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<SEC-DOCUMENT>0000950123-10-108138.txt : 20101123
<SEC-HEADER>0000950123-10-108138.hdr.sgml : 20101123
<ACCEPTANCE-DATETIME>20101123124813
ACCESSION NUMBER:		0000950123-10-108138
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20101122
FILED AS OF DATE:		20101123
DATE AS OF CHANGE:		20101123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		101211058

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o66777e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
Pursuant to Section&nbsp;13a-16 or 15d-16 of the<BR>
Securities Exchange Act of 1934</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>November&nbsp;23, 2010</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Commission File Number: 001-14534</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Precision Drilling Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>4200,
150 - 6th Avenue S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7</B><BR>
(Address of principal executive offices)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Form&nbsp;20-F <FONT style="font-family: Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;40-F <FONT style="font-family: Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1): <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7): <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes <FONT style="font-family: Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT style="font-family: Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection
with Rule&nbsp;12g3-2(b): 82-N/A .
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>













<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated: November 23, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Joanne L. Alexander
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Joanne L. Alexander&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "INDEX TO EXHIBITS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture dated as of November&nbsp;17, 2010.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights Agreement dated as of November&nbsp;17, 2010.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>o66777exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>CONFORMED COPY</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PRECISION DRILLING CORPORATION<BR>
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
6.625% SENIOR NOTES DUE 2020
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
INDENTURE<BR><BR>
DATED AS OF NOVEMBER 17, 2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
THE BANK OF NEW YORK MELLON
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">U.S. Trustee
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">VALIANT TRUST COMPANY
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Canadian Trustee
</DIV>









