted Subsidiary, as applicable, and (ii) an Affiliate thereof (other than the Company, the Co-Issuer, Parent or a Restricted Subsidiary), a member of the Board of Directors of the Company,
the Co-Issuer, Parent or such Restricted Subsidiary, as applicable, who would not be a party to, or have a financial interest in, such transaction and is not an officer, director or employee of, and does not have a financial interest in, such
Affiliate. For purposes of this definition, no person would be deemed not to be a Disinterested Director solely because such person holds Capital Interests in the Company or is an employee of the Company. 

  
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 “Depreciation and Amortization” means, with respect to any Person for any
period, the aggregate depreciation and amortization (including amortization of goodwill and other intangibles) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person and its Restricted Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP. 
 “DTC” means the Depository Trust Company
(55 Water Street, New York, New York). 
 “Eligible Bank” means The Bank of New York Mellon, or a bank or trust
company that (i) is organized and existing under the laws of the United States of America, or any state, territory or possession thereof, (ii) as of the time of the making or acquisition of an Investment in such bank or trust company, has
combined capital and surplus in excess of $250.0 million and (iii) the senior Debt of which is rated at least “A-2” by Moody’s or at least “A” by Standard & Poor’s. 

“Eligible Cash Equivalents” means any of the following Investments: (i) securities issued or directly and fully
guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) maturing not more than two years after the date of acquisition;
(ii) time deposits in and certificates of deposit of any Eligible Bank, provided that such Investments have a maturity date not more than two years after date of acquisition and that the Average Life of all such Investments is one year
or less from the respective dates of acquisition; (iii) repurchase obligations for underlying securities of the types described in clause (i) and (ii) above entered into with any Eligible Bank; (iv) direct obligations issued by
any state of the United States or any political subdivision or public instrumentality thereof, provided that such Investments mature, or are subject to tender at the option of the holder thereof, within two years after the date of creation
and, at the time of acquisition, have a rating of at least A from Standard & Poor’s or A-2 from Moody’s (or an equivalent rating by any other nationally recognized rating agency); (v) commercial paper of any Person other than
an Affiliate of the Company, provided that such Investments have a rating of at least P-1 or A-1 from either Standard & Poor’s or Moody’s and mature within two years after the date of creation; (vi) overnight and
demand deposits in and bankers’ acceptances of any Eligible Bank and demand deposits in any bank or trust company to the extent insured by the Federal Deposit Insurance Corporation against the Bank Insurance Fund; (vii) money market funds
substantially all of the assets of which comprise Investments of the types described in clauses (i) through (vi); (viii) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA-
(or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s, and (ix) instruments equivalent to those referred to in clauses (i) through (vi) above or funds equivalent to those
referred to in clause (vii) or (viii) above denominated in Euros or any other foreign currency and customarily used by corporations for cash management purposes in jurisdictions outside the United States to the extent reasonably required
in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction, all as determined in good faith by the Company. 
 “Escrow Agent” means The Bank of New York Mellon Trust Company, N.A., or its successor under the Escrow Agreement. 

  
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 “Escrow Agreement” means the Escrow Agreement dated as of the Issue Date
among The Bank of New York Mellon Trust Company, N.A., as escrow agent and collateral agent, and the Issuers. 
 “Escrow
Proceeds” has the meaning provided in the Escrow Agreement. 
 “Event of Loss” means, with respect to
any property or asset (tangible or intangible, real or personal) constituting Collateral, any of the following: 

(i) any loss or destruction of such property or asset; 

(ii) any institution of any proceeding for the condemnation or seizure of such property or asset or for the exercise of
any right of eminent domain; 
 (iii) any actual condemnation, seizure or taking by exercise of the power of
eminent domain or otherwise of such property or asset, or confiscation of such property or asset or the requisition of the use of such property or asset; or 
 (iv) any settlement in lieu of clauses (ii) or (iii) above. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

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

“Excluded Assets” means the “Excluded Property” as defined in the Security Agreement. 

“Excluded Contributions” means net cash proceeds or marketable securities received by the Company from: 

(1) contributions to its common equity capital; and 

(2) the sale (other than to a Subsidiary or to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement of the Company) of Capital Interests (other than Redeemable Capital Interests) of the Company; 
 in each
case designated as Excluded Contributions pursuant to an Officer’s Certificate executed by the principal financial officer of the Company on the date such capital contributions are made or the date such Capital Interests are sold. 

“Existing Vessels” means the following U.S. flag Vessels owned by the Company or a Guarantor on the Issue Date: Golden
State, Pelican State and Sunshine State. 
 “Expiration Date” has the meaning set forth in the definition of
“Offer to Purchase.” 
 “Fair Market Value” means with respect to the consideration received or paid
in any transaction or series of transactions, the fair market value thereof as determined in good faith by the Board of Directors of the Company. 

  
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 “First Lien Intercreditor Agreement” means an intercreditor agreement to be
entered into at a future date between the Collateral Agent and the trustee or agent for the holders of any obligations secured by Priority Liens. 
 “Foreign Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing under the laws of the United States, any state or
territory thereof or the District of Columbia and any Restricted Subsidiary of such Foreign Subsidiary. 
 “Four-Quarter
Period” has the meaning set forth in the definition of Consolidated Fixed Charge Coverage Ratio. 

“GAAP” means generally accepted accounting principles in the United States, consistently applied, as set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, or in such other statements by such other entity
as may be approved by a significant segment of the accounting profession of the United States, which are in effect on the Issue Date. 
 “General Maritime Law” means the law related to maritime issues as developed and enforced by the Federal Courts of the United States sitting as maritime courts (as provided for in the
United States Constitution) and codified by certain United States Federal statutes. 
 “Global Note Legend”
means the legend identified as such in Exhibit A hereto. 
 “Global Notes” means the Notes in global
form that are in the form of Exhibit A hereto. 
 “Governmental Authority” means the government of the
United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Guarantee” means,
as applied to any Debt of another Person, a guarantee (other than by endorsement of negotiable instruments for collection in the normal course of business), direct or indirect, in any manner, of any part or all of such Debt (and
“Guaranteed” and “Guaranteeing” shall have meanings that correspond to the foregoing). 

“Guarantor” means any Person that executes a Note Guarantee in accordance with the provisions of this Indenture and
their respective successors and assigns. 
 “Hedging Obligations” of any Person means the obligations of such
person pursuant to any interest rate agreement, credit, commodity or equity swap, cap, floor, collar, forward transaction, physical transaction, hedge transaction, spot transaction, currency agreement or commodity agreement or any combination
thereof, including, but not limited to, obligations relating to fuel prices. 
 “Holder” means a Person in
whose name a Note is registered in the security register. 

  
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 “Identified Vessel Purchase Agreement” means the purchase and sale
agreement with respect to an Identified Vessel. 
 “Identified Vessels” means each of the Empire State and
Evergreen State to be purchased with Escrow Proceeds. 
 “Incur” means, with respect to any Debt, to create,
issue, incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt; Debt otherwise Incurred by a Person before it becomes a Subsidiary of the Company shall be deemed to be Incurred at the time
at which such Person becomes a Subsidiary of the Company. “Incurrence,” “Incurred,” “Incurable” and “Incurring” shall have meanings that correspond to the foregoing. A Guarantee by the Company or a Restricted
Subsidiary of Debt Incurred by the Company or a Restricted Subsidiary, as applicable, shall not be a separate Incurrence of Debt. In addition, the following shall not be deemed a separate Incurrence of Debt: 

(1) amortization of debt discount or accretion of principal with respect to a non-interest bearing security or a security
sold at a discount; 
 (2) accrual of interest or dividends, or the payment of interest in the form of additional
Debt of the same instrument or the payment of dividends on Capital Interests in the form of additional Capital Interests of the same class and with the same terms; 

(3) the obligation to pay a premium in respect of Debt arising in connection with the issuance of a notice of redemption
or making of a mandatory offer to purchase, such Debt; and 
 (4) unrealized losses or charges in respect of
Hedging Obligations. 
 “Indenture” means this Indenture, as amended or supplemented from time to time.

 “Initial Purchasers” means Credit Suisse Securities (USA) LLC, and such other initial purchasers
party to the purchase agreement entered into in connection with the offer and sale of the Notes on the Issue Date and any similar purchase agreement in connection with any Permitted Additional Pari Passu Obligations. 

“Intercreditor Agreements” means, collectively, the First Lien Intercreditor Agreement and the Second Lien Intercreditor
Agreement. 
 “Investment” by any Person means any direct or indirect loan, advance (or other extension of
credit) or capital contribution to (by means of any direct or indirect transfer of cash or other property or assets to another Person or any other payments for property or services for the account or use of another Person) another Person, including,
without limitation, the following: (i) the purchase or acquisition of any Capital Interest or other evidence of beneficial ownership or bonds, notes, debentures or other securities in another Person and (ii) the purchase, acquisition or
Guarantee of the obligations of another Person, but shall exclude: (a) accounts receivable, other extensions of trade credit and advances to customers; (b) the acquisition of property and assets from suppliers and other vendors in the
normal course of business; and (c) prepaid expenses and workers’ compensation, utility, lease and similar deposits, in the normal 

  
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course of business. For the avoidance of doubt, any payments pursuant to any Guarantee of the Debt or other obligations of Restricted Subsidiaries previously incurred in compliance with the
Indenture shall not be deemed to be Investments by such Restricted Subsidiary. 
 “Issue Date” means
May 17, 2010, the date on which Notes are originally issued under this Indenture. 
 “Issuers” has the
meaning set forth in the preamble hereto until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York, the city in which the principal Corporate Trust Office of the Trustee is located
or at a place of payment are authorized or required by law, regulation or executive order to remain closed. If a payment date in a place of payment is a Legal Holiday, payment shall be made at that place on the next succeeding day that is not a
Legal Holiday, and no interest shall accrue for the intervening period. 
 “Lien” means, with respect to any
property or other asset, any mortgage, deed of trust, deed to secure debt, pledge, hypothecation, assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement, encumbrance, or other security agreement on or
with respect to such property or other asset (including, without limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). 

“Mortgaged Vessel Guarantor” means a Guarantor that is the owner of one or more Mortgaged Vessels. 

“Mortgaged Vessels” means (i) the Existing Vessels, (ii) the Identified Vessels to the extent acquired with
Escrow Proceeds, and (iii) any other Vessels made subject to the Lien of the Security Documents in favor of the Trustee for the benefit of the Holders of Notes. 
 “Net Cash Proceeds” means, with respect to Asset Sales of any Person, cash and Eligible Cash Equivalents received, net of: (i) all reasonable out-of-pocket costs and expenses of such
Person incurred in connection with such a sale, including, without limitation, all legal, accounting, investment banking fees, title and recording tax expenses, brokerage and sales commissions, any relocation expenses incurred as a result thereof
and other fees and expenses incurred and all federal, state, foreign and local taxes arising in connection with such an Asset Sale that are paid, payable, or expected to be paid or required to be accrued as a liability under GAAP by such Person;
(ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations, pension and other post-employment benefit liabilities, liabilities related to environmental matters and other
liabilities associated with such Asset Sale; (iii) all payments made by such Person on any Debt that is secured by such properties or other assets in accordance with the terms of any Lien upon or with respect to such properties or other assets
or that must, by the terms of such Lien or such Debt, or in order to obtain a necessary consent to such transaction or by applicable law, be repaid to any other Person (other than the Company or a Restricted Subsidiary thereof) in connection with
such Asset Sale; and (iv) all contractually required distributions and other payments made to minority interest holders 

  
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in Restricted Subsidiaries of such Person as a result of such transaction; provided, however, that: (a) in the event that any consideration for an Asset Sale (which would
otherwise constitute Net Cash Proceeds) is required by (I) contract to be held in escrow pending determination of whether a purchase price adjustment will be made or (II) GAAP to be reserved against other liabilities in connection with such
Asset Sale, such consideration (or any portion thereof) shall become Net Cash Proceeds only at such time as it is released to such Person from escrow or otherwise; and (b) any non-cash consideration received in connection with any transaction,
which is subsequently converted to cash, shall become Net Cash Proceeds only at such time as it is so converted. 
 “Net
Loss Proceeds” means the aggregate cash proceeds received by the Company or any Guarantor in respect of any Event of Loss, including, without limitation, insurance proceeds, condemnation awards or damages awarded by any judgment, net of the
direct cost in recovery of such Net Loss Proceeds (including, without limitation, legal, accounting, appraisal and insurance adjuster fees and any relocation expenses incurred as a result thereof), amounts required to be applied to the repayment of
Debt secured by any Lien on the asset or assets that were the subject of such Event of Loss (other than any Lien which does not rank equal to or prior to the Note Liens), and any taxes paid or payable and any reserves required as a result thereof.

 “Note Custodian” means the Trustee when serving as custodian for the Depositary with respect to the Global
Notes, or any successor entity thereto. 
 “Note Guarantee” means any guarantee of the Notes by any Guarantor
pursuant to this Indenture. 
 “Note Liens” means all Liens in favor of the Collateral Agent on Collateral
securing the Note Obligations, including, without limitation, any Permitted Additional Pari Passu Obligations. 
 “Note
Obligations” means the Debt Incurred and Obligations under the Indenture and the Notes (or any other indenture and notes or other agreements and instruments with respect to Permitted Additional Pari Passu Obligations) and the Security
Documents. 
 “Notes” has the meaning set forth in the preamble to this Indenture. 

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

“Obsolete Equipment” means vessels and other equipment, property or assets that, in the ordinary course of each of the
Company’s and its Restricted Subsidiaries’ business as presently conducted, are damaged, obsolete, surplus, at the end of their useful life or no longer required or useful in the business, in each case as reasonably determined by the
Company. 

  
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 “Offer” has the meaning set forth in the definition of “Offer to
Purchase.” 
 “Offer to Purchase” means a written offer (the “Offer”) sent by the Issuers
by first class mail, postage prepaid, to each Holder at his address appearing in the security register on the date of the Offer, offering to purchase up to the aggregate principal amount of Notes set forth in such Offer at the purchase price set
forth in such Offer (as determined pursuant to the Indenture, the “Purchase Price”). Unless otherwise required by applicable law, the offer shall specify an expiration date (the “Expiration Date”) of the Offer to
Purchase which shall be, subject to any contrary requirements of applicable law, not less than 30 days or more than 60 days after the date of mailing of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes
within five business days after the Expiration Date. The Issuers shall notify the Trustee prior to the mailing of the Offer of the Issuers’ obligation to make an Offer to Purchase, and the Offer shall be mailed by the Issuers or, at the
Issuers’ request, by the Trustee in the name and at the expense of the Issuers. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also
state: 
 (1) the section of this Indenture pursuant to which the Offer to Purchase is being made; 

(2) the Expiration Date and the Purchase Date; 

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

(4) the purchase price to be paid by the Company for each $1,000 principal amount of Notes accepted for payment (as
specified pursuant to this Indenture); 
 (5) that the Holder may tender all or any portion of the Notes
registered in the name of such Holder and that any portion of a Note tendered must be tendered in a minimum amount of $1,000 principal amount; 
 (6) the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase, if applicable; 

(7) that, unless the Issuers default in making such purchase, any Note accepted for purchase pursuant to the Offer to
Purchase will cease to accrue interest on and after the Purchase Date, but that any Note not tendered or tendered but not purchased by the Issuers pursuant to the Offer to Purchase will continue to accrue interest at the same rate; 

(8) that, on the Purchase Date, the Purchase Price will become due and payable upon each Note accepted for payment
pursuant to the Offer to Purchase; 

  
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 (9) that each Holder electing to tender a Note pursuant to the Offer to
Purchase will be required to surrender such Note or cause such Note to be surrendered at the place or places set forth in the Offer prior to the close of business on the Expiration Date (such Note being, if the Issuers or the Trustee so requires,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing); 

(10) that Holders will be entitled to withdraw all or any portion of Notes tendered if the Issuers (or their paying agent)
receives, not later than the close of business on the Expiration Date, a facsimile transmission or letter setting forth the name of the Holder, the aggregate principal amount of the Notes the Holder tendered, the certificate number of the Note the
Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 
 (11) that
(a) if Notes having an aggregate principal amount less than or equal to the Purchase Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Issuers shall purchase all such Notes and (b) if Notes having an
aggregate principal amount in excess of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the Issuers shall purchase Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis
(with such adjustments as may be deemed appropriate so that only Notes in denominations of $2,000 principal amount or integral multiples of $1,000 in excess thereof shall remain outstanding following such purchase); provided, however,
that if holders of other Debt also tender their Debt in such Offer to Purchase pursuant to an Asset Sale, then the Trustee will select the Notes and other Debt to be purchased on a pro rata basis; and 

(12) if applicable, that, in the case of any Holder whose Note is purchased only in part, the Issuers shall execute, and
the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in the aggregate principal amount equal to and in exchange for the
unpurchased portion of the aggregate principal amount of the Notes so tendered. 
 “Offering Circular” means
the Offering Circular related to the issuance of the Initial Notes on the Issue Date, dated May 6, 2010. 

“Officers’ Certificate” means a certificate signed by an officer of an Issuer or a Guarantor, as applicable, that
is the principal executive officer, the principal financial officer, the treasurer, the principal accounting officer or an authorized signatory of such Issuer or such Guarantor, as applicable. 

“Opinion of Counsel” means an opinion reasonably acceptable to the Trustee from legal counsel. The counsel may be an
employee of or counsel to Parent, the Company or any Subsidiary of the Company. 
 “Parent” means American
Petroleum Tankers Holdings LLC and any future direct or indirect parent of the Company. 
 “Pari Passu Liens”
means Liens securing Obligations ranking pari passu with the Notes which by their terms are intended to be secured equally and ratably with the Notes and are permitted pursuant to the applicable provisions of this Indenture and the Security
Documents. 

  
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 “Participant” means, with respect to DTC, a Person who has an account with
DTC. 
 “Paying Agent” means any Person authorized by the Issuers to pay the principal of, premium, if any, or
interest on, or redemption, purchase, retirement, defeasance, covenant defeasance or similar payment with respect to, any Notes on behalf of the Issuers. 
 “Permitted Additional Pari Passu Obligations” means obligations under any Additional Notes or other Debt secured by the Note Liens; provided that the amount of such obligations
does not exceed the amount of Debt permitted to be incurred and secured by a Permitted Collateral Lien pursuant to clause (o) of the definition of “Permitted Liens”; provided further that (i) the representative of such
Permitted Additional Pari Passu Obligation executes a joinder agreement to the Security Agreement and any other applicable Security Documents in the form attached thereto agreeing to be bound thereby and (ii) the Company has designated such
Debt as “Permitted Additional Pari Passu Obligations” under the Security Agreement and any other applicable Security Documents. 
 “Permitted Business” means (1) any business similar in nature to any business conducted by the Company and the Restricted Subsidiaries on the Issue Date and any business reasonably
ancillary, incidental, complementary or related to the business conducted by the Company and the Restricted Subsidiaries on the Issue Date or a reasonable extension, development or expansion thereof, in each case, as determined in good faith by the
Board of Directors of the Company and (2) any business which forms a part of a business (the “Acquired Business”) which is acquired by the Company or any of its Restricted Subsidiaries if the primary intent of the Company or
such Restricted Subsidiary was to acquire that portion of the Acquired Business which meets the requirements of clause (1) of this definition and the portion of the Acquired Business which meets the requirements of clause (1) of this
definition constitutes at least 66 2/3% of the Acquired Business and such ancillary portion of the Acquired Business is disposed of within 550 days of its acquisition. 
 “Permitted Collateral Liens” means: 
 (i) Liens
securing the Notes outstanding on the Issue Date, Refinancing Indebtedness with respect to such Notes, the Guarantees relating thereto and any Obligations with respect to such Notes, Refinancing Debt and Guarantees; 

(ii) Pari Passu Liens securing Permitted Additional Pari Passu Obligations permitted to be incurred pursuant to this
Indenture which Liens are granted pursuant to the provisions of the Security Documents; 
 (iii) Liens existing
on the Issue Date (other than Liens specified in clause (i) or (ii) above) and any extension, renewal, refinancing or replacement thereof so long as such extension, renewal, refinancing or replacement does not extend to any other property
or asset and does not increase the outstanding principal amount of the obligations secured thereby (except by the amount of any accrued interest, any premium or fee paid or payable, original issue discount and any costs and expenses incurred in
connection with such extension, renewal, replacement or refinancing); 

  
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 (iv) Liens described in clauses (c), (d), (e), (f), (g), (h), (i),
(j) (but only with respect to Obligations secured by Liens described in clause (g) referred to therein), (k), (l), (n), (o), (p), (q), (r), (s), (t), (u), (x), (y), (z) and (aa) (but only with respect to Liens otherwise described in
this clause (iv) of the definition of “Permitted Liens”); and 
 (v) Priority Liens. 

“Permitted Debt” means 
 (i) Debt Incurred pursuant to a Credit Agreement in an aggregate principal amount at any one time outstanding not to exceed (x) $15.0 million on the Issue Date plus (y) on each date on which
each new Vessel is delivered and subject to the Security Documents (including the Intercreditor Agreements), an additional $2.5 million, minus (z) any amounts used to permanently repay Obligations pursuant to clause (i) of the second
paragraph of Section 4.10 and clause (ii) of the first paragraph of Section 4.16; 
 (ii) Debt
outstanding under the Notes (including any Exchange Notes pursuant to the Registration Rights Agreement but excluding any Additional Notes) and contribution, indemnification and reimbursement obligations owed by either Issuers or any Guarantor to
any of the other of them in respect of amounts paid or payable on such Notes; 
 (iii) Guarantees of the Notes
(and any Exchange Notes pursuant to the Registration Rights Agreement); 
 (iv) Debt of the Company or any
Restricted Subsidiary outstanding at the time of the Issue Date (other than clauses (i), (ii) or (iii) above or (xv) below); 
 (v) Debt owed to and held by the Company or a Restricted Subsidiary; provided that if such Debt is owed by either Issuer or a Guarantor to a Restricted Subsidiary of the Company that is not a
Guarantor, such Debt shall be subordinated to the prior payment in full of the Note Obligations; 
 (vi)
Guarantees by the Company or any Restricted Subsidiary of Debt of the Company or any Restricted Subsidiary, including Guarantees by the Company or any Restricted Subsidiary of Debt under any Credit Agreement, provided that (a) such Debt
is Permitted Debt or is otherwise Incurred in accordance with Section 4.9 and (b) such Guarantees are subordinated to the Notes to the same extent as the Debt being guaranteed; 

(vii) Debt Incurred in respect of workers’ compensation claims, health, disability or other employee benefits,
self-insurance obligations, indemnity, bid, performance, warranty, release, appeal, surety and similar bonds, letters of credit for operating purposes and completion guarantees provided or incurred (including Guarantees thereof) by the Company or a
Restricted Subsidiary in the ordinary course of business; 

  
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 (viii) Debt under Hedging Obligations entered into to protect the Company
and the Restricted Subsidiaries from fluctuations in interest rates, commodity prices and currency exchange rates and guarantees in respect thereof; 
 (ix) Debt of the Company or any Restricted Subsidiary pursuant to Capital Lease Obligations and Purchase Money Debt to finance the purchase, lease or improvement of property (real or personal) or
equipment that is used or useful in a Permitted Business, whether through the direct purchase of assets or the Capital Interests of any Person owning such assets, provided that the aggregate principal amount of such Debt Incurred under this
clause (ix), may not exceed $7.5 million in the aggregate; 
 (x) to the extent constituting Debt, Debt arising
from agreements of the Company or a Restricted Subsidiary providing for indemnification, contribution, earn out, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition
of any business, assets or Capital Interests of a Restricted Subsidiary otherwise permitted under this Indenture; 
 (xi) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that:

 (a) any subsequent issuance or transfer of Capital Interests that results in any such preferred stock being
held by a Person other than the Company or a Restricted Subsidiary; and 
 (b) any sale or other transfer of any
such preferred stock to a Person that is not either the Company or a Restricted Subsidiary; 
 shall be deemed, in each case, to
constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (xi); 
 (xii) Debt arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; 

(xiii) Debt of the Company or any Restricted Subsidiary not otherwise permitted pursuant to this definition, in an
aggregate principal amount not to exceed at any time outstanding (x) $20.0 million plus (y) on each date on which each new Vessel is delivered and subject to the Security Documents (including the Intercreditor Agreements), an additional $5
million, up to a maximum aggregate principal amount of $30.0 million outstanding at any one time pursuant to this clause (xiii); 
 (xiv) Refinancing Debt in respect of Debt permitted by clauses (ii), (iii) or (iv) above, this clause (xiv) or the first paragraph under Section 4.9; and 

(xv) Debt of the Company or any of its Restricted Subsidiaries arising from customary cash management services or in
connection with any automated clearinghouse transfer of funds in the ordinary course of business; 

  
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 (xvi) Contribution Debt; 

(xvii) Debt incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, or other Indebtedness with respect to reimbursement type obligations regarding workers’
compensation claims; provided, however, that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or incurrence; 

(xviii) Debt arising from agreements of the Company or its Restricted Subsidiaries providing for indemnification,
adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any
portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; and 
 (xix) Debt
of the Company or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case incurred in the ordinary course of business.