<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CROSS-REFERENCE TABLE*</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Trust Indenture</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Section</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Act Section</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Indenture</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(4)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(5)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.11</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.11</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6; 11.2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(4)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4, 11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.4, 11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.4, 11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.11</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) (last sentence)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(1)(A)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(1)(B)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">317</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">318</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
<td colspan="3"> N.A. means not applicable.</td>
</tr>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>This Cross-Reference Table is not part of this Indenture.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.1. Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.2. Other Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.3. Incorporation by Reference of Trust Indenture Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.4. Rules of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II THE NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.1. Form and Dating</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.2. Execution and Authentication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.3. Registrar; Paying Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.4. Paying Agent to Hold Money in Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.5. Holder Lists</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.6. Book-Entry Provisions for Global Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.7. Replacement Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.8. Outstanding Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.9. Treasury Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10. Temporary Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11. Cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12. Defaulted Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.13. Computation of Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.14. CUSIP Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.15. Special Transfer Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.16. Issuance of Additional Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.17. Payment of Additional Amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III REDEMPTION AND PREPAYMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.1. Notices to U.S. Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.2. Selection of Notes to Be Redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.3. Notice of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.4. Effect of Notice of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.5. Deposit of Redemption of Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.6. Notes Redeemed in Part</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.7. Optional Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.1. Payment of Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.2. Maintenance of Office or Agency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.3. Provision of Financial Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.4. Compliance Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.5. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.6. Stay, Extension and Usury Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.7. Limitation on Restricted Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- i -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS<BR>
(continued)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.8. Limitations on Dividend and Other Restrictions
Affecting Restricted Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.9. Limitations on Additional Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.10. Limitations on Asset Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.11. Limitation on Transactions with Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.12. Limitations on Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.13. Payments for Consent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.14. Offer to Purchase upon Change of Control</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.15. Corporate Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.16. Business Activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.17. Additional Guarantees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.18. Limitations on Designation of Unrestricted Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.19. Further Instruments and Acts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.20. Covenant Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V SUCCESSORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.1. Consolidation, Merger, Conveyance, Transfer or Lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI DEFAULTS AND REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.1. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.2. Acceleration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.3. Other Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.4. Waiver of Past Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.5. Control by Majority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.6. Limitation on Suits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.7. Rights of Holders of Notes to Receive Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.8. Collection Suit by U.S. Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.9. U.S. Trustee May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10. Priorities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11. Undertaking for Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII TRUSTEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.1. Duties of U.S. Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.2. Rights of U.S. Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.3. Individual Rights of the U.S. Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.4. U.S. Trustee&#146;s Disclaimer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.5. Notice of Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.6. Reports by U.S Trustee to Holders of the Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.7. Compensation and Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.8. Replacement of Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.9. Successor Trustees by Merger, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.10. Eligibility; Disqualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.11. Preferential Collection of Claims Against the Issuer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.12. No Liability for Co-Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- ii -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS<BR>
(continued)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.13. Canadian Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII DEFEASANCE; DISCHARGE OF THIS INDENTURE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.1. Option to Effect Legal Defeasance or Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.2. Legal Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.3. Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.4. Conditions to Legal or Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.5. Deposited Money and U.S. Government Obligations to Be Held in Trust;
Other Miscellaneous Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.6. Repayment to Issuer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.7. Reinstatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.8. Discharge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.1. Without Consent of Holders of the Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.2. With Consent of Holders of Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.3. Compliance with Trust Indenture Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.4. Revocation and Effect of Consents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.5. Notation on or Exchange of Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.6. Trustees to Sign Amendments, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X GUARANTEES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.1. Guarantees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.2. Execution and Delivery of Guarantee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.3. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.4. Limitation of Guarantors&#146; Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.5. Releases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.6. Benefits Acknowledged</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XI MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.1. Trust Indenture Act Controls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.2. Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.3. Communication by Holders of Notes with Other Holders of Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.4. Certificate and Opinion as to Conditions Precedent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.5. Statements Required in Certificate or Opinion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.6. Rules by U.S. Trustee and Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.7. No Personal Liability of Directors, Officers, Employees and Stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.8. Governing Law; Consent to Jurisdiction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.9. No Adverse Interpretation of Other Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.10. Successors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.11. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.12. Counterpart Originals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.13. Table of Contents, Headings, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.14. Acts of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- iii -<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS<BR>
(continued)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.15. Waiver of Jury Trial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.16. Force Majeure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.17. Documents in English</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.18. Conversion of Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.19. Service of Process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.20. Legal Holidays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- iv -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS<BR>
(continued)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-bottom: 0px solid #000000"></TD>
<TD align="right"><B><U>Page</U></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EXHIBITS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FORM OF NOTE</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT
GUARANTORS</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS
PURSUANT TO RULE 144A</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS
PURSUANT TO REGULATION S</TD>
<TD></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - v -<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture, dated as of November&nbsp;17, 2010 is by and among Precision Drilling
Corporation, a corporation amalgamated under the laws of the Province of Alberta, the guarantors
listed on the signature pages hereto, The Bank of New York Mellon as U.S. trustee (the &#147;<I>U.S.
Trustee</I>&#148;), paying agent and registrar, and Valiant Trust Company as Canadian trustee (the &#147;<I>Canadian
Trustee</I>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer, the Guarantors, the U.S. Trustee and the Canadian Trustee agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders (as defined herein) of
(i)&nbsp;the Issuer&#146;s 6.625% Senior Notes due 2020 issued on the date hereof (the &#147;<I>Initial Notes</I>&#148;) and
(ii)&nbsp;Additional Notes (as defined herein):
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I<BR>
DEFINITIONS AND INCORPORATION BY REFERENCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <U>Definitions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Acquired Indebtedness</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with respect to any Person that becomes a Restricted Subsidiary after the Issue
Date, Indebtedness of such Person and its Subsidiaries (including, for the avoidance of
doubt, Indebtedness incurred in the ordinary course of such Person&#146;s business to acquire
assets used or useful in its business) existing at the time such Person becomes a Restricted
Subsidiary; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) with respect to the Issuer or any Restricted Subsidiary, any Indebtedness of a
Person (including, for the avoidance of doubt, Indebtedness incurred in the ordinary course
of such Person&#146;s business to acquire assets used or useful in its business), other than the
Issuer or a Restricted Subsidiary, existing at the time such Person is merged with or into
the Issuer or a Restricted Subsidiary, or Indebtedness expressly assumed by the Issuer or
any Restricted Subsidiary in connection with the acquisition of an asset or assets from
another Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Additional Interest</I>&#148; has the meaning set forth in the Registration Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Additional Notes</I>&#148; means Notes (other than the Initial Notes, but including any Exchange
Notes) issued pursuant to Article&nbsp;II and otherwise in compliance with the provisions of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any Person means any other Person which directly or indirectly controls or is
controlled by, or is under direct or indirect common control with, the referent Person. For
purposes of this definition, &#147;control&#148; of a Person shall mean 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Agent</I>&#148; means any Registrar, Paying Agent, co-registrar or other agent appointed pursuant to
this Indenture.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>AIMCO</I>&#148; means Her Majesty the Queen in Right of the Province of Alberta, as represented by
Alberta Investment Management Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>AIMCO Indenture</I>&#148; means the Note Indenture dated as of April&nbsp;22, 2009 relating to the Issuer&#146;s
10% Senior Unsecured Notes due April&nbsp;22, 2017.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>AIMCO Warrants</I>&#148; means the 15,000,000 common share purchase warrants of the Issuer issued to
AIMCO, pursuant to an amended and restated warrant certificate dated June&nbsp;1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>amend</I>&#148; means to amend, supplement, restate, amend and restate or otherwise modify, including
successively, and &#147;<I>amendment</I>&#148; shall have a correlative meaning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Applicable Premium</I>&#148; means, with respect to any Note on any applicable redemption date, the
greater of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 1.0% of the principal amount of such Note; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the present value at such redemption date of (i)&nbsp;the redemption price of
such Note at November&nbsp;15, 2015 (such redemption price being set forth in the table
appearing in Section&nbsp;3.7(b)) plus (ii)&nbsp;all required interest payments (excluding
accrued and unpaid interest to such redemption date) due on such Note through
November&nbsp;15, 2015, computed using a discount rate equal to the Treasury Rate as of
such redemption date plus 50 basis points; over
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the principal amount of such Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>asset</I>&#148; means any asset or property, including, without limitation, Equity Interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Asset Acquisition</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Investment by the Issuer or any Restricted Subsidiary of the Issuer in any other
Person if, as a result of such Investment, such Person shall become a Restricted Subsidiary
of the Issuer, or shall be merged with or into the Issuer or any Restricted Subsidiary of
the Issuer, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the acquisition by the Issuer or any Restricted Subsidiary of the Issuer of all or
substantially all of the assets of any other Person (other than a Restricted Subsidiary of
the Issuer) or any division or line of business of any such other Person (other than in the
ordinary course of business).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Asset Sale</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any sale, conveyance, transfer, lease, assignment or other disposition by the
Issuer or any Restricted Subsidiary to any Person other than the Issuer or any Restricted
Subsidiary (including by means of a sale and leaseback transaction or a merger or
consolidation), in one transaction or a series of related transactions, of any assets of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Issuer or any of its Restricted Subsidiaries other than in the ordinary course of
business; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any issuance of Equity Interests of a Restricted Subsidiary (other than Preferred
Stock of Restricted Subsidiaries issued in compliance with Section&nbsp;4.9) to any Person other
than the Issuer or any Restricted Subsidiary in one transaction or a series of related
transactions (the actions described in these clauses (1)&nbsp;and (2), collectively, for purposes
of this definition, a &#147;<I>transfer</I>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition, the term &#147;Asset Sale&#148; shall not include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfers of cash or Cash Equivalents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfers of assets (including Equity Interests) that are governed by, and made in
accordance with, Section&nbsp;4.14 or Section&nbsp;5.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Permitted Investments and Restricted Payments permitted under Section&nbsp;4.7;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the creation of or realization on any Permitted Lien and any disposition of assets
resulting from the enforcement or foreclosure of any such Permitted Lien;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) transfers of damaged, worn-out or obsolete equipment or assets that, in the
Issuer&#146;s reasonable judgment, are no longer used or useful in the business of the Issuer or
its Restricted Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) sales or grants of licenses or sublicenses to use the patents, trade secrets,
know-how and other Intellectual Property, and licenses, leases or subleases of other assets,
of the Issuer or any Restricted Subsidiary to the extent not materially interfering with the
business of the Issuer and the Restricted Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any sale, lease, conveyance or other disposition of any assets or any sale or
issuance of Equity Interests in each case, made pursuant to a Permitted Joint Venture
Investment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a disposition of inventory in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a disposition of receivables in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in bankruptcy or similar
proceedings and exclusive of factoring and similar arrangements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the trade or exchange by the Issuer or any Restricted Subsidiary of any asset for
any other asset or assets that are used in a Permitted Business; <I>provided</I>, <I>that </I>the Fair
Market Value of the asset or assets received by the Issuer or any Restricted Subsidiary in
such trade or exchange (including any cash or Cash Equivalents) is at least equal to the
Fair Market Value (as determined in good faith by the Board of Directors or an executive
officer of the Issuer or of such Restricted Subsidiary with responsibility for such
transaction, which determination shall be conclusive evidence of compliance with
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">this provision) of the asset or assets disposed of by the Issuer or any Restricted
Subsidiary pursuant to such trade or exchange; and, <I>provided</I>, <I>further</I>, that if any cash or
Cash Equivalents are used in such trade or exchange to achieve an exchange of equivalent
value, that the amount of such cash and/or Cash Equivalents received shall be deemed
proceeds of an &#147;Asset Sale,&#148; subject to the following clause (k); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any transfer or series of related transfers that, but for this clause, would be
Asset Sales, if after giving effect to such transfers, the aggregate Fair Market Value of
the assets transferred in such transaction or any such series of related transactions does
not exceed U.S.$10.0&nbsp;million per occurrence or U.S.$20.0&nbsp;million in any fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Law</I>&#148; means Title 11, U.S. Code or any similar federal, state or foreign law for
the relief of debtors, including the Bankruptcy and Insolvency Act (Canada), the Companies&#146;
Creditors Arrangement Act (Canada) and the Winding Up and Restructuring Act (Canada), and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, winding-up, restructuring, examinership or
similar debtor relief laws of the United States or Canada or other insolvency law in the applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board of Directors</I>&#148; means, with respect to any Person, (i)&nbsp;in the case of any corporation,
the board of directors of such Person and (ii)&nbsp;in any other case, the functional equivalent of the
foregoing or, in each case, other than for purposes of the definition of &#147;Change of Control,&#148; any
duly authorized committee of such body.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means a day other than a Saturday, Sunday or other day on which banking
institutions in the State of New York or Calgary, Canada are authorized or required by law to
close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Canadian Securities Laws</I>&#148; means the securities acts or similar statutes of each of the
provinces of Canada and all regulations, rules, policy statements, notices and blanket orders or
rulings thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Canadian Trustee</I>&#148; has the meaning set forth in the preamble of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Capitalized Lease</I>&#148; means a lease required to be capitalized for financial reporting purposes
in accordance with GAAP. Notwithstanding the foregoing, any lease that would have been classified
as an operating lease pursuant to Canadian GAAP as in effect on the Issue Date shall be deemed not
to be a Capitalized Lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Capitalized Lease Obligations</I>&#148; of any Person means the obligations of such Person to pay rent
or other amounts under a Capitalized Lease, and the amount of such obligation shall be the
capitalized amount thereof determined in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Cash Equivalents</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) marketable obligations issued or directly and fully guaranteed or insured by the
United States, the Canadian government or any agency or instrumentality thereof
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(<I>provided, that </I>the full faith and credit of such government is pledged in support
thereof), maturing within one year of the date of acquisition thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) demand and time deposits and certificates of deposit of any lender under any Credit
Facility or any Eligible Bank organized under the laws of the United States, any state
thereof or the District of Columbia or under the laws of Canada or any province or territory
thereof or a U.S. or Canadian branch of any other Eligible Bank maturing within one year of
the date of acquisition thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) commercial paper issued by any Person incorporated in the United States or Canada
rated at least A1 or the equivalent thereof by S&#038;P or at least P-1 or the equivalent thereof
by Moody&#146;s or an equivalent rating by a nationally recognized rating agency if both S&#038;P and
Moody&#146;s cease publishing ratings of commercial paper issuers generally, and in each case
maturing not more than one year after the date of acquisition thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) repurchase obligations with a term of not more than one year for underlying
securities of the types described in clause (1)&nbsp;above entered into with any Eligible Bank
and maturing not more than one year after such time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) securities issued and fully guaranteed by any state, commonwealth or territory of
the United States, any province or territory of Canada or by any political subdivision or
taxing authority thereof, rated at least &#147;A&#148; by Moody&#146;s Investors Service, Inc. or Standard
&#038; Poor&#146;s Rating Services and having maturities of not more than one year from the date of
acquisition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) investments in money market or other mutual funds substantially all of whose assets
comprise securities of the types described in clauses (1)&nbsp;through (5)&nbsp;above;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) demand deposit accounts maintained in the ordinary course of business; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) in the case of any Subsidiary of the Issuer organized or having its principal place
of business outside the United States or Canada, investments denominated in the currency of
the jurisdiction in which such Subsidiary is organized or has its principal place of
business which are similar to the items specified in clauses (1)&nbsp;through (7)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Change of Control</I>&#148; means the occurrence of any of the following events:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries,
taken as a whole, to any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange
Act);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act) is or becomes the beneficial owner of (as defined in
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Rules&nbsp;13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause that
person or group shall be deemed to have &#147;beneficial ownership&#148; of all securities that any
such person or group has the right to acquire, whether such right is exercisable immediately
or only after the passage of time), or controls, directly or indirectly, Voting Stock
representing 50.0% or more of the voting power of the total outstanding Voting Stock of the
Issuer on a fully diluted basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) during any period of two consecutive years, individuals who at the beginning of
such period constituted the Board of Directors of the Issuer (together with any new
directors whose election to such Board of Directors or whose nomination for election by the
stockholders of the Issuer was approved by a vote of a majority of the directors of the
Issuer then still in office who were either directors or trustees, as the case may be, 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 the Board of Directors of the
Issuer; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the adoption by the stockholders of the Issuer of a Plan of Liquidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition, a Person shall not be deemed to have beneficial ownership of
securities subject to a stock purchase agreement, merger agreement or similar agreement until the
consummation of the transactions contemplated by such agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Common Stock</I>&#148; means with respect to any Person, any and all shares, interest or other
participations in, and other equivalents (however designated and whether voting or nonvoting) of
such Person&#146;s common stock whether or not outstanding on the Issue Date, and includes, without
limitation, all series and classes of such common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Amortization Expense</I>&#148; for any period means the amortization expense of the
Issuer and the Restricted Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Cash Flow</I>&#148; for any period means, with respect to any specified Person, without
duplication, the sum of the amounts for such period of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Consolidated Net Income, <I>plus</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in each case only to the extent (and in the same proportion) deducted in
determining Consolidated Net Income and with respect to the portion of Consolidated Net
Income attributable to any Restricted Subsidiary only if a corresponding amount would be
permitted at the date of determination to be distributed to such specified Person by such
Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the
terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes,
rules and governmental regulations applicable to such Restricted Subsidiary or its
stockholders,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Income Tax Expense,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consolidated Amortization Expense (but only to the extent not included in
Consolidated Interest Expense),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consolidated Depreciation Expense,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Consolidated Interest Expense,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all other non-cash items reducing the Consolidated Net Income (excluding
any non-cash charge that results in an accrual of a reserve for cash charges in any
future period) for such period,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the amount of any documented extraordinary, non-recurring or unusual
charges; provided, that the aggregate amount of such charges that may be added to
Consolidated Cash Flow pursuant to this clause (f)&nbsp;shall not exceed U.S.$25.0
million in any Four-Quarter Period, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any expenses or charges (other than depreciation or amortization expense)
related to any Qualified Equity Offering, Permitted Investment, acquisition,
disposition, recapitalization, or the incurrence of Indebtedness permitted to be
incurred by this Indenture (including a refinancing thereof) (whether or not
successful), including: (i)&nbsp;such fees, expenses or charges related to the offering
of the Notes and the Credit Facilities and (ii)&nbsp;any amendment or other modification
of the Notes, and, in each case, deducted in computing Consolidated Net Income
provided, that the amount of such expenses or charges that may be added to
Consolidated Cash Flow pursuant to this clause (g)&nbsp;shall not exceed U.S.$15.0
million per occurrence,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in each case determined on a consolidated basis in accordance with GAAP, minus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the aggregate amount of all non-cash items, determined on a consolidated basis, to
the extent such items increased Consolidated Net Income for such period (excluding any
non-cash items to the extent they represent the reversal of an accrual of a reserve for a
potential cash item that reduced Consolidated Cash Flow in any prior period);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any nonrecurring or unusual gain or income (or nonrecurring or unusual loss or
expense), together with any related provision for taxes on any such nonrecurring or unusual
gain or income (or the tax effect of any such nonrecurring or unusual loss or expense),
realized by the Issuer or any Restricted Subsidiary during such period; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) increased or decreased by (without duplication) any unrealized gain or loss
resulting in such period from Hedging Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Depreciation Expense</I>&#148; for any period means the depreciation and depletion
expense of the Issuer and its Restricted Subsidiaries for such period, determined on a consolidated
basis in accordance with GAAP.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Income Tax Expense</I>&#148; for any period means the provision for taxes of the Issuer
and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Interest Coverage Ratio</I>&#148; means, on any date of determination, with respect to
any Person, the ratio of (x)&nbsp;Consolidated Cash Flow during the most recent four consecutive full
fiscal quarters for which financial statements prepared on a consolidated basis in accordance with
GAAP are available (the &#147;<I>Four-Quarter Period</I>&#148;) ending on or prior to the date of the transaction
giving rise to the need to calculate the Consolidated Interest Coverage Ratio (the &#147;<I>Transaction
Date</I>&#148;) to (y)&nbsp;Consolidated Interest Expense for the Four-Quarter Period. For purposes of this
definition, Consolidated Cash Flow and Consolidated Interest Expense shall be calculated after
giving effect on a pro forma basis for the period of such calculation to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the incurrence of any Indebtedness or the issuance of any Disqualified Equity
Interests of the Issuer or Disqualified Equity Interests or Preferred Stock of any
Restricted Subsidiary (and the application of the proceeds thereof) and any repayment,
repurchase or redemption of other Indebtedness or other Disqualified Equity Interests or
Preferred Stock (and the application of the proceeds therefrom) (other than the incurrence
or repayment of Indebtedness in the ordinary course of business for working capital purposes
pursuant to any revolving credit arrangement) 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, repayment, repurchase, issuance or redemption, as
the case may be (and the application of the proceeds thereof), occurred on the first day of
the Four-Quarter Period; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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 Issuer or
any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a
result of such Asset Acquisition) incurring Acquired Indebtedness and also including any
Consolidated Cash Flow (including any pro forma expense and cost reductions) 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 Indebtedness or
Acquired Indebtedness) occurred on the first day of the Four-Quarter Period; provided, that
such pro forma calculations shall be determined in good faith by a Responsible Financial or
Accounting Officer of the Issuer and shall be set forth in an Officers&#146; Certificate signed
by such Officer which states (a)&nbsp;the amount of such adjustment or adjustments, (b)&nbsp;that such
adjustment or adjustments are based on the reasonable good faith belief of the Issuer at the
time of such execution and (c)&nbsp;that the steps necessary for the realization of such
adjustments have been or are reasonably expected to be taken within 12&nbsp;months following such
transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In calculating Consolidated Interest Expense for purposes of determining the denominator (but
not the numerator) of this Consolidated Interest Coverage Ratio:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) interest on outstanding Indebtedness determined on a fluctuating basis as of the
Transaction Date and which will continue to be so determined thereafter shall be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">deemed to have accrued at a fixed rate per annum equal to the rate of interest on such
Indebtedness in effect on the Transaction Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if interest on any Indebtedness 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 in effect on
the Transaction Date will be deemed to have been in effect during the Four-Quarter Period;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) notwithstanding clause (1)&nbsp;or (2)&nbsp;above, interest on Indebtedness 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 such agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Interest Expense</I>&#148; for any period means the sum, without duplication, of the
total interest expense of the Issuer and the Restricted Subsidiaries for such period, determined on
a consolidated basis in accordance with GAAP, including, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) imputed interest on Capitalized Lease Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) commissions, discounts and other fees and charges owed with respect to letters of
credit securing financial obligations, bankers&#146; acceptance financing and receivables
financings;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the net costs associated with Hedging Obligations related to interest rates;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) amortization of debt issuance costs, debt discount or premium and other financing
fees and expenses (other than the amortization or write off of any such costs, discounts,
premium, fees or expenses incurred under or in connection with Indebtedness outstanding or
available under the Credit Agreement or the Existing Credit Agreement or the AIMCO Indenture
as of the Issue Date);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the interest portion of any deferred payment obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) all other non-cash interest expense;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) capitalized interest;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) all dividend payments on any series of Disqualified Equity Interests of the Issuer
or any of its Restricted Subsidiaries or any Preferred Stock of any Restricted Subsidiary
(other than dividends on Equity Interests payable solely in Qualified Equity Interests of
the Issuer or to the Issuer or a Restricted Subsidiary of the Issuer);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) all interest payable with respect to discontinued operations; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) all interest on any Indebtedness described in clause (7)&nbsp;or (8)&nbsp;of the definition
of Indebtedness, and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;excluding, without duplication,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the cumulative effect of any change in accounting principles or policies and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any penalties and interest related to the Contingent Tax Liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Net Income</I>&#148; for any period means the net income (or loss) of such Person and its
Restricted Subsidiaries, in each case for such period determined on a consolidated basis in
accordance with GAAP; provided that there shall be excluded from such net income (to the extent
otherwise included therein), without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the net income (or loss) of any Person (other than a Restricted Subsidiary) in
which any Person other than the Issuer and the Restricted Subsidiaries has an ownership
interest, except to the extent that cash in an amount equal to any such income has actually
been received by the Issuer or any of its Restricted Subsidiaries during such period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) except to the extent includible in the net income (or loss) of the Issuer pursuant
to the foregoing clause (1), the net income (or loss) of any Person that accrued prior to
the date that (a)&nbsp;such Person becomes a Restricted Subsidiary or is merged into or
consolidated with the Issuer or any Restricted Subsidiary or (b)&nbsp;the assets of such Person
are acquired by the Issuer or any Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the net income of any Restricted Subsidiary during such period to the extent that
the declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of that income is not permitted by operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Subsidiary during such period, unless such restriction with respect to
the payment of dividends has been legally waived;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) for the purposes of calculating the Restricted Payments Basket only, in the case of
a successor to the Issuer by merger, amalgamation, consolidation or transfer of its assets,
any income (or loss) of the successor prior to such merger, amalgamation, consolidation or
transfer of assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) other than for purposes of calculating the Restricted Payments Basket, any gain (or
loss), together with any related provisions for taxes on any such gain (or the tax effect of
any such loss), realized during such period by the Issuer or any Restricted Subsidiary upon
(a)&nbsp;the acquisition of any securities, or the extinguishment of any Indebtedness, of the
Issuer or any Restricted Subsidiary or (b)&nbsp;any Asset Sale by the Issuer or any Restricted
Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) gains and losses due solely to fluctuations in currency values and the related tax
effects according to GAAP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) unrealized gains and losses with respect to Hedging Obligations;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the cumulative effect of any change in accounting principles or policies;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) extraordinary gains and losses and the related tax effect; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any income tax expenses, penalties and interest related to the Contingent Tax
Liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, any return of capital with respect to an Investment that increased the Restricted
Payments Basket pursuant to Section&nbsp;4.7(a)(3)(D) or decreased the amount of Investments outstanding
pursuant to clauses (11)&nbsp;or (17)&nbsp;of the definition of &#147;Permitted Investments&#148; shall be excluded
from Consolidated Net Income for purposes of calculating the Restricted Payments Basket.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Tangible Assets</I>&#148; means, with respect to any Person as of any date, the amount
which, in accordance with GAAP, would be set forth under the caption &#147;Total Assets&#148; (or any like
caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries, without
giving effect to any writedowns or charges, up to an aggregate amount of U.S.$300.0&nbsp;million, caused
by the Issuer&#146;s adoption of IFRS as of January&nbsp;1, 2011, less, to the extent included in a
determination of &#147;Total Assets,&#148; and without duplication, all goodwill, patents, tradenames,
trademarks, copyrights, franchises, experimental expenses, organization expenses and any other
amounts classified as intangible assets in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Contingent Tax Liabilities</I>&#148; means the contingent tax liabilities disclosed in Note 10 to the
financial statements of the Issuer as of and for the nine months ended September&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the offices of the respective Trustees at which at any time its
corporate trust business shall be principally administered, which office as of the date hereof is
located at, in the case of the Canadian Trustee, Valiant Trust Company, 310, 606-4th Street SW,
Calgary, AB T2P 1T1, Attention: Corporate Trust Department or, in the case of the U.S. Trustee,
The Bank of New York Mellon, 101 Barclay Street, Floor 4 East, New York, New York 10286, or such
other address as the U.S. Trustee or Canadian Trustee, as applicable, may designate from time to
time by notice to the Holders and the Issuer, or the 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 Issuer).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Coverage Ratio Exception</I>&#148; has the meaning set forth in the proviso in Section&nbsp;4.9(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Credit Agreement</I>&#148; means the Credit Agreement entered into on the Issue Date, by and among the
Issuer, as borrower, Royal Bank of Canada, as administration agent, and the several lenders and
other agents party thereto, including any notes, guarantees, collateral and security documents,
instruments and agreements executed in connection therewith (including Hedging Obligations related
to the Indebtedness incurred thereunder), and in each case as such agreement or facility may be
amended (including any amendment or restatement thereof), supplemented or otherwise modified from
time to time, including any agreement or indenture exchanging, extending the maturity of,
refinancing, renewing, replacing, substituting or otherwise restructuring, whether in the bank or
debt capital markets (or combination thereof) (including increasing the amount of available
borrowings thereunder or adding or removing Subsidiaries as
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">borrowers or guarantors thereunder) all or any portion of the Indebtedness under such
agreement or facility or any successor or replacement agreement or facility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Credit Facilities</I>&#148; means one or more debt facilities or indentures (which may be outstanding
at the same time and including, without limitation, the Credit Agreement) providing for revolving
credit loans, debt securities, term loans, receivables financing or letters of credit and, in each
case, as such agreements may be amended, refinanced, restated, refunded or otherwise restructured,
in whole or in part from time to time (including increasing the amount of available borrowings
thereunder or adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder)
with respect to all or any portion of the Indebtedness under such agreement or agreements or any
successor or replacement agreement or agreements and whether by the same or any other agent,
lender, group of lenders or institutional lenders or investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Default</I>&#148; means (1)&nbsp;any Event of Default or (2)&nbsp;any event, act or condition that, after notice
or the passage of time or both, would be an Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depositary</I>&#148; means with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section&nbsp;2.3 hereof as the Depositary with respect to the Global
Notes, and any and all successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Designated Non-cash Consideration</I>&#148; means the Fair Market Value of non-cash consideration
received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so
designated as Designated Non-cash Consideration pursuant to an Officers&#146; Certificate, setting forth
the basis of such valuation, executed by the Chief Financial Officer of the Issuer, less the amount
of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such
Designated Non-cash Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Designation</I>&#148; has the meaning set forth in Section&nbsp;4.18.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Designation Amount</I>&#148; has the meaning set forth in Section&nbsp;4.18.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Disqualified Equity Interests</I>&#148; of any Person means any class of Equity Interests of such
Person that, by its terms, or by the terms of any related agreement or of any security into which
it is convertible, puttable or exchangeable (in each case, at the option of the holder thereof),
is, or upon the happening of any event or the passage of time would be, required to be redeemed by
such Person, at the option of the holder thereof, or matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, in whole or in part, on or prior to the date which is 91
days after the Stated Maturity of the Notes; provided, however, that any class of Equity Interests
of such Person that, by its terms, authorizes such Person to satisfy in full its obligations with
respect to the payment of dividends or upon maturity, redemption (pursuant to a sinking fund or
otherwise) or repurchase thereof or otherwise by the delivery of Equity Interests that are not
Disqualified Equity Interests, and that is not convertible, puttable or exchangeable for
Disqualified Equity Interests or Indebtedness, will not be deemed to be Disqualified Equity
Interests so long as such Person satisfies its obligations with respect thereto solely by the
delivery of Equity Interests that are not Disqualified Equity Interests; <I>provided</I>, <I>further</I>,
however, that any Equity Interests that would not constitute Disqualified Equity Interests but for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provisions thereof giving holders thereof (or the holders of any security into or for which
such Equity Interests are convertible, exchangeable or exercisable) the right to require the Issuer
to repurchase or redeem such Equity Interests upon the occurrence of a change in control or an
Asset Sale occurring prior to the 91st day after the Stated Maturity of the Notes shall not
constitute Disqualified Equity Interests if the change of control or asset sale provisions
applicable to such Equity Interests are no more favorable to such holders than Section&nbsp;4.14 and
Section&nbsp;4.10, respectively, and such Equity Interests specifically provide that the Issuer will not
repurchase or redeem any such Equity Interests pursuant to such provisions prior to the Issuer&#146;s
purchase of the Notes as required pursuant to Section&nbsp;4.14 and Section&nbsp;4.10, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Dollars</I>&#148;, &#147;<I>U.S. dollars</I>&#148; and &#147;<I>U.S.$</I>&#148; means dollars in lawful currency of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>DTC</I>&#148; means The Depository Trust Company and any successor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Eligible Bank</I>&#148; shall mean any commercial bank having, or which is the principal banking
subsidiary of a bank holding company having, capital and surplus aggregating in excess of
U.S.$5,000.0&nbsp;million (or in the equivalent thereof in a foreign currency as of the date of
determination) and a rating of &#147;A&#148; (or such other similar equivalent rating) or higher by at least
one nationally recognized statistical rating organization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Equity Interests</I>&#148; of any Person means (1)&nbsp;any and all shares or other equity interests
(including Common Stock, Preferred Stock, limited liability company interests, trust units and
partnership interests) in such Person and (2)&nbsp;all rights to purchase, warrants or options (whether
or not currently exercisable), participations or other equivalents of or interests in (however
designated) such shares or other interests in such Person, but excluding from all of the foregoing
any debt securities convertible into Equity Interests, regardless of whether such debt securities
include any right of participation with Equity Interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Offer</I>&#148; has the meaning set forth in the Registration Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Notes</I>&#148; means any notes issued in exchange for the Notes pursuant to Section&nbsp;2.6(h).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Existing Credit Agreement</I>&#148; means the Credit Agreement dated as of December&nbsp;23, 2008 currently
among the Issuer, the lenders party thereto, the co-documentation agents and syndication agent
named therein, and Royal Bank of Canada, as administrative agent, as amended and supplemented from
time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Fair Market Value</I>&#148; means, with respect to any asset, the price (after taking into account any
liabilities relating to such asset) that would be negotiated in an arm&#146;s-length transaction for
cash between a willing seller and a willing and able buyer, neither of which is under any
compulsion to complete the transaction as such price is determined in good faith by (a)&nbsp;in the case
of an asset whose price would be greater than U.S.$50.0&nbsp;million, the Board of Directors of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Issuer or a duly authorized committee thereof, as evidenced by a resolution of such Board
of Directors or committee and (b)&nbsp;in all other cases, management of the Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Foreign Restricted Subsidiary</I>&#148; means any Restricted Subsidiary not organized or existing
under the laws of the United States, any state thereof, the District of Columbia or Canada or any
province or territory thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>GAAP</I>&#148; means generally accepted accounting principles in Canada set forth in the opinions and
pronouncements of the Accounting Principles Board of the Canadian Institute of Chartered
Accountants, which are in effect on the Issue Date (&#147;<I>Canadian GAAP</I>&#148;). At any time after the
adoption of IFRS by the Issuer for its financial statements and reports for all financial reporting
purposes, the Issuer may elect to apply for all purposes of this Indenture, in lieu of Canadian
GAAP, IFRS, and, upon any such election, references herein to GAAP shall be construed to mean IFRS
as in effect when such election is made; provided that (1)&nbsp;any such election once made shall be
irrevocable (and shall only be made once), (2)&nbsp;all financial statements and reports required to be
provided after such election pursuant to the Indenture shall be prepared on the basis of IFRS and
(3)&nbsp;from and after such election, all ratios, computations and other determinations (A)&nbsp;based on
GAAP contained in this Indenture shall be computed in conformity with IFRS (other than as set forth
in the applicable definitions herein) and (B)&nbsp;in this Indenture that require the application of
GAAP for periods that include fiscal quarters ended prior to the Issuer&#146;s election to apply IFRS
shall remain as previously calculated or determined in accordance with GAAP. The Issuer shall give
written notice of any election to the Trustees and the Holders within 15&nbsp;days of such election.
For the avoidance of doubt, solely making an election (without any other action) referred to in
this definition will not be treated as an incurrence of Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Note Legend</I>&#148; means the legend identified as such in <U>Exhibit&nbsp;A</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Notes</I>&#148; means the Notes that are in the form of <U>Exhibit&nbsp;A</U> issued in global form
and registered in the name of the Depositary or its nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>guarantee</I>&#148; means a direct or indirect guarantee by any Person of any Indebtedness of any
other Person and includes any obligation, direct or indirect, contingent or otherwise, of such
Person (1)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of)
Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services (unless such purchase
arrangements are on arm&#146;s-length terms and are entered into in the ordinary course of business), to
take-or-pay, or to maintain financial statement conditions or otherwise); or (2)&nbsp;entered into for
purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or
to protect such obligee against loss in respect thereof (in whole or in part); &#147;guarantee,&#148; when
used as a verb, and &#147;guaranteed&#148; have correlative meanings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; means, individually, any guarantee of payment of the Notes by a Guarantor pursuant
to the terms of this Indenture and any supplemental indenture hereto, and, collectively, all such
guarantees.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantors</I>&#148; means each Restricted Subsidiary of the Issuer on the Issue Date that is a
guarantor of the Issuer&#146;s obligations under the Credit Agreement, and each other Person that is
required to, or at the election of the Issuer, does become a Guarantor by the terms of this
Indenture after the Issue Date, in each case, until such Person is released from its Guarantee in
accordance with the terms of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hedging Obligations</I>&#148; of any Person means the obligations of such Person under swap, cap,
collar, forward purchase or similar agreements or arrangements dealing with interest rates or
currency exchange rates or commodity prices (including, without limitation, for purposes of this
definition, rates for electrical power used in the ordinary course of business), either generally
or under specific contingencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#148; means any registered holder, from time to time, of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>IFRS</I>&#148; means International Financial Reporting Standards, as issued by the International
Accounting Standards Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>incur</I>&#148; means, with respect to any Indebtedness or Obligation, incur, create, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with
respect to such Indebtedness or Obligation; provided that (1)&nbsp;the Indebtedness of a Person existing
at the time such Person became a Restricted Subsidiary of the Issuer shall be deemed to have been
incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the Issuer
and (2)&nbsp;neither the accrual of interest nor the accretion of original issue discount or the
accretion or accumulation of dividends on any Equity Interests shall be deemed to be an incurrence
of Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; of any Person at any date means, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all liabilities, contingent or otherwise, of such Person for borrowed money
(whether or not the recourse of the lender is to the whole of the assets of such Person or
only to a portion thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all obligations of such Person evidenced by bonds, debentures, banker&#146;s
acceptances, notes or other similar instruments;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all reimbursement obligations of such Person in respect of letters of credit,
letters of guaranty and similar credit transactions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all obligations of such Person to pay the deferred and unpaid purchase price of
property or services, except deferred compensation, trade payables and accrued expenses
incurred by such Person in the ordinary course of business in connection with obtaining
goods, materials or services and not overdue by more than 180&nbsp;days unless subject to a bona
fide dispute;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the maximum fixed redemption or repurchase price of all Disqualified Equity
Interests of such Person or, with respect to any Subsidiary that is not a Guarantor, any
Preferred Stock;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) all Capitalized Lease Obligations of such Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) all Indebtedness of others secured by a Lien on any asset of such Person, whether
or not such Indebtedness is assumed by such Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) all Indebtedness of others guaranteed by such Person to the extent of such
guarantee; provided that Indebtedness of the Issuer or its Subsidiaries that is guaranteed
by the Issuer or the Issuer&#146;s Subsidiaries shall only be counted once in the calculation of
the amount of Indebtedness of the Issuer and its Subsidiaries on a consolidated basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to the extent not otherwise included in this definition, Hedging Obligations of
such Person; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) all obligations of such Person under conditional sale or other title retention
agreements relating to assets purchased by such Person.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amount of any Indebtedness which is incurred at a discount to the principal amount at maturity
thereof as of any date shall be deemed to have been incurred at the accreted value thereof as of
such date. The amount of Indebtedness of any Person at any date shall be the outstanding balance
at such date of all unconditional obligations as described above, the maximum liability of such
Person for any such contingent obligations at such date and, in the case of clause (7), the lesser
of (a)&nbsp;the Fair Market Value of any asset subject to a Lien securing the Indebtedness of others on
the date that the Lien attaches and (b)&nbsp;the amount of the Indebtedness secured. For purposes of
clause (5), the &#147;maximum fixed redemption or repurchase price&#148; of any Disqualified Equity Interests
that do not have a fixed redemption or repurchase price shall be calculated in accordance with the
terms of such Disqualified Equity Interests as if such Disqualified Equity Interests were redeemed
or repurchased on any date on which an amount of Indebtedness outstanding shall be required to be
determined pursuant to this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this Indenture, as amended or supplemented from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Independent Director</I>&#148; means a director of the Issuer who:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is independent with respect to the transaction at issue;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) does not have any material financial interest in the Issuer or any of its
Affiliates (other than as a result of holding securities of the Issuer); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) has not, and whose Affiliates or affiliated firm have not, at any time during the
twelve months prior to the taking of any action hereunder, directly or indirectly, received,
or entered into any understanding or agreement to receive, any compensation, payment or
other benefit, of any type or form, from the Issuer or any of their respective Affiliates,
other than customary directors&#146; fees for serving on the Board of Directors of the Issuer or
any Affiliate and reimbursement of out-of-pocket expenses for attendance at the Issuer&#146;s or
any of their respective Affiliates&#146; board and board committee meetings.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Initial Notes</I>&#148; has the meaning set forth in the preamble hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Intellectual Property</I>&#148; means all patents, patent applications, trademarks, trade names,
service marks, copyrights, technology, trade secrets, proprietary information, domain names,
know-how and processes necessary for the conduct of the Issuer&#146;s or any Restricted Subsidiary&#146;s
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Investments</I>&#148; of any Person means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all direct or indirect investments by such Person in any other Person (including
Affiliates) in the form of loans, advances or capital contributions or other credit
extensions constituting Indebtedness of such other Person, and any guarantee of Indebtedness
of any other Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all purchases (or other acquisitions for consideration) by such Person of
Indebtedness, Equity Interests or other securities of any other Person (other than any such
purchase that constitutes a Restricted Payment of the type described in clause (2)&nbsp;of the
definition thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other items that would be classified as investments on a balance sheet of such
Person prepared in accordance with GAAP (including, if required by GAAP, purchases of assets
outside the ordinary course of business); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Designation of any Subsidiary as an Unrestricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly specified in this definition, the amount of any Investment
(other than an Investment made in cash) shall be the Fair Market Value thereof on the date such
Investment is made. The amount of an Investment pursuant to clause (4)&nbsp;shall be the Designation
Amount determined in accordance with Section&nbsp;4.18. If the Issuer or any Restricted Subsidiary
sells or otherwise disposes of any Equity Interests of any Restricted Subsidiary, or any Restricted
Subsidiary issues any Equity Interests, in either case, such that, after giving effect to any such
sale or disposition, such Person is no longer a Subsidiary, the Issuer shall be deemed to have made
an Investment on the date of any such sale or other disposition equal to the Fair Market Value of
the Equity Interests of and all other Investments in such Restricted Subsidiary retained.
Notwithstanding the foregoing, purchases or redemptions of Equity Interests of the Issuer shall be
deemed not to be Investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issue Date</I>&#148; means the date on which the Initial Notes are originally issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer</I>&#148; means Precision Drilling Corporation, a corporation amalgamated under the laws of the
Province of Alberta, and any successor Person resulting from any transaction permitted by Section
5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Lien</I>&#148; means, with respect to any asset, any mortgage, deed of trust, lien (statutory or
other), pledge, lease, easement, restriction, covenant, charge, security interest or other
encumbrance of any kind or nature in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, but excluding, for certainty, deemed security interests arising under
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1(1)(tt)(ii) of the Personal Property Security Act (Alberta) or similar legislation with
respect to transfers of accounts, consignments of goods and leases with a term of more than one
year that are not capital leases and do not secure performance of a payment or other obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Moody&#146;s</I>&#148; means Moody&#146;s Investors Service, Inc. and its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Multijurisdictional Disclosure System</I>&#148; means the Canada-U.S. Multijurisdictional Disclosure
System adopted by the SEC and the Canadian Securities Administrators, as in effect from time to
time, and any successor statutes, rules or regulations thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Net Available Proceeds</I>&#148; means, with respect to any Asset Sale, the proceeds thereof in the
form of cash or Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries from
such Asset Sale, net of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) brokerage commissions and other fees and expenses (including fees, discounts and
expenses of legal counsel, accountants and investment banks, consultants and placement
agents) of such Asset Sale;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) provisions for taxes payable (including any withholding or other taxes paid or
reasonably estimated to be payable in connection with the transfer to the Issuer of such
proceeds from any Restricted Subsidiary that received such proceeds) as a result of such
Asset Sale (after taking into account any available tax credits or deductions and any tax
sharing arrangements);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) amounts required to be paid to any Person (other than the Issuer or any Restricted
Subsidiary and other than under a Credit Facility) owning a beneficial interest in the
assets subject to the Asset Sale or having a Lien thereon;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) payments of unassumed liabilities (not constituting Indebtedness) relating to the
assets sold at the time of, or within 30&nbsp;days after the date of, such Asset Sale; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) appropriate amounts to be provided by the Issuer or any Restricted Subsidiary, as
the case may be, as a reserve required in accordance with GAAP against any adjustment in the
sale price of such asset or assets or liabilities associated with such Asset Sale and
retained by the Issuer or any Restricted Subsidiary, as the case may be, after such Asset
Sale, including pensions and other post-employment benefit liabilities, liabilities related
to environmental matters and liabilities under any indemnification obligations associated
with such Asset Sale, all as reflected in an Officers&#146; Certificate delivered to the
Trustees; provided, however, that any amounts remaining after adjustments, revaluations or
liquidations of such reserves shall constitute Net Available Proceeds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Non-Recourse Debt</I>&#148; means Indebtedness of an Unrestricted Subsidiary:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to which neither the Issuer nor any Restricted Subsidiary (a)&nbsp;provides credit
support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness), (b)&nbsp;is directly or indirectly liable as a guarantor or otherwise,
or (c)&nbsp;constitutes the lender; and
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) no default with respect to which (including any rights that the holders thereof may
have to take enforcement action against an Unrestricted Subsidiary) would permit upon
notice, lapse of time or both any holder of any other Indebtedness of the Issuer or any
Restricted Subsidiary to declare a default on the other Indebtedness or cause the payment
thereof to be accelerated or payable prior to its Stated Maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Note Custodian</I>&#148; means the Person appointed as custodian for the Depositary with respect to
the Global Notes, or any successor entity thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Notes</I>&#148; means the Initial Notes and any Additional Notes, including any Exchange Notes. The
Initial Notes and the Additional Notes (including any Exchange Notes), if any, shall be treated as
a single class for all purposes under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Obligation</I>&#148; means any principal, interest, penalties, fees, indemnification, reimbursements,
costs, expenses, damages and other liabilities payable under the documentation governing any
Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Offering Circular</I>&#148; means the Issuer&#146;s offering circular, dated November&nbsp;10, 2010, relating to
the offer and sale of the Initial Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officer</I>&#148; means any of the following of the Issuer or any Guarantor: the Chairman of the
Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, any
Vice President, any trustee, the Treasurer or the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officers&#146; Certificate</I>&#148; means a certificate signed by two Officers that meets the requirements
of Section&nbsp;11.5 of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means a written opinion from legal counsel acceptable to the U.S.
Trustee. The counsel may be an employee of or counsel to the Issuer or any Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Pari Passu Indebtedness</I>&#148; means any Indebtedness of the Issuer or any Guarantor that ranks
pari passu in right of payment with the Notes or the Guarantees, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Participant</I>&#148; means, with respect to the Depositary, a Person who has an account with the
Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Paying Agent</I>&#148; means any Person authorized by the Issuer to pay the principal of, premium, if
any, or interest on any Notes on behalf of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Business</I>&#148; means the businesses engaged in by the Issuer and its Subsidiaries on the
Issue Date as described in the Offering Circular and businesses that are reasonably related,
incidental or ancillary thereto or reasonable extensions thereof (other than, in each case,
material exploration or production businesses).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Investment</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Investments by the Issuer or any Restricted Subsidiary in (a)&nbsp;any Restricted
Subsidiary or (b)&nbsp;any Person that will become immediately after such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Investment a Restricted Subsidiary or that will merge or consolidate into the Issuer or
any Restricted Subsidiary; provided the surviving or continuing Person of such merger or
consolidation is either the Issuer or a Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Investments in the Issuer by any Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) loans and advances to directors, employees and officers of the Issuer and its
Restricted Subsidiaries (i)&nbsp;in the ordinary course of business (including payroll, travel
and entertainment related advances) (other than any loans or advances to any director or
executive officer (or equivalent thereof) that would be in violation of Section&nbsp;402 of the
Sarbanes Oxley Act) and (ii)&nbsp;to purchase Equity Interests of the Issuer not in excess of
U.S.$2.5&nbsp;million individually and U.S.$5.0&nbsp;million in the aggregate outstanding at any one
time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Hedging Obligations entered into in the ordinary course of business for bona fide
hedging purposes of the Issuer or any Restricted Subsidiary not for the purpose of
speculation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Investments in cash and Cash Equivalents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) receivables owing to the Issuer or any Restricted Subsidiary if created or acquired
in the ordinary course of business and payable or dischargeable in accordance with customary
trade terms; <I>provided</I>, <I>however</I>, that such trade terms may include such concessionary trade
terms as the Issuer or any such Restricted Subsidiary deems reasonable under the
circumstances;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Investments in securities of trade creditors or customers received pursuant to any
plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such
trade creditors or customers or received in compromise or resolution of litigation,
arbitration or other disputes with such parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Investments made by the Issuer or any Restricted Subsidiary as a result of
consideration received in connection with an Asset Sale made in compliance with Section
4.10;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) lease, utility and other similar deposits in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) stock, obligations or securities received in settlement of debts created in the
ordinary course of business and owing to the Issuer or any Restricted Subsidiary or in
satisfaction of judgments;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Permitted Joint Venture Investments made by the Issuer or any of its Restricted
Subsidiaries, in an aggregate amount (measured on the date each such Investment was made and
without giving effect to subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (11), that does not exceed U.S.$50.0&nbsp;million;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) guarantees of Indebtedness of the Issuer or any of its Restricted Subsidiaries
permitted in accordance with Section&nbsp;4.9;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) repurchases of, or other Investments in, the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) advances or extensions of credit in the nature of accounts receivable arising from
the sale or lease of goods or services, the leasing of equipment or the licensing of
property in the ordinary course of business and payable or dischargeable in accordance with
customary trade terms; provided that such trade terms may include such concessionary trade
terms as the Issuer or the applicable Restricted Subsidiary deems reasonable under the
circumstances;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Investments existing on the Issue Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Investments the payment for which consists of Equity Interests (exclusive of
Disqualified Equity Interests) of the Issuer; provided, however, that such Equity Interests
will not increase the amount available for Restricted Payments under the Restricted Payments
Basket;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) other Investments in any Person having an aggregate Fair Market Value (measured on
the date each such Investment was made and without giving effect to subsequent changes in
value) that, when taken together with all other Investments made pursuant to this clause
(17)&nbsp;since the Issue Date, do not exceed the greater of (a)&nbsp;U.S.$150.0&nbsp;million or (b)&nbsp;5.0%
of the Issuer&#146;s Consolidated Tangible Assets; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) performance guarantees of any trade or non-financial operating contract (other
than such contract that itself constitutes Indebtedness) in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether any Investment is a Permitted Investment, the Issuer may allocate or
reallocate all or any portion of an Investment among the clauses of this definition and any of the
provisions of Section&nbsp;4.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Joint Venture Investment</I>&#148; means, with respect to an Investment by any specified
Person, an Investment by such specified Person in any other Person engaged in a Permitted Business
(a)&nbsp;over which the specified Person is responsible (either directly or through a services
agreement) for day-to-day operations or otherwise has operational and managerial control of such
other Person, or veto power over significant management decisions affecting such other Person and
(b)&nbsp;of which at least 20.0% of the outstanding Equity Interests of such other Person is at the time
owned directly or indirectly by the specified Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Liens</I>&#148; means the following types of Liens:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Liens for taxes, assessments or governmental charges or levies not yet due and
payable or delinquent or that are being contested in good faith by appropriate proceedings,
provided that adequate reserves with respect thereto are maintained on the books of the
Issuer or its Restricted Subsidiaries, as the case may be, in conformity with GAAP;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Liens in respect of property of the Issuer or any Restricted Subsidiary imposed by
law or contract, which were not incurred or created to secure Indebtedness for borrowed
money, such as carriers&#146;, warehousemen&#146;s, materialmen&#146;s, landlords&#146;, workmen&#146;s, suppliers&#146;,
repairmen&#146;s and mechanics&#146; Liens and other similar Liens arising in the ordinary course of
business, and which do not in the aggregate materially detract from the value of the
property of the Issuer or its Restricted Subsidiaries, taken as a whole, and do not
materially impair the use thereof in the operation of the business of the Issuer and its
Restricted Subsidiaries, taken as a whole;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) pledges or deposits made in connection therewith in the ordinary course of business
in connection with workers&#146; compensation, unemployment insurance, road transportation and
other types of social security, regulations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Liens (i)&nbsp;incurred in the ordinary course of business to secure the performance of
tenders, bids, trade contracts, stay and customs bonds, leases, statutory obligations,
surety and appeal bonds, statutory bonds, government contracts, performance and return money
bonds and other similar obligations (exclusive of obligations for the payment of borrowed
money) or (ii)&nbsp;incurred in the ordinary course of business to secure liability for premiums
to insurance carriers;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Liens upon specific items of inventory or other goods and proceeds of any Person
securing such Person&#146;s obligations in respect of bankers&#146; acceptances issued or created for
the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Liens arising out of judgments or awards not resulting in a Default or an Event of
Default so long as such Lien is adequately bonded and any appropriate legal proceedings
which may have been duly initiated for the review of such judgment have not been finally
terminated or the period within which such proceedings may be initiated has not expired;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) easements, rights of way, restrictions (including zoning restrictions), covenants,
encroachments, protrusions and other similar charges or encumbrances, and minor title
deficiencies on or with respect to any Real Property, in each case whether now or hereafter
in existence, not (i)&nbsp;securing Indebtedness and (ii)&nbsp;in the aggregate materially interfering
with the conduct of the business of the Issuer and its Restricted Subsidiaries and not
materially impairing the use of such Real Property in such business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Liens securing reimbursement obligations with respect to commercial letters of
credit which encumber documents and other assets relating to such letters of credit and
products and proceeds thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Liens encumbering deposits made to secure obligations arising from statutory,
regulatory, contractual or warranty requirements of the Issuer or any Restricted Subsidiary,
including rights of offset and setoff;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) bankers&#146; Liens, rights of setoff and other similar Liens existing solely with
respect to cash and Cash Equivalents on deposit in one or more accounts maintained by
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the Issuer or any Restricted Subsidiary, in each case granted in the ordinary course of
business in favor of the bank or banks with which such accounts are maintained, securing
amounts owing to such bank with respect to cash management and operating account
arrangements, including those involving pooled accounts and netting arrangements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) any interest or title of a lessor under any lease entered into by the Issuer or
any Restricted Subsidiary, in the ordinary course so long as such leases do not,
individually or in the aggregate, (i)&nbsp;interfere in any material respect with the ordinary
conduct of the business of the Issuer or any Restricted Subsidiary or (ii)&nbsp;materially impair
the use (for its intended purposes) or the value of the property subject thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) the filing of UCC financing statements solely as a precautionary measure in
connection with operating leases, consignments of goods or transfers of accounts or the
filing of <I>Personal Property Security Act </I>financing statements in connection with operating
leases, consignments of goods or transfers of accounts, in each case to the extent not
securing performance of a payment or other obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Liens securing all of the Notes and Liens securing any Guarantee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Liens securing Hedging Obligations entered into for bona fide hedging purposes of
the Issuer or any Restricted Subsidiary not for the purpose of speculation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Liens existing on the Issue Date securing Indebtedness outstanding on the Issue
Date; provided that (i)&nbsp;the aggregate principal amount of the Indebtedness, if any, secured
by such Liens does not increase; and (ii)&nbsp;such Liens do not encumber any property other than
the property subject thereto on the Issue Date (plus improvements, accessions, proceeds or
dividends or distributions in respect thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Liens in favor of the Issuer or a Guarantor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Liens securing Indebtedness under the Credit Facilities incurred and then
outstanding pursuant to Section&nbsp;4.9(b)(1) and related Hedging Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Liens arising pursuant to Purchase Money Indebtedness incurred pursuant to Section
4.9(b)(8); provided that (i)&nbsp;the Indebtedness secured by any such Lien (including
refinancings thereof) does not exceed 100.0% of the cost of the property being acquired or
leased at the time of the incurrence of such Indebtedness and (ii)&nbsp;any such Liens attach
only to the property being financed pursuant to such Purchase Money Indebtedness (plus
improvements, accessions, proceeds or dividends or distributions in respect thereof) and do
not encumber any other property of the Issuer or any Restricted Subsidiary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Liens securing Acquired Indebtedness permitted to be incurred under this
Indenture; provided that such Indebtedness was not incurred in connection with, or in
contemplation of, such Person becoming a Restricted Subsidiary or being acquired or merged
into the Issuer or a Restricted Subsidiary of the Issuer and the Liens do not extend to
assets not subject to such Lien at the time of acquisition (plus improvements, accessions,
proceeds or dividends or distributions in respect thereof) and are no more
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">favorable in any material respect to the lienholders than those securing such Acquired
Indebtedness prior to the incurrence of such Acquired Indebtedness by the Issuer or a
Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Liens on property of a Person existing at the time such Person is acquired or
amalgamated or merged with or into or consolidated with the Issuer or any Restricted
Subsidiary (and not created in anticipation or contemplation thereof); provided that such
Liens do not extend to property not subject to such Liens at the time of acquisition (plus
improvements, accessions, proceeds or dividends or distributions in respect thereof) and are
no more favorable in any material respect to the lienholders than the existing Lien;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Liens to secure Refinancing Indebtedness of Indebtedness secured by Liens referred
to in the foregoing clauses (15), (18), (19), (20)&nbsp;and this clause (21); provided that such
Liens do not extend to any additional assets (other than improvements thereon and
replacements thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) licenses of Intellectual Property granted by the Issuer or any Restricted
Subsidiary in the ordinary course of business and not interfering in any material respect
with the ordinary conduct of the business of the Issuer or such Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by Issuer or any Restricted Subsidiary in
the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) Liens in favor of either of the Trustees as provided for in this Indenture on
money or property held or collected by either Trustee in its capacity as Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) Liens securing Specified Cash Management Agreements entered into in the ordinary
course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) Liens on assets of any Foreign Restricted Subsidiary to secure Indebtedness of
such Foreign Restricted Subsidiary which Indebtedness is permitted by this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) Liens securing Indebtedness incurred under Section&nbsp;4.9(b)(16); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) other Liens with respect to obligations which do not in the aggregate exceed the
greater of (a)&nbsp;U.S.$150.0&nbsp;million or (b)&nbsp;5.0% of the Issuer&#146;s Consolidated Tangible Assets
at any time outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation, partnership, limited liability company, joint
venture, incorporated or unincorporated association, joint-stock company, trust, mutual fund trust,
unincorporated organization or government or other agency or political subdivision thereof or other
legal entity of any kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Plan of Liquidation</I>&#148; with respect to any Person, means a plan that provides for, contemplates
or the effectuation of which is preceded or accompanied by (whether or not substantially
contemporaneously, in phases or otherwise): (1)&nbsp;the sale, lease, conveyance or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other disposition of all or substantially all of the assets of such Person otherwise than as
an entirety or substantially as an entirety; and (2)&nbsp;the distribution of all or substantially all
of the proceeds of such sale, lease, conveyance or other disposition of all or substantially all of
the remaining assets of such Person to holders of Equity Interests of such Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Preferred Stock</I>&#148; means, with respect to any Person, any and all preferred or preference stock
or other Equity Interests (however designated) of such Person whether now outstanding or issued
after the Issue Date that is preferred as to the payment of dividends upon liquidation, dissolution
or winding up.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal</I>&#148; means, with respect to the Notes, the principal of, and premium, if any, on the
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Purchase Money Indebtedness</I>&#148; means Indebtedness, including Capitalized Lease Obligations, of
the Issuer or any Restricted Subsidiary incurred for the purpose of financing all or any part of
the purchase price of property, plant or equipment used in the business of the Issuer or any
Restricted Subsidiary or the cost of installation, construction or improvement thereof; provided,
however, that (except in the case of Capitalized Lease Obligations) the amount of such Indebtedness
shall not exceed such purchase price or cost.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Qualified Equity Interests</I>&#148; of any Person means Equity Interests of such Person other than
Disqualified Equity Interests; provided that such Equity Interests shall not be deemed Qualified
Equity Interests to the extent sold or owed to a Subsidiary of such Person or financed, directly or
indirectly, using funds (1)&nbsp;borrowed from such Person or any Subsidiary of such Person until and to
the extent such borrowing is repaid or (2)&nbsp;contributed, extended, guaranteed or advanced by such
Person or any Subsidiary of such Person (including, without limitation, in respect of any employee
stock ownership or benefit plan). Unless otherwise specified, Qualified Equity Interests refer to
Qualified Equity Interests of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Qualified Equity Offering</I>&#148; means the issuance and sale of Qualified Equity Interests of the
Issuer (or any direct or indirect parent of the Issuer to the extent the net proceeds therefrom are
contributed to the common equity capital of the Issuer or used to purchase Qualified Equity
Interests of the Issuer), other than (a)&nbsp;any issuance pursuant to employee benefit plans or
otherwise in compensation to officers, directors, trustees or employees, (b)&nbsp;public offerings with
respect to the Issuer&#146;s Qualified Equity Interests, or options, warrants or rights, registered on
Form S-4 or S-8, or (c)&nbsp;any offering of Qualified Equity Interests issued in connection with a
transaction that constitutes a Change of Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Rating Agencies</I>&#148; means Moody&#146;s and S&#038;P.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Real Property</I>&#148; means, collectively, all right, title and interest (including any leasehold
estate) in and to any and all parcels of or interests in real property owned, leased or operated by
any Person, whether by lease, license or other means, together with, in each case, all easements,
hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and
equipment, all general intangibles and contract rights and other property and rights incidental to
the ownership, lease or operation thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Redesignation</I>&#148; has the meaning set forth in Section&nbsp;4.18.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>refinance</I>&#148; means to refinance, repay, prepay, replace, renew or refund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Refinancing Indebtedness</I>&#148; means Indebtedness or Disqualified Stock of the Issuer or a
Restricted Subsidiary incurred in exchange for, or the proceeds of which are used to redeem,
refinance, replace, defease, discharge, refund or otherwise retire for value, in whole or in part,
any Indebtedness of the Issuer or any Restricted Subsidiary (the &#147;<I>Refinanced Indebtedness</I>&#148;);
provided that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the principal amount (and accreted value, in the case of Indebtedness issued at a
discount) of the Refinancing Indebtedness does not exceed the principal amount (and accreted
value, as the case may be) of the Refinanced Indebtedness plus the amount of accrued and
unpaid interest on the Refinanced Indebtedness, any reasonable premium paid to the holders
of the Refinanced Indebtedness and reasonable expenses incurred in connection with the
incurrence of the Refinancing Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the obligor of the Refinancing Indebtedness does not include any Person (other than
the Issuer or any Guarantor) that is not an obligor of the Refinanced Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if the Refinanced Indebtedness was subordinated in right of payment to the Notes or
the Guarantees, as the case may be, then such Refinancing Indebtedness, by its terms, is
subordinate in right of payment to the Notes or the Guarantees, as the case may be, at least
to the same extent as the Refinanced Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Refinancing Indebtedness has a Stated Maturity either (a)&nbsp;no earlier than the
Refinanced Indebtedness being repaid or amended or (b)&nbsp;no earlier than 91&nbsp;days after the
maturity date of the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the portion, if any, of the Refinancing Indebtedness that is scheduled to mature on
or prior to the maturity date of the Notes has a Weighted Average Life to Maturity at the
time such Refinancing Indebtedness is incurred that is equal to or greater than the Weighted
Average Life to Maturity of the portion of the Refinanced Indebtedness being repaid that is
scheduled to mature on or prior to the maturity date of the Notes; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the proceeds of the Refinancing Indebtedness shall be used substantially
concurrently with the incurrence thereof to redeem, refinance, replace, defease, discharge,
refund or otherwise retire for value the Refinanced Indebtedness, unless the Refinanced
Indebtedness is not then due and is not redeemable or prepayable at the option of the
obligor thereof or is redeemable or prepayable only with notice, in which case such proceeds
shall be held in a segregated account of the obligor of the Refinanced Indebtedness until
the Refinanced Indebtedness becomes due or redeemable or prepayable or such notice period
lapses and then shall be used to refinance the Refinanced Indebtedness; provided that in any
event the Refinanced Indebtedness shall be redeemed, refinanced, replaced, defeased,
discharged, refunded or otherwise retired for value within one year of the incurrence of the
Refinancing Indebtedness.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Registration Rights Agreement</I>&#148; means (i)&nbsp;the Registration Rights Agreement dated as of the
Issue Date among the Issuer, the Guarantors and the initial purchasers of the Initial Notes,
together with any joinder agreement executed thereafter by the Guarantors and (ii)&nbsp;any other
registration rights agreement entered into in connection with an issuance of Additional Notes in a
private offering after the Issue Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Regulation&nbsp;S Legend</I>&#148; means the legend identified as such in <U>Exhibit&nbsp;A</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Financial or Accounting Officer of the Issuer</I>&#148; means any one of the Chief
Financial Officer, Vice President of Finance, Treasurer or Chief Accounting Officer of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Officer</I>&#148; means, when used with respect to either Trustee, any officer assigned to
the Corporate Trust Office of such Trustee, including any vice president, assistant vice president,
assistant treasurer, assistant secretary, trust officer or any other officer of such Trustee
customarily performing functions similar to those performed by any of the above designated officers
and having direct responsibility for the administration of this Indenture, and also, with respect
to a particular matter, any other officer to whom such matter is referred because of such officer&#146;s
knowledge of and familiarity with the particular subject.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Notes Legend</I>&#148; means the legend identified as such in <U>Exhibit&nbsp;A</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Payment</I>&#148; means any of the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the declaration or payment of any dividend or any other distribution (whether made
in cash, securities or other property) on or in respect of Equity Interests of the Issuer or
any Restricted Subsidiary or any payment made to the direct or indirect holders (in their
capacities as such) of Equity Interests of the Issuer or any Restricted Subsidiary,
including, without limitation, any payment in connection with any merger or consolidation
involving the Issuer or any of its Restricted Subsidiaries but excluding (a)&nbsp;dividends or
distributions payable solely in Qualified Equity Interests or through accretion or
accumulation of such dividends on such Equity Interests and (b)&nbsp;in the case of Restricted
Subsidiaries, dividends or distributions payable to the Issuer or to a Restricted Subsidiary
(and if such Restricted Subsidiary is not a Wholly-Owned Subsidiary, to its other holders of
its Common Stock on a pro rata basis);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the purchase, redemption, defeasance or other acquisition or retirement for value
of any Equity Interests of the Issuer or any direct or indirect parent of the Issuer held by
Persons other than the Issuer or a Restricted Subsidiary (including, without limitation, any
payment in connection with any merger or consolidation involving the Issuer);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any Investment other than a Permitted Investment; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any principal payment on, purchase, redemption, defeasance, prepayment, decrease or
other acquisition or retirement for value prior to any scheduled maturity or prior to any
scheduled repayment of principal or sinking fund payment, as the case may be, in respect of
Subordinated Indebtedness (other than any Subordinated Indebtedness
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">owed to and held by the Issuer or any Restricted Subsidiary permitted under clause (6)
of the definition of &#147;Permitted Indebtedness&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Payments Basket</I>&#148; has the meaning set forth in Section&nbsp;4.7(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Subsidiary</I>&#148; means any Subsidiary other than an Unrestricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Sale and Repurchase Agreement</I>&#148; means the Sale and Repurchase Agreement, dated as of December
23, 2008, by and between the Issuer and Precision Drilling Oilfield Services Corporation, as in
effect on the Issue Date, and any other sale and repurchase agreements or similar agreements among
the Issuer or any of the Guarantors entered into after the Issue Date; provided that any
restrictions on dividends or distributions, loans or advances or transfers of property contained in
such other agreements are no more restrictive to the Issuer or any Guarantor in all material
respects as the analogous restrictions in the Sale and Repurchase Agreement, dated as of December
23, 2008, and the applicable covenants therein are qualified so as to permit exceptions thereto (i)
for the purpose of permitting payment of principal, interest and any other obligations under the
Notes and this Indenture to the same extent in all material respects as the qualifications
contained in the Sale and Repurchase Agreement, dated as of December&nbsp;23, 2008, (ii)&nbsp;to permit the
granting of Liens under the Notes and this Indenture and (iii)&nbsp;to subordinate any Liens (including
backup Liens) thereunder to any Liens under the Notes and this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>S&#038;P</I>&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of the McGraw-Hill Companies, Inc.,
and its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>SEC</I>&#148; means the U.S. Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Secretary&#146;s Certificate</I>&#148; means a certificate signed by the Secretary of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; means the U.S. Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Significant Subsidiary</I>&#148; means (1)&nbsp;any Restricted Subsidiary that would be a &#147;significant
subsidiary&#148; as defined in Rule&nbsp;1-02 of Regulation&nbsp;S-X promulgated pursuant to the Securities Act as
such Regulation was in effect on the Issue Date and (2)&nbsp;any Restricted Subsidiary that, when
aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries
and as to which any event described in Section&nbsp;6.1(7) has occurred and is continuing, would
constitute a Significant Subsidiary under clause (1)&nbsp;of this definition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Specified Cash Management Agreements</I>&#148; means any agreement providing for treasury, depositary,
purchasing card or cash management services, including in connection with any automated clearing
house transfers of funds or any similar transactions between the Issuer or any Guarantor and any
lender, including, without limitation, the centralized banking agreement among the Issuer,
Precision Limited Partnership, Precision Drilling Canada Limited Partnership and Royal Bank of
Canada providing for the administration of and netting of balances between Canadian bank accounts
maintained by the Issuer and certain Subsidiaries with Royal Bank of Canada, as amended, restated
or otherwise modified from time to time including, but not limited to, through the addition of new
Subsidiaries as parties thereto and withdrawals of Subsidiaries
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">therefrom from time to time, and including any replacement thereof entered into by the Issuer
and any Subsidiaries with Royal Bank of Canada or any other lender from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Stated Maturity</I>&#148; means, with respect to any Indebtedness, the date specified in the agreement
governing or certificate relating to such Indebtedness as the fixed date on which the final payment
of principal of such Indebtedness is due and payable, including pursuant to any mandatory
redemption provision, but shall not include any contingent obligations to repay, redeem or
repurchase any such principal prior to the date originally scheduled for the payment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subordinated Indebtedness</I>&#148; means Indebtedness of the Issuer or any Guarantor that is
expressly subordinated in right of payment to the Notes or the Guarantees, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; means, with respect to any Person:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any corporation, limited liability company, association, trust or other business
entity of which more than 50.0% of the total voting power of the Equity Interests entitled
(without regard to the occurrence of any contingency) to vote in the election of the Board
of Directors thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of such Person (or a combination thereof);
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any partnership (a)&nbsp;the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (b)&nbsp;the only general partners of
which are such Person or of one or more Subsidiaries of such Person (or any combination
thereof).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, &#147;Subsidiary&#148; refers to a Subsidiary of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>TIA</I>&#148; or &#147;<I>Trust Indenture Act</I>&#148; means the Trust Indenture Act of 1939 (15 U.S. Code &#167;&#167;
77aaa-77bbbb), as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Transfer Restricted Notes</I>&#148; means Notes that bear or are required to bear the Restricted Notes
Legend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Treasury Rate</I>&#148; means, as of any redemption date, the yield to maturity at the time of
computation of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519)&nbsp;which has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical
Release is no longer published, any publicly available source or similar market data)) most nearly
equal to the period from the redemption date to November&nbsp;15, 2015; <I>provided</I>, <I>however</I>, that if the
period from the redemption date to November&nbsp;15, 2015 is not equal to the constant maturity of a
United States Treasury security for which a weekly average yield is given, the Treasury Rate shall
be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the
weekly average yields of United States Treasury securities for which such yields are given, except
that if the period from the redemption date to November&nbsp;15, 2015 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity
of one year shall be used.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustees</I>&#148; means the U.S. Trustee and the Canadian Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary that at the time of determination shall be
designated an Unrestricted Subsidiary by the Board of Directors of the Issuer in accordance with
Section&nbsp;4.18 and (b)&nbsp;any Subsidiary of an Unrestricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Government Obligations</I>&#148; means direct non-callable obligations of, or guaranteed by, the
United States of America for the payment of which guarantee or obligations the full faith and
credit of the United States is pledged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Trustee</I>&#148; has the meaning set forth in the preamble of this Indenture and any successor
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Voting Stock</I>&#148; with respect to any Person, means securities of any class of Equity Interests
of such Person entitling the holders thereof (whether at all times or only so long as no senior
class of stock or other relevant equity interest has voting power by reason of any contingency) to
vote in the election of members of the Board of Directors of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Weighted Average Life to Maturity</I>&#148; when applied to any Indebtedness at any date, means the
number of years obtained by dividing (1)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the
amount of each then remaining installment, sinking fund, serial maturity or other required payment
of principal, including payment at Stated Maturity, in respect thereof by (b)&nbsp;the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment by (2)&nbsp;the then outstanding principal amount of such Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Wholly Owned Subsidiary</I>&#148; means a Restricted Subsidiary, all of the Equity Interests of which
(other than directors&#146; qualifying shares) are owned by the Issuer or another Wholly-Owned
Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.2. <U>Other Definitions</U>.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Defined in Section</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;acceleration declaration&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Act&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Additional Amounts&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.17</TD>
    <TD nowrap>(c)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Affiliate Transaction&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.11</TD>
    <TD nowrap>(a)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Canadian GAAP&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Change of Control Offer&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Change of Control Payment Date&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Change of Control Purchase Price&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Covenant Defeasance&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Coverage Ratio Exception&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>(a)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Deposit Trustee&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Event of Default&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Excess Proceeds&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(b)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Defined in Section</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Excluded Holder&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.17</TD>
    <TD nowrap>(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Four-Quarter Period&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Investment Grade Rating&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.20</TD>
    <TD nowrap>(a)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Judgment Currency&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Legal Defeasance&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Net Proceeds Offer&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(c)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Net Proceeds Offer Amount&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(d)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Net Proceeds Offer Period&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(d)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Net Proceeds Purchase Date&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(d)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Permitted Indebtedness&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;QIBs&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>(b)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Registrar&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Regulation&nbsp;S&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>(b)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Regulation&nbsp;S Global Note&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Restricted Period&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.15</TD>
    <TD nowrap>(a)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Rule&nbsp;144A&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Rule&nbsp;144A Global Note&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>(b)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Successor&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>(a)(1)(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Transaction Date&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.3. <U>Incorporation by Reference of Trust Indenture Act</U>. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by reference in, and made
a part of, this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following TIA terms have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>indenture securities</I>&#148; means the Notes and any Guarantee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>indenture security holder</I>&#148; means a Holder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>indenture to be qualified</I>&#148; means this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>indenture trustee</I>&#148; or &#147;<I>institutional trustee</I>&#148; means the U.S. Trustee; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>obligor</I>&#148; on the Notes means the Issuer and any successor obligor upon the Notes or any
Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by the SEC rule under the TIA have the meanings so assigned to them
therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.4. <U>Rules of Construction</U>. Unless the context otherwise requires:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a term has the meaning assigned to it herein;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an accounting term not otherwise defined herein has the meaning assigned to it in
accordance with GAAP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &#147;or&#148; is not exclusive;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) words in the singular include the plural, and in the plural include the singular;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) unless otherwise specified, any reference to Section, Article or Exhibit refers to
such Section, Article or Exhibit, as the case may be, of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) provisions apply to successive events and transactions; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) references to sections of or rules under the Securities Act or the Exchange Act
shall be deemed to include substitute, replacement or successor sections or rules adopted by
the SEC from time to time.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE II<BR>
THE NOTES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <U>Form and Dating</U>. The Notes and the U.S. Trustee&#146;s certificate of
authentication shall be substantially in the form of <U>Exhibit&nbsp;A</U> 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 will be issued in registered form,
without coupons, and in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess
thereof. The registered Holder will be treated as the owner of such Note for all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and provisions contained in the Notes shall constitute, and are hereby expressly
made, a part of this Indenture, and the Issuer and the Trustees, 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Notes shall be issued initially in the form of one or more Global Notes, which
shall be deposited on behalf of the purchasers of the Notes represented thereby with the
Note Custodian, and registered in the name of the Depositary or a nominee of the Depositary,
duly executed by the Issuer and authenticated by the U.S. Trustee as hereinafter provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 U.S. Trustee or the Note Custodian, at the
direction of the U.S. Trustee, in accordance with instructions given by the Holder thereof
as required by Section&nbsp;2.6.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Initial Notes are being issued by the Issuer only (i)&nbsp;to &#147;qualified
institutional buyers&#148; (as defined in Rule&nbsp;144A under the Securities Act (&#147;<I>Rule&nbsp;144A</I>&#148;))
(&#147;<I>QIBs</I>&#148;) and (ii)&nbsp;in reliance on Regulation&nbsp;S under the Securities Act (&#147;<I>Regulation&nbsp;S</I>&#148;).
Initial Notes are being issued by the Issuer to buyers in Canada in accordance with Canadian
Securities Laws. After such initial issuance, Initial Notes that are Transfer Restricted
Notes may be transferred to QIBs in reliance on Rule&nbsp;144A or outside the United States
pursuant to Regulation&nbsp;S or to the Issuer, in accordance with certain transfer restrictions.
Initial Notes that are offered in reliance on Rule&nbsp;144A shall be issued in the form of one
or more permanent Global Notes substantially in the form set forth in <U>Exhibit&nbsp;A</U> and
bear the Restricted Notes Legend (collectively, the &#147;<I>Rule&nbsp;144A Global Note</I>&#148;), deposited with
the Note Custodian, duly executed by the Issuer and authenticated by the U.S. Trustee as
hereinafter provided. Initial Notes that are offered in offshore transactions in reliance
on Regulation&nbsp;S shall be issued in the form of one or more permanent Global Notes
substantially in the form set forth in <U>Exhibit&nbsp;A</U> and bear the Regulation&nbsp;S Legend
(collectively, the &#147;<I>Regulation&nbsp;S Global Note</I>&#148;) deposited with the Note Custodian. The Rule
144A Global Note and the Regulation&nbsp;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 Note Custodian. Transfers
of Notes among QIBs and to or by purchasers pursuant to Regulation&nbsp;S shall be represented by
appropriate increases and decreases to the respective amounts of the appropriate Global
Notes, as more fully provided in Section&nbsp;2.15.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section&nbsp;2.1(b) shall apply only to Global Notes deposited with or on behalf of the
Depositary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall execute and the U.S. Trustee shall, in accordance with Section&nbsp;2.1(a)
and Section&nbsp;2.1(b) and this Section&nbsp;2.1(c) and Section&nbsp;2.2, authenticate and deliver the
Global Notes that (i)&nbsp;shall be registered in the name of the Depositary or the nominee of
the Depositary and (ii)&nbsp;shall be delivered by the U.S. Trustee to the Depositary or pursuant
to the Depositary&#146;s instructions or held by the Note Custodian for the Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <U>Execution and Authentication</U>. An Officer shall sign the Notes for the
Issuer by manual or facsimile signature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Note shall not be valid until authenticated by the manual signature of a Responsible Officer
of the U.S. Trustee. The signature of a Responsible Officer of the U.S. Trustee shall be
conclusive evidence that the Note has been authenticated under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Trustee shall, upon receipt of a written order of the Issuer signed by one Officer
directing the U.S. Trustee to authenticate the Notes and certifying that all conditions precedent
to the issuance of the Notes contained herein have been complied with and receipt of an Opinion of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Counsel, authenticate Notes for original issue in the aggregate principal amount stated in
such written order.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to
authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may
authenticate Notes whenever the U.S. Trustee may do so. Each reference in this Indenture to
authentication by the U.S. Trustee includes authentication by such agent or agents. An
authenticating agent has the same rights as an Agent to deal with Holders or the Issuer or an
Affiliate of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <U>Registrar; Paying Agent</U>. The Issuer shall maintain (i)&nbsp;an office or
agency where Notes may be presented for registration of transfer or for exchange (&#147;<I>Registrar</I>&#148;) and
(ii)&nbsp;an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar
shall keep a register of the Notes and of their transfer and exchange. The Issuer may appoint one
or more co-registrars and one or more additional Paying Agents. The term &#147;Registrar&#148; includes any
co-registrar, and the term &#147;Paying Agent&#148; includes any additional Paying Agent. The Issuer may
change any Paying Agent or Registrar without notice to any Holder. The Issuer and/or any
Restricted Subsidiary may act as Paying Agent or Registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall notify the Trustees in writing, and the U.S. Trustee shall notify the
Holders, of the name and address of any Agent not a party to this Indenture. The Issuer shall
enter into an appropriate agency agreement with any Agent not a party to this Indenture, which
shall incorporate the relevant provisions of the TIA that relate to such Agent. If the Issuer
fails to appoint or maintain a Registrar or Paying Agent, or fails to give the foregoing notice,
the U.S. Trustee shall act as such, and shall be entitled to appropriate compensation in accordance
with Section&nbsp;7.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer initially appoints the U.S. Trustee to act as the Registrar and Paying Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer initially appoints DTC to act as the Depositary with respect to the Global Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <U>Paying Agent to Hold Money in Trust</U>. The Issuer shall require each
Paying Agent other than the U.S. Trustee to agree in writing that the Paying Agent shall hold in
trust for the benefit of the Holders or the U.S. Trustee all money held by the Paying Agent for the
payment of principal, premium or Additional Interest, if any, or interest on the Notes, and shall
notify the U.S. Trustee of any Default by the Issuer in making any such payment. While any such
Default continues, the U.S. Trustee may require a Paying Agent to pay to the U.S. Trustee all money
held by it in trust for the benefit of the Holders or the U.S. Trustee. The Issuer at any time may
require a Paying Agent to pay all money held by it in trust for the benefit of the Holders or the
U.S. Trustee to the U.S. Trustee. Upon payment over to the U.S. Trustee, the Paying Agent (if
other than the Issuer or a Subsidiary) shall have no further liability for such money. If the
Issuer or any of its Restricted Subsidiaries 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 any of the events specified in Section&nbsp;6.1, the U.S. Trustee shall serve as Paying
Agent for the Notes.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <U>Holder Lists</U>. The U.S. Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of all
Holders and shall otherwise comply with TIA &#167; 312(a). If the U.S. Trustee is not the Registrar,
the Issuer shall furnish to the U.S. Trustee at least seven (7)&nbsp;Business Days before each interest
payment date and at such other times as the U.S. Trustee may request in writing, a list in such
form and as of such date as the U.S. Trustee may reasonably require of the names and addresses of
the Holders, including the aggregate principal amount of the Notes held by each Holder thereof, and
the Issuer shall otherwise comply with TIA &#167; 312(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <U>Book-Entry Provisions for Global Notes</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Global Note shall (i)&nbsp;be registered in the name of the Depositary for such Global
Notes or the nominee of such Depositary, (ii)&nbsp;be delivered to the Note Custodian for such
Depositary and (iii)&nbsp;bear the Global Note legends as required by Section&nbsp;2.6(e).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members of, or Participants in, the Depositary shall have no rights under this Indenture with
respect to any Global Note held on their behalf by the Depositary, or the Note Custodian, or under
such Global Note, and the Depositary may be treated by the Issuer, and any Trustee or Agent and any
of their respective agents, as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Issuer, any Trustee or any Agent or
their respective agents from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or impair, as between the Depositary and its
Participants, the operation of customary practices governing the exercise of the rights of an owner
of a beneficial interest in any Global Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Trustees or any Agent shall have any responsibility or obligation to any Holder
that is a member of (or a Participant in) the Depositary or any other Person with respect to the
accuracy of the records of the Depositary (or its nominee) or of any member or Participant 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. Each of the Trustees and the Agents
may rely (and shall be fully protected in relying) upon information furnished by the Depositary
with respect to its members, Participants and any beneficial owners in the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;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&nbsp;2.15 and the rules
and procedures of the Depositary. In addition, certificated Notes shall be transferred to
beneficial owners in exchange for their beneficial interests only if (i)&nbsp;the Depositary notifies
the Issuer that it is unwilling or unable to continue as Depositary for the Global Notes or the
Depositary ceases to be a &#147;clearing agency&#148; registered under the Exchange Act and, in each case, a
successor depositary is not appointed by the Issuer within ninety (90)&nbsp;days of such notice, (ii)&nbsp;an
Event of Default of which a Responsible Officer of the U.S. Trustee has actual notice has occurred
and is continuing and the Registrar has received a request from any Holder of Global Note to issue
such certificated Notes or (iii)&nbsp;the Issuer, in its sole discretion, notifies the Trustees that it
elects to cause the issuance of certificated Notes.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In connection with the transfer of the entire Global Note to beneficial owners pursuant to
clause (b)&nbsp;of this Section, such Global Note shall be deemed to be surrendered to the U.S. Trustee
for cancellation, and the Issuer shall execute, and the U.S. Trustee shall 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The registered Holder of a Global Note may grant proxies and otherwise authorize any
person, including Participants and Persons that may hold interest through Participants, to take any
action which a Holder is entitled to take under this Indenture or the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each Global Note shall bear the Global Note Legend on the face thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;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 U.S. Trustee in accordance with Section&nbsp;2.11. 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 U.S.
Trustee or the Note Custodian, at the direction of the U.S. Trustee, to reflect such reduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>General Provisions Relating to Transfers and Exchanges</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To permit registrations of transfers and exchanges, the Issuer shall execute and
the U.S. Trustee shall authenticate Global Notes and certificated Notes at the Registrar&#146;s
request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No service charge shall be made to a Holder for any registration of transfer or
exchange, but the Issuer may require payment of a sum sufficient to cover any stamp or
transfer tax or similar governmental charge payable in connection therewith (other than any
such stamp or transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Section&nbsp;2.6(h), Section&nbsp;2.10, Section&nbsp;2.16, Section&nbsp;3.6, Section&nbsp;4.10,
Section&nbsp;4.14 and Section&nbsp;9.5 hereto).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) All Global Notes and certificated Notes issued upon any registration of transfer or
exchange of Global Notes or certificated Notes shall be the valid obligations of the Issuer,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes (or interests therein) or certificated Notes surrendered upon such registration
of transfer or exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Registrar is not required (A)&nbsp;to issue, to register the transfer of or to
exchange Notes during a period beginning at the opening of fifteen (15)&nbsp;days before the day
of any selection of Notes for redemption and ending at the close of business on the day of
such selection, (B)&nbsp;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)&nbsp;to register the transfer of or to exchange a Note between a record date and the
next succeeding interest payment date.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Prior to due presentment for the registration of a transfer of any Note, the
Trustees, any Agent and the Issuer may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the
Trustees, any Agent, or the Issuer shall be affected by notice to the contrary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The U.S. Trustee shall authenticate Global Notes and certificated Notes in
accordance with the provisions of Section&nbsp;2.2. Except as provided in Section&nbsp;2.6(b),
neither the U.S. Trustee nor the Registrar shall authenticate or deliver any certificated
Note in exchange for a Global Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Each Holder agrees to provide reasonable indemnity to the Issuer and each Trustee
against any liability that may result from the transfer, exchange or assignment of such
Holder&#146;s Note in violation of any provision of this Indenture and/or applicable United
States federal or state securities law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) None of the Trustees or any Agent shall have any 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 Participants 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Exchange Offer</U>. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Issuer shall issue and, upon receipt of a written order of the
Issuer in accordance with Section&nbsp;2.2, the U.S. Trustee shall authenticate (i)&nbsp;one or more
unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the
beneficial interests in the Global Notes accepted for exchange by the Issuer and (ii)&nbsp;unrestricted
certificated Notes in an aggregate principal amount equal to the principal amount of the
certificated Notes that are accepted for exchange in the Exchange Offer, all as set forth in the
written instructions of the Issuer. Concurrently with the issuance of such Notes, the U.S. Trustee
shall cause the aggregate principal amount of the Global Notes to be reduced in accordance with the
beneficial interests tendered in the Exchange Offer, and the U.S. Trustee shall deliver to the
Persons designated by the Issuer the unrestricted Global Notes or unrestricted certificated Notes,
as the case may be, issued and authenticated in accordance with the preceding sentence in the
principal amounts specified by the Issuer. Notwithstanding the foregoing, the unrestricted Global
Notes or unrestricted certificated Notes, as the case may be, issued and authenticated in
accordance herewith may, at the written direction of the Issuer, bear a legend prescribed under
applicable Canadian Securities Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <U>Replacement Notes</U>. If any mutilated Note is surrendered to the U.S.
Trustee, or the Issuer and the U.S. Trustee receive evidence to its satisfaction of the
destruction, loss or theft of any Note, the Issuer shall issue and the U.S. Trustee, upon the
written order of the Issuer signed by an Officer of the Issuer, shall authenticate a replacement
Note if the U.S. Trustee&#146;s requirements are met. If required by the U.S. Trustee or the Issuer, an
indemnity bond
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">must be supplied by the Holder that is sufficient in the judgment of the U.S. Trustee and the
Issuer to protect the Issuer, the U.S. Trustee, any Agent and any authenticating agent from any
loss that any of them may suffer if a Note is replaced. The Issuer, the U.S. Trustee and the
Agents may charge for their expenses in replacing a Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every replacement Note is an additional obligation of the Issuer and shall be entitled to all
of the benefits of this Indenture equally and proportionately with all other Notes duly issued
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <U>Outstanding Notes</U>. The Notes outstanding at any time are all the Notes
authenticated by the U.S. 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 U.S. Trustee in
accordance with the provisions hereof, and those described in this Section&nbsp;2.8 as not outstanding.
Except as set forth in Section&nbsp;2.9, a Note does not cease to be outstanding because the Issuer or
an Affiliate of the Issuer holds the Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Note is replaced pursuant to Section&nbsp;2.7, it ceases to be outstanding unless the U.S.
Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof)
holds, on any payment date, money sufficient to pay the amounts under the 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <U>Treasury Notes</U>. In determining whether the Holders of the required
aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Issuer or by any Affiliate of the Issuer shall be considered as though not outstanding,
except that for the purposes of determining whether the U.S. Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes of which a Responsible Officer of the U.S.
Trustee has written notice as being so owned shall be so disregarded. Notwithstanding the
foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the Issuer pursuant to an
exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity
until legal title to such Notes passes to such entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <U>Temporary Notes</U>. Until certificated Notes are ready for delivery, the
Issuer may prepare and the U.S. Trustee shall authenticate temporary Notes upon a written order of
the Issuer signed by one Officer of the Issuer. Temporary Notes shall be substantially in the form
of certificated Notes but may have variations that the Issuer considers appropriate for temporary
Notes. Without unreasonable delay, the Issuer shall prepare and the U.S. Trustee shall upon
receipt of a written order of the Issuer signed by one Officer, authenticate certificated Notes in
certificate form in exchange for temporary Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <U>Cancellation</U>. The Issuer at any time may deliver to the U.S. Trustee
for cancellation any Notes previously authenticated and delivered hereunder or which the Issuer may
have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by
the U.S. Trustee. All Notes surrendered for registration of transfer, exchange or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payment, if surrendered to any Person other than the U.S. Trustee, shall be delivered to the
U.S. Trustee. The U.S. Trustee and no one else shall cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation. Subject to Section&nbsp;2.7, the Issuer
may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered
to the U.S. Trustee for cancellation. All cancelled Notes held by the U.S. Trustee shall be
disposed of in accordance with its customary practice, and certification of their disposal
delivered to the Issuer upon its written request therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12. <U>Defaulted Interest</U>. If the Issuer defaults in a payment of interest on
the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special
record date, which date shall be at the earliest practicable date but in all events at least five
(5)&nbsp;Business Days prior to the payment date, in each case at the rate provided in the Notes and in
Section&nbsp;4.1. The Issuer shall fix or cause to be fixed each such special record date and payment
date and shall promptly thereafter notify the Trustees of any such date. At least fifteen (15)
days before the special record date, the Issuer (or the U.S. Trustee, in the name and at the
expense of the Issuer) shall mail or cause to be mailed to Holders a notice that states the special
record date, the related payment date and the amount of such interest to be paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.13. <U>Computation of Interest</U>. Interest and Additional Interest, if any, on
the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.14. <U>CUSIP Number</U>. The Issuer in issuing the Notes may use a &#147;CUSIP&#148; number,
and if it does so, the U.S. Trustee shall use the CUSIP number in notices of redemption or exchange
as a convenience to Holders; <I>provided </I>that any such notice may state that no representation is made
as to the correctness or accuracy of the CUSIP number printed in the notice or on the Notes and
that reliance may be placed only on the other identification numbers printed on the Notes. The
Issuer shall promptly notify the Trustees in writing of any change in any CUSIP number.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.15. <U>Special Transfer Provisions</U>. Each Note issued pursuant to an exemption
from registration under the Securities Act (other than in reliance on Regulation&nbsp;S) or transferred
pursuant to an exemption from the prospectus and registration requirements of applicable Canadian
Securities Laws will constitute a Transfer Restricted Note and be required to bear the Restricted
Notes Legend until the date that is one year after the later of the date of original issue and the
last date on which the Issuer or any affiliate (within the meaning of Rule&nbsp;405 under the Securities
Act) of the Issuer was the owner of such Notes (or any predecessor thereto), unless and until such
Transfer Restricted Note is transferred or exchanged pursuant to an effective registration
statement under the Securities Act. Notwithstanding the foregoing, Notes issued pursuant to such
transfer or exchange may, at the written direction of the Issuer, bear a legend required under
applicable Canadian Securities Laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Transfers to QIBs</U>. The following provisions shall apply with respect to
the registration of any proposed transfer of a Note issued in reliance on Regulation&nbsp;S to a
QIB:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Registrar shall register the transfer of a Note issued in
reliance on Regulation&nbsp;S by a Holder to a QIB if such transfer is being made
by a proposed transferor who has provided the Registrar with (a)&nbsp;an
appropriately completed certificate of transfer in the form attached to the
Note and (b)&nbsp;a letter substantially in the form set forth in <U>Exhibit
C</U> from the proposed transferor; provided that the letter required by
paragraph 2.15(a)(i)(b) shall only be required on or prior to the
40<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day after the later of the commencement of the offering of
such Note and the issue date of such Note (such period through and including
such 40<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day, the &#147;<I>Restricted Period</I>&#148;). The Issuer shall
provide written notice to the U.S. Trustee of the date that constitutes the
final day of the Restricted Period in respect of any Notes issued in
reliance on Regulation&nbsp;S; provided, however, that no such notice shall be
required with respect to any Initial Notes issued in reliance on Regulation
S and December&nbsp;27, 2010 shall constitute the final day of the Restricted
Period for such Initial Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the proposed transferee is a Participant and the Note to be
transferred consists of an interest in the Regulation&nbsp;S Global Note, upon
receipt by the Registrar of (x)&nbsp;the items required by paragraph (i)&nbsp;above
and (y)&nbsp;instructions given in accordance with the Depositary&#146;s and the
Registrar&#146;s procedures therefor, the Registrar shall reflect on its books
and records the date and an increase in the principal amount of the Rule
144A Global Note in an amount equal to the principal amount of the
beneficial interest in the Regulation&nbsp;S Global Note to be so transferred,
and the Registrar shall reflect on its books and records the date and a
corresponding decrease in the principal amount of such Regulation&nbsp;S Global
Note in an amount equal to the principal amount of the beneficial interest
in such Regulation&nbsp;S Global Note to be so transferred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Transfers Pursuant to Regulation&nbsp;S</U>. The following provisions shall apply
with respect to registration of any proposed transfer of a Transfer Restricted Note pursuant
to Regulation&nbsp;S:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Registrar shall register any proposed transfer of a Transfer
Restricted Note by a Holder pursuant to Regulation&nbsp;S upon receipt of (a)&nbsp;an
appropriately completed certificate of transfer in the form attached to the
Note and (b)&nbsp;a letter substantially in the form set forth in <U>Exhibit
D</U> hereto from the proposed transferor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the proposed transferee is a Participant and the Transfer
Restricted Note to be transferred consists of an interest in the Rule&nbsp;144A
Global Note upon receipt by the Registrar of (x)&nbsp;the letter, if any,
required by paragraph (i)&nbsp;above and (y)&nbsp;instructions in accordance with the
Depositary&#146;s and the Registrar&#146;s procedures therefor, the Registrar shall
reflect on its books and records the date and an increase in the principal
amount of the Regulation&nbsp;S Global Note in an amount equal to the principal
amount of the beneficial interest in the Rule&nbsp;144A Global Note
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">to be transferred, and the Registrar shall reflect on its books and
records the date and a corresponding decrease in the principal amount of the
Rule&nbsp;144A Global Note in an amount equal to the principal amount of the
beneficial interest in such Rule&nbsp;144A Global Note to be transferred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that a Global Note is exchanged for Notes in certificated, registered
form pursuant to Section&nbsp;2.6, such Notes may be exchanged only in accordance with such
procedures as are substantially consistent with the provisions of clauses (a)&nbsp;and (b)&nbsp;above
(including the certification requirements intended to ensure that such transfers comply with
Rule&nbsp;144A or Regulation&nbsp;S, as the case may be) and such other procedures as may from time to
time be adopted by the Issuer and notified to the U.S. Trustee in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Restricted Notes Legend</U>. Upon the transfer, exchange or replacement of
Notes not bearing the Restricted Notes Legend (other than the text of such legend which may
be required under applicable Canadian Securities Laws and is specified in the written
direction of the Issuer), the Registrar shall deliver Notes that do not bear the Restricted
Notes Legend (other than the text of such legend which may be required under applicable
Canadian Securities Laws and is specified in the written direction of the Issuer). Upon the
transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the
Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is
delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer to
the effect that neither such legend (other than the text of such legend which may be
required under applicable Canadian Securities Laws and is specified in the written direction
of the Issuer) nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Regulation&nbsp;S Legend</U>. Upon the transfer, exchange or replacement of Notes
not bearing the Regulation&nbsp;S Legend (other than the text of such legend which may be
required under applicable Canadian Securities Laws and is specified in the written direction
of the Issuer), the Registrar shall deliver Notes that do not bear the Regulation&nbsp;S Legend
(other than the text of such legend which may be required under applicable Canadian
Securities Laws and is specified in the written direction of the Issuer). Upon the
transfer, exchange or replacement of Notes bearing the Regulation&nbsp;S Legend, the Registrar
shall deliver only Notes that bear the Regulation&nbsp;S Legend unless there is delivered to the
Registrar an Opinion of Counsel reasonably satisfactory to the Issuer to the effect that
neither such legend (other than the text of such legend which may be required under
applicable Canadian Securities Laws and is specified in the written direction of the Issuer)
nor the related restrictions on transfer are required in order to maintain compliance with
the provisions of the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>General</U>. By its acceptance of any Note bearing the Restricted Notes Legend
or the Regulation&nbsp;S Legend, as applicable, 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 or the Regulation&nbsp;S Legend, as applicable, and agrees that it shall transfer
such Note only as provided in this Indenture. A transfer of a beneficial interest in a
Global Note that does not involve an exchange of such interest for a
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">certificated Note or a beneficial interest in another Global Note shall be subject to
compliance with applicable law and the applicable procedures of the Depositary but is not
subject to any procedure required by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with any proposed transfer pursuant to Regulation&nbsp;S or pursuant to any other
available exemption from the registration requirements of the Securities Act (other than pursuant
to Rule&nbsp;144A), the Issuer may require the delivery of an Opinion of Counsel, other certifications
or other information satisfactory to the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrar shall retain copies of all letters, notices and other written communications
received pursuant to this Section&nbsp;2.15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.16. <U>Issuance of Additional Notes</U>. The Issuer shall be entitled to issue
Additional Notes, including Exchange Notes, in an unlimited aggregate principal amount 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, transfer restrictions, any registration rights agreement and additional interest with
respect thereto; <I>provided </I>that such issuance is not prohibited by the terms of this Indenture,
including Section&nbsp;4.9 and Section&nbsp;4.12. The Initial Notes and any Additional Notes or Exchange
Notes shall be treated as a single class for all purposes under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any Additional Notes, the Issuer shall set forth in a resolution of its Board
of Directors and in an Officers&#146; Certificate, a copy of each of which shall be delivered to the
U.S. Trustee, the following information:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the aggregate principal amount of such Additional Notes to be authenticated and
delivered pursuant to this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether such Additional Notes shall be Transfer Restricted Notes; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) that such issuance is not prohibited by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Trustee shall, upon receipt of the resolution of the Issuer&#146;s Board of Directors and
Officers&#146; Certificate, authenticate the Additional Notes in accordance with the provisions of
Section&nbsp;2.2 of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.17. <U>Payment of Additional Amounts</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;All payments made by or on behalf of the Issuer under or with respect to the Notes or by
or on behalf of any Guarantor pursuant to its Guarantee, will be made without withholding or
deduction for or on account of any taxes imposed or levied by or on behalf of any Canadian taxing
authority, unless required by law or the interpretation or administration thereof. If the Issuer
or a Guarantor is obligated to withhold or deduct any amount on account of taxes
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">imposed by any Canadian taxing authority from any payment made with respect to the Notes, the
Issuer or such Guarantor will:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make such withholding or deduction;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) remit the full amount deducted or withheld to the relevant government authority in
accordance with the applicable law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the limitations below, pay to each Holder, as additional interest, such
additional amounts (&#147;<I>Additional Amounts</I>&#148;) as may be necessary so that the net amount
received by each Holder (including Additional Amounts) after such withholding or deduction
will not be less than the amount such Holder would have received if such taxes had not been
withheld or deducted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) furnish to the U.S. Trustee for the benefit of the Holders, within 60&nbsp;days after
the date payment of any taxes is due pursuant to applicable law, certified copies of an
official receipt of the relevant government authorities for all amounts deducted or withheld
pursuant to applicable law, or if such receipts are not obtainable, other evidence of
payment by the Issuer or such Guarantor of those taxes; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at least 15&nbsp;days prior to each date on which any Additional Amounts are payable,
deliver to the U.S. Trustee an Officers&#146; Certificate instructing the U.S. Trustee and each
Paying Agent as to whether any payment of principal of or any interest on such Notes shall
be made without deduction or withholding for or on account of any tax, duty, assessment or
other governmental charge. If any such deduction or withholding shall be required, then
such certificate shall specify the amount, if any, required to be deducted or withheld on
such payment to the relevant recipient, shall certify that the Issuer shall pay such
deduction or withholding amount to the appropriate taxing authority, and shall certify that
the Issuer shall pay or cause to be paid to the U.S. Trustee or Paying Agent Additional
Amounts. The Issuer agrees to indemnify the U.S. Trustee and each Paying Agent for, and to
hold each harmless against, any loss, liability or expense reasonably incurred without bad
faith on its part arising out of or in connection with actions taken or omitted by it in
reliance on any such Officers&#146; Certificate or any failure to furnish such a certificate.
The obligations of the Issuer hereunder shall survive the payment of the Notes, the
resignation or removal of the U.S. Trustee or any Paying Agent and/or termination of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Notwithstanding the foregoing, none of the Issuer or a Guarantor will pay Additional
Amounts with respect to a payment made to any Holder or beneficial owner of a Note (an &#147;<I>Excluded
Holder</I>&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with which the Issuer or such Guarantor does not deal at arm&#146;s length (within the
meaning of the Income Tax Act (Canada)) at the time of making such payment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which is subject to such taxes by reason of the Holder or the beneficial owner
being a resident, domicile or national of, or engaged in business or maintaining a permanent
establishment or other physical presence in or otherwise having some
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">connection with, Canada or any province or territory thereof otherwise than by the mere
acquisition, holding or disposition of the Notes or the receipt of payments thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for or on account of any taxes imposed or deducted or withheld by reason of the
failure of the Holder or beneficial owner of the Notes to complete, execute and deliver to
the Issuer or a Guarantor, as the case may be, any form or document, to the extent
applicable to such Holder or beneficial owner, that may be required by law (including any
applicable tax treaty) or by reason of administration of such law and which is reasonably
requested in writing to be delivered to the Issuer or such Guarantor in order to enable the
Issuer or such Guarantor to make payments on the Notes or pursuant to any Guarantee, as the
case may be, without deduction or withholding for taxes, or with deduction or withholding of
a lesser amount, which form or document shall be delivered within 60&nbsp;days of a written
request therefor by the Issuer or such Guarantor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for or on account of any estate, inheritance, gift, sales, transfer, capital gains,
excise, personal property or similar tax, assessment or other governmental charge;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for or on account of any tax, duty, assessment or other governmental charge that is
payable otherwise than by withholding from payments under or with respect to the Notes
(other than taxes payable pursuant to Regulation&nbsp;803 of the Income Tax Act (Canada), or any
similar successor provision);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where the payment could have been made without deduction or withholding if the
beneficiary of the payment had presented the Note for payment within 30&nbsp;days after the date
on which such payment or such Note became due and payable or the date on which payment
thereof is duly provided for, whichever is later; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Holder is a fiduciary, partnership or person other than the sole beneficial
owner of that payment, to the extent that such payment would be required to be included in
income under the laws of the relevant taxing jurisdiction for tax purposes, of a beneficiary
or settler with respect to the fiduciary, a member of that partnership or a beneficial owner
who would not have been entitled to such Additional Amounts had that beneficiary, settler,
partner or beneficial owner been the Holder thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;The Issuer and each Guarantor, jointly and severally, will indemnify and hold harmless
each Holder (other than an Excluded Holder) and upon written request reimburse each such Holder for
the amount of (x)&nbsp;any Canadian taxes so levied or imposed and paid by such Holder as a result of
payments made under or with respect to the Notes, and (y)&nbsp;any Canadian taxes levied or imposed and
paid by such Holder with respect to any reimbursement under (x)&nbsp;above, but excluding any such taxes
with respect to which such Holder is an Excluded Holder.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE III<BR>
REDEMPTION AND PREPAYMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <U>Notices to U.S. Trustee</U>. If the Issuer elects to redeem Notes pursuant
to the optional redemption provisions of Section&nbsp;3.7, it shall furnish to the U.S. Trustee, at
least thirty (30)&nbsp;days (or such shorter period as is acceptable to the U.S. Trustee) before a
redemption date, an Officers&#146; Certificate setting forth the (i)&nbsp;section of this Indenture pursuant
to which the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">redemption shall occur, (ii)&nbsp;redemption date, (iii)&nbsp;principal amount of Notes to be redeemed
and (iv)&nbsp;redemption price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer is required to make an offer to purchase Notes pursuant to Section&nbsp;4.10 or
Section&nbsp;4.14, it shall furnish to the U.S. Trustee, at least thirty (30)&nbsp;days (or such shorter
period as is acceptable to the U.S. Trustee) before the scheduled purchase date, an Officers&#146;
Certificate setting forth the (i)&nbsp;section of this Indenture pursuant to which the offer to purchase
shall occur, (ii)&nbsp;terms of the offer, (iii)&nbsp;principal amount of Notes to be purchased, (iv)
purchase price and (v)&nbsp;purchase date and further setting forth a statement to the effect that (a)
the Issuer or one of its Subsidiaries has effected an Asset Sale and there are Excess Proceeds
aggregating an amount equal to more than U.S.$50.0&nbsp;million or (b)&nbsp;a Change of Control has occurred,
as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer will also provide the U.S. Trustee with any additional information that the U.S.
Trustee reasonably requests in connection with any redemption or offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <U>Selection of Notes to Be Redeemed</U>. If less than all of the Notes are to
be redeemed at any time, the U.S. Trustee shall select the Notes to be redeemed among the Holders
in compliance with the requirements of the principal national securities exchange, if any, on which
the Notes are listed or, if the Notes are not so listed, on a <I>pro rata </I>basis, by lot or by such
method as the U.S. Trustee, in its sole discretion, may deem fair and appropriate (and in a manner
that complies with applicable legal requirements); <I>provided</I>, <I>however </I>that no Notes of U.S.$2,000 in
original principal amount or less shall be redeemed in part. In addition, if a partial redemption
is made pursuant to Section&nbsp;3.7(c), selection of the Notes or portions thereof for redemption shall
be made by the U.S. Trustee only on a <I>pro rata </I>basis or on as nearly a <I>pro rata </I>basis as is
practicable (subject to the procedures of the Depositary), unless that method is otherwise
prohibited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and after the redemption date, interest will cease to accrue on Notes or portions of them
called for redemption. The U.S. Trustee shall make the selection from the Notes outstanding and
not previously called for redemption as long as the Issuer has deposited with the Paying Agent
funds in satisfaction of the applicable redemption price pursuant to this Indenture and shall
promptly notify the Issuer in writing of the Notes selected for redemption. The U.S. Trustee may
select for redemption portions (equal to U.S.$1,000 or any integral multiples of U.S.$1,000
thereof) of the principal of the Notes that have denominations larger than U.S.$2,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3. <U>Notice of Redemption</U>. Subject to the provisions of Section&nbsp;4.10 and
Section&nbsp;4.14, the Issuer shall deliver or cause to be delivered in accordance with Section&nbsp;11.2, a
notice of redemption to each Holder whose Notes are to be redeemed (with a copy to the U.S.
Trustee), at least thirty (30)&nbsp;days but not more than sixty (60)&nbsp;days before a redemption date
(except that notices may be delivered more than sixty (60)&nbsp;days before a redemption date if the
notice is issued in accordance with Section&nbsp;8.8).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice shall identify the Notes to be redeemed and shall state:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the redemption date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the redemption price;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (or appropriate adjustments to the amount and beneficial
interests in a Global Note will be made, as appropriate);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the name and address of the U.S. Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that Notes called for redemption must be surrendered to the U.S. Trustee to collect
the redemption price;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that, unless the Issuer defaults in making such redemption payment, interest, if
any, on Notes called for redemption ceases to accrue on and after the redemption date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Issuer&#146;s written request, the U.S. Trustee shall give the notice of redemption in the
Issuer&#146;s name and at the Issuer&#146;s expense; <I>provided</I>, <I>however</I>, that the Issuer shall have delivered
to the U.S. Trustee, at least forty-five (45)&nbsp;days prior to the redemption date (or such shorter
period as is acceptable to the U.S. Trustee), an Officers&#146; Certificate requesting that the U.S.
Trustee give such notice and setting forth the information to be stated in the notice as provided
in the preceding paragraph. The notice mailed in the manner herein provided shall be deemed to
have been duly given whether or not the Holder receives such notice. In any case, failure to give
such notice 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4. <U>Effect of Notice of Redemption</U>. Except with respect to notices of
redemption given in accordance with Section&nbsp;3.7(d), once notice of redemption is delivered in
accordance with Section&nbsp;3.3, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price plus accrued and unpaid interest and Additional Interest,
if any, to such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5. <U>Deposit of Redemption Price</U>. On or before 10:00&nbsp;a.m. (New York City
time) on the Business Day prior to each redemption date or the date on which Notes must be accepted
for purchase pursuant to Section&nbsp;4.10 or Section&nbsp;4.14, the Issuer shall deposit with the U.S.
Trustee or with the Paying Agent (other than the Issuer or an Affiliate of the Issuer) money
sufficient to pay the redemption price of and accrued and unpaid interest and Additional Interest,
if any, on all Notes to be redeemed or purchased on that date. The U.S. Trustee or the Paying
Agent shall promptly return to the Issuer any money deposited with the U.S. Trustee or the Paying
Agent by the Issuer in excess of the amounts necessary to pay the redemption price of (including
any applicable premium), and accrued interest and Additional Interest, if any, on, all Notes to be
redeemed or purchased.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Notes called for redemption or tendered in a Net Proceeds Offer or Change of Control Offer
are paid or if the Issuer has deposited with the U.S. Trustee or Paying Agent money sufficient to
pay the redemption or purchase price of, and unpaid and accrued interest, if any, on, all Notes to
be redeemed or purchased, on and after the redemption or purchase date, interest, if any, shall
cease to accrue on the Notes or the portions of Notes called for redemption or tendered and not
withdrawn in a Net Proceeds Offer or Change of Control Offer (regardless of whether certificates
for such securities are actually surrendered). If a Note is redeemed or purchased on or after an
interest record date but on or prior to the related interest payment date, then any accrued and
unpaid interest and Additional Interest, if any, shall be paid to the Person in whose name such
Note was registered at the close of business on such record date. If any Note called for
redemption shall not be so paid upon surrender for redemption because of the failure of the Issuer
to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the
redemption or purchase date until such principal is paid, and to the extent lawful on any interest
not paid on such unpaid principal, in each case, at the rate provided in the Notes and in Section
4.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.6. <U>Notes Redeemed in Part</U>. Upon surrender and cancellation of a Note that
is redeemed in part, the Issuer shall issue and, upon the written request of an Officer of the
Issuer, the U.S. Trustee shall authenticate for the Holder at the expense of the Issuer a new Note
equal in principal amount to the unredeemed portion of the Note surrendered and canceled; <I>provided</I>
that each such new Note will be in a principal amount of U.S.$2,000 or integral multiples of
U.S.$1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.7. <U>Optional Redemption</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Notes may be redeemed, in whole or in part, at any time prior to November&nbsp;15, 2015 at
the option of the Issuer upon not less than 30 nor more than 60&nbsp;days&#146; prior notice to each Holder
of Notes, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus
the Applicable Premium (calculated by the Issuer) as of, and accrued and unpaid interest and
Additional Interest, if any, to, 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).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Notes are subject to redemption, at the option of the Issuer, in whole or in part, at
any time or from time to time on or after November&nbsp;15, 2015, at the following redemption prices
(expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and
unpaid interest and Additional Interest, if any, on the Notes to be redeemed to the applicable
redemption date (subject to the right of Holders on the relevant record date to receive interest
due on the relevant interest payment date), if redeemed during the 12-month period beginning
November&nbsp;15 of the years indicated below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Redemption Price</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">103.313</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">102.208</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2017</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">101.104</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2018 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.000</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At any time or from time to time prior to November&nbsp;15, 2013, the Issuer, at its option,
may on any one or more occasions redeem up to 35.0% of the principal amount of the outstanding
Notes issued under this Indenture (calculated after giving effect to any issuance of Additional
Notes) with the net cash proceeds of one or more Qualified Equity Offerings at a redemption price
equal to 106.625% of the principal amount of the Notes to be redeemed, plus accrued and unpaid
interest and Additional Interest thereon, if any, to the date of redemption (subject to the right
of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date); provided that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at least 65.0% of the aggregate principal amount of Notes issued under this
Indenture (calculated after giving effect to any issuance of Additional Notes) remains
outstanding immediately after giving effect to any such redemption; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the redemption occurs not more than 90&nbsp;days after the date of the closing of any
such Qualified Equity Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If the Issuer or a Guarantor becomes obligated to pay any Additional Amounts as a result
of a change in the laws or regulations of Canada or any Canadian taxing authority, or a change in
any official position regarding the application or interpretation thereof (including a holding by a
court of competent jurisdiction), which is publicly announced or becomes effective on or after the
date of this Indenture and such Additional Amounts cannot (as certified in an Officers&#146; Certificate
to the U.S. Trustee) be avoided by the use of reasonable measures available to the Issuer or any
Guarantor, then the Issuer may, at its option, redeem the Notes, in whole but not in part, upon not
less than 30 nor more than 60&nbsp;days&#146; notice (such notice to be provided not more than 90&nbsp;days before
the next date on which it or the Guarantor would be obligated to pay Additional Amounts), at a
redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest,
if any, to the redemption date (subject to the right of Holders of record on the relevant record
date to receive interest due on an interest payment date that is on or prior to the redemption
date). Notice of the Issuer&#146;s intent to redeem the Notes shall not be effective until such time as
it delivers to the U.S. Trustee an Opinion of Counsel stating that the Issuer or a Guarantor is
obligated to pay Additional Amounts because of an amendment to or change in law or regulation or
position as described in this paragraph.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE IV<BR>
COVENANTS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <U>Payment of Notes</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest
on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and
interest shall be considered paid for all purposes hereunder on the date the U.S. Trustee or the
Paying Agent, if other than the Issuer or a Subsidiary thereof, holds, as of 10:00&nbsp;a.m. (New York
City time) on the Business Day prior to the relevant payment date, U.S. dollars deposited by the
Issuer in immediately available funds and designated for and sufficient to pay all such principal,
premium, if any, and interest then due. The Issuer shall pay all Additional Interest, if any, in
the same manner on the dates and amounts set forth in the Registration Rights Agreement.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Issuer shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on
the Notes to the extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest,
if any (without regard to any applicable grace period), at the same rate to the extent lawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the event the Issuer is required to pay Additional Interest pursuant to any
Registration Rights Agreement, the Issuer will provide written notice to the Trustees of the
Issuer&#146;s obligation to pay Additional Interest no later than 15&nbsp;days prior to the next interest
payment date, which notice shall set forth the amount of Additional Interest to be paid by the
Issuer. Neither of the Trustees shall at any time be under any duty or responsibility to the
Issuer, any Holders or any other Person to determine whether such Additional Interest is payable or
the amount thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <U>Maintenance of Office or Agency</U>. The Issuer shall maintain an office or
agency where Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Issuer and Guarantors in respect of the Notes and this Indenture
(other than the type contemplated by Section&nbsp;11.19) may be served. The Issuer shall give prompt
written notice to each of the Trustees of the location, and any change in the location, of such
office or agency. If at any time the Issuer shall fail to maintain any such required office or
agency or shall fail to furnish the each of the Trustees with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the U.S. Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations. The Issuer shall give prompt written notice to each of the Trustees of
any such designation or rescission and of any change in the location of any such other office or
agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer hereby designates the Corporate Trust Office of the U.S. Trustee as one such office
or agency of the Issuer in accordance with Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3. <U>Provision of Financial Information</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Whether or not required by the SEC, so long as any Notes are outstanding, the Issuer will
furnish to each of the Trustees and the Holders of Notes, or, to the extent permitted by the SEC,
file electronically with the SEC through the SEC&#146;s Electronic Data Gathering, Analysis and
Retrieval System (or any successor system) within the time periods specified in the SEC&#146;s rules and
regulations applicable to a foreign private issuer subject to the Multijurisdictional Disclosure
System:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all annual financial information that would be required to be contained in a filing
with the SEC on Forms 40-F or 20-F (or any successor form), as applicable, containing the
information required therein (or required in such successor form)
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">including a report on the annual financial statements by the Issuer&#146;s certified
independent accountants and a reconciliation of the Issuer&#146;s financial statements to U.S.
generally accepted accounting principles (provided that such reconciliation shall not be
required if such financial statements are prepared in accordance with IFRS) as if the Issuer
was required to file such forms and was a reporting issuer under the securities laws of the
Province of Alberta or Ontario;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the first three quarters of each year, all quarterly financial information that
the Issuer would be required to file with or furnish to the SEC on Form 6-K (or any
successor form), if the Issuer were required to file or furnish, as applicable, such forms
and as if the Issuer was a reporting issuer under the securities laws of the Province of
Alberta or Ontario,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">in each case including a &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations&#148;; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all current reports that would otherwise be required to be filed or furnished by
the Issuer with the SEC on Form 6-K if the Issuer were required to file or furnish, as
applicable, such form as if the Issuer was a reporting issuer under the securities laws of
the Province of Alberta or Ontario.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer has designated any of its Subsidiaries as Unrestricted Subsidiaries, then
the quarterly and annual financial information required by this Section&nbsp;4.3(a) will include
a reasonably detailed presentation, either on the face of the financial statements or in the
footnotes thereto, and in Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations, of the financial condition and results of operations of the Issuer
and its Restricted Subsidiaries excluding the Unrestricted Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, whether or not required by the SEC, the Issuer shall file a copy of all of
the information and reports referred to in clauses (1)&nbsp;and (2)&nbsp;of Section&nbsp;4.3(a) above with the SEC
for public availability within the time periods specified in the SEC&#146;s rules and regulations
applicable to such reports applicable to a foreign private issuer subject to the
Multijurisdictional Disclosure System (unless the SEC will not accept the filing) and make the
information available to securities analysts and prospective investors upon request. If,
notwithstanding the foregoing, the SEC will not accept the Issuer&#146;s filings for any reason, the
Issuer will post the reports referred to in clauses (1)&nbsp;and (2)&nbsp;of Section&nbsp;4.3(a) above on its
website within the time periods that would apply if the Issuer were required to file those reports
with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as any Notes remain outstanding, the Issuer shall furnish to the Holders and to
securities analysts and prospective investors, upon their request, the information required to be
delivered pursuant to Rule&nbsp;144A(d)(4) under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, the Issuer shall be deemed to have
complied with its obligations in this Section&nbsp;4.3 following the filing of the Exchange Offer
registration statement and prior to the effectiveness thereof if the Exchange Offer registration
statement includes the information specified in Section&nbsp;4.3(a)(1) at the times it would otherwise
be required to file such Forms.
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall notify the U.S. Trustee in writing if the Issuer is not permitted by the
SEC to file, or has not filed, electronically with the SEC through the SEC&#146;s Electronic Data
Gathering, Analysis and Retrieval System (or any successor system) the information and reports
referred to in clauses (1)&nbsp;and (2)&nbsp;of Section&nbsp;4.3(a) above. The U.S. Trustee shall have no
obligation to determine if and when the Issuer&#146;s information is available on the SEC&#146;s website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the above reports to the Trustees is for informational purposes only and the
Trustees&#146; receipt of such reports shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Issuer&#146;s
compliance with any of its covenants in this Indenture (as to which the Trustees are entitled to
rely exclusively on Officer&#146;s Certificates) or any other agreement or document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4. <U>Compliance Certificate</U>. The Issuer shall deliver to the Trustees, within
90&nbsp;days after the end of each fiscal year beginning with the fiscal year ended December&nbsp;31, 2010,
an Officers&#146; Certificate stating that a review of the activities of the Issuer and its 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 has kept, observed, performed and fulfilled each and every covenant
contained in this Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge
and what action the Issuer is taking or proposes to take with respect thereto) and that, to his or
her knowledge, no event has occurred and remains in existence by reason of which payments on
account of the principal of, premium, if any, or interest or Additional Interest, if any, on the
Notes is prohibited or if such event has occurred, a description of the event and what action the
Issuer is taking or proposes to take with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall, so long as any of the Notes are outstanding, deliver to each of the
Trustees, forthwith upon any Officer becoming aware of any Default or Event of Default, an
Officers&#146; Certificate specifying such Default or Event of Default and what action the Issuer is
taking or proposes to take with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.5. <U>Taxes</U>. The Issuer shall pay, and shall cause each of its Subsidiaries to
pay, prior to delinquency all material taxes, assessments and governmental levies, except such as
are contested in good faith and by appropriate proceedings and with respect to which appropriate
reserves have been taken in accordance with GAAP or where the failure to effect such payment is not
adverse in any material respect to the Holders of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.6. <U>Stay, Extension and Usury Laws</U>. The Issuer and each of the Guarantors
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 Issuer and each of the Guarantors (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and
covenants that it shall not, by resort to any such law, hinder, delay or impede the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">execution of any power herein granted to the Trustees, but shall suffer and permit the
execution of every such power as though no such law has been enacted.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.7. <U>Limitation on Restricted Payments</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, make any Restricted Payment if at the time of such Restricted Payment:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a Default shall have occurred and be continuing or shall occur as a consequence
thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Issuer is not able to incur at least U.S.$1.00 of additional Indebtedness
pursuant to the Coverage Ratio Exception; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the amount of such Restricted Payment, when added to the aggregate amount of all
other Restricted Payments made after the Issue Date (other than Restricted Payments made
pursuant to clauses (2), (3), (4), (5), (6)&nbsp;or (10)&nbsp;of Section&nbsp;4.7(b), exceeds the sum (the
&#147;<I>Restricted Payments Basket</I>&#148;) of (without duplication):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 50.0% of Consolidated Net Income of the Issuer and the Restricted
Subsidiaries for the period (taken as one accounting period) commencing on October
1, 2010 to and including the last day of the fiscal quarter ended immediately prior
to the date of such calculation for which consolidated financial statements are
available (or, if such Consolidated Net Income shall be a deficit, minus 100.0% of
such deficit),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 100.0% of (A) (i)&nbsp;the aggregate net cash proceeds and (ii)&nbsp;the Fair Market
Value of (x)&nbsp;marketable securities (other than marketable securities of the Issuer),
(y)&nbsp;Equity Interests of a Person (other than the Issuer or an Affiliate of the
Issuer) engaged in a Permitted Business and (z)&nbsp;other assets used in any Permitted
Business, received by the Issuer or its Restricted Subsidiaries after the Issue
Date, in each case as a contribution to its common equity capital or from the issue
or sale of Qualified Equity Interests or from the issue or sale of convertible or
exchangeable Disqualified Equity Interests or convertible or exchangeable debt
securities of the Issuer that have been converted into or exchanged for such
Qualified Equity Interests (other than Equity Interests or debt securities sold to a
Subsidiary of the Issuer or net cash proceeds received by the Issuer from Qualified
Equity Offerings to the extent applied to redeem the Notes in accordance with the
provisions set forth under Section&nbsp;3.7(c)), and (B)&nbsp;the aggregate net cash proceeds,
if any, received by the Issuer or any of its Restricted Subsidiaries upon any
conversion or exchange described in clause (A)&nbsp;above, plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) 100.0% of the aggregate amount by which Indebtedness (other than any
Subordinated Indebtedness or Indebtedness held by a Subsidiary of the Issuer) of the
Issuer or any Restricted Subsidiary is reduced on the Issuer&#146;s
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">consolidated balance sheet upon the conversion or exchange after the Issue Date
of any such Indebtedness into or for Qualified Equity Interests, plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) in the case of the disposition or repayment of or return on any Investment
that was treated as a Restricted Payment made by the Issuer after the Issue Date, an
amount (to the extent not included in the computation of Consolidated Net Income)
equal to the lesser of (i)&nbsp;100.0% of the aggregate amount received by the Issuer or
any Restricted Subsidiary in cash or other property (valued at the Fair Market Value
thereof) as the return of capital with respect to such Investment and (ii)&nbsp;the
amount of such Investment that was treated as a Restricted Payment, in either case,
less the cost of the disposition of such Investment and net of taxes, plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) upon a Redesignation of an Unrestricted Subsidiary as a Restricted
Subsidiary, an amount (to the extent not included in the computation of Consolidated
Net Income) equal to the lesser of (i)&nbsp;the Fair Market Value of the Issuer&#146;s
proportionate interest in such Subsidiary immediately following such Redesignation,
and (ii)&nbsp;the aggregate amount of the Issuer&#146;s Investments in such Subsidiary to the
extent such Investments reduced the Restricted Payments Basket and were not
previously repaid or otherwise reduced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;Notwithstanding the foregoing, Section&nbsp;4.7(a) will not prohibit:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of (a)&nbsp;any dividend or redemption payment or the making of any
distribution within 60&nbsp;days after the date of declaration thereof if, on the date of
declaration, the dividend, redemption or distribution payment, as the case may be, would
have complied with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Restricted Payment made in exchange for, or out of the proceeds of, the
substantially concurrent issuance and sale of Qualified Equity Interests;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement
for value of Subordinated Indebtedness of the Issuer or any Guarantor in exchange for, or
out of the proceeds of, the substantially concurrent incurrence of, Refinancing Indebtedness
permitted to be incurred under Section&nbsp;4.9 and the other terms of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the purchase, repurchase, redemption, defeasance or other acquisition or retirement
for value of Subordinated Indebtedness of the Issuer or any Restricted Subsidiary (a)&nbsp;at a
purchase price not greater than 101% of the principal amount of such Subordinated
Indebtedness in the event of a Change of Control in accordance with provisions similar to
Section&nbsp;4.14 or (b)&nbsp;at a purchase price not greater than 100% of the principal amount
thereof in accordance with provisions similar to Section&nbsp;4.10; provided that, prior to or
simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition
or retirement, the Issuer has made the Change of Control Offer or Net Proceeds Offer, as
applicable, as provided in such covenant with respect to the Notes and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">has completed the repurchase or redemption of all Notes validly tendered for payment in
connection with such Change of Control Offer or Net Proceeds Offer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the redemption, repurchase or other acquisition or retirement for value of Equity
Interests of the Issuer held by officers, directors or employees or former officers,
directors or employees (or their transferees, estates or beneficiaries under their estates),
either (x)&nbsp;upon any such individual&#146;s death, disability, retirement, severance or
termination of employment or service or (y)&nbsp;pursuant to any equity subscription agreement,
stock option agreement, stockholders&#146; agreement or similar agreement; provided, in any case,
that the aggregate cash consideration paid for all such redemptions, repurchases or other
acquisitions or retirements shall not exceed (A)&nbsp;U.S.$5.0&nbsp;million during any calendar year
(with unused amounts in any calendar year being carried forward to the next succeeding
calendar year) plus (B)&nbsp;the amount of any net cash proceeds received by or contributed to
the Issuer from the issuance and sale after the Issue Date of Qualified Equity Interests to
its officers, directors or employees that have not been applied to the payment of Restricted
Payments pursuant to this clause (5), plus (C)&nbsp;the net cash proceeds of any &#147;key-man&#148; life
insurance policies that have not been applied to the payment of Restricted Payments pursuant
to this clause (5); and <I>provided further </I>that cancellation of Indebtedness owing to the
Issuer from members of management of the Issuer or any Restricted Subsidiary in connection
with a repurchase of Equity Interests of the Issuer will not be deemed to constitute a
Restricted Payment for purposes of this Section&nbsp;4.7 or any other provision of this
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (a)&nbsp;repurchases, redemptions or other acquisitions or retirements for value of
Equity Interests of the Issuer deemed to occur upon the exercise of stock options, warrants,
rights to acquire Equity Interests of the Issuer or other convertible securities to the
extent such Equity Interests of the Issuer represent a portion of the exercise or exchange
price thereof and (b)&nbsp;any repurchases, redemptions or other acquisitions or retirements for
value of Equity Interests of the Issuer made in lieu of withholding taxes in connection with
any exercise or exchange of stock options, warrants or other similar rights;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) dividends on Disqualified Equity Interests of the Issuer issued in compliance with
Section&nbsp;4.9 to the extent such dividends are included in the definition of Consolidated
Interest Expense;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the payment of cash in lieu of fractional Equity Interests of the Issuer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) payments or distributions to dissenting stockholders pursuant to applicable law in
connection with a merger, amalgamation, consolidation or transfer of assets that complies
with Section&nbsp;5.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) cash distributions by the Issuer to the holders of Equity Interests of the Issuer
in accordance with a distribution reinvestment plan or dividend reinvestment plan to the
extent such payments are applied to the purchase of Equity Interests directly from the
Issuer;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) payment of other Restricted Payments from time to time in an aggregate amount not
to exceed U.S.$100.0&nbsp;million; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) the repurchase, redemption or other acquisition or retirement for value of the
AIMCO Warrants in an aggregate amount not to exceed U.S.$50.0&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>provided that </I>(a)&nbsp;in the case of any Restricted Payment pursuant to clauses (4), (5)&nbsp;or (11)
above, no Default shall have occurred and be continuing or occur as a consequence thereof
(it being understood that the making of a Restricted Payment in reliance on clause (4), (5)
or (11)&nbsp;above shall not be deemed to be a Default under this Section&nbsp;4.7) and (b)&nbsp;no
issuance and sale of Qualified Equity Interests used to make a payment pursuant to clauses
(2)&nbsp;or (5)(B) above shall increase the Restricted Payments Basket to the extent of such
payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of determining compliance with any U.S. Dollar denominated restriction on
Restricted Payments denominated in a foreign currency, the U.S. Dollar equivalent amount of such
Restricted Payment shall be calculated based on the relevant currency exchange rate in effect on
the date that such Restricted Payment was made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary
except pursuant to Section&nbsp;4.18. For purposes of designating any Restricted Subsidiary as an
Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries
(except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted
Payments in an amount determined as set forth in the definition of &#147;Investment.&#148; Such designation
will be permitted only if a Restricted Payment in such amount would be permitted at such time and
if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.8. <U>Limitations on Dividend and Other Restrictions Affecting Restricted
Subsidiaries</U>. The Issuer shall not, and shall not permit any Restricted Subsidiary to,
directly or indirectly, create or otherwise cause or permit to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay dividends or make any other distributions on or in respect of its Equity
Interests to the Issuer or any of its Restricted Subsidiaries, or with respect to any other
interest or participation in, or measured by, its profits (it being understood that the
priority of any Preferred Stock in receiving dividends or liquidating distributions prior to
dividends or liquidating distributions being paid on Common Stock shall not be deemed a
restriction on the ability to make distributions on Equity Interests);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make loans or advances, or pay any Indebtedness or other obligation owed, to the
Issuer or any other Restricted Subsidiary (it being understood that the subordination of
loans or advances made to the Issuer or any Restricted Subsidiary to other Indebtedness or
obligations incurred by the Issuer or any Restricted Subsidiary shall not be deemed a
restriction on the ability to make loans or advances); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfer any of its property or assets to the Issuer or any other Restricted
Subsidiary (it being understood that such transfers shall not include any type of transfer
described in clause (a)&nbsp;or (b)&nbsp;above);
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">except for, in each case:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) encumbrances or restrictions existing under agreements existing on the Issue Date
(including, without limitation, the Credit Agreement, the AIMCO Indenture and the Sale and
Repurchase Agreement) as in effect on that date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) encumbrances or restrictions existing under this Indenture, the Notes and the
Guarantees;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any instrument governing Acquired Indebtedness or Equity Interests of a Person
acquired by the Issuer or any of its Restricted Subsidiaries, which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person,
other than the Person or the properties or assets of the Person so acquired;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any agreement or other instrument of a Person acquired by the Issuer or any of its
Restricted Subsidiaries in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person and its Subsidiaries, or the
property or assets of the Person and its Subsidiaries, so acquired (including after acquired
property);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any amendment, restatement, modification, renewal, supplement, refunding,
replacement or refinancing of an agreement referred to in clauses (1), (2), (3), (4), (5)&nbsp;or
(10); <I>provided</I>, <I>however</I>, that such amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings are, in the good faith judgment of the
Issuer, no more restrictive than the encumbrances and restrictions contained in the
agreements referred to in clauses (1), (2), (3)&nbsp;or (4)&nbsp;of this Section&nbsp;4.8(c) on the Issue
Date or the date such Restricted Subsidiary became a Restricted Subsidiary or was merged
into a Restricted Subsidiary, whichever is applicable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) encumbrances or restrictions existing under or by reason of applicable law,
regulation or order;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) non-assignment provisions of any contract or any lease entered into in the ordinary
course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) in the case of clause (c)&nbsp;above, Liens permitted to be incurred under the
provisions of Section&nbsp;4.12 that limit the right of the debtor to dispose of the assets
securing such Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) restrictions imposed under any agreement to sell Equity Interests or assets, as
permitted under this Indenture, to any Person pending the closing of such sale;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any other agreement governing Indebtedness or other obligations entered into after
the Issue Date that either (A)&nbsp;contains encumbrances and restrictions that are not
materially more restrictive with respect to any Restricted Subsidiary than those in effect
on the Issue Date with respect to that Restricted Subsidiary pursuant to agreements in
effect on the Issue Date or (B)&nbsp;any such encumbrance or restriction contained in such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Indebtedness that is customary and does not prohibit (except upon a default or an event
of default thereunder) the payment of dividends in an amount sufficient, as determined by
the board of directors of the Issuer in good faith, to make scheduled payments of cash
interest and principal on the Notes when due;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) customary provisions in partnership agreements, limited liability company
organizational governance documents, joint venture agreements, shareholder agreements and
other similar agreements entered into in the ordinary course of business that restrict the
disposition or distribution of ownership interests in or assets of such partnership, limited
liability company, joint venture, corporation or similar Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Purchase Money Indebtedness and any Refinancing Indebtedness in respect thereof
incurred in compliance with Section&nbsp;4.9 that imposes restrictions of the nature described in
Section&nbsp;4.8(c) on the assets acquired; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) restrictions on cash or other deposits or net worth imposed by customers,
suppliers or landlords under contracts entered into in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.9. <U>Limitations on Additional Indebtedness</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, incur any Indebtedness (including Acquired Indebtedness); <I>provided </I>that the Issuer or
any Restricted Subsidiary may incur additional Indebtedness (including Acquired Indebtedness), in
each case, if, after giving effect thereto on a pro forma basis, the Consolidated Interest Coverage
Ratio would be at least 2.00 to 1.00 (the &#147;<I>Coverage Ratio Exception</I>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the above, each of the following incurrences of Indebtedness shall be
permitted (the &#147;<I>Permitted Indebtedness</I>&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Indebtedness of the Issuer and any Restricted Subsidiary under the Credit
Facilities in an aggregate principal amount at any time outstanding, including the issuance
and creation of letters of credit and bankers&#146; acceptances thereunder (with letters of
credit and bankers&#146; acceptances being deemed to have a principal amount equal to the face
amount thereof) not to exceed the greater of (a)&nbsp;U.S.$750.0&nbsp;million or (b)&nbsp;25.0% of the
Issuer&#146;s Consolidated Tangible Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Indebtedness under (a)&nbsp;the Initial Notes and the Guarantees issued on the Issue
Date and (b)&nbsp;the Exchange Notes and the Guarantees in respect thereof issued pursuant to the
Registration Rights Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Indebtedness of the Issuer and its Restricted Subsidiaries to the extent
outstanding on the Issue Date after giving effect to the use of proceeds of the Notes (other
than Indebtedness referred to in clause (1), (2), (4), (6), (7), (8), (9), (10), (12)&nbsp;and
(16));
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) guarantees by (a)&nbsp;the Issuer or Guarantors of Indebtedness permitted to be incurred
in accordance with the provisions of this Indenture; <I>provided </I>that in the event such
Indebtedness that is being guaranteed is Subordinated Indebtedness, then the related
Guarantee shall be subordinated in right of payment to the Notes or the Guarantee, as the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">case may be, and (b)&nbsp;Guarantees of Indebtedness incurred by Restricted Subsidiaries
that are not Guarantors in accordance with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Indebtedness under Hedging Obligations entered into for bona fide hedging purposes
of the Issuer or any Restricted Subsidiary in the ordinary course of business and not for
the purpose of speculation; provided that in the case of Hedging Obligations relating to
interest rates, (a)&nbsp;such Hedging Obligations relate to payment obligations on Indebtedness
otherwise permitted to be incurred by this Section&nbsp;4.9, and (b)&nbsp;the notional principal
amount of such Hedging Obligations at the time incurred does not exceed the principal amount
of the Indebtedness to which such Hedging Obligations relate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Indebtedness of the Issuer owed to and held by a Restricted Subsidiary and
Indebtedness of any Restricted Subsidiary owed to and held by the Issuer or any other
Restricted Subsidiary; <I>provided</I>, <I>however</I>, that
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Issuer is the obligor on Indebtedness and a Restricted Subsidiary
that is not a Guarantor is the obligee, such Indebtedness is expressly subordinated
to the prior payment in full in cash of all obligations with respect to the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a Guarantor is the obligor on such Indebtedness and a Restricted
Subsidiary that is not a Guarantor is the obligee, such Indebtedness is subordinated
in right of payment to the Guarantee of such Guarantor; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subsequent issuance or transfer of Equity Interests or any
other event which results in any such Indebtedness being held by a Person
other than the Issuer or any other Restricted Subsidiary; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale or other transfer of any such Indebtedness to a Person
other than the Issuer or any other Restricted Subsidiary
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">shall be deemed, in each case of this clause (c), to constitute an incurrence of
such Indebtedness not permitted by this clause (6);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Indebtedness in respect of workers&#146; compensation claims, bank guarantees, warehouse
receipt or similar facilities, property, casualty or liability insurance, take-or-pay
obligations in supply arrangements, self-insurance obligations or completion, performance,
bid performance, appeal or surety bonds in the ordinary course of business, including
guarantees or obligations with respect to letters of credit supporting such workers&#146;
compensation claims, bank guarantees, warehouse receipt or similar facilities, property,
casualty or liability insurance, take-or-pay obligations in supply arrangements,
self-insurance obligations or completion, performance, bid performance, appeal or surety
bonds;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Purchase Money Indebtedness incurred by the Issuer or any Restricted Subsidiary
after the Issue Date, and Refinancing Indebtedness thereof, in an aggregate principal amount
not to exceed at any time outstanding the greater of (a)&nbsp;U.S.$75.0&nbsp;million or (b)&nbsp;2.5% of
the Issuer&#146;s Consolidated Tangible Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument inadvertently (except in the case of daylight
overdrafts) drawn against insufficient funds in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Indebtedness arising in connection with endorsement of instruments for deposit in
the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Refinancing Indebtedness of the Issuer or any Restricted Subsidiary with respect
to Indebtedness incurred pursuant to the Coverage Ratio Exception, clause (2), (3)&nbsp;or (8)
above, this clause (11), or clause (17)&nbsp;or (18)&nbsp;below;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) indemnification, adjustment of purchase price, earn-out or similar obligations, in
each case, incurred or assumed in connection with the acquisition or disposition of any
business or assets of the Issuer or any Restricted Subsidiary or Equity Interests of a
Restricted Subsidiary, other than guarantees of Indebtedness incurred by any Person
acquiring all or any portion of such business, assets or Equity Interests for the purpose of
financing or in contemplation of any such acquisition; provided that (a)&nbsp;any amount of such
obligations included on the face of the balance sheet of the Issuer or any Restricted
Subsidiary shall not be permitted under this clause (12) (contingent obligations referred to
on the face of a balance sheet or in a footnote thereto and not otherwise quantified and
reflected on the balance sheet will not be deemed &#147;included on the face of the balance
sheet&#148; for purposes of the foregoing) and (b)&nbsp;in the case of a disposition, the maximum
aggregate liability in respect of all such obligations outstanding under this clause (12)
shall at no time exceed the gross proceeds actually received by the Issuer and the
Restricted Subsidiaries in connection with such disposition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Indebtedness of Foreign Restricted Subsidiaries in an aggregate amount outstanding
at any one time not to exceed the greater of (a)&nbsp;U.S.$50.0&nbsp;million or (b)&nbsp;10.0% of such
Foreign Restricted Subsidiaries&#146; Consolidated Tangible Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) additional Indebtedness of the Issuer or any Restricted Subsidiary in an aggregate
principal amount which, when taken together with the principal amount of all other
Indebtedness incurred pursuant to this clause (14)&nbsp;and then outstanding, will not exceed the
greater of (a)&nbsp;U.S.$150.0&nbsp;million or (b)&nbsp;5.0% of the Issuer&#146;s Consolidated Tangible Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Indebtedness in respect of Specified Cash Management Agreements entered into in
the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Indebtedness incurred under one or more short-term operating facilities provided
by Royal Bank of Canada and/or other lenders or the respective affiliates thereof to the
Issuer and/or any Restricted Subsidiary providing for borrowings to be made and/or letters
of credit to be issued pursuant thereto in an aggregate principal
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">amount, together with any Refinancing Indebtedness thereof, not to exceed U.S.$100.0
million, at any one time outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Indebtedness incurred to finance the Contingent Tax Liabilities in an aggregate
principal amount not to exceed U.S.$200.0&nbsp;million at any one time outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Indebtedness of Persons incurred and outstanding on the date on which such Person
was acquired by the Issuer or any Restricted Subsidiary, or merged or consolidated with or
into the Issuer or any Restricted Subsidiary (other than Indebtedness incurred in connection
with, or in contemplation of, such acquisition, merger or consolidation);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>provided, however, </I>that at the time such Person or assets is/are acquired by the Issuer or a
Restricted Subsidiary, or merged or consolidated with the Issuer or any Restricted
Subsidiary and after giving pro forma effect to the incurrence of such Indebtedness pursuant
to this clause (18)&nbsp;and any other related Indebtedness, either (i)&nbsp;the Issuer would have
been able to incur U.S.$1.00 of additional Indebtedness pursuant to the first paragraph of
this covenant; or (ii)&nbsp;the Consolidated Interest Coverage Ratio of the Issuer and its
Restricted Subsidiaries would be greater than or equal to such Consolidated Interest
Coverage Ratio immediately prior to such acquisition, merger or consolidation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Indebtedness representing deferred compensation to directors, officers, members of
management or employees (in their capacities as such) of the Issuer or any Restricted
Subsidiary and incurred in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining compliance with this Section&nbsp;4.9, in the event that an item of
Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness
described in clauses (1)&nbsp;through (19)&nbsp;above or is entitled to be incurred pursuant to the Coverage
Ratio Exception, the Issuer shall, in its sole discretion, classify such item of Indebtedness and
may divide and classify such Indebtedness in more than one of the types of Indebtedness described,
except that Indebtedness incurred under the Credit Agreement on the Issue Date shall be deemed to
have been incurred under clause (1)&nbsp;above, and may later reclassify any item of Indebtedness
described in clauses (1)&nbsp;through (19)&nbsp;above (provided that at the time of reclassification it meets
the criteria in such category or categories). In addition, for purposes of determining any
particular amount of Indebtedness under this Section&nbsp;4.9, (i)&nbsp;guarantees, Liens or letter of credit
obligations supporting Indebtedness otherwise included in the determination of such particular
amount shall not be included so long as incurred by a Person that could have incurred such
Indebtedness; and (ii)&nbsp;the amount of Indebtedness issued at a price that is less than the principal
amount thereof will be equal to the amount of the liability in respect thereof determined in
accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of determining compliance with any U.S. Dollar denominated restriction on the
incurrence of Indebtedness denominated in a foreign currency, the U.S. Dollar equivalent principal
amount of such Indebtedness incurred pursuant thereto shall be calculated based on the relevant
currency exchange rate in effect on the earlier of the date that such Indebtedness was
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">incurred, in the case of term Indebtedness, or first committed, in the case of revolving
credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness
denominated in a foreign currency, and such refinancing would cause the applicable U.S.
dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate
in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed
not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not
exceed the principal amount of such Indebtedness being refinanced. The principal amount of any
Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable
to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the
date of such refinancing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Issuer shall not permit any of its Unrestricted Subsidiaries to incur any
Indebtedness other than Non-Recourse Debt. If at any time an Unrestricted Subsidiary becomes a
Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be incurred by a
Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be incurred as
of such date under this Section&nbsp;4.9, the Issuer shall be in Default of this Section&nbsp;4.9).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.10. <U>Limitations on Asset Sales</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, consummate any Asset Sale unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Issuer or such Restricted Subsidiary, as the case may be, receives
consideration at least equal to the Fair Market Value (such Fair Market Value to be
determined on the date of contractually agreeing to such Asset Sale) of the shares and
assets subject to such Asset Sale; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at least 75.0% of the total consideration from such Asset Sale received by the
Issuer or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash
Equivalents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of clause (2)&nbsp;above and for no other purpose, the following shall be deemed to be
cash:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount (without duplication) of any Indebtedness (other than Subordinated
Indebtedness or intercompany Indebtedness) of the Issuer or such Restricted Subsidiary that
is expressly assumed by the transferee of any such assets pursuant to a written novation
agreement that releases the Issuer or such Restricted Subsidiary from further liability
therefor,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any securities, notes or other obligations received from such
transferee that are within 180&nbsp;days after such Asset Sale converted by the Issuer or such
Restricted Subsidiary into cash (to the extent of the cash actually so received),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Designated Non-cash Consideration received by the Issuer or any of its
Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken
together with all other Designated Non-cash Consideration received pursuant to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">this Section&nbsp;4.10(a)(2)(c) that is at that time outstanding, not to exceed the greater
of (i)&nbsp;U.S.$75.0&nbsp;million or (ii)&nbsp;2.5% of the Issuer&#146;s Consolidated Tangible Assets at the
time of receipt of such Designated Non-cash Consideration, with the Fair Market Value of
each item of Designated Non-cash Consideration being measured at the time received and
without giving effect to subsequent changes in value, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Fair Market Value of (i)&nbsp;any assets (other than securities) received by the
Issuer or any Restricted Subsidiary to be used by it in a Permitted Business, (ii)&nbsp;Equity
Interests in a Person that is a Restricted Subsidiary or in a Person engaged in a Permitted
Business that shall become a Restricted Subsidiary immediately upon the acquisition of such
Person by the Issuer or (iii)&nbsp;a combination of (i)&nbsp;and (ii).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time any non-cash consideration received by the Issuer or any Restricted Subsidiary,
as the case may be, in connection with any Asset Sale is repaid or converted into or sold or
otherwise disposed of for cash (other than interest received with respect to any such non-cash
consideration), then the date of such repayment, conversion or disposition shall be deemed to
constitute the date of an Asset Sale hereunder and the Net Available Proceeds thereof shall be
applied in accordance with this Section&nbsp;4.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Asset Sale pursuant to a condemnation, appropriation or other similar taking, including by
deed in lieu of condemnation, or pursuant to the foreclosure or other enforcement of a Permitted
Lien or exercise by the related lienholder of rights with respect thereto, including by deed or
assignment in lieu of foreclosure shall not be required to satisfy the conditions set forth in
clauses (1)&nbsp;and (2)&nbsp;of this Section&nbsp;4.10(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the 75.0% limitation referred to above shall be deemed
satisfied with respect to any Asset Sale in which the cash or Cash Equivalents portion of the
consideration received therefrom, determined in accordance with the foregoing provision on an
after-tax basis, is equal to or greater than what the after-tax proceeds would have been had such
Asset Sale complied with the aforementioned 75.0% limitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Issuer or any Restricted Subsidiary engages in an Asset Sale, the Issuer or such
Restricted Subsidiary shall, no later than 365&nbsp;days following the consummation thereof, apply all
or any of the Net Available Proceeds therefrom to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) permanently reduce (and permanently reduce commitments with respect thereto): (x)
obligations under the Credit Agreement and/or (y)&nbsp;Indebtedness of the Issuer or a Restricted
Subsidiary that is secured by a Lien (in each case other than any Disqualified Equity
Interests or Subordinated Indebtedness, and other than Indebtedness owed to the Issuer or an
Affiliate of the Issuer);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) permanently reduce obligations under other Indebtedness of the Issuer or a
Restricted Subsidiary (in each case other than any Disqualified Equity Interests or
Subordinated Indebtedness, and other than Indebtedness owed to the Issuer or an Affiliate of
the Issuer); provided that the Issuer shall equally and ratably reduce obligations under the
Notes as provided under Section&nbsp;3.7, through open market purchases (to the extent such
purchases are at or above 100% of the principal amount thereof) or by making an
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">offer (in accordance with the procedures set forth below for a Net Proceeds Offer) to
all Holders to purchase their Notes at 100% of the principal amount thereof, plus the amount
of accrued but unpaid interest, if any, on the amount of Notes that would otherwise be
prepaid; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) (A)&nbsp;make any capital expenditure or otherwise invest all or any part of the Net
Available Proceeds thereof in the purchase of assets (other than securities and excluding
working capital or current assets for the avoidance of doubt) to be used by the Issuer or
any Restricted Subsidiary in a Permitted Business, (B)&nbsp;acquire Qualified Equity Interests
held by a Person other than the Issuer or any of its Restricted Subsidiaries in a Person
that is a Restricted Subsidiary or in a Person engaged in a Permitted Business that shall
become a Restricted Subsidiary immediately upon the consummation of such acquisition or (C)
a combination of (A)&nbsp;and (B).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of Net Available Proceeds not applied or invested as provided in clauses (1)
through (3)&nbsp;of this Section&nbsp;4.10(b) shall constitute &#147;<I>Excess Proceeds</I>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;On the 366th day after an Asset Sale (or, at the Issuer&#146;s option, an earlier date), if the
aggregate amount of Excess Proceeds equals or exceeds U.S.$50.0&nbsp;million, the Issuer shall be
required to make an offer to purchase or redeem (a &#147;<I>Net Proceeds Offer</I>&#148;) from all Holders and, to
the extent required by the terms of other Pari Passu Indebtedness of the Issuer, to all holders of
other Pari Passu Indebtedness outstanding with similar provisions requiring the Issuer to make an
offer to purchase or redeem such Pari Passu Indebtedness with the proceeds from any Asset Sale, to
purchase or redeem the maximum principal amount of Notes and any such Pari Passu Indebtedness to
which the Net Proceeds Offer applies that may be purchased or redeemed out of the Excess Proceeds,
at an offer price in cash in an amount equal to 100% of the principal amount of Notes and Pari
Passu Indebtedness plus accrued and unpaid interest thereon, if any, to the date of purchase, in
accordance with the procedures set forth in this Indenture or the agreements governing the Pari
Passu Indebtedness, as applicable, in each case in denominations of U.S.$2,000 or integral
multiples of U.S.$1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the sum of the aggregate principal amount of Notes and Pari Passu
Indebtedness so validly tendered pursuant to a Net Proceeds Offer is less than the Excess Proceeds,
the Issuer may use any remaining Excess Proceeds, or a portion thereof, for any purposes not
otherwise prohibited by the provisions of this Indenture. If the aggregate principal amount of
Notes and Pari Passu Indebtedness so validly tendered pursuant to a Net Proceeds Offer exceeds the
amount of Excess Proceeds, the Issuer shall select the Notes and Pari Passu Indebtedness to be
purchased on a pro rata basis on the basis of the aggregate outstanding principal amount of Notes
and Pari Passu Indebtedness. Upon completion of such Net Proceeds Offer in accordance with the
foregoing provisions, the amount of Excess Proceeds with respect to which such Net Proceeds Offer
was made shall be deemed to be zero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Net Proceeds Offer will remain open for a period of 20 Business Days following its
commencement, except to the extent that a longer period is required by applicable law (the &#147;<I>Net
Proceeds Offer Period</I>&#148;)<I>. </I>No later than five Business Days after the termination of the Net
Proceeds Offer Period (the &#147;<I>Net Proceeds Purchase Date</I>&#148;), the Issuer will purchase the principal
amount of Notes and Pari Passu Indebtedness required to be purchased pursuant to this
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.10 (the &#147;<I>Net Proceeds Offer Amount</I>&#148;) or, if less than the Net Proceeds Offer Amount
has been so validly tendered, all Notes and Pari Passu Indebtedness validly tendered in response to
the Net Proceeds Offer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Net Proceeds Purchase Date is on or after an interest record date and on or before the
related interest payment date, any accrued and unpaid interest will be paid to the Person in whose
name a Note is registered at the close of business on such record date, and no additional interest
will be payable to Holders who tender Notes pursuant to the Net Proceeds Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending the final application of any Net Available Proceeds pursuant to this Section&nbsp;4.10, the
holder of such Net Available Proceeds may apply such Net Available Proceeds temporarily to reduce
Indebtedness outstanding under a revolving Credit Facility or otherwise invest such Net Available
Proceeds in any manner not prohibited by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the Net Proceeds Purchase Date, the Issuer will, to the extent lawful, accept for
payment, on a pro rata basis to the extent necessary, the Net Proceeds Offer Amount of Notes and
Pari Passu Indebtedness or portions of Notes and Pari Passu Indebtedness so validly tendered and
not properly withdrawn pursuant to the Net Proceeds Offer, or if less than the Net Proceeds Offer
Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Indebtedness
so validly tendered and not properly withdrawn, in each case in denominations of U.S.$2,000 and
integral multiples of U.S.$1,000 in excess thereof. The Issuer will deliver to the U.S. Trustee an
Officers&#146; Certificate stating that such Notes or portions thereof were accepted for payment by the
Issuer in accordance with the terms of this Section&nbsp;4.10 and, in addition, the Issuer will deliver
all certificates and notes required, if any, by the agreements governing the Pari Passu
Indebtedness. The Issuer or the Paying Agent, as the case may be, will promptly (but in any case
not later than five Business Days after termination of the Net Proceeds Offer Period) mail or
deliver to each tendering Holder and the Issuer will mail or deliver to each tendering holder or
lender of Pari Passu Indebtedness, as the case may be, an amount equal to the purchase price of the
Notes or Pari Passu Indebtedness so validly tendered and not properly withdrawn by such holder or
lender, as the case may be, and accepted by the Issuer for purchase, and the Issuer will promptly
issue a new Note, and the U.S. Trustee, upon delivery of an Officers&#146; Certificate from the Issuer,
will authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to
any unpurchased portion of the Note surrendered; provided that each such new Note will be in a
principal amount of U.S.$2,000 or an integral multiple of U.S.$1,000 in excess thereof. In
addition, the Issuer will take any and all other actions required by the agreements governing the
Pari Passu Indebtedness. Any Note not so accepted will be promptly mailed or delivered by the
Issuer to the Holder thereof. The Issuer will publicly announce the results of the Net Proceeds
Offer on the Net Proceeds Purchase Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the sale, conveyance or other disposition of all or
substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole,
will be governed by Section&nbsp;4.14 and/or Section&nbsp;5.1 and not by this Section&nbsp;4.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall comply with all applicable securities laws and regulations in Canada and the
United States, including, without limitation, the requirements of Rule&nbsp;14e-1 under the Exchange Act
and any other applicable laws and regulations in connection with the purchase of Notes pursuant to
a Net Proceeds Offer. To the extent that the provisions of any applicable
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities laws or regulations conflict with this Section&nbsp;4.10, the Issuer shall comply with
the applicable securities laws and regulations and will not be deemed to have breached its
obligations under this Section&nbsp;4.10 by virtue of such compliance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.11. <U>Limitation on Transactions with Affiliates</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, in one transaction or a series of related transactions, sell, lease, transfer or
otherwise dispose of any of its assets to, or purchase any assets from, or enter into any contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (an
&#147;<I>Affiliate Transaction</I>&#148;), involving aggregate payments or consideration in excess of U.S.$2.5
million, unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the terms of such Affiliate Transaction are no less favorable in all material
respects to the Issuer or such Restricted Subsidiary, as the case may be, than those that
would have been obtained in a comparable transaction at the time of such transaction in
arm&#146;s length dealings with a Person who is not such an Affiliate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Issuer delivers to the U.S. Trustee, with respect to any Affiliate Transaction
involving aggregate value in excess of U.S.$25.0&nbsp;million, an Officers&#146; Certificate
certifying that such Affiliate Transaction complies with clause (1)&nbsp;above and a Secretary&#146;s
Certificate which sets forth and authenticates a resolution that has been adopted by the
Independent Directors approving such Affiliate Transaction; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Issuer delivers to the U.S. Trustee, with respect to any Affiliate Transaction
(other than a transaction with AIMCO) involving aggregate value in excess of U.S.$50.0
million, an opinion as to the fairness to the Issuer or such Restricted Subsidiary of such
Affiliate Transaction from a financial point of view or that the Affiliate Transaction
complies with Section&nbsp;4.11(a)(1), in each case as determined by a Canadian or U.S.
nationally recognized accounting, appraisal or investment banking firm.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;The foregoing restrictions shall not apply to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) transactions exclusively between or among (a)&nbsp;the Issuer and one or more Restricted
Subsidiaries or (b)&nbsp;Restricted Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reasonable director, trustee, officer and employee compensation (including bonuses)
and other benefits (including pursuant to any employment agreement or any retirement,
health, stock option or other benefit plan), payments or loans (or cancellation of loans) to
employees of the Issuer and indemnification arrangements, in each case, as determined in
good faith by the Issuer&#146;s Board of Directors or senior management;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the entering into of a tax sharing agreement, or payments pursuant thereto, between
the Issuer and/or one or more Subsidiaries, on the one hand, and any other Person with which
the Issuer or such Subsidiaries are required or permitted to file a consolidated tax return
or with which the Issuer or such Subsidiaries are part of a consolidated group for tax
purposes to be used by such Person to pay taxes, and which
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">payments by the Issuer and the Restricted Subsidiaries are not in excess of the tax
liabilities that would have been payable by them on a stand-alone basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any Permitted Investments (other than pursuant to clause (1)&nbsp;of the definition
thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any Restricted Payments which are made in accordance with Section&nbsp;4.7;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any agreement in effect on the Issue Date or as thereafter amended or replaced in
any manner that, taken as a whole, is not more disadvantageous to the Holders or the Issuer
in any material respect than such agreement as it was in effect on the Issue Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any transaction with a Person (other than an Unrestricted Subsidiary of the Issuer)
which would constitute an Affiliate of the Issuer solely because the Issuer or a Restricted
Subsidiary owns an equity interest in or otherwise controls such Person; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) (a)&nbsp;any transaction with an Affiliate where the only consideration paid by the
Issuer or any Restricted Subsidiary is Qualified Equity Interests or (b)&nbsp;the issuance or
sale of any Qualified Equity Interests and the granting of registration and other customary
rights in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.12. <U>Limitations on Liens</U>. The Issuer shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, create, incur, assume or permit or suffer to
exist any Lien (other than Permitted Liens) upon any of their property or assets (including Equity
Interests of any Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired,
which Lien secures Indebtedness or trade payables, unless contemporaneously with the incurrence of
such Lien:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of any Lien securing an obligation that ranks <I>pari passu </I>with the Notes
or a Guarantee, effective provision is made to secure the Notes or such Guarantee, as the
case may be, at least equally and ratably with or prior to such obligation with a Lien on
the same collateral; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of any Lien securing an obligation that is subordinated in right of
payment to the Notes or a Guarantee, effective provision is made to secure the Notes or such
Guarantee, as the case may be, with a Lien on the same collateral that is senior to the Lien
securing such subordinated obligation,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in each case, for so long as such obligation is secured by such Lien.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.13. <U>Payments for Consent</U>. The Issuer will not, and will not permit any of
its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for
the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of
any of the terms or provisions of this Indenture or the Notes unless such consideration is offered
to be paid and is paid to all Holders of the Notes that so consent, waive or agree to amend in the
time frame set forth in the solicitation documents relating to such consent, waiver or agreement.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.14. <U>Offer to Purchase upon Change of Control</U>. Upon the occurrence of any
Change of Control, unless the Issuer has previously or concurrently exercised its right to redeem
all of the Notes as described under Section&nbsp;3.7, each Holder will have the right to require that
the Issuer purchase all or any portion (equal to U.S.$2,000 or an integral multiple of U.S.$1,000
in excess thereof) of that Holder&#146;s Notes for a cash price (the &#147;<I>Change of Control Purchase Price</I>&#148;)
equal to 101.0% of the principal amount of the Notes to be purchased, plus accrued and unpaid
interest and Additional Interest, if any, thereon to the date of purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 30&nbsp;days following any Change of Control, the Issuer will deliver, or caused to be
delivered, to the Holders, with a copy to the Trustees, a notice:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) describing the transaction or transactions that constitute the Change of Control;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) offering to purchase, pursuant to the procedures required by this Indenture and
described in the notice (a &#147;<I>Change of Control Offer</I>&#148;), on a date specified in the notice,
which shall be a Business Day not earlier than 30&nbsp;days, nor later than 60&nbsp;days, from the
date the notice is delivered (the &#147;<I>Change of Control Payment Date</I>&#148;), and for the Change of
Control Purchase Price, all Notes properly tendered by such Holder pursuant to such Change
of Control Offer; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) describing the procedures, as determined by the Issuer, consistent with this
Indenture, that Holders must follow to accept the Change of Control Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Business Day immediately preceding the Change of Control Payment Date, the Issuer will,
to the extent lawful, deposit with the Paying Agent an amount equal to the Change of Control
Purchase Price in respect of the Notes or portions of Notes properly tendered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Change of Control Payment Date, the Issuer will, to the extent lawful:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) accept for payment all Notes or portions of Notes (of U.S.$2,000 or integral
multiples of U.S.$1,000 in excess thereof) properly tendered pursuant to the Change of
Control Offer; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver or cause to be delivered to the U.S. Trustee the Notes so accepted together
with an Officers&#146; Certificate stating the aggregate principal amount of Notes or portions of
Notes being purchased by the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Paying Agent will promptly deliver to each Holder who has so tendered Notes the Change of
Control Purchase Price for such Notes, and the U.S. Trustee will promptly authenticate and mail (or
cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes so tendered, if any; provided that each such new Note will be in a
principal amount of U.S.$2,000 or integral multiples of U.S.$1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Change of Control Payment Date is on or after an interest record date and on or before
the related interest payment date, any accrued and unpaid interest, if any, will be paid on
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the relevant interest payment date to the Person in whose name a Note is registered at the
close of business on such record date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Change of Control Offer shall remain open for at least 20 Business Days or for such longer
period as is required by law. The Issuer shall publicly announce the results of the Change of
Control Offer on or as soon as practicable after the Change of Control Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer&#146;s obligation to make a Change of Control Offer shall be satisfied if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer
and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall comply with all applicable securities legislation in Canada and the United
States, including, without limitation, the requirements of Rule&nbsp;14e-l under the Exchange Act and
any other applicable laws and regulations in connection with the purchase of Notes pursuant to a
Change of Control Offer. To the extent that the provisions of any applicable securities laws or
regulations conflict with this Section&nbsp;4.14, the Issuer shall comply with the applicable securities
laws and regulations and shall not be deemed to have breached its obligations under this Section
4.14 by virtue of such compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions under this Indenture relating to the Issuer&#146;s obligation to make a Change of
Control Offer may be waived, modified or terminated prior to the occurrence of the triggering
Change of Control with the written consent of the Holders of a majority in principal amount of the
Notes then outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be
made in advance of a Change of Control, conditional upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control
Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.15. <U>Corporate Existence</U>. Subject to Section&nbsp;4.14 and Article&nbsp;V, as the case
may be, the Issuer shall do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and the corporate, partnership, limited liability company
or other existence of each of its Subsidiaries in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Issuer or any such Subsidiary and
the rights (charter and statutory), licenses and franchises of the Issuer and its Subsidiaries;
<I>provided </I>that the Issuer shall not be required to preserve any such right, license or franchise, or
the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors
of the Issuer shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof is
not adverse in any material respect to the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.16. <U>Business Activities</U>. The Issuer shall engage, and shall cause its
Restricted Subsidiaries to engage, only in businesses that, when considered together as a single
enterprise, are primarily the Permitted Business.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.17. <U>Additional Guarantees</U>. If any Restricted Subsidiary of the Issuer shall
guarantee any Indebtedness of the Issuer or any Guarantor under a Credit Facility or under debt
securities issued in the capital markets except for any such Subsidiary if the Fair Market Value of
the assets of such Subsidiary together with the Fair Market Value of the assets of any other
Subsidiaries that guaranteed such Indebtedness of the Issuer or any Guarantor but did not guarantee
the Notes, does not exceed U.S.$20.0&nbsp;million in the aggregate, then the Issuer shall cause such
Restricted Subsidiary to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) execute and deliver to each of the Trustees a supplemental indenture in
substantially the form attached hereto as <U>Exhibit&nbsp;B</U>, pursuant to which such
Restricted Subsidiary shall unconditionally guarantee, on a joint and several basis, the
full and prompt payment of the principal of, premium, if any, and interest (including
Additional Interest, if any) in respect of the Notes on a senior basis and all other
obligations of the Issuer under this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver to the Trustees one or more Opinions of Counsel that such supplemental
indenture (a)&nbsp;has been duly authorized, executed and delivered by such Restricted Subsidiary
and (b)&nbsp;constitutes a valid and legally binding obligation of such Restricted Subsidiary in
accordance with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.18. <U>Limitations on Designation of Unrestricted Subsidiaries</U>. The Board of
Directors of the Issuer may designate any Subsidiary (including any newly formed or newly acquired
Subsidiary or a Person becoming a Subsidiary through merger or consolidation or Investment therein)
of the Issuer as an &#147;Unrestricted Subsidiary&#148; under this Indenture (a &#147;<I>Designation</I>&#148;) only if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no Default shall have occurred and be continuing at the time of or after giving
effect to such Designation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Issuer would be permitted to make, at the time of such Designation, (a)&nbsp;a
Permitted Investment or (b)&nbsp;an Investment pursuant to Section&nbsp;4.7(a), in either case, in an
amount (the &#147;<I>Designation Amount</I>&#148;) equal to the Fair Market Value of the Issuer&#146;s
proportionate interest in such Subsidiary on such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">No Subsidiary shall be Designated as an &#147;Unrestricted Subsidiary&#148; unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all of the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date
of Designation, consist of Non-Recourse Debt, except for any guarantee given solely to
support the pledge by the Issuer or any Restricted Subsidiary of the Equity Interests of
such Unrestricted Subsidiary, which guarantee is not recourse to the Issuer or any
Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) on the date such Subsidiary is Designated an Unrestricted Subsidiary, such
Subsidiary is not party to any agreement, contract, arrangement or understanding with the
Issuer or any Restricted Subsidiary unless the terms of the agreement, contract, arrangement
or understanding are no less favorable in any material respect to the Issuer or the
Restricted Subsidiary than those that would be obtained at the time from Persons who are not
Affiliates of the Issuer;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Subsidiary is a Person with respect to which neither the Issuer nor any of its
Restricted Subsidiaries has any direct or indirect obligation (a)&nbsp;to subscribe for
additional Equity Interests of such Person or (b)&nbsp;to maintain or preserve the Person&#146;s
financial condition or to cause the Person to achieve any specified levels of operating
results; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) such Subsidiary has not guaranteed or otherwise directly or indirectly provided
credit support for any Indebtedness of the Issuer or any Restricted Subsidiary, except for
any guarantee given solely to support the pledge by the Issuer or any Restricted Subsidiary
of the Equity Interests of such Unrestricted Subsidiary, which guarantee is not recourse to
the Issuer or any Restricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Designation by the Board of Directors of the Issuer shall be evidenced to each of the
Trustee by filing with each Trustee a resolution of the Board of Directors of the Issuer giving
effect to such Designation and an Officers&#146; Certificate certifying that such Designation complies
with the foregoing conditions. If, at any time, any Unrestricted Subsidiary fails to meet the
preceding requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of the Subsidiary and
any Liens on assets of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary at
such time and, if the Indebtedness is not permitted to be incurred under Section&nbsp;4.9 or the Lien is
not permitted under Section&nbsp;4.12, the Issuer shall be in default of the applicable covenant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Issuer may redesignate an Unrestricted Subsidiary as a
Restricted Subsidiary (a &#147;<I>Redesignation</I>&#148;) only if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no Default shall have occurred and be continuing at the time of and after giving
effect to such Redesignation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all Liens, Indebtedness and Investments of such Unrestricted Subsidiary outstanding
immediately following such Redesignation would, if incurred or made at such time, have been
permitted to be incurred or made for all purposes of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Redesignation shall be evidenced to each of the Trustees by filing with each Trustee
a resolution of the Board of Directors of the Issuer giving effect to such designation and an
Officers&#146; Certificate certifying that such Redesignation complies with the foregoing conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.19. <U>Further Instruments and Acts</U>. Upon request by either of the Trustees,
the Issuer shall execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purposes of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.20. <U>Covenant Termination</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Following the first date that the Notes have a Moody&#146;s rating of Baa3 or higher and an S&#038;P
rating of BBB- or higher (collectively, an &#147;<I>Investment Grade Rating</I>&#148;) and no Default or Event of
Default has occurred and is then continuing, the Issuer and the Restricted Subsidiaries will no
longer be subject to the following covenants:
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Section&nbsp;4.7 (except to the extent applicable under the definition of &#147;<I>Unrestricted
Subsidiary</I>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Section&nbsp;4.8;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Section&nbsp;4.9;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Section&nbsp;4.10;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Section&nbsp;4.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Section&nbsp;4.16; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Section&nbsp;5.1(a)(3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Issuer will notify each of the Trustees in writing in the event the Notes have an
Investment Grade Rating. No Trustee or Agent shall have any liability or responsibility with
respect to, or obligation or duty to monitor, determine or inquire as to (i)&nbsp;the Issuer or any
Guarantor&#146;s compliance with any covenant under this Indenture (other than the covenant to make
payment on the Notes) or (ii)&nbsp;as to whether or not Moody&#146;s or S&#038;P has adjusted the rating of the
Notes.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V<BR>
SUCCESSORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <U>Consolidation, Merger, Conveyance, Transfer or Lease</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer will not, directly or indirectly, in a single transaction or a series of
related transactions, consolidate, amalgamate or merge with or into or wind up or dissolve into
another Person (whether or not the Issuer is the surviving Person), or sell, lease, transfer,
convey or otherwise dispose of or assign all or substantially all of the assets of the Issuer and
its Restricted Subsidiaries (taken as a whole) unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer will be the surviving or continuing Person; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Person (if other than the Issuer) formed by or surviving or continuing
from such consolidation, merger, amalgamation, winding up or dissolution or to which
such sale, lease, transfer, conveyance or other disposition or assignment shall be
made (collectively, the &#147;<I>Successor</I>&#148;) is a corporation, limited liability company or
limited partnership organized and existing under the laws of Canada or any province
thereof or the United States of America or of any State of the United States of
America or the District of Columbia, and the Successor expressly assumes, by
agreements in form and substance reasonably satisfactory to the U.S. Trustee, all of
the obligations of the Issuer under the Notes and this Indenture and expressly
assumes all of the obligations of the Issuer under the Registration Rights
Agreement; provided, that if the Successor is not a
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">corporation, a Restricted Subsidiary that is a corporation expressly assumes as
co-obligor all of the obligations of the Issuer under this Indenture and the Notes
pursuant to a supplemental indenture to this Indenture executed and delivered to
each of the Trustees;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately after giving effect to such transaction and the assumption of the
obligations as set forth in clause (1)(b) above and the incurrence of any Indebtedness to be
incurred in connection therewith, and the use of any net proceeds therefrom on a pro forma
basis, no Default shall have occurred and be continuing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) immediately after giving pro forma effect to such transaction and the assumption of
the obligations as set forth in clause (1)(b) above and the incurrence of any Indebtedness
to be incurred in connection therewith, and the use of any net proceeds therefrom on a pro
forma basis, (i)&nbsp;the Issuer or its Successor, as the case may be, could incur U.S.$1.00 of
additional Indebtedness pursuant to the Coverage Ratio Exception or (ii)&nbsp;the Consolidated
Interest Coverage Ratio for the Issuer or its Successor, as the case may be, and its
Restricted Subsidiaries would be greater than or equal to such Consolidated Interest
Coverage Ratio prior to such transaction; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Issuer shall have delivered to the U.S. Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that such merger, amalgamation, consolidation or transfer
and such agreement and/or supplemental indenture (if any) comply with this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section&nbsp;5.1, any Indebtedness of the Successor which was not Indebtedness
of the Issuer immediately prior to the transaction shall be deemed to have been incurred in
connection with such transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to Section&nbsp;10.5, no Guarantor will, and the Issuer will not permit any Guarantor
to, directly or indirectly, in a single transaction or a series of related transactions,
consolidate, amalgamate or merge with or into or wind up or dissolve into another Person (whether
or not the Guarantor is the surviving Person), or sell, lease, transfer, convey or otherwise
dispose of or assign all or substantially all of its assets to any Person unless either:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;such Guarantor will be the surviving or continuing Person; or (ii)&nbsp;the
Person (if other than such Guarantor) formed by or surviving any such consolidation,
merger, amalgamation, winding-up or dissolution is another Guarantor or assumes, by
agreements in form and substance reasonably satisfactory to the U.S. Trustee, all of
the obligations of such Guarantor under the Guarantee of such Guarantor and this
Indenture and assumes all of the obligations of such Guarantor under the
Registration Rights Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately after giving effect to such transaction, no Default shall have
occurred and be continuing; and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issuer shall have delivered to the U.S. Trustee an Officers&#146;
Certificate and an Opinion of Counsel, each stating that such merger, amalgamation,
consolidation or transfer and such agreements and/or supplemental indenture (if any)
comply with this Indenture; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the transaction is made in compliance with Section&nbsp;4.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a
single transaction or series of transactions) of all or substantially all of the properties or
assets of one or more Restricted Subsidiaries of the Issuer, the Equity Interests of which
constitute all or substantially all of the properties and assets of the Issuer, will be deemed to
be the transfer of all or substantially all of the properties and assets of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon any consolidation, amalgamation or merger of the Issuer or a Guarantor, or any
transfer of all or substantially all of the assets of the Issuer in accordance with the foregoing,
in which the Issuer or such Guarantor is not the continuing obligor under the Notes or its
Guarantee, as applicable, the surviving entity formed by such consolidation or amalgamation or into
which the Issuer or such Guarantor is merged or the Person to which the sale, conveyance, lease,
transfer, disposition or assignment is made will succeed to, and be substituted for, and may
exercise every right and power of, the Issuer or such Guarantor under this Indenture, the Notes and
the Guarantees with the same effect as if such surviving entity had been named therein as the
Issuer or such Guarantor and, except in the case of a lease, the Issuer or such Guarantor, as the
case may be, will be released from the obligation to pay the principal of and interest on the Notes
or in respect of its Guarantee, as the case may be, and all of the Issuer&#146;s or such Guarantor&#146;s
other obligations and covenants under the Notes, this Indenture and its Guarantee, if applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notwithstanding the foregoing, (i)&nbsp;any Restricted Subsidiary may consolidate, merge or
amalgamate with or into or convey, transfer or lease, in one transaction or a series of
transactions, all or substantially all of its assets to the Issuer or another Restricted Subsidiary
and (ii)&nbsp;any Guarantor may consolidate, merge or amalgamate with or into or convey, transfer or
lease, in one transaction or a series of transactions, all or part of its properties and assets to
the Issuer or another Guarantor or merge with a Restricted Subsidiary of the Issuer solely for the
purpose of reincorporating the Guarantor in Canada or a province thereof, a State of the United
States or the District of Columbia, as long as the amount of Indebtedness of the Issuer or such
Guarantor and its Restricted Subsidiaries is not increased thereby.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI<BR>
DEFAULTS AND REMEDIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <U>Events of Default</U>. Each of the following is an &#147;<I>Event of Default</I>&#148;:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure to pay interest on, or Additional Interest with respect to, any of the
Notes when the same becomes due and payable and the continuance of any such failure for 30
days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure to pay principal of or premium, if any, on any of the Notes when it becomes
due and payable, whether at Stated Maturity, upon redemption, upon purchase, upon
acceleration or otherwise;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) failure by the Issuer or any of its Restricted Subsidiaries to comply with any of
their respective agreements or covenants described in Section&nbsp;5.1, or failure by the Issuer
to comply in respect of its obligations to make a Change of Control Offer pursuant to
Section&nbsp;4.14;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (a)&nbsp;except with respect to Section&nbsp;4.3, failure by the Issuer or any Restricted
Subsidiary to comply with any other agreement or covenant in this Indenture and continuance
of this failure for 60&nbsp;days after notice of the failure has been given to the Issuer by the
U.S. Trustee or to the Issuer and the U.S. Trustee by the Holders of at least 25.0% of the
aggregate principal amount of the Notes then outstanding, or (b)&nbsp;failure by the Issuer for
120&nbsp;days after notice of the failure has been given to the Issuer by the U.S. Trustee or to
the Issuer and the U.S. Trustee by the Holders of at least 25.0% of the aggregate principal
amount of the Notes then outstanding to comply with Section&nbsp;4.3;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) default by the Issuer or any Significant Subsidiary of the Issuer under any
mortgage, indenture or other instrument or agreement under which there may be issued or by
which there may be secured or evidenced Indebtedness for borrowed money by the Issuer or any
Restricted Subsidiary, whether such Indebtedness now exists or is incurred after the Issue
Date, which default:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is caused by a failure to pay at its Stated Maturity principal on such
Indebtedness within the applicable express grace period and any extensions thereof,
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) results in the acceleration of such Indebtedness prior to its Stated
Maturity (which acceleration is not rescinded, annulled or otherwise cured within 30
days of receipt by the Issuer or such Restricted Subsidiary of notice of any such
acceleration),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">and, in each case, the principal amount of such Indebtedness, together with the principal
amount of any other Indebtedness with respect to which an event described in clause (a)&nbsp;or
(b)&nbsp;has occurred and is continuing, aggregates U.S.$50.0&nbsp;million or more;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) one or more judgments (to the extent not covered by insurance) for the payment of
money in an aggregate amount in excess of U.S.$50.0&nbsp;million shall be rendered against the
Issuer, any of its Significant Subsidiaries or any combination thereof and the same shall
remain undischarged for a period of 60 consecutive days during which execution shall not be
effectively stayed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer or any Significant Subsidiary of the Issuer or group of
Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited
consolidated financial statements for the Issuer and its Restricted Subsidiaries),
would constitute a Significant Subsidiary, pursuant to or within the meaning of any
Bankruptcy Law:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commences a voluntary case,
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consents to the entry of an order for relief against it in
an involuntary case,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consents to the appointment of a custodian of it or for all or
substantially all of its property,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) makes a general assignment for the benefit of its creditors, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) generally is not paying its debts as they become due; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is for relief against the Issuer or any Significant Subsidiary of
the Issuer or group of Restricted Subsidiaries of the Issuer that, taken
together (as of the latest audited consolidated financial statements for the
Issuer and its Restricted Subsidiaries), would constitute a Significant
Subsidiary, in an involuntary case;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoints a custodian of the Issuer or any Significant Subsidiary
of the Issuer or group of Restricted Subsidiaries of the Issuer that, taken
together (as of the latest audited consolidated financial statements for the
Issuer and its Restricted Subsidiaries), would constitute a Significant
Subsidiary or for all or substantially all of the property of the Issuer or
any of its Restricted Subsidiaries; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) orders the liquidation of the Issuer or any Significant
Subsidiary of the Issuer or group of Restricted Subsidiaries of the Issuer
that, taken together (as of the latest audited consolidated financial
statements for the Issuer and its Restricted Subsidiaries), would constitute
a Significant Subsidiary and the order or decree remains unstayed and in
effect for 60 consecutive days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any Guarantee ceases to be in full force and effect (other than in accordance with
the terms of such Guarantee and this Indenture) or is declared null and void and
unenforceable or found to be invalid or any Guarantor denies its liability under the
Guarantee of such Guarantor (other than by reason of release of such Guarantor from its
Guarantee in accordance with the terms of this Indenture and the Guarantee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <U>Acceleration</U>. If an Event of Default (other than an Event of Default
specified in Section&nbsp;6.1(7)) shall have occurred and be continuing under this Indenture, the U.S.
Trustee, by written notice to the Issuer, or the Holders of at least 25.0% in aggregate principal
amount of the Notes then outstanding by written notice to the Issuer and the U.S. Trustee, may
declare (an &#147;<I>acceleration declaration</I>&#148;) all amounts owing under the Notes to be due and payable.
Upon such acceleration declaration, the aggregate principal of and accrued and unpaid interest on
the outstanding Notes shall become due and payable immediately.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in clause (7)&nbsp;of Section&nbsp;6.1 occurs, then all unpaid
principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes
shall <I>ipso facto </I>become and be immediately due and payable without any declaration or other act on
the part of the U.S. Trustee or any Holder of the Notes to the extent permitted by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After such acceleration, but before a judgment or decree based on acceleration, the Holders of
a majority in aggregate principal amount of the Notes then outstanding may rescind and annul such
acceleration if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the rescission would not conflict with any judgment or decree;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all existing Events of Default have been cured or waived other than nonpayment of
accelerated principal and interest;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to the extent the payment of such interest is lawful, interest on overdue
installments of interest and overdue principal, which has become due otherwise than by such
declaration of acceleration, has been paid;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Issuer has paid each of the Trustees its reasonable compensation and reimbursed
each of the Trustees for its reasonable expenses, disbursements and advances; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in the event of the cure or waiver of an Event of Default other than as described
in clauses (1), (2)&nbsp;or (7)&nbsp;of Section&nbsp;6.1, the U.S. Trustee shall have received an Officers&#146;
Certificate and an Opinion of Counsel that such Event of Default has been cured or waived.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No such rescission shall affect any subsequent Default or impair any right consequent thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <U>Other Remedies</U>. If an Event of Default occurs and is continuing, the
U.S. Trustee may pursue any available remedy to collect the payment of principal, premium, if any,
interest and Additional Interest, if any, on the Notes or to enforce the performance of any
provision of the Notes or this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. 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 U.S. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4. <U>Waiver of Past Defaults</U>. Subject to Section&nbsp;9.2, the Holders of a
majority in aggregate principal amount of the Notes then outstanding by written notice to the U.S.
Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any
existing Default or Event of Default and its consequences under this Indenture except a continuing
Default or Event of Default in the payment of interest or premium or Additional
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest on, or the principal of, the Notes, which shall require the consent of all of the
Holders of the Notes then outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.5. <U>Control by Majority</U>. The Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the U.S. Trustee or exercising any trust power
conferred on it. However, (i)&nbsp;the U.S. Trustee may refuse to follow any direction that conflicts
with law or this Indenture, that may involve the U.S. Trustee in personal liability, or that the
U.S. Trustee determines in good faith may be unduly prejudicial to the rights of Holders not
joining in the giving of such direction and (ii)&nbsp;the U.S. Trustee may take any other action deemed
proper by the U.S. Trustee which is not inconsistent with any such direction received from the
Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6. <U>Limitation on Suits</U>. A Holder may pursue a remedy with respect to this
Indenture or the Notes only if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Holder gives to the U.S. Trustee written notice of a continuing Event of
Default or the U.S. Trustee receives such notice from the Issuer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder or Holders of at least 25% in aggregate principal amount of the then
outstanding Notes make a written request to the U.S. Trustee to pursue the remedy;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders offer the U.S. Trustee indemnity satisfactory to the U.S.
Trustee against any costs, liability or expense;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the U.S. Trustee does not comply with the request within sixty (60)&nbsp;days after
receipt of the request and the offer of indemnity; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) during such 60-day period, the Holders of a majority in aggregate principal amount
of the outstanding Notes do not give the U.S. Trustee a direction that is inconsistent with
the request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.7. <U>Rights of Holders of Notes to Receive Payment</U>. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of principal of, premium or
Additional Interest, if any, or interest on, such Note or to bring suit for the enforcement of any
such payment, on or after the due date expressed in the Notes, shall not be impaired or affected
without the consent of the Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.8. <U>Collection Suit by U.S. Trustee</U>. If an Event of Default specified in
Section&nbsp;6.1(1) or Section&nbsp;6.1(2) occurs and is continuing, the U.S. Trustee is authorized to
recover judgment in its own name and as trustee of an express trust against the Issuer for the
whole amount of principal of, premium and interest remaining unpaid on the Notes and interest on
overdue principal and, to the extent lawful, 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 U.S. Trustee, its agents and counsel.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.9. <U>U.S. Trustee May File Proofs of Claim</U>. The U.S. 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 U.S. Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the U.S. Trustee, its agents and counsel) and the Holders
allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes),
its creditors or its property and shall be entitled and empowered to collect, receive and
distribute any money or other securities or property payable or deliverable upon the conversion or
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 U.S. Trustee and, in the event that
the U.S. Trustee shall consent to the making of such payments directly to the Holders, to pay to
the U.S. Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the U.S. Trustee, its agents and counsel, and any other amounts due the U.S. Trustee
under Section&nbsp;7.7. To the extent that the payment of any such compensation, expenses, disbursements
and advances to the U.S. Trustee, its agents and counsel, and any other amounts due the U.S.
Trustee under Section&nbsp;7.7 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 U.S. 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 U.S. Trustee to vote in respect of the claim of any Holder in any such proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <U>Priorities</U>. If the U.S. Trustee collects any money or property pursuant
to this Article&nbsp;VI, it shall pay out the money and property in the following order:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>First</I>: to each of the Trustees, its agents and attorneys for amounts due under Section
7.7, including payment of all reasonable compensation, expenses and liabilities incurred,
and all advances made, by it and the costs and expenses of collection;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Second</I>: to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium, if any, and interest and Additional Interest ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal,
premium, if any, and interest and Additional Interest, respectively;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Third</I>: without duplication, to the Holders for any other Obligations owing to the
Holders under this Indenture and the Notes; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fourth</I>: to the Issuer or to such party as a court of competent jurisdiction shall
direct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Trustee may fix a record date and payment date for any payment to Holders pursuant to
this Section&nbsp;6.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <U>Undertaking for Costs</U>. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against any Trustee for any action taken or omitted by
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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&#146; 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&nbsp;6.11 does not apply to a suit by any Trustee, a suit by a Holder
pursuant to Section&nbsp;6.7, or a suit by Holders of more than 10% in principal amount of the then
outstanding Notes.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII<BR>
TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. <U>Duties of U.S. Trustee</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If an Event of Default has occurred and is continuing, the U.S. Trustee shall exercise
such of the rights and powers vested in it by this Indenture and use the same degree of care and
skill in its exercise as a prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except during the continuance of an Event of Default:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties of the U.S. Trustee shall be determined solely by the express provisions
of this Indenture and, following the issuance of any Exchange Notes, the TIA, and the U.S.
Trustee need perform only those duties that are specifically set forth in this Indenture
and, following the issuance of any Exchange Notes, the TIA and no others, and no implied
covenants or obligations shall be read into this Indenture against the U.S. Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the U.S. 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 U.S. Trustee and conforming to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculations or other facts stated therein);
however, the U.S. Trustee shall examine the certificates and opinions furnished to it to
determine whether or not they conform to the requirements of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The U.S. Trustee may not be relieved from liabilities for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this paragraph does not limit the effect of paragraph (b)&nbsp;of this Section&nbsp;7.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the U.S. Trustee shall not be liable for any error of judgment made in good faith
by a Responsible Officer of the U.S. Trustee, unless it is proved that the U.S. Trustee was
negligent in ascertaining the pertinent facts;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the U.S. 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&nbsp;6.5;
and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no provision of this Indenture shall require the U.S. Trustee to expend or risk
its own funds or incur any liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The U.S. Trustee shall not be liable for interest on or the investment of any money
received by it except as the U.S. Trustee may agree in writing with the Issuer. Money held in
trust by the U.S. Trustee need not be segregated from other funds except to the extent required by
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the U.S. Trustee is subject to this Section&nbsp;7.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <U>Rights of U.S. Trustee</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The U.S. Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting on any resolution, certificate, statement, instrument, opinion, notice,
report, request, direction, consent, order, bond, debenture or other document (whether in original
or facsimile form) believed by it to be genuine and to have been signed or presented by the proper
Person. The U.S. Trustee need not investigate any fact or matter stated therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Before the U.S. Trustee acts or refrains from acting, it may require an Officers&#146;
Certificate or an Opinion of Counsel or both. The U.S. Trustee shall not be liable for any action
it takes or omits to take in good faith in reliance on such Officers&#146; Certificate or Opinion of
Counsel. Prior to taking, suffering or admitting any action, the U.S. Trustee may consult with
counsel of the U.S. Trustee&#146;s own choosing, and the U.S. Trustee shall be fully protected from
liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
conclusive reliance on the advice or opinion of such counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The U.S. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The U.S. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Issuer or a Guarantor shall be sufficient if signed by an Officer of the Issuer
or such Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The U.S. 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 U.S. Trustee security or indemnity satisfactory to the U.S.
Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with
such request or direction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The U.S. 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 U.S. Trustee, in its discretion, may make such further inquiry or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">investigation into such facts or matters as it may see fit, and, if the U.S. 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 Issuer, personally or by agent or
attorney at the sole cost of the Issuer, and shall incur no liability or additional liability of
any kind by reason of such inquiry or investigation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The rights, privileges, protections, immunities and benefits given to the U.S. Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the U.S. Trustee in each of its capacities hereunder, to the Canadian Trustee, the
Agents and to each other agent, custodian and Person employed to act hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The U.S. Trustee may request that the Issuer and each of the Guarantors shall deliver to
the U.S. Trustee an Officers&#146; Certificate setting forth the names of individuals and/or titles of
Officers of the Issuer and each Guarantor, as applicable, authorized at such time to take specified
actions pursuant to this Indenture of the Issuer, the Notes and the Guarantees, which Officers&#146;
Certificate may be signed by any Person authorized to sign an Officers&#146; Certificate, including any
Person specified as so authorized in any such certificate previously delivered and not superseded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The U.S. Trustee shall not be deemed to have notice or be charged with knowledge of any
Default or Event of Default unless a Responsible Officer of the U.S. Trustee has actual knowledge
thereof or the U.S. Trustee shall have received from the Issuer or any other obligor upon the Notes
or from any Holder written notice thereof at its address set forth in Section&nbsp;11.2 and such notice
references the Notes and this Indenture. In the absence of such actual knowledge or such notice,
the U.S. Trustee may conclusively assume that no such Default or Event of Default exists.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;In no event shall the U.S. Trustee be responsible or liable for special, indirect,
punitive, or consequential loss or damage of any kind whatsoever (including, but not limited to,
loss of profit) irrespective of whether the U.S. Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <U>Individual Rights of the U.S. Trustee</U>. The U.S. Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal
with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not
U.S. Trustee. However, in the event that the U.S. Trustee acquires any conflicting interest, it
must eliminate such conflict within ninety (90)&nbsp;days, apply to the SEC for permission to continue
as U.S. Trustee or resign. Any Agent may do the same with like rights and duties. The U.S.
Trustee is also subject to Section&nbsp;7.10 and Section&nbsp;7.11.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <U>U.S. Trustee&#146;s Disclaimer</U>. The U.S. Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture, the Notes or any
Guarantee, it shall not be accountable for the use of the proceeds from the Notes or any money paid
to the Issuer or upon the Issuer&#146;s direction under any provision of this Indenture, it shall not be
responsible for the use or application of any money received by any Paying Agent other than the
U.S. Trustee, and it shall not be responsible for any statement or recital herein or any statement
in the Notes, any Officers&#146; Certificate delivered to the U.S. Trustee hereunder, or any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other document in connection with the sale of the Notes or pursuant to this Indenture other
than the U.S. Trustee&#146;s certificate of authentication hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <U>Notice of Defaults</U>. If a Default or Event of Default occurs and is
continuing and if it is actually known to a Responsible Officer of the U.S. Trustee, the U.S.
Trustee shall deliver to Holders a notice of the Default or Event of Default within 30&nbsp;days after
it occurs. Except in the case of a Default or Event of Default in payment of principal of,
premium, if any, or interest or Additional Interest on any Note, the U.S. Trustee may withhold the
notice if and so long as a Responsible Officer of the U.S. Trustee in good faith determines that
withholding the notice is in the interests of the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6. <U>Reports by U.S Trustee to Holders of the Notes</U>. Within 60&nbsp;days after
each January&nbsp;15 beginning with January&nbsp;15, 2011, and for so long as Notes remain outstanding, the
U.S. Trustee shall transmit to the Holders a brief report dated as of such reporting date that
complies with TIA &#167; 313(a) (but if no event described in TIA &#167; 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The U.S. Trustee also
shall comply with TIA &#167; 313(b). The U.S. Trustee shall also transmit by mail all reports as
required by TIA &#167; 313(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each report at the time of its mailing to the Holders shall be mailed to the Issuer
and filed with the SEC and each stock exchange, if any, on which the Issuer has informed the U.S.
Trustee in writing the Notes are listed in accordance with TIA &#167; 313(d). The Issuer shall promptly
notify the U.S. Trustee in writing when the Notes are listed on any stock exchange and of any
delisting thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.7. <U>Compensation and Indemnity</U>. The Issuer shall pay to each of the Trustees
from time to time compensation for its acceptance of this Indenture and for all services rendered
by it hereunder as agreed upon in writing. Neither of the Trustees&#146; compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse
the each of the Trustees, as applicable, 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 each of the
Trustees&#146; respective agents and counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Issuer and the Guarantors, jointly and severally, shall indemnify each of the
Trustees (which for purposes of this Section&nbsp;7.7 shall include its officers, directors, employees
and agents) against any and all claims, damages, losses, liabilities, costs or expenses incurred by
it (including, without limitation, the fees and expenses of its agents and counsel) arising out of
or in connection with the acceptance or administration of its duties under this Indenture, the
performance of its obligations and/or exercise of its rights hereunder, including the costs and
expenses of enforcing this Indenture against the Issuer or any Guarantor (including this Section
7.7) and defending itself against any claim (whether asserted by the Issuer or any Holder or any
other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder, except to the extent any such loss, claim, damage, liability or expense shall be
caused by its own negligence, bad faith or willful misconduct. Each Trustee shall notify the
Issuer promptly of any claim for which it may seek indemnity. Failure by either of the Trustees,
as applicable, to so notify the Issuer shall not relieve the Issuer of its obligations
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereunder. The Trustees may each have separate counsel, and the Issuer shall pay the reasonable fees and
expenses of one such counsel for each of the Trustees. The Issuer need not pay for any settlement
made without its consent, which consent shall not be unreasonably withheld.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Issuer and the Guarantors under this Section&nbsp;7.7 shall survive the
satisfaction and discharge of this Indenture, the payment of the Notes or the resignation or
removal of any Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure the Issuer&#146;s payment obligations in this Section&nbsp;7.7, the Trustees shall have a Lien
prior to the Notes on all money or property held or collected by the Trustees, except that held in
trust to pay principal or interest, if any, on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture, the payment of the Notes and the resignation or
removal of any Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the U.S. Trustee incurs expenses or renders services after an Event of Default specified
in Section&nbsp;6.1(7) occurs, the expenses and the compensation for the services (including the fees
and expenses of its agents and counsel) are intended to constitute expenses of administration under
any Bankruptcy Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Trustee shall comply with the provisions of TIA &#167; 313(b)(2) to the extent applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.8. <U>Replacement of Trustees</U>. A resignation or removal of a Trustee and
appointment of a successor Trustee shall become effective only upon the successor trustee&#146;s
acceptance of appointment as provided in this Section&nbsp;7.8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Trustee may resign in writing at any time and be discharged from the trust hereby created by
so notifying the Issuer. The Holders of a majority in principal amount of the then outstanding
Notes may remove a Trustee by so notifying such Trustee and the Issuer in writing. The Issuer may
remove a Trustee if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Trustee fails to comply with Section&nbsp;7.10;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to such Trustee under any Bankruptcy Law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a custodian or public officer takes charge of such Trustee or its property; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Trustee becomes incapable of acting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Trustee resigns or is removed or if a vacancy exists in the office of such Trustee for
any reason, the Issuer shall promptly appoint a successor trustee. Within one year after the
successor trustee takes office, the Holders of a majority in principal amount of the then
outstanding Notes may appoint a successor trustee to replace the successor trustee appointed by the
Issuer.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor trustee does not take office within 60&nbsp;days after the retiring Trustee resigns
or is removed, such retiring Trustee, the Issuer or the Holders of at least 10% in principal amount
of the then outstanding Notes may petition any court of competent jurisdiction for the appointment
of a successor trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Trustee, after written request by any Holder who has been a Holder for at least six
months, fails to comply with Section&nbsp;7.10, such Holder may petition any court of competent
jurisdiction for the removal of such Trustee and the appointment of a successor trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A successor trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall
become effective, and the successor trustee shall have all the rights, powers and the duties of the
Trustees under this Indenture. The successor trustee shall mail a notice of its succession to the
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee; <I>provided </I>that all sums owing to such Trustee hereunder have been paid and
subject to the Lien provided for in Section&nbsp;7.7. Notwithstanding replacement of a Trustee pursuant
to this Section&nbsp;7.8, the Issuer&#146;s and the Guarantors&#146; obligations under Section&nbsp;7.7 shall continue
for the benefit of the retiring Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.9. <U>Successor Trustees by Merger, Etc.</U> If either the Canadian Trustee or
U.S. Trustee or any Agent consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust business (including this transaction) to, another corporation, the
successor corporation without any further act shall be the successor Canadian Trustee or U.S.
Trustee or any Agent, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.10. <U>Eligibility; Disqualification</U>. There shall at all times be at least one
Trustee hereunder that is a corporation organized and doing business under the laws of the United
States or of any state thereof that is authorized under such laws to exercise corporate trustee
power and that is subject to supervision or examination by federal or state authorities. Such
Trustee together with its affiliates shall at all times have a combined capital surplus of at least
U.S.$50.0&nbsp;million as set forth in its most recent annual report of condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture shall always have at least one Trustee who satisfies the requirements of TIA &#167;&#167;
310(a)(l), (2)&nbsp;and (5). Such Trustee is subject to TIA &#167; 310(b) including the provision in &#167;
310(b)(1) and (3); <I>provided </I>that there shall be excluded from the operation of TIA &#167; 310(b)(1) any
indenture or indentures under which other securities, or conflicts of interest or participation in
other securities, of the Issuer or the Guarantors are outstanding if the requirements for exclusion
set forth in TIA &#167; 310(b)(1) are met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.11. <U>Preferential Collection of Claims Against the Issuer</U>. The U.S. Trustee
is subject to TIA &#167; 311(a), excluding any creditor relationship listed in TIA &#167; 311(b). A U.S.
Trustee who has resigned or been removed shall be subject to TIA &#167; 311(a) to the extent indicated
therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.12. <U>No Liability for Co-Trustee</U>. No Trustee appointed hereunder shall be
personally liable or responsible by reason of any act or omission of any other Trustee hereunder.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.13. <U>Canadian Trustee</U>. The Issuer has appointed the Canadian Trustee under
this Indenture in order to comply with Canadian Securities Laws and the Business Corporations Act
(Alberta).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII<BR>
DEFEASANCE; DISCHARGE OF THIS INDENTURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1. <U>Option to Effect Legal Defeasance or Covenant Defeasance</U>. The Issuer
may, at the option of its Board of Directors and evidenced by a board resolution and an Officers&#146;
Certificate, at any time, elect to have either Section&nbsp;8.2 or Section&nbsp;8.3 applied to all
outstanding Notes upon compliance with the conditions set forth below in this Article&nbsp;VIII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2. <U>Legal Defeasance</U>. Upon the Issuer&#146;s exercise under Section&nbsp;8.1 of the
option applicable to this Section&nbsp;8.2, the Issuer shall, subject to the satisfaction of the
conditions set forth in Section&nbsp;8.4, be deemed to have been discharged from its obligations with
respect to all outstanding Notes on the date the conditions set forth below are satisfied
(hereinafter, &#147;<I>Legal Defeasance</I>&#148;). For this purpose, Legal Defeasance means that the Issuer and
the Guarantors shall be deemed to have paid and discharged the entire Obligations represented by
the Notes and the Guarantees, which shall thereafter be deemed to be outstanding only for the
purposes of Section&nbsp;8.5 and the other Sections of this Indenture referred to in (a)&nbsp;and (b)&nbsp;below,
and to have satisfied all of its other Obligations under such Notes, Guarantees and this Indenture
(and the U.S. Trustee, on written demand of and at the expense of the Issuer, shall execute
instruments acknowledging the same), except for the following provisions which shall survive until
otherwise terminated or discharged hereunder: (a)&nbsp;the rights of Holders of outstanding Notes to
receive payments in respect of the principal of, and interest and premium and Additional Interest,
if any, on such Notes when such payments are due from the trust referred to in Section&nbsp;8.4(1); (b)
the Issuer&#146;s obligations with respect to such Notes under Section&nbsp;2.2, Section&nbsp;2.3, Section&nbsp;2.4,
Section&nbsp;2.5, Section&nbsp;2.6, Section&nbsp;2.7, Section&nbsp;2.10, Section&nbsp;2.15, Section&nbsp;2.17, Section&nbsp;4.1 and
Section&nbsp;4.2; (c)&nbsp;the rights, powers, trusts, benefits, duties and immunities of the Trustees,
including without limitation thereunder, under Section&nbsp;7.7, Section&nbsp;8.5 and Section&nbsp;8.7 and the
obligations of the Issuer and the Guarantors in connection therewith; and (d)&nbsp;the provisions of
this Article&nbsp;VIII. Subject to compliance with this Article&nbsp;VIII, the Issuer may exercise its option
under this Section&nbsp;8.2 notwithstanding the prior exercise of its option under Section&nbsp;8.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.3. <U>Covenant Defeasance</U>. Upon the Issuer&#146;s exercise under Section&nbsp;8.1 above
of the option applicable to this Section&nbsp;8.3, the Issuer shall, subject to the satisfaction of the
conditions set forth in Section&nbsp;8.4 below, be released from its obligations under Section&nbsp;4.3,
Section&nbsp;4.7, Section&nbsp;4.8, Section&nbsp;4.9, Section&nbsp;4.10, Section&nbsp;4.11, Section&nbsp;4.12, Section&nbsp;4.14,
Section&nbsp;4.16, Section&nbsp;4.17, Section&nbsp;4.18 and Section&nbsp;5.1(a)(3) with respect to the outstanding
Notes on and after the date the conditions set forth below are satisfied (hereinafter, &#147;<I>Covenant
Defeasance</I>&#148;), and the Notes shall thereafter be deemed not outstanding for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof)
in connection with such covenants, but shall continue to be deemed outstanding for all other
purposes hereunder (it being understood that such Notes shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes, the Issuer or any of its Subsidiaries may omit to comply with and shall have
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, but, except as specified above, the remainder of this Indenture and such Notes shall be
unaffected thereby. In addition, upon the Issuer&#146;s exercise under Section&nbsp;8.1 of the option
applicable to this Section&nbsp;8.3, subject to the satisfaction of the conditions set forth in Section
8.4, Section&nbsp;6.1(3), Section&nbsp;6.1(4), Section&nbsp;6.1(5), Section&nbsp;6.1(6), Section&nbsp;6.1(7) and Section
6.1(8) shall not constitute Events of Default. Covenant Defeasance shall not be effective until 92
days after the deposit of funds provided for in Section&nbsp;8.4(1) below, and then only if no
bankruptcy, receivership, rehabilitation and insolvency event has occurred and is continuing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any discharge or release of any obligations pursuant to Section&nbsp;8.2 or Section
8.3, the Issuer&#146;s and the Guarantors&#146; obligations, as applicable, in Section&nbsp;2.5, Section&nbsp;2.6,
Section&nbsp;2.7, Section&nbsp;2.10, Section&nbsp;2.15, Section&nbsp;2.17, Section&nbsp;4.1, Section&nbsp;4.2, Section&nbsp;7.7,
Section&nbsp;8.5 and Section&nbsp;8.7 shall survive until the Notes are no longer outstanding pursuant to the
last paragraph of Section&nbsp;2.8. After the Notes are no longer outstanding, the Issuer&#146;s obligations
in Section&nbsp;7.7, Section&nbsp;8.5 and Section&nbsp;8.7 shall survive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4. <U>Conditions to Legal or Covenant Defeasance</U>. The following shall be the
conditions to the application of either Section&nbsp;8.2 or Section&nbsp;8.3 to the outstanding Notes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Issuer must irrevocably deposit with the U.S. Trustee, as trust funds, in trust
solely for the benefit of the Holders, U.S. dollars, U.S. Government Obligations or a
combination thereof, in such amounts as will be sufficient (without consideration of any
reinvestment of interest) in the opinion of a nationally recognized investment bank,
appraisal firm or firm of independent public accountants selected by the Issuer and
delivered to the U.S. Trustee, to pay the principal of and interest and Additional Interest,
if any, on the outstanding Notes on the stated date for payment thereof or on the applicable
redemption date, as the case may be,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of Legal Defeasance, the Issuer shall have delivered to the U.S.
Trustee an Opinion of Counsel in the United States reasonably acceptable to the U.S. Trustee
confirming that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(A)&nbsp;the Issuer has received from, or there has been published by the United States
Internal Revenue Service, a ruling, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(B)&nbsp;since the date of this Indenture, there has been a change in the applicable
U.S. federal income tax law,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">in either case to the effect that, and based thereon, such Opinion of Counsel shall
confirm that, the Holders of the outstanding Notes will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of the Legal Defeasance and
will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not
occurred,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of Covenant Defeasance, the Issuer shall have delivered to the U.S.
Trustee an Opinion of Counsel in the United States reasonably acceptable to the U.S. Trustee
confirming that the Holders of the outstanding Notes will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of the Covenant Defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if the Covenant Defeasance had not occurred,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in the case of Legal Defeasance or Covenant Defeasance, the Issuer shall have
delivered to the U.S. Trustee an Opinion of Counsel reasonably acceptable to the U.S.
Trustee and qualified to practice in Canada or a ruling from Canada Revenue Agency to the
effect that Holders of the outstanding Notes who are not resident in Canada will not
recognize income, gain or loss for Canadian federal, provincial or territorial income tax
purposes as a result of the Legal Defeasance or Covenant Defeasance, as applicable, and will
be subject to Canadian federal, provincial or territorial income tax on the same amounts, in
the same manner and at the same times as would have been the case if the Legal Defeasance or
Covenant Defeasance, as applicable, had not occurred,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) no Default shall have occurred and be continuing, either (a)&nbsp;on the date of such
deposit (other than a Default resulting from the borrowing of funds to be applied to such
deposit and the grant of any Lien securing such borrowings) or (b)&nbsp;insofar as Defaults from
bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st
day after the date of deposit,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under any other material agreement or instrument to
which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its
Subsidiaries is bound,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the Issuer has delivered to the U.S. Trustee an Opinion of Counsel to the effect
that after the 91st day following the deposit, no trust funds will be subject to the effect
of any applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors&#146; rights generally,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the Issuer shall have delivered to the U.S. Trustee an Officers&#146; Certificate
stating that the deposit was not made by it with the intent of preferring the Holders over
any other of its creditors or with the intent of defeating, hindering, delaying or
defrauding any other of its creditors or others, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the Issuer shall have delivered to the U.S. Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that the conditions precedent provided for in clauses (1)
through (8)&nbsp;have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5. <U>Deposited Money and U.S. Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions</U>. Subject to Section&nbsp;8.6, all U.S. dollar and U.S. Government
Obligations (including the proceeds thereof) deposited with the U.S. Trustee (or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other qualifying trustee, collectively for purposes of this Section&nbsp;8.5, the &#147;<I>Deposit
Trustee</I>&#148;) pursuant to Section&nbsp;8.4 in respect of the outstanding Notes shall be held in trust, shall
not be invested, and shall be applied by the Deposit Trustee in accordance with the provisions of
such Notes and this Indenture to the payment, either directly or through any Paying Agent
(including the Issuer or any Subsidiary acting as Paying Agent) as the Deposit Trustee may
determine, to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest and Additional Interest, if any, but such money need not
be segregated from other funds except to the extent required by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay and indemnify the Deposit 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&nbsp;8.4 or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the outstanding
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article&nbsp;VIII to the contrary notwithstanding, the Deposit Trustee shall
deliver or pay to the Issuer from time to time upon the written request of the Issuer and be
relieved of all liability with respect to any U.S. dollars or non-callable U.S. Government
Obligations held by it as provided in Section&nbsp;8.4 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to
the Deposit Trustee (which may be the opinion delivered under Section&nbsp;8.4(1)), are in excess of the
amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance
or Covenant Defeasance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the funds deposited with the Deposit Trustee to effect Covenant Defeasance or Legal
Defeasance are insufficient to pay the principal of and interest on the Notes when due, then the
Issuer&#146;s obligations and the obligations of the Guarantors under this Indenture will be revived and
no such defeasance will be deemed to have occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.6. <U>Repayment to Issuer</U>. Any money deposited with the U.S. Trustee or any
Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if
any, or interest or Additional Interest, if any, on any Note and remaining unclaimed for two years
after such principal and premium, if any, or interest or Additional Interest has become due and
payable shall be paid to the Issuer on its written request or (if then held by the Issuer) shall be
discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof; and all liability of the U.S. Trustee or
such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee
thereof, shall thereupon cease; <I>provided</I>, <I>however</I>, that the U.S. Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Issuer cause to be
published once, in the <I>New York Times </I>and <I>The Wall Street Journal </I>(national edition), notice that
such money remains unclaimed and that, after a date specified therein, which shall not be less than
30&nbsp;days from the date of such notification or publication, any unclaimed balance of such money then
remaining shall be repaid to the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.7. <U>Reinstatement</U>. If the U.S. Trustee or Paying Agent is unable to apply
any U.S. dollars or U.S. Government Obligations in accordance with Section&nbsp;8.2, Section&nbsp;8.3 or
Section&nbsp;8.8, as the case may be, by reason of any order or judgment of any court or governmental
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">authority enjoining, restraining or otherwise prohibiting such application, then the
obligations of the Issuer and the Guarantors under this Indenture and the Notes shall be revived
and reinstated as though no deposit had occurred pursuant to Section&nbsp;8.2, Section&nbsp;8.3 or Section
8.8 until such time as the U.S. Trustee or Paying Agent is permitted to apply all such money in
accordance with Section&nbsp;8.2, Section&nbsp;8.3 or Section&nbsp;8.8, as the case may be; <I>provided</I>, <I>however</I>,
that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Note
following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the
Holders of such Notes to receive such payment from the money held by the U.S. Trustee or Paying
Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.8. <U>Discharge</U>. This Indenture will be discharged and will cease to be of
further effect (except as to rights of registration of transfer or exchange of Notes which shall
survive until all Notes have been canceled and the rights, protections and immunities of the U.S.
Trustee) as to all outstanding Notes when either:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all the Notes that have been authenticated and delivered (except lost,
stolen or destroyed Notes which have been replaced or paid and Notes for whose
payment money has been deposited in trust or segregated and held in trust by the
Issuer and thereafter repaid to the Issuer or discharged from this trust), have been
delivered to the U.S. Trustee for cancellation; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Notes not delivered to the
U.S. Trustee for cancellation otherwise (i)&nbsp;have become due and
payable, (ii)&nbsp;will become due and payable, or may be called for
redemption, within one year or (iii)&nbsp;have been called for
redemption pursuant to Section&nbsp;3.7 and, in any case, the Issuer
has irrevocably deposited or caused to be deposited with the
U.S. Trustee as trust funds in trust solely for the benefit of
the Holders, cash in U.S. dollars, U.S. Government Obligations
or a combination thereof, in such amounts as will be sufficient
(without consideration of any reinvestment of interest) to pay
and discharge the entire Indebtedness (including all principal
and accrued interest and Additional Interest, if any) on the
Notes not theretofore delivered to the U.S. Trustee for
cancellation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Issuer has paid or caused to
be paid all other sums payable by it under this Indenture; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Issuer has delivered
irrevocable instructions to the U.S. Trustee under this
Indenture to apply the deposited money toward the payment of the
Notes at maturity or on the date of redemption, as the case may
be.</TD>
</TR>