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

“Permitted Holder” means, at any time, (i) the Sponsors and their Affiliates (not including, however, any portfolio
companies of any of the Sponsors) and (ii) members of management of the Company or its direct or indirect parent companies on the Issue Date who are holders of Capital Interests of the Company (or any of its direct or indirect parent companies)
with respect to no more than 5.0% of the total voting power of the Capital Interests of the Company or any direct or indirect parent company of any of such Persons. Any person or group whose acquisition of beneficial ownership constitutes a Change
of Control will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 
 “Permitted
Investments” means: 
 (a) Investments in existence on the Issue Date and any extension, modification,
replacement or renewal of any such Investment existing on the Issue Date, but only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof other than as a result of the
accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investment as in effect on the Issue Date (or as subsequently amended or otherwise modified in a
manner not disadvantageous to the Lenders in any material respect); 
 (b) Investments required pursuant to any
agreement or obligation of the Company or a Restricted Subsidiary, in effect on the Issue Date, to make such Investments; 

  
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 (c) Investments in cash and Eligible Cash Equivalents; 

(d) to the extent constituting an Investment, Investments in property and other assets, owned or used by the Company or
any Restricted Subsidiary in the operation of a Permitted Business; 
 (e) Investments in the Company or by the
Company or any of its Restricted Subsidiaries in either Issuers or any Restricted Subsidiary; 
 (f) Investments
by the Company or any Restricted Subsidiary in a Person, if as a result of such Investment (A) such Person becomes a Restricted Subsidiary or (B) such Person, in one transaction or a series of related transactions, is merged, consolidated
or amalgamated with or into, or transfers or conveys substantially all of its assets (or of the assets of a division or line of business thereof) to, or is liquidated or wound-up into, the Company or a Restricted Subsidiary, and any Investment held
by such Person; 
 (g) Hedging Obligations entered into to protect the Company and the Restricted Subsidiaries
from fluctuations in interest rates, commodity prices and currency exchange rates; 
 (h) Investments received in
settlement of obligations or claims owed to the Company or any Restricted Subsidiary or as a result of bankruptcy or insolvency proceedings, workout, reorganization or recapitalization or upon the foreclosure or enforcement of any Lien in favor of
the Company or any Restricted Subsidiary; 
 (i) Investments by the Company or any Restricted Subsidiary (other
than in an Affiliate) not otherwise permitted under this definition, in an aggregate amount at any one time outstanding not to exceed the greater of (x) $20.0 million and (y) 3.0% of the Appraised Value at the time of such Investment (with
the amount of each Investment being measured at the time made and without giving effect to subsequent changes in value); 
 (j) (A) loans and advances (excluding the loans and advances described in clause (B) below) to employees in an amount not to exceed $5.0 million in the aggregate at any one time outstanding,
(B) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business and consistent with past
practice, and (C) loans or advances against, and repurchases of Capital Interests and options of the Company and its Restricted Subsidiaries held by management, employees, directors, partners and consultants of the Company, its Subsidiaries or
its direct or indirect parent companies in connection with any stock option, deferred compensation or similar benefit plans approved by the Board of Directors (or similar governing body) and otherwise issued in accordance with the terms of the
Indenture; 
 (k) Investments the payment for which consists solely of Qualified Capital Interests of the Company
or any of its direct or indirect parent companies; 

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

(m) guarantees by the Company or any Restricted Subsidiary of Debt of the Company or a Restricted Subsidiary or Debt
otherwise permitted by Section 4.9; and 
 (n) the issuance of any letter of credit or similar support for
the obligations of any insurance Subsidiary in the ordinary course of business. 
 “Permitted Liens” means:

 (a) Liens existing at the Issue Date; 

(b) Liens that secure Obligations incurred pursuant to clause (i) of the definition of “Permitted Debt”
(including cash management obligations and Hedging Obligations owed to a Person who was a Lender or an affiliate of a Lender when initially incurred and described as “Bank Products” in the First Lien Intercreditor Agreement),
provided that such Liens are subject to the provisions of the Intercreditor Agreements; 
 (c) any Lien
for taxes or assessments or other governmental charges or levies not then overdue for a period of more than 30 days after giving effect to any applicable grace periods or subject to penalties for nonpayment (or which, if overdue for a period of more
than 30 days after giving effect to any applicable grace periods or subject to penalties for nonpayment, are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained, to the extent required by
GAAP), or for property taxes on property that the Company or one of its Subsidiaries has previously determined to abandon, if the sole recourse for such tax, assessment, charge, levy or claim is to such property; 

(d) any carrier’s, warehousemen’s, materialmen’s, mechanic’s, landlord’s, repairmen’s, or
other similar Liens arising, in the case of such other similar Liens, in the ordinary course of business and by Law for sums not then overdue for a period of more than 30 days after giving effect to any applicable grace periods or subject to
penalties for nonpayment (or which, if overdue for a period of more than 30 days after giving effect to any applicable grace periods or subject to penalties for nonpayment, are being contested in good faith by appropriate proceedings and with
respect to which adequate reserves are being maintained, to the extent required by GAAP) or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other
proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP; 
 (e) survey exceptions, encumbrances, ground leases, easements or reservations of or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and
cable television lines, gas and oil pipelines and other similar purposes, or zoning, building codes or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the

  
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ownership of its properties which were not incurred in connection with Debt and which do not individually or in the aggregate materially adversely affect the value of the Company or its
Subsidiaries or materially impair the operation of the business of such Person; 
 (f) pledges, deposits,
security and other Liens (i) in connection with workers’ compensation, unemployment insurance, employers’ health tax and other laws, legislation, public and statutory obligations and regulatory requirements, completion guarantees or
the requirements of any official body, or (ii) to secure the performance of tenders, bids, contracts, surety, appeal, performance, bid, indemnity, warranty, release, appeal or similar bonds, leases, the payment of rent, purchase, construction,
sales, work in process relating to obligations Incurred in the normal course of business consistent with industry practice; or (iii) to obtain or secure obligations with respect to letters of credit, bankers’ acceptances, Guarantees,
bonds, contested taxes, import duties or other sureties or assurances, in each case not Incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property or
services or imposed by ERISA or the Code in connection with a “plan” (as defined in ERISA) or (iv) arising in connection with any attachment; 
 (g) Liens on property or shares of Capital Interests of a Person existing at the time such Person is merged with or into or consolidated with the Company or a Restricted Subsidiary, or becomes a
Restricted Subsidiary or Liens on any property or asset (including shares of stock) prior to the acquisition thereof by the Company or any Restricted Subsidiary (and in any case not created or Incurred in anticipation of such transaction),
provided that such Liens are not extended to the property and assets of the Company and its Restricted Subsidiaries other than the property, assets or Capital Interests acquired (and improvements and additions thereto and assets and property
affixed or appurtenant thereto and proceeds thereof); 
 (h) Liens in favor of the Company or a Restricted
Subsidiary; 
 (i) other Liens (not securing Debt) incidental to the conduct of the business of the Company or
any of its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not individually or in the aggregate materially adversely affect the value of such assets or materially impair the operation of the business of the
Company or its Restricted Subsidiaries; 
 (j) Liens to secure any permitted extension, renewal, refinancing,
refunding or replacement (or successive extensions, renewals, refinancings, refundings or replacements), in whole or in part, of any Debt secured by Liens referred to in the foregoing clauses (a) and (g); provided that such Liens do not
extend to any other property or assets (other than improvements and additions on such property or assets) and the principal amount of the obligations secured by such Liens is not greater than the sum of the outstanding principal amount of the
refinanced Debt or if greater, the committed amount of the Debt described under clauses (a) and (g) at the time the original Lien became a Permitted Lien plus any accrued interest and any fees and expenses, including premiums or original
issue discount related to such extension, renewal, refinancing, refunding or replacement; 

  
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 (k) Liens in favor of customs or revenue authorities arising as a matter of
law to secure payment of custom duties in connection with the importation of goods incurred in the ordinary course of business; 
 (l) licenses of intellectual property granted in the ordinary course of business; 
 (m) Liens to secure (i) Capital Lease Obligations permitted to be incurred pursuant to clause (ix) of the definition of “Permitted Debt” or (ii) Purchase Money Debt permitted to
be Incurred pursuant to clause (ix) of the definition of “Permitted Debt” to finance the construction, purchase or lease of, or repairs, improvements or additions to, any assets (other than Capital Interests), property, plant or
equipment of such Person; provided, however, that the Lien may not extend to any Collateral or other property owned by such Person or any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property
affixed or appurtenant thereto and any proceeds thereof), and the Debt (other than any interest and fees thereon, or expenses incurred in connection therewith) secured by the Lien may not be Incurred more than 180 days after the later of the
acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien; 
 (n) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligation in respect of banker’s acceptances issued or created in the ordinary course
of business for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods; 
 (o) Liens to secure any Debt permitted to be incurred pursuant to clause (xiii) or (xvi) of the definition of “Permitted Debt”; 

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

  
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 (r) Deposits made in the ordinary course of business to secure liability
under insurance or self-insurance arrangements; 
 (s) leases, subleases, licenses or sublicenses granted to
others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiaries and do not secure any Debt; 

(t) Liens arising from UCC (or equivalent statutes) financing statement filings or other applicable similar filings
regarding operating leases and vessel charters entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 
 (u) Liens on the assets of a Restricted Subsidiary that is not a Guarantor securing Debt and other obligations of such Restricted Subsidiary incurred in compliance with the Indenture; 

(v) Liens on the Collateral granted under the Security Documents in favor of the Collateral Agent to secure the Notes, the
Guarantees and the Permitted Additional Pari Passu Obligations and Liens permitted under the Security Documents (including any Liens granted under the Second Lien Facility so long as such Liens are subject to the Second Lien Intercreditor
Agreement); 
 (w) Liens securing Hedging Obligations entered into in the ordinary course of business;

 (x) Liens (i) incurred in the ordinary course of business of the Company or any Restricted Subsidiary of
the Company arising from the provision of necessaries to any Vessel pursuant to General Maritime Law of the United States and 46 U.S.C. Section 31301 et seq., including but not limited to Vessel chartering, drydocking, maintenance,
repair, refurbishment or replacement, the furnishing of supplies and fuel, payment of fuel user taxes and insurance premiums, boat stores and provisions, telephone charges, groceries and food stocks, rigging and rope, fleeting, shifting, towing,
port charges, cover handling, barge cleaning, tankering and gas freeing services, to Vessels and Related Assets, repairs and improvements to Vessels and Related Assets, personal injury, and/or death occurring on a Vessel, claims for property damage
and/or cargo loss or damage and crews’ wages, each known as maritime liens, and (ii) for salvage and general average; 
 (y) Liens resulting from arrangements among the stockholders of Foreign Subsidiaries which limit or restrict the transfer of equity interests of such Foreign Subsidiaries by those stockholders to third
parties; 
 (z) any extensions, substitutions, replacements or renewals of the foregoing; and 

(aa) Liens securing Debt, as measured by principal amount, which, when taken together with the principal amount of all
other Debt secured by Liens (excluding Liens permitted by clauses (a) though (z) above) at the time of determination, does not exceed $5.0 million in the aggregate at any one time outstanding. 

  
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 “Permitted Payments to Parent” means the declaration and payment of
dividends by the Company to, or the making of loans to, any direct or indirect parent in amounts required for any direct or indirect parent companies to pay, in each case without duplication: 

(a) reasonable fees and expenses other than to Affiliates of the Company related to any unsuccessful equity or debt
offering of such parent entity, provided that the aggregate amount of such payments under this clause (a) may not exceed $5.0 million in the aggregate; and 

(b) general corporate operating overhead costs and expenses of any direct or indirect parent company of the Company,
provided that such costs and expenses may not exceed $2 million during any fiscal year. 
 “Permitted Tax
Distributions” means (a) with respect to any taxable year (or portion thereof) beginning after the Issue Date with respect to which the Company is treated as a partnership or disregarded entity for U.S. federal income tax purposes,
distributions by the Company to its equity owners to fund the income tax liabilities of such equity owners (or their direct or indirect equity owners) in respect of their ownership of the Company for such taxable year (or portion thereof), in an
aggregate amount assumed to equal the product of (i) the net taxable income of the Company for the taxable year in question (or portion thereof) reduced by any cumulative net taxable loss with respect to all prior taxable years (or portions
thereof) beginning after the Issue Date (determined as if all such periods were one period) to the extent such cumulative net taxable loss is of a character (ordinary or capital) that would permit such loss to be deducted against the income of the
taxable year in question (or portion thereof) and (ii) the highest combined marginal federal and applicable state and/or local income tax rate (taking into account the deductibility of state and local income taxes for U.S. federal income tax
purposes and the character of the taxable income in question (i.e., long term capital gain, qualified dividend income, etc.)) applicable to any such equity owners for the taxable year in question (or portion thereof) and (b) with respect
to any taxable year (or portion thereof) ending on or prior to the Issue Date with respect to which the Company is treated as a partnership or disregarded entity for U.S. federal income tax purposes, distributions by the Company to its equity owners
to fund the income tax liabilities of such equity owners (or their direct or indirect equity owners) in respect of their ownership of the Company for such taxable year (or portion thereof), in an aggregate amount assumed to equal the product of
(i) any additional taxable income for such taxable year (or period thereof) resulting from a tax audit adjustment made after the Issue Date and (ii) the highest combined marginal federal and applicable state and/or local income tax rate
(taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes and the character of the taxable income in question (i.e., long term capital gain, qualified dividend income, etc.)) applicable to any
such equity owners for the taxable year in question (or portion thereof). 
 “Person” means any individual,
corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 

  
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 “Preferred Interests,” as applied to the Capital Interests in any Person,
means Capital Interests in such Person of any class or claws (however designated) that rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such
Person, to shares of Common Interests in such Person. 
 “Priority Liens” means Liens on the Collateral
securing Debt permitted to be Incurred pursuant to clause (i) of the definition of Permitted Debt and clause (b) of the definition of Permitted Liens, which Liens shall be subject to the Intercreditor Agreements. 

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

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

“Purchase Money Debt” means Debt: 

(i) Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, any assets
(other than Capital Interests) of such Person or any Restricted Subsidiary; and 
 (ii) that is secured by a Lien
on such assets where the lender’s sole security is to the assets so constructed, purchased, purchased, leased, repaired, improved or added to (and assets or property affixed or appurtenant thereto and any proceeds thereof); and 

in either case that does not exceed 100% of the cost. 
 “Purchase Price” has the meaning set forth in the definition of “Offer to Purchase.” 
 “Qualified Capital Interests” in any Person means a class of Capital Interests other than Redeemable Capital Interests. 

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

“Redeemable Capital Interests” in any Person means any Capital Interest of such Person that by its terms (or by terms of
any security into which it is convertible or for which it is exchangeable), or upon the happening of an event, is required to be redeemed, is redeemable at the option of the holder thereof in whole or in part (including by operation of a sinking
fund), or is convertible or exchangeable for Debt of such Person at the option of the holder thereof, in whole or in part, at any time prior to the Stated Maturity of the outstanding principal amount of the Notes; provided that only the
portion of such equity security which is required to be redeemed, is so convertible or exchangeable or is so redeemable at the option of the holder thereof before such date will be deemed to be Redeemable Capital Interests. Notwithstanding the
preceding sentence, (i) any Capital Interest that would constitute Redeemable Capital Interests solely because the holders of the equity security have the right to require the Company or its Restricted Subsidiaries to repurchase such equity
security upon the occurrence of a change 

  
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of control or an asset sale will not constitute Redeemable Capital Interests, and (ii) if such Capital Interest is issued to any plan for the benefit of employees of the Company or its
Subsidiaries (or any direct or indirect parent thereof) or by any such plan to such employees, such Capital Interests shall not constitute Redeemable Capital Interests solely because it may be required to be repurchased by the Company or its
Subsidiaries in order to satisfy applicable statutory or regulatory obligations. The amount of Redeemable Capital Interests deemed to be outstanding at any time for purposes of the Indenture will be the maximum amount that the Company and its
Restricted Subsidiaries may become obligated to pay upon the maturity of or pursuant to any mandatory redemption provisions of, such Redeemable Capital Interests or portion thereof, exclusive of accrued dividends. 

“Redemption Price” when used with respect to any Note to be redeemed, means the price at which it is to be redeemed
pursuant to this Indenture. 
 “Refinancing Debt” means Debt that refunds, refinances, renews, replaces or
extends any Debt permitted to be Incurred by the Company or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors, but only to the extent that

 (i) the Refinancing Debt is subordinated to the Notes to at least the same extent as the Debt being refunded,
refinanced or extended, if such Debt was subordinated to the Notes, 
 (ii) the Refinancing Debt is scheduled to
mature either (a) no earlier than the Debt being refunded, refinanced or extended or (b) at least 91 days after the maturity date of the Notes, 
 (iii) the Refinancing Debt has a weighted average life to maturity at the time such Refinancing Debt is Incurred that is either (a) equal to or greater than the weighted average life to maturity of
the Debt being refunded, refinanced, renewed, replaced or extended or (b) at least 91 days after the maturity date of the Notes, 
 (iv) such Refinancing Debt is in an aggregate principal amount that is less than or equal to the sum of (a) the aggregate principal or accreted amount (in the case of any Debt issued with original
issue discount, as such) then outstanding under the Debt being refunded, refinanced, renewed, replaced or extended, (b) the amount of accrued and unpaid interest, if any, and premiums owed, if any, not in excess of preexisting prepayment
provisions on such Debt being refunded, refinanced, renewed, replaced or extended and (c) the amount of reasonable and customary fees, premiums (including tender premiums), defeasance costs and other expenses and costs related to the Incurrence
of such Refinancing Debt, and 
 (v) such Refinancing Debt is Incurred by the same Person (or its successor) that
initially Incurred the Debt being refunded, refinanced, renewed, replaced or extended, except that (i) the Issuers and any Restricted Subsidiary that is a Guarantor may Incur Refinancing Debt to refund, refinance, renew, replace or extend Debt
of any Restricted Subsidiary of the Company that is a Guarantor and (ii) any Restricted Subsidiary that is not a Guarantor may Incur Refinancing Debt to refund, refinance, renew, replace or extend Debt of any Restricted Subsidiary that is not a
Guarantor. 

  
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 “Registration Rights Agreement” means the Registration Rights Agreement, to
be dated the date of this Indenture, among the Issuers, the Guarantors and the initial purchasers named therein and any similar agreement entered into in connection with any Additional Notes. 

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

  
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on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a wholly-owned subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata
share of such dividend or distribution, shall not be “Restricted Payments”; 
 (b) any payment made by
the Company or any of its Restricted Subsidiaries to purchase, redeem, acquire or retire for value any Capital Interests in the Company or any of its Restricted Subsidiaries, including any issuance of Debt in exchange for such Capital Interests or
the conversion or exchange of such Capital Interests into or for Debt, other than any such Capital Interests owned by the Company or any Restricted Subsidiary; 
 (c) any payment made by the Company or any of its Restricted Subsidiaries (other than a payment made solely in Qualified Capital Interests in the Company) to redeem, repurchase, defease (including legal
defeasance) or otherwise acquire or retire for value (including pursuant to mandatory repurchase covenants), prior to any scheduled maturity, scheduled sinking fund or mandatory redemption payment, Debt of the Company or any Guarantor that is
subordinate (whether in right of payment or pursuant to intercreditor arrangements) to the Notes or Note Guarantees (including the Second Lien Facility but excluding any Debt owed to the Company or any Restricted Subsidiary); except
(y) payments of principal in anticipation of satisfying a sinking fund obligation or final maturity, in each case, within one year of the due date thereof and (z) any payments in respect of Debt to the extent the issuance of such Debt was
a Restricted Payment; 
 (d) any Investment by the Company or a Restricted Subsidiary in any Person, other than a
Permitted Investment; and 
 (e) any designation of a Restricted Subsidiary as an Unrestricted Subsidiary;

 provided, that notwithstanding the foregoing clauses (a) through (e), any payments in respect of Debt (other than the Second Lien
Facility), if such Debt was issued prior to the Issue Date or the issuance of such Debt constituted a Restricted Payment under clause (b) above, shall not be deemed to be Restricted Payments. For the avoidance of doubt, any cash payments to or
under the Second Lien Facility shall constitute a Restricted Payment. 
 “Restricted Subsidiary” means any
Subsidiary that has not been designated as an “Unrestricted Subsidiary” in accordance with the Indenture; provided that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary
shall be included in the definition of Restricted Subsidiary. Unless otherwise indicated, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Company, including the Co-Issuers. 

“Sale and Leaseback Transaction” means any arrangement pursuant to which property is sold or transferred by the Company
or a Restricted Subsidiary in contemplation of being leased back as a capital lease by the Company or a Restricted Subsidiary. 

  
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 “Second Lien Facility” means the Revolving Notes Facility Agreement dated
as of August 7, 2006 among American Petroleum Tankers LLC, as borrower, the obligors party thereto, the lenders party thereto, Blackstone Corporate Debt Administration L.L.C., as administrative agent and The Bank of New York Mellon, as security
agent. 
 “Second Lien Intercreditor Agreement” means the Subordination and Intercreditor Agreement, to be
dated the date of this Indenture, among the Issuers, the Guarantors, the lenders party thereto and the Trustee. 

“Secured Parties” has the meaning set forth in the Security Agreement. 

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

“Security Agreement” means the security agreement to be dated as of the Issue Date between the Collateral Agent, the
Issuers and the Guarantors granting, among other things, a first-priority Lien on the Collateral subject to Permitted Collateral Liens and Permitted Liens, in each case in favor of the Collateral Agent for its benefit and for the benefit of the
Trustee and the Holders of the Notes and the holders of any Permitted Additional Pari Passu Obligations, as amended, modified, restated, supplemented or replaced from time to time in accordance with its terms. 

“Security Documents” means the Security Agreement, the Escrow Agreement, the Ship Mortgages, any mortgages, deeds of
trust, deeds to secure debt, the Intercreditor Agreements and all of the security agreements, pledges, collateral assignments, mortgages, deeds of trust, trust deeds or other instruments evidencing or creating or purporting to create any security
interests in favor of the Collateral Agent, Security Trustee or Escrow Agent for its benefit and for the benefit of the Trustee and the Holders of the Notes and the holders of any Permitted Additional Pari Passu Obligations, in all or any portion of
the Collateral, as amended, modified, restated, supplemented or replaced from time to time. 
 “Security
Interests” means the Liens on the Collateral created by the Security Documents in favor of the Collateral Agent for its benefit and for the benefit of the Secured Parties. 

“Security Trustee” has the meaning set forth in Section 6.12(a) hereto. 

“Senior Secured Note Documents” means this Indenture, Notes, the Note Guarantees and the Security Documents. 

“Ship Mortgage” means either the first preferred ship mortgage or the first priority statutory mortgage and related deed
of covenants, in each case, on each of the Mortgaged Vessels granted by a Mortgaged Vessel Guarantor to the Security Trustee and dated on or before the Issue Date or a Vessel Tender Date, as the case may be, as amended from time to time in
accordance with the terms of the Indenture and such Ship Mortgages. 
 “Significant Subsidiary” has the meaning
set forth in Rule 1-02 of Regulation S-X under the Securities Act and Exchange Act, as such regulation is in effect on the Issue Date but shall not include any Unrestricted Subsidiary. 

  
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 “Sponsors” means one or more investment funds, investment partnerships or
managed accounts controlled or managed by The Blackstone Group or one of its Affiliates and one or more investment funds, investment partnerships or managed accounts controlled or managed by Cerberus Capital Management, L.P. and one or more its
Affiliates. 
 “Stated Maturity,” when used with respect to (i) any Note or any installment of interest
thereon, means the date specified in such Note as the fixed date on which the principal amount of such Note or such installment of interest is due and payable and (ii) any other Debt or any installment of interest thereon, means the date
specified in the instrument governing such Debt as the fixed date on which the principal of such Debt or such installment of interest is due and payable. 
 “Subsidiary” means, with respect to any Person, any corporation, limited or general partnership, trust, association or other business entity of which an aggregate of at least a majority
of the outstanding Capital Interests therein is, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. 
 “Subsidiary Guarantor” means any Guarantor that is not the Parent. 
 “Transactions” means the issuance of the Notes, the amendment of the Second Lien Facility and the repayment of certain existing Debt of certain of the Restricted Subsidiaries on the Issue
Date. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended, as
in effect on the date hereof. 
 “Transfer Restricted Notes” means Notes that bear or are required to bear the
Restricted Notes Legend. 
 “Treasury Rate” means with respect to the Notes, as of the applicable redemption
date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available
at least two business days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to May 1, 2012;
provided, however, that if the period from such redemption date to May 1, 2012 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. 
 “Trust Monies” means all cash and Eligible Cash Equivalents received by the Trustee: 

(1) upon the release of Collateral from the Lien of this Indenture or the Security Documents, including all Net Cash
Proceeds and Net Loss Proceeds and all moneys received in respect of the principal of all purchase money, governmental and other obligations; 
 (2) pursuant to the Security Documents; 
 (3) as proceeds of any
sale or other disposition of all or any part of the Collateral by or on behalf of the Trustee or any collection, recovery, receipt, appropriation or other realization of or from all or any part of the Collateral pursuant to this Indenture or any of
the Security Documents or otherwise; 

  
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 (4) for application as provided in the relevant provisions of this Indenture
or any Security Document or which disposition is not otherwise specifically provided for in this Indenture or in any Security Document; 
 (5) consisting of Escrow Proceeds which have not been released from the Lien of this Indenture and the Escrow Agreement. 
 provided, however, that Trust Monies shall in no event include any property deposited with the Trustee for any redemption, legal defeasance or covenant defeasance of Notes, for the
satisfaction and discharge of this Indenture or to pay the purchase price of Notes pursuant to an Offer to Purchase in accordance with the terms of this Indenture and shall not include any cash received or applicable by the Trustee in payment of its
fees and expenses. 
 “Trustee” has the meaning set forth in the preamble to this Indenture until a successor
replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 

“UCC” means the Uniform Commercial Code (or any successor statute) as in effect from time to time in the State of New
York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s security interest in any item or portion of the Collateral is governed by
the Uniform Commercial Code as in effect in a jurisdiction other that the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 “Unrestricted
Subsidiary” means: 
 (1) any Subsidiary designated as such by the Board of Directors of the Company in
compliance with Section 4.21; and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

“Unutilized Escrow Proceeds” means $169.9 million less the amount released from escrow pursuant to the Escrow Agreement
for the purchase of the Identified Vessels. 
 “Vessel” means one or more shipping vessels whose primary
purpose is the maritime transportation of cargo or which are otherwise engaged, used or useful in any business activities of the Company and its Restricted Subsidiaries and which are owned by and registered (or to be owned by and registered) in the
name of the Company or any of its Restricted Subsidiaries or operated (or to be operated) by the Company or any of its Restricted Subsidiaries pursuant to a charter or other operating agreement constituting a Capital Lease Obligation, in each case
together with all related spares, equipment and any additions or improvements. 

  
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 “Voting Interests” means, with respect to any Person, securities of any
class or classes of Capital Interests in such Person entitling the holders thereof generally to vote on the election of members of the Board of Directors or comparable body of such Person. 

SECTION 1.2 Other Definitions. 
  

			
	 Term
	  	Defined in Section
	 “Act”
	  	13.14
	 “Affiliate Transaction”
	  	4.11
	 “Agent Members”
	  	2.6
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “covenant defeasance”
	  	8.3
	 “Custodian”
	  	6.1
	 “defeasance”
	  	8.3
	 “Discharge”
	  	8.8
	 “Escrow Proceeds Offer”
	  	4.22
	 “Event of Default”
	  	6.1
	 “Event of Loss Offer”
	  	4.16
	 “Excess Loss Proceeds”
	  	4.16
	 “Excess Proceeds”
	  	4.10
	 “Expiration Date”
	  	3.9
	 “Independent Financial Adviser”
	  	4.11(iii)
	 “Issuer Order”
	  	2.2
	 “legal defeasance”
	  	8.2
	 “Note Register”
	  	2.3
	 “Offer Amount”
	  	3.9
	 “Purchase Date”
	  	3.9
	 “QIB”
	  	2.1
	 “QIB Global Note”
	  	2.1
	 “redemption date”
	  	3.1
	 “Released Trust Monies”
	  	11.4
	 “Registrar”
	  	2.3
	 “Regulation S”
	  	2.1
	 “Regulation S Global Note”
	  	2.1
	 “Replacement Assets”
	  	11.4
	 “Rule 144A”
	  	2.1
	 “Subject Property”
	  	4.16
	 “Surviving Entity”
	  	5.1

 SECTION 1.3
Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in, and made a part of, this Indenture. 

  
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 The following TIA term used in this Indenture has the following meaning: 

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

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

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

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

(3) “or” is not exclusive; 

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

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

 (6) provisions apply to successive events and transactions; 

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

SECTION 2.1 Form and Dating. 
 The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes may have notations, legends or endorsements required by
law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes initially shall be issued only in denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. 

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

 Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it
shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges,
redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Note Custodian, at the direction of
the Trustee, in accordance with written instructions given by the Holder thereof as required by Section 2.6 hereof. 

Except as set forth in Section 2.6 hereof, the Global Notes may be transferred, in whole and not in part, only to another nominee of
the Depositary or to a successor of the Depositary or its nominee. 
 (b) The Initial Notes are being issued by
the Issuers only (i) to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) or (ii) in reliance on Regulation S under the Securities Act
(“Regulation S”). After such initial offers, Initial Notes that are Transfer Restricted Notes may be transferred to QIBs, in reliance on Rule 144A, outside the United States pursuant to Regulation S or to the Company, in accordance
with Section 2.16. Initial Notes that are offered in reliance on Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A (the “QIB Global Note”)
deposited with the Trustee, as Notes Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation S shall be issued in the form of
one or more Global Notes substantially in the form set forth in Exhibit A (the “Regulation S Global Note”) deposited with the Trustee, as Notes Custodian, duly executed by the Company and authenticated by the Trustee as
hereinafter provided. The QIB Global Note and the Regulation S Global Note shall each be issued with separate CUSIP numbers. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on
the records of the Trustee, as Notes Custodian. Transfers of Notes between QIBs and to or by purchasers pursuant to Regulation S shall be represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes,
as more fully provided in Section 2.16. 
 (c) Section 2.1(b) shall apply only to Global Notes
deposited with or on behalf of the Depositary. 

  
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 The Issuers shall execute and the Trustee shall, upon receipt of an Issuers Order, in
accordance with Section 2.1(b) and Section 2.2, authenticate and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to
the Depositary or pursuant to the Depositary’s instructions or held by the Trustee as custodian for the Depositary. 
 The
Trustee shall have no responsibility or obligation to any Holder, any member of (or a participant in) DTC or any other Person with respect to the accuracy of the records of DTC (or its nominee) or of any participant or member thereof, with respect
to any ownership interest in the Notes or with respect to the delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The
Trustee may rely (and shall be fully protected in relying) upon information furnished by DTC with respect to its members, participants and any Beneficial Owners in the Notes. 

(d) Notes issued in certificated form, including Global Notes, shall be substantially in the form of Exhibit A
attached hereto. 
 (e) Each Note issued hereunder that has more than a de minimis amount of original issue
discount for U.S. federal income tax purposes shall bear the OID Legend in substantially the form set forth in Exhibit A. 
 SECTION 2.2 Execution and Authentication. 
 An Officer shall sign the Notes
for the Issuers by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at
the time a Note is authenticated, the Note shall nevertheless be valid. 
 A Note shall not be valid until authenticated by the
manual or facsimile signature of an authorized signatory of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall, upon a written order of the Issuers signed by one Officer directing the Trustee to authenticate and deliver the Notes and certifying that all conditions precedent to the issuance of the
Notes contained herein have been complied with (an “Issuer Order”), authenticate Notes for original issue up to the aggregate principal amount stated in paragraph 4 of the Notes. The aggregate principal amount of Notes outstanding
at any time may not exceed such amount except as provided in Section 2.17 hereof. 
 The Trustee may appoint an
authenticating agent reasonably acceptable to the Issuers to authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or the Issuers or an Affiliate of the Issuers. 

  
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 SECTION 2.3 Registrar; Paying Agent. 

The Issuers shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes (the “Note Register”) and of their transfer and exchange.
The Issuers may appoint one or more co-registrars and one or more additional paying agents; provided, however, that at all times there shall be only one Note Register. The term “Registrar” includes any co-registrar and the
term “Paying Agent” includes any additional paying agent. The Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers shall notify the Trustee in writing of the name and address of any Paying Agent
not a party to this Indenture. The Issuers, Parent or any of its Affiliates may act as Paying Agent or Registrar. 
 The Issuers
shall notify the Trustee and the Holders of the name and address of any Paying Agent not a party to this Indenture. The Issuers shall enter into an appropriate agency agreement with any Agent not a party to ibis Indenture. The agreement shall
implement the provisions of this Indenture that relate to such Agent. 
 The Issuers initially appoint the Trustee to act as the
Registrar and Paying Agent and initially appoints the Corporate Trust Office of the Trustee as the office or agency of the Company for such purposes and as the office or agency of the Company where notices and demands to or upon the Issuers in
respect of the Notes and this Indenture may be served and the Trustee as the agent of the Issuers to receive such notices and demands. 
 The Issuers initially appoint DTC to act as the Depositary with respect to the Global Notes. 
 SECTION 2.4 Paying Agent To Hold Money in Trust. 
 The Issuers shall
require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or
interest on the Notes, and shall notify the Trustee of any Default by the Issuers in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any
time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent shall have no further liability for the money. If the Issuers or an Affiliate of the Issuers acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon the occurrence of events specified in Section 6.1(8) hereof, the Trustee shall serve as Paying Agent for the Notes.

 SECTION 2.5 Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders, including the aggregate principal amount of the
Notes held by each Holder thereof, and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least seven (7) Business Days before each interest payment date and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

  
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 SECTION 2.6 Book-Entry Provisions for Global Securities. 

(a) Each Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such Depositary,
(ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear legends as required by Section 2.6(e). 
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the
Trustee as its custodian, or under the Global Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 
 (b) Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of Beneficial Owners
in a Global Note may be transferred in accordance with Section 2.16 and the rules and procedures of the Depositary. In addition, Certificated Notes shall be transferred to all Beneficial Owners in exchange for their beneficial interests if
(i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes or the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary is
not appointed by the Company within ninety (90) days of such notice or (ii) an Event of Default of which a Responsible Officer of the Trustee has actual notice has occurred and is continuing and the Registrar has received a request from
the Depositary to issue such Certificated Notes. 
 (c) In connection with the transfer of the entire Global Note to beneficial
owners pursuant to clause (b) of this Section, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall upon receipt of an Issuers Order authenticate and deliver,
to each Beneficial Owner identified by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount of Certificated Notes of authorized denominations. 

(d) The registered holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that
may hold an interest through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (e) Each Global Note shall bear the Global Note Legend on the face thereof. 
 (f)
At such time as all beneficial interests in Global Notes have been exchanged for Certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with
Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Certificated Notes, redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note
shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee or the Note Custodian, at the direction of the Trustee, to reflect such reduction. 

  
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 (g) General provisions relating to transfers and exchanges: 

(i) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate
Global Notes and Certificated Notes at the Registrar’s request. 
 (ii) No service charge shall be made to a
Holder for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than any such stamp or transfer
taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.2, 2.10, 3.6, 4.10, 4.14, 4.16, 4.22 and 9.5 hereto). 
 (iii) All Global Notes and Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated Notes shall, upon execution by the Company and authentication by the
Trustee in accordance with the provisions hereof, be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Certificated Notes surrendered upon such registration
of transfer or exchange. 
 (iv) The Registrar shall not be required (A) to issue, to register the transfer
of or to exchange Notes during a period beginning at the opening of fifteen (15) days before the day of any selection of Notes for redemption under Section 3.2 hereof and ending at the close of business on the day of selection, (B) to
register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (v) Prior to due presentment for the registration of a transfer
of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all
other purposes, and neither the Trustee, any Agent nor the Issuers shall be affected by notice to the contrary. 

(vi) The Trustee shall authenticate Global Notes and Certificated Notes in accordance with the provisions of
Section 2.2 hereof. Except as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any Certificated Note in exchange for a Global Note. 

(vii) Each Holder agrees to provide reasonable indemnity to the Issuers and the Trustee against any liability that may
result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 

  
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 (viii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or Beneficial Owners of
interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 2.7 Replacement Notes.

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

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

SECTION 2.9 Treasury Notes. 
 In determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers or by any Affiliate of the Issuers
shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes shown on the Note Register as being owned shall be so
disregarded. 

  
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 SECTION 2.10 Temporary Notes. 

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

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

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

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

  
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 SECTION 2.14 Computation of Interest. 

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

SECTION 2.15 CUSIP Number. 
 The Issuers in issuing the Notes may use a “CUSIP” and/or ISIN or other similar number, and if they do so, the Company may use the CUSIP and/or ISIN or other similar number in notices of
redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN or other similar number printed in the notice or on the
Notes and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuers shall promptly notify the Trustee of any change in the CUSIP and/or ISIN or other similar number. 

SECTION 2.16 Special Transfer Provisions. 
 Unless and until a Transfer Restricted Note is transferred or exchanged pursuant to an exemption under the Securities Act or under an effective registration statement under the Securities Act, the
following provisions shall apply. 
 (a) Transfers to QIBs. The following provisions shall apply with
respect to the registration of any proposed transfer of a Transfer Restricted Note (other than pursuant to Regulation S): 
 (i) The Registrar shall register the transfer of a Transfer Restricted Note by a Holder to a QIB if such transfer is being made by a proposed transferor who has provided the Registrar with (a) an
appropriately completed certificate of transfer in the form attached to the Note and (b) a letter substantially in the form set forth in Exhibit C hereto. 

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

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

 (c) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration
Rights Agreement, the Issuers shall issue and, upon receipt of an authentication order in accordance with Section 2.2, the Trustee shall authenticate, one or more Global Notes not bearing the Restricted Notes Legend in an aggregate principal
amount equal to the principal amount of the beneficial interests in the Global Notes that are Transfer Restricted Notes tendered for acceptance in accordance with the Exchange Offer and accepted for exchange in the Exchange Offer. 

(d) Transfer Restricted Notes. Concurrently with the issuance of such Global Notes, the Registrar shall cause the
aggregate principal amount of the applicable Transfer Restricted Notes to be reduced accordingly, and the Registrar shall deliver to the Persons designated by the Holders of Transfer Restricted Notes so accepted Global Notes not bearing the
Restricted Notes Legend in the appropriate principal amount. 
 (e) Restricted Notes Legend. Upon the
transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing the Restricted Notes
Legend, the Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuers and the Trustee to the effect that neither such legend nor
the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. Upon request by any Holder, the Company shall cooperate to have the Restricted Notes Legend removed if the Company has
determined such Legend is no longer required. 
 (f) General. By its acceptance of any Note bearing the
Restricted Notes Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend and agrees that it shall transfer such Note only as provided in this Indenture.

  
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 The Registrar shall retain copies of all letters, notices and other written communications
received pursuant to this Section 2.16. 
 SECTION 2.17 Issuance of Additional Notes. 

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

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

ARTICLE III 

REDEMPTION AND PREPAYMENT 
 SECTION 3.1 Notices to Trustee. 
 If the Issuers elect to redeem Notes
pursuant to the optional redemption provisions of Section 3.7 hereof, it shall furnish to the Trustee, at least five Business Days before the notice of redemption is required to be mailed to the Holders pursuant to Section 3.3 hereof (or
such shorter period as is acceptable to the Trustee), an Officers’ Certificate setting forth (i) the section of this Indenture pursuant to which the redemption shall occur, (ii) the date fixed for redemption (the “redemption
date”), (iii) the principal amount of Notes to be redeemed and (iv) the Redemption Price. 
 SECTION 3.2
Selection of Notes To Be Redeemed. 
 If less than all of the Notes are to be redeemed at any time, the Trustee shall
select the Notes to be redeemed among the Holders in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so

  
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listed, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate (and in a manner that complies with applicable legal requirements); provided
that no Notes of $2,000 or less shall be redeemed in part. On and after the redemption date, interest shall cease to accrue on Notes or portions of them called for redemption. The Trustee shall make the selection from the Notes outstanding and not
previously called for redemption and shall promptly notify the Issuers in writing of the Notes selected for redemption. The Trustee may select for redemption portions (equal to $1,000 or any integral multiple thereof) of the principal of the Notes
that have denominations larger than $2,000. 
 The Trustee shall promptly notify the Issuers in writing of the Notes selected
for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; no Notes of
less than $2,000 can be redeemed in part, except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000 shall be redeemed. Except as provided in the
preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
 SECTION 3.3 Notice of Redemption. 
 Subject to the provisions of
Section 3.9, at least 30 days but not more than 60 days before a redemption date (except that redemption notices may be mailed more than 60 days prior to the redemption date if such notice is issued in connection with Article 8 or Article 12)
the Issuers shall mail or cause to be mailed by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed. 
 The notice shall identify the Notes to be redeemed and shall state: 

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

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

(6) that, unless the Issuers default in making such redemption payment, interest, if any, on Notes called for redemption
ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this
Indenture pursuant to which the Notes called for redemption are being redeemed; 

  
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 (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 such notice is issued in
connection with a redemption pursuant to Section 3.7(c) or a Change of Control Offer, any conditions to such redemption. 

At the Issuers’ written request, the Trustee shall give the notice of redemption in the Issuers’ name and at the Issuers’
expense; provided, however, that the Issuers shall have delivered to the Trustee at least two Business Days before the notice of redemption is required to be mailed to the Holders (or such shorter period as is acceptable to the
Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in the notices as provided in the preceding paragraph. The notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not a Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note shall not affect the validity of the proceeding for
the redemption of any other Note. 
 SECTION 3.4 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.3 hereof, Notes called for redemption become, except as set forth
below, irrevocably due and payable on the redemption date at the Redemption Price plus accrued and unpaid interest, if any, to such date. Except in connection with a redemption pursuant to Section 3.7(c) or a Change of Control Offer, a notice
of redemption may not be conditional. The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any
defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.5 hereof, on and after the Redemption Date,
interest ceases to accrue on Notes or portions of Notes called for redemption. 
 SECTION 3.5 Deposit of Redemption of
Purchase Price. 
 (a) On or before 11:00 a.m. (New York City time) on each redemption date or the date on
which Notes must be accepted for purchase pursuant to Section 4.10, 4.14, 4.16 or 4.22, the Issuers or Escrow Agent, as applicable, shall deposit with the Trustee or with the Paying Agent (or, if the Company or an Affiliate is acting as a
Paying Agent, shall segregate and hold in trust as provided in Section 2.4 hereof) money sufficient to pay the Redemption Price of and accrued and unpaid interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or
the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers or Escrow Agent, as applicable, in excess of the amounts necessary to pay the Redemption Price of (including any applicable
premium), and accrued and unpaid interest, if any, on, all Notes to be redeemed or purchased. 

  
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 (b) If the Issuers comply with the provisions of the preceding paragraph
(a), on and after the Redemption Date, interest shall cease to accrue on the applicable series of Notes or the portions of Notes called for redemption. If a Note is redeemed on or after a Record Date but on or prior to the related Interest Payment
Date, then any accrued and unpaid interest to the Redemption Date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. 

SECTION 3.6 Notes Redeemed in Part. 
 Upon surrender of a Note that is redeemed in part, the Issuers shall issue and, upon receipt of an Issuers Order (but not an opinion of counsel), the Trustee shall authenticate for the Holder at the
expense of the Issuers a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
 SECTION 3.7
Optional Redemption. 
 (a) The Notes may be redeemed, in whole or in part, at any time prior to
May 1, 2012, at the option of the Issuers upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at a Redemption Price equal to 100% of the principal amount of the
Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to but not including, the applicable redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the
relevant interest payment date). 
 (b) In addition, the Notes are subject to redemption, at the option of the
Issuers, in whole or in part, at any time on or after May 1, 2012, upon not less than 30 nor more than 60 days’ notice mailed by first-class mail to each Holder’s registered address at the Redemption Prices (expressed as percentages
of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders of record on the relevant regular record date to receive interest due on
an interest payment date), if redeemed during the 12-month period beginning May 1 of the years indicated: 
  

					
	 Year
	  	Redemption
Price	 
	 2012
	  	 	105.125	% 
	 2013
	  	 	102.563	% 
	 2014 and thereafter
	  	 	100.000	% 

 (c) In
addition to the optional redemption of the Notes in accordance with the provisions of the preceding paragraphs (a) and (b), prior to May 1, 2012, the Issuers may, 

(i) with the net proceeds of one or more Qualified Equity Offerings, redeem up to 35% of the aggregate principal amount of
the outstanding Notes (including Additional Notes) at a Redemption Price equal to 110.250% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption; provided that at least 65% of the
principal amount of the Notes then outstanding (including Additional Notes) remains outstanding immediately after the occurrence of any such redemption (excluding Notes held by the Issuers or their Subsidiaries) and that any such notice of
redemption occurs within 90 days following the closing of any such Qualified Equity Offering and/or 

  
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 (ii) redeem a portion of the Notes upon not less than 30 not more than 60
days’ notice, at a redemption price of 103% of principal amount thereof, plus accrued and unpaid interest to the applicable redemption date, subject to the rights of Holders of the Notes on the relevant record date to receive interest due on
the relevant interest payment date; provided that in no event may the Issuers redeem more than 10% of the original aggregate principal amount of the Notes issues in this offering pursuant to the provisions of this paragraph during any
twelve-month period. 
 SECTION 3.8 Mandatory Redemption. 

The Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

SECTION 3.9 Offer To Purchase. 
 In the event that the Issuers shall be required to commence an Offer to Purchase pursuant to an Asset Sale Offer, Event of Loss Offer, a Change of Control Offer or Escrow Proceeds Offer, the Issuers shall
follow the procedures specified below. 
 Unless otherwise required by applicable law, an Offer to Purchase shall specify an
Expiration Date of the Offer to Purchase, which shall be, subject to any contrary requirements of applicable law, not less than 30 days or more than 60 days after the date of mailing of such Offer, and a settlement date (the “Purchase
Date”) for purchase of Notes within five Business Days after the Expiration Date. On the Purchase Date, the Company shall purchase the aggregate principal amount of Notes required to be purchased pursuant to Section 4.10,
Section 4.14, Section 4.16 or Section 4.22 hereof (the “Offer Amount”), or if less than the Offer Amount has been tendered, all Notes tendered in response to the Offer to Purchase. If the Purchase Date is on or after
the interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional
interest, if any, shall be payable to the Holders who tender Notes pursuant to the Offer to Purchase. The Issuers shall notify the Trustee at least 5 days (or such shorter period as is acceptable to the Trustee) prior to the mailing of the Offer of
the Issuers’ obligation to make an Offer to Purchase, and the Offer shall be mailed by the Issuers or, at the Issuers’ request, by the Trustee in the name and at the expense of the Issuers. The Offer shall contain all instructions and
materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. 
 On or before 11:00 a.m. (New
York City time) on each Purchase Date, the Issuers, the Escrow Agent or the Collateral Agent, as applicable, shall irrevocably deposit with the Trustee or Paying Agent in immediately available funds the aggregate purchase price equal to the Offer
Amount, together with accrued and unpaid interest, if any, thereon, to be held for payment in accordance with the terms of this Section 3.9. On the Purchase Date, the Issuers shall, to the extent lawful, (i) accept for payment, on a pro
rata basis to the extent necessary in the case of an Asset Sale Offer, Event of Loss Offer or Escrow Proceeds Offer, the Offer Amount of Notes or 

  
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portions thereof tendered pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all Notes tendered, (ii) deliver or cause the Paying Agent or Depositary, as
the case may be, to deliver to the Trustee Notes so accepted and (iii) deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of
this Section 3.9. The Trustee, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than three (3) Business Days after the Purchase Date) mail or deliver to each tendering Holder an amount equal
to the purchase price of the Notes tendered by such Holder and accepted by the Issuers for purchase, plus any accrued and unpaid interest, if any, thereon, and the Issuers shall promptly issue a new Note, and the Trustee, upon receipt of an Issuer
Order, shall authenticate and mail or deliver at the expense of the Issuers such new Note to such Holder, equal in principal amount to any unpurchased portion of such Holder’s Notes surrendered. Any Note not so accepted shall be promptly mailed
or delivered by or on behalf of the Issuers to the Holder thereof. The Issuers shall publicly announce in a newspaper of general circulation or in a press release provided to a nationally recognized financial wire service the results of the Offer to
Purchase on the Purchase Date. 
 ARTICLE IV 
 COVENANTS 
 SECTION 4.1 Payment of Notes. 

The Issuers shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date the Paying Agent holds (or, if the Issuers or an Affiliate is the Paying Agent, segregates in accordance with
Section 2.4 hereof), as of 11:00 a.m. (New York City time), money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and interest then due. 

SECTION 4.2 Maintenance of Office or Agency. 
 The Issuers shall maintain an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for
exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands. 
 The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such
designations. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 The Issuers hereby designates the Corporate Trust Office of the Trustee as one such office
or agency of the Issuers in accordance with Section 2.3 hereof. 
 SECTION 4.3 Provision of Financial Information.

 Whether or not required by the rules and regulations of the Commission, so long as any Notes are outstanding, the Company
will, furnish to the Holders of Notes or cause the Trustee to furnish to the Holders of Notes, or file electronically with the Commission through the Commission’s IDEA System (or any successor system) within the time periods specified in the
Commission’s rules and regulations (together with extensions granted by the Commission) for a filer that is a “non-accelerated filer” plus five business days: 

(1) substantially the same quarterly and annual reports that would be required to be filed with the Commission on Forms
10-Q and 10-K if the Company was required to file such reports; and 
 (2) substantially the same current reports
that would be required to be filed with the Commission on Form 8-K if the Company was required to file such reports. 
 Notwithstanding the
foregoing, the requirement to furnish current, quarterly and annual reports to holders of notes will be deemed satisfied prior to the commencement of the exchange offer contemplated by the Registration Rights Agreement or the effectiveness of a
shelf registration statement if the information that would have been contained in such reports is included in the registration statement relating to the exchange offer and/or the shelf registration statement, or any amendments thereto, and filed
with the Commission within the time periods contemplated above, or if such information is otherwise filed with the Commission within the time periods contemplated above. 
 All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports; provided, however, that the quarterly and annual
reports furnished to holders of notes shall not be required to comply with Sections 302, 906 and 404 of the Sarbanes Oxley Act of 2002 and related items 307 and 308 of Regulation S-K. Each annual report on Form 10-K will include a report on the
consolidated financial statements of the Company by the certified independent accountants of the Company. 
 If, at any time
after the consummation of the exchange offer contemplated by the Registration Rights Agreement, the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless continue filing
the reports specified in the preceding paragraphs of this Section 4.3 with the Commission within the time periods specified above unless the Commission will not accept such filings. The Company will not take any action for the purpose of
causing the Commission not to accept any such filings. If, notwithstanding the foregoing, the Commission will not accept the filings of the Company for any reason, the Company will post the reports referred to in the preceding paragraphs on its
website within the time periods that would apply if the Company was required to file those reports with the Commission. 

  
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 In addition, the Company and the Guarantors agree that, for so long as any Notes remain
outstanding, if at any time they are not required to file with the Commission the reports required by the preceding paragraphs, they will furnish to the Holders of Notes and to prospective investors, upon their request, the information required to
be delivered pursuant to Rule 144A(d)(4) under the Securities Act. Notwithstanding the foregoing, the quarterly report with respect to the fiscal quarter ended March 31, 2010 shall be delivered in accordance with the foregoing procedures no
later than June 1, 2010. 
 Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 4.4 Compliance
Certificate. 
 The Issuers shall deliver to the Trustee, within 120 days after the end of each fiscal year, an
Officers’ Certificate stating that a review of the activities of the Issuers and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether each
has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that, to his or her knowledge, each entity is not in default in the performance or observance of
any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking
or proposes to take with respect thereto) and that, to his or her knowledge, no event has occurred and remains in existence by reason of which payments on account of the principal of, premium, if any, or interest on the Notes is prohibited or if
such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. The Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee, promptly upon becoming aware
of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuers are taking or proposes to take with respect thereto. 