</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Issuer must deliver an Officers&#146; Certificate and an Opinion of Counsel to
each of the Trustees stating that all conditions precedent to satisfaction and discharge have been
complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of clause (b)&nbsp;of this Section&nbsp;8.8, and subject to the next sentence and
notwithstanding the foregoing paragraph, the Issuer&#146;s and the Guarantors&#146; obligations, as
applicable, in Section&nbsp;2.2, Section&nbsp;2.3, Section&nbsp;2.4, Section&nbsp;2.5, Section&nbsp;2.6, Section&nbsp;2.7,
Section&nbsp;2.10, Section&nbsp;2.12, Section&nbsp;2.15, Section&nbsp;2.17, Section&nbsp;4.1, Section&nbsp;4.2, Section&nbsp;4.15 (as
to legal existence of the Issuer only), Section&nbsp;7.7, Section&nbsp;8.5 and Section&nbsp;8.7 shall survive
until the Notes are no longer outstanding pursuant to the last paragraph of Section&nbsp;2.8. After the
Notes are no longer outstanding, the Issuer&#146;s and the Guarantors&#146; obligations in Section&nbsp;7.7,
Section&nbsp;8.5 and Section&nbsp;8.7 shall survive any discharge pursuant to this Section&nbsp;8.8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After such delivery or irrevocable deposit and receipt of the Officers&#146; Certificate and
Opinion of Counsel, each of the Trustees, upon written request, shall acknowledge in writing the
discharge of the Issuer&#146;s obligations under the Notes and this Indenture except for those surviving
obligations specified above.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX<BR>
AMENDMENT, SUPPLEMENT AND WAIVER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1. <U>Without Consent of Holders of the Notes</U>. Notwithstanding Section&nbsp;9.2,
without the consent of any Holders, the Issuer, the Guarantors and the Trustees, at any time and
from time to time, may amend or supplement this Indenture, the Guarantees or the Notes issued
hereunder for any of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to cure any ambiguity, defect or inconsistency;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to provide for uncertificated Notes in addition to or in place of certificated
Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to provide for the assumption of the Issuer&#146;s or a Guarantor&#146;s obligations to the
Holders in the case of a merger, amalgamation, consolidation or sale of all or substantially
all of the Issuer&#146;s or such Guarantor&#146;s assets, or winding-up or dissolution or sale, lease,
transfer, conveyance or other disposition or assignment in accordance with Section&nbsp;5.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to add any Guarantee or to effect the release of any Guarantor from any of its
obligations under its Guarantee or the provisions of this Indenture (to the extent in
accordance with this Indenture);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to make any change that would provide any additional rights or benefits to the
Holders of Notes or that does not materially adversely affect the rights of any Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to effect or maintain the qualification of this Indenture under the TIA;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to secure the Notes or any Guarantees or any other obligation under this Indenture;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to evidence and provide for the acceptance of appointment by successor trustees;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to conform the text of this Indenture or the Notes to any provision of the
Description of the Notes contained in the Offering Circular, to the extent that such
provision in the Description of the Notes was intended to be a substantially verbatim
recitation of a provision of this Indenture, the Guarantees or the Notes; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to provide for the issuance of Additional Notes or Exchange Notes in accordance
with this Indenture and the Registration Rights Agreement, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After an amendment under this Indenture becomes effective, the Issuer shall deliver to Holders
of the Notes a notice briefly describing such amendment. However, the failure to give such notice
to all Holders of the Notes, or any defect therein, will not impair or affect the validity of the
amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2. <U>With Consent of Holders of Notes</U>. With the consent of the Holders of not
less than a majority in aggregate principal amount of the outstanding Notes (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer
for, the Notes), the Issuer, the Guarantors and the Trustees may amend or supplement this
Indenture, the Notes or any Guarantees or, subject to Section&nbsp;6.4 and Section&nbsp;6.7, waive any
existing Default or Event of Default or compliance with any provision of this Indenture or the
Notes; <I>provided</I>, <I>however</I>, that no such amendment, supplement or waiver shall, without the consent
of the Holder of each outstanding Note affected thereby:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reduce, or change the maturity of, the principal of any Note;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the rate of or extend the time for payment of interest on any Note;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) reduce any premium payable upon redemption of the Notes or change the date on which
any Notes are subject to redemption (other than the notice provisions) or waive any payment
with respect to the redemption of the Notes; provided, however, that solely for the
avoidance of doubt, and without any other implication, any purchase or repurchase of Notes
(including pursuant to Section&nbsp;4.10 and Section&nbsp;4.14) shall not be deemed a redemption of
the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make any Note payable in money or currency other than that stated in the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) modify or change any provision of this Indenture or the related definitions to
affect the ranking of the Notes or any Guarantee in a manner that adversely affects the
Holders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) reduce the percentage of Holders necessary to consent to an amendment or waiver to
this Indenture or the Notes;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) waive a default in the payment of principal of or premium or interest or Additional
Interest, if any, on any Notes (except a rescission of acceleration of the Notes by the
Holders thereof as provided in this Indenture and a waiver of the payment default that
resulted from such acceleration);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) impair the rights of Holders to receive payments of principal of or interest or
Additional Interest, if any, on the Notes on or after the due date therefor or to institute
suit for the enforcement of any payment on the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) release any Guarantor from any of its obligations under its Guarantee or this
Indenture, except as permitted by this Indenture; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) make any change in these amendment and waiver provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Holders of Notes under this Section&nbsp;9.2 to
approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such
consent approves the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.3. <U>Compliance with Trust Indenture Act</U>. Every amendment or supplement to
this Indenture or the Notes or the Guarantees shall be set forth in an amended or supplemental
indenture that complies with the TIA as then in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.4. <U>Revocation and Effect of Consents</U>. 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&#146;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 U.S. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may, but shall not be obligated to, fix a record date for determining which Holders
consent to such amendment, supplement or waiver. If the Issuer fixes a record date, the record
date shall be fixed at (i)&nbsp;the later of 30&nbsp;days prior to the first solicitation of such consent or
the date of the most recent list of Holders furnished to the U.S. Trustee prior to such
solicitation pursuant to Section&nbsp;2.5 or (ii)&nbsp;such other date as the Issuer shall designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.5. <U>Notation on or Exchange of Notes</U>. The U.S. Trustee may place an
appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Issuer in exchange for all Notes may issue and the U.S. Trustee shall authenticate new Notes
that reflect the amendment, supplement or waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment, supplement or waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.6. <U>Trustees to Sign Amendments, Etc.</U> Each of the Trustees shall sign any
amended or supplemental indenture authorized pursuant to this Article&nbsp;IX if the amendment or
supplement does not adversely affect the rights, duties, liabilities or immunities of such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trustee. In signing or refusing to sign any amendment or supplemental indenture, each of the
Trustees shall be provided with and (subject to Section&nbsp;7.1) shall be fully protected in relying
upon an Officers&#146; Certificate and an Opinion of Counsel stating that the execution of such
amendment or supplemental indenture is authorized or permitted by this Indenture, that all
conditions precedent thereto have been met or waived, that such amendment or supplemental indenture
is not inconsistent herewith and that it will be valid and binding upon the Issuer and the
Guarantor in accordance with its terms.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE X<BR>
GUARANTEES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1. <U>Guarantees</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Guarantor hereby jointly and severally, fully, unconditionally and irrevocably
guarantees the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each
Holder of a Note authenticated and delivered by the U.S. Trustees and to the Trustees, that: (i)
the principal of and premium, if any, and interest and Additional Interest, if any, on the Notes
shall be paid in full when due, whether at Stated Maturity, by acceleration, call for redemption or
otherwise (including, without limitation, the amount that would become due but for the operation of
the automatic stay under Section 362(a) of Title 11 of the U.S. Code), together with interest on
the overdue principal, if any, and interest on any overdue interest and Additional Interest, if
any, to the extent lawful, and all other Obligations of the Issuer to the Holders or any Trustee
under this Indenture or the Notes shall be paid in full or performed, all in accordance with the
terms hereof and thereof; and (ii)&nbsp;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 Guarantees shall be a guarantee of payment and not of collection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;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 Issuer, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;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 Issuer, any right to
require a proceeding first against the Issuer or any other Person, protest, notice and all demands
whatsoever and covenants that the Guarantee of such Guarantor shall not be discharged as to any
Note or this Indenture except by complete performance of the obligations contained in such Note and
this Indenture and such Guarantee. Each of the Guarantors hereby agrees that, in the event of a
Default in payment of principal or premium, if any, or interest on any Note, whether at its Stated
Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be
instituted by any 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 each
such Guarantor&#146;s Guarantee without first proceeding against the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuer or any other Guarantor. Each Guarantor agrees that if, after the occurrence and during
the continuance of an Event of Default, any Trustee or any of the Holders are prevented by
applicable law from exercising their respective rights to accelerate the maturity of the Notes, to
collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to
the Notes, such Guarantor shall pay to the U.S. Trustee for the account of the Holders, upon demand
therefor, the amount that would otherwise have been due and payable had such rights and remedies
been permitted to be exercised by the U. S. Trustee or any of the Holders and any other amounts due
and owing to any Trustee under this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If any Holder or the U.S. Trustee is required by any court or otherwise to return to the
Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in
relation to the Issuer or any Guarantor, any amount paid by any of them to the U.S. Trustee or such
Holder, the Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be
reinstated in full force and effect. This paragraph (d)&nbsp;shall remain effective notwithstanding any
contrary action which may be taken by the U.S. Trustee or any Holder in reliance upon such amount
required to be returned. This paragraph (d)&nbsp;shall survive the termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the
Holders and each of the Trustees, on the other hand, (x)&nbsp;the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article&nbsp;VI for the purposes of the Guarantee of such
Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y)&nbsp;in the event of any acceleration of such
obligations as provided in Article&nbsp;VI, such obligations (whether or not due and payable) shall
forthwith become due and payable by each Guarantor for the purpose of the Guarantee of such
Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Each Guarantor acknowledges that each Guarantee will be a general unsecured obligation of
such Guarantor and will rank senior in right of payment to all future Obligations of such Guarantor
that are, by their terms, expressly subordinated in right of payment to such Guarantee and equal in
right of payment with all existing and future obligations of such Guarantor that are not so
subordinated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Each Guarantor that makes a payment for distribution under its Guarantee is entitled upon
payment in full of all guaranteed obligations under this Indenture to a contribution from each
other Guarantor in a pro rata amount of such payment based on the respective net assets of all the
Guarantors at the time of such payment in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2. <U>Execution and Delivery of Guarantee</U>. To evidence its Guarantee set
forth in Section&nbsp;10.1, each Guarantor agrees that this Indenture or a supplemental indenture in
substantially the form attached hereto as <U>Exhibit&nbsp;B</U> shall be executed 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. Each Guarantor hereby
agrees that its Guarantee set forth in Section&nbsp;10.1 hereof shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. In
case the Officer, board member or director of such Guarantor whose signature is on this
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indenture or supplemental indenture, as applicable, no longer holds office at the time the
U.S. Trustee authenticates any Note, the Guarantee shall be valid nevertheless.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Note by the U.S. Trustee, after the authentication thereof hereunder,
shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the
Guarantors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If required by Section&nbsp;4.17 hereof, the Issuer shall cause each Restricted Subsidiary
described in Section&nbsp;4.17 hereof to comply with the provisions of Section&nbsp;4.17 hereof and this
Article&nbsp;X, to the extent applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3. <U>Severability</U>. In case any provision of any 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4. <U>Limitation of Guarantors&#146; Liability</U>. Each Guarantor and by its
acceptance hereof each Holder confirms that it is the intention of all such parties that the
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of the
Bankruptcy Law, 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, each of the Trustees, the Holders and
Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Guarantee
(other than a company that is a direct or indirect parent of the Issuer) shall be limited to the
maximum amount that will not, after giving effect to all other contingent and fixed liabilities of
such 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 Guarantee, result in the obligations of such Guarantor under its Guarantee
constituting a fraudulent transfer or conveyance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5. <U>Releases</U>. A Guarantor shall be released and relieved of any Obligations
under this Guarantee, the Registration Rights Agreement and this Indenture upon:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designation by the Board of Directors of the Issuer as an Unrestricted Subsidiary
in accordance with the terms of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sale, exchange or transfer (by merger, amalgamation, consolidation or
otherwise) of the Equity Interests of such Guarantor after which the applicable Guarantor is
no longer a Restricted Subsidiary, which sale, exchange or transfer is made in compliance
with this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the release or discharge of a Guarantor&#146;s guarantee of Indebtedness outstanding
under the Credit Agreement and any other agreements relating to Indebtedness of the Issuer
and its Restricted Subsidiaries; <I>provided </I>that such Guarantor has not incurred any
Indebtedness in reliance on its status as a Guarantor under Section&nbsp;4.9(a) or such
Guarantor&#146;s obligations under such Indebtedness are satisfied in full and discharged or are
otherwise permitted to be incurred by a Restricted Subsidiary (other than a Guarantor) under
Section&nbsp;4.9(b); or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Issuer exercises its Legal Defeasance option or its Covenant Defeasance
option pursuant to Section&nbsp;8.2 or Section&nbsp;8.3 or if its Obligations under this Indenture are
discharged in accordance with Section&nbsp;8.8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon delivery to the U.S. Trustee of an Officers&#146; Certificate and an Opinion of Counsel to the
effect that all conditions precedent to the release of a Guarantor&#146;s Guarantee set forth in this
Indenture have been satisfied, the U.S. Trustee shall execute any documents reasonably requested by
the Issuer in writing in order to evidence the release of any Guarantor from its obligations under
its Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Guarantor not released from its obligations under its Guarantee shall remain liable for
the full amount of principal of and interest on the Notes and for the other obligations of any
Guarantor under this Indenture as provided in this Article&nbsp;X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.6. <U>Benefits Acknowledged</U>. 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 Guarantee are knowingly made in contemplation of
such benefits.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XI<BR>
MISCELLANEOUS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1. <U>Trust Indenture Act Controls</U>. If any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by TIA &#167; 318(c), such imposed duties shall
control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2. <U>Notices</U>. Any notice, request, direction, instruction or communication
by the Issuer, any Guarantor or either Trustee to the others is duly given if in writing and
delivered in person or mailed by first class mail (registered or certified, return receipt
requested), telecopier or overnight air courier guaranteeing next day delivery, to the addresses
set forth below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If to the Issuer or any Guarantor:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: General Counsel
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">With a copy to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Precision Drilling Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 0pt">4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: Vice President, Finance
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">With a copy to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Simpson Thacher &#038; Bartlett LLP<BR>
425 Lexington Avenue<BR>
New York, NY 10017-3954<BR>
Facsimile: (212)&nbsp;455-2502<BR>
Attention: Rise Norman
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Bennett Jones LLP<BR>
4500 Bankers Hall East<BR>
855-2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Street, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 4K7<BR>
Facsimile: (403)&nbsp;265-7219<BR>
Attention: John H. Kousinioris
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">If to the U.S. Trustee:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">The Bank of New York Mellon<BR>
101 Barclay Street, Floor 4 East<BR>
New York, New York 10286<BR>
Facsimile: (212)&nbsp;815-5802/03<BR>
Attention: International Corporate Trust
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">If to the Canadian Trustee
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Valiant Trust Company<BR>
310, 606-4th Street SW<BR>
Calgary, AB T2P 1T1<BR>
Facsimile: (403)&nbsp;233-2857<BR>
Attention: Senior Manager, Corporate Trust
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto, by written notice to the others, may designate additional or different
addresses for subsequent notices or communications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices and communications (other than those sent to Holders and the U.S. Trustee ) shall
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 telecopied; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier promising next Business Day delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or communication to a Holder and the U.S. Trustee shall be mailed by first class
mail or by overnight air courier promising next Business Day delivery to its address shown
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">on the register kept by the Registrar. Any notice or communication shall also be so mailed to
any Person described in TIA &#167; 313(c), to the extent required by the TIA. As long as the Notes are
Global Notes, notices to be given to the Holders shall be given to the Depositary, in accordance
with its applicable policies as in effect from time to time. 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In respect of this Indenture, no Trustee shall have any duty or obligation to verify or
confirm that the Person sending instructions, directors, reports, notices or other communications
or information by electronic transmission is, in fact, a Person authorized to give such
instructions, directors, reports notices or other communications or information on behalf of the
party purporting to send such electronic transmission; and no Trustee shall have any liability for
any losses, liability, costs or expenses incurred or sustained by any party as a result of such
reliance upon or compliance with such instructions directors, reports, notices or other
communications or information. Each other party, agrees to assume all risks arising out of the use
of electronic methods to submit instructions, directions, reports, notices or other communications
or indemnifications to any Trustee, including without limitation the risk of any Trustee acting on
unauthorized instructions, notices, reports or other communications or information, and the risks
of interception and misuse by third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a notice or communication is delivered in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it, except in the case of
notices or communications given to the U.S. Trustee, which shall be effective only upon actual
receipt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer delivers a notice or communication to Holders, it shall mail a copy to the
Trustees and each Agent at the same time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.3. <U>Communication by Holders of Notes with Other Holders of Notes</U>. Holders
may communicate pursuant to TIA &#167; 312(b) with other Holders with respect to their rights under this
Indenture or the Notes. The Issuer, the Trustees, the Agents and anyone else shall have the
protection of TIA &#167; 312(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4. <U>Certificate and Opinion as to Conditions Precedent</U>. Upon any request or
application by the Issuer to the U.S. Trustee to take any action under this Indenture (other than
in connection with the issuance of the Initial Notes), the Issuer shall furnish to the U.S. Trustee
upon request:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Officers&#146; Certificate (which shall include the statements set forth in Section
11.5) stating that, in the opinion of the signers, all conditions precedent and covenants,
if any, provided for in this Indenture relating to the proposed action have been satisfied;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Opinion of Counsel (which shall include the statements set forth in Section
11.5) stating that, in the opinion of such counsel, all such conditions precedent and
covenants have been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.5. <U>Statements Required in Certificate or Opinion</U>. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(other than a certificate provided pursuant to TIA &#167; 314(a)(4)) shall comply with the
provisions of TIA &#167; 314(e) and shall include substantially:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Person making such certificate or opinion has read and
understands such covenant or condition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6. <U>Rules by U.S. Trustee and Agents</U>. The U.S. Trustee may make reasonable
rules for action by or at a meeting of Holders. Each of the Agents may make reasonable rules and
set reasonable requirements for its functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7. <U>No Personal Liability of Directors, Officers, Employees and
Stockholders</U>. No director, officer, employee, incorporator or stockholder of the Issuer or any
Guarantor or an annuitant under a plan of which a stockholder of the Issuer is a trustee or carrier
will have any liability for any indebtedness, obligations or liabilities of the Issuer under the
Notes or this Indenture or of any Guarantor under its Guarantee or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes and the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8. <U>Governing Law; Consent to Jurisdiction</U>. THE LAW OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES. Each of
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 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.9. <U>No Adverse Interpretation of Other Agreements</U>. This Indenture may not
be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries
or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10. <U>Successors</U>. All agreements of the Issuer and the Guarantors in this
Indenture and the Notes and the Guarantees, as applicable, shall bind their respective successors
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and assigns. All agreements of any Trustee in this Indenture shall bind its respective
successors and assigns.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11. <U>Severability</U>. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.12. <U>Counterpart Originals</U>. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.13. <U>Table of Contents, Headings, Etc.</U> 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.14. <U>Acts of Holders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;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 U.S. Trustee and, where
it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the &#147;<I>Act</I>&#148; of Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in
favor of the U.S. Trustee and the Issuer, if made in the manner provided in this Section&nbsp;11.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;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&#146;s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such signer&#146;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 U.S. Trustee deems sufficient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The ownership of Notes shall be proved by the register maintained by the Registrar
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;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 U.S. Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such Note.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If the Issuer shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Issuer may, at its option, by or pursuant to a
board resolution of the Issuer&#146;s Board of Directors, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Issuer shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act
may be given before or after such record date, but only the Holders of record at the close of
business on such record date shall be deemed to be Holders for the purposes of determining whether
Holders of the requisite proportion of outstanding Notes have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that
purpose the outstanding Notes shall be computed as of such record date; <I>provided </I>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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.15. <U>Waiver of Jury Trial</U>. EACH OF THE ISSUER, THE GUARANTORS AND THE
TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.16. <U>Force Majeure</U>. In no event shall any Trustee or Agent be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation,
fire, riots, strikes, or stoppages for any reason, embargoes, governmental actions, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services, it being understood that each Trustee shall use reasonable efforts which are
consistent with accepted practices in the U.S. and Canadian banking industry (as applicable) to
resume performance as soon as practicable under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.17. <U>Documents in English</U>. The parties to this Indenture have expressly
requested that this Indenture and all related notices, amendments and other documents be drafted in
the English language. Les parties &#224; la pr&#233;sente convention ont express&#233;ment exig&#233; que cette
convention et tous les avis, modifications et autres documents y aff&#233;rents soient r&#233;dig&#233;s en langue
anglaise seulement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.18. <U>Conversion of Currency</U>. If for the purposes of obtaining judgment in
any court it is necessary to convert a sum due under this Indenture to the Holder from U.S. dollars
to another currency, the Issuer and each Guarantor has agreed, and each Holder by holding such Note
will be deemed to have agreed, to the fullest extent that the Issuer, each Guarantor and they may
effectively do so, that the rate of exchange used shall be that at which in accordance with normal
banking procedures such Holder could purchase U.S. dollars with such other currency in New York
City, New York on the Business Day preceding the day on which final judgment is given.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->101<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer&#146;s and Guarantors&#146; obligations to any Holder will, notwithstanding any judgment in a
currency (the &#147;<I>Judgment Currency</I>&#148;) other than U.S. dollars, be discharged only to the extent that
on the Business Day following receipt by such Holder or the U.S. Trustee, as the case may be, of
any amount in such Judgment Currency, such Holder may in accordance with normal banking procedures
purchase U.S. dollars with the judgment currency. If the amount of the U.S. dollars so purchased
is less than the amount originally to be paid to such Holder or the U.S. Trustee in the Judgment
Currency (as determined in the manner set forth in the preceding paragraph), as the case may be,
each of the Issuer and the Guarantors, jointly and severally, agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Holder and the U.S. Trustee, as the case may
be, against any such loss. If the amount of the U.S. dollars so purchased is more than the amount
originally to be paid to such Holder or the U.S. Trustee, as the case may be, such Holder or the
U.S. Trustee, as the case may be, will pay the Issuer and the Guarantors, such excess; provided
that such Holder or the U.S. Trustee, as the case may be, shall not have any obligation to pay any
such excess as long as a Default under the Notes or this Indenture has occurred and is continuing
or if the Issuer or the Guarantors shall have failed to pay any Holder or the U.S. Trustee any
amounts then due and payable under such Note or this Indenture, in which case such excess may be
applied by such Holder or the U.S. Trustee to such Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.19. <U>Service of Process</U>. Each of the Issuer and each non-U.S. Guarantor
hereby appoints C T Corporation System, 111 Eighth Avenue, New York, New York 10011 as its agent
for service of process in any suit, action or proceeding with respect to this Indenture, the Notes
or the Guarantees and for actions brought under federal or state securities laws brought in any
federal or state court located in The City of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.20. <U>Legal Holidays</U>. If any payment date falls on a day that is not a
Business Day, the payment to be made on such payment date will be made on the next succeeding
Business Day with the same force and effect as if made on such payment date, and no additional
interest will accrue solely as a result of such delayed payment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signatures on following page</I>&#093;
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->102<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated as of November 17, 2010            &nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GUARANTORS</B><BR>
<BR>
PRECISION COMPLETION &#038; PRODUCTION SERVICES LTD.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DIVERSIFIED OILFIELD SERVICES CORP.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION LIMITED PARTNERSHIP<BR>
BY: ITS GENERAL PARTNER, PRECISION <BR>
DIVERSIFIED OILFIELD SERVICES CORP.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING CANADA LIMITED PARTNERSHIP<BR>
BY: ITS GENERAL PARTNER, PRECISION <BR>
DIVERSIFIED OILFIELD SERVICES CORP.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Indenture&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GREY WOLF INTERNATIONAL DRILLING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION OILFIELD PERSONNEL SERVICES LTD.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">DI ENERGY, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GREY WOLF INTERNATIONAL, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING HOLDINGS COMPANY<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Indenture&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING COMPANY LP<BR>
BY: ITS GENERAL PARTNER, PRECISION <BR>
DRILLING HOLDINGS COMPANY<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MURCO DRILLING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">DI/PERFENSA INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GREY WOLF SUPPLY INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING OILFIELD SERVICES CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Indenture&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated as of November&nbsp;17, 2010 </TD>
    <TD colspan="3" align="left">

<B>THE BANK OF NEW YORK MELLON</B><BR>
as U.S. Trustee, Registrar and Paying Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Lici Zhu
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Lici Zhu&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Assistant Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated as of November 17, 2010                  &nbsp;</TD>
    <TD colspan="3" align="left"><B>VALIANT TRUST COMPANY</B><BR>
as Canadian Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Dan Sander
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Dan Sander&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Manager, Corporate Trust&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                      /s/ Bonnie Steedman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Bonnie Steedman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Manager, Client Services&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Indenture&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FORM OF NOTE</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">(Face of 6.625% Senior Note)<BR>
6.625% Senior Notes due 2020
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&#091;Global Note Legend&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OR
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &#038; CO.
OR TO SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS
MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS MAY BE 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 &#038; CO., HAS AN INTEREST HEREIN.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF CEDE &#038; CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Restricted Notes Legend&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), AND THIS NOTE MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A)&nbsp;THIS NOTE MAY BE OFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I)&nbsp;IN THE UNITED STATES TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II)&nbsp;OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT,
(III)&nbsp;PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE) OR (IV)&nbsp;PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, IN EACH OF CASES (I)&nbsp;THROUGH (IV)&nbsp;IN ACCORDANCE WITH ANY APPLICABLE
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B)&nbsp;THE HOLDER WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A)&nbsp;ABOVE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS NOTE MUST NOT TRADE THE SECURITY
TO A RESIDENT OF CANADA BEFORE MARCH 18, 2011.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Regulation&nbsp;S Legend&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM
REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), AND THIS
NOTE MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S.
PERSON IN THE ABSENCE OF THIS REGISTRATION EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS
USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS NOTE MUST NOT TRADE THE SECURITY
TO A RESIDENT OF CANADA BEFORE MARCH 18, 2011.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">CUSIP NO. <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ISIN&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Drilling Corporation (including any successor thereto) promises to pay to Cede &#038; Co.
or registered assigns, the principal sum of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (as may be increased or decreased as set forth
on the Schedule of Increases and Decreases attached hereto) on November&nbsp;15, 2020.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Payment Dates: November&nbsp;15 and May&nbsp;15, beginning May&nbsp;15, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Dates: November 1 and May 1 (whether or not a Business Day)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 set forth at this place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the certificate of authentication hereon has been executed by the U.S. 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.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>