SECTION 4.5 Taxes. 
 The Issuers shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency all material taxes, assessments and governmental levies, except such as are contested in good faith
and by appropriate negotiations or proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
 SECTION 4.6 Stay, Extension and Usury Laws. 
 Each Issuer covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the Issuers and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or

  
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advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and
permit the execution of every such power as though no such law has been enacted. 
 SECTION 4.7 Limitation on Restricted
Payments. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make
any Restricted Payment unless, at the time of and after giving effect to the proposed Restricted Payment: 
 (a)
no Event of Default shall have occurred and be continuing or will occur as a consequence thereof; 
 (b) on a pro
forma basis, the Issuers would be permitted to Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to the provisions described in the first paragraph under Section 4.9; and 

(c) on a pro forma basis, the aggregate amount expended or declared for all Restricted Payments made on or after the Issue
Date (excluding Restricted Payments permitted by clauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix), (x), (xi), (xiv) and (xv) of the next succeeding paragraph) shall not exceed the sum (without duplication) of 

(1) 50% of the Adjusted Consolidated Net Income (or, if Adjusted Consolidated Net Income shall be a deficit, minus 100% of
such deficit) of the Company accrued on a cumulative basis during the period (taken as one accounting period) from and including April 1, 2010 and ending on the last day of the fiscal quarter for which consolidated financial statements are
available on the date of such proposed Restricted Payment, plus 
 (2) 100% of the aggregate net proceeds
(including the Fair Market Value of property other than cash) received by the Company subsequent to the Issue Date either (i) as a contribution to its common equity capital or (ii) from the issuance and sale (other than to a Restricted
Subsidiary) of its Qualified Capital Interests, including Retired Capital Stock and including Qualified Capital Interests issued upon the conversion of Debt (other than the Second Lien Facility) or Redeemable Capital Interests of the Company, and
from the exercise of options, warrants or other rights to purchase such Qualified Capital Interests (other than, in each case, Capital Interests or Debt (x) sold to a Subsidiary of the Company, (y) relied upon for purposes of incurring
Contribution Indebtedness) and (z) constituting Excluded Contributions), plus 
 (3) 100% of the net
reduction in Investments (other than Permitted Investments), subsequent to the Issue Date, in any Person, resulting from (x) payments of interest on Debt, dividends, distributions or repayments of Investments or other transfers of assets or
repayments of loans or advances and releases of guarantees (but only to the extent such interest, dividends or repayments were made in cash and are not included in the Calculation of Consolidated Net Income), in each case to the Company or any
Restricted 

  
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Subsidiary from any Person (including, without limitation, an Unrestricted Subsidiary) or (y) from the net proceeds from the sale or other disposition of any such investment made by the
Company or any of its Restricted Subsidiaries, repurchases and redemptions of Investments from the Company or its Restricted Subsidiaries, or the re-designation of any Unrestricted Subsidiary as a Restricted Subsidiary, in each case, not to exceed
in the case of any Person the amount of Investments (other than Permitted Investments) previously made by the Company or any Restricted Subsidiary in such Person; 
 provided, however, that no Restricted Payments pursuant to the foregoing provisions of this subclause (c) shall be permitted prior to the one (1) year anniversary of the Issue
Date. 
 Notwithstanding the foregoing provisions, the Company and its Restricted Subsidiaries may take the following actions,
provided that, in the case of clauses (iv) or (x) below immediately after giving effect to such action, no Event of Default has occurred and is continuing: 

(i) the payment of any dividend or other distribution on Capital Interests in the Company or a Restricted Subsidiary or
the consummation of any irrevocable redemption within 60 days after declaration or giving notice thereof if at the declaration date such payment would not have been prohibited by the foregoing provisions of this Section 4.7; 

(ii) (A) the redemption, repurchase or acquisition or retirement of any Qualified Capital Interests of the Issuers, the
Guarantors or any direct or indirect parent corporation of the Issuers (“Retired Capital Stock”) or any Debt of the Issuers or a Guarantor that is subordinate in right of payment to the Notes or the applicable Note Guarantee, as the
case may be, in exchange for or out of the proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary) of Qualified Capital Interests of the Issuers or any direct or indirect parent of the Issuers or contributions to the
equity capital of the Issuers (in each case, other than Redeemable Capital Interests) (“Refunding Capital Stock”), (B) the declaration and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the
substantially concurrent sale (other than to a Subsidiary or the Issuers) of Refunding Capital Stock, and (C) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted, the
declaration and payment of dividends on the Refunding Capital Stock in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately prior to such
retirement; 
 (iii) the redemption, defeasance, repurchase or acquisition or retirement for value of any Debt of
the Issuers or a Guarantor that is subordinate in right of payment to the Notes or the applicable Note Guarantee in exchange for or out of the proceeds of a substantially concurrent issue and sale (other than to a Subsidiary of the Issuers) of
(x) new subordinated Debt of the Issuers or Guarantor, as the case may be, Incurred in accordance with the Indenture or (y) of Qualified Capital Interests of the Issuers; 

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

(viii) the declaration and payment of dividends to holders of any class or series of Redeemable Capital Interests of the
Company or any Restricted Subsidiary issued or Incurred in compliance with Section 4.9 to the extent such dividends are included in the definition of Consolidated Fixed Charges; 

(ix) upon the occurrence of a Change of Control, an Asset Sale or an Event of Loss, the defeasance, redemption, repurchase
or other acquisition of any subordinated Debt pursuant to provisions substantially similar to those contained in Section 4.10, Section 4.14 and Section 4.16 plus any accrued and unpaid interest thereon; provided that prior to
or contemporaneously with such defeasance, redemption, repurchase or other acquisition, the Issuers have made an Offer to Purchase with respect to the Notes and have repurchased all Notes validly tendered for payment and not withdrawn in connection
therewith; 
 (x) commencing on the one year anniversary of the Issue Date, other Restricted Payments not in
excess of $6.25 million in the aggregate in any 12-month period, with unused amounts being carried over to the next succeeding 12-month period, up to an aggregate amount of Restricted Payments made pursuant to this clause (x) not to exceed
$25.0 million; 
 (xi) any payment, dividend or distribution with respect to its equity interests made pursuant
to and in accordance with stock option plans or other benefit plans for management or employees of the Company and its Restricted Subsidiaries, including, without limitation, pursuant to any severance packages for management or employees of the
Company and Guarantors and their respective Restricted Subsidiaries and approved by the Board of Directors (or other governing body) of the Company and its Restricted Subsidiaries making such distribution; 

  
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 (xii) to the extent constituting a Restricted Payment, any distribution or
dividend payable solely in membership interests or shares of common stock of the Company or any of its Restricted Subsidiaries; 
 (xiii) Permitted Tax Distributions and Permitted Payments to Parent; 
 (xiv) payments made on the Issue Date in connection with the Transactions (including fees and expenses related thereto or owed to Affiliates) to the extent in compliance with Section 4.11 or
described in the Offering Circular; 
 (xv) Restricted Payments that are made with Excluded Contributions; and

 (xvi) the declaration and payment of dividends on the Company’s common stock (or the payment of dividends
to any direct or indirect parent entity to fund a payment of dividends on such entity’s common stock), following the first public offering of the Company’s common stock or the common stock of any of its direct or indirect parent companies
after the Issue Date, of up to 6% per annum of the net cash proceeds received by or contributed to the Company in or from any such public offering. 
 For purposes of this Section 4.7, if any Investment or Restricted Payment would be permitted pursuant to one or more provisions described above and/or one or more of the exceptions contained in the
definition of “Permitted Investments,” the Company may classify and divide such Investment or Restricted Payment in any manner that complies with this Section 4.7 and may later reclassify and re-divide any such Investment or
Restricted Payment so long as the Investment or Restricted Payment (as so reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification. 

If any Person in which an Investment is made, which Investment constitutes a Restricted Payment when made, thereafter becomes a
Restricted Subsidiary in accordance with this Indenture, all such Investments previously made in such Person shall no longer be counted as Restricted Payments for purposes of calculating the aggregate amount of Restricted Payments pursuant to clause
(c) of the first paragraph under this Section 4.7 or clause (x) above, in each case to the extent such Investments would otherwise be so counted. 
 If the Company or a Restricted Subsidiary transfers, conveys, sells, leases or otherwise disposes of an Investment in accordance with Section 4.10, which Investment was originally included in the
aggregate amount expended or declared for all Restricted Payments pursuant to clause (c) of the first paragraph of this Section 4.7 or clause (x) above, the aggregate amount expended or declared for all Restricted Payments shall be
reduced by the lesser of (i) the Net Cash Proceeds from the transfer, conveyance, sale, lease or other disposition of such Investment or (ii) the amount of the original Investment, in each case, to the extent originally included in the
aggregate amount expended or declared for all Restricted Payments pursuant to clause (c) of the first paragraph of this Section 4.7. 

  
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 For purposes of this Section 4.7, if a particular Restricted Payment involves a
non-cash payment, including a distribution of assets, then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any, plus an amount equal to the Fair Market Value of the non-cash portion of
such Restricted Payment. 
 SECTION 4.8 Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries.

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

(a) any encumbrance or restriction in existence on the Issue Date and any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements, refinancings thereof, provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings, in the good faith judgment
of the Board of Directors of the Company, are not materially more restrictive, taken as a whole, with respect to such dividend or other payment restrictions than those contained in these agreements on the Issue Date or refinancings thereof;

 (b) any encumbrance or restriction pursuant to an agreement relating to an acquisition of property or a
Person, so long as the encumbrances or restrictions in any such agreement relate solely to the Person and its Subsidiaries, and their respective assets, or the property so acquired (and are not or were not created in anticipation of or in connection
with the acquisition thereof); 
 (c) any encumbrance or restriction which exists with respect to a Person that
becomes a Restricted Subsidiary after the Issue Date, which is in existence at the time such Person becomes a Restricted Subsidiary, but not created in connection with or in anticipation of such Person becoming a Restricted Subsidiary, and which is
not applicable to any Person or the property or assets of any Person other than such Person and its Subsidiaries or the property or assets of such Person and its Subsidiaries becoming a Restricted Subsidiary; 

(d) any encumbrance or restriction pursuant to an agreement effecting a permitted renewal, refunding, replacement,
refinancing or extension of Debt issued pursuant to an agreement containing any encumbrance or restriction referred to in the foregoing clauses (a) through (c), so long as the encumbrances and restrictions contained

  
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in any such refinancing agreement are no less favorable in any material respect to the Holders than the encumbrances and restrictions contained in the agreements governing the Debt being renewed,
refunded, replaced, refinanced or extended in the good faith judgment of the Board of Directors of the Company; 

(e) customary provisions restricting subletting or assignment of any lease, contract, or license of the Company or any
Restricted Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights thereunder; 
 (f) Permitted Liens, and any restriction on the sale or other disposition of assets or property securing Debt as a result of a Permitted Lien on such assets or property; 

(g) any encumbrance or restriction by reason of applicable law, rule, regulation or order; 

(h) any encumbrance or restriction under this Indenture, the Notes and the Note Guarantees; 

(i) restrictions on cash and other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (j) provisions with respect to the disposition or distribution of assets or property and
other customary provisions in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into the ordinary course of business or otherwise permitted by this Indenture;

 (k) any instrument governing Debt or Capital Interests of a Person acquired by the Company or any of the
Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt or Capital Interests were incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 
 (l) customary provisions contained in leases or licenses of intellectual property and other agreements, in each case, entered into in the ordinary course of business; 

(m) contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of the Company
pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Interests or assets of such Subsidiary; and 

(n) agreement for the sale or disposition of a Restricted Subsidiary that restricts distributions prior to the sale.

  
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 SECTION 4.9 Limitation on Incurrence of Debt. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt);
provided that (i) the Issuers and any of their Restricted Subsidiaries that are Guarantors may Incur Debt (including Acquired Debt) and (ii) Restricted Subsidiaries that are not Guarantors may incur Acquired Debt, if immediately
after giving effect to the Incurrence of such Debt and the receipt and application of the proceeds therefrom the Consolidated Fixed Charge Coverage Ratio of the Company would be greater than 2.0 to 1.0. 

Notwithstanding the first paragraph above, the Company and its Restricted Subsidiaries may Incur Permitted Debt. 

For purposes of determining compliance with this Section 4.9, (x) Guarantees, or obligations with respect to letters of credit,
supporting Debt otherwise included in determining compliance shall not be included and (y) in the event that an item of Debt meets the criteria of more than one of the types of Debt described above, including categories of Permitted Debt and
the first paragraph of this Section 4.9, the Company, in its sole discretion, shall classify and/or divide, and from time to time may reclassify and/or re-divide, all or any portion of such item of Debt. 

The accrual of interest, the accretion or amortization of original issue discount, if any, and the payment of interest on Debt in the
form of additional Debt or payment of dividends on Capital Interests in the forms of additional shares of Capital Interests with the same terms in each case will not be deemed to be an Incurrence of Debt or issuance of Capital Interests for purposes
of this Section 4.9. 
 The Issuers and the Guarantors will not Incur any Debt that pursuant to its terms is subordinate or
junior in right of payment to any Debt unless such Debt is either equal in right of payment to the Notes and the Note Guarantees or subordinated in right of payment to the Notes and the Note Guarantees; provided that Debt will not be
considered subordinate or junior in right of payment to any other Debt solely by virtue of being unsecured or secured to a greater or lesser extent or with greater or lower priority or by virtue of the fact that the holders of secured indebtedness
have entered into intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them or by virtue of lenders within a credit facility agreeing to be paid in a specified (non-pro rata) order of
priority within such credit facility. For the avoidance of doubt, nothing contained in this provision shall prevent the incurrence, creation, issuance, assumption or guarantee of any senior subordinated Debt otherwise permitted to be incurred under
this Indenture. No such Debt will be considered to be senior by virtue of being secured on a first or junior priority basis. 

SECTION 4.10 Limitation on Asset Sales. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
 (1) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Capital Interests issued or
sold or otherwise disposed of; 

  
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 (2) at least 75% of the consideration received in the Asset Sale by the
Company or such Restricted Subsidiary is in the form of cash or Eligible Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(a) any liabilities, as shown on the most recent consolidated balance sheet of the Company or any Restricted Subsidiary
(other than liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets pursuant to a customary assignment and assumption agreement that releases the Company or
Restricted Subsidiary, as the case may be, from further liability; and 
 (b) any securities, notes or other
obligations received by the Company or any Restricted Subsidiary from such transferee that are converted by the Company or Restricted Subsidiary, as the case may be, into cash within 365 days of their receipt to the extent of the cash received in
that conversion; 
 (3) if such Asset Sale involves the disposition of Collateral, the Company or Subsidiary has
complied with the provisions of this Indenture and the Security Documents; and 
 (4) if such Asset Sale involves
the disposition of Collateral, the Net Cash Proceeds thereof shall be paid directly by the purchaser of the Collateral to the Collateral Agent for deposit into the Collateral Account, and, if any property other than cash or Eligible Cash Equivalents
is included in such Net Cash Proceeds, such property shall be made subject to the Lien of this Indenture and the applicable Security Documents. 
 Within 390 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Company or Restricted Subsidiary, as the case may be, may apply such Net Cash Proceeds at its option: 

(i) to permanently repay Obligations under the Credit Agreement and permanently reduce any related loan commitment
thereunder; 
 (ii) to acquire assets constituting, or any Capital Interests of, a Permitted Business, if after
giving effect to any such acquisition, such assets are owned by the Company or a Restricted Subsidiary or the Person owning such Permitted Business is or becomes a Restricted Subsidiary of the Company (or in the case of an Asset Sale of Collateral,
to acquire additional Collateral); 
 (iii) to make a capital expenditure in or that is used or useful in or an
Investment in a Permitted Business or to make expenditures for maintenance, repair or improvement of existing properties and assets in accordance with the provisions of this Indenture; 

(iv) to acquire other assets that are used or useful in a Permitted Business; 

  
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 (v) to permanently repay Obligations under other Debt ranking pari
passu with the Notes if the Asset Sale involves assets that are not Collateral; or 
 (vi) any combination of
the foregoing; provided that, to the extent such Asset Sale involves the sale of Collateral, the consideration received therefor, together with any asset or property in which such consideration is invested pursuant to clause (ii),
(iii) or (iv) above shall constitute Collateral subject to the Lien of the Security Documents; 
 provided that if during such
390-day period the Company or a Restricted Subsidiary enters into a definitive binding agreement committing it to apply such Net Cash Proceeds in accordance with the requirements of clause (ii), (iii) or (iv), or any combination thereof, of
this paragraph, such 390-day period will be extended with respect to the amount of Net Cash Proceeds so committed until such Net Cash Proceeds are required to be applied in accordance with such agreement (or, if earlier, until termination of such
agreement). 
 Pending the final application of any Net Cash Proceeds, the Company or Restricted Subsidiary, as the case may be,
may temporarily reduce borrowings under the Credit Agreement. 
 Subject to the next succeeding paragraph, any Net Cash Proceeds
from Asset Sales that are not applied or invested as provided in the preceding paragraph of this Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $25.0 million (it being
understood that the Company may, in its sole discretion, make an Offer to Purchase pursuant to this Section 4.10 (i) prior to the time that the aggregate amount of Excess Proceeds exceeds $25.0 million, and/or (ii) without waiting for
the 390-day period described above to expire), within thirty days thereof, the Company will make an Offer to Purchase to all Holders of Notes and other Permitted Additional Pari Passu Obligations and to all holders of other pari passu Debt with
liens ranking pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to asset sales, in each case, equal to the Excess Proceeds. The offer price in any Offer to Purchase will be equal to 100%
of the principal amount plus accrued and unpaid interest to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Offer to Purchase, the Company may use those Excess Proceeds for any purpose not
otherwise prohibited by this Indenture and such remaining amount shall not be added to any subsequent Excess Proceeds for any purpose under this Indenture. If the aggregate principal amount of Notes and other Permitted Additional Pari Passu
Obligations and other Debt ranking pari passu with the Notes with Liens ranking pari passu with the Notes containing provisions similar to those set forth in this Section 4.10 tendered into such Offer to Purchase exceeds the
amount of Excess Proceeds, the Trustee will select the Notes and other Permitted Additional Pari Passu Obligations and other Debt (to the extent the Debt permits such a selection) to be purchased on a pro rata basis. Upon completion of each
Offer to Purchase, the amount of Excess Proceeds will be reset at zero. The provisions of Section 3.9 shall apply to any Asset Sale Offer. 
 The Company and its Restricted Subsidiaries will comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale provisions of this Indenture, the
Company and its Restricted Subsidiaries will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.10 by virtue of such compliance. 

  
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 SECTION 4.11 Limitation on Transactions with Affiliates. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of related transactions, contract, agreement, loan, advance or guarantee
with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $7.5 million, unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant
Restricted Subsidiary than those that could reasonably have been obtained in a comparable arm’s length transaction by the Company or such Restricted Subsidiary with an unaffiliated party; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $15.0 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Company approving such Affiliate Transaction and set forth in an Officers’
Certificate certifying that such Affiliate Transaction complies with clause (i) above. 
 The foregoing limitation does not limit, and
shall not apply to: 
 (1) Restricted Payments that are permitted by Section 4.7 and the definition of
Permitted Investments; 
 (2) the payment of reasonable and customary fees and indemnities to members of the
Board of Directors of the Company or a Restricted Subsidiary; 
 (3) any employment agreement, arrangement or
plan or similar arrangement entered into by the Company or a Restricted Subsidiary in the ordinary course of business, and the payment of reasonable and customary compensation, fees and other benefits (including retirement, health, option, deferred
compensation and other benefit plans), payments, loans, and indemnities to officers, directors, employees or consultants of the Company, and of its direct or indirect parent companies or any of its Restricted Subsidiaries; 

(4) transactions between or among the Company and/or its Restricted Subsidiaries; 

(5) the issuance of Capital Interests (other than Redeemable Capital Interests) of the Company to the Sponsor, or to any
director, officer, employee or consultant, or as otherwise permitted hereunder; 

  
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 (6) any agreement or arrangement as in effect on the Issue Date and any
amendment or modification thereto so long as such amendment or modification is not (when taken as a whole) more disadvantageous to the holders of the Notes in any material respect; 

(7) transactions in which the Company delivers to the Trustee a written opinion from an Independent Financial Advisor to
the effect that the transaction is fair, from a financial point of view, to the Company and any relevant Restricted Subsidiaries or stating that the terms are not materially less favorable to the Company or its relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; 

(8) any contribution of capital to the Company; 

(9) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case, in the
ordinary course of business and consistent with past practice and on terms that are fair to the Company or such Restricted Subsidiary, as determined in good faith by the Board of Directors of the Company or the senior management thereof or are not
materially less favorable to the Company or such Restricted Subsidiary, as the case may be, as determined in good faith by the Board of Directors of the Company or the senior management thereof, than those that could be obtained in a comparable
arm’s-length transaction with a Person that is not an Affiliate of the Company; 
 (10) the Transactions and
the payment of all fees and expenses related to the Transactions; 
 (11) following January 1, 2011, the
payment to Sponsors of annual management, consulting, monitoring and advisory fees in an aggregate amount in any fiscal year not in excess of $1.0 million, plus reasonable out-of-pocket costs and expenses in connection therewith and unpaid amounts
accrued for prior periods (but after the Issue Date), and the execution of any management or monitoring agreement subject to the same limitations; 
 (12) payments by the Company or any Restricted Subsidiary to the Sponsors and any of their Affiliates made for any financial advisory, financing, underwriting or placement services or in respect of other
investment banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are approved by a majority of the members of the Board of Directors of the Company in good faith, plus reasonable
out-of-pocket costs and expenses in connection therewith; 
 (13) Investments by any of the Sponsors in
securities of the Issuers or any of its Restricted Subsidiaries (and payment of reasonable out-of-pocket expenses incurred by such investors in connection therewith) so long as (i) the terms of such securities held by other investors are the
same or more favorable than the terms of the securities held by the Sponsors and (ii) the investment constitutes less than 5% of the proposed or outstanding issue amount of such class of securities; 

  
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 (14) any transaction with a joint venture or similar entity which would
constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns an equity interest in or otherwise controls such joint venture or similar entity; provided that no Affiliate of the Company or any of its
Subsidiaries other than the Company or a Restricted Subsidiary shall have a beneficial interest in such joint venture or similar entity; 
 (15) issuances of Debt by the Company or any Restricted Subsidiary permitted to be incurred under the Indenture to any Affiliate on then-current market terms; 

(16) the payment of reasonable out-of-pocket costs and expenses relating to registration rights; and 

(17) any commercial agency agreement to be entered into between the Company, a Restricted Subsidiary and/or Parent.

 SECTION 4.12 Limitation on Liens. 
 (a) The Company will not, and will not permit any of the Guarantors, directly or indirectly, to enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to the
Collateral except Permitted Collateral Liens. 
 (b) Subject to paragraph (a) of this Section 4.12, the Company will
not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to enter into, create, incur, assume or suffer to exist any Liens of any kind with respect to any property, other than Permitted Liens, on or with respect to any of
its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom with respect to property other than Collateral without securing the Notes and all other amounts due under this Indenture and the
Security Documents (for so long as such Lien exists) equally and ratably with (or prior to) the obligation or liability secured by such Lien. Any Lien created pursuant to the foregoing sentence shall be deemed automatically and unconditionally
released and discharged upon the release and discharge of the Lien giving rise thereto. 
 SECTION 4.13 Limitation on Sale
and Leaseback Transactions. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into
any Sale and Leaseback Transaction (other than a Sale and Leaseback Transaction between the Company and one or more Restricted Subsidiaries or among Restricted Subsidiaries) unless: 

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

  
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 (ii) prior to and after giving effect to the Attributable Debt in respect of
such Sale and Leaseback Transaction, the Company and such Restricted Subsidiary comply with Section 4.9, and 
 (iii) at or after the consummation of the Sale and Leaseback Transaction, the Company and such Restricted Subsidiary also comply with Section 4.10. 

SECTION 4.14 Offer To Purchase upon Change of Control. 
 Upon the occurrence of a Change of Control, the Issuers will make an Offer to Purchase (the “Change of Control Offer”) all of the outstanding Notes at a purchase price (the
“Purchase Price”) in cash equal to 101% of the principal amount tendered, together with accrued interest, if any, to but not including the Purchase Date (the “Change of Control Payment”). For purposes of the
foregoing, an Offer to Purchase shall be deemed to have been made if (i) within 30 days following the date of the consummation of a transaction or series of transactions that constitutes a Change of Control, the Issuers commence an Offer to
Purchase all outstanding Notes at the Purchase Price and (ii) all Notes properly tendered pursuant to the Offer to Purchase are purchased on the terms of such Offer to Purchase. 

On the Purchase Date, the Issuers shall, to the extent lawful, (a) accept for payment all Notes or portions thereof properly
tendered pursuant to the Change of Control Offer, (b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered and (c) otherwise comply with Section 3.9.

 The Issuers shall not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes
such Change of Control Offer contemporaneously with or upon a Change of Control in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable to a Change of Control Offer made by the Issuers and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer or (ii) a notice of redemption has been given pursuant to Section 3.7. 
 To the extent that the provisions of any securities laws or regulations (including Rule 14e-1 under the Exchange Act) conflict with the Change of Control provisions or Offer to Purchase provisions of this
Indenture, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached their obligations under this Section 4.14 by virtue of such conflict. 

In addition, an Offer to Purchase may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of launching the Offer to Purchase. 
 SECTION 4.15 Maintenance
of Corporate Existence. 
 Subject to Section 4.14 and Article V hereof, as the case may be, the Company shall
do or cause to be done all things necessary to preserve and keep in full force and effect its company existence and the corporate, partnership, limited liability company or other existence of each of its Restricted Subsidiaries in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary and 

  
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the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided that the Company shall not be required to preserve any such right,
license or franchise, or the corporate, partnership or other existence of any of their respective Restricted Subsidiaries, if the Board of Directors of the Company, as applicable, shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole. 
 SECTION 4.16 Events of
Loss. 
 In the event of an Event of Loss resulting in Net Loss Proceeds in excess of $25.0 million, the Company or the
affected Restricted Subsidiary of the Company, as the case may be, may (and to the extent required pursuant to the terms of any lease encumbered by a mortgage shall) apply the Net Loss Proceeds from such Event of Loss to either 

(i) the rebuilding, repair, replacement, construction or improvement to the property affected by such Event of Loss or
other property constituting Collateral (the “Subject Property”); or 
 (ii) to permanently repay
Obligations under the Credit Agreement and permanently reduce any related loan commitment thereunder, with no concurrent obligation to offer to purchase any of the Notes; 
 provided, however, that in the case of clause (i) above the Company delivers to the Trustee within 180 days of such Event of Loss, an Officers’ Certificate certifying that the
Company has applied (or will apply after receipt of any anticipated insurance or similar proceeds) the Net Loss Proceeds or other sources in accordance with clause (i) above. 

Any Net Loss Proceeds that are not reinvested or not permitted to be reinvested or used to permanently repay obligations under the Credit
Agreement as provided in the first sentence of this Section 4.16 will be deemed “Excess Loss Proceeds.” When the aggregate amount of Excess Loss Proceeds exceeds $25.0 million, the Company will make an offer (an “Event
of Loss Offer”) to all Holders and to the holders of any other Permitted Additional Pari Passu Obligations and to all holders of other pari passu Debt with liens ranking pari passu with the Notes containing provisions similar to
those set forth in this Section 4.16 to purchase or repurchase the Notes and such other Permitted Additional Pari Passu Obligations and to such other Pari Passu Debt with liens ranking pari passu with the Notes containing provisions
similar to those set forth in this Section 4.16 with the proceeds from the Event of Loss in an amount equal to the maximum principal amount of Notes, such other Permitted Additional Pari Passu Obligations and such other pari passu Debt
with liens ranking pari passu with the Notes containing provisions similar to those set forth in this Section 4.16 that may be purchased out of the Excess Loss Proceeds. The offer price in any Event of Loss Offer will be equal to 100% of
the principal amount plus accrued and unpaid interest if any, to the date of purchase, and will be payable in cash. If any Excess Loss Proceeds remain after consummation of an Event of Loss Offer, the Company or the affected Restricted Subsidiary of
the Company, as the case may be, may use such Excess Loss Proceeds for any purpose not otherwise prohibited by this Indenture and the Security Documents and such remaining amount shall not be added to any subsequent Excess Loss Proceeds for any
purpose under this Indenture; provided that any remaining Excess 

  
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Loss Proceeds shall remain subject to the Lien of the Security Documents. If the aggregate principal amount of Notes and other Permitted Additional Pari Passu Obligations and other Debt ranking
pari passu with the Notes containing provisions similar to those set forth in this Section 4.16 tendered pursuant to an Event of Loss Offer exceeds the Excess Loss Proceeds, the Trustee will select the Notes and such other Permitted
Additional Pari Passu Obligations and other Debt (to the extent such other Debt permits such a selection) to be purchased on a pro rata basis based on the principal amount tendered. The Company shall comply with Section 3.9 in connection
with any Event of Loss Offer. 
 In the event the Collateral Agent or Security Trustee receives any funds from Net Loss Proceeds
(or other insurance monies) that are not required to be delivered to the Collateral Agent as “Net Loss Proceeds” under this Section 4.16, the Collateral Agent or Security Trustee shall return such monies to the Issuers promptly upon
the written request of the Issuers therefor (accompanied by an Officers’ Certificate). 
 The Company and its Restricted
Subsidiaries will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes
pursuant to an Event of Loss Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with the Event of Loss provisions of this Indenture, the Company and its Restricted Subsidiaries will comply with the
applicable securities laws and regulations and shall not be deemed to have breached their obligations under this Section 4.16 by virtue of such compliance. 
 SECTION 4.17 Business Activities. 
 The Company will not, and will not
permit any Restricted Subsidiary to, engage in any business other than a Permitted Business, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as whole. 

SECTION 4.18 Existence of Corporate Co-Issuer. 
 The Company will always maintain a wholly owned subsidiary that is a Restricted Subsidiary of the Company organized as a corporation under the laws of the United States of America, any state thereof or
the District of Columbia that will serve as a co-issuer of the Notes unless the Company is itself a corporation under the laws of the United States of America, any state thereof or the District of Columbia. 

SECTION 4.19 Limitations on Activities of APT Co. 
 APT Co. may not hold any material assets, become liable for any material obligations, engage in any trade or business, or conduct any business activity, other than (1) the issuance of its Capital
Interests to the Company or any wholly owned Restricted Subsidiary of the Company, (2) the Incurrence of Debt as a co-obligor or guarantor, as the case may be, of the Notes, the Credit Agreement and any other Debt that is permitted to be
Incurred by the Company under Section 4.9; provided that the net proceeds of such Debt are not retained by APT Co., and (3) activities incidental thereto. Neither the Company nor any Restricted Subsidiary shall engage in any
transactions with APT Co. in violation of the immediately preceding sentence. 

  
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 SECTION 4.20 Additional Note Guarantees. 

On the Issue Date, each of the Guarantors will guarantee the Notes in the manner and on the terms set forth in the Indenture. 

After the Issue Date, the Company will cause each of its newly-formed or acquired Restricted Subsidiaries (other than (x) any
Foreign Subsidiary and (y) any Restricted Subsidiary that is prohibited by law from guaranteeing the Notes or that would experience adverse regulatory consequences as a result providing a guarantee of the Notes (so long as, in the case of this
clause (y), such Restricted Subsidiary has not provided a guarantee of any other Debt of the Issuers or any Guarantor)) to guarantee the Notes on a senior secured basis. 
 Each Note Guarantee by a Guarantor will be limited to an amount not to exceed the maximum amount that can be guaranteed by that Restricted Subsidiary without rendering the Guarantee, as it relates to such
Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. The Obligations of any Person that is or becomes a Guarantor after the Issue Date will be
secured equally and ratably by a first-priority security interest in the Collateral granted to the Collateral Agent for the benefit of the Holders of the Notes and the holders of Permitted Additional Pari Passu Obligations. Such Guarantor will enter
into a joinder agreement to the applicable Security Documents defining the terms of the security interests that secure payment and performance when due of the Notes and take all actions advisable in the opinion of the Company, as set forth in an
Officers’ Certificate accompanied by an opinion of counsel to the Company to cause the Note Liens created by the Security Agreement to be duly perfected to the extent required by such agreement in accordance with all applicable law, including
the filing of financing statements in the jurisdictions of incorporation or formation of the Company and the Guarantors. 

SECTION 4.21 Limitation on Creation of Unrestricted Subsidiaries. 

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

The Company may designate any Subsidiary (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an
Unrestricted Subsidiary unless such Subsidiary owns any Capital Interests of, or owns or holds any Lien on any property of, any other Restricted Subsidiary of the Company, provided that (i) immediately after giving effect to such
designation, the Company could Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to the first paragraph under Section 4.9 or (ii) the Consolidated Fixed Charge Coverage Ratio for the Company and its Restricted
Subsidiaries would be equal to or greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction, and provided further that the Company could make a Restricted Payment or a Permitted Investment
in an amount equal to the greater of the Fair Market Value or book value of such Subsidiary pursuant to Section 4.7 and such amount is thereafter treated as a Restricted Payment or a Permitted Investment for the purpose of calculating the
amount available in connection with Section 4.7. 

  
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 An Unrestricted Subsidiary may be designated as a Restricted Subsidiary if (i) all the
Debt of such Unrestricted Subsidiary could be Incurred pursuant to Section 4.9 and (ii) all the Liens on the property and assets of such Unrestricted Subsidiary could be incurred pursuant to Section 4.12. 

The Company may not designate the Co-Issuer as an Unrestricted Subsidiary. 

SECTION 4.22 Escrow of Proceeds; Escrow Proceeds Offer. 

(a) The Issuers shall apply the Escrow Proceeds in accordance with the terms of the Escrow Agreement. 

(b) The Company shall at all times use its commercially reasonable efforts to consummate the acquisition of the Identified
Vessels. In the event that on the 365th day following the Issue Date, the Unutilized Escrow Proceeds equal or exceed $10,000,000, the Issuers shall, within five business days after such 365th day, use the Unutilized Escrow Proceeds, together with
other funds available to the Issuers to make the related interest payment, to make an offer (the “Escrow Proceeds Offer”) to purchase Notes having an aggregate principal amount equal to such Unutilized Escrow Proceeds at a purchase
price of 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the purchase date. The provisions of Section 3.9 shall apply to any Escrow Proceeds Offer. 

SECTION 4.23 Further Assurances. 
 The Company will, and will cause each of its existing and future Restricted Subsidiaries to, execute and deliver such additional instruments, certificates or documents, and take all such actions as may be
reasonably required from time to time in order to: 
 (1) carry out more effectively the purposes of the Security
Documents; 
 (2) create, grant, perfect and maintain the validity, effectiveness and priority of any of the
Security Documents and the Liens created, or intended to be created, by the Security Documents; and 
 (3) ensure
the protection and enforcement of any of the rights granted or intended to be granted to the Trustee under any other instrument executed in connection therewith. 
 ARTICLE V 
 SUCCESSORS 

SECTION 5.1 Consolidation, Merger, Conveyance, Transfer or Lease. 

Neither Issuer will, in any transaction or series of transactions, consolidate with or merge into any other Person (other than a merger
of a Restricted Subsidiary into such Issuer in which such Issuer is the continuing Person or the merger of a Restricted Subsidiary into or with another 

  
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Restricted Subsidiary or another Person that as a result of such transaction becomes or merges into a Restricted Subsidiary), or sell, assign, convey, transfer, lease or otherwise dispose of all
or substantially all of the assets of such Issuer and its Restricted Subsidiaries (determined on a consolidated basis), taken as a whole, to any other Person, unless: 

(i) either: (a) such Issuer shall be the continuing Person or (b) the Person (if other than such Issuer) formed
by such consolidation or into which such Issuer is merged, or the Person that acquires, by sale, assignment, conveyance, transfer, lease or other disposition, all or substantially all of the property and assets of such Issuer (such Person, the
“Surviving Entity”), (1) shall be a corporation, partnership, limited liability company or similar entity organized and validly existing under the laws of the United States, any political subdivision thereof or any state
thereof or the District of Columbia, (2) shall expressly assume, by a supplemental indenture, the due and punctual payment of all amounts due in respect of the principal of (and premium, if any) and interest on all the Notes and the performance
of the covenants and obligations of such Issuer under this Indenture and (3) shall expressly assume, by documentation specified by, and executed and delivered to, the Trustee (and otherwise reasonably acceptable to the Collateral Agent), the
due and punctual performance of the covenants and obligations of such Issuer under the Security Documents; provided that at any time the Company or its successor is not a corporation, there shall be a co-issuer of the Notes that is a
corporation; 
 (ii) immediately before and immediately after giving effect to such transaction or series of
transactions on a pro forma basis (including, without limitation, any Debt Incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing or would result
therefrom; 
 (iii) immediately after giving effect to any such transaction or series of transactions on a pro
forma basis (including, without limitation, any Debt Incurred in connection with or in respect of such transaction or series of transactions) as if such transaction or series of transactions had occurred on the first day of the determination period,
such Issuer (or the Surviving Entity if such Issuer is not continuing), either (x) could Incur $1.00 of additional Debt (other than Permitted Debt) under the first paragraph of Section 4.9 or (y) the Consolidated Fixed Charge Coverage
Ratio for the Company (or the Surviving Entity if the Company is not continuing) and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction; 

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

(v) the Surviving Entity causes such amendments, supplements or other instruments to be executed, delivered, filed and
recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and protect the Lien of the Security Documents on the Collateral owned by or transferred to the Surviving Entity; 

  
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 (vi) the Collateral owned by or transferred to the Surviving Entity shall
(a) continue to constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the Holders of the Notes, and (c) not be subject to
any Lien other than Permitted Collateral Liens, in each case except as otherwise permitted by this Indenture; and 
 (vii) the property and assets of the Person which is merged or consolidated with or into the Surviving Entity, to the extent that they are property or assets of the types which would constitute Collateral
under the Security Documents, shall be treated as after-acquired property and the Surviving Entity shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the Security Documents in
the manner and to the extent required in this Indenture. 
 The preceding clause (iii) will not prohibit a merger between
the Company and an Affiliate incorporated solely for the purpose of converting the Company into a corporation organized under the laws of the United States or any political subdivision or state thereof so long as, the amount of Debt of the Company
and its Restricted Subsidiaries is not increased thereby, except for Debt incurred in the ordinary course of business to pay fees, expenses and other costs associated with such transaction. 

No 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 unless: 
 (1) immediately after giving
effect to that transaction, no Default or Event of Default exists; and 
 (2) either (a) the Person
acquiring the property in any such sale or disposition of the Person formed by or surviving any such consolidation or merger assumes all the obligations of such Guarantor under this Indenture, pursuant to a supplemental indenture satisfactory to the
Trustee or (b) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture. 
 For all purposes of this Indenture and the Notes, Subsidiaries of any Surviving Entity will, upon such transaction or series of transactions, become Restricted Subsidiaries or Unrestricted Subsidiaries as
provided pursuant to this Indenture and all Debt, and all Liens on property or assets, of the Surviving Entity and its Subsidiaries that was not Debt, or were not Liens on property or assets, of the Company and its Subsidiaries immediately prior to
such transaction or series of transactions shall be deemed to have been Incurred upon such transaction or series of transactions. 
 Upon any transaction or series of transactions involving either Issuer that are of the type described in, and are effected in accordance with, conditions described in the immediately preceding paragraphs
in which such Issuer is not the Surviving Entity, the Surviving Entity shall succeed to, and be substituted for, and may exercise every right and power of, such Issuer under this Indenture with the same effect as if such Surviving Entity had been
named as such Issuer therein; and when a Surviving Person duly assumes all of the obligations and covenants of such Issuer pursuant to this Indenture and the Notes, except in the case of a lease, the predecessor Person shall be relieved of all such
obligations. 

  
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 SECTION 5.2 Successor Person Substituted. 

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

ARTICLE VI 

DEFAULTS AND REMEDIES 
 SECTION 6.1 Events of Default. 
 Each of the following constitutes an
“Event of Default”: 
 (1) default in the payment in respect of the principal of (or premium, if
any, on) any Note at its maturity (whether at Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise); 
 (2) default in the payment of any interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30 days; 

(3) failure to perform or comply with Section 5.1; 

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

  
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 (6) a default or defaults under any bonds, debentures, notes or other
evidences of Debt (other than the Notes) by the Company or any Restricted Subsidiary of the Company (other than Indebtedness owed to the Company or a Restricted Subsidiary) having, individually or in the aggregate, a principal or similar amount
outstanding of at least $10.0 million, whether such Debt now exists or shall hereafter be created, which default or defaults shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a
failure to pay at least $10.0 million of such Debt when due and payable after the expiration of any applicable grace period with respect thereto; 
 (7) the entry against either Issuer or any Restricted Subsidiary of the Company that is a Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary) of a final non-appealable judgment or final non-appealable judgments for the payment of money in an aggregate amount in excess of $10.0 million (other than any judgments covered by indemnities or insurance policies as to
which liability coverage has not been denied by the insurance company or indemnifying party), by a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60
consecutive days; 
 (8) (i) American Petroleum Tankers Parent LLC or AP Tankers Co., any Significant Subsidiary
or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Code: 

(a) commences a voluntary case, 
 (b) consents to the entry of an order for relief against it in an involuntary case, 
 (c) consents to the appointment of a Custodian of it or for all or substantially all of its property, 
 (d) makes a general assignment for the benefit of its creditors, or 

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

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

(a) is for relief against American Petroleum Tankers Parent LLC or AP Tankers Co., any Significant Subsidiary or any group
of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in an involuntary case; 

  
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 (b) appoints a Custodian of American Petroleum Tankers Parent LLC or AP
Tankers Co., any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of American Petroleum Tankers Parent LLC or AP Tankers
Co. or any of its Restricted Subsidiaries; or 
 (c) orders the liquidation of American Petroleum Tankers Parent
LLC or AP Tankers Co. or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; 

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

(9) unless all of the Collateral has been released from the Note Liens in accordance with the provisions of the Security
Documents, default by either Issuer or any of its Restricted Subsidiaries or Guarantors in the performance of the Security Documents which adversely affects in any material respect the enforceability, validity, perfection or priority of the Note
Liens on a material portion of the Collateral (but excluding Excluded Assets), the repudiation or disaffirmation by either Issuer or any of its Restricted Subsidiaries or Guarantors of its material obligations under the Security Documents or the
determination in a judicial proceeding that the Security Documents are unenforceable or invalid against either Issuer or any Guarantor (or group of Guarantors) that is a Significant Subsidiary party thereto for any reason with respect to a material
portion of the Collateral (which default, repudiation, disaffirmation or determination is not rescinded, stayed, or waived by the Persons having such authority pursuant to the Security Documents) or otherwise cured within 60 days after the Issuers
receives written notice thereof specifying such occurrence from the Trustee or the Holders of at least 66 2/3% of the outstanding principal amount of the Note Obligations and demanding that such default be remedied. 

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

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

  
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 SECTION 6.2 Acceleration. 

If an Event of Default (other than an Event of Default specified in clause (8) of Section 6.1 with respect to either Issuer)
occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the Notes to be due and
payable immediately by a notice in writing to the Issuers (and to the Trustee if given by Holders); provided, however, that after such acceleration, but before a judgment or decree based on acceleration, the Holders of a majority in
aggregate principal amount of the outstanding Notes may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated principal of or interest on the Notes, have been cured or
waived as provided in the Indenture. 
 In the event of a declaration of acceleration of the Notes solely because an Event of
Default described in clause (6) of Section 6.1 has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or payment default triggering such Event of
Default pursuant to clause (6) of Section 6.1 shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 30 days after the declaration of acceleration with
respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts due on the Notes. 

If an Event of Default specified in clause (8) of Section 6.1 occurs with respect to either Issuer, the principal of and any
accrued interest on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Trustee may withhold from Holders notice of any Default (except
Default in payment of principal of, premium, if any, and interest) if the Trustee determines that withholding notice is in the interests of the Holders to do so. 
 SECTION 6.3 Other Remedies. 
 If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture or the Security Documents. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to
the extent permitted by law. 
 SECTION 6.4 Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture (including in connection with an Offer to Purchase) except a continuing Default or Event of Default in the payment of

  
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interest on, or the principal of, the Notes (other than as a result of an 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 6.5 Control by Majority. 
 The Holders of a majority in aggregate
principal amount of the then outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it. However, (i) the
Trustee may refuse to follow any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders or that may involve the Trustee in personal liability, and (ii) the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 SECTION 6.6
Limitation on Suits. 
 A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 

(a) the Holder gives to the Trustee written notice of a continuing Event of Default; 

(b) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the
Trustee to pursue the remedy; 
 (c) such Holder or Holders offer and, if requested, provide to the Trustee
indemnity reasonably satisfactory to the Trustee; 
 (d) the Trustee does not comply with the request within 60
days after receipt of the request and the offer and, if requested, the provision of such indemnity; and 
 (e)
during such 60-day period the Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request. 

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder.

 SECTION 6.7 Rights of Holders of Notes To Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal, premium, if any, and
interest on or after the respective due dates expressed in the Note (other than 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. 

  
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 SECTION 6.8 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.1(1) or (2) hereof or which otherwise results in an acceleration of payment on or
under the Notes, occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium and interest remaining unpaid on the Notes
and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel. 
 SECTION 6.9 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuers (or any other
obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the exchange of the Notes or on any such claims and
any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.8 hereof. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.8 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the
same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.10 Priorities. 
 Any money collected by the Trustee (or received
by the Trustee from the Collateral Agent under any Security Documents) pursuant to this Article VI shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of
principal (or premium, if any) or interest, if any, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

First: to the Trustee (including any predecessor Trustee), its agents and attorneys for amounts due under Section 7.8 hereof,
including payment of all reasonable compensation, expense and liabilities incurred, and all advances made, by the Trustee and the reasonable costs and expenses of collection; 

  
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 Second: to the security agent under the Second Lien Facility for amounts due in respect of
fees, expenses and indemnification obligations owed to the security agent under the Second Lien Facility; 
 Third: to Holders of
Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference or priority of any kind, according to the amounts due and pay able on the Notes for principal, premium, if any, and interest
respectively and holders of Permitted Additional Pari Passu Obligations for principal, premium and interest ratably; 
 Fourth:
without duplication, to the Holders for any other Obligations owing to the Holders under this Indenture and the Notes and to holders of Permitted Additional Pari Passu Obligations for any other obligations owing to such holders; 

Fifth: to the lenders under the Second Lien Facility to pay amounts due to the lenders under the Second Lien Facility; and 

Sixth: to the Issuers or to such party as a court of competent jurisdiction shall direct. 

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

SECTION 6.11 Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the
filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit,
having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 hereof, or a suit by Holders of more
than 10% in principal amount of the then outstanding Notes. 
 SECTION 6.12 Appointment and Authorization of The Bank of New
York Mellon Trust Company, N.A. as Collateral Agent and Security Trustee. 
 (a) The Bank of New York Mellon Trust Company,
N.A. is hereby designated and appointed as the Collateral Agent for the Holders under the Security Documents, and is hereby authorized and directed as the Collateral Agent for such Holders to execute and enter into each of the Security Documents and
all other instruments relating to the Security Documents (including without limitation the Intercreditor Agreement) and (i) to take action and exercise such powers as are expressly required or permitted hereunder and under the Security
Documents and all instruments relating hereto and thereto and (ii) to exercise such powers and perform such duties as are in each case, expressly delegated to the Collateral Agent by the terms hereof and thereof

  
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together with such other powers as are reasonably incidental hereto and thereto. In addition, The Bank of New York Mellon Trust Company, N.A. is hereby designated and appointed as the security
trustee for the Holders under the Ship Mortgages (in such capacity, the “Security Trustee”) and is hereby authorized and directed as the Security Trustee to execute and enter into all instruments relating to the Ship Mortgages and
(i) to take action and exercise such powers as are expressly required or permitted hereunder and under the Ship Mortgages and all instruments relating hereto and thereto and (ii) to exercise such powers and perform such duties as are in
each case, expressly delegated to the Security Trustee by the terms hereof and thereof together with such other powers as are reasonably incidental hereto and thereto. 
 (b) Notwithstanding any provision to the contrary elsewhere in this Indenture or the Security Documents, neither the Collateral Agent nor the Security Trustee shall have any duties or responsibilities
except those expressly set forth herein or therein or any fiduciary relationship with any Holder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture or any Security Document or
otherwise exist against the Collateral Agent or the Security Trustee. 
 (c) Each of the Collateral Agent and the Security
Trustee may consult with counsel of its selection and the written advice of such counsel or any written opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action
taken, omitted or suffered by it hereunder or under the Security Documents in good faith and in reliance on and in accordance with the written advice or written opinion of such counsel. 

ARTICLE VII 

TRUSTEE 

SECTION 7.1 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and the Security Documents, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the
duties of the Trustee shall be determined solely by the express provisions of this Indenture, the Security Agreement and the Intercreditor Agreements and the Trustee need perform only those duties that are specifically set forth in this Indenture,
the Security Agreement and the Intercreditor Agreements and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee, Collateral Agent and Security 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, Collateral Agent and Security Trustee and conforming to the requirements of

  
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this Indenture or the Security Documents. However, the Trustee, Collateral Agent and Security Trustee shall be under a duty to examine such certificates and opinions in the case of certificates
or opinions specifically required by any provision hereof to be furnished to it to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts or conclusions stated therein). 
 (c) The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this
paragraph does not limit the effect of paragraph (b) of this Section 7.1; 
 (ii) the Trustee shall not
be liable for any error of judgment made in good faith by an officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.5 hereof or otherwise in accordance with the direction of the Holders of a majority in principal amount of outstanding Notes relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee or the Collateral Agent, under this Indenture or the Security Documents. 

(d) Whether or not therein expressly so provided, every provision of this Indenture or any provision of any Security Document that in any
way relates to the Trustee or the Collateral Agent is subject to Sections 7.1 and 7.2 hereof 
 (e) No provision of this
Indenture or the Security Documents shall require the Trustee, Escrow Agent, Security Trustee or the Collateral Agent to expend or risk its own funds or incur any liability. The Trustee, Escrow Agent, Security Trustee and the Collateral Agent shall
be under no obligation to exercise any of their rights and powers under this Indenture or the Security Documents at the request of any Holders, unless such Holder shall have offered to the Trustee, Escrow Agent, Security Trustee or the Collateral
Agent, as applicable, security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall
not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

SECTION 7.2 Rights of Trustee. 
 (a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in any such document. 

  
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 (b) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel or as required by applicable law. The Trustee
may consult with counsel of the Trustee’s own choosing and the Trustee shall be fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance on the advice or written opinion of
such counsel or on any Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be
responsible for the misconduct or negligence of any attorney or agent appointed with due care. 
 (d) The Trustee shall not be
liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. Any request or direction of the Issuers mentioned herein shall be sufficiently
evidenced by an Officers’ Certificate and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved
or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate.

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

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

 SECTION 7.3 Limitation on Duty of Trustee in Respect of Collateral; Indemnification. 

(a) Beyond the exercise of reasonable care in the custody thereof, the Trustee shall have no duty as to any Collateral in its possession
or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Trustee shall not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Trustee shall be deemed to have
exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in
the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee in good faith. 
 (b) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral,
whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or o omission constitutes gross negligence or willful misconduct on the part of the Trustee, for the validity
or sufficiency of the 

  
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Collateral or any agreement or assignment contained therein, for the validity of the title of the Issuers to the Collateral, for insuring the Collateral or for the payment of taxes, charges,
assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 
 SECTION 7.4 Individual
Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. However, in the event that the Trustee acquires any conflicting
interest as defined in Section 310(b) of the TIA, it must eliminate such conflict within 90 days, apply to the Commission for permission to continue as Trustee or resign. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

SECTION 7.5 Trustee’s Disclaimer. 
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, or the existence, genuineness, value or protection of any Collateral
(except for the safe custody of Collateral in its possession and the accounting for Trust Monies actually received by it in accordance with the terms hereof) for the legality, effectiveness or sufficiency of any Security Document, or for the
creation, perfection, priority, sufficiency or protection of any Note Lien, and it shall not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any
provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes,
any statement or recital in any document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication on the Notes. 
 SECTION 7.6 Notice of Defaults. 
 If a Default occurs and is continuing and
if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders a notice of the Default within 90 days after it occurs. Except in the case of a Default in payment of principal of, premium, if any, or interest on
any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of the Holders. 
 SECTION 7.7 Reports by Trustee to Holders of the Notes. 
 Within 60 days
after each January 1 beginning with January 1, 2011, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event
described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all reports as required
by TIA § 313(c). 

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

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

The Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee (which for purposes of this Section 7.8 shall
include its officers, directors, employees and agents) against any and all claims, damage, losses, liabilities or expenses incurred by it in connection with the acceptance or administration of its duties under this Indenture, including the costs and
expenses of enforcing this Indenture against the Issuers (including this Section 7.8) and defending itself against any claim (whether asserted by the Issuers or any Holder or any Guarantor or any other Person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder, including, without limitation, any environmental liability, except to the extent any such loss, claim, damage, liability or expense has been determined to have been caused by its
own negligence or willful misconduct. The Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuers shall not relieve the Issuers of their obligations hereunder. The
Issuers shall defend the claim and the Trustee shall, upon the request of Issuers, cooperate in the defense. The Trustee may have separate counsel and the Issuers shall pay the reasonable fees and expenses of one such primary counsel and such local
counsel deemed necessary or advisable in the opinion of the Trustee. The Issuers need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence
or bad faith. The Issuers need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 The obligations of the Issuers and the Guarantors under this Section 7.8 shall survive the satisfaction and discharge or termination for any reason of this Indenture or the resignation or removal of
the Trustee. 
 Notwithstanding anything to the contrary in Section 4.12 hereof, to secure the Issuers’ and the
Guarantors’ obligations in this Section 7.8, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal or interest, if any, on particular Notes.
Such Lien shall survive the satisfaction and discharge or termination for any reason of this Indenture and the resignation or removal of the Trustee. 