    <TD colspan="2">Rule&nbsp;144A Note CUSIP: 740212 AB1<br><br>
Rule&nbsp;144A Note ISIN: US740212 AB10<br><br>
Regulation&nbsp;S Note CUSIP: C7467X AB1<br><br>
Regulation&nbsp;S Note ISIN: USC7467X AB13<br><br>
Exchange Note CUSIP: 740212 AC9<br><br>
Exchange Note ISIN: US740212 AC92</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="35%"></TD>
    <TD width="63%"></TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="4" align="left" nowrap>
<BR>
<BR>
This is one of the Notes referred to in the<BR>
within-mentioned Indenture:<BR>
<BR>
Dated:<BR>
<BR>
THE BANK OF NEW YORK MELLON, as U.S. Trustee<BR>
&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(Back of 6.625% Senior Note)<BR>
6.625% Senior Notes due 2020
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;<U>Interest</U>. Precision Drilling Corporation, a corporation amalgamated under the
laws of the Province of Alberta and any successor thereto (&#147;<I>Precision</I>&#148; or the &#147;<I>Issuer</I>&#148;) promises to
pay interest on the principal amount of this 6.625% Senior Note due 2020 (a &#147;<I>Note</I>&#148;) at a fixed rate
of 6.625% per annum. The Issuer will pay interest in U.S. dollars (except as otherwise provided
herein) in U.S. dollars semiannually in arrears on November&nbsp;15 and May&nbsp;15, commencing on May&nbsp;15,
2011 (each an &#147;<I>Interest Payment Date</I>&#148;) or if any such day is not a Business Day, on the next
succeeding Business Day with the same force and effect as if made on such Interest Payment Date,
and no additional interest shall accrue solely as a result of such delayed payment. 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 the date of issuance. The Issuer shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest and Additional Interest, if any (without regard to any applicable
grace period), at the same rate to the extent lawful. Interest shall be computed on the basis of a
360-day year comprised of twelve 30-day months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;<U>Method of Payment</U>. The Issuer 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 November 1 and May 1 preceding the Interest
Payment Date (whether or not a Business Day), even if such Notes are cancelled after such record
date and on or before such Interest Payment Date, except as provided in Section&nbsp;2.12 of the
Indenture with respect to defaulted interest. If a Holder has given written wire transfer
instructions to the U.S. Trustee at least ten Business Days prior to the applicable Interest
Payment Date, the Issuer will make all payments of principal, premium, interest and Additional
Interest, if any, on such Holder&#146;s Notes by wire transfer of immediately available funds to the
account in New York specified in those instructions. Otherwise, payments on the Notes will be made
at the office or agency of the U.S. Trustee or Paying Agent within the City and State of New York
unless the Issuer elects to make interest payments by check mailed to the Holders at their
addresses set forth in the register of Holders. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any payments of principal of 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 final principal 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 U.S. Trustee or the U.S. Trustee&#146;s agent appointed for such purposes.
Payments in respect of Global Notes will be made by wire transfer of immediately available funds to
the Depositary.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;<U>Paying Agent and Registrar</U>. Initially, The Bank of New York Mellon shall act
as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice
to any Holder, and the Issuer and/or any Restricted Subsidiaries may act as Paying Agent or
Registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;<U>Indenture</U>. The Issuer issued the Notes under an Indenture, dated as of
November&nbsp;17, 2010 (the &#147;<I>Indenture</I>&#148;), among the Issuer, the Guarantors thereto and the Trustees.
The terms of the Notes include those stated in the Indenture and those made a part of the Indenture
by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code &#167;&#167; 77aaa-77bbbb) (the
"<I>TIA</I>&#148;). 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 and the TIA for a statement of such terms. The Initial Notes issued on
the Issue Date are senior obligations of the Issuer limited to U.S.$650,000,000 in aggregate
principal amount, plus amounts, if any, sufficient to pay premium, interest and Additional
Interest, if any, on outstanding Notes as set forth in Paragraph (2)&nbsp;hereof. The Indenture permits
the issuance of Additional Notes subject to compliance with certain conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payment of principal, interest and Additional Interest, if any, on the Notes and all other
amounts under the Indenture is unconditionally guaranteed, jointly and severally, on a senior
unsecured basis by the Guarantors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;<U>Optional Redemption</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Notes may be redeemed, in whole or in part, at any time prior to November&nbsp;15, 2013
at the option of the Issuer upon not less than 30 nor more than 60&nbsp;days&#146; prior notice, at a
redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable
Premium (calculated by the Issuer) as of, and accrued and unpaid interest and Additional Interest,
if any, to, 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).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Notes are subject to redemption, at the option of the Issuer, in whole or in part,
at any time or from time to time on or after November&nbsp;15, 2013, upon not less than 30 nor more than
60&nbsp;days&#146; notice at the following redemption prices (expressed as percentages of the principal
amount to be redeemed) set forth below, plus accrued and unpaid interest and Additional Interest,
if any, on the Notes to be redeemed to the applicable redemption date (subject to the right of
Holders on the relevant record date to receive interest due on the relevant Interest Payment Date,
if redeemed during the 12-month period beginning November&nbsp;15 of the years indicated below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Redemption Price</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">103.313</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">102.208</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2017</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">101.104</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2018 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.000</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At any time or from time to time prior to November&nbsp;15, 2013, the Issuer, at its
option, may on any one or more occasions redeem up to 35.0% of the principal amount of the
outstanding Notes issued under the Indenture (calculated after giving effect to any issuance
of Additional Notes) with the net cash proceeds of one or more Qualified Equity Offerings at a
redemption price equal to 106.625% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest and Additional Interest thereon, if any, to the date of redemption
(subject to the right of Holders of record on the relevant record date to receive interest due on
the relevant Interest Payment Date); provided that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at least 65.0% of the aggregate principal amount of Notes issued under the
Indenture (calculated after giving effect to any issuance of Additional Notes) remains
outstanding immediately after giving effect to any such redemption; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the redemption occurs not more than 90&nbsp;days after the date of the closing of
any such Qualified Equity Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If the Issuer or a Guarantor becomes obligated to pay any Additional Amounts as a
result of a change in the laws or regulations of Canada or any Canadian taxing authority, or a
change in any official position regarding the application or interpretation thereof (including a
holding by a court of competent jurisdiction), which is publicly announced or becomes effective on
or after the date of the Indenture and such Additional Amounts cannot (as certified in an Officers&#146;
Certificate to the U.S. Trustee) be avoided by the use of reasonable measures available to the
Issuer or any Guarantor, then the Issuer may, at its option, redeem the Notes, in whole but not in
part, upon not less than 30 nor more than 60&nbsp;days&#146; notice (such notice to be provided not more than
90&nbsp;days before the next date on which it or the Guarantor would be obligated to pay Additional
Amounts), at a redemption price equal to 100% of the principal amount thereof, plus accrued and
unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on an Interest Payment Date that is on or prior to the
redemption date). Notice of the Issuer&#146;s intent to redeem the Notes shall not be effective until
such time as it delivers to the U.S. Trustee an Opinion of Counsel stating that the Issuer or a
Guarantor is obligated to pay Additional Amounts because of an amendment to or change in law or
regulation or position as described in this paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;<U>Mandatory Redemption</U>. Except as provided in the Indenture, the Issuer shall
not be required to make mandatory redemption or sinking fund payments with respect to Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;<U>Repurchase at Option of Holder</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If a Change of Control occurs, unless the Issuer at such time has given notice of
redemption pursuant to Paragraph (5)&nbsp;hereof with respect to all outstanding Notes, each Holder will
have the right to require the Issuer to repurchase all or any part (equal to U.S.$2,000 or an
integral multiple of U.S.$1,000 in excess thereof) of that Holder&#146;s Notes pursuant to a Change of
Control Offer at a price in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest and Additional Interest, if any, to the date of
purchase; <I>provided </I>that no partial redemption shall result in a Note having a principal amount of
less than U.S.$2,000. Within 30&nbsp;days following any Change of Control unless the Issuer at such time
has given notice of redemption pursuant to Paragraph (5)&nbsp;hereof with respect to all
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">outstanding Notes, the Issuer will deliver a notice to each Holder (with a copy to each of the
Trustees) describing the transaction or transactions that constitute the Change of Control and
setting forth the procedures governing the Change of Control Offer required by the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the occurrence of certain Asset Sales, the Issuer may be required to offer to
purchase Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Holders of the Notes that are the subject of an offer to purchase will receive notice
of a Net Proceeds Offer or the Change of Control Offer, as applicable, pursuant to an Asset Sale or
a Change of Control from the Issuer prior to any related purchase date and may elect to have such
Notes purchased by completing the form titled &#147;Option of Holder to Elect Purchase&#148; attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;<U>Notice of Redemption</U>. Notice of redemption shall be delivered at least thirty
(30)&nbsp;days but not more than sixty (60)&nbsp;days before the redemption date to each Holder whose Notes
are to be redeemed in accordance with Section&nbsp;11.2 of the Indenture. Notes in denominations larger
than U.S.$2,000 may be redeemed in part but only in minimum denominations of U.S.$2,000 and
integral multiples of U.S.$1,000 thereof, unless all of the Notes held by a Holder are to be
redeemed so long as no partial redemption results in a Note having a principal amount of less than
U.S.$2,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&#091;<U>Reserved</U>.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;<U>Denominations, Transfer, Exchange</U>. The Notes are in registered form without
coupons in initial denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess
thereof. The transfer of the Notes may be registered and the Notes may be exchanged as provided in
the Indenture. The Registrar, any Trustee and the Issuer may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to
pay any stamp or transfer tax or similar government charge required by law or permitted by the
Indenture in accordance with Section&nbsp;2.6(g)(2) of the Indenture. The Registrar is not required (A)
to issue, to register the transfer of or to exchange Notes during a period beginning at the opening
of fifteen (15)&nbsp;days before the day of any selection of Notes for redemption and ending at the
close of business on the day of such selection, (B)&nbsp;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)&nbsp;to register the transfer of or to exchange a Note between a record
date and the next succeeding Interest Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;<U>Persons Deemed Owners</U>. The registered Holder of a Note may be treated as its
owner for all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;<U>Amendment, Supplement and Waiver</U>. Subject to the following paragraphs, the
Indenture, the Notes and the Guarantees may be amended or supplemented with the consent of the
Holders of not less than a majority in aggregate principal amount of the outstanding Notes,
including, without limitation, consents obtained connection with a purchase of, or tender offer or
exchange offer for, Notes, and, except as set forth in the Indenture, any existing Default or Event
of Default or compliance with any provision of the Indenture, the Notes or the Guarantees may be
waived with the consent of the Holders of a majority in principal amount of the then
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
outstanding Notes, including consents obtained in connection with a tender offer or exchange
offer for Notes.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Section&nbsp;9.2 of the Indenture, without the consent of any Holders, the Issuer,
the Guarantors and the Trustees, at any time and from time to time, may enter into one or more
indentures supplemental to the Indenture for any of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to cure any ambiguity, defect or inconsistency;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to provide for uncertificated Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to provide for the assumption of the Issuer&#146;s or a Guarantor&#146;s obligations to
the Holders in the case of a merger, amalgamation, consolidation or sale of all or
substantially all of the Issuer&#146;s or such Guarantor&#146;s assets, or winding-up or dissolution
or sale, lease, transfer, conveyance or other disposition or assignment in accordance with
the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to add any Guarantee or to effect the release of any Guarantor from any of its
obligations under its Guarantee or the provisions of the Indenture (to the extent in
accordance with the Indenture);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to make any change that would provide any additional rights or benefits to the
Holders of Notes or that does not adversely affect the legal rights of any Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to effect or maintain the qualification of the Indenture under the TIA;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to secure the Notes or any Guarantees or other obligation under the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to evidence and provide for the acceptance of appointment by successor
trustees;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to conform the text of the Indenture or the Notes to any provision of the
Description of the Notes contained in the Offering Circular; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to provide for the issuance of Additional Notes or Exchange Notes in
accordance with the Indenture and the Registration Rights Agreement, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the consent of the Holders of not less than a majority in aggregate principal amount of
the outstanding Notes (including, without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, the Notes), the Issuer, the Guarantors, if any,
and the Trustees may amend or supplement the Indenture, the Notes or any Guarantees or, subject to
Section&nbsp;6.4 and Section&nbsp;6.7 of the Indenture, waive any existing Default or Event of Default or
compliance with any provision of the Indenture or the Notes; <I>provided</I>, <I>however</I>, that no such
amendment, supplement or waiver shall, without the consent of the Holder of each outstanding Note
affected thereby:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reduce, or change the maturity of, the principal of any Note;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the rate of or extend the time for payment of interest on any Note;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) reduce any premium payable upon redemption of the Notes or change the date on
which any Notes are subject to redemption (other than the notice provisions) or waive any
payment with respect to the redemption of the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make any Note payable in money or currency other than that stated in the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) modify or change any provision of the Indenture or the related definitions to
affect the ranking of the Notes or any Guarantee in a manner that adversely affects the
Holders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) reduce the percentage of Holders necessary to consent to an amendment or waiver
to the Indenture or the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) waive a default in the payment of principal of or premium or interest or
Additional Interest, if any, on any Notes (except a rescission of acceleration of the Notes
by the Holders thereof as provided in the Indenture and a waiver of the payment default that
resulted from such acceleration);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) impair the rights of Holders to receive payments of principal of or interest or
Additional Interest, if any, on the Notes on or after the due date therefor or to institute
suit for the enforcement of any payment on the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) release any Guarantor from any of its obligations under its Guarantee or the
Indenture, except as permitted thereunder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) make any change in these amendment and waiver provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Holders of Notes under Section&nbsp;9.2 of the
Indenture to approve the particular form of any proposed amendment or waiver, but it shall be
sufficient if such consent approves the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;<U>Defaults and Remedies</U>. Each of the following constitutes an Event of
Default:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure to pay interest on, or Additional Interest with respect to, any of the
Notes when the same becomes due and payable and the continuance of any such failure for 30
days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure to pay principal of or premium, if any, on any of the Notes when it
becomes due and payable, whether at Stated Maturity, upon redemption, upon purchase, upon
acceleration or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) failure by the Issuer or any of its Restricted Subsidiaries to comply with any
of their respective agreements or covenants described in Section&nbsp;5.1 of the Indenture,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">or failure by the Issuer to comply in respect of its obligations to make a Change of
Control Offer pursuant to Section&nbsp;4.14 of the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (a)&nbsp;except with respect to Section&nbsp;4.3, failure by the Issuer or any Restricted
Subsidiary to comply with any other agreement or covenant in the Indenture and continuance
of this failure for 60&nbsp;days after notice of the failure has been given to the Issuer by the
U.S. Trustee or to the Issuer and the U.S. Trustee by the Holders of at least 25.0% of the
aggregate principal amount of the Notes then outstanding, or (b)&nbsp;failure by the Issuer for
120&nbsp;days after notice of the failure has been given to the Issuer by the U.S. Trustee or to
the Issuer and the U.S. Trustee by the Holders of at least 25.0% of the aggregate principal
amount of the Notes then outstanding to comply with Section&nbsp;4.3 of the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) default by the Issuer or any Significant Subsidiary of the Issuer under any
mortgage, indenture or other instrument or agreement under which there may be issued or by
which there may be secured or evidenced Indebtedness for borrowed money by the Issuer or any
Restricted Subsidiary, whether such Indebtedness now exists or is incurred after the Issue
Date, which default:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is caused by a failure to pay at its Stated Maturity principal on such
Indebtedness within the applicable express grace period and any extensions thereof,
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) results in the acceleration of such Indebtedness prior to its Stated
Maturity (which acceleration is not rescinded, annulled or otherwise cured within 30
days of receipt by the Issuer or such Restricted Subsidiary of notice of any such
acceleration),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">and, in each case, the principal amount of such Indebtedness, together with the principal
amount of any other Indebtedness with respect to which an event described in clause (a)&nbsp;or
(b)&nbsp;has occurred and is continuing, aggregates U.S.$50.0&nbsp;million or more;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) one or more judgments (to the extent not covered by insurance) for the payment
of money in an aggregate amount in excess of U.S.$50.0&nbsp;million shall be rendered against the
Issuer, any of its Significant Subsidiaries or any combination thereof and the same shall
remain undischarged for a period of 60 consecutive days during which execution shall not be
effectively stayed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer or any Significant Subsidiary of the Issuer or group of Restricted
Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated
financial statements for the Issuer and its Restricted Subsidiaries), would constitute a
Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commences a voluntary case,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consents to the entry of an order for relief against it in an
involuntary case,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consents to the appointment of a custodian of it or for all or
substantially all of its property,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) makes a general assignment for the benefit of its creditors, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) generally is not paying its debts as they become due; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is for relief against the Issuer or any Significant Subsidiary of the
Issuer or group of Restricted Subsidiaries of the Issuer that, taken together (as of
the latest audited consolidated financial statements for the Issuer and its
Restricted Subsidiaries), would constitute a Significant Subsidiary, in an
involuntary case;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoints a custodian of the Issuer or any Significant Subsidiary of
the Issuer or group of Restricted Subsidiaries of the Issuer that, taken together
(as of the latest audited consolidated financial statements for the Issuer and its
Restricted Subsidiaries), would constitute a Significant Subsidiary or for all or
substantially all of the property of the Issuer or any of its Restricted
Subsidiaries; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) orders the liquidation of the Issuer or any Significant Subsidiary of
the Issuer or group of Restricted Subsidiaries of the Issuer that, taken together
(as of the latest audited consolidated financial statements for the Issuer and its
Restricted Subsidiaries), would constitute a Significant Subsidiary and the order or
decree remains unstayed and in effect for 60 consecutive days; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any Guarantee ceases to be in full force and effect (other than in accordance
with the terms of such Guarantee and the Indenture) or is declared null and void and
unenforceable or found to be invalid or any Guarantor, denies its liability under the
Guarantee of such Guarantor, (other than by reason of release of such Guarantor from its
Guarantee in accordance with the terms of the Indenture and the Guarantee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default (other than an Event of Default specified in clause (7)&nbsp;above shall
have occurred and be continuing under the Indenture, the U.S. Trustee, by written notice to the
Issuer, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding
by written notice to the Issuer and the U.S. Trustee, may declare all amounts owing under the Notes
to be due and payable. Upon such acceleration declaration, the aggregate principal of and accrued
and unpaid interest on the outstanding Notes shall become due and payable immediately.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in clause (7)&nbsp;above occurs, then all unpaid principal of, and
premium, if any, and accrued and unpaid interest, if any, on all of the outstanding Notes
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-12<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall <I>ipso facto </I>become and be immediately due and payable without any declaration or other
act on the part of the U.S. Trustee or any Holder of the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;<U>No Recourse Against Others</U>. No director, officer, employee, incorporator or
stockholder of the Issuer or any Guarantor or an annuitant under a plan of which a stockholder of
the Issuer is a trustee or carrier will have any liability for any indebtedness, obligations or
liabilities of the Issuer under the Notes or the Indenture or of any Guarantor under its Guarantee
or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes and the Guarantees, to the extent permitted by
applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;<U>Authentication</U>. This Note shall not be valid until authenticated by the
manual signature of the U.S. Trustee or an authenticating agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;<U>Abbreviations</U>. 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).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;<U>CUSIP Numbers</U>. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on
the Notes, and either Trustee may use CUSIP 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: General Counsel
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->A-13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ASSIGNMENT FORM
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To assign this Note, fill in the form below: (I)&nbsp;or (we)&nbsp;assign and transfer this Note to
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(Insert assignee&#146;s soc. sec. or tax I.D. no.)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt">(Print or type assignee&#146;s name, address and zip code)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and irrevocably appoint
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top" nowrap>Your Signature :&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">(Sign exactly as your name&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">appears on the face of this Note)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature guarantee:
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->A-14<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">OPTION OF HOLDER TO ELECT PURCHASE
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you want to elect to have this Note purchased by the Issuer pursuant to Section&nbsp;4.10 or
Section&nbsp;4.14 of the Indenture, check the box below:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#093; Section&nbsp;4.10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093; Section&nbsp;4.14
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section
4.10 or Section&nbsp;4.14 of the Indenture, state the amount you elect to have purchased: U.S.$
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top" nowrap>Your Signature :&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">(Sign exactly as your name&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">appears on the face of this Note)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Identification No.:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature guarantee:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-15<!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;INCLUDE IN TRANSFER RESTRICTED NOTES&#093;
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTIFICATE TO BE DELIVERED UPON<BR>
EXCHANGE OF TRANSFER RESTRICTED NOTES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: General Counsel