  
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 In addition, and without prejudice to the rights provided to the Trustee under any of the
provisions of this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(8) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its
agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Code. 

“Trustee” for the purposes of this Section 7.8 shall include any predecessor Trustee and the Trustee in each of its
capacities hereunder and each agent, custodian and other person employed to act hereunder or under any Security Document. 

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

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

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

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

 (d) the Trustee becomes incapable of acting. 

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

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

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.11
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and the duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the 

  
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successor Trustee, provided that all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.8 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.9, the Issuers’ obligations under and the Lien provided for in Section 7.8 hereof shall continue for the benefit of the retiring Trustee. 

SECTION 7.10 Successor Trustee by Merger, Etc. 
 If the Trustee or any Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any further act
shall be the successor Trustee or any Agent, as applicable. 
 SECTION 7.11 Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trust power and that is subject to supervision or examination by federal or state authorities. The Trustee together with its parent shall at all times have a
combined capital surplus of at least $50.0 million as set forth in its most recent published annual report of condition. 
 This
Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b) including the provision in § 310(b)(1); provided that there shall be
excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Issuers or the Guarantors are outstanding if the requirements for
exclusion set forth in TIA § 310(b)(1) are met. 
 SECTION 7.12 Preferential Collection of Claims Against the
Issuers. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A
Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 SECTION 7.13
Trustee’s Application for Instructions from the Issuers. 
 Any application by the Trustee for written instructions
from the Issuers may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be
effective. The Trustee shall not be liable for any action taken by, or omission of the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than twenty
Business Days after the date any officer of the Issuers actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an
omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 

  
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 SECTION 7.14 Limitation of Liability. 

In no event shall the Trustee, in its capacity as such or as Collateral Agent, Paying Agent, Escrow Agent, Security Trustee or Registrar
or in any other capacity hereunder, be liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not
foreseeable, even if the Trustee has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. The Trustee shall not be responsible or liable for any failure or delay in the performance of its
obligations under this Indenture arising out of or caused directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances;
sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. The provisions of this
Section shall survive satisfaction and discharge or the termination for any reason of this Indenture and the resignation or removal of the Trustee. 
 SECTION 7.15 Collateral Agent. 
 The rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Collateral Agent, Escrow Agent and Security Trustee as if the Collateral Agent, Escrow Agent
and the Security Trustee were named as the Trustee herein and the Security Documents were named as this Indenture herein. 

SECTION 7.16 Co-Trustees; Separate Trustee; Collateral Agent. 

At any time or times, for the purpose of meeting the Legal Requirements of any jurisdiction in which any of the Collateral may at the
time be located, the Issuers, the Collateral Agent and the Trustee shall have power to appoint, and, upon the written request of (i) the Trustee or the Collateral Agent or (ii) the holders of at least 25% of the outstanding principal
amount at maturity of the Notes, the Issuers shall for such purpose join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either
to act as co-trustee, jointly with the Trustee, or to act as separate trustee, co-collateral agent, sub-collateral agent or separate collateral agent of any such property, in either case with such powers as may be provided in the instrument of
appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 7.16. In case an Event of Default has occurred and
is continuing, the Trustee or the Collateral Agent alone shall have power to make such appointment. 
 Should any written
instrument from the Issuers be requested by any co-trustee or separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent so appointed for more fully confirming to such co-trustee or separate trustee such property,
title, right or power, any and all such instruments shall, on request of such co-trustee or separate trustee or separate collateral agent, be executed, acknowledged and delivered by the Issuers. 

  
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 Any co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate
collateral agent shall agree in writing to be and shall be subject to the provisions of the applicable Security Documents as if it were the Trustee thereunder (and the Trustee shall continue to be so subject). 

Every co-trustee or separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent shall, to the extent
permitted by law, but to such extent only, be appointed subject to the following terms, namely: 
 (a) The Notes
shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder,
shall be exercised solely, by the Trustee. 
 (b) The rights, powers, duties and obligations hereby conferred or
imposed upon the Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee or separate trustee jointly, or by the Trustee and
such co-collateral agent, sub-collateral agent or separate collateral agent jointly as shall be provided in the instrument appointing such co-trustee, separate trustee or separate collateral agent, except to the extent that under any law of any
jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee,
separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent. 
 (c) The Trustee at
any time, by an instrument in writing executed by it, with the concurrence of the Issuers evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee, separate trustee or co-collateral agent, sub-collateral agent or
separate collateral agent appointed under this Section 7.15, and, in case an Event of Default has occurred and is continuing, the Trustee shall have power to accept the resignation of, or remove, any such co-trustee, separate trustee or
co-collateral agent, sub-collateral agent or separate collateral agent without the concurrence of the Issuers. Upon the written request of the Trustee, the Issuers shall join with the Trustee in the execution, delivery and performance of all
instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent so resigned or removed may be
appointed in the manner provided in this Section 7.16. 
 (d) No co-trustee, separate trustee or
co-collateral agent, sub-collateral agent or separate collateral agent hereunder shall be liable by reason of any act or omission of the Trustee, or any other such trustee, co-trustee, separate trustee, co-collateral agent, sub-collateral agent or
separate collateral agent hereunder. 
 (e) The Trustee shall not be liable by reason of any act or omission of
any co-trustee, separate trustee, co-collateral agent, sub-collateral agent or separate collateral agent. 

  
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 (f) Any act of holders delivered to the Trustee shall be deemed to have been
delivered to each such co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent, as the case may be. 
 ARTICLE VIII 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 8.1 Option To Effect Legal Defeasance or Covenant Defeasance. 

The Issuers may, at their option at any time, elect to have either Section 8.2 or 8.3 hereof applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article VIII. 
 SECTION 8.2 Legal Defeasance. 

Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.2, the Issuers and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes and Guarantees and Security Documents on the date the
conditions set forth below are satisfied (hereinafter, “legal defeasance”). For this purpose, legal defeasance means that the Issuers shall be deemed to have paid and discharged the entire Debt represented by the outstanding Notes,
which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all of its other obligations
under such Notes and this Indenture including that of the Guarantors and the Security Documents (and the Trustee, on written demand of and at the reasonable expense of the Issuers, shall execute proper instruments acknowledging the same), except for
the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and interest, if any, on such
Notes when such payments are due solely from the trust referred to in Section 8.4(1); (b) the Issuers’ obligations with respect to such Notes concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost
or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; (c) the rights, powers, trusts, benefits and immunities of the Trustee, including without limitation thereunder, under
Section 7.8, 8.5 and 8.7 hereof and the Issuers’ obligations in connection therewith; (d) the Issuers’ rights pursuant to Section 3.7; and (e) the provisions of this Section 8.2. Subject to compliance with this
Article VIII, the Issuers may exercise its option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof. If the Issuers exercise their legal defeasance option, subject to the satisfaction
of the conditions set forth in Section 8.4, the Liens securing the Notes and the Guarantees will be released and each Guarantor will be released from all its obligations under its Guarantee of the Notes. 

  
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 SECTION 8.3 Covenant Defeasance. 

Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Issuers shall,
subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from its obligations under the covenants contained in Sections 4.3, 4.4, 4.5, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.20, 4.21,
4.22, 4.23 and 5.1 hereof with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance” and, together with legal defeasance,
“defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, covenant defeasance means that, with
respect to the outstanding Notes, the Issuers or any of its Subsidiaries may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.1 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this
Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(3), (4), (5), (6), (7), (8) and (9) hereof shall not constitute Events of Default. If the Issuers exercise their covenant
defeasance option, subject to the satisfaction of the conditions set forth in Section 8.4, the Liens securing the Notes and the Guarantees will be released and each Guarantor will be released from all its obligations under its Guarantee of the
Notes. 
 SECTION 8.4 Conditions to Legal Defeasance or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.2 or 8.3 hereof to the outstanding Notes: 

In order to exercise either legal defeasance or covenant defeasance: 

(1) the Issuers must irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefits of the Holders of such Notes: (A) money in an amount, or (B) U.S. government obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount or (C) a combination thereof, in each case sufficient without reinvestment, in the
opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge, the entire
indebtedness in respect of the principal of and premium, if any, and interest on such Notes on the Stated Maturity thereof or (if the Issuers have made irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by
the Trustee in the name and at the expense of the Issuers) the redemption date thereof, as the case may be, in accordance with the terms of this Indenture and such Notes; 

  
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 (2) in the case of legal defeasance, the Issuers shall have delivered to the
Trustee an Opinion of Counsel, subject to customary assumptions and exclusions, stating that (A) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture,
there has been a change in the applicable United States federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, subject to customary assumptions and exclusions, the Holders
of such Notes will not recognize gain or loss for United States federal income tax purposes as a result of the deposit, defeasance and discharge to be effected with respect to such Notes and will be subject to United States federal income tax on the
same amount, in the same manner and at the same times as would be the case if such deposit, defeasance and discharge were not to occur; 
 (3) in the case of covenant defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel to the effect that subject to customary assumptions and exclusions the Holders of such
outstanding Notes will not recognize gain or loss for United States federal income tax purposes as a result of the deposit and covenant defeasance to be effected with respect to such Notes and will be subject to federal income tax on the same
amount, in the same manner and at the same times as would be the case if such deposit and covenant defeasance were not to occur; 
 (4) no Default or Event of Default with respect to the outstanding Notes shall have occurred and be continuing at the time of such deposit after giving effect thereto (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien to secure such borrowing); 
 (5) such legal defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or material instrument (other than this Indenture) to
which either Issuer is a party or by which either Issuer is bound; and 
 (6) the Issuers shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent with respect to such legal defeasance or covenant
defeasance have been complied with. 
 Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above
with respect to a legal defeasance need not to be delivered if all Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable, or (y) will become due and payable at Stated Maturity within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers. 
 SECTION 8.5 Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.6 hereof, all money and non-callable U.S. government obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in 

  
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respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company or any Subsidiary acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such
money need not be segregated from other funds except to the extent required by law. 
 The Issuers shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. government obligations deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other than any
such to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the written request of the Issuers and be relieved of all liability with respect to any money or non-callable U.S. government obligations
held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under
Section 8.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent legal defeasance or covenant defeasance. 
 SECTION 8.6 Repayment to Issuers. 
 The Trustee shall promptly, and in any
event, no later than three Business Days, pay to the Company after request therefor, any excess money or non-callable Government Securities held with respect to the Notes at such time in excess of amounts required to pay any of the Company’s
Obligations then owing with respect to the Notes. 
 Any money deposited with the Trustee or any Paying Agent, or then held by
the Issuers, in trust for the payment of the principal of, premium, if any, or interest, if any, on any Note and remaining unclaimed for one year after such principal and premium, if any, or interest has become due and payable shall be paid to the
Issuers on their written request or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuers for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Issuers cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Issuers. 
 SECTION 8.7 Reinstatement. 
 If the Trustee or Paying Agent is unable to
apply any United States dollars or non-callable U.S. government obligations in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the obligations of the Issuers under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until such time as the
Trustee or Paying Agent is permitted 

  
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to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the Issuers makes any payment of principal of, premium, if
any, or interest on any Note following the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

SECTION 8.8 Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes and Guarantees issued hereunder and as to all Security Documents (a “Discharge”) when: 

(1) Either: (A) all Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes that have
been replaced or paid and any of the Notes for whose payment money has been deposited in trust and thereafter repaid to the Company) have been delivered to the Trustee for cancellation, or (B) all such Notes not theretofore delivered to the
Trustee for cancellation (i) have become due and payable by reason of the mailing of a notice of redemption or otherwise or (ii) will become due and payable within one year or are to be called for redemption within one year and the Issuers
have irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire indebtedness on the Notes, not theretofore delivered to the Trustee for cancellation, for principal of premium, if
any, and interest to the Stated Maturity or date of redemption; 
 (2) either Issuer or any Guarantor has paid or
caused to be paid all other sums then due and payable under this Indenture by the Company; 
 (3) the deposit
will not result in a breach or violation of, or constitute a default under, any other material instrument (other than this Indenture) to which either Issuer or any Guarantor is a party or by which either Issuer or any Guarantor is bound; 

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

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

(2) the Issuers’ obligations with respect to such Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust, 

  
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 (3) the rights, powers, trusts, duties and immunities of the Trustee,

 (4) the Issuers’ right of optional redemption, and 

(5) the defeasance provisions of this Indenture. 
 ARTICLE IX 
 AMENDMENT, SUPPLEMENT AND WAIVER 

SECTION 9.1 Without Consent of Holders of the Notes. 
 Notwithstanding Section 9.2 of this Indenture, without the consent of any Holders, the Issuers, the Guarantors and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental to this Indenture, the Guarantees and the Security Documents for any of the following purposes: 
 (1) to evidence the succession of another Person to either Issuer or any Guarantor and the assumption by any such successor of the covenants of such Issuer or such Guarantor in this Indenture, the
Guarantees, the Security Documents and the Notes; 
 (2) to add to the covenants of the Issuers or the Guarantors
for the benefit of the Holders, or to surrender any right or power herein conferred upon the Issuers or the Guarantors; 
 (3) to add additional Events of Default; 
 (4) to provide for
uncertificated Notes in addition to or in place of the certificated Notes; 
 (5) to evidence and provide for the
acceptance of appointment under this Indenture and the Security Documents by a successor Trustee or Collateral Agent; 
 (6) to provide for or confirm the issuance of Additional Notes in accordance with the terms of this Indenture; 
 (7) to add to the Collateral securing the Notes, to add a Guarantor or to release a Guarantor in accordance with this Indenture; 

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

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

  
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 (10) to conform the text of this Indenture, the Security Documents or the
Notes to any provision of the “Description of the Notes” in the Offering Circular to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with the description of
the corresponding provision in the “Description of the Notes”; 
 (11) to mortgage, pledge, hypothecate
or grant any other Lien in favor of the Collateral Agent for the benefit of the Trustee on behalf of the Holders of the Notes, as additional security for the payment and performance of all or any portion of the Note Obligations under this Indenture
and the Notes, in any property or assets, including any which are required to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted to or for the benefit of the Trustee or the Collateral Agent pursuant to this
Indenture, any of the Security Documents or otherwise; 
 (12) to provide for the release of Collateral from the
Lien of this Indenture and the Security Documents when permitted or required by the Security Documents, the Intercreditor Agreements or this Indenture; or 
 (13) to secure any Permitted Additional Pari Passu Obligations under the Security Documents and to appropriately include the same in the Intercreditor Agreements. 

Upon the request of the Issuers 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 7.2 hereof, the Trustee shall join with the 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 shall have the right, but not be obligated to, enter into such amended or supplemental indenture
that affects its own rights, duties or immunities under this Indenture or otherwise. Notwithstanding the foregoing, (a) neither an Opinion of Counsel nor an Officer’s Certificate shall be required in connection with the addition of a
Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, (b) no supplemental indenture shall be required to waive an Event of Default described in clause
(6) of Section 6.1 if the event of default or payment default triggering such Event of Default shall be cured or waived within 30 days after such Event of Default arose (which waiver shall occur automatically), and (c) no supplemental
indenture shall be required to amend the Security Documents to permit Permitted Additional Pari Passu Obligations to be secured under such Security Documents (it being understood that the Trustee, the Collateral Agent and the Security Trustee shall
enter into such amendments upon receipt of a written request from the Issuers therefor). 
 SECTION 9.2 With Consent of
Holders of Notes. 
 With the consent of the Holders of not less than a majority in aggregate principal amount of the
outstanding Notes, the Issuers, the Guarantors and the Trustee may enter into an indenture or indentures supplemental to this Indenture or amend the Security Documents and the Intercreditor Agreements (together with the other consents required
thereby) for the purpose of 

  
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adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or the Notes or of modifying in any manner the rights of the Holders under this
Indenture, including the definitions herein; provided, however, that no such supplemental indenture or amendment shall, without the consent of the Holder of each outstanding Note affected thereby: 

(1) change the Stated Maturity of any Note or of any installment of interest on any Note, or reduce the amount payable in
respect of the principal thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due and payable on acceleration of the maturity thereof, or change the place of payment where, or the coin or
currency in which, any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or change the date on which any Notes may be subject to
redemption or reduce the Redemption Price therefor, 
 (2) reduce the percentage in aggregate principal amount of
the outstanding Notes, the consent of whose Holders is required for any such supplemental indenture or amendment, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in this Indenture, 
 (3) modify the obligations of the Issuers to
make Offers to Purchase (a) from the Excess Proceeds of Assets Sales or Excess Loss Proceeds from an Event of Loss if such modification was done after the occurrence of such Asset Sale or Event of Loss, as applicable, or (b) upon a Change
of Control if such modification was done after the occurrence of such Change of Control, 
 (4) subordinate, in
right of payment, the Notes to any other Debt of the Issuers, 
 (5) modify any of the provisions of this
paragraph or provisions relating to waiver of defaults or certain covenants, except to increase any such percentage required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each outstanding Note affected thereby, or 
 (6) release any Guarantees required to be
maintained under this Indenture (other than in accordance with the terms of this Indenture). 
 In addition, any amendment to,
or waiver of, the provisions of this Indenture or any Security Document that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes or otherwise modifying the Intercreditor Agreements in any manner
adverse in any material respect to the Holders of the Notes will require the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding. In addition, any changes to the provisions of the Escrow Agreement
relating to the release of Escrow Proceeds or to making an Escrow Proceeds Offer and that are materially adverse to the Holders will require the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding.

  
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 The Holders of not less than a majority in aggregate principal amount of the outstanding
Notes may on behalf of the Holders of all the Notes waive any past default under this Indenture and its consequences, except a default: 
 (1) in any payment in respect of the principal of (or premium, if any) or interest on any Notes (including any Note which is required to have been purchased pursuant to an Offer to Purchase which has been
made by the Company), or 
 (2) in respect of a covenant or provision hereof which under this Indenture cannot be
modified or amended without the consent of the Holder of each outstanding Note affected. 
 Upon the request of an 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 of Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section 7.2 hereof, the Trustee shall join with the Issuer 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 shall not be obligated to, enter into such amended or supplemental indenture. 

It shall not be necessary for the consent of the Holders of Notes under this Article IX to approve the particular form of any
proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 SECTION 9.3
Compliance with Trust Indenture Act. 
 Every Amendment or Supplement to this Indenture or the Notes shall be set forth
in an amended or supplemental indenture that complies with the TIA as then in effect. 
 SECTION 9.4 Revocation and Effect of
Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a
continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on the Note. However, any such Holder or
subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. When an amendment, supplement or waiver becomes effective in
accordance with its terms, it thereafter binds every Holder. 
 The Issuers may, but shall not be obligated to, fix a record
date for determining which Holders consent to such amendment, supplement or waiver. If the Issuers fix a record date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the
most recent list of Holders furnished for the Trustee prior to such solicitation 

  
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pursuant to Section 2.5 hereof or (ii) such other date as the Issuers shall designate. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were
Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be
Holders after such record date. 
 SECTION 9.5 Notation on or Exchange of Notes. 

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

After any amendment, supplement or waiver becomes effective, the Issuers shall mail to Holders a notice briefly describing such
amendment, supplement or waiver. The failure to give such notice shall not affect the validity and effect of such amendment, supplement or waiver. 
 SECTION 9.6 Trustee To Sign Amendments, Etc. 
 The Trustee shall sign and
shall direct the Collateral Agent and Security Trustee to sign any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities
of the Trustee. The Issuers and the Guarantors may not sign an amendment or supplemental indenture until their respective Boards of Directors approve it. In signing or refusing to sign any amendment or supplemental indenture the Trustee shall be
given and (subject to Section 7.1 hereof) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that, subject to customary exceptions, the execution of such amendment or supplemental indenture
is authorized or permitted by this Indenture, that all conditions precedent thereto have been met or waived, that such amendment or supplemental indenture is not inconsistent herewith, and that it will be valid and binding upon the Issuers in
accordance with its terms. Notwithstanding the foregoing, no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture. 

ARTICLE X 

SECURITY 

SECTION 10.1 Security Documents; Additional Collateral. 
 (a) Security Documents. In order to secure the due and punctual payment of the Note Obligations and any Permitted Additional Pari Passu Obligations, in the case of the Issuers, Parent, the
Guarantors, the Collateral Agent and the other parties thereto have simultaneously with the execution of this Indenture entered or, in accordance with the provisions of Section 4.20, Section 4.23 and this Article X will enter into
the Security Documents. 

  
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 (b) Additional Collateral. (i) Subject to the applicable provisions of the
applicable Security Documents, promptly following the acquisition by Parent, the Issuers or any Restricted Subsidiary of any property that is intended to be subject to the Lien created by any Security Documents but is not so subject, or
(ii) contemporaneously with the grant of any additional Liens on any property by Parent, the Issuers or any Restricted Subsidiary to secure Obligations Incurred pursuant to clause (i) or (viii) of the definition of “Permitted
Debt,” provided that such Liens are subject to the provisions of the Intercreditor Agreements, in the case of both (i) and (ii) above, to the extent required by such Security Document, the applicable Issuers or Guarantor will
execute and deliver to the Collateral Agent such amendments or supplements to the relevant Security Documents or such other documents (including certificates, legal opinions and surveys, as necessary) as the Collateral Agent may deem necessary or
advisable to grant to the Collateral Agent a Lien on such property subject to no Liens other than Permitted Collateral Liens, and take all actions necessary to cause such Lien to be duly perfected to the extent required by such Security Document in
accordance with all applicable requirements of law, including the filing of mortgages, deeds of trust, financing statements or other instruments or documents in such jurisdictions as necessary or as may be reasonably requested by the Collateral
Agent. The Issuers shall otherwise take such actions and execute and/or deliver to the Collateral Agent such documents as necessary or as the Collateral Agent shall require to confirm the validity, perfection and priority of the Lien of the Security
Documents on such after-acquired properties. 
 SECTION 10.2 Recording, Registration and Opinions. 

The Issuers and the Guarantors shall make all filings (including financing statements, filings of continuation statements and amendments
to financing statements and any instruments of further assurance that may be necessary to continue the effectiveness of such financing statements) or recordings and take all other actions as are necessary or required by the Security Documents, or
otherwise to perfect, protect and maintain (at the sole cost and expense of the Issuers) the security interest created by the Security Documents in the Collateral (other than with respect to any Collateral the security interest in which is not
required to be perfected under the Security Documents) as a perfected first priority security interest subject only to Permitted Collateral Liens. 
 The Issuers and the Guarantors shall furnish to the Trustee, at such time as required by TIA Section 314(b) and, as reasonably requested by the Trustee, promptly after the execution and delivery of
any other instrument of further assurance or amendment granting, perfecting, preserving or making effective a security interest or Lien pursuant to this Indenture and any Security Document, an Opinion of Counsel either (i) containing an opinion
with respect to the perfection of such collateral comparable to the opinion provided in connection with the issuance of the Initial Notes with respect to such type of Collateral (subject to necessary exceptions to take into account the Suits in
Admiralty Act), or (ii) stating that, in the Opinion of such Counsel, no such action is necessary to perfect any security interest created under this Indenture or any of the Security Documents. 

The Issuers and the Guarantors shall furnish to the Trustee, at least thirty (30) days prior to the anniversary of the Issue Date in
each year an Opinion of Counsel, dated as of such date, either (i) (x) stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording, and refiling of this Indenture or the
Security Documents, as 

  
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applicable, as are necessary to maintain the perfected Liens of the applicable Security Documents securing the Note Obligations under applicable law to the extent required by the Security
Documents other than any action as described therein to be taken and such opinion may refer to prior Opinions of Counsel and contain customary qualifications and exceptions and may rely on an Officers’ Certificate of the Issuers, and
(y) stating that on the date of such Opinion of Counsel, all financing statements, financing statement amendments and continuation statements have been or will be executed and filed that are necessary, as of such date or promptly thereafter and
during the succeeding 12 months, fully to maintain the perfection (to the extent required by the Security Documents) of the security interests of the Collateral Agent securing the Note Obligations thereunder and under the Security Documents with
respect to the Collateral and such Opinion of Counsel may contain customary qualifications and exceptions and may rely on an Officers’ Certificate; provided that if there is a required filing of a continuation statement or other
instrument within such 12 month period and such continuation statement or amendment is not effective if filed at the time of the opinion, such opinion may so state and in that case the Issuers and the Guarantors shall cause a continuation statement
or amendment to be timely filed so as to maintain such Liens and security interests securing Note Obligations or (ii) stating that, in the opinion of such counsel, no such action is necessary to maintain such Liens or security interests.

 SECTION 10.3 Releases of Collateral. 
 The Liens securing the Notes and the Guarantees will, automatically and without the need for any further action by any Person be released: 

(a) in whole or in part, as applicable, as to all or any portion of property subject to such Liens which has been taken by
eminent domain, condemnation or other similar circumstances, 
 (b) in whole, upon: 

(i) Discharge of this Indenture under Section 8.8 hereof; or 

(ii) a legal defeasance or covenant defeasance of this Indenture under Article VIII hereof; 

(c) in part, as to any property that (i) is sold, transferred or otherwise disposed of by either Issuer or any
Guarantor (other than to another Issuer or another Guarantor) in a transaction not prohibited by this Indenture, at the time of such transfer or disposition, (ii) is owned or at any time acquired by a Guarantor that has been released from its
Guarantee, concurrently with the release of such Guarantee or (iii) at any time becomes an Excluded Asset pursuant to a transaction not prohibited by this Indenture; 

(d) pursuant to Article IX; and 

(e) in part, in accordance with the applicable provisions of the Security Documents and the Intercreditor Agreements.

  
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 Following any such release, upon the request of any Issuer to the Trustee (accompanied by an
Officer’s Certificate and customary indemnity in favor of the Trustee), the Trustee shall promptly execute and/or cause the Collateral Agent and the Security Trustee to execute, all documents as any Issuer or any Guarantor may reasonably
request to evidence such release, including, without limitation, such documents necessary to evidence the discharge the Ship Mortgages under the laws of the United States. 
 A release of Collateral pursuant to the provisions of this Indenture and the Security Documents shall not be deemed to impair the security under the lien of the Collateral and any Person that is required
to deliver an Officers’ Certificate or Opinion of Counsel pursuant to Section 314(d) of the TIA shall be entitled to rely on the foregoing as a basis for delivery of such Officers’ Certificate or Opinion of Counsel. 

If any Collateral is released in accordance with this Indenture or any of the Security Documents, and if the applicable Issuer or
Guarantor has delivered the certificates and documents required by the Security Documents, the Trustee will determine whether it has received all documentation required by Section 314(d) of the TIA (to the extent applicable) in connection with
such release. Any certificate or opinion required by Section 314(d) of the TIA may be made by an officer of the Company except in cases where Section 314(d) of the TIA requires that such certificate or opinion be made by an independent
Person, which Person shall be an independent engineer, appraiser or other expert selected by or reasonably satisfactory to the Trustee. 
 Notwithstanding any other provision of this Indenture or any Security Document, to the extent necessary and for so long as required for a Subsidiary of the Company not to be subject to any requirement
pursuant to Rule 3-6 of Regulation S-X under the Securities Act to file separate financial statements of such Subsidiary with the SEC (or any other governmental agency), the Capital Stock and other securities of such Subsidiary shall not be included
in the Collateral with respect to the Notes and shall not be subject to the Liens securing such Notes and the Note Obligations so long as at such time, the Second Lien Facility and any other Permitted Additional Pari Passu Obligations are not
secured by a pledge of such Capital Stock or securities. For purposes of this paragraph, “securities” has the meaning ascribed to such term for purposes of Rule 3-16 of Regulation S-X under the Securities Act. 

Notwithstanding the provisions of this Section 10.03 and Section 10.05 below, so long as no Event of Default shall have
occurred and be continuing, an Issuer or the applicable Guarantor may, without any release or consent by the Collateral Agent or the Holders of the Notes, do any activities not prohibited by the other terms of this Indenture. 

SECTION 10.4 Form and Sufficiency of Release. 
 In the event that either Issuer or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any portion of the Collateral that, under the terms of
this Indenture may be sold, exchanged or otherwise disposed of by either Issuer or any Guarantor, and such Issuer or such Guarantor requests the Trustee to furnish a written disclaimer, release or quitclaim of any interest in such property under
this Indenture, the applicable Guarantee and the Security Documents, upon receipt of an Officers’ Certificate and 

  
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Opinion of Counsel (the latter of which, to the extent consistent with applicable provisions of the TIA and otherwise in accordance with the Senior Secured Note Documents, shall only be required
if the Fair Market Value of the property that is subject to the Lien to be released exceeds $25. million and shall be deliverable by the Issuers, unless the Issuers elect otherwise) to the effect that such release complies with Section 10.3 and
specifying the provision in Section 10.3 pursuant to which such release is being made (upon which the Trustee may exclusively and conclusively rely), the Trustee shall execute, acknowledge and deliver to such Issuer or such Guarantor (or
instruct the Collateral Agent to do the same) such an instrument in the form provided by the Issuers, and providing for release without recourse and shall take such other action as such Issuer or such Guarantor may reasonably request and as
necessary to effect such release. Before executing, acknowledging or delivering any such instrument, the Trustee shall be furnished with an Officers’ Certificate and an Opinion of Counsel (on which the Trustee shall be entitled to conclusively
and exclusively rely), as applicable, each stating subject to customary exceptions, that such release is authorized and permitted by the terms hereof and that all conditions precedent with respect to such release have been complied with. 

SECTION 10.5 Possession and Use of Collateral. 
 Subject to the provisions of the Security Documents, the Issuers and the Guarantors shall have the right to remain in possession and retain exclusive control of and to exercise all rights with respect to
the Collateral (other than Trust Monies held by the Collateral Agent, other monies or U.S. government obligations deposited pursuant to Article VIII, and other than as set forth in the Security Documents and this Indenture), to operate,
manage, develop, lease, use, consume and enjoy the Collateral (other than Trust Monies held by the Collateral Agent, other monies and U.S. government obligations deposited pursuant to Article VIII and other than as set forth in the Security
Documents and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not impair the Lien of the Security Documents thereon, and otherwise comply with Section 10.7 hereof, and to collect, receive, use,
invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof. 
 SECTION 10.6 [Intentionally Omitted]. 
 SECTION 10.7 [Intentionally
Omitted]. 
 SECTION 10.8 Purchaser Protected. 

No purchaser or grantee of any property or rights purporting to be released shall be bound to ascertain the authority of the Trustee to
execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority so long as the conditions set forth in Section 10.4 have been satisfied. 

SECTION 10.9 Authorization of Actions To Be Taken by the Collateral Agent Under the Security Documents. 

The holders of Notes agree that the Collateral Agent, Escrow Agent and Security Trustee shall be entitled to the rights, privileges,
protections, immunities, indemnities and benefits provided to the Collateral Agent by the Security Documents. Furthermore, each holder of a 

  
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Note, by accepting such Note, consents to the terms of and authorizes and directs the Trustee (in each of its capacities including, but not limited to, Security Trustee under the Ship Mortgages)
and the Collateral Agent to enter into and perform the Security Documents (including without limitation the Intercreditor Agreement and the Ship Mortgages) in each of its capacities thereunder. 

SECTION 10.10 Authorization of Receipt of Funds by the Trustee Under the Security Agreement. 

The Trustee is authorized to receive any funds for the benefit of holders distributed under the Security Documents to the Trustee, to
apply such funds as provided in Section 6.10. 
 SECTION 10.11 Powers Exercisable by Receiver or Collateral Agent.

 In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this
Article X upon the Issuers or any Guarantor, as applicable, with respect to the release, sale or other disposition of such Property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be
deemed the equivalent of any similar instrument of the Issuers or any Guarantor, as applicable, or of any officer or officers thereof required by the provisions of this Article X. 

ARTICLE XI 

APPLICATION OF TRUST MONIES 
 SECTION 11.1 Collateral Account. 
 No later than 30 days following the
first date on which the Trustee receives any Trust Monies there shall be established and, at all times thereafter until this Indenture shall have terminated, there shall be maintained with the Collateral Agent the Collateral Account. The Collateral
Account shall be established and maintained by the Collateral Agent at the office of the Collateral Agent or as a deposit account or securities account subject to a control agreement in favor of the Collateral Agent. Except as otherwise permitted by
the Indenture, the Issuers shall cause all Trust Monies to be deposited in the Collateral Account and thereafter shall be held by and under the sole dominion and control of the Collateral Agent for its benefit and for the benefit of the Secured
Parties (as defined in the Security Agreement) as a part of the Collateral until released in accordance with this Article. 

SECTION 11.2 Withdrawal of Loss Proceeds. 
 To the extent that any Trust Monies consist of Net Loss Proceeds, such Trust Monies may be withdrawn by the Issuers and shall be paid by the Collateral Agent (upon the direction of the Trustee) upon a
written request by the Issuers delivered to the Trustee and the Collateral Agent to reimburse the Issuers or Guarantor for expenditures made, or to pay costs incurred, by such Issuer or such Guarantor in connection with a reinvestment complying with
Section 4.16, upon receipt by the Trustee and the Collateral Agent of the following: 
 (a) An
Officers’ Certificate, dated not more then 30 days prior to the date of the application for the withdrawal and payment of such Trust Monies setting forth: 
 (i) that the Net Loss Proceeds have been or will be reinvested in compliance with Section 4.16 (and containing a brief description of the amount and manner of reinvestment of such Net Loss Proceeds);

  
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 (ii) that no Default or Event of Default shall have occurred and be
continuing; and 
 (iii) that all conditions precedent herein provided for relating to such withdrawal and
payment have been complied with; 
 Upon compliance with the foregoing provisions of this Section 11.2 and Section 11.1, the
Collateral Agent shall, upon receipt of a written request by the Issuers (which may be contained on the Officers’ Certificate), pay an amount of Net Loss Proceeds constituting Trust Monies equal to the amount of the reinvestment stated in the
Officers’ Certificate required by clause (i) of paragraph (a) of this Section 11.2 as directed by the Issuers. 
 SECTION 11.3 Withdrawal of Net Cash Proceeds To Fund an Asset Sale Offer or Net Loss Proceeds To Fund an Event of Loss Offer. 

To the extent that any Trust Monies consist of Net Cash Proceeds received by the Collateral Agent pursuant to the provisions of
Section 4.10 hereof or Net Loss Proceeds received by the Collateral Agent pursuant to the provisions of Section 4.16 hereof and an Asset Sale Offer or Event of Loss Offer, as applicable, has been made in accordance therewith, such Trust
Monies may be withdrawn by the Issuers and shall be paid by the Trustee to the Paying Agent for application in accordance with Section 4.10 or 4.16 upon written notice by the Issuers to the Trustee and upon receipt by the Trustee and the
Collateral Agent of the following: 
 An Officers’ Certificate, dated not more than three days prior to the Purchase Date,
stating: 
 (i) that no Default or Event of Default shall have occurred and be continuing; 

(ii)(x) that such Trust Monies constitute Net Cash Proceeds or Net Loss Proceeds, as applicable, (y) that pursuant to
and in accordance with Section 4.10 or 4.16, the Issuers have made an Asset Sale Offer or Event of Loss Offer and (z) the amount of Excess Cash Proceeds or Excess Loss Proceeds, as applicable, to be applied to the repurchase of the Notes
and Permitted Additional Pari Passu Obligations pursuant to the Asset Sale Offer or Event of Loss Offer; 
 (iii)
the Purchase Date; and 
 (iv) that all conditions precedent and covenants herein provided for relating to such
application of Trust Monies have been complied with. 

  
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 Upon compliance with the foregoing provisions of this Section 11.3, the Trustee shall
apply the Trust Monies as directed and specified by the Issuers, subject to Section 4.10 and Section 4.16. 
 SECTION
11.4 Withdrawal of Trust Monies for Investment in Replacement Assets. 
 In the event the Issuers intend to reinvest Net
Cash Proceeds of an Asset Sale in assets in compliance with Section 4.10 (“Replacement Assets”) (the “Released Trust Monies”), such Net Cash Proceeds constituting Trust Monies may be withdrawn by the Issuers
and shall be paid by the Collateral Agent to the Issuers upon a written notice to the Trustee and upon receipt by the Trustee and the Collateral Agent of the following: 

(a) A Notice signed by the Issuers which shall (i) refer to this Section 11.4, (ii) contain all documents
referred to below, (iii) describe with particularity the Released Trust Monies, (iv) describe with particularity the Replacement Assets to be invested in with respect to the Released Trust Monies and (v) be accompanied by a
counterpart of the instruments proposed to give effect to the release fully executed and acknowledged (if applicable) by all parties thereto other than the Collateral Agent; 

(b) An Officers’ Certificate certifying that (i) such Trust Monies constitute Net Cash Proceeds and are being
reinvested in compliance with Section 4.10, (ii) the release of the Released Trust Monies complies with the terms and conditions of this Indenture, (iii) there is no Default or Event of Default (both before and after investing in the
Replacement Assets) in effect or continuing on the date thereof, (iv) the release of the Released Trust Monies shall not result in a Default or Event of Default hereunder and (v) all conditions precedent herein to such release have been
complied with; Upon compliance with the foregoing provisions, the Trustee shall apply the Released Trust Monies as directed and specified by the Issuers. 
 SECTION 11.5 Investment of Trust Monies. 
 So long as no Event of Default
shall have occurred and be continuing, all or any part of any Trust Monies held by (or held in account subject to the sole control of) the Collateral Agent shall from time to time be invested or reinvested by the Collateral Agent in any Eligible
Cash Equivalents pursuant to a written request by the Issuers in the form of an Officers’ Certificate, which shall specify the Eligible Cash Equivalents in which such Trust Monies shall be invested and shall certify that such investments
constitute Eligible Cash Equivalents; and the Collateral Agent shall sell any such Eligible Cash Equivalent only upon receipt of such a written request by the Issuers specifying the particular Eligible Cash Equivalent to be sold. So long as no
Default or Event of Default occurs and is continuing, any interest or dividends accrued, earned or paid on such Eligible Cash Equivalents (in excess of any accrued interest or dividends paid at the time of purchase) that may be received by the
Collateral Agent shall be forthwith paid to the Issuers. Such Eligible Cash Equivalents shall be held by the Collateral Agent as a part of the Collateral, subject to the same provisions hereof as the cash used by it to purchase such Eligible Cash
Equivalents. 

  
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 The Trustee and Collateral Agent shall not be liable or responsible for any loss resulting
from such investments or sales except only for its own negligent action, its own negligent failure to act or its own willful misconduct in complying with this Section 11.5. 

SECTION 11.6 Use of Trust Monies; Retirement of Notes. 
 The Collateral Agent shall apply Trust Monies not required to be applied to fund an Asset Sale Offer or Event of Loss Offer or required to be held pending application to the acquisition of Replacement
Assets from time to time to the payment of the principal of, premium, and interest on, any Notes and any Permitted Additional Pari Passu Obligations on a pro rata basis, on any redemption date or the Maturity Date or to the redemption thereof or the
purchase thereof upon tender or in the open market or at private sale or upon any exchange or in any one or more of such ways, including, without limitation, pursuant to a Change of Control Offer, as the Issuers shall request in writing, upon
receipt by the Trustee and the Collateral Agent of the following: 
 (a) Board Resolutions of the Issuers
directing the application pursuant to this Section 11.6 of a specified amount of Trust Monies and, in case any such monies are to be applied to payment, designating the Notes and Permitted Additional Pari Passu Obligations so to be paid and, in
case any such monies are to be applied to the purchase of Notes and Permitted Additional Pari Passu Obligations, prescribing the method of purchase, the price or prices to be paid and the maximum aggregate principal amount of Notes and Permitted
Additional Pari Passu Obligations to be purchased and any other provisions of this Indenture governing such purchase; 
 (b) an Officers’ Certificate, dated not more than three days prior to the date of the relevant application, stating 

(i) that no Default or Event of Default exists unless such Default or Event of Default would be cured thereby; and

 (ii) that all conditions precedent and covenants herein provided for relating to such application of Trust
Monies have been complied with; and 
 Upon compliance with the foregoing provisions of this Section, the Collateral Agent shall
apply Trust Monies as directed and specified by such Board Resolution. 
 A Board Resolution expressed to be irrevocable
directing the application of Trust Monies under this Section 11.6 to the payment of the principal of, premium and interest on the Notes and any Permitted Additional Pari Passu Obligations shall for all purposes of this Indenture be deemed the
equivalent of the deposit of money with the Collateral Agent in trust for such purpose. Such Trust Monies and any cash deposited with the Collateral Agent pursuant to this Section 11.6 for the payment of accrued interest shall not, after
compliance with the foregoing provisions of this Section, be deemed to be part of the Collateral or Trust Monies. 

  
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 SECTION 11.7 Disposition of Notes Retired. 

All Notes received by the Trustee and for whose purchase Trust Monies are applied under Section 11.6, if not otherwise cancelled,
shall be promptly delivered to the Trustee for cancellation and destruction in accordance with the Trustee’s customary procedures. 
 ARTICLE XII 
 NOTE GUARANTEES 

SECTION 12.1 Note Guarantees. 
 (a) Each Guarantor hereby jointly and severally, unconditionally and irrevocably guarantees the Notes and obligations of the Issuers hereunder and thereunder, and guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee on behalf of such Holder, that: (i) the principal of and premium, if any and interest on the Notes shall be paid in full when due, whether at Stated Maturity, by acceleration, call
for redemption or otherwise (including, without limitation, the amount that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code), together with interest on the overdue principal, if any, and
interest on any overdue interest, to the extent lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder shall be paid in full or performed, all in accordance with the terms hereof and thereof; and
(ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated
Maturity, by acceleration or otherwise. Each of the Note Guarantees shall be a guarantee of payment and not of collection. 

(b) Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 
 (c) Each Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Note Guarantee of such Guarantor shall not be discharged as to any Note except by complete performance of the obligations
contained in such Note and such Note Guarantee or as provided for in this Indenture. Each of the Guarantors hereby agrees that, in the event of a default in payment of principal or premium, if any, or interest on such Note, whether at its Stated
Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against
each of the Guarantors to enforce such Guarantor’s Note Guarantee without first proceeding against the Issuers or any other Guarantor. 

  
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 (d) If any Holder or the Trustee is required by any court or otherwise to return to the
Issuers or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Issuers or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Note Guarantee of each of the Guarantors,
to the extent theretofore discharged, shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which may be taken by the Trustee or any Holder in reliance upon such amount
required to be returned. This paragraph (d) shall survive the termination of this Indenture. 
 (e) Each Guarantor further
agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes of the Note
Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in
Article VI hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Note Guarantee of such Guarantor. 

SECTION 12.2 Execution and Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 12.1, each Guarantor agrees that a notation of such Note Guarantee substantially in the form attached hereto as Exhibit B shall be endorsed
on each Note authenticated and delivered by the Trustee. Such notation of Note Guarantee shall be signed on behalf of such Guarantor by an officer of such Guarantor (or, if an officer is not available, by a board member or director) on behalf of
such Guarantor by manual or facsimile signature. In case the officer, board member or director of such Guarantor who shall have signed such notation of Note Guarantee shall cease to be such officer, board member or director before the Note on which
such Note Guarantee is endorsed shall have been authenticated and delivered by the Trustee, such Note nevertheless may be authenticated and delivered as though the Person who signed such notation of Note Guarantee had not ceased to be such officer,
board member or director. 
 Each Guarantor agrees that its Note Guarantee set forth in Section 12.1 shall remain in full
force and effect and apply to all the Notes notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of
any Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 The failure to endorse a Note Guarantee shall not
affect or impair the validity thereof. 
 SECTION 12.3 Severability. 

In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 

  
 -112-

 SECTION 12.4 Limitation of Subsidiary Guarantors’ Liability. 

Each Subsidiary Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that the Note
Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the
provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders and Subsidiary Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor under its
Note Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from, rights to receive contribution from
or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Note Guarantee, result in the obligations of such Subsidiary Guarantor under its Note Guarantee constituting a fraudulent
transfer or conveyance. 
 SECTION 12.5 Guarantors May Consolidate, Etc. on Certain Terms. 

A Guarantor may not sell or otherwise dispose of all or substantially all of its assets, or consolidate with or merge with or into
(whether or not such Guarantor is the surviving Person) another Person unless: 
 (1) immediately after giving
effect to such transactions, no Default or Event of Default exists; and 
 (2) either. 

(A) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger assumes all the obligations of that Guarantor under this Indenture pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or 

(B) the Net Cash Proceeds of any such sale or other disposition of a Guarantor are applied in accordance with the
provisions of Section 4.10 hereof; and 
 (3) the Company delivers, or causes to be delivered, to the
Trustee an Officers’ Certificate and an Opinion of Counsel (upon which the Trustee shall be entitled to conclusively and exclusively rely), each stating that such sale, other disposition, consolidation or merger complies with the requirements
of this Indenture. 
 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor
Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by
the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. All the Note Guarantees so issued shall in all respects have the same legal rank and
benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all such Note Guarantees had been issued at the date of the execution hereof. 

  
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 Except as set forth in Articles IV and V hereof, and notwithstanding clauses
(1) and (2) above, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Issuers or another Guarantor, or shall prevent any sale or conveyance of the property
of a Guarantor as an entirety or substantially as an entirety to the Issuers or another Guarantor. 
 SECTION 12.6
[Reserved]. 
 SECTION 12.7 Release of a Subsidiary Guarantor. 

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

(a) in the event of a sale or other transfer (by merger or otherwise) of Capital Interests in such Subsidiary Guarantor
(including any sale, exchange or transfer) following which such Subsidiary Guarantor ceases to be a Restricted Subsidiary made in compliance with the applicable provisions of this Indenture; 

(b) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary in compliance with Section 4.21;
or 
 (c) in connection with a Discharge, legal defeasance or covenant defeasance in compliance with Article
VIII. 
 Any Subsidiary Guarantor not so released shall remain liable for the full amount of principal and interest on the
Notes as provided in its Note Guarantee. 
 SECTION 12.8 Benefits Acknowledged. 

Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this
Indenture and that its guarantee and waivers pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 
 SECTION 12.9 Future Guarantors. 
 Each Person that is required to become a
Guarantor after the Issue Date pursuant to Section 4.20 shall promptly execute and deliver to the Trustee a supplemental indenture pursuant to which such Person shall become a Guarantor. Concurrently with the execution and delivery of such
supplemental indenture, the Company shall deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate (upon which the Trustee shall be entitled to conclusively and exclusively rely) to the effect that such supplemental indenture
has been duly authorized, executed and delivered by such Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to
the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Guarantor is a valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms and/or to such
other matters as the Trustee may reasonably request. 

  
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 ARTICLE XIII 
 MISCELLANEOUS 
 SECTION 13.1 Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall
control. 
 SECTION 13.2 Notices. 
 Any notice or communication by the Issuers, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return
receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others address: 
 If
to the Issuers or any Guarantor: 
 American Petroleum Tankers Parent LLC 

345 Park Avenue, 29th Floor 
 New York, NY 10154 
 c/o The Blackstone Group L.P. 

Facsimile: (215) 646-4391 
 Attention: Chief Executive Officer 
 With a copy to: 

Schulte Roth & Zabel LLP 
 919 Third Avenue 
 New York, NY 10022-3921 

Facsimile: (212) 593-5955 
 Attention: Eliot Relles 
 If to the Trustee: 

The Bank of New York Mellon Trust Company, NA. 

525 William Penn Place, 38th Floor 

Pittsburgh, Pennsylvania 15259 
 Attn: Corporate Trust – Ms. Beth Mellinger 
 Facsimile:
(412) 234-7535 
 The Issuers, the Guarantors and the Trustee, by notice to the others, may designate additional or
different addresses for subsequent notices or communications. 

  
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 All notices and communications (other than those sent to Holders) will be deemed to have
been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a
Holder shall be mailed by first class mail or by overnight air courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in
TIA. § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

If a notice or communication is mailed or delivered in the manner provided above within the time prescribed, it is duly given, whether or
not the addressee receives it. 
 If the Issuers mails a notice or communication to Holders, it shall mail a copy to the Trustee
and each Agent at the same time. 
 SECTION 13.3 Communication by Holders of Notes with Other Holders of Notes.

 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture,
the Security Documents or the Notes. Each Issuer, each Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 SECTION 13.4 Certificate and Opinion as to Conditions Precedent. 
 Upon any
request or application by the Issuers to the Trustee to take any action under this Indenture, the Issuers shall furnish to the Trustee upon request: 
 (a) an Officers’ Certificate (which shall include the statements set forth in Section 13.5 hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been satisfied; and 
 (b) an Opinion of Counsel (which shall
include the statements set forth in Section 13.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been satisfied. 
 Notwithstanding the foregoing, no such Officers’ Certificate or Opinion of Counsel shall be given with respect to the authentication and delivery of the Initial Notes. 

SECTION 13.5 Statements Required in Certificate or Opinion. 

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

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

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

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

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

No director, officer, employee, stockholder, general or limited partner or incorporator, past, present or future, of the Issuers, the
Guarantors or any of their Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Issuers’ or the Guarantor’s under the Notes, any Note Guarantee or this Indenture by reason of his, her or
its status as such director, officer, employee, stockholder, general or limited partner or incorporator. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issuance
of the Notes. 
 SECTION 13.8 Governing Law. 
 THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES, IF ANY. The parties to this Indenture each hereby irrevocably submits to the
non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes, the Note Guarantees or this Indenture, and all such
parties hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense
of an inconvenient forum to the maintenance of such action or proceeding. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
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 SECTION 13.9 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of Parent, the Issuers or their Subsidiaries or
of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 13.10
Successors. 
 All agreements of the Issuers and the Guarantors in this Indenture and the Notes and the Note Guarantees,
as applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns. 
 SECTION 13.11 Severability. 
 In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

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

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

 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuers. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture
and (subject to Section 7.1) conclusive in favor of the Trustee and the Issuers, if made in the manner provided in this Section 13.14. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such
signer’s 

  
 -118-

 
individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The ownership of Notes shall be proved by the Holder list maintained under Section 2.5 here-under. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future
Holder of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuers in reliance
thereon, whether or not notation of such action is made upon such Note. 
 (e) If the Issuers shall solicit from the Holders any
request, demand, authorization, direction, notice, consent, waiver or other Act, the Issuers may, at their option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the Issuers shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

SECTION 13.15 Intercreditor Agreements. 
 The Security Documents, the Notes, this Indenture, the Trustee, the Collateral Agent and the Holders are bound by the terms of the Intercreditor Agreements. 

[Signatures on following page] 

  
 -119-

  

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

		
	By:	 	/s/ Thomas J. Provenzano
		 	Name:	 	Thomas J. Provenzano
		 	Title:	 	Vice President

  
 [Indenture]

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

			
	ISSUERS:
	
	AMERICAN PETROLEUM TANKERS PARENT LLC
		
	By:	 	/s/ Robert K. Kurz
	Name:	 	Robert K. Kurz
	Title:	 	Authorized Signatory
	
	AP TANKERS CO.
		