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon<BR>
101 Barclay Street, Floor 4 East<BR>
New York, New York, USA<BR>
Facsimile: (212)&nbsp;815-5802/03<BR>
Attention: International Corporate Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valiant Trust Company<BR>
310, 606-4th Street SW<BR>
Calgary, AB T2P 1T1<BR>
Facsimile: (403)&nbsp;233-2857<BR>
Attention: Senior Manager, Corporate Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: CUSIP NO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to that certain Indenture dated November&nbsp;17, 2010 (the &#147;<I>Indenture</I>&#148;)
among Precision Drilling Corporation (the &#147;<I>Issuer</I>&#148;), the guarantors named therein, The Bank of New
York Mellon, as U.S. Trustee (the &#147;<I>U.S. Trustee</I>&#148;) and Valiant Trust Company, as Canadian Trustee
(the &#147;<I>Canadian Trustee</I>&#148;). Capitalized terms used but not defined herein shall have the meanings
set forth in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certificate relates to U.S.$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> principal amount of Notes held in (check applicable space)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> book-entry or <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> definitive form by the undersigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(transferor) (check one box below):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&nbsp;2.6 of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hereby requests the U.S. Trustee to exchange a Note or Notes to &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (transferee).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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(d) under the Securities Act of 1933,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-16<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">as amended, the undersigned confirms that such Notes are being transferred in accordance with
its terms:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CHECK ONE BOX BELOW:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the Issuer or any of its subsidiaries; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD> inside the United States to a &#147;qualified
institutional buyer&#148; (as defined in Rule&nbsp;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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(3)&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD> outside the United States in an offshore transaction
within the meaning of Regulation&nbsp;S under the
Securities Act of 1933, as amended, in compliance
with Rule&nbsp;904 thereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