	By:	 	/s/ Robert K. Kurz
	Name:	 	Robert K. Kurz
	Title:	 	Authorized Signatory

  
 Signature
Page to Indenture 

  

			
	GUARANTORS:
	
	AMERICAN PETROLEUM TANKERS HOLDING LLC
		
	By:	 	/s/ Robert K. Kurz
	Name:	 	Robert K. Kurz
	Title:	 	Authorized Signatory
	
	AMERICAN PETROLEUM TANKERS LLC
		
	By:	 	/s/ Robert K. Kurz
	Name:	 	Robert K. Kurz
	Title:	 	Authorized Signatory
	
	APT INTERMEDIATE HOLDCO
		
	By:	 	/s/ Robert K. Kurz
	Name:	 	Robert K. Kurz
	Title:	 	Authorized Signatory
	
	APT SUNSHINE STATE LLC
		
	By:	 	/s/ Robert K. Kurz
	Name:	 	Robert K. Kurz
	Title:	 	Authorized Signatory
	
	JV TANKER CHARTERER LLC
		
	By:	 	/s/ Robert K. Kurz
	Name:	 	Robert K. Kurz
	Title:	 	Authorized Signatory
	
	PI 2 PELICAN STATE LLC
		
	By:	 	/s/ Robert K. Kurz
	Name:	 	Robert K. Kurz
	Title:	 	Authorized Signatory

  
 Signature
Page to Indenture 

 EXHIBIT A 
 FORM OF 101/4% FIRST PRIORITY SENIOR SECURED NOTE 
 (Face of 101/4% First Priority
Senior Secured Note) 
 101/4% First Priority Senior Secured Notes due 2015 

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

[Restricted Notes Legend] 
 THE SECURITY (OR
ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (i)(a) TO A
PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT,
(c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT, OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION

  
 Exhibit A-1

 
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), (ii) TO THE COMPANY, OR (iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND,
IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE
SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 

[OID Legend] 
 THIS NOTE IS ISSUED WITH
ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTES BY SUBMITTING A WRITTEN REQUEST FOR
SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: AMERICAN PETROLEUM TANKERS PARENT LLC, 345 PARK AVENUE, 29th FLOOR, NEW YORK, NY 10154, C/O THE BLACKSTONE GROUP L.P., ATTENTION: CHIEF EXECUTIVE OFFICER. 

  
 Exhibit A-2

 AMERICAN PETROLEUM TANKERS PARENT LLC 

AP TANKERS CO. 
 10 1/4%
FIRST PRIORITY SENIOR SECURED NOTE DUE 2015 
  

			
	No. __________	  	INITIAL NOTES CUSIP:
		  	[        ] [        ]
		  	INITIAL NOTES ISIN:
		  	[        ] [        ]

American Petroleum Tankers Parent LLC and AP Tankers Co. promise to pay to Cede & Co. or registered assigns, the principal sum
of [            ] $[            ]) on May 1, 2015. 
 Interest Payment Dates: May 1 and November 1, beginning November 1, 2010 
 Record Dates: April 15 and October 15 
 Reference is made to further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture
referred to on the reverse hereof or be valid or obligatory for any purpose. 

  
 Exhibit A-3

  

			
	AMERICAN PETROLEUM TANKERS PARENT LLC
		
	By:	 	 
		 	Name:
		 	Title:
	
	AP TANKERS CO.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION This is one of the
10 1/4% First Priority Senior Secured Notes referred
to in the within-mentioned Indenture: Dated: May 17, 2010
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., not in its individual capacity, but solely as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 Exhibit A-4

 (Reverse of 10 1/4% First Priority Senior Secured Note) 

10 
1/4% First Priority Senior Secured Notes due 2015 
 AMERICAN PETROLEUM TANKERS PARENT LLC 
 AP TANKERS CO. 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 (1) Interest. 
 (a) American Petroleum Tankers Parent LLC, a Delaware limited liability company (the “Company”) and AP Tankers Co., a Delaware corporation, a wholly owned subsidiary of the Company (the
“Co-Issuer” and, together with the Company, the “Issuers”), promise to pay interest on the principal amount of this Note (the “Notes”) at the rate of 101/4% per annum. The Issuers will pay interest in United States
dollars (except as otherwise provided herein) semiannually in arrears on May 1 and November 1, commencing on November 1, 2010 or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest
Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including May 17, 2010; provided that if there is no existing Default or Event of
Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date (but after May 17, 2010), interest shall accrue from such next succeeding
Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. It shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Code) on
overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The interest rate on the Notes will
in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. 
 [(b) Registration Rights Agreement. The Holder of this Note is entitled to the benefits of a Registration Rights Agreement dated as of May 17, 2010 among the Issuers, the Guarantors party
thereto and the Initial Purchasers.] 1 

(2) Method of Payment. The Issuers will pay interest on the Notes (except defaulted interest) on the applicable Interest Payment
Date to the Persons who are registered Holders of Notes at the close of business on the May 1 and November 1 preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium and interest at the office or agency of the Issuers maintained for such purpose within or
without the City and State of New York, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately
available funds shall be required with respect to principal of, premium, if any, and 
  

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

  
 Exhibit A-5

 
interest on, all Global Notes and all other Notes the Holders of which shall have provided written wire transfer instructions to the Issuers and the Paying Agent. Such payment shall be in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Any payments of principal of and interest on this Note prior to Stated Maturity shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. The amount due and payable at the maturity of this Note shall be payable only upon presentation and surrender of this Note at an office of the Trustee or the Trustee’s agent
appointed for such purposes. 
 (3) Paying Agent and Registrar. Initially, The Bank of New York Mellon Trust Company,
N.A., the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to any Holder. American Petroleum Tankers Parent LLC, AP Tankers Co. or any of their respective
Restricted Subsidiaries may act in any such capacity. 
 (4) Indenture. The Issuers issued the Notes under an Indenture,
dated as of May 17, 2010 (the “Indenture”), among the Issuers, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. To the extent the provisions of this Note are inconsistent with the
provisions of the Indenture, the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Notes issued on the Issue Date are first priority senior secured
Obligations of the Issuers limited to $285,000,000 in aggregate principal amount, plus amounts, if any, sufficient to pay premium and interest on outstanding Notes as set forth in Paragraph 2 hereof. The Indenture permits the issuance of Additional
Notes subject to compliance with certain conditions. 
 The payment of principal and interest on the Notes is unconditionally
guaranteed on a senior basis by the Guarantors. 
 (5) Optional Redemption. 

(a) The Notes may be redeemed, in whole or in part, at any time prior to May 1, 2012, at the option of the Company upon not less
than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at a Redemption Price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued
and unpaid interest, if any, to, but not including, the applicable redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). 

(b) In addition, the Notes are subject to redemption, at the option of the Company, in whole or in part, at any time on or after
May 1, 2012 upon not less than 30 nor more than 60 days’ notice mailed by first-class mail to each Holder’s registered address at the Redemption Prices (expressed as percentages of the principal amount to be redeemed) set forth below,
plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders of record on the relevant regular record date to receive interest due on an interest payment date), if redeemed during the 12-month
period beginning May 1 of the years indicated: 
  

					
	 Year
	  	Percentage	 
	 2012
	  	 	105.125	% 
	 2013
	  	 	102.563	% 
	 2014 and thereafter
	  	 	100.000	% 

  
 Exhibit A-6

 (c) In addition to the optional redemption of the Notes in accordance with the provisions of
the preceding paragraphs (a) and (b), prior to May 1, 2012, the Issuers may, 
 (i) with the net
proceeds of one or more Qualified Equity Offerings, redeem up to 35% of the aggregate principal amount of the outstanding Notes (including Additional Notes) at a Redemption Price equal to 110.250% of the principal amount thereof, plus accrued and
unpaid interest thereon, if any, to the date of redemption; provided that at least 65% of the principal amount of the Notes then outstanding (including Additional Notes) remains outstanding immediately after the occurrence of any such
redemption (excluding Notes held by the Issuers or their Subsidiaries) and that any such notice of redemption occurs within 90 days following the closing of any such Qualified Equity Offering and/or 

(ii) redeem a portion of the Notes upon not less than 30 not more than 60 days’ notice, at a redemption price of 103%
of principal amount thereof, plus accrued and unpaid interest to the applicable redemption date, subject to the rights of Holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date; provided that
in no event may the Issuers redeem more than 10% of the original aggregate principal amount of the Notes issues in this offering pursuant to the provisions of this paragraph during any twelve month period. 

(6) Mandatory Redemption. The Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to
the Notes. 
 (7) Repurchase at Option of Holder. 

(a) Upon the occurrence of certain events, the Issuers may be required to commence an Offer to Purchase pursuant to an
Asset Sale Offer, Event of Loss Offer, a Change of Control Offer or an Escrow Proceeds Offer. 
 (b) Holders of
the Notes that are the subject of an Offer to Purchase will receive notice of an Offer to Purchase pursuant to an Asset Sale Offer, Event of Loss Offer, a Change of Control Offer or an Escrow Proceeds Offer from the Issuers prior to any related
Purchase Date and may elect to have such Notes purchased by completing the form titled “Option of Holder to Elect Purchase” appearing below. 
 (8) Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date (except that redemption notices may be mailed more than 60 days
prior to the redemption date if such notice is issued in connection with Article 

  
 Exhibit A-7

 
8 or Article 12) to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in a minimum amount of $2,000
principal amount (and integral multiples of $1,000 in excess thereof), unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date, interest ceases to accrue on the Notes or portions hereof called for redemption.

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

 (1) to evidence the succession of another Person to either Issuer or any Guarantor and the assumption by any
such successor of the covenants of such Issuer or such Guarantor in the Indenture, the Guarantees, the Security Documents and in the Notes; 
 (2) to add to the covenants of the Issuers or the Guarantors for the benefit of the Holders, or to surrender any right or power herein conferred upon the Issuers or the Guarantors; 

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

(5) to evidence and provide for the acceptance of appointment under the Indenture and the Security Documents by a
successor Trustee or Collateral Agent; 

  
 Exhibit A-8

 (6) to provide for or confirm the issuance of Additional Notes in accordance
with the terms of the Indenture; 
 (7) to add to the Collateral securing the Notes, to add a Guarantor or to
release a Guarantor in accordance with the Indenture; 
 (8) to cure any ambiguity, defect, omission, mistake or
inconsistency; 
 (9) to make any other provisions with respect to matters or questions arising under the
Indenture, provided that such actions pursuant to this clause shall not adversely affect the interests of the Holders in any material respect, as determined in good faith by the Board of Directors of the Company; 

(10) to conform the text of the Indenture, the Security Documents or the Notes to any provision of the “Description
of the Notes” in the Offering Memorandum to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in the
“Description of the Notes”; 
 (11) to mortgage, pledge, hypothecate or grant any other Lien in favor
of the Collateral Agent for the benefit of the Trustee on behalf of the Holders of the Notes, as additional security for the payment and performance of all or any portion of the Note Obligations under the Indenture and the Notes, in any property or
awls, including any which are required to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted to or for the benefit of the Trustee or the Collateral Agent pursuant to the Indenture, any of the Security Documents or
otherwise; 
 (12) to release Collateral from the Lien of the Indenture and the Security Documents when permitted
or required by the Security Documents, the Intercreditor Agreements or the Indenture; or 
 (13) to secure any
Permitted Additional Pari Passu Obligations under the Security Documents and to appropriately include the same in the Intercreditor Agreements. 
 Subject to the preceding paragraph, with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes, the Issuers, the Guarantors and the Trustee may
enter into an indenture or indentures supplemental to the Indenture or amend the Security Documents and the Intercreditor Agreements (together with the other consents required thereby) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or the Notes or of modifying in any manner the rights of the Holders under the Indenture, including the definitions therein; provided, however, that no such supplemental indenture or
amendment shall, without the consent of the Holder of each outstanding Note affected thereby: 
 (1) change the
Stated Maturity of any Note or of any installment of interest on any Note, or reduce the amount payable in respect of the principal thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due

  
 Exhibit A-9

 
and payable on acceleration of the maturity thereof, or change the place of payment where, or the coin or currency in which, any Note or any premium or interest thereon is payable, or impair the
right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or change the date on which any Notes may be subject to redemption or reduce the Redemption Price therefor, 

(2) reduce the percentage in aggregate principal amount of the outstanding Notes, the consent of whose Holders is required
for any such supplemental indenture or amendment, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the
Indenture, 
 (3) modify the obligations of the Issuers to make Offers to Purchase (a) from the Excess
Proceeds of Asset Sales or Excess Loss Proceeds from an Event of Loss if such modification was done after the occurrence of such Asset Sale or Event of Loss, as applicable, or (b) upon a Change of Control if such modification was done after the
occurrence of such Change of Control, 
 (4) subordinate, in right of payment, the Notes to any other Debt of the
Issuers, 
 (5) modify any of the provisions of this paragraph or provisions relating to waiver of defaults or
certain covenants, except to increase any such percentage required for such actions or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected
thereby, or 
 (6) release any Guarantees required to be maintained under the Indenture (other than in accordance
with the terms of the Indenture). 
 In addition, any amendment to, or waiver of, the provisions of the Indenture or any
Security Document that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes or otherwise modifying the Intercreditor Agreements in any manner adverse in any material respect to the Holders of the
Notes will require the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding. In addition, any changes to the provisions of the Escrow Agreement relating to the release of Escrow Proceeds or to making
an Escrow Proceeds Offer and that are materially adverse to the Holders will require the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding. 

The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may on behalf of the Holders of all the
Notes waive any past default under the Indenture and its consequences, subject to the exceptions set forth in the Indenture. 

  
 Exhibit A-10

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

(1) default in the payment in respect of the principal of (or premium, if any, on) any Note at its maturity (whether at
Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise); 
 (2) default in the
payment of any interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30 days; 
 (3) failure to perform or comply with the provisions described under Section 5.1 of the In-denture; 
 (4) except as permitted by the Indenture, any Note Guarantee of any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall
for any reason cease to be, or it shall be asserted by any Guarantor or the Issuers not to be, in full force and effect and enforceable in accordance with its terms (except as specifically provided in the Indenture); 

(5) default in the performance, or breach, of (i) any covenant or agreement of either Issuer or any Guarantor in the
Indenture (other than a (x) covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (1), (2) (3) or (4) above or (y) a covenant or agreement contained in Section 4.3 of
the Indenture), and continuance of such default or breach for a period of 60 days after written notice thereof has been given to the Issuers by the Trustee or to the Issuers and the Trustee by the Holders of at least 25% in aggregate principal
amount of the outstanding Notes or (ii) any covenant or agreement contained in Section 4.3 of the Indenture and continuance of such default or breach for a period of 120 days after written notice thereof has been given to the Issuers by
the Trustee or to the Issuers and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes; 
 (6) a default or defaults under any bonds, debentures, notes or other evidences of Debt (other than the Notes) by the Company or any Restricted Subsidiary of the Company (other than Indebtedness owed to
the Company or a Restricted Subsidiary) having, individually or in the aggregate, a principal or similar amount outstanding of at least $10.0 million, whether such Debt now exists or shall hereafter be created, which default or defaults shall have
resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a failure to pay at least $10.0 million of such Debt when due and payable after the expiration of any applicable grace period with respect
thereto; 
 (7) the entry against either Issuer or any Restricted Subsidiary of the Company that is a Significant
Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) of a final nonappealable judgment or final nonappealable judgments for the payment of money in an aggregate amount in excess of
$10.0 million (other than any judgments covered by indemnities or insurance policies as to which liability coverage has not been denied by the insurance company or indemnifying party), by a court or courts of competent jurisdiction, which judgments
remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days; 

  
 Exhibit A-11

 (8) (i) American Petroleum Tankers Parent LLC or AP Tankers Co., any
Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Code: 

(a) commences a voluntary case, 
 (b) consents to the entry of an order for relief against it in an involuntary case, 
 (c) consents to the appointment of a Custodian of it or for all or substantially all of its property, 
 (d) makes a general assignment for the benefit of its creditors, or 

(e) admits, in writing, its inability generally to pay its debts as they become due; or (ii) a court of competent
jurisdiction enters an order or decree under any Bankruptcy Code that: 
 (a) is for relief against American
Petroleum Tankers Parent LLC or AP Tankers Co., any Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, in an involuntary case; 

(b) appoints a Custodian of American Petroleum Tankers Parent LLC or AP Tankers Co., any Significant Subsidiary or any
group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary or for all or substantially all of the property of American Petroleum Tankers Parent LLC or AP Tankers Co or any of its Restricted Subsidiaries;

 (c) orders the liquidation of American Petroleum Tankers Parent LLC or AP Tankers Co. or any Restricted
Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; or 
 (9) unless all of the Collateral has been released from the Note Liens in accordance with the provisions of the Security Documents, default by either Issuer or any of its Restricted Subsidiaries or
Guarantors in the performance of the Security Documents which adversely affects in any material respect the enforceability, validity, perfection or priority of the Note Liens on a material portion of the Collateral (but excluding Excluded Assets),
the repudiation or disaffirmation by either Issuer or any of its Restricted Subsidiaries or Guarantors of its material obligations under the Security Documents or the determination in a judicial proceeding that the Security Documents are
unenforceable or invalid against either Issuer or any Guarantor (or group of Guarantors) that is a Significant Subsidiary party thereto for any reason with respect to a material portion of 

  
 Exhibit A-12

 
the Collateral (which default, repudiation, disaffirmation or determination is not rescinded, stayed, or waived by the Persons having such authority pursuant to the Security Documents) or
otherwise cured within 60 days after the Issuers receive written notice thereof specifying such occurrence from the Trustee or the Holders of at least 66 2/3% of the outstanding principal amount of the Note Obligations and demanding that such
default be remedied. 
 If an Event of Default (other than an Event of Default specified in clause (8) above with respect
to the either Issuer) occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the
Notes to be due and payable immediately by a notice in writing to the Issuers (and to the Trustee if given by Holders); provided, however, that after such acceleration, but before a judgment or decree based on acceleration, the Holders
of a majority in aggregate principal amount of the outstanding Notes may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated principal of or interest on the Notes, have
been cured or waived as provided in the Indenture. 
 In the event of a declaration of acceleration of the Notes solely because
an Event of Default described in clause (6) above has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or payment default triggering such Event of
Default pursuant to clause (6) shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 30 days after the declaration of acceleration with respect thereto and if
the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts due on the Notes. 

If an Event of Default specified in clause (8) above occurs with respect to either Issuer, the principal of and any accrued interest
on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 (13) Trustee Dealing with the Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuers, the Guarantors or their
respective Affiliates, and may otherwise deal with the Issuers, the Guarantors or their respective Affiliates, as if it were not the Trustee. 
 (14) No Recourse Against Others. No director, officer, employee, stockholder, general or limited partner or incorporator, past, present or future, of the Issuers, the Guarantors or any of their
respective Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Issuers under the Notes, any Guarantee, the Indenture or the Security Documents by reason of his, her or its status as such director,
officer, employee, stockholder, general or limited partner or incorporator. 
 (15) Authentication. This Note shall not
be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

  
 Exhibit A-13

 (16) Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 (17) CUSIP, ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP, ISIN or other similar numbers in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 American Petroleum Tankers Parent LLC 
 345 Park Avenue, 29th Floor 

New York, NY 10154 
 c/o The Blackstone Group L.P. 
 Facsimile: (215) 646-4391 

Attention: Chief Executive Officer 

  
 Exhibit A-14

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

			
	  	 	  
	  	 	  
	(Insert assignee’s soc. sec. or tax I.D. no.)	 	
		
	 	 	
		
	 	 	
		
	 	 	
	 (Print or type assignee’s name, address and zip code)
and irrevocably appoint
                                         
                                         
                      

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

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

 

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

  
 Exhibit A-15

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Sections 4.10 (Asset Sale), 4.14 (Change of Control), 4.16
(Event of Loss) or 4.22 (Escrow of Proceeds; Escrow Proceeds Offer) of the Indenture, check the box below: 
  

							
	 ̈ Section 4.10	  	 ̈ Section 4.14	  	 ̈ Section 4.16	  	 ̈ Section 4.22

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10, 4.14, 4.16 or 4.22 of the Indenture, state the amount you elect to have purchased: $ 

 

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

  

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

  
 Exhibit A-16

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

American Petroleum Tankers Parent LLC 
 345 Park
Avenue, 29th Floor 
 New York, NY 10154 

c/o The Blackstone Group L.P. 
 Facsimile:
(215) 646-4391 
 Attention: Chief Executive Officer 
 The Bank of New York Mellon Trust Company, N.A., as Trustee 
 525 William Penn Place, 38th Floor

 Pittsburgh, Pennsylvania 15259 

Facsimile: (412) 234-7535 
 Attention:
Corporate Trust – Ms. Beth Mellinger 
  

	Re:	American Petroleum Tankers Parent LLC 

	  	AP Tankers Co. 

	  	
10 1/4% Senior Secured Note due 2015 

	  	CUSIP # 

 Reference is hereby made to that
certain Indenture dated May 17, 2010 (the “Indenture”) among American Petroleum Tankers Parent LLC (the “Company”), AP Tankers Co. (the “Co-Issuer” and together with the Company, the “Issuers”), the
Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture. 

This certificate relates to $                 principal amount of
Notes held in (check applicable space)              book-entry or
                 definitive form by the undersigned. 
 The undersigned                          (transferor) (check one box
below): 
  ̈ hereby requests the Registrar to deliver in exchange for its beneficial interest in
the Global Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above), in
accordance with Section 2.6 of the Indenture; or 
  ̈ hereby requests the Trustee to
exchange or register the transfer of a Note or Notes to (transferee). 

  
 Exhibit A-17

 In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the
expiration of the periods referred to in Rule 144(b) under the Securities Act of 1933, as amended, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW: 
 (1)  ̈ to the Issuers or any
of their subsidiaries; or 
 (2)  ̈ inside the United States to a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule
144A under the Securities Act of 1933, as amended, in each case pursuant to and in compliance with Rule 144A thereunder; or 
 (3)  ̈ outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act of 1933, as amended, in compliance with Rule 904 thereunder. 

  
 Exhibit A-18

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

	
	  
	Signature

  

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

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is
a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing
representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
		 		 	[Name of Transferee]
	Dated:                     	 		 	  

 NOTICE: To be executed
by an executive officer 

  
 Exhibit A-19

 SCHEDULE OF EXCHANGES OF 10 1/4% FIRST PRIORITY SENIOR SECURED NOTES 

The following exchanges of a part of this Global Note for other 10 1/4% First Priority Senior Secured Notes have been made:

  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal Amount
of this Global
Note	  	Amount of
Increase in
Principal Amount
of this Global
Note	  	Principal Amount
of this Global
Note Following
Such Decrease
(or Increase)	  	Signature of
Authorized Officer
of Trustee or
10 1/4% First
Priority Senior
Secured
Note
Custodian

  
 Exhibit A-20

 EXHIBIT B 
 FORM OF NOTATIONAL GUARANTEE 
 The Guarantor listed below (hereinafter referred to
as the “Guarantor,” which term includes any successors or assigns under that certain Indenture, dated as of May 17, 2010, by and among American Petroleum Tankers Parent LLC (the “Company”), AP Tankers Co. (the
“Co-Issuer” and, together with the Company, the “Issuers), the Guarantors party thereto and the Trustee (as amended and supplemented from time to time, the “Indenture”) and any additional Guarantors) has guaranteed the Notes
and the obligations of the Issuers under the Indenture, which include (i) the due and punctual payment of the principal of, premium, if any, and interest on the Notes of the Issuers, whether at stated maturity, by acceleration or otherwise, the
due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law) interest on any interest, if any, on the Notes, and the due and punctual performance of all other obligations of the Issuers to
the Holders or the Trustee all in accordance with the terms set forth in Article XII of the Indenture, (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise, and (iii) the payment of any and all costs and expenses (including reasonable attorneys’
fees) incurred by the Trustee or any Holder in enforcing any rights under this Note Guarantee or the Indenture. 
 The
obligations of each Guarantor to the Holders and to the Trustee pursuant to this Note Guarantee and the Indenture are expressly set forth in Article XII of the Indenture and reference is hereby made to such Indenture for the precise terms of this
Note Guarantee. 
 No stockholder, employee, officer, director or incorporator, as such, past, present or future of each
Guarantor shall have any liability under this Note Guarantee by reason of his or its status as such stockholder, employee, officer, director or incorporator. 
 This is a continuing Note Guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its successors and assigns until full and final payment of all of the
Issuers’ obligations under the Notes and Indenture or until released in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders, and, in the event of any transfer or assignment
of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof. This is a Note Guarantee
of payment and not of collectability. 
 This Note Guarantee shall not be valid or obligatory for any purpose until the
certificate of authentication on the Note upon which this Note Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers. The Obligations of each Guarantor under its Note
Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law. 

  
 Exhibit B-1

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

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

Dated as of                      

 

			
	[NAME OF GUARANTOR]
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit B-2

 EXHIBIT C 
 [FORM OF CERTIFICATE TO BE DELIVERED 
 IN CONNECTION WITH TRANSFERS PURSUANT TO RULE
144A] 
 American Petroleum Tankers Parent LLC 
 345 Park Avenue, 29th Floor 
 New York, NY 10154 

c/o The Blackstone Group L.P. 
 Facsimile:
(215) 646-4391 
 Attention: Chief Executive Officer 
 The Bank of New York Mellon Trust Company, NA. 
 525 William Penn Place, 38th Floor 

Pittsburgh, Pennsylvania 15259 
 Attn: Corporate
Trust – Ms. Beth Mellinger 
 Telecopy No.: (412) 234-7535 

 

	 	Re:	American Petroleum Tankers Parent LLC (the “Company”) and AP Tankers Co. (the “Co-Issuer” and, together with the Company, the “Issuers”)
101/4 % First Priority Senior Secured Notes due 2015 (the “Notes”) 

 Ladies and Gentlemen: 

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

  
 Exhibit C-1

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

 

			
	Very truly yours,
	
	 
	[Name of Transferor]

			
		
	By:	 	 
		 	Authorized Signature

  

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

  
 Exhibit C-2

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

PURSUANT TO REGULATION S] 

American Petroleum Tankers Parent LLC 
 345 Park
Avenue, 29th Floor 
 New York, NY 10154 

c/o The Blackstone Group L.P. 
 Facsimile:
(215) 646-4391 
 Attention: Chief Executive Officer 
 The Bank of New York Mellon Trust Company, NA. 
 525 William Penn Place, 38th Floor 

Pittsburgh, Pennsylvania 15259 
 Attn: Corporate
Trust – Ms. Beth Mellinger 
 Telecopy No.: (412) 234-7535 

 

	 	Re:	American Petroleum Tankers Parent LLC (the “Company”) and AP Tankers Co. (the “Co-Issue?’ and, together with the Company, the “Issuers”)
101/4 % First Priority Senior Secured Notes due 2015 (the “Notes”) 

 Ladies and Gentlemen: 

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

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

(2) either (a) at the time the buy order was originated, the transferee was outside the United States or we and any
person acting on our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person
acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
 (3)
no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 

(4) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 In addition, if the sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of Regulation S
are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. 

  
 Exhibit D-1

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

  

			
	Very truly yours,
	
	 
	[Name of Transferor]

			
		
	By:	 	 
		 	Authorized Signature

  

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

  
 Exhibit D-2

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