<DIV align="CENTER" style="font-size: 10pt; margin-top: 18pt; margin-left: 50%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>Signature

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature Guarantee:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TO BE COMPLETED BY PURCHASER IF (2)&nbsp;ABOVE IS CHECKED.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 each of it and
any such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A under the
Securities Act of 1933, as amended (&#147;<I>Rule&nbsp;144A</I>&#148;), and is aware that the sale to it is being made in
reliance on Rule&nbsp;144A and acknowledges that it has received such information regarding the Issuer
as the undersigned has requested pursuant to Rule&nbsp;144A or has determined not to request such
information and that it is aware that the transferor is relying upon the undersigned&#146;s foregoing
representations in order to claim the exemption from registration provided by Rule&nbsp;144A.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Name of Transferee&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
NOTICE: To be executed by an executive officer, if an entity
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->A-17<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;INCLUDE IN NOTES BEARING THE REGULATION S LEGEND&#093;
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTIFICATE TO BE DELIVERED UPON<BR>
EXCHANGE OF NOTES BEARING THE REGULATION S LEGEND
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: General Counsel

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon<BR>
101 Barclay Street, Floor 4 East<BR>
New York, New York, USA<BR>
Facsimile: (212)&nbsp;815-5802/03<BR>
Attention: International Corporate Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valiant Trust Company<BR>
310, 606-4th Street SW<BR>
Calgary, AB T2P 1T1<BR>
Facsimile: (403)&nbsp;233-2857<BR>
Attention: Senior Manager, Corporate Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: CUSIP NO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to that certain Indenture dated November&nbsp;17, 2010 (the &#147;<I>Indenture</I>&#148;)
among Precision Drilling Corporation (the &#147;<I>Issuer</I>&#148;), the guarantors named therein, The Bank of New
York Mellon, as U.S. Trustee (the &#147;<I>U.S. Trustee</I>&#148;) and Valiant Trust Company, as Canadian Trustee
(the &#147;<I>Canadian Trustee</I>&#148;). Capitalized terms used but not defined herein shall have the meanings
set forth in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certificate relates to U.S.$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>principal amount of Notes held in (check applicable space)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> book-entry or <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> definitive form by the undersigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(transferor) (check one box below):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&nbsp;2.6 of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hereby requests the U.S. Trustee to exchange a Note or Notes to &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (transferee).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with any transfer of any of the Notes evidenced by this certificate occurring
prior to the expiration of the Restricted Period (as defined in the Indenture), the undersigned
confirms that such Notes are being transferred in accordance with its terms:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CHECK ONE BOX BELOW:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD> to the Issuer or any of its subsidiaries; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inside the United States to a &#147;qualified
institutional buyer&#148; (as defined in Rule&nbsp;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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(3)&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD> outside the United States in an offshore transaction
within the meaning of Regulation&nbsp;S under the
Securities Act of 1933, as amended, in compliance
with Rule&nbsp;904 thereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the expiration of the Restricted Period, 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.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 50%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>Signature

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature Guarantee:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TO BE COMPLETED BY PURCHASER IF (2)&nbsp;ABOVE IS CHECKED.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 each of it and
any such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A under the
Securities Act of 1933, as amended (&#147;<I>Rule&nbsp;144A</I>&#148;), and is aware that the sale to it is being made in
reliance on Rule&nbsp;144A and acknowledges that it has received such information regarding the Issuer
as the undersigned has requested pursuant to Rule&nbsp;144A or has determined not to request such
information and that it is aware that the transferor is relying upon the undersigned&#146;s foregoing
representations in order to claim the exemption from registration provided by Rule&nbsp;144A.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Name of Transferee&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
NOTICE: To be executed by an executive officer, if an entity
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->A-19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE OF INCREASES AND DECREASES OF 6.625% SENIOR NOTES</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The following transfers, exchanges and redemption of this Global Note have been made:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Principal</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of this</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Global Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Decrease in</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Increase in</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Following</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Date of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Principal</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Principal</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Such</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Signature of U.S.</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Transfer, Exchange or</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of this</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of this</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Decrease</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Trustee or Note</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Redemption</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Global Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Global Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(or Increase)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Custodian</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED<BR>
BY SUBSEQUENT GUARANTORS&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture and Guarantee, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20 (this
&#147;<I>Supplemental Indenture</I>&#148; or &#147;<I>Guarantee</I>&#148;), among &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &#147;<I>New Guarantor</I>&#148;),Precision Drilling Corporation (together with its successors and assigns, the &#147;<I>Issuer</I>&#148;), each other
then-existing Guarantor under the Indenture referred to below (the &#147;<I>Guarantors</I>&#148;), The Bank of New
York Mellon, as U.S. Trustee, paying agent and registrar and Valiant Trust Company, as Canadian
Trustee under such Indenture.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">W I T N E S S E T H:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer, the Guarantors, the Canadian Trustee and the U.S. Trustee have heretofore
executed and delivered an Indenture, dated as of November&nbsp;17, 2010 (as amended, supplemented,
waived or otherwise modified, the &#147;<I>Indenture</I>&#148;), providing for the issuance of an unlimited
aggregate principal amount of 6.625% Senior Notes due 2020 of the Issuer (the &#147;<I>Notes</I>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section&nbsp;4.17 and Article&nbsp;X of the Indenture provides that the Issuer will cause any
Restricted Subsidiary of the Issuer that guarantees any Indebtedness of the Issuer or any Guarantor
under a Credit Facility or under debt securities issued in the capital markets, except for any such
Subsidiary if the Fair Market Value of the assets of such Subsidiary together with the Fair Market
Value of the assets of any other Subsidiaries that guaranteed such Indebtedness of the Issuer or
any Guarantor but did not guarantee the Notes, does not exceed U.S.$20.0&nbsp;million in the aggregate,
to execute and deliver a Guarantee pursuant to which such Restricted Subsidiary will
unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the
principal of, premium, if any, and interest on the Notes and all other obligations under the
Indenture on the same terms and conditions as those set forth in the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to Section&nbsp;9.1 of the Indenture, the Canadian Trustee, the U.S. Trustee, the
Issuer and the Guarantors are authorized to execute and deliver this Supplemental Indenture to
amend the Indenture, without the consent of any Holder to add an additional Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantors, the Issuer, the
existing Guarantors, the Canadian Trustee and the U.S. Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I<BR>
<U>Definitions</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION
1.1 <U>Defined Terms</U>. As used in this Supplemental Indenture, capitalized terms defined in
the Indenture or in the preamble or recitals thereto are used herein as therein defined. The words
&#147;herein,&#148; &#147;hereof&#148; and &#147;hereby&#148; and other words of similar import
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to
any particular section hereof.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II<BR>
<U>Agreement to be Bound; Guarantee</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1 <U>Agreement to be Bound</U>. The New Guarantor hereby becomes a party to the Indenture as a
Guarantor and as such shall have all of the rights and be subject to all of the obligations and
agreements of a Guarantor under the Indenture. The Guarantor agrees to be bound by all of the
provisions of the Indenture applicable to a Guarantor and to perform all of the obligations and
agreements of a Guarantor under the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2 <U>Guarantee</U>. The New Guarantor hereby fully, unconditionally and irrevocably
guarantees, as primary obligor and not merely as a surety, jointly and severally with each other
Guarantor, to each Holder and each of the Trustees, the full and punctual payment when due, whether
at maturity, by acceleration, by redemption or otherwise, of the Obligations pursuant to the Notes
and the Indenture.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III<BR>
<U>Miscellaneous</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.1 <U>Notices</U>. All notices and other communications to the New Guarantor shall be given as
provided in the Indenture to the New Guarantor, at its address set forth below, with a copy to the
Issuer as provided in this Indenture for notices to the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">&#091;<I>Name of New Guarantor</I>&#093;<BR>
&#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;<BR>
&#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Fax: &#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;<BR>
Attention: &#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.2 <U>Parties</U>. Nothing expressed or mentioned herein is intended or shall be construed to
give any Person, firm or corporation, other than the Holders and each of the Trustees, any legal or
equitable right, remedy or claim under or in respect of this Supplemental Indenture or the
Indenture or any provision herein or therein contained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.3 <U>Governing Law</U>. This Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.4 <U>Service of Process</U>. Each of the Issuer and each non-U.S. Guarantor (including, if
applicable, the New Guarantor) hereby appoints C T Corporation System, 111 Eighth Avenue, New York,
New York 10011 as its agent for service of process in any suit, action or proceeding with respect
to this Supplemental Indenture, the Indenture, the Notes or the Guarantees and for actions brought
under federal or state securities laws brought in any federal or state court located in The City of
New York.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.5 <U>Severability Clause</U>. In case any provision in this Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->B-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">enforceability of the remaining provisions shall not in any way be affected or impaired
thereby and such provision shall be ineffective only to the extent of such invalidity, illegality
or unenforceability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.6 <U>Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of
Trustees</U>. Except as expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in full force and
effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby.
Neither Trustee makes any representation or warranty as to the validity or sufficiency of this
Supplemental Indenture or the New Guarantor&#146;s Guarantee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.7 <U>Counterparts</U>. The parties hereto may sign one or more copies of this Supplemental
Indenture in counterparts, all of which together shall constitute one and the same agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.8 <U>Headings</U>. The headings of the Articles and the sections in this Guarantee are for
convenience of reference only and shall not be deemed to alter or affect the meaning or
interpretation of any provisions hereof.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signatures on following page</I>&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->B-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING CORPORATION</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>&#091;EXISTING GUARANTORS</B>&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;<B>NEW GUARANTOR</B>&#093;,<BR>
as a Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE BANK OF NEW YORK MELLON</B>,<BR>
as U.S. Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>VALIANT TRUST COMPANY</B>,<BR>
as Canadian Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->B-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT C</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF CERTIFICATE TO BE DELIVERED<BR>
IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: General Counsel

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon<BR>
101 Barclay Street, Floor 4 East<BR>
New York, New York 10286<BR>
Facsimile: (212)&nbsp;815-5802/03<BR>
Attention: International Corporate Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valiant Trust Company<BR>
310, 606-4th Street SW<BR>
Calgary, AB T2P 1T1<BR>
Facsimile: (403)&nbsp;233-2857<BR>
Attention: Senior Manager, Corporate Trust

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: &nbsp;&nbsp;Precision Drilling Corporation (the &#147;<I>Issuer</I>&#148;) Notes due 2020 (the &#147;<I>Notes</I>&#148;)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our proposed sale of U.S.$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>aggregate principal amount at maturity of the
Notes (CUSIP No. &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;), we hereby certify that such transfer is being effected pursuant to and
in accordance with Rule&nbsp;144A (&#147;<I>Rule&nbsp;144A</I>&#148;) under the United States Securities Act of 1933, as
amended (the &#147;<I>Securities Act</I>&#148;), 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 &#147;qualified institutional buyer&#148; within the
meaning of Rule&nbsp;144A in a transaction meeting the requirements of Rule&nbsp;144A, and such Notes are
being transferred in compliance with any applicable blue sky securities laws of any state of the
United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer 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.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#091;Name of Transferor&#093;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signature</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT D</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF CERTIFICATE TO BE DELIVERED<BR>
IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: General Counsel

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon<BR>
101 Barclay Street, Floor 4 East<BR>
New York, New York 10286<BR>
Facsimile: (212)&nbsp;815-5802/03<BR>
Attention: International Corporate Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valiant Trust Company<BR>
310, 606-4th Street SW<BR>
Calgary, AB T2P 1T1<BR>
Facsimile: (403)&nbsp;233-2857<BR>
Attention: Senior Manager, Corporate Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: &nbsp;&nbsp;Precision Drilling Corporation (the &#147;<I>Issuer</I>&#148;) Notes due 2020 (the &#147;<I>Notes</I>&#148;)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our proposed sale of U.S.$&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; aggregate principal amount of the Notes (CUSIP
No.&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;), we confirm that such sale has been effected pursuant to and in accordance with
Regulation&nbsp;S (&#147;<I>Regulation&nbsp;S</I>&#148;) under the U.S. Securities Act of 1933, as amended (the &#147;<I>Securities
Act</I>&#148;), and, accordingly, we represent that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the offer of the Notes was not made to a person in the United States;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) either (a)&nbsp;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)&nbsp;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;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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&nbsp;S, as applicable; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if the sale is made during a restricted period and the provisions of Rule 903(b)
or Rule 904(b) of Regulation&nbsp;S are applicable thereto, we confirm that such sale has been made in
accordance with the applicable provisions of Rule 903(b) or Rule&nbsp;904(b), as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer 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&nbsp;S.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#091;Name of Transferor&#093;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signature</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->D-2<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>o66777exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.2</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><u><B>CONFORMED COPY</B></u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>US$650,000,000</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Precision Drilling Corporation</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>6.625% Senior Notes Due 2020</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>REGISTRATION RIGHTS AGREEMENT</B></U>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November&nbsp;17, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Credit Suisse Securities (USA)&nbsp;LLC</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">RBC Capital Markets, LLC</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">Morgan Stanley &#038; Co. Incorporated</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">TD Securities (USA)&nbsp;LLC</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">Deutsche Bank Securities Inc.</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">HSBC Securities (USA)&nbsp;Inc.</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">Wells Fargo Securities, LLC</FONT><BR>
c/o Credit Suisse Securities (USA)&nbsp;LLC<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eleven
Madison Avenue<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
York, New York 10010-3629

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Drilling Corporation, an Alberta corporation (the &#147;Issuer&#148;), proposes to issue and
sell to Credit Suisse Securities (USA)&nbsp;LLC, RBC Capital Markets, LLC, Merrill Lynch, Pierce, Fenner
&#038; Smith Incorporated, Morgan Stanley &#038; Co. Incorporated, TD Securities (USA)&nbsp;LLC, Deutsche Bank
Securities Inc., HSBC Securities (USA)&nbsp;Inc. and Wells Fargo Securities, LLC (collectively, the
&#147;Initial Purchasers&#148;), upon the terms set forth in a purchase agreement dated as of November&nbsp;10,
2010 (the &#147;Purchase Agreement&#148;), $650,000,000 aggregate principal amount of its 6.625% Senior Notes
Due 2020 (the &#147;Initial Securities&#148;) to be unconditionally guaranteed (the &#147;Guarantees&#148;) by each of
the entities listed on Annex E hereto (the &#147;Guarantors&#148; and together with the Issuer, the
&#147;Company&#148;). The Initial Securities will be issued pursuant to an Indenture, dated as of November
17, 2010 (the &#147;Indenture&#148;), among the Issuer, the Guarantors named therein and The Bank of New York
Mellon, as trustee (the &#147;U.S. Trustee&#148;) and Valiant Trust Company as Canadian co-trustee (the
&#147;Canadian Trustee&#148; and, together with the U.S. Trustee, the &#147;Trustee&#148;). As an inducement to the
Initial Purchasers, the Company agrees with the Initial Purchasers, for the benefit of the holders
of the Initial Securities (including, without limitation, the Initial Purchasers), the Exchange
Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively
the &#147;Holders&#148;), as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<I>Registered Exchange Offer</I>. The Company shall, at its own cost, prepare and, not later
than 270&nbsp;days after (or if the 270<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day is not a business day, the first business day
thereafter) the date of original issue of the Initial Securities (the &#147;Issue Date&#148;), file with the
Securities and Exchange Commission (the &#147;Commission&#148;) a registration statement (the &#147;Exchange Offer
Registration Statement&#148;) on an appropriate form under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), with respect to a proposed offer (the &#147;Registered Exchange Offer&#148;) to the
Holders of Transfer Restricted Securities (as defined in Section&nbsp;6 hereof), who are not prohibited
by any law or policy of the Commission from participating in the Registered Exchange Offer, to
issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate
principal amount of debt securities (the &#147;Exchange Securities&#148;) of the Company issued under
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Indenture and identical in all material respects to the Initial Securities (except for the
transfer restrictions relating to the Initial Securities under the Securities Act and the
provisions relating to the matters described in Section&nbsp;6 hereof) that would be registered under
the Securities Act. The Company shall use its commercially reasonable efforts to cause such
Exchange Offer Registration Statement to become effective under the Securities Act and shall keep
the Exchange Offer Registration Statement effective for not less than 20 business days (or longer,
if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to
the Holders (such period being called the &#147;Exchange Offer Registration Period&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company effects the Registered Exchange Offer, the Company will be entitled to close
the Registered Exchange Offer 20 business days after the commencement thereof provided that the
Company has accepted all the Initial Securities theretofore validly tendered in accordance with the
terms of the Registered Exchange Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the declaration of the effectiveness of the Exchange Offer Registration Statement,
the Company shall promptly commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to
exchange the Initial Securities for Exchange Securities (assuming that such Holder is not an
&#147;affiliate&#148; of the Company within the meaning of Rule&nbsp;405 under the Securities Act, acquires the
Exchange Securities in the ordinary course of such Holder&#146;s business and has no arrangements with
any person to participate in the distribution of the Exchange Securities and is not prohibited by
any law or policy of the Commission from participating in the Registered Exchange Offer) to trade
such Exchange Securities from and after their receipt without any limitations or restrictions under
the Securities Act and without material restrictions under the securities laws of the several
states of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges that, pursuant to current interpretations by the Commission&#146;s staff
of Section&nbsp;5 of the Securities Act, in the absence of an applicable exemption therefrom, (i)&nbsp;each
Holder which is a broker-dealer electing to exchange Securities, acquired for its own account as a
result of market making activities or other trading activities, for Exchange Securities (an
&#147;Exchanging Dealer&#148;), is required to deliver a prospectus containing the information set forth in
(a)&nbsp;Annex A hereto on the cover, (b)&nbsp;Annex B hereto in the &#147;Exchange Offer Procedures&#148; section and
the &#147;Purpose of the Exchange Offer&#148; section, and (c)&nbsp;Annex C hereto in the &#147;Plan of Distribution&#148;
section of such prospectus in connection with a sale of any such Exchange Securities received by
such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii)&nbsp;an Initial Purchaser that
elects to sell Exchange Securities acquired in exchange for Securities constituting any portion of
an unsold allotment is required to deliver a prospectus containing the information required by
Items 507 or 508 of Regulation&nbsp;S-K under the Securities Act, as applicable, in connection with such
sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall use its commercially reasonable efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the prospectus contained therein, in
order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus
delivery requirements of the Securities Act for such period of time as such persons must comply
with such requirements in order to resell the Exchange Securities; provided, however, that (i)&nbsp;in
the case where such prospectus and any amendment or supplement thereto must be delivered by an
Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180&nbsp;days and the date
on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held
by them (unless such period is extended pursuant to Section 3(j) below) and (ii)&nbsp;the Company shall
make such prospectus and any amendment or supplement thereto, available to any broker-dealer for
use in connection with any resale of any Exchange Securities for a period of not less than 90&nbsp;days
after the consummation of the Registered Exchange Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial
Securities acquired by it as part of its initial distribution, the Company, simultaneously with the
delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and
deliver to such Initial
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchaser upon the written request of such Initial Purchaser, in exchange (the &#147;Private Exchange&#148;)
for the Initial Securities held by such Initial Purchaser, a like principal amount of debt
securities of the Company issued under the Indenture and identical in all material respects
(including the existence of restrictions on transfer under the Securities Act and the securities
laws of the several states of the United States, but excluding provisions relating to the matters
described in Section&nbsp;6 hereof) to the Initial Securities (the &#147;Private Exchange Securities&#148;). The
Initial Securities, the Exchange Securities and the Private Exchange Securities are herein
collectively called the &#147;Securities&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Registered Exchange Offer, the Company shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and related
documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) keep the Registered Exchange Offer open for not less than 20 business days (or
longer, if required by applicable law) after the date notice thereof is mailed to the
Holders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) utilize the services of a depositary for the Registered Exchange Offer with an
address in the Borough of Manhattan, The City of New York, which may be the Trustee or an
affiliate of the Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) permit Holders to withdraw tendered Securities at any time prior to the close of
business, New York time, on the last business day on which the Registered Exchange Offer
shall remain open; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) otherwise comply with all applicable laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as reasonably practicable after the close of the Registered Exchange Offer or the
Private Exchange, as the case may be, the Company shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) accept for exchange all the Securities validly tendered and not withdrawn
pursuant to the Registered Exchange Offer and the Private Exchange;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) deliver to the Trustee for cancellation all the Initial Securities so accepted
for exchange; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) cause the Trustee to authenticate and deliver promptly to each Holder of the
Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be,
equal in principal amount to the Initial Securities of such Holder so accepted for
exchange; provided that, in the case of any Securities held in global form by a depositary,
authentication and delivery to such depositary of one or more replacement Securities in
global form in an equivalent principal amount thereto for the account of such Holders in
accordance with the Indenture shall satisfy such authentication and delivery requirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture will provide that the Exchange Securities will not be subject to the transfer
restrictions under the Securities Act set forth in the Indenture and that all the Securities will
vote and consent together on all matters as one class and that none of the Securities will have the
right to vote or consent as a class separate from one another on any matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on each Exchange Security and Private Exchange Security issued pursuant to the
Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment
date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if
no interest has been paid on the Initial Securities, from the date of original issue of the Initial
Securities.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder participating in the Registered Exchange Offer shall be required to represent to
the Company that at the time of the consummation of the Registered Exchange Offer (i)&nbsp;any Exchange
Securities received by such Holder will be acquired in the ordinary course of business, (ii)&nbsp;such
Holder will have no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of the Securities Act,
(iii)&nbsp;such Holder is not an &#147;affiliate,&#148; as defined in Rule&nbsp;405 of the Securities Act, of the
Company or if it is an affiliate, such Holder will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable, (iv)&nbsp;if such Holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the
Exchange Securities and (v)&nbsp;if such Holder is a broker-dealer, that it will receive Exchange
Securities for its own account in exchange for Initial Securities that were acquired as a result of
market-making activities or other trading activities and that it will be required to acknowledge
that it will deliver a prospectus in connection with any resale of such Exchange Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions hereof, the Company will ensure that (i)&nbsp;any Exchange
Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and
any supplement thereto complies in all material respects with the Securities Act and the rules and
regulations thereunder, (ii)&nbsp;any Exchange Offer Registration Statement and any amendment thereto
does not, when it becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii)&nbsp;any prospectus forming part of any Exchange Offer Registration Statement, and
any supplement to such prospectus, does not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<I>Shelf Registration</I>. If, (i)&nbsp;because of any change in law or in applicable interpretations
thereof by the staff of the Commission, the Company is not permitted to effect a Registered
Exchange Offer, as contemplated by Section&nbsp;1 hereof, (ii)&nbsp;the Registered Exchange Offer is not
consummated within 365&nbsp;days of the Issue Date, (iii)&nbsp;any Initial Purchaser so requests with respect
to the Initial Securities (or the Private Exchange Securities) not eligible to be exchanged for
Exchange Securities in the Registered Exchange Offer and held by it following consummation of the
Registered Exchange Offer or (iv)&nbsp;any Holder (other than an Exchanging Dealer) is not eligible to
participate in the Registered Exchange Offer or, in the case of any Holder (other than an
Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder does not receive
Exchange Securities that are freely tradeable under the Securities Act on the date of the exchange,
the Company shall take the following actions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, at its cost, as promptly as practicable (but in no event more
than 30&nbsp;days after so required or requested pursuant to this Section&nbsp;2) file with the
Commission and thereafter shall use its commercially reasonable efforts to cause to be
declared effective (unless it becomes effective automatically upon filing) a registration
statement (the &#147;Shelf Registration Statement&#148; and, together with the Exchange Offer
Registration Statement, a &#147;Registration Statement&#148;) on an appropriate form under the
Securities Act relating to the offer and sale of the Transfer Restricted Securities (as
defined in Section&nbsp;6 hereof) by the Holders thereof from time to time in accordance with
the methods of distribution set forth in the Shelf Registration Statement and Rule&nbsp;415
under the Securities Act (hereinafter, the &#147;Shelf Registration&#148;); provided, however, that
no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held
by it covered by such Shelf Registration Statement unless such Holder agrees in writing to
be bound by all the provisions of this Agreement applicable to such Holder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall use its commercially reasonable efforts to keep the Shelf
Registration Statement continuously effective in order to permit the prospectus included
therein to be lawfully delivered by the Holders of the relevant Securities, for a period of
two years (or for such longer period if extended pursuant to Section 3(j) below) from the
Issue Date or such shorter period that will terminate when all the Securities covered by
the Shelf Registration Statement (i)
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">have been sold pursuant thereto or (ii)&nbsp;have been distributed to the public pursuant to
Rule&nbsp;144 under the Securities Act. The Company shall be deemed not to have used its
commercially reasonable efforts to keep the Shelf Registration Statement effective during
the requisite period if it voluntarily takes any action that would result in Holders of
Securities covered thereby not being able to offer and sell such Securities during that
period, unless such action is required by applicable law or is permitted under the terms of
this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provisions of this Agreement to the contrary, the
Company shall cause the Shelf Registration Statement and the related prospectus and any
amendment or supplement thereto, as of the effective date of the Shelf Registration
Statement, amendment or supplement, (i)&nbsp;to comply in all material respects with the
applicable requirements of the Securities Act and the rules and regulations of the
Commission and (ii)&nbsp;not to contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Company is required to take the actions set forth in this
Section solely as a result of the Registered Exchange Offer not being consummated within
365&nbsp;days of the Issue Date, but the Registered Exchange Offer is subsequently completed in
accordance with the terms of this Agreement prior to the sale of all Securities eligible to
be sold under such Shelf Registration Statement, upon consummation of the Registered
Exchange Offer, the Company will no longer be required to file, have declared effective or
continue the effectiveness of the Shelf Registration Statement pursuant to this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein, at any time, the Company may
delay the filing of the Shelf Registration Statement or delay or suspend the effectiveness
thereof if the Company determines reasonably and in good faith (for valid business reasons,
but not including the avoidance of its obligations hereunder) that the filing of any such
Shelf Registration Statement or the continuing effectiveness thereof would require the
disclosure of non-public material information that in the reasonable judgment of the
Company, would be detrimental to the Company, if so disclosed or would otherwise materially
adversely affect a financing, acquisition, disposition, merger or other material
transaction or any such action required by applicable law, in all cases, for a period (a
&#147;Delay Period&#148;) expiring upon the earlier to occur of the date which is the earlier of (A)
the date on which such financing, acquisition, disposition, merger or other material
transaction ceases to interfere with the Company&#146;s obligations to file or maintain the
effectiveness of any such Shelf Registration Statement pursuant to this Agreement or (B)&nbsp;60
days after the commencement of such delay or suspension. The Delay Period shall not exceed
60&nbsp;days in any three-month period or 90&nbsp;days in any 12-month period. The period of
effectiveness of the Shelf Registration Statement provided for in Section 2(b) above shall
be extended by a number of days equal to the number of days during any Delay Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<I>Registration Procedures</I>. In connection with any Shelf Registration contemplated by
Section&nbsp;2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by
Section&nbsp;1 hereof, the following provisions shall apply:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall (i)&nbsp;furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each amendment
thereof and each supplement, if any, to the prospectus included therein and, in the event
that an Initial Purchaser (with respect to any portion of an unsold allotment from the
original offering) is participating in the Registered Exchange Offer or the Shelf
Registration Statement, the Company shall use its commercially reasonable efforts to
reflect in each such document, when so filed with the Commission, such comments as such
Initial Purchaser reasonably may propose; (ii)&nbsp;include the information set forth in Annex A
hereto on the cover, in Annex B hereto in the &#147;Exchange Offer
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Procedures&#148; section and the &#147;Purpose of the Exchange Offer&#148; section and in Annex C hereto
in the &#147;Plan of Distribution&#148; section of the prospectus forming a part of the Exchange
Offer Registration Statement and include the information set forth in Annex D hereto in the
Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (iii)&nbsp;if
requested by an Initial Purchaser, include the information required by Items 507 or 508 of
Regulation&nbsp;S-K under the Securities Act, as applicable, in the prospectus forming a part of
the Exchange Offer Registration Statement; (iv)&nbsp;include within the prospectus contained in
the Exchange Offer Registration Statement a section entitled &#147;Plan of Distribution,&#148;
reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of
the positions taken or policies made by the staff of the Commission with respect to the
potential &#147;underwriter&#148; status of any broker-dealer that is the beneficial owner (as
defined in Rule&nbsp;13d-3 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;)) of Exchange Securities received by such broker-dealer in the Registered Exchange
Offer (a &#147;Participating Broker-Dealer&#148;), whether such positions or policies have been
publicly disseminated by the staff of the Commission or such positions or policies, in the
reasonable judgment of the Initial Purchasers based upon advice of counsel (which may be
in-house counsel), represent the prevailing views of the staff of the Commission; and (v)
in the case of a Shelf Registration Statement, include in the prospectus included in the
Shelf Registration Statement (or, if permitted by Commission Rule&nbsp;430B(b), in a prospectus
supplement that becomes a part thereof pursuant to Commission Rule&nbsp;430B(f)) that is
delivered to any Holder pursuant to Section 3(d) and (f), the names of the Holders, who
propose to sell Securities pursuant to the Shelf Registration Statement, as selling
securityholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall give written notice to the Initial Purchasers, the Holders of
the Securities and any Participating Broker-Dealer from whom the Company has received prior
written notice that it will be a Participating Broker-Dealer in the Registered Exchange
Offer (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an
instruction to suspend the use of the prospectus until the requisite changes have been
made):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) when the Registration Statement or any amendment thereto has been filed
with the Commission and when the Registration Statement or any post-effective
amendment thereto has become effective;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of any request by the Commission for amendments or supplements to the
Registration Statement or the prospectus included therein or for additional
information;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose, of the issuance by the Commission of a notification of objection
to the use of the form on which the Registration Statement has been filed, and of
the happening of any event that causes the Company to become an &#147;ineligible
issuer,&#148; as defined in Commission Rule&nbsp;405;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of the receipt by the Company or its legal counsel of any notification
with respect to the suspension of the qualification of the Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) of the happening of any event that requires the Company to make changes
in the Registration Statement or the prospectus in order that the Registration
Statement or the prospectus do not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of the prospectus, in light of the
circumstances under which they were made) not misleading.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall make every reasonable effort to obtain the withdrawal at the
earliest possible time, of any order suspending the effectiveness of the Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall furnish to each Holder of Securities included within the
coverage of the Shelf Registration, without charge, at least one copy of the Shelf
Registration Statement and any post-effective amendment or supplement thereto, including
financial statements and schedules, and, if the Holder so requests in writing, all exhibits
thereto (including those, if any, incorporated by reference). The Company shall not,
without the prior consent of the Initial Purchasers (which consent shall not be
unreasonably withheld), make any offer relating to the Securities that would constitute a
&#147;free writing prospectus,&#148; as defined in Commission Rule&nbsp;405.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall deliver to each Exchanging Dealer and each Initial Purchaser,
and to any other Holder who so requests, without charge, at least one copy of the Exchange
Offer Registration Statement and any post-effective amendment thereto, including financial
statements and schedules, and, if any Initial Purchaser or any such Holder requests, all
exhibits thereto (including those incorporated by reference).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall, during the Shelf Registration Period, deliver to each Holder
of Securities included within the coverage of the Shelf Registration, without charge, as
many copies of the prospectus (including each preliminary prospectus) included in the Shelf
Registration Statement and any amendment or supplement thereto as such person may
reasonably request. The Company consents, subject to the provisions of this Agreement, to
the use of the prospectus or any amendment or supplement thereto by each of the selling
Holders of the Securities in connection with the offering and sale of the Securities
covered by the prospectus, or any amendment or supplement thereto, included in the Shelf
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any
Participating Broker-Dealer and such other persons required to deliver a prospectus
following the Registered Exchange Offer, without charge, as many copies of the final
prospectus included in the Exchange Offer Registration Statement and any amendment or
supplement thereto as such persons may reasonably request. The Company consents, subject
to the provisions of this Agreement, to the use of the prospectus or any amendment or
supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer
and such other persons required to deliver a prospectus following the Registered Exchange
Offer in connection with the offering and sale of the Exchange Securities covered by the
prospectus, or any amendment or supplement thereto, included in such Exchange Offer
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Prior to any public offering of the Securities, pursuant to any Registration
Statement, the Company shall register or qualify or cooperate with the Holders of the
Securities included therein and their respective counsel in connection with the
registration or qualification of the Securities for offer and sale under the securities or
&#147;blue sky&#148; laws of such states of the United States as any Holder of the Securities
reasonably requests in writing and do any and all other acts or things necessary or
advisable to enable the offer and sale in such jurisdictions of the Securities covered by
such Registration Statement; provided, however, that the Company shall not be required to
(i)&nbsp;qualify generally to do business in any jurisdiction where it is not then so qualified
or (ii)&nbsp;take any action which would subject it to general service of process or to taxation
in any jurisdiction where it is not then so subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall cooperate with the Holders of the Securities to facilitate the
timely preparation and delivery of certificates representing the Securities to be sold
pursuant to any Registration Statement free of any restrictive legends under the Securities
Act and in such denominations and registered in such names as the Holders may request a
reasonable period of time prior to sales of the Securities pursuant to such Registration
Statement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Upon the occurrence of any event contemplated by paragraphs (ii)&nbsp;through (v)&nbsp;of
Section 3(b) above during the period for which the Company is required to maintain an
effective Registration Statement, the Company shall promptly prepare and file a
post-effective amendment to the Registration Statement or a supplement to the related
prospectus and any other required document so that, as thereafter delivered to Holders of
the Securities or purchasers of Securities, the prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. If the Company notifies the Initial Purchasers, the
Holders of the Securities and any known Participating Broker-Dealer in accordance with
paragraphs (ii)&nbsp;through (v)&nbsp;of Section 3(b) above to suspend the use of the prospectus
until the requisite changes to the prospectus have been made, then the Initial Purchasers,
the Holders of the Securities and any such Participating Broker-Dealers shall suspend use
of such prospectus, and the period of effectiveness of the Shelf Registration Statement
provided for in Section 2(b) above and the Exchange Offer Registration Statement provided
for in Section&nbsp;1 above shall each be extended by the number of days from and including the
date of the giving of such notice to and including the date when the Initial Purchasers,
the Holders of the Securities and any known Participating Broker-Dealer shall have received
such amended or supplemented prospectus pursuant to this Section&nbsp;3(j). During the period
in which the Company is required to maintain an effective Shelf Registration Statement
pursuant to this Agreement, the Company will prior to the three-year expiration of that
Shelf Registration Statement file, and use its commercially reasonable efforts to cause to
be declared effective (unless it becomes effective automatically upon filing) within a
period that avoids any interruption in the ability of Holders of Securities covered by the
expiring Shelf Registration Statement to make registered dispositions, a new registration
statement relating to the Securities, which shall be deemed the &#147;Shelf Registration
Statement&#148; for purposes of this Agreement, subject to the provisions of this Agreement
governing permitted suspension periods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not later than the effective date of the applicable Registration Statement, the
Company will provide a CUSIP number for the Initial Securities, the Exchange Securities or
the Private Exchange Securities, as the case may be, and provide the applicable trustee
with printed certificates for the Initial Securities, the Exchange Securities or the
Private Exchange Securities, as the case may be, in a form eligible for deposit with The
Depository Trust Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will comply with all rules and regulations of the Commission to the
extent and so long as they are applicable to the Registered Exchange Offer or the Shelf
Registration and will make generally available to its security holders (or otherwise
provide in accordance with Section 11(a) of the Securities Act) an earning statement
satisfying the provisions of Section 11(a) of the Securities Act, no later than 45&nbsp;days
after the end of a 12-month period (or 90&nbsp;days, if such period is a fiscal year) beginning
with the first month of the Company&#146;s first fiscal quarter commencing after the effective
date of the Registration Statement, which statement shall cover such 12-month period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall cause the Indenture to be qualified under the Trust Indenture
Act of 1939, as amended, in a timely manner and containing such changes, if any, as shall
be necessary for such qualification. In the event that such qualification would require
the appointment of a new trustee under the Indenture, the Company shall appoint a new
trustee thereunder pursuant to the applicable provisions of the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company may require each Holder of Securities to be sold pursuant to the
Shelf Registration Statement to furnish to the Company such information regarding the
Holder and the distribution of the Securities as the Company may from time to time
reasonably require for inclusion in the Shelf Registration Statement, and the Company may
exclude from such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">registration the Securities of any Holder that fails to furnish such information within a
reasonable time after receiving such request. Each such Holder agrees to notify the
Company as promptly as practicable of any inaccuracy or change in information previously
furnished by such Holder to the Company or the occurrence of any event in either case as a
result of which any prospectus relating to such Shelf Registration Statement contains or
would contain an untrue statement of a material fact regarding such Holder or such Holder&#146;s
intended method of disposition of such Securities or omits or would omit to state any
material fact regarding such Holder or such Holder&#146;s intended method of disposition of such
Securities required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, and promptly to
furnish to the Company any additional information required to correct and update any
previously furnished information or required so that such prospectus shall not contain,
with respect to such Holder or the disposition of such Securities, an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements
therein, the light of the circumstances under which they were made, not misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company shall enter into such customary agreements (including, if requested,
an underwriting agreement in customary form) and take all such other action, if any, as any
Holder of the Securities shall reasonably request in order to facilitate the disposition of
the Securities pursuant to any Shelf Registration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) In the case of any Shelf Registration, the Company shall (i)&nbsp;make reasonably
available for inspection by the Holders of the Securities during normal business hours, any
underwriter participating in any disposition pursuant to the Shelf Registration Statement
and any attorney, accountant or other agent retained by the Holders of the Securities or
any such underwriter all relevant financial and other records, pertinent corporate
documents and properties of the Company and (ii)&nbsp;cause the Company&#146;s officers, directors,
employees, accountants and auditors to supply all relevant information reasonably requested
by the Holders of the Securities or any such underwriter, attorney, accountant or agent in
connection with the Shelf Registration Statement, in each case, as shall be reasonably
necessary to enable such persons, to conduct a reasonable investigation within the meaning
of Section&nbsp;11 of the Securities Act; provided, however, that the foregoing inspection and
information gathering shall be coordinated on behalf of the Initial Purchasers by you and
on behalf of the other parties, by one counsel designated by and on behalf of such other
parties as described in Section&nbsp;4 hereof. Any such access granted under this Section 3(p)
shall be subject to the prior receipt by the Company of written undertakings from any
person not otherwise subject to a professional duty of confidentiality, in form and
substance reasonably satisfactory to the Company, to preserve the confidentiality of any
information deemed by the Company to be confidential.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) In the case of any Shelf Registration, the Company, if requested by any Holder of
Securities covered thereby, shall cause (i)&nbsp;its counsel to deliver an opinion and updates
thereof relating to the Securities in customary form addressed to such Holders and the
managing underwriters, if any, thereof and dated, in the case of the initial opinion, the
effective date of such Shelf Registration Statement (it being agreed that the matters to be
covered by such opinion shall, subject to necessary assumptions, qualifications and
exceptions, include, without limitation, the due incorporation of the Company and good
standing of the Company and the Guarantors; the qualification of the Company and its
subsidiaries to transact business as foreign corporations; the due authorization, execution
and delivery of the relevant agreement of the type referred to in Section 3(o) hereof; the
due authorization, execution, authentication and issuance, and the validity and
enforceability, of the applicable Securities; the absence of governmental approvals
required to be obtained in connection with the Shelf Registration Statement, the offering
and sale of the applicable Securities, or any agreement of the type referred to in Section
3(o) hereof; the compliance as to form of such Shelf Registration Statement and any
documents incorporated by reference therein and of the Indenture with the requirements of
the Securities Act and the Trust
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Indenture Act, respectively; and (A)&nbsp;as of the date of the opinion and as of the effective
date of the Shelf Registration Statement or most recent post-effective amendment thereto,
as the case may be, the absence from such Shelf Registration Statement and the prospectus
included therein, as then amended or supplemented, and from any documents incorporated by
reference therein and (B)&nbsp;as of an applicable time identified by such Holders or managing
underwriters, the absence from such prospectus taken together with any other documents
identified by such Holders or managing underwriters, in the case of (A)&nbsp;and (B), of an
untrue statement of a material fact or the omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading
(in the case of any such incorporated documents, in the light of the circumstances existing
at the time that such documents were filed with the Commission under the Exchange Act);
(ii)&nbsp;its officers to execute and deliver all customary documents and certificates and
updates thereof requested by any underwriters of the applicable Securities and (iii)&nbsp;its
independent public accountants and the independent public accountants with respect to any
other entity for which financial information is provided in the Shelf Registration
Statement to provide to the selling Holders of the applicable Securities and any
underwriter therefor a comfort letter in customary form and covering matters of the type
customarily covered in comfort letters in connection with primary underwritten offerings,
subject to receipt of appropriate documentation as contemplated, and only if permitted, by
Statement of Auditing Standards No.&nbsp;72.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) In the case of the Registered Exchange Offer, if requested by any Initial
Purchaser or any known Participating Broker-Dealer, the Company shall cause (i)&nbsp;its counsel
to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion
substantially in the form set forth in Schedules F and G of the Purchase Agreement with
such changes as are customary in connection with the preparation of a Registration
Statement and (ii)&nbsp;its independent public accountants and the independent public
accountants with respect to any other entity for which financial information is provided in
the Registration Statement to deliver to such Initial Purchaser or such Participating
Broker-Dealer a comfort letter, in customary form, meeting the requirements as to the
substance thereof as set forth in Section 7(a) of the Purchase Agreement, with appropriate
date changes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) If a Registered Exchange Offer or a Private Exchange is to be consummated, upon
delivery of the Initial Securities by Holders to the Company (or to such other Person as
directed by the Company) in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be, the Company shall mark, or caused to be marked, on the
Initial Securities so exchanged that such Initial Securities are being canceled in exchange
for the Exchange Securities or the Private Exchange Securities, as the case may be; in no
event shall the Initial Securities be marked as paid or otherwise satisfied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company will use its commercially reasonable efforts to (a)&nbsp;if the Initial
Securities have been rated prior to the initial sale of such Initial Securities, confirm
such ratings will apply to the Securities covered by a Registration Statement, or (b)&nbsp;if
the Initial Securities were not previously rated, cause the Securities covered by a
Registration Statement to be rated with the appropriate rating agencies, if so requested by
Holders of a majority in aggregate principal amount of Securities covered by such
Registration Statement, or by the managing underwriters, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) In the event that any broker-dealer registered under the Exchange Act shall
underwrite any Securities or participate as a member of an underwriting syndicate or
selling group or &#147;assist in the distribution&#148; (within the meaning of the Conduct Rules (the
&#147;Rules&#148;) of the Financial Industry Regulatory Authority, Inc. (&#147;FINRA&#148;)) thereof, whether
as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker
or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in
complying with the requirements of such Rules, including, without limitation, by (i)&nbsp;if
such Rules, including Rule&nbsp;2720, shall so require, engaging a &#147;qualified independent
underwriter&#148; (as defined in Rule&nbsp;2720) to participate in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the preparation of the Registration Statement relating to such Securities, to exercise
usual standards of due diligence in respect thereto and, if any portion of the offering
contemplated by such Registration Statement is an underwritten offering or is made through
a placement or sales agent, to recommend the yield of such Securities, (ii)&nbsp;indemnifying
any such qualified independent underwriter to the extent of the indemnification of
underwriters provided in Section&nbsp;5 hereof and (iii)&nbsp;providing such information to such
broker-dealer as may be required in order for such broker-dealer to comply with the
requirements of the Rules.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall use its commercially reasonable efforts to take all other steps
necessary to effect the registration of the Securities covered by a Registration Statement
contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<I>Registration Expenses</I>. The Company shall bear all fees and expenses incurred in
connection with the performance of its obligations under Sections&nbsp;1 through 3 hereof, whether or
not the Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in
the event of a Shelf Registration, shall bear or reimburse the Holders of the Securities covered
thereby for the reasonable fees and disbursements of one firm of counsel designated by the Holders
of a majority in principal amount of the Initial Securities covered thereby to act as counsel for
the Holders of the Initial Securities in connection therewith, subject to the Company&#146;s reasonable
approval. Notwithstanding the foregoing, the Holders shall be responsible for all underwriting
commissions and discounts in connection with an underwritten offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<I>Indemnification</I>. (a)&nbsp;The Company agrees to indemnify and hold harmless each Holder of
the Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder
or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act
(each Holder, any Participating Broker-Dealer and such controlling persons are referred to
collectively as the &#147;Indemnified Parties&#148;) from and against any losses, claims, damages or
liabilities, joint or several, or any actions in respect thereof (including, but not limited to,
any losses, claims, damages, liabilities or actions relating to purchases and sales of the
Securities) to which each Indemnified Party may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise
out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in
any preliminary prospectus or &#147;issuer free writing prospectus,&#148; as defined in Commission Rule&nbsp;433
(&#147;Issuer FWP&#148;), relating to a Shelf Registration, or arise out of, or are based upon, the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified
Parties for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action in respect thereof;
provided, however, that (i)&nbsp;the Company shall not be liable in any such case to the extent that
such loss, claim, damage or liability arises out of or is based upon any untrue statement or
alleged untrue statement or omission or alleged omission made in a Registration Statement or
prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP
relating to a Shelf Registration in reliance upon and in conformity with written information
pertaining to such Holder or Participating Broker-Dealer and furnished to the Company by or on
behalf of such Holder or Participating Broker-Dealer specifically for inclusion therein and (ii)
with respect to any untrue statement or omission or alleged untrue statement or omission made in
any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement
contained in this subsection (a)&nbsp;shall not inure to the benefit of any Holder or Participating
Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities
purchased the Securities concerned, to the extent that a prospectus relating to such Securities was
required to be delivered (including through satisfaction of the conditions of Commission Rule&nbsp;172)
by such Holder or Participating Broker-Dealer under the Securities Act in connection with such
purchase and any such loss, claim, damage or liability of such Holder or Participating
Broker-Dealer results from the fact that there was not conveyed to such person, at or prior to the
time of the sale of such Securities to such person, an amended or supplemented prospectus or, if
permitted by Section&nbsp;3(d), an Issuer FWP correcting such untrue statement or omission or alleged
untrue statement or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">omission if the Company had previously furnished copies thereof to such Holder or Participating Broker-Dealer;
provided further, however, that this indemnity agreement will be in addition to any liability which
the Company may otherwise have to such Indemnified Party. The Company shall also indemnify
underwriters, their officers and directors and each person who controls such underwriters within
the meaning of the Securities Act or the Exchange Act to the same extent as provided above with
respect to the indemnification of the Holders of the Securities if requested by such Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Holder of the Securities and Participating Broker-Dealer, severally and not jointly,
will indemnify and hold harmless the Company and each person, if any, who controls the Company
within the meaning of the Securities Act or the Exchange Act from and against any losses, claims,
damages or liabilities or any actions in respect thereof, to which the Company or any such
controlling person may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a Registration
Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus
or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the omission or
alleged omission to state therein a material fact necessary to make the statements therein not
misleading, but in each case only to the extent that the untrue statement or omission or alleged
untrue statement or omission was made in reliance upon and in conformity with written information
pertaining to such Holder or Participating Broker-Dealer and furnished to the Company by or on
behalf of such Holder or Participating Broker-Dealer specifically for inclusion therein; and,
subject to the limitation set forth immediately preceding this clause, shall reimburse, as
incurred, the Company for any legal or other expenses reasonably incurred by the Company or any
such controlling person in connection with investigating or defending any loss, claim, damage,
liability or action in respect thereof. This indemnity agreement will be in addition to any
liability which such Holder or Participating Broker-Dealer may otherwise have to the Company or any
of its controlling persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Promptly after receipt by an indemnified party under this Section&nbsp;5 of notice of the
commencement of any action or proceeding (including a governmental investigation), such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section&nbsp;5, notify the indemnifying party of the commencement thereof; but the failure to notify the
indemnifying party shall not relieve the indemnifying party from any liability that it may have
under subsection (a)&nbsp;or (b)&nbsp;above except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and provided further
that the failure to notify the indemnifying party shall not relieve it from any liability that it
may have to an indemnified party otherwise than under subsection (a)&nbsp;or (b)&nbsp;above. In case any
such action is brought against any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein and, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying party), and after
notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof the indemnifying party will not be liable to such indemnified party under this
Section&nbsp;5 for any legal or other expenses, other than reasonable costs of investigation,
subsequently incurred by such indemnified party in connection with the defense thereof. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened action in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such indemnified party
unless such settlement (i)&nbsp;includes an unconditional release of such indemnified party from all
liability on any claims that are the subject matter of such action, and (ii)&nbsp;does not include a
statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If the indemnification provided for in this Section&nbsp;5 is unavailable or insufficient to
hold harmless an indemnified party under subsections (a)&nbsp;or (b)&nbsp;above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses,
claims,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">damages or liabilities (or actions in respect thereof) referred to in subsection (a)&nbsp;or (b)&nbsp;above
(i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the
indemnifying party or parties on the one hand and the indemnified party on the other from the
exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii)&nbsp;if the allocation
provided by the foregoing clause (i)&nbsp;is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the
relative fault of the indemnifying party or parties on the one hand and the indemnified party on
the other in connection with the statements or omissions that resulted in such losses, claims,
damages or liabilities (or actions in respect thereof) as well as any other relevant equitable
considerations. The relative fault of the parties shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company on the one
hand or such Holder or such other indemnified party, as the case may be, on the other, and the
parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The amount paid by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the first sentence of this subsection (d)&nbsp;shall be
deemed to include any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any action or claim which is the subject of this
subsection (d). Notwithstanding any other provision of this Section&nbsp;5(d), the Holders of the
Securities shall not be required to contribute any amount in excess of the amount by which the net
proceeds received by such Holders from the sale of the Securities pursuant to a Registration
Statement exceeds the amount of damages which such Holders have otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such
indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as such indemnified party and each person, if any, who controls the Company
within the meaning of the Securities Act or the Exchange Act shall have the same rights to
contribution as the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The agreements contained in this Section&nbsp;5 shall survive the sale of the Securities
pursuant to a Registration Statement and shall remain in full force and effect, regardless of any
termination or cancellation of this Agreement or any investigation made by or on behalf of any
indemnified party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<I>Additional Interest Under Certain Circumstances</I>. (a)&nbsp;Additional interest (the
&#147;Additional Interest&#148;) with respect to the Initial Securities shall be assessed as follows if any
of the following events occur (each such event in clauses (i)&nbsp;through (iii)&nbsp;below a &#147;Registration
Default&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If on or prior to the 270<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day after the Issue Date, neither the
Exchange Offer Registration Statement nor a Shelf Registration Statement has been filed
with the Commission;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If on or prior to the 365<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day after the Issue Date, neither the
Registered Exchange Offer is consummated nor, if required in lieu thereof, the Shelf
Registration Statement is declared effective by the Commission; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If after either the Exchange Offer Registration Statement or the Shelf
Registration Statement is declared (or becomes automatically) effective (A)&nbsp;such
Registration Statement thereafter ceases to be effective (and such Registration Statement
is required to remain effective under this Agreement); or (B)&nbsp;such Registration Statement
or the related prospectus ceases to be usable (except as permitted in paragraph (b)) in
connection with resales of Transfer Restricted Securities during the periods specified
herein because either (1)&nbsp;any event occurs as a result of which the related prospectus
forming part of such Registration Statement would include any untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein
in the light of the circumstances under which they were made not misleading, (2)&nbsp;it shall
be necessary to amend such Registration Statement or supplement the related
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">prospectus, to comply with the Securities Act or the Exchange Act or the respective rules
thereunder, or (3)&nbsp;such Registration Statement is a Shelf Registration Statement that has
expired before a replacement Shelf Registration Statement has become effective.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional Interest shall accrue on the principal amount of the Initial Securities over and above
the interest set forth in the title of the Securities from and including the date on which any such
Registration Default shall occur at a rate of 0.25% per annum (the &#147;Additional Interest Rate&#148;) for
the first 90-day period immediately following the occurrence of such Registration Default. The
Additional Interest Rate shall increase by an additional 0.25% per annum, with respect to each
subsequent 90-day period until all Registration Defaults have been cured, up to a maximum
Additional Interest Rate of 1.0% per annum.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Holder of Securities that has not provided the information
described in Section 3(n) shall not be entitled to Additional Interest with respect to an event
described in the foregoing clause (i), (ii)&nbsp;or (iii)&nbsp;of this Section 6(a) that pertains to the
applicable Shelf Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A Registration Default referred to in Section&nbsp;6(a)(iii)(B) hereof shall be deemed not to
have occurred and be continuing in relation to a Shelf Registration Statement or the related
prospectus if (i)&nbsp;such Registration Default has occurred solely as a result of (x)&nbsp;the filing of a
post-effective amendment to such Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective amendment is not yet
effective and needs to be declared effective to permit Holders to use the related prospectus or (y)
other material events, with respect to the Company that would need to be described in such Shelf
Registration Statement or the related prospectus and (ii)&nbsp;in the case of clause (y), the Company is
proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and
related prospectus to describe such events; provided, however, that in any case if such
Registration Default occurs for a continuous period in excess of 45&nbsp;days (or if a Delay Period (as
contemplated in Section 2(e) hereof) exceeds 60&nbsp;days in any three-month period or 90&nbsp;days in any
12-month period), Additional Interest shall be payable in accordance with the above paragraph from
the day such Registration Default occurs until such Registration Default is cured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any amounts of Additional Interest due pursuant to clause (i), (ii)&nbsp;or (iii)&nbsp;of Section
6(a) above will be payable in cash on the regular interest payment dates with respect to the
Initial Securities. The amount of Additional Interest will be determined by multiplying the
applicable Additional Interest Rate by the principal amount of the Initial Securities, multiplied
by a fraction, the numerator of which is the number of days such Additional Interest Rate was
applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day
months), and the denominator of which is 360.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&#147;Transfer Restricted Securities&#148; means each Security until (i)&nbsp;the date on which such
Transfer Restricted Security has been exchanged by a person other than a broker-dealer for an
Exchange Security that is freely transferable under the Securities Act in the Registered Exchange
Offer, (ii)&nbsp;following the exchange by a broker-dealer in the Registered Exchange Offer of a Initial
Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser
who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus
contained in the Exchange Offer Registration Statement, (iii)&nbsp;the date on which such Initial
Security has been effectively registered under the Securities Act and disposed of in accordance
with the Shelf Registration Statement, (iv)&nbsp;the date on which such Security is distributed to the
public pursuant to Rule&nbsp;144 under the Securities Act or (v)&nbsp;the earliest date that is no less than
two years after the Issue Date and on which such Security (except for Securities held by an
affiliate of the Company) may be resold in reliance on paragraph (b)(1) of Rule&nbsp;144 under the
Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<I>Rules&nbsp;144 and 144A</I>. The Company shall use its commercially reasonable efforts to file the
reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner
and, if at any time the Company is not required to file such reports, it will, upon the request of
any Holder of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Initial Securities, make publicly available other information so long as necessary to permit sales
of their securities pursuant to Rules&nbsp;144 and 144A. The Company covenants that it will take such
further action as any Holder of Initial Securities may reasonably request, all to the extent
required from time to time to enable such Holder to sell Initial Securities without registration
under the Securities Act within the limitation of the exemptions provided by Rules&nbsp;144 and 144A
(including the requirements of Rule&nbsp;144A(d)(4)). The Company will provide a copy of this Agreement
to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers
upon request. Upon the reasonable request of any Holder of Initial Securities, the Company shall
deliver to such Holder a written statement as to whether it has complied with such requirements.
Notwithstanding the foregoing, nothing in this Section&nbsp;7 shall be deemed to require the Company to
register any of its securities pursuant to the Exchange Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<I>Underwritten Registrations</I>. If any of the Transfer Restricted Securities covered by any
Shelf Registration are to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will administer the offering (&#147;Managing Underwriters&#148;) will be
selected by the Holders of a majority in aggregate principal amount of such Transfer Restricted
Securities to be included in such offering, subject to the Company&#146;s reasonable approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person may participate in any underwritten registration hereunder unless such person (i)
agrees to sell such person&#146;s Transfer Restricted Securities on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve such arrangements
and (ii)&nbsp;completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting
arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<I>Miscellaneous</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Amendments and Waivers</I>. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given,
except by the Company and the written consent of the Holders of a majority in principal amount of
the Securities affected by such amendment, modification, supplement, waiver or consents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Notices</I>. All notices and other communications provided for or permitted hereunder shall
be made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which
guarantees overnight delivery:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;if to a Holder of the Securities, at the most current address given by such Holder to the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;if to the Initial Purchasers:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%;">Credit Suisse Securities (USA)&nbsp;LLC<BR>
Eleven Madison Avenue<BR>
New York, NY 10010-3629<BR>
Fax No.: (212)&nbsp;325-4296<BR>
Attention: LCD-IBD

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%;">Shearman &#038; Sterling LLP<BR>
199 Bay Street, Suite&nbsp;4405<BR>
Toronto, Ontario<BR>
Canada M5L 1E8<BR>
Fax No.: (212)&nbsp;360-2127<BR>
Attention: Christopher J. Cummings

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;if to the Company, at its address as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%;">4200, 150-6th Avenue S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Fax No.: (403)&nbsp;206-2509<BR>
Attention: Chief Financial Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%;">Simpson Thacher &#038; Bartlett LLP<BR>
425 Lexington Avenue<BR>
New York, NY 10017-3954<BR>
Fax No.: (212)&nbsp;455-2502<BR>
Attention: Ris&#235; Norman

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; three business days after being deposited in the mail,
postage prepaid, if mailed; when receipt is acknowledged by recipient&#146;s facsimile machine operator,
if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>No Inconsistent Agreements</I>. The Company has not, as of the date hereof, entered into,
nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the
provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Successors and Assigns</I>. This Agreement shall be binding upon the Company and its
successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Counterparts</I>. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Headings</I>. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<I>Governing </I>Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<I>Severability</I>. If any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<I>Securities Held by the Company</I>. Whenever the consent or approval of Holders of a
specified percentage of principal amount of Securities is required hereunder, Securities held by
the Company or its affiliates (other than subsequent Holders of Securities if such subsequent
Holders are deemed to be affiliates solely by reason of their holdings of such Securities) shall
not be counted in determining whether such consent or approval was given by the Holders of such
required percentage.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<I>Agent for Service; Submission to Jurisdiction; Waiver of Immunities</I>. By the execution
and delivery of this Agreement, each of the Company and the Guarantors that are not organized in
the United States (i)&nbsp;acknowledges that it has, by separate written instrument, irrevocably
designated and appointed C T Corporation System, 111 Eight Avenue, New York, New York 10011 (and
any successor entity), as its authorized agent upon which process may be served in any suit or
proceeding arising out of or relating to this Agreement that may be instituted in any federal or
state court in the State of New York or brought under federal or state securities laws, and
acknowledges that C T Corporation System has accepted such designation, (ii)&nbsp;submits to the
nonexclusive jurisdiction of any such court in any such suit or proceeding, and (iii)&nbsp;agrees that
service of process upon C T Corporation System and written notice of said service to the Company
shall be deemed in every respect effective service of process upon it in any such suit or
proceeding. The Company further agrees to take any and all action, including the execution and
filing of any and all such documents and instruments, as may be necessary to continue such
designation and appointment of C T Corporation System in full force and effect so long as any of
the Securities shall be outstanding. To the extent that the Company may acquire any immunity from
jurisdiction of any court or from any legal process (whether through service of notice, attachment
prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself
or its property, it hereby irrevocably waives such immunity in respect of this Agreement, to the
fullest extent permitted by law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the foregoing is in accordance with your understanding of our agreement, please sign and return
to the Issuer a counterpart hereof, whereupon this instrument, along with all counterparts, will
become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in
accordance with its terms.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
<BR>
<FONT style="FONT-variant: SMALL-CAPS">Precision Drilling Corporation </FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br> Chief
Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Diversified Oilfield Services Corp.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Limited Partnership</FONT></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">                         <FONT style="FONT-variant: SMALL-CAPS">its general partner, Precision Diversified <br>Oilfield Services Corp.</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                         /s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Drilling Canada Limited Partnership</FONT></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left"><FONT style="FONT-variant: SMALL-CAPS">its general partner, Precision Diversified <br>Oilfield Services Corp.</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                         /s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Registration Rights Agreement&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Grey Wolf International Drilling Corporation</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Oilfield Personnel Services Ltd.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Drilling, Inc. </FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">DI Energy, Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Grey Wolf International, Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Drilling Holdings Company</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Registration Rights Agreement&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Drilling LLC</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Drilling Company LP</FONT></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left"><FONT style="FONT-variant: SMALL-CAPS">its General Partner, Precision Drilling <br>Holdings Company</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                         /s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Murco Drilling Corporation</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">DI/Perfensa Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Completion &#038; Production Services Ltd.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Grey Wolf Supply Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Registration Rights Agreement&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Precision Drilling Oilfield Services Corporation</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Registration Rights Agreement&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing Registration<BR>
Rights Agreement is hereby confirmed<BR>
and accepted as of the date first<BR>
above written.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Credit Suisse Securities (USA)&nbsp;LLC</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">RBC Capital Markets, LLC</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">Morgan Stanley &#038; Co. Incorporated</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">TD Securities (USA)&nbsp;LLC</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">Deutsche Bank Securities Inc.</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">HSBC Securities (USA)&nbsp;Inc.</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">Wells Fargo Securities, LLC</FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by: <FONT style="FONT-variant: SMALL-CAPS">Credit Suisse Securities (USA)&nbsp;LLC</FONT>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="35%"></TD>
    <TD width="63%"></TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David Alterman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">David Alterman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by: <FONT style="FONT-variant: SMALL-CAPS">RBC Capital Markets, LLC</FONT>
</DIV>



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="35%"></TD>
    <TD width="63%"></TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ James S. Wolfe
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">James S. Wolfe&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">ManagingDirector<br>
Head of US Leveraged Finance&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Page to Registration Rights Agreement&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">ANNEX A
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives Exchange Securities for its own account pursuant to the
Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148;
within the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented
from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities
received in exchange for Initial Securities where such Initial Securities were acquired by such
broker-dealer as a result of market-making activities or other trading activities. The Company has
agreed that, for a period of 180&nbsp;days after the Expiration Date (as defined herein), it will make
this Prospectus available to any broker-dealer for use in connection with any such resale. See
&#147;Plan of Distribution.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">ANNEX B
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives Exchange Securities for its own account in exchange for
Securities, where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities, must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. See &#147;Plan of Distribution.&#148;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">ANNEX C
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PLAN OF DISTRIBUTION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives Exchange Securities for its own account pursuant to the
Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time,
may be used by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a result of
market-making activities or other trading activities. The Company has agreed that, for a period of
180&nbsp;days after the Expiration Date, it will make this prospectus, as amended or supplemented,
available to any broker-dealer for use in connection with any such resale. In addition, until
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&#091; &#093;, all dealers effecting transactions in the Exchange Securities may be
required to deliver a prospectus.<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not receive any proceeds from any sale of Exchange Securities by
broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to
the Exchange Offer may be sold from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the writing of options on the Exchange
Securities or a combination of such methods of resale, at market prices prevailing at the time of
resale, at prices related to such prevailing market prices or negotiated prices. Any such resale
may be made directly to purchasers or to or through brokers or dealers who may receive compensation
in the form of commissions or concessions from any such broker-dealer or the purchasers of any such
Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it
for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a
distribution of such Exchange Securities may be deemed to be an &#147;underwriter&#148; within the meaning of
the Securities Act and any profit on any such resale of Exchange Securities and any commission or
concessions received by any such persons may be deemed to be underwriting compensation under the
Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and
by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148;
within the meaning of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a period of 180&nbsp;days after the Expiration Date the Company will promptly send additional
copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer
that requests such documents in the Letter of Transmittal. The Company has agreed to pay all
expenses incident to the Exchange Offer (including the reasonable expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers or dealers and will
indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities,
including liabilities under the Securities Act.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In addition, the legend required by
Item 502(b) of Regulation&nbsp;S-K will appear on the back cover page of the
Exchange Offer prospectus.</TD>
</TR>

</TABLE>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="right" style="font-size: 10pt; margin-top: 12pt">ANNEX D
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT> CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS
AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in,
and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a
broker-dealer that will receive Exchange Securities for its own account in exchange for Initial
Securities that were acquired as a result of market-making activities or other trading activities,
it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange
Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not
be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">ANNEX E
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Jurisdiction</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Diversified Oilfield Services Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Canada Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf International Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Oilfield Personnel Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Completion &#038; Production Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DI Energy, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf International, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Holdings Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Louisiana</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Company LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Murco Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DI/Perfensa Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf Supply Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Oilfield Services Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